Howard Hughes (HHH) 10-Q 3 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Jul. 30, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Fiscal Period Focus	Jun. 30, 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)		54,958,864
Entity Central Index Key	0001498828
Document Fiscal Period Focus	Q2
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	Jun. 30, 2020	Dec. 31, 2019
Investment in real estate:
Master Planned Communities assets	$ 1,670,375	$ 1,655,674
Buildings and equipment	4,033,449	3,813,595
Less: accumulated depreciation	(571,752)	(507,933)
Land	361,081	353,022
Developments	1,498,478	1,445,997
Net property and equipment	6,991,631	6,760,355
Investment in real estate and other affiliates	119,706	121,757
Net investment in real estate	7,111,337	6,882,112
Net investment in lease receivable	2,754	79,166
Cash and cash equivalents	930,597	422,857
Restricted cash	257,687	197,278
Accounts receivable, net	17,711	12,279
Municipal Utility District receivables, net	320,439	280,742
Notes receivable, net	56,511	36,379
Deferred expenses, net	146,550	133,182
Operating lease right-of-use assets, net	57,882	69,398
Prepaid expenses and other assets, net	343,090	300,373
Total assets	9,244,558	8,413,766
Liabilities:
Mortgages, notes and loans payable, net	4,401,063	4,096,470
Operating lease obligations	69,607	70,413
Deferred tax liabilities	131,691	180,748
Accounts payable and accrued expenses	902,494	733,147
Total liabilities	5,504,855	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, 55,981,559 issued and 54,931,299 outstanding as of June 30, 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	3,941,516	3,343,983
Accumulated deficit	(205,621)	(46,385)
Accumulated other comprehensive loss	(61,111)	(29,372)
Treasury stock, at cost, 1,050,260 shares as of June 30, 2020 and December 31, 2019	(120,530)	(120,530)
Total stockholders' equity	3,554,815	3,148,133
Noncontrolling interests	184,888	184,855
Total equity	3,739,703	3,332,988
Total liabilities and equity	$ 9,244,558	$ 8,413,766

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 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)	55,981,559	43,635,893
Common stock, shares outstanding (in shares)	54,931,299	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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Minimum rents	$ 61,469	$ 54,718	$ 132,456	$ 108,804
Tenant recoveries	17,202	13,512	38,077	27,020
Interest income from sales-type leases	35	0	917	0
Total revenues	156,173	431,316	331,348	785,206
Expenses:
Operating costs	45,885	72,989	110,491	140,300
Rental property real estate taxes	15,199	9,674	28,777	19,505
Provision for (recovery of) doubtful accounts	1,866	(86)	3,567	(88)
Demolition costs	0	550	0	599
Development-related marketing costs	1,813	5,839	4,629	11,541
General and administrative	22,233	31,551	61,314	58,331
Depreciation and amortization	46,963	38,918	108,600	75,049
Total expenses	166,182	408,061	464,288	708,375
Other:
Provision for impairment	0	0	(48,738)	0
Gain (loss) on sale or disposal of real estate and other assets, net	8,000	(144)	46,124	(150)
Other income (loss), net	1,607	10,288	(2,077)	10,461
Total other	9,607	10,144	(4,691)	10,311
Operating (loss) income	(402)	33,399	(137,631)	87,142
Interest income	404	2,251	1,550	4,824
Interest expense	(32,397)	(24,203)	(66,845)	(47,529)
Equity in (losses) earnings from real estate and other affiliates	(8,552)	6,354	2,797	16,305
(Loss) income before taxes	(40,947)	17,801	(200,129)	60,742
(Benefit) provision for income taxes	(6,844)	4,473	(40,944)	15,489
Net (loss) income	(34,103)	13,328	(159,185)	45,253
Net loss (income) attributable to noncontrolling interests	19	149	(33)	45
Net (loss) income attributable to common stockholders	$ (34,084)	$ 13,477	$ (159,218)	$ 45,298
Basic (loss) income per share (in dollars per share)	$ (0.61)	$ 0.31	$ (3.22)	$ 1.05
Diluted (loss) income per share (in dollars per share)	$ (0.61)	$ 0.31	$ (3.22)	$ 1.05
Condominium rights and unit sales
Revenues:
Revenues	$ 0	$ 235,622	$ 43	$ 433,932
Expenses:
Cost of sales	6,348	220,620	104,249	358,314
Master Planned Communities land sales
Revenues:
Revenues	57,073	58,321	96,805	99,633
Expenses:
Cost of sales	25,875	28,006	42,661	44,824
Other land, rental and property revenues
Revenues:
Revenues	11,447	59,774	46,344	101,253
Builder price participation
Revenues:
Revenues	$ 8,947	$ 9,369	$ 16,706	$ 14,564

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net (loss) income		$ (34,103)	$ 13,328	$ (159,185)	$ 45,253
Other comprehensive loss:
Interest rate swaps	[1]	(234)	(13,108)	(30,481)	(19,052)
Capitalized swap interest expense	[2]	0	(22)	0	(73)
Terminated swap amortization		(604)	(653)	(1,258)	(1,291)
Other comprehensive loss:		(838)	(13,783)	(31,739)	(20,416)
Comprehensive (loss) income		(34,941)	(455)	(190,924)	24,837
Comprehensive income (loss) attributable to noncontrolling interests		19	149	(33)	45
Comprehensive (loss) income attributable to common stockholders		$ (34,922)	$ (306)	$ (190,957)	$ 24,882
[1]	Amounts are shown net of deferred tax benefit of $0.1 million and $3.8 million for the three months ended June 30, 2020 and 2019 , respectively and $7.0 million and $6.0 million for the six months ended June 30, 2020 and 2019 , respectively.
[2]	The deferred tax impact was zero for the three and six months ended June 30, 2020 and no t meaningful for the three and six months ended June 30, 2019 .

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Interest rate swaps, tax (benefit) expense	$ (100,000)	$ (3,800,000)	$ (7,000,000)	$ (6,000,000)
Other comprehensive income loss capitalized swap interest tax	$ 0	$ 0	$ 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	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, AdjustmentAccumulated Deficit	Cumulative Effect, Period of Adoption, AdjustmentTotal Stockholders' Equity
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		45,253				45,298			45,298	(45)
Interest rate swaps		(19,052)					(19,052)		(19,052)
Terminated swap amortization		(1,291)					(1,291)		(1,291)
Capitalized swap interest, net of tax		(73)	[1]				(73)		(73)
Deconsolidation of Associations of Unit Owners		(2,715)								(2,715)
Contributions to real estate and other affiliates		84,889								84,889
Stock plan activity (in shares)				(150,221)
Stock plan activity		6,630		$ 1	6,629				6,630
Balance at the end of the period (in shares) at Jun. 30, 2019				43,661,694
Balance at the end of the period at Jun. 30, 2019		3,351,767		$ 437	3,329,062	(75,043)	(28,542)	$ (62,190)	3,163,724	188,043
Balance at the end of the period (in shares) at Jun. 30, 2019								(519,849)
Balance at the beginning of the period (in shares) at Mar. 31, 2019				43,659,708
Balance at the beginning of the period at Mar. 31, 2019		3,307,473		$ 437	3,325,499	(88,520)	(14,759)	$ (62,190)	3,160,467	147,006
Balance at the beginning of the period (in shares) at Mar. 31, 2019								(519,849)
Increase (Decrease) in Stockholders' Equity
Net (loss) income		13,328				13,477			13,477	(149)
Interest rate swaps		(13,108)					(13,108)		(13,108)
Terminated swap amortization		(653)					(653)		(653)
Capitalized swap interest, net of tax		(22)	[1]				(22)		(22)
Deconsolidation of Associations of Unit Owners		(2,715)								(2,715)
Contributions to real estate and other affiliates		43,901								43,901
Stock plan activity (in shares)				(1,986)
Stock plan activity		3,563		$ 0	3,563				3,563
Balance at the end of the period (in shares) at Jun. 30, 2019				43,661,694
Balance at the end of the period at Jun. 30, 2019		3,351,767		$ 437	3,329,062	(75,043)	(28,542)	$ (62,190)	3,163,724	188,043
Balance at the end of the period (in shares) at Jun. 30, 2019								(519,849)
Increase (Decrease) in Stockholders' Equity
Adoption of ASU 2016-13		3,148,133									$ (18)	$ (18)	$ (18)
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		(159,185)				(159,218)			(159,218)	33
Interest rate swaps		(30,481)					(30,481)		(30,481)
Terminated swap amortization		(1,258)					(1,258)		(1,258)
Capitalized swap interest, net of tax	[1]	0
Common stock offering costs (in shares)				12,270,900
Common stock offering costs		593,613		$ 123	593,490				593,613
Stock plan activity (in shares)				(74,766)
Stock plan activity		4,044		$ 1	4,043				4,044
Balance at the end of the period (in shares) at Jun. 30, 2020				55,981,559
Balance at the end of the period at Jun. 30, 2020		3,739,703		$ 561	3,941,516	(205,621)	(61,111)	$ (120,530)	3,554,815	184,888
Balance at the end of the period (in shares) at Jun. 30, 2020								(1,050,260)
Balance at the beginning of the period (in shares) at Mar. 31, 2020				55,989,263
Balance at the beginning 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 beginning of the period (in shares) at Mar. 31, 2020								(1,050,260)
Increase (Decrease) in Stockholders' Equity
Net (loss) income		(34,103)				(34,084)			(34,084)	(19)
Interest rate swaps		(234)					(234)		(234)
Terminated swap amortization		(604)					(604)		(604)
Capitalized swap interest, net of tax	[1]	0
Common stock offering costs		(85)			(85)				(85)
Stock plan activity (in shares)				(7,704)
Stock plan activity		2,131		$ 0	2,131				2,131
Balance at the end of the period (in shares) at Jun. 30, 2020				55,981,559
Balance at the end of the period at Jun. 30, 2020		3,739,703		$ 561	$ 3,941,516	$ (205,621)	$ (61,111)	$ (120,530)	$ 3,554,815	$ 184,888
Balance at the end of the period (in shares) at Jun. 30, 2020								(1,050,260)
Increase (Decrease) in Stockholders' Equity
Adoption of ASU 2016-13		$ 3,554,815
[1]	The deferred tax impact was zero for the three and six months ended June 30, 2020 and no t meaningful for the three and six months ended June 30, 2019 .

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY UNAUDITED (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Stockholders' Equity [Abstract]
Interest rate swap, tax	$ 100	$ 3,800	$ 7,000	$ 6,000
Pension deferred tax benefit				620
Capitalized swap interest, tax (benefit)	$ 0	$ 6	$ 20	$ 20

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash Flows from Operating Activities:
Net (loss) income	$ (159,185)	$ 45,253
Adjustments to reconcile net (loss) income to cash (used in) provided by operating activities:
Depreciation	99,682	68,916
Amortization	8,517	4,872
Amortization of deferred financing costs	8,312	4,669
Amortization of intangibles other than in-place leases	340	448
Straight-line rent amortization	(6,183)	(3,188)
Deferred income taxes	(41,701)	14,823
Restricted stock and stock option amortization	3,346	6,230
Net gain on sales and acquisitions of properties	(8,000)	0
Net gain on sale of lease receivable	(38,124)	0
Selling profit from sales-type leases	64,155	0
Impairment charges	59,817	0
Equity in (losses) earnings from real estate and other affiliates, net of distributions	(2,057)	(9,429)
Provision for doubtful accounts	5,443	1,518
Master Planned Communities land acquisitions	0	(752)
Master Planned Communities development expenditures	(116,372)	(119,843)
Master Planned Communities cost of sales	41,883	44,740
Condominium development expenditures	(114,660)	(97,125)
Condominium rights and unit cost of sales	99,171	358,315
Net changes:
Accounts and notes receivable	(14,895)	(10,269)
Prepaid expenses and other assets	(38,214)	1,103
Condominium deposits received	94,644	(105,472)
Deferred expenses	(19,530)	(27,961)
Accounts payable and accrued expenses	(25,032)	(16,591)
Cash (used in) provided by operating activities	(98,643)	160,257
Cash Flows from Investing Activities:
Property and equipment expenditures	(598)	(2,612)
Operating property improvements	(17,297)	(36,765)
Property development and redevelopment	(250,370)	(311,455)
Reimbursements under Tax Increment Financings	2,671	1,880
Distributions from real estate and other affiliates	1,232	315
Investments in real estate and other affiliates, net	(3,127)	(5,509)
Cash used in investing activities	(267,489)	(354,146)
Cash Flows from Financing Activities:
Proceeds from mortgages, notes and loans payable	392,714	409,263
Proceeds from issuance of common stock	593,614	0
Principal payments on mortgages, notes and loans payable	(51,008)	(163,555)
Special Improvement District bond funds released from escrow	2,352	936
Deferred financing costs and bond issuance costs, net	(4,088)	(13,661)
Taxes paid on stock options exercised and restricted stock vested	(668)	(88)
Stock options exercised	1,365	490
Contributions from noncontrolling interest	0	84,889
Cash provided by financing activities	934,281	318,274
Net change in cash, cash equivalents and restricted cash	568,149	124,385
Cash, cash equivalents and restricted cash at beginning of period	620,135	724,215
Cash, cash equivalents and restricted cash at end of period	1,188,284	848,600
Supplemental Disclosure of Cash Flow Information:
Interest paid	97,015	81,697
Interest capitalized	35,949	36,981
Income taxes refunded, net	(2,408)	(409)
Non-Cash Transactions:
Accrued property improvements, developments, and redevelopments	(35,250)	37,461
Special Improvement District bond transfers associated with land sales	779	84
Accrued interest on construction loan borrowing	9,586	1,973
Capitalized stock compensation	907	966
Initial recognition of ASC 842 Operating lease ROU asset	493	72,106
Initial recognition of ASC 842 Operating lease obligation	$ 493	$ 71,888

BASIS OF PRESENTATION AND ORGAN

BASIS OF PRESENTATION AND ORGANIZATION	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 and six months ended June 30, 2020 . In addition, labor costs previously presented in the MPC property operating costs were reclassified to corporate General and administrative expense for the three and six months ended June 30, 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 development of a vaccine; 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 and six months ended June 30, 2020 , the Company recorded a specific reserve as contra revenue under ASC 842 of $5.7 million and $7.2 million , respectively. In addition, during the three and six months ended June 30, 2020 , the Company recorded an ASC 450 reserve of $3.0 million and $4.5 million , respectively, in the Provision for (recovery of) doubtful accounts on the Condensed Consolidated Statements of Operations. Impairment of long-lived assets During the first quarter 2020, 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 In the first quarter of 2020, the Company experienced indefinite closures of its Seaport District retail and food and beverage assets as well as the three hotels in The Woodlands, and the Company temporarily laid off the majority of its staff in each impacted location. The Company reopened The Woodlands Resort & Conference Center in May 2020, which was operating at 54% capacity at the end of the second quarter, and Embassy Suites at Hughes Landing in June 2020, which was operating at 100% capacity at the end of the second quarter. The Westin at The Woodlands reopened its primary restaurant, Sorriso, in April 2020, subject to local guidance, and reopened for guest stays on July 1, 2020, operating at 100% capacity. As each property has reopened, the Company has rehired staff necessary to operate at respective capacity and occupancy levels. The Seaport District retail and food and beverage assets remained closed as of June 30, 2020. In the Seaport District, we anticipate a gradual reopening of a few, select businesses, including The Rooftop at Pier 17, beginning in August. The Company has retained key personnel at these locations to facilitate the efficient start-up of operations once restrictions are lifted. Liquidity In direct response to the COVID-19 pandemic and the impacts on the Company’s four business segments, as well as the economy and capital markets in general, the Company initiated measures to increase its liquidity. During the six months ended June 30, 2020 , the Company completed a common stock offering and entered into new financings and extensions of existing loans. See Note 15 - Earnings Per Share and Note 7 - Mortgages, Notes and Loans Payable, Net . 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 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 $34.3 million associated with retention and severance expenses were recorded in 2019 , and $1.6 million was recorded in the six months ended June 30, 2020 . The Company expects to incur an additional $1.3 million to $2.3 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) 1,637 Charges paid/settled (6,012 ) Balance at June 30, 2020 $ 5,310 (a) Charges relate to relocation, retention and severance expenses and are included in General and administrative

ACCOUNTING POLICIES AND PRONOUN

ACCOUNTING POLICIES AND PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 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 the first quarter of 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 Condensed 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 Condensed 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 Condensed 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 Condensed 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 Condensed 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 Condensed 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 Condensed 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 receivable type as of June 30, 2020 : ($ in thousands) MUD receivables SID receivables TIF receivables Net investments in lease receivable Notes receivable Total Ending balance as of June 30, 2020 $ 303,771 $ 40,963 $ 4,032 $ 2,772 $ 56,706 $ 408,244 Accrued interest of $16.7 million and $17.3 million are included within municipal utility district receivables on the Company’s Condensed Consolidated Balance Sheets as of June 30, 2020 and 2019 , respectively. The following table presents the activity in the allowance for credit losses for financing receivables by receivable type for the six months ended June 30, 2020 : ($ 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 — — — — (13 ) 109 Write-offs — — — — (1 ) (42 ) Recoveries — — — — — — Ending balance as of June 30, 2020 $ — $ — $ — $ 17 $ 195 $ 67 (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.

RECENT TRANSACTIONS

RECENT TRANSACTIONS	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
RECENT TRANSACTIONS	RECENT TRANSACTIONS On July 16, 2020 , the Company completed the sale of its 35% equity investment in Mr. C Seaport, a 66 -room boutique hotel located at 33 Peck Slip, New York, in close proximity to the Seaport District, for $0.8 million . Refer to Note 3 - Real Estate and Other Affiliates and Note 5 - Impairment for additional information. On June 29, 2020 , the Company entered into an agreement terminating a participation right contained in the contract for the sale of West Windsor in October 2019. As consideration, the Company received an $8.0 million termination payment in July, which is included in Gain (loss) on sale or disposal of real estate and other assets, net on the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2020, and in Accounts receivable on the Condensed Consolidated Balance Sheets as of June 30, 2020. On March 13, 2020, the Company closed on the sale of 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 for a total sales price of $115.0 million . The Company had previously entered into a lease agreement related to this property in November of 2019, and at lease commencement, the Company derecognized $63.7 million from Developments and recorded an initial 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. The sale of 100 Fellowship Drive resulted 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

REAL ESTATE AND OTHER AFFILIATE

REAL ESTATE AND OTHER AFFILIATES	6 Months Ended
	Jun. 30, 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 Share of Earnings/Dividends June 30, December 31, June 30, December 31, Three Months Ended Six Months Ended ($ in thousands) 2020 2019 2020 2019 2020 2019 2020 2019 Equity Method Investments Operating Assets: The Metropolitan Downtown Columbia (a) 50 % 50 % $ — $ — $ 195 $ 123 $ 422 $ 306 Stewart Title of Montgomery County, TX 50 % 50 % 3,878 4,175 160 170 503 272 Woodlands Sarofim #1 20 % 20 % 3,059 2,985 29 31 64 51 m.flats/TEN.M 50 % 50 % 1,887 2,431 91 (279 ) 156 (1,500 ) Master Planned Communities: The Summit (b) — % — % 88,076 84,455 (2,968 ) 6,499 5,966 14,336 Seaport District: Mr. C Seaport (c) 35 % 35 % 750 7,650 (6,249 ) (451 ) (6,900 ) (1,083 ) Bar Wayō (Momofuku) (b) — % — % 7,245 7,469 (384 ) — (1,776 ) — Strategic Developments: Circle T Ranch and Power Center 50 % 50 % 10,469 8,207 589 256 675 291 HHMK Development 50 % 50 % 10 10 — — — — KR Holdings 50 % 50 % 379 422 (15 ) 5 (37 ) 7 115,753 117,804 (8,552 ) 6,354 (927 ) 12,680 Other equity investments (d) 3,953 3,953 — — 3,724 3,625 Investments in real estate and other affiliates $ 119,706 $ 121,757 $ (8,552 ) $ 6,354 $ 2,797 $ 16,305 (a) The Metropolitan Downtown Columbia was in a deficit position of $4.7 million and $4.7 million at June 30, 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 June 30, 2020 , and December 31, 2019 . (b) Please refer to the discussion below for ownership structure descriptions. (c) During the three months ended June 30, 2020 , the Company recognized a $6.0 million impairment of its equity investment in Mr. C Seaport. Refer to Note 5 - Impairment for additional information. (d) 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 June 30, 2020 , the Company is not the primary beneficiary of any of the investments listed above because it does not have the power to direct the activities that most significantly impact the economic performance of the ventures; therefore, the Company reports its interests in accordance with the equity method. As of June 30, 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 June 30, 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 June 30, 2020 , are $0.8 million and $7.2 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 June 30, 2020 , approximately $208.6 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 $99.9 million based upon economic ownership. All of this indebtedness is without recourse to the Company. As of June 30, 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 $48.8 million , of its outstanding loan balance. As of June 30, 2020 , the carrying values of the assets and liabilities associated with the operations of the consolidated VIE were $493.4 million and $295.6 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 an agreement with USAA related to 110 North Wacker (collectively, the local developer and USAA are the “Partners”). 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 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 Partners increased the construction loan. Concurrently with the increase in the construction loan, the Company and its 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 Partners under the 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 venture’s economic performance during the development phase of the project. Upon the building’s completion, the Company expects to recognize the investment 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 will be 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 will recognize 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”) 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 Summit 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 Summit 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 until it has received two times its equity contribution. Any further cash distributions are shared equally. Given the nature of The Summit’s capital structure and the provisions for the liquidation of assets, the Company’s share of The Summit’s income-producing activities is recognized based on the HLBV method. Relevant financial statement information for The Summit is summarized as follows: June 30, December 31, (In thousands) 2020 2019 Total Assets $ 243,112 $ 221,277 Total Liabilities 152,904 136,314 Total Equity 90,208 84,963 Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Revenues (a) $ 18,836 $ 27,704 $ 58,672 $ 58,187 Net income (2,968 ) 6,500 7,591 14,336 Gross Margin (1,448 ) 8,415 10,256 16,747 (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 three and six months ended June 30, 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”) 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 agreement, the Company will fund 89.75% of the costs to construct the restaurant, and Momofuku will contribute the remaining 10.25% . After each member receives a 10.0% preferred return on its capital contributions, available cash will be allocated 75.0% to the Company and 25.0% to Momofuku, until each member’s unreturned capital account has been reduced to zero. Any remaining cash will be distributed to the members in proportion to their respective percentage interests, or 50%

IMPAIRMENT

IMPAIRMENT	6 Months Ended
	Jun. 30, 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. 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 fair market value at March 31, 2020, at the time of the impairment assessment.The Company used a discounted cash flow analysis using a capitalization rate of 10% to determine fair value.There can be no assurance that the Company will ultimately recover this amount through a sale. With respect to the Investments 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. During the three months ended June 30, 2020 , the Company recorded a $6.0 million impairment of its equity investment in Mr. C Seaport, a 66 -room boutique hotel located at 33 Peck Slip in close proximity to the Seaport District. The Company recognized the impairment due to a change in the anticipated holding period as the Company entered into a plan to sell its 35% equity investment in Mr. C Seaport to its venture partners for $0.8 million . Subsequent to quarter end, the Company completed the sale of its interest in Mr. C Seaport. See Note 4 - Recent Transactions for additional details regarding the sale. The impairment loss is presented in Equity in (losses) earnings from real estate and other affiliates . Refer to Note 3 - Real Estate and Other Affiliates for additional information. No impairment charges were recorded for the Investments in real estate and other affiliates during the year ended December 31, 2019 . The Company periodically evaluates its strategic alternatives with respect to each of its properties and may revise its strategy from time to time, including its intent to hold an asset on a long-term basis or the timing of potential asset dispositions. These changes in strategy could result in impairment charges in future periods. In addition to the impairments discussed above, during the second quarter, the Company reduced the estimated net sales price of certain condominium units, including the remaining penthouse inventory, to better align the expected price with recent final sales prices, resulting in a loss of $5.1 million included in Condominium rights and unit cost of sales for the three months ended June 30, 2020 . The following table summarizes the pre-tax impacts of the items mentioned above to the Condensed Consolidated Statements of Operations: Asset Statements of Operations Line Item Three Months Ended Six Months Ended 2020 2019 2020 2019 (In thousands) Operating Assets: Outlet Collection at Riverwalk Provision for impairment $ — $ — $ 48,738 $ — Equity Investments: Mr. C Seaport Equity in (losses) earnings from real estate and other affiliates $ 6,000 $ — $ 6,000 $ — Other Assets: Condominium Inventory Condominium rights and unit cost of sales $ 5,078 $ — $ 5,078 $ —

OTHER ASSETS AND LIABILITIES

OTHER ASSETS AND LIABILITIES	6 Months Ended
	Jun. 30, 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: June 30, December 31, (In thousands) 2020 2019 Straight-line rent $ 61,060 $ 56,223 Condominium inventory 58,151 56,421 Security, escrow, and other deposits 55,836 17,464 In-place leases 51,723 54,471 Special Improvement District receivable 40,963 42,996 Intangibles 32,935 33,275 Prepaid expenses 16,683 13,263 Tenant incentives and other receivables 10,145 7,556 Other 9,313 9,252 TIF receivable 4,032 3,931 Food and beverage and lifestyle inventory 1,166 4,310 Federal income tax receivable 655 655 Above-market tenant leases 428 556 Prepaid expenses and other assets, net $ 343,090 $ 300,373 The $42.7 million net increase primarily relates to a $38.4 million increase in Security, escrow, and other deposits , primarily attributable to rate-lock and security deposits for The Woodlands Towers at the Waterway, a $4.8 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, as well as a $3.4 million increase in Prepaid expenses . These increases are partially offset by a $3.1 million decrease in Food and beverage and lifestyle inventory predominantly due to the write-off of inventory at 10 Corso Como Retail and Café in the first quarter of 2020 and a $2.7 million decrease in In-place leases , partially as a result of amortization of the leases at The Woodlands Towers at the Waterway. Accounts Payable and Accrued Expenses The following table summarizes the significant components of Accounts payable and accrued expenses: June 30, December 31, (In thousands) 2020 2019 Construction payables $ 327,006 $ 261,523 Condominium deposit liabilities 289,438 194,794 Interest rate swap liabilities 77,737 40,135 Deferred income 66,142 63,483 Accrued real estate taxes 28,647 27,559 Accounts payable and accrued expenses 26,655 37,480 Accrued payroll and other employee liabilities 26,172 44,082 Tenant and other deposits 24,555 24,080 Accrued interest 23,120 23,838 Other 13,022 16,173 Accounts payable and accrued expenses $ 902,494 $ 733,147 The $169.3 million net increase primarily relates to a $94.6 million increase in Condominium deposit liabilities primarily attributable to sales at Victoria Place, Kō'ula, and ‘A‘ali‘i; a $65.5 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; and a $37.6 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 partially offset by a $17.9 million decrease in Accrued payroll and other employee liabilities primarily due to the 2019 annual incentive bonus payment in the first quarter of 2020; and a $10.8 million decrease in Accounts payable and accrued expenses .

MORTGAGES, NOTES AND LOANS PAYA

MORTGAGES, NOTES AND LOANS PAYABLE, NET	6 Months Ended
	Jun. 30, 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: June 30, 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 879,773 884,935 Special Improvement District bonds 22,402 23,725 Variable-rate debt: Mortgages, notes and loans payable (a) 2,536,978 2,229,958 Unamortized bond issuance costs (4,808 ) (5,249 ) Unamortized deferred financing costs (b) (33,282 ) (36,899 ) Total mortgages, notes and loans payable, net $ 4,401,063 $ 4,096,470 (a) As more fully described in Note 9 - Derivative Instruments and Hedging Activities , $705.0 million and $630.1 million of variable‑rate debt has been swapped to a fixed rate for the term of the related debt as of June 30, 2020 , and December 31, 2019 , respectively. An additional $270.9 million and $184.3 million of variable-rate debt was subject to interest rate collars as of June 30, 2020 , and December 31, 2019 , respectively, and $75.0 million of variable-rate debt was capped at a maximum interest rate as of both June 30, 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 June 30, 2020 , land, buildings and equipment and developments with a net book value of $6.7 billion have been pledged as collateral for HHC’s Mortgages, notes and loans payable, net . During the second quarter of 2020, the COVID-19 pandemic necessitated temporary closure of some of the Company’s Operating Assets, primarily retail and hospitality properties. As a result of the decline in interim operating results for certain of these properties, as of June 30, 2020 , the Company did not meet the debt service coverage ratio required to maintain our outstanding Senior Secured Credit Facility Revolver Loan balance of $61.3 million and a semi-annual operating covenant within our $62.5 million loan for The Woodlands Resort and Conference Center. The Revolver Loan requires a full repayment cure of the outstanding revolver balance for the debt service coverage ratio test. We expect to repay the outstanding balance under the Revolver Loan of $61.3 million during the third quarter of 2020. We remain in full compliance of the $615.0 million Term Loan portion of the Senior Secured Credit Facility. The loan for The Woodlands Resort and Conference Center provides a partial repayment cure for the debt service coverage ratio test. Management plans to negotiate a modification of the existing terms of the Woodlands Resort and Conference Center loan with the lender in the third quarter of 2020 and receive a waiver of the $24.1 million repayment to cure. As of June 30, 2020 , the Company did not meet the debt service coverage ratios for two loan agreements related to the Self-Storage Operating Assets. Both loans, which total $10.9 million , provide a partial repayment cure for the debt service coverage ratio test totaling $2.0 million . Management plans to negotiate a modification of the existing terms of the Self-Storage loans or partially repay the loans in the third quarter of 2020. As of June 30, 2020 , apart from the items above, the Company was in compliance with all remaining 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 six months ended June 30, 2020 , no new SID bonds were issued and an insignificant amount of obligations were assumed by buyers. Financing Activity During the Six Months Ended June 30, 2020 On June 22, 2020 the Company modified the existing Downtown Summerlin loan, extending the financing by three years to June 22, 2023 at a rate of LIBOR plus 2.15% in exchange for a pay-down of $33.8 million to a total commitment of $221.5 million . On May 20, 2020 , the Company extended the remaining $280.3 million of the bridge loan for The Woodlands Towers at the Waterway and The Woodlands Warehouse for six months at LIBOR plus 2.35% , with an option for an additional six-month extension at LIBOR plus 2.90% , extending the final maturity to June 30, 2021 . 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 23, 2020 , the Company drew $67.5 million on its Revolver Loan under the Senior Secured Credit Facility. As of June 30, 2020 , the outstanding balance was $61.3 million . The Company expects to repay the outstanding balance during the third quarter of 2020. 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 has the option to extend the Three Hughes Landing loan 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	6 Months Ended
	Jun. 30, 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: June 30, 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 $ 77,737 $ — $ 77,737 $ — $ 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: June 30, 2020 December 31, 2019 (In thousands) Fair Value Carrying Estimated Carrying Estimated Assets: Cash and Restricted cash Level 1 $ 1,188,284 $ 1,188,284 $ 620,135 $ 620,135 Accounts receivable, net (a) Level 3 17,711 17,711 12,279 12,279 Notes receivable, net (b) Level 3 56,511 56,511 36,379 36,379 Liabilities: Fixed-rate debt (c) Level 2 1,902,175 1,829,057 1,908,660 1,949,773 Variable-rate debt (c) Level 2 2,536,978 2,536,978 2,229,958 2,229,958 (a) Accounts receivable, net is shown net of an allowance of $15.7 million and $15.6 million at June 30, 2020 , and December 31, 2019 , respectively. (b) Notes receivable, net is shown net of an allowance of $0.2 million at June 30, 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 below table includes a non-financial asset that was measured at fair value on a non-recurring basis resulting in the property being impaired during the six months ended June 30, 2020 : Fair Value Measurements Using (In thousands) Total Fair Value Measurement Quoted Prices in Significant Significant Operating Assets: Outlet Collection at Riverwalk (a) $ 46,794 $ — $ — $ 46,794 (a) The fair value was measured as of the impairment date based on a discounted cash flow analysis using a capitalization rate of 10.0% and is shown net of transaction costs. Refer to Note 5 - Impairment for additional information.

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	6 Months Ended
	Jun. 30, 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) provided by 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. There were no events of default as of June 30, 2020 , and December 31, 2019 . 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 June 30, 2020 , there were no termination events, and as of December 31, 2019 , there was one termination event, as discussed below. During the three and six months ended June 30, 2020 , the Company recorded a $0.8 million and $1.7 million reduction in Interest expense, respectively, related to the amortization of terminated swaps. The Company did no t settle any derivatives during the six months ended June 30, 2020 . 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 two 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 7.5 and 1.2 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 $15.5 million of net loss will be reclassified to Interest expense. The following table summarizes certain terms of the Company’s derivative contracts: Fixed Fair Value Asset (Liability) Notional Interest Effective Maturity June 30, December 31, (In thousands) Balance Sheet Location Amount Rate (a) Date Date 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) (e) Accounts payable and accrued expenses 193,967 2.00% - 3.00% 5/1/2019 5/1/2020 — (182 ) Interest rate collar (d) Accounts payable and accrued expenses 354,217 2.25% - 3.25% 5/1/2020 5/1/2021 (5,370 ) (2,074 ) Interest rate collar (d) Accounts payable and accrued expenses 381,404 2.75% - 3.50% 5/1/2021 4/30/2022 (9,782 ) (4,578 ) Interest rate swap (f) Accounts payable and accrued expenses 615,000 2.96 % 9/21/2018 9/18/2023 (55,977 ) (31,187 ) Interest rate swap (g) Accounts payable and accrued expenses 1,810 4.89 % 11/1/2019 1/1/2032 (6,608 ) (2,114 ) Total fair value derivative liabilities $ (77,737 ) $ (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 six months ended June 30, 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) On May 1, 2020 , the $194.0 million interest rate collar matured as scheduled. (f) Concurrent with the funding of the $615.0 million term loan on September 21, 2018 , the Company entered into this interest rate swap which is designated as a cash flow hedge. (g) Concurrent with the closing of the $35.5 million construction loan for 8770 New Trails on June 27, 2019 , the Company entered into this interest rate swap which is designated as a cash flow hedge. The tables below present the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2020 , and 2019 (in thousands): Amount of Loss Recognized Amount of Loss Recognized in AOCI on Derivative in AOCI on Derivative Three Months Ended June 30, Six Months Ended June 30, Derivatives in Cash Flow Hedging Relationships 2020 2019 2020 2019 Interest rate derivatives $ (3,461 ) $ (13,016 ) $ (34,801 ) $ (18,832 ) Amount of (Loss) Gain Reclassified Amount of (Loss) Gain Reclassified from AOCI into Operations from AOCI into Operations Three Months Ended June 30, Six Months Ended June 30, Location of (Loss) Gain Reclassified from AOCI into Operations 2020 2019 2020 2019 Interest expense $ (3,227 ) $ 92 $ (4,320 ) $ 220 Total Interest Expense Presented Total Interest Expense Presented in the Results of Operations in which the in the Results of Operations in which the Effects of Cash Flow Hedges are Recorded Effects of Cash Flow Hedges are Recorded Three Months Ended June 30, Six Months Ended June 30, Interest Expense Presented in Results of Operations 2020 2019 2020 2019 Interest expense $ 32,397 $ 24,203 $ 66,845 $ 47,529 Credit-risk-related Contingent Features The Company has agreements with certain derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has agreements with certain derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. As of June 30, 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 $81.0 million and $41.6 million , respectively. As of June 30, 2020 , the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions at June 30, 2020 , it could have been required to settle its obligations under the agreements at their termination value of $81.0 million .

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 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. The Company entered into a settlement agreement with the Waiea homeowners association related to certain construction defects at the tower. Pursuant to the settlement agreement, the Company will pay for the repair of the defects. The Company believes that the general contractor is ultimately responsible for the defects and expects to recover all the repair costs from the general contractor, other responsible parties and insurance proceeds. During the first quarter of 2020, the Company recorded a $97.9 million charge for the estimated repair costs related to this matter, which was included in Condominium rights and unit cost of sales in the accompanying Condensed Consolidated Statements of Operations. As of June 30, 2020 , the Company has recorded a total of $115.4 million in Construction payables for the estimated repair costs related to this matter, which is included in Accounts payable and accrued expenses in the accompanying Condensed Consolidated Balance Sheet. 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. Prior to the purchase, a Phase I Environmental Site Assessment (“ESA”) was prepared for the property, and the ESA identified, among other findings, the existence of mercury levels above regulatory criteria. The Company entered the site into the New York State Brownfield Cleanup Program to facilitate site investigation and subsequent remediation. The site is currently in the investigation phase of the program. The normal operations of the parking lot do not require the property to be remediated, and it is unlikely that the site will require any remedial measures until site redevelopment occurs. The Company has not started any redevelopment activities as of June 30, 2020 . As a result, the potential remediation has no financial impact as of June 30, 2020 , and for the three and six months ended June 30, 2020 . As of June 30, 2020 , and December 31, 2019 , the Company had outstanding letters of credit totaling $11.5 million and $15.4 million , and surety bonds totaling $238.1 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 $1.6 million and $2.1 million for the three months ended June 30, 2020 , and 2019 , respectively, and $3.4 million and $4.2 million for the six months ended June 30, 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 completion guaranty for the Tin Building is for the core and shell construction, which is nearing completion. 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 June 30, 2020 , and December 31, 2019 .

STOCK-BASED PLANS

STOCK-BASED PLANS	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
STOCK-BASED PLANS	STOCK-BASED PLANS On May 14, 2020, the Company adopted The Howard Hughes Corporation 2020 Equity Incentive Plan (the “2020 Equity Plan”). Pursuant to the 2020 Equity Plan, 1,350,000 shares of the Company’s common stock were reserved for issuance. The 2020 Equity Plan provides for grants of options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards (collectively, the “Awards”). Employees, directors and consultants of the Company are eligible for Awards. Prior to the adoption of the 2020 Equity Plan, equity awards were issued under The Howard Hughes Corporation 2010 Equity Incentive Plan (the "2010 Equity Plan"). The 2010 Equity Plan is described and informational disclosures are provided in the Notes to Consolidated Financial Statements included in the Annual Report. The adoption of the 2020 Equity Plan did not impact the administration of Awards issued under the 2010 Equity Plan but following adoption of the 2020 Equity Plan, equity awards will no longer be granted under the 2010 Equity Plan. Stock Options The following table summarizes the Company’s stock option activity for the six months ended June 30, 2020 : Stock Weighted-average Stock Options outstanding at December 31, 2019 721,496 $ 104.55 Granted 2,000 83.11 Exercised (57,058 ) 67.24 Forfeited (125,500 ) 124.24 Expired (22,188 ) 100.08 Stock Options outstanding at June 30, 2020 518,750 $ 104.01 Compensation costs related to stock options were $0.2 million for the three months ended June 30, 2020 , of which $0.2 million were capitalized to development projects. Compensation costs related to stock options were in a credit position of $0.5 million for the six months ended June 30, 2020 due to significant forfeitures which exceeded the expense. Compensation costs related to stock options were $0.8 million and $1.5 million for the three and six months ended June 30, 2019 , respectively, of which $0.2 million and $0.4 million were capitalized to development projects, respectively. The total number of restricted stock outstanding set forth above reflects any restricted stock subject to performance-based vesting at the target level. Restricted Stock The following table summarizes restricted stock activity for the six months ended June 30, 2020 : Restricted Weighted-average Grant Restricted stock outstanding at December 31, 2019 406,802 $ 76.27 Granted 70,210 84.55 Vested (13,729 ) 101.24 Forfeited (23,000 ) 94.83 Restricted stock outstanding at June 30, 2020 440,283 $ 75.73 Compensation costs related to restricted stock awards were $1.8 million and $3.7 million for the three and six months ended June 30, 2020 , respectively, of which $0.7 million were capitalized to development projects, respectively. Compensation costs related to restricted stock awards were $2.4 million and $4.7 million for the three and six months ended June 30, 2019 , respectively, of which $0.3 million and $0.6 million were capitalized to development projects, respectively.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s tax provision for interim periods is determined using an estimate of its annual current and deferred effective tax rates, adjusted for discrete items. The effective tax rate, based upon actual operating results, was 16.7% and 20.5% for the three and six months ended June 30, 2020 , respectively, compared to 24.9% and 25.5% for the three and six months ended June 30, 2019 , respectively. The Company’s effective tax rate is typically impacted by significant permanent differences, primarily from stock compensation deductions and non-deductible executive compensation, which cause the effective tax rate to deviate from statutory rates. For the three and six months ended June 30, 2020 , the effective tax rate was also impacted by valuation allowances.

WARRANTS

WARRANTS	6 Months Ended
	Jun. 30, 2020
Other Liabilities [Abstract]
WARRANTS	WARRANTS On October 7, 2016 , the Company entered into a warrant agreement with David R. O’Reilly, (the “O’Reilly Warrant”) prior to his appointment to the position of Chief Financial Officer. 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 June 30, 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	6 Months Ended
	Jun. 30, 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 March 31, 2019 $ (14,759 ) Other comprehensive loss before reclassifications (13,038 ) Gain reclassified from accumulated other comprehensive loss to net income (92 ) Terminated swap amortization (653 ) Net current-period other comprehensive loss (13,783 ) Balance as of June 30, 2019 $ (28,542 ) Balance as of March 31, 2020 $ (60,273 ) Other comprehensive loss before reclassifications (3,461 ) Loss reclassified from accumulated other comprehensive loss to net income 3,227 Terminated swap amortization (604 ) Net current-period other comprehensive loss (838 ) Balance as of June 30, 2020 $ (61,111 ) (In thousands) Balance as of December 31, 2018 $ (8,126 ) Other comprehensive loss before reclassifications (18,905 ) Gain reclassified from accumulated other comprehensive loss to net income (220 ) Terminated swap amortization (1,291 ) Net current-period other comprehensive loss (20,416 ) Balance as of June 30, 2019 $ (28,542 ) Balance as of December 31, 2019 $ (29,372 ) Other comprehensive loss before reclassifications (34,801 ) Loss reclassified from accumulated other comprehensive loss to net income 4,320 Terminated swap amortization (1,258 ) Net current-period other comprehensive loss (31,739 ) Balance as of June 30, 2020 $ (61,111 ) The following table summarizes the amounts reclassified out of AOCI: Amounts reclassified from Accumulated Other Comprehensive Income (Loss) Amounts reclassified from Accumulated Other Comprehensive Income (Loss) (In thousands) Three Months Ended June 30, Six Months Ended June 30, Affected line items in the Accumulated Other Comprehensive Income (Loss) Components 2020 2019 2020 2019 Statements of Operations Losses (gains) on cash flow hedges $ 4,086 $ (116 ) $ 5,469 $ (278 ) Interest expense Income taxes on losses (gains) on cash flow hedges (859 ) 24 (1,149 ) 58 Provision for income taxes Total reclassifications of loss (income) for the period $ 3,227 $ (92 ) $ 4,320 $ (220 ) Net of tax

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, (In thousands, except per share amounts) 2020 2019 2020 2019 Basic EPS: Numerator: Net (loss) income $ (34,103 ) $ 13,328 $ (159,185 ) $ 45,253 Net loss (income) attributable to noncontrolling interests 19 149 (33 ) 45 Net (loss) income attributable to common stockholders $ (34,084 ) $ 13,477 $ (159,218 ) $ 45,298 Denominator: Weighted-average basic common shares outstanding 55,530 43,113 49,455 43,109 Diluted EPS: Numerator: Net (loss) income attributable to common stockholders $ (34,084 ) $ 13,477 $ (159,218 ) $ 45,298 Denominator: Weighted-average basic common shares outstanding 55,530 43,113 49,455 43,109 Restricted stock and stock options — 158 — 154 Weighted-average diluted common shares outstanding (a) 55,530 43,271 49,455 43,263 Basic (loss) income per share: $ (0.61 ) $ 0.31 $ (3.22 ) $ 1.05 Diluted (loss) income per share: $ (0.61 ) $ 0.31 $ (3.22 ) $ 1.05 (a) The diluted EPS computation for the three and six months ended June 30, 2020 , excludes 513,750 and 386,522 shares of stock awards because their effect is anti-dilutive and 262,369 shares of restricted stock, because performance conditions provided for in the restricted stock awards have not been satisfied. The diluted EPS computation for the three and six months ended June 30, 2019 , excludes 569,408 shares of stock options because their inclusion would have been anti-dilutive and 278,379 shares of restricted stock, 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 exercised most of their option and purchased an additional 270,900 shares. Concurrently, the Company entered into a share purchase agreement with a related party, 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	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Revenues From contracts with customers Recognized at a point in time: Condominium rights and unit sales $ — $ 235,622 $ 43 $ 433,932 Master Planned Communities land sales 57,073 58,321 96,805 99,633 Builder price participation 8,947 9,369 16,706 14,564 Total revenue from contracts with customers 66,020 303,312 113,554 548,129 Recognized at a point in time and/or over time: Other land, rental and property revenues 11,447 59,774 46,344 101,253 Total other income 11,447 59,774 46,344 101,253 Rental and other income (lease-related revenues) Minimum rents 61,469 54,718 132,456 108,804 Tenant recoveries 17,202 13,512 38,077 27,020 Interest income from sales-type leases 35 — 917 — Total rental income 78,706 68,230 171,450 135,824 Total revenues $ 156,173 $ 431,316 $ 331,348 $ 785,206 Revenues by segment Operating Assets revenues $ 84,277 $ 109,219 $ 198,534 $ 201,172 Master Planned Communities revenues 68,913 72,859 119,359 123,755 Seaport District revenues 2,272 12,891 11,966 19,921 Strategic Developments revenues 624 236,347 1,384 440,358 Corporate revenues 87 — 105 — Total revenues $ 156,173 $ 431,316 $ 331,348 $ 785,206 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. There were no contract assets for the period. The contract liabilities primarily relate to escrowed condominium deposits, MPC land sales deposits and deferred MPC land sales related to unsatisfied land improvements. The beginning and ending balances of contract liabilities and significant activity during the period are as follows: Contract (In thousands) Liabilities Balance as of December 31, 2019 $ 246,010 Consideration earned during the period (30,200 ) Consideration received during the period 122,526 Balance as of June 30, 2020 $ 338,336 Remaining Unsatisfied Performance Obligations The Company’s remaining unsatisfied performance obligations as of June 30, 2020 , represent a measure of the total dollar value of work to be performed on contracts executed and in progress. These performance obligations primarily relate to the completion of condominium construction and transfer of control to a buyer, as well as the completion of contracted MPC land sales and related land improvements. These 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 June 30, 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 $ 193,994 $ 433,966 $ 1,048,461

LEASES

LEASES	6 Months Ended
	Jun. 30, 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 June 30, 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) June 30, 2020 Assets Operating lease right-of-use assets $ 68,117 Riverwalk impairment (10,235 ) Total leased assets $ 57,882 Liabilities Operating lease liabilities $ 69,607 Total leased liabilities $ 69,607 The components of lease expense are as follows: (In thousands) Three Months Ended Six Months Ended Lease cost June 30, 2020 June 30, 2020 Operating lease cost $ 2,179 $ 4,358 Variable lease costs 117 290 Net lease cost $ 2,296 $ 4,648 Future minimum lease payments as of June 30, 2020 , are as follows: (In thousands) Operating Year Ended December 31, Leases 2020 (excluding the six months ended June 30, 2020) $ 3,056 2021 7,184 2022 6,507 2023 6,464 2024 6,432 Thereafter 266,852 Total lease payments 296,495 Less: imputed interest (226,888 ) Present value of lease liabilities $ 69,607 Other information related to the Company’s lessee agreements is as follows: (In thousands) Six Months Ended Supplemental Condensed Consolidated Statements of Cash Flows Information June 30, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows on operating leases $ 3,849 Other Information June 30, 2020 Weighted-average remaining lease term (years) Operating leases 37.0 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 five years . Lease terms generally vary among tenants and may include early termination options, extension options and fixed rental rate increases or rental rate increases based on an index. The minimum rentals based on operating leases of the consolidated properties held as of June 30, 2020 , are as follows: Three Months Ended Six Months Ended (In thousands) June 30, 2020 June 30, 2020 Total minimum rent payments $ 54,114 $ 113,213 Total future minimum rents associated with operating leases are as follows: Total Year Ending December 31, Minimum Rent (In thousands) 2020 (excluding the six months ended June 30, 2020) $ 110,505 2021 234,654 2022 251,870 2023 242,176 2024 234,851 Thereafter 1,511,105 Total $ 2,585,161 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 June 30, 2020 , the Company sold 100 Fellowship Drive, one of its sales-type leases. The Net investment in lease receivable

SEGMENTS

SEGMENTS	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Operating Assets Segment EBT Total revenues (a) $ 84,277 $ 109,219 $ 198,534 $ 201,172 Total operating expenses (b) (42,222 ) (48,727 ) (94,462 ) (91,639 ) Segment operating income 42,055 60,492 104,072 109,533 Depreciation and amortization (36,995 ) (28,938 ) (74,084 ) (56,046 ) Interest expense, net (23,103 ) (20,059 ) (49,296 ) (39,050 ) Other income, net 226 1,088 167 1,123 Equity in earnings from real estate and other affiliates 475 45 4,869 2,754 Gain on sale or disposal of real estate — — 38,124 — Provision for impairment — — (48,738 ) — Segment EBT (17,342 ) 12,628 (24,886 ) 18,314 MPC Segment EBT Total revenues 68,913 72,859 119,359 123,755 Total operating expenses (31,970 ) (38,913 ) (55,692 ) (65,979 ) Segment operating income 36,943 33,946 63,667 57,776 Depreciation and amortization (91 ) (86 ) (182 ) (246 ) Interest income, net 8,303 8,283 16,857 15,826 Other income, net — 72 — 67 Equity in (losses) earnings from real estate and other affiliates (2,968 ) 6,499 5,966 14,336 Segment EBT 42,187 48,714 86,308 87,759 Seaport District Segment EBT Total revenues 2,272 12,891 11,966 19,921 Total operating expenses (8,464 ) (17,972 ) (22,775 ) (32,405 ) Segment operating loss (6,192 ) (5,081 ) (10,809 ) (12,484 ) Depreciation and amortization (6,776 ) (6,753 ) (27,651 ) (12,946 ) Interest expense, net (4,626 ) (1,924 ) (9,679 ) (3,456 ) Other loss, net (409 ) (61 ) (3,777 ) (147 ) Equity in losses from real estate and other affiliates (6,633 ) (451 ) (8,676 ) (1,083 ) Loss on sale or disposal of real estate — — — (6 ) Segment EBT (24,636 ) (14,270 ) (60,592 ) (30,122 ) Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Strategic Developments Segment EBT Total revenues 624 236,347 1,384 440,358 Total operating expenses (12,517 ) (224,711 ) (116,816 ) (371,014 ) Segment operating (loss) income (11,893 ) 11,636 (115,432 ) 69,344 Depreciation and amortization (1,650 ) (1,260 ) (3,411 ) (2,316 ) Interest income, net 1,057 3,235 2,988 6,497 Other income (loss), net 1,668 (383 ) 1,293 310 Equity in earnings from real estate and other affiliates 574 261 638 298 Gain (loss) on sale or disposal of real estate, net 8,000 (144 ) 8,000 (144 ) Segment EBT (2,244 ) 13,345 (105,924 ) 73,989 Consolidated Segment EBT Total revenues 156,086 431,316 331,243 785,206 Total operating expenses (95,173 ) (330,323 ) (289,745 ) (561,037 ) Segment operating income 60,913 100,993 41,498 224,169 Depreciation and amortization (45,512 ) (37,037 ) (105,328 ) (71,554 ) Interest expense, net (18,369 ) (10,465 ) (39,130 ) (20,183 ) Other income (loss), net 1,485 716 (2,317 ) 1,353 Equity in (losses) earnings from real estate and other affiliates (8,552 ) 6,354 2,797 16,305 Gain (loss) on sale or disposal of real estate, net 8,000 (144 ) 46,124 (150 ) Provision for impairment — — (48,738 ) — Consolidated segment EBT (2,035 ) 60,417 (105,094 ) 149,940 Corporate income, expenses and other items (32,068 ) (47,089 ) (54,091 ) (104,687 ) Net (loss) income (34,103 ) 13,328 (159,185 ) 45,253 Net income (loss) attributable to noncontrolling interests 19 149 (33 ) 45 Net (loss) income attributable to common stockholders $ (34,084 ) $ 13,477 $ (159,218 ) $ 45,298 (a) Includes hospitality revenues for the three and six months ended June 30, 2020 , of $2.5 million and $19.8 million , respectively, and $25.6 million and $48.5 million for the three and six months ended June 30, 2019 , respectively. (b) Includes hospitality operating costs for the three and six months ended June 30, 2020 , of $4.4 million and $17.2 million , respectively, and $16.6 million and $32.2 million for the three and six months ended June 30, 2019 , respectively. The assets by segment and the reconciliation of total segment assets to the Total assets in the Condensed Consolidated Balance Sheets are summarized as follows: June 30, December 31, (In thousands) 2020 2019 Operating Assets $ 3,607,546 $ 3,476,718 Master Planned Communities 2,262,400 2,166,472 Seaport District 913,321 930,067 Strategic Developments 1,638,426 1,540,161 Total segment assets 8,421,693 8,113,418 Corporate 822,865 300,348 Total assets $ 9,244,558 $ 8,413,766

ACCOUNTING POLICIES AND PRONO_2

ACCOUNTING POLICIES AND PRONOUNCEMENTS (Policies)	6 Months Ended
	Jun. 30, 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 the first quarter of 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 Condensed 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 Condensed 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 Condensed 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 Condensed 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 Condensed 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 Condensed 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 Condensed 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.

BASIS OF PRESENTATION AND ORG_2

BASIS OF PRESENTATION AND ORGANIZATION (Tables)	6 Months Ended
	Jun. 30, 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) 1,637 Charges paid/settled (6,012 ) Balance at June 30, 2020 $ 5,310 (a) Charges relate to relocation, retention and severance expenses and are included in General and administrative

ACCOUNTING POLICIES AND PRONO_3

ACCOUNTING POLICIES AND PRONOUNCEMENTS (Tables)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Amortized cost basis on financing receivables	The following table summarizes the amortized cost basis of financing receivables by receivable type as of June 30, 2020 : ($ in thousands) MUD receivables SID receivables TIF receivables Net investments in lease receivable Notes receivable Total Ending balance as of June 30, 2020 $ 303,771 $ 40,963 $ 4,032 $ 2,772 $ 56,706 $ 408,244
Allowance for credit losses on financing receivables	The following table presents the activity in the allowance for credit losses for financing receivables by receivable type for the six months ended June 30, 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 — — — — (13 ) 109 Write-offs — — — — (1 ) (42 ) Recoveries — — — — — — Ending balance as of June 30, 2020 $ — $ — $ — $ 17 $ 195 $ 67 (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.

REAL ESTATE AND OTHER AFFILIA_2

REAL ESTATE AND OTHER AFFILIATES (Tables)	6 Months Ended
	Jun. 30, 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 Share of Earnings/Dividends June 30, December 31, June 30, December 31, Three Months Ended Six Months Ended ($ in thousands) 2020 2019 2020 2019 2020 2019 2020 2019 Equity Method Investments Operating Assets: The Metropolitan Downtown Columbia (a) 50 % 50 % $ — $ — $ 195 $ 123 $ 422 $ 306 Stewart Title of Montgomery County, TX 50 % 50 % 3,878 4,175 160 170 503 272 Woodlands Sarofim #1 20 % 20 % 3,059 2,985 29 31 64 51 m.flats/TEN.M 50 % 50 % 1,887 2,431 91 (279 ) 156 (1,500 ) Master Planned Communities: The Summit (b) — % — % 88,076 84,455 (2,968 ) 6,499 5,966 14,336 Seaport District: Mr. C Seaport (c) 35 % 35 % 750 7,650 (6,249 ) (451 ) (6,900 ) (1,083 ) Bar Wayō (Momofuku) (b) — % — % 7,245 7,469 (384 ) — (1,776 ) — Strategic Developments: Circle T Ranch and Power Center 50 % 50 % 10,469 8,207 589 256 675 291 HHMK Development 50 % 50 % 10 10 — — — — KR Holdings 50 % 50 % 379 422 (15 ) 5 (37 ) 7 115,753 117,804 (8,552 ) 6,354 (927 ) 12,680 Other equity investments (d) 3,953 3,953 — — 3,724 3,625 Investments in real estate and other affiliates $ 119,706 $ 121,757 $ (8,552 ) $ 6,354 $ 2,797 $ 16,305 (a) The Metropolitan Downtown Columbia was in a deficit position of $4.7 million and $4.7 million at June 30, 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 June 30, 2020 , and December 31, 2019 . (b) Please refer to the discussion below for ownership structure descriptions. (c) During the three months ended June 30, 2020 , the Company recognized a $6.0 million impairment of its equity investment in Mr. C Seaport. Refer to Note 5 - Impairment for additional information. (d) 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: June 30, December 31, (In thousands) 2020 2019 Total Assets $ 243,112 $ 221,277 Total Liabilities 152,904 136,314 Total Equity 90,208 84,963 Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Revenues (a) $ 18,836 $ 27,704 $ 58,672 $ 58,187 Net income (2,968 ) 6,500 7,591 14,336 Gross Margin (1,448 ) 8,415 10,256 16,747 (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 three and six months ended June 30, 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.

IMPAIRMENT IMPAIRMENT (Tables)

IMPAIRMENT IMPAIRMENT (Tables)	6 Months Ended
	Jun. 30, 2020
Asset Impairment Charges [Abstract]
Asset Impairment Charges	The following table summarizes the pre-tax impacts of the items mentioned above to the Condensed Consolidated Statements of Operations: Asset Statements of Operations Line Item Three Months Ended Six Months Ended 2020 2019 2020 2019 (In thousands) Operating Assets: Outlet Collection at Riverwalk Provision for impairment $ — $ — $ 48,738 $ — Equity Investments: Mr. C Seaport Equity in (losses) earnings from real estate and other affiliates $ 6,000 $ — $ 6,000 $ — Other Assets: Condominium Inventory Condominium rights and unit cost of sales $ 5,078 $ — $ 5,078 $ —

OTHER ASSETS AND LIABILITIES (T

OTHER ASSETS AND LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 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: June 30, December 31, (In thousands) 2020 2019 Straight-line rent $ 61,060 $ 56,223 Condominium inventory 58,151 56,421 Security, escrow, and other deposits 55,836 17,464 In-place leases 51,723 54,471 Special Improvement District receivable 40,963 42,996 Intangibles 32,935 33,275 Prepaid expenses 16,683 13,263 Tenant incentives and other receivables 10,145 7,556 Other 9,313 9,252 TIF receivable 4,032 3,931 Food and beverage and lifestyle inventory 1,166 4,310 Federal income tax receivable 655 655 Above-market tenant leases 428 556 Prepaid expenses and other assets, net $ 343,090 $ 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: June 30, December 31, (In thousands) 2020 2019 Construction payables $ 327,006 $ 261,523 Condominium deposit liabilities 289,438 194,794 Interest rate swap liabilities 77,737 40,135 Deferred income 66,142 63,483 Accrued real estate taxes 28,647 27,559 Accounts payable and accrued expenses 26,655 37,480 Accrued payroll and other employee liabilities 26,172 44,082 Tenant and other deposits 24,555 24,080 Accrued interest 23,120 23,838 Other 13,022 16,173 Accounts payable and accrued expenses $ 902,494 $ 733,147

MORTGAGES, NOTES AND LOANS PA_2

MORTGAGES, NOTES AND LOANS PAYABLE, NET (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Summary of mortgages, notes and loans payable	Mortgages, notes and loans payable, net are summarized as follows: June 30, December 31, (In thousands) 2020 2019 Fixed-rate debt: Unsecured 5.375% Senior Notes $ 1,000,000 $ 1,000,000 Secured mortgages, notes and loans payable 879,773 884,935 Special Improvement District bonds 22,402 23,725 Variable-rate debt: Mortgages, notes and loans payable (a) 2,536,978 2,229,958 Unamortized bond issuance costs (4,808 ) (5,249 ) Unamortized deferred financing costs (b) (33,282 ) (36,899 ) Total mortgages, notes and loans payable, net $ 4,401,063 $ 4,096,470 (a) As more fully described in Note 9 - Derivative Instruments and Hedging Activities , $705.0 million and $630.1 million of variable‑rate debt has been swapped to a fixed rate for the term of the related debt as of June 30, 2020 , and December 31, 2019 , respectively. An additional $270.9 million and $184.3 million of variable-rate debt was subject to interest rate collars as of June 30, 2020 , and December 31, 2019 , respectively, and $75.0 million of variable-rate debt was capped at a maximum interest rate as of both June 30, 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)	6 Months Ended
	Jun. 30, 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: June 30, 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 $ 77,737 $ — $ 77,737 $ — $ 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: June 30, 2020 December 31, 2019 (In thousands) Fair Value Carrying Estimated Carrying Estimated Assets: Cash and Restricted cash Level 1 $ 1,188,284 $ 1,188,284 $ 620,135 $ 620,135 Accounts receivable, net (a) Level 3 17,711 17,711 12,279 12,279 Notes receivable, net (b) Level 3 56,511 56,511 36,379 36,379 Liabilities: Fixed-rate debt (c) Level 2 1,902,175 1,829,057 1,908,660 1,949,773 Variable-rate debt (c) Level 2 2,536,978 2,536,978 2,229,958 2,229,958 (a) Accounts receivable, net is shown net of an allowance of $15.7 million and $15.6 million at June 30, 2020 , and December 31, 2019 , respectively. (b) Notes receivable, net is shown net of an allowance of $0.2 million at June 30, 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 below table includes a non-financial asset that was measured at fair value on a non-recurring basis resulting in the property being impaired during the six months ended June 30, 2020 : Fair Value Measurements Using (In thousands) Total Fair Value Measurement Quoted Prices in Significant Significant Operating Assets: Outlet Collection at Riverwalk (a) $ 46,794 $ — $ — $ 46,794 (a) The fair value was measured as of the impairment date based on a discounted cash flow analysis using a capitalization rate of 10.0% and is shown net of transaction costs. Refer to Note 5 - Impairment for additional information.

DERIVATIVE INSTRUMENTS AND HE_2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of fair value of derivative financial instruments	The following table summarizes certain terms of the Company’s derivative contracts: Fixed Fair Value Asset (Liability) Notional Interest Effective Maturity June 30, December 31, (In thousands) Balance Sheet Location Amount Rate (a) Date Date 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) (e) Accounts payable and accrued expenses 193,967 2.00% - 3.00% 5/1/2019 5/1/2020 — (182 ) Interest rate collar (d) Accounts payable and accrued expenses 354,217 2.25% - 3.25% 5/1/2020 5/1/2021 (5,370 ) (2,074 ) Interest rate collar (d) Accounts payable and accrued expenses 381,404 2.75% - 3.50% 5/1/2021 4/30/2022 (9,782 ) (4,578 ) Interest rate swap (f) Accounts payable and accrued expenses 615,000 2.96 % 9/21/2018 9/18/2023 (55,977 ) (31,187 ) Interest rate swap (g) Accounts payable and accrued expenses 1,810 4.89 % 11/1/2019 1/1/2032 (6,608 ) (2,114 ) Total fair value derivative liabilities $ (77,737 ) $ (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 six months ended June 30, 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) On May 1, 2020 , the $194.0 million interest rate collar matured as scheduled. (f) Concurrent with the funding of the $615.0 million term loan on September 21, 2018 , the Company entered into this interest rate swap which is designated as a cash flow hedge. (g) Concurrent with the closing of the $35.5 million construction loan for 8770 New Trails on June 27, 2019 , the Company entered into this interest rate swap which is designated as a cash flow hedge.
Summary of effect of derivative financial instruments on the Condensed Consolidated Statements of Operations	The tables below present the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2020 , and 2019 (in thousands): Amount of Loss Recognized Amount of Loss Recognized in AOCI on Derivative in AOCI on Derivative Three Months Ended June 30, Six Months Ended June 30, Derivatives in Cash Flow Hedging Relationships 2020 2019 2020 2019 Interest rate derivatives $ (3,461 ) $ (13,016 ) $ (34,801 ) $ (18,832 ) Amount of (Loss) Gain Reclassified Amount of (Loss) Gain Reclassified from AOCI into Operations from AOCI into Operations Three Months Ended June 30, Six Months Ended June 30, Location of (Loss) Gain Reclassified from AOCI into Operations 2020 2019 2020 2019 Interest expense $ (3,227 ) $ 92 $ (4,320 ) $ 220 Total Interest Expense Presented Total Interest Expense Presented in the Results of Operations in which the in the Results of Operations in which the Effects of Cash Flow Hedges are Recorded Effects of Cash Flow Hedges are Recorded Three Months Ended June 30, Six Months Ended June 30, Interest Expense Presented in Results of Operations 2020 2019 2020 2019 Interest expense $ 32,397 $ 24,203 $ 66,845 $ 47,529

STOCK-BASED PLANS (Tables)

STOCK-BASED PLANS (Tables)	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Summary of stock option plan activity	The following table summarizes the Company’s stock option activity for the six months ended June 30, 2020 : Stock Weighted-average Stock Options outstanding at December 31, 2019 721,496 $ 104.55 Granted 2,000 83.11 Exercised (57,058 ) 67.24 Forfeited (125,500 ) 124.24 Expired (22,188 ) 100.08 Stock Options outstanding at June 30, 2020 518,750 $ 104.01
Summary of restricted stock activity	The following table summarizes restricted stock activity for the six months ended June 30, 2020 : Restricted Weighted-average Grant Restricted stock outstanding at December 31, 2019 406,802 $ 76.27 Granted 70,210 84.55 Vested (13,729 ) 101.24 Forfeited (23,000 ) 94.83 Restricted stock outstanding at June 30, 2020 440,283 $ 75.73

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	6 Months Ended
	Jun. 30, 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 March 31, 2019 $ (14,759 ) Other comprehensive loss before reclassifications (13,038 ) Gain reclassified from accumulated other comprehensive loss to net income (92 ) Terminated swap amortization (653 ) Net current-period other comprehensive loss (13,783 ) Balance as of June 30, 2019 $ (28,542 ) Balance as of March 31, 2020 $ (60,273 ) Other comprehensive loss before reclassifications (3,461 ) Loss reclassified from accumulated other comprehensive loss to net income 3,227 Terminated swap amortization (604 ) Net current-period other comprehensive loss (838 ) Balance as of June 30, 2020 $ (61,111 ) (In thousands) Balance as of December 31, 2018 $ (8,126 ) Other comprehensive loss before reclassifications (18,905 ) Gain reclassified from accumulated other comprehensive loss to net income (220 ) Terminated swap amortization (1,291 ) Net current-period other comprehensive loss (20,416 ) Balance as of June 30, 2019 $ (28,542 ) Balance as of December 31, 2019 $ (29,372 ) Other comprehensive loss before reclassifications (34,801 ) Loss reclassified from accumulated other comprehensive loss to net income 4,320 Terminated swap amortization (1,258 ) Net current-period other comprehensive loss (31,739 ) Balance as of June 30, 2020 $ (61,111 )
Summary of the amounts reclassified out of AOCI	The following table summarizes the amounts reclassified out of AOCI: Amounts reclassified from Accumulated Other Comprehensive Income (Loss) Amounts reclassified from Accumulated Other Comprehensive Income (Loss) (In thousands) Three Months Ended June 30, Six Months Ended June 30, Affected line items in the Accumulated Other Comprehensive Income (Loss) Components 2020 2019 2020 2019 Statements of Operations Losses (gains) on cash flow hedges $ 4,086 $ (116 ) $ 5,469 $ (278 ) Interest expense Income taxes on losses (gains) on cash flow hedges (859 ) 24 (1,149 ) 58 Provision for income taxes Total reclassifications of loss (income) for the period $ 3,227 $ (92 ) $ 4,320 $ (220 ) Net of tax

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Summary of EPS calculations	Information related to the Company’s EPS calculations is summarized as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands, except per share amounts) 2020 2019 2020 2019 Basic EPS: Numerator: Net (loss) income $ (34,103 ) $ 13,328 $ (159,185 ) $ 45,253 Net loss (income) attributable to noncontrolling interests 19 149 (33 ) 45 Net (loss) income attributable to common stockholders $ (34,084 ) $ 13,477 $ (159,218 ) $ 45,298 Denominator: Weighted-average basic common shares outstanding 55,530 43,113 49,455 43,109 Diluted EPS: Numerator: Net (loss) income attributable to common stockholders $ (34,084 ) $ 13,477 $ (159,218 ) $ 45,298 Denominator: Weighted-average basic common shares outstanding 55,530 43,113 49,455 43,109 Restricted stock and stock options — 158 — 154 Weighted-average diluted common shares outstanding (a) 55,530 43,271 49,455 43,263 Basic (loss) income per share: $ (0.61 ) $ 0.31 $ (3.22 ) $ 1.05 Diluted (loss) income per share: $ (0.61 ) $ 0.31 $ (3.22 ) $ 1.05 (a) The diluted EPS computation for the three and six months ended June 30, 2020 , excludes 513,750 and 386,522 shares of stock awards because their effect is anti-dilutive and 262,369 shares of restricted stock, because performance conditions provided for in the restricted stock awards have not been satisfied. The diluted EPS computation for the three and six months ended June 30, 2019 , excludes 569,408 shares of stock options because their inclusion would have been anti-dilutive and 278,379 shares of restricted stock, because performance conditions provided for in the restricted stock awards have not been satisfied.

REVENUES (Tables)

REVENUES (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Revenues From contracts with customers Recognized at a point in time: Condominium rights and unit sales $ — $ 235,622 $ 43 $ 433,932 Master Planned Communities land sales 57,073 58,321 96,805 99,633 Builder price participation 8,947 9,369 16,706 14,564 Total revenue from contracts with customers 66,020 303,312 113,554 548,129 Recognized at a point in time and/or over time: Other land, rental and property revenues 11,447 59,774 46,344 101,253 Total other income 11,447 59,774 46,344 101,253 Rental and other income (lease-related revenues) Minimum rents 61,469 54,718 132,456 108,804 Tenant recoveries 17,202 13,512 38,077 27,020 Interest income from sales-type leases 35 — 917 — Total rental income 78,706 68,230 171,450 135,824 Total revenues $ 156,173 $ 431,316 $ 331,348 $ 785,206 Revenues by segment Operating Assets revenues $ 84,277 $ 109,219 $ 198,534 $ 201,172 Master Planned Communities revenues 68,913 72,859 119,359 123,755 Seaport District revenues 2,272 12,891 11,966 19,921 Strategic Developments revenues 624 236,347 1,384 440,358 Corporate revenues 87 — 105 — Total revenues $ 156,173 $ 431,316 $ 331,348 $ 785,206
Contract with customer, assets and liabilities	The beginning and ending balances of contract liabilities and significant activity during the period are as follows: Contract (In thousands) Liabilities Balance as of December 31, 2019 $ 246,010 Consideration earned during the period (30,200 ) Consideration received during the period 122,526 Balance as of June 30, 2020 $ 338,336
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 $ 193,994 $ 433,966 $ 1,048,461

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Assets and liabilities, lessee	The Company’s leased assets and liabilities are as follows: (In thousands) June 30, 2020 Assets Operating lease right-of-use assets $ 68,117 Riverwalk impairment (10,235 ) Total leased assets $ 57,882 Liabilities Operating lease liabilities $ 69,607 Total leased liabilities $ 69,607
Lease cost	The components of lease expense are as follows: (In thousands) Three Months Ended Six Months Ended Lease cost June 30, 2020 June 30, 2020 Operating lease cost $ 2,179 $ 4,358 Variable lease costs 117 290 Net lease cost $ 2,296 $ 4,648 Other information related to the Company’s lessee agreements is as follows: (In thousands) Six Months Ended Supplemental Condensed Consolidated Statements of Cash Flows Information June 30, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows on operating leases $ 3,849 Other Information June 30, 2020 Weighted-average remaining lease term (years) Operating leases 37.0 Weighted-average discount rate Operating leases 7.8 %
Operating lease liability maturity	Future minimum lease payments as of June 30, 2020 , are as follows: (In thousands) Operating Year Ended December 31, Leases 2020 (excluding the six months ended June 30, 2020) $ 3,056 2021 7,184 2022 6,507 2023 6,464 2024 6,432 Thereafter 266,852 Total lease payments 296,495 Less: imputed interest (226,888 ) Present value of lease liabilities $ 69,607
Schedule of minimum rent payments	The minimum rentals based on operating leases of the consolidated properties held as of June 30, 2020 , are as follows: Three Months Ended Six Months Ended (In thousands) June 30, 2020 June 30, 2020 Total minimum rent payments $ 54,114 $ 113,213 Total future minimum rents associated with operating leases are as follows: Total Year Ending December 31, Minimum Rent (In thousands) 2020 (excluding the six months ended June 30, 2020) $ 110,505 2021 234,654 2022 251,870 2023 242,176 2024 234,851 Thereafter 1,511,105 Total $ 2,585,161

SEGMENTS (Tables)

SEGMENTS (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Summary of segment operating results	Segment operating results are as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Operating Assets Segment EBT Total revenues (a) $ 84,277 $ 109,219 $ 198,534 $ 201,172 Total operating expenses (b) (42,222 ) (48,727 ) (94,462 ) (91,639 ) Segment operating income 42,055 60,492 104,072 109,533 Depreciation and amortization (36,995 ) (28,938 ) (74,084 ) (56,046 ) Interest expense, net (23,103 ) (20,059 ) (49,296 ) (39,050 ) Other income, net 226 1,088 167 1,123 Equity in earnings from real estate and other affiliates 475 45 4,869 2,754 Gain on sale or disposal of real estate — — 38,124 — Provision for impairment — — (48,738 ) — Segment EBT (17,342 ) 12,628 (24,886 ) 18,314 MPC Segment EBT Total revenues 68,913 72,859 119,359 123,755 Total operating expenses (31,970 ) (38,913 ) (55,692 ) (65,979 ) Segment operating income 36,943 33,946 63,667 57,776 Depreciation and amortization (91 ) (86 ) (182 ) (246 ) Interest income, net 8,303 8,283 16,857 15,826 Other income, net — 72 — 67 Equity in (losses) earnings from real estate and other affiliates (2,968 ) 6,499 5,966 14,336 Segment EBT 42,187 48,714 86,308 87,759 Seaport District Segment EBT Total revenues 2,272 12,891 11,966 19,921 Total operating expenses (8,464 ) (17,972 ) (22,775 ) (32,405 ) Segment operating loss (6,192 ) (5,081 ) (10,809 ) (12,484 ) Depreciation and amortization (6,776 ) (6,753 ) (27,651 ) (12,946 ) Interest expense, net (4,626 ) (1,924 ) (9,679 ) (3,456 ) Other loss, net (409 ) (61 ) (3,777 ) (147 ) Equity in losses from real estate and other affiliates (6,633 ) (451 ) (8,676 ) (1,083 ) Loss on sale or disposal of real estate — — — (6 ) Segment EBT (24,636 ) (14,270 ) (60,592 ) (30,122 ) Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2020 2019 2020 2019 Strategic Developments Segment EBT Total revenues 624 236,347 1,384 440,358 Total operating expenses (12,517 ) (224,711 ) (116,816 ) (371,014 ) Segment operating (loss) income (11,893 ) 11,636 (115,432 ) 69,344 Depreciation and amortization (1,650 ) (1,260 ) (3,411 ) (2,316 ) Interest income, net 1,057 3,235 2,988 6,497 Other income (loss), net 1,668 (383 ) 1,293 310 Equity in earnings from real estate and other affiliates 574 261 638 298 Gain (loss) on sale or disposal of real estate, net 8,000 (144 ) 8,000 (144 ) Segment EBT (2,244 ) 13,345 (105,924 ) 73,989 Consolidated Segment EBT Total revenues 156,086 431,316 331,243 785,206 Total operating expenses (95,173 ) (330,323 ) (289,745 ) (561,037 ) Segment operating income 60,913 100,993 41,498 224,169 Depreciation and amortization (45,512 ) (37,037 ) (105,328 ) (71,554 ) Interest expense, net (18,369 ) (10,465 ) (39,130 ) (20,183 ) Other income (loss), net 1,485 716 (2,317 ) 1,353 Equity in (losses) earnings from real estate and other affiliates (8,552 ) 6,354 2,797 16,305 Gain (loss) on sale or disposal of real estate, net 8,000 (144 ) 46,124 (150 ) Provision for impairment — — (48,738 ) — Consolidated segment EBT (2,035 ) 60,417 (105,094 ) 149,940 Corporate income, expenses and other items (32,068 ) (47,089 ) (54,091 ) (104,687 ) Net (loss) income (34,103 ) 13,328 (159,185 ) 45,253 Net income (loss) attributable to noncontrolling interests 19 149 (33 ) 45 Net (loss) income attributable to common stockholders $ (34,084 ) $ 13,477 $ (159,218 ) $ 45,298 (a) Includes hospitality revenues for the three and six months ended June 30, 2020 , of $2.5 million and $19.8 million , respectively, and $25.6 million and $48.5 million for the three and six months ended June 30, 2019 , respectively. (b) Includes hospitality operating costs for the three and six months ended June 30, 2020 , of $4.4 million and $17.2 million , respectively, and $16.6 million and $32.2 million for the three and six months ended June 30, 2019 , respectively.
Summary of assets by segment and the reconciliation of total segment assets to the total assets in the condensed consolidated balance sheets	The assets by segment and the reconciliation of total segment assets to the Total assets in the Condensed Consolidated Balance Sheets are summarized as follows: June 30, December 31, (In thousands) 2020 2019 Operating Assets $ 3,607,546 $ 3,476,718 Master Planned Communities 2,262,400 2,166,472 Seaport District 913,321 930,067 Strategic Developments 1,638,426 1,540,161 Total segment assets 8,421,693 8,113,418 Corporate 822,865 300,348 Total assets $ 9,244,558 $ 8,413,766

BASIS OF PRESENTATION AND ORG_3

BASIS OF PRESENTATION AND ORGANIZATION Narrative (Details)	Jan. 01, 2020	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)hotel	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)segment	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Restructuring Cost and Reserve [Line Items]
Impairment of real estate		$ 0		$ 0	$ 48,738,000	$ 0
Number of reportable segments | segment					4
Retained earnings, decrease		3,554,815,000			$ 3,554,815,000		$ 3,148,133,000
Accounting standards update	us-gaap:AccountingStandardsUpdate201613Member						us-gaap:AccountingStandardsUpdate201613Member
Outlet Collection, Riverwalk
Restructuring Cost and Reserve [Line Items]
Impairment of real estate		0	$ 48,700,000	$ 0	48,738,000	$ 0
Corporate Restructuring
Restructuring Cost and Reserve [Line Items]
Assets held for sale							$ 2,000,000,000
Restructuring charges		1,637,000
Corporate Restructuring | Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining		1,300,000			1,300,000
Corporate Restructuring | Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining		$ 2,300,000			2,300,000
One-time Termination Benefits | Corporate Restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring charges					$ 1,600,000		34,300,000
COVID-19 | Outlet Collection, Riverwalk
Restructuring Cost and Reserve [Line Items]
Impairment of real estate			$ 48,700,000
The Woodlands Resort And Conference Center | COVID-19
Restructuring Cost and Reserve [Line Items]
Operating percentage of capacity		54.00%			54.00%
Embassy Suites, Hughes Landing | COVID-19
Restructuring Cost and Reserve [Line Items]
Operating percentage of capacity		100.00%			100.00%
Cumulative Effect, Period of Adoption, Adjustment
Restructuring Cost and Reserve [Line Items]
Retained earnings, decrease							(18,000)
Cumulative Effect, Period of Adoption, Adjustment | Accumulated Deficit
Restructuring Cost and Reserve [Line Items]
Retained earnings, decrease							$ (18,000)
SEC Schedule, 12-09, Allowance, Loan and Lease Loss | COVID-19
Restructuring Cost and Reserve [Line Items]
Provision for doubtful accounts		$ 5,700,000			$ 7,200,000
SEC Schedule, 12-09, Reserve, Legal | COVID-19
Restructuring Cost and Reserve [Line Items]
Provision for doubtful accounts		$ 3,000,000			$ 4,500,000
Number of hotels | hotel			3

BASIS OF PRESENTATION AND ORG_4

BASIS OF PRESENTATION AND ORGANIZATION BASIS OF PRESENTATION AND ORGANIZATION (Restructuring Plan Activities) (Details) - Corporate Restructuring - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Restructuring Reserve [Roll Forward]
Balance at beginning of period		$ 9,685
Charges	$ 1,637
Charges paid/settled	(6,012)
Balance at end of period	$ 5,310	$ 5,310

ACCOUNTING POLICIES AND PRONO_4

ACCOUNTING POLICIES AND PRONOUNCEMENTS (Summary of Amortized Costs Basis) (Details) $ in Thousands	Jun. 30, 2020USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Ending balance as of June 30, 2020	$ 408,244
MUD receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Ending balance as of June 30, 2020	303,771
SID receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Ending balance as of June 30, 2020	40,963
TIF receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Ending balance as of June 30, 2020	4,032
Net investments in lease receivable
Financing Receivable, Allowance for Credit Loss [Line Items]
Ending balance as of June 30, 2020	2,772
Notes receivable
Financing Receivable, Allowance for Credit Loss [Line Items]
Ending balance as of June 30, 2020	$ 56,706

ACCOUNTING POLICIES AND PRONO_5

ACCOUNTING POLICIES AND PRONOUNCEMENTS (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable threshold period past due	30 days
MUD receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, accrued interest, after allowance for credit loss	$ 16.7	$ 17.3

ACCOUNTING POLICIES AND PRONO_6

ACCOUNTING POLICIES AND PRONOUNCEMENTS (Allowance for Credit Losses Activity) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 200
Balance at end of period	200
MUD receivables
Financing Receivable, Allowance for Credit Loss [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 Loss [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 Loss [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 Loss [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 Loss [Roll Forward]
Balance at beginning of period	209
Current-period provision for expected credit losses	(13)
Write-offs	(1)
Recoveries	0
Balance at end of period	195
Trade accounts receivable
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	0
Current-period provision for expected credit losses	109
Write-offs	(42)
Recoveries	0
Balance at end of period	$ 67

RECENT TRANSACTIONS (Details)

RECENT TRANSACTIONS (Details) $ in Thousands	Jul. 16, 2020USD ($)hotel_room	Mar. 13, 2020USD ($)	Nov. 30, 2019USD ($)ft²aparking_spaces	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Gain (loss) on sale or disposal of real estate and other assets, net				$ 8,000	$ (144)	$ 46,124	$ (150)
Net investment in lease receivable				2,754		2,754		$ 79,166
Selling profit from sales-type leases						64,155	$ 0
Net property and equipment				6,991,631		6,991,631		$ 6,760,355
West Windsor
Debt Instrument [Line Items]
Gain (loss) on sale or disposal of real estate and other assets, net				$ 8,000
100 Fellowship Drive
Debt Instrument [Line Items]
Gain (loss) on sale or disposal of real estate and other assets, net		$ 38,300
Area of land sold (in acres) | a			13.5
Square footage of buildings acquired (in sqft) | ft²			203,257
Number of parking spaces | parking_spaces			550
Proceeds from sale of real estate held-for-investment		115,000				$ 64,200
Sales-type lease, derecognized developments			$ 63,700
Net investment in lease receivable			75,900
Selling profit from sales-type leases			$ (13,500)
Net property and equipment		76,100
Transaction costs on sales of investments real estate		200
Payments to acquire real estate		$ 600
Mr. C Seaport | Subsequent Event
Debt Instrument [Line Items]
Equity method investment, ownership percentage	35.00%
Number of hotel rooms | hotel_room	66
Equity method investment, realized gain (loss) on disposal	$ 800

REAL ESTATE AND OTHER AFFILIA_3

REAL ESTATE AND OTHER AFFILIATES (Summary of Investments in Real Estate and Other Affiliates) (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Investment in Real Estate and Other Affiliates
Carrying Value	$ 119,706,000		$ 119,706,000		$ 121,757,000
Share of Earnings/Dividends	(8,552,000)	$ 6,354,000	2,797,000	$ 16,305,000
Equity method investment, impairment					0
Other equity investments
Investment in Real Estate and Other Affiliates
Carrying Value	3,953,000		3,953,000		3,953,000
Share of Earnings/Dividends	0	0	3,724,000	3,625,000
Mr. C Seaport | Equity Method Investments
Investment in Real Estate and Other Affiliates
Equity method investment, impairment	6,000,000	0	6,000,000	0
Accounts payable and accrued expenses | The Metropolitan Downtown Columbia
Investment in Real Estate and Other Affiliates
Investment deficit position	$ 4,700,000		$ 4,700,000		$ 4,700,000
Operating Assets | The Metropolitan Downtown Columbia | Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	50.00%		50.00%		50.00%
Carrying Value	$ 0		$ 0		$ 0
Share of Earnings/Dividends	$ 195,000	123,000	$ 422,000	306,000
Operating Assets | Stewart Title of Montgomery County, TX | Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	50.00%		50.00%		50.00%
Carrying Value	$ 3,878,000		$ 3,878,000		$ 4,175,000
Share of Earnings/Dividends	$ 160,000	170,000	$ 503,000	272,000
Operating Assets | Woodlands Sarofim 1 | Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	20.00%		20.00%		20.00%
Carrying Value	$ 3,059,000		$ 3,059,000		$ 2,985,000
Share of Earnings/Dividends	$ 29,000	31,000	$ 64,000	51,000
Operating Assets | m.flats/TEN.M | Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	50.00%		50.00%		50.00%
Carrying Value	$ 1,887,000		$ 1,887,000		$ 2,431,000
Share of Earnings/Dividends	$ 91,000	(279,000)	$ 156,000	(1,500,000)
Master Planned Communities | The Summit | Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	0.00%		0.00%		0.00%
Carrying Value	$ 88,076,000		$ 88,076,000		$ 84,455,000
Share of Earnings/Dividends	$ (2,968,000)	6,499,000	$ 5,966,000	14,336,000
Seaport District revenues | Mr. C Seaport | Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	35.00%		35.00%		35.00%
Carrying Value	$ 750,000		$ 750,000		$ 7,650,000
Share of Earnings/Dividends	(6,249,000)	(451,000)	$ (6,900,000)	(1,083,000)
Equity method investment, impairment	$ 6,000,000
Seaport District revenues | Bar Wayo (Momofuku) | Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	0.00%		0.00%		0.00%
Carrying Value	$ 7,245,000		$ 7,245,000		$ 7,469,000
Share of Earnings/Dividends	(384,000)	0	(1,776,000)	0
Strategic Developments | Equity Method Investments
Investment in Real Estate and Other Affiliates
Carrying Value	115,753,000		115,753,000		$ 117,804,000
Share of Earnings/Dividends	$ (8,552,000)	6,354,000	$ (927,000)	12,680,000
Strategic Developments | Circle T Ranch and Power Center | Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	50.00%		50.00%		50.00%
Carrying Value	$ 10,469,000		$ 10,469,000		$ 8,207,000
Share of Earnings/Dividends	$ 589,000	256,000	$ 675,000	291,000
Strategic Developments | HHMK Development | Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	50.00%		50.00%		50.00%
Carrying Value	$ 10,000		$ 10,000		$ 10,000
Share of Earnings/Dividends	$ 0	0	$ 0	0
Strategic Developments | KR Holdings | Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	50.00%		50.00%		50.00%
Carrying Value	$ 379,000		$ 379,000		$ 422,000
Share of Earnings/Dividends	$ (15,000)	$ 5,000	$ (37,000)	$ 7,000

REAL ESTATE AND OTHER AFFILIA_4

REAL ESTATE AND OTHER AFFILIATES (Narrative) (Details)	May 23, 2019USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2016	Mar. 31, 2015USD ($)item	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Real Estate and Other Affiliates
Investment in real estate and other affiliates					$ 119,706,000	$ 121,757,000
Assets					9,244,558,000	8,413,766,000
Liabilities					$ 5,504,855,000	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					$ 208,600,000
Share of entity in secured debt					99,900,000
Seaport District revenues | Equity Method Investments | Mr. C Seaport
Real Estate and Other Affiliates
Investment in real estate and other affiliates					750,000	7,650,000
Seaport District revenues | Equity Method Investments | Bar Wavo
Real Estate and Other Affiliates
Investment in real estate and other affiliates					$ 7,245,000	7,469,000
Variable Interest Entity, Primary Beneficiary
Real Estate and Other Affiliates
Recourse percentage					18.00%
Assets					$ 493,400,000	393,300,000
Liabilities					295,600,000	$ 186,500,000
Variable Interest Entity, Primary Beneficiary | Wacker110 N | Operating Assets
Real Estate and Other Affiliates
Facility amount					$ 48,800,000

REAL ESTATE AND OTHER AFFILIA_5

REAL ESTATE AND OTHER AFFILIATES (Relevant Financial Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Real Estate and Other Affiliates
Total Assets	$ 9,244,558		$ 9,244,558			$ 8,413,766
Total Liabilities	5,504,855		5,504,855			5,080,778
Total Equity	3,739,703	$ 3,351,767	3,739,703	$ 3,351,767	$ 3,772,598	3,332,988	$ 3,307,473	$ 3,238,126
Revenues	156,173	431,316	331,348	785,206
Net (loss) income	(34,103)	13,328	(159,185)	45,253
Equity Method Investment, Nonconsolidated Investee or Group of Investees | The Summit
Real Estate and Other Affiliates
Total Assets	243,112		243,112			221,277
Total Liabilities	152,904		152,904			136,314
Total Equity	90,208		90,208			$ 84,963
Revenues	18,836	27,704	58,672	58,187
Net (loss) income	(2,968)	6,500	7,591	14,336
Gross Margin	$ (1,448)	$ 8,415	$ 10,256	$ 16,747

IMPAIRMENT IMPAIRMENT (Narrativ

IMPAIRMENT IMPAIRMENT (Narrative) (Details)	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2020USD ($)hotel_room	Mar. 31, 2020USD ($)ft²	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)hotel_room	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Real Estate [Line Items]
Impairment of real estate	$ 0		$ 0	$ 48,738,000	$ 0
Equity method investment, impairment						$ 0
Outlet Collection, Riverwalk
Real Estate [Line Items]
Impairment of real estate	0	$ 48,700,000	0	48,738,000	0
Area of real estate property (in sqft) | ft²		268,556
Assets, fair value disclosure		$ 46,800,000
Fair value capitalization rate		0.10
Equity Method Investments | Mr. C Seaport
Real Estate [Line Items]
Equity method investment, impairment	6,000,000		0	$ 6,000,000	0
Equity Method Investments | Seaport District revenues | Mr. C Seaport
Real Estate [Line Items]
Equity method investment, impairment	$ 6,000,000
Number of hotel rooms | hotel_room	66			66
Equity method investment, ownership percentage	35.00%			35.00%		35.00%
Condominium Inventory
Real Estate [Line Items]
Impairment of real estate	$ 5,078,000		$ 0	$ 5,078,000	$ 0

IMPAIRMENT IMPAIRMENT (Summary

IMPAIRMENT IMPAIRMENT (Summary of Impairments) (Details) - USD ($)	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Real Estate [Line Items]
Impairment of real estate	$ 0		$ 0	$ 48,738,000	$ 0
Equity method investment, impairment						$ 0
Condominium Inventory
Real Estate [Line Items]
Impairment of real estate	5,078,000		0	5,078,000	0
Mr. C Seaport | Equity Method Investments
Real Estate [Line Items]
Equity method investment, impairment	6,000,000		0	6,000,000	0
Outlet Collection, Riverwalk
Real Estate [Line Items]
Impairment of real estate	$ 0	$ 48,700,000	$ 0	$ 48,738,000	$ 0

OTHER ASSETS AND LIABILITIES (D

OTHER ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Prepaid Expenses and Other Assets
Straight-line rent	$ 61,060		$ 61,060		$ 56,223
Condominium inventory	58,151		58,151		56,421
Security, escrow, and other deposits	55,836		55,836		17,464
Special Improvement District receivable	40,963		40,963		42,996
Intangibles	32,935		32,935		33,275
Prepaid expenses	16,683		16,683		13,263
Tenant incentives and other receivables	10,145		10,145		7,556
Other	9,313		9,313		9,252
TIF receivable	4,032		4,032		3,931
Food and beverage and lifestyle inventory	1,166		1,166		4,310
Federal income tax receivable	655		655		655
Prepaid expenses and other assets, net	343,090		343,090		300,373
Increase in prepaid expenses and other assets			42,700
Increase in tenant and other deposits related to increases in land sales deposits			38,400
Increase in condominium inventory			4,800
Increase (decrease) in prepaid expense			3,400
Increase (decrease) food and beverage and lifestyle inventory	(3,100)		(3,100)
Accounts Payable and Accrued Liabilities [Abstract]
Construction payables	327,006		327,006		261,523
Condominium deposit liabilities	289,438		289,438		194,794
Interest rate swap liabilities	77,737		77,737		40,135
Deferred income	66,142		66,142		63,483
Accrued real estate taxes	28,647		28,647		27,559
Accounts payable and accrued expenses	26,655		26,655		37,480
Accrued payroll and other employee liabilities	26,172		26,172		44,082
Tenant and other deposits	24,555		24,555		24,080
Accrued interest	23,120		23,120		23,838
Other	13,022		13,022		16,173
Accounts payable and accrued expenses	902,494		902,494		733,147
Increase in accounts payable and accrued expenses			169,300
Increase in condominium deposits	94,600		94,644	$ (105,472)
Increase in construction payables			65,500
Loss contingency, loss in period		$ 97,900	115,400
Increase in interest rate swap derivative liabilities	37,600
Decrease in accrued payroll and other employee liabilities	(17,900)
Decrease in accounts payable and accrued expenses	(10,800)
Federal income tax receivable
Prepaid Expenses and Other Assets
Leases	51,723		51,723		54,471
Increase (decrease) finite-lived intangible assets, net	(2,700)		(2,700)
Above-market tenant leases
Prepaid Expenses and Other Assets
Leases	$ 428		$ 428		$ 556

MORTGAGES, NOTES AND LOANS PA_3

MORTGAGES, NOTES AND LOANS PAYABLE, NET (Summary of Mortgages, Notes and Loans Payable) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Mortgages, notes and loans payable	$ 2,536,978	$ 2,229,958
Unamortized bond issuance costs	(4,808)	(5,249)
Unamortized deferred financing costs	(33,282)	(36,899)
Total mortgages, notes and loans payable, net	4,401,063	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	$ 879,773	884,935
Amount of variable-rate debt swapped to fixed rate	705,000	630,100
Special Improvement District bonds
Debt Instrument [Line Items]
Fixed-rate debt	22,402	23,725
Secured mortgages, notes and loans payable | Interest Rate Collar
Debt Instrument [Line Items]
Mortgages, notes and loans payable	270,900	184,300
Secured mortgages, notes and loans payable | Interest Rate Cap
Debt Instrument [Line Items]
Mortgages, notes and loans payable	$ 75,000	$ 75,000

MORTGAGES, NOTES AND LOANS PA_4

MORTGAGES, NOTES AND LOANS PAYABLE, NET (Narrative) (Details) - USD ($)

Jun. 22, 2020

Mar. 27, 2020

Mar. 26, 2020

Mar. 13, 2020

Mar. 05, 2020

Jan. 07, 2020

Sep. 30, 2020

Jun. 30, 2020

Jun. 30, 2019

Dec. 31, 2020

Mar. 23, 2020

Dec. 31, 2019

Sep. 21, 2018

Sep. 18, 2018

Mortgages, notes and loans payable

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

$ 6,700,000,000

Repayments of long-term debt

51,008,000

$ 163,555,000

$700 Million Loan Maturity September 2023 | Term Loan

Mortgages, notes and loans payable

Loan amount

$ (615,000,000)

$ (615,000,000)

The Woodlands Resort And Conference Center | Mortgages

Mortgages, notes and loans payable

Long-term debt, gross

62,500,000

Koula | Construction Loans

Mortgages, notes and loans payable

Loan amount

$ (356,800,000)

Term of extension option

1 year

Interest rate margin (as a percent)

3.00%

Summerlin | Secured mortgages, notes and loans payable

Mortgages, notes and loans payable

Repayments of debt

$ 33,800,000

Loan amount

$ (221,500,000)

Term of extension option

3 years

Summerlin | Secured mortgages, notes and loans payable | London Interbank Offered Rate (LIBOR)

Mortgages, notes and loans payable

Interest rate margin (as a percent)

2.15%

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

Loan amount

$ (43,400,000)

Term of extension option

1 year

Interest rate (as a percent)

1.75%

Bridge Loan | 9950 Woodloch Forest Drive

Mortgages, notes and loans payable

Repayments of debt

$ 63,500,000

Loan amount

$ (137,000,000)

Interest rate (as a percent)

1.95%

Scenario, Forecast | Bridge Loan | The Woodlands Towers at the Waterway and The Woodlands Warehouse

Mortgages, notes and loans payable

Loan amount

$ (280,300,000)

Term of extension option

6 months

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%

Revolving Credit Facility | Corporate Facility Revolver | Line of Credit

Mortgages, notes and loans payable

Long-term debt, gross

61,300,000

$ 67,500,000

Revolving Credit Facility | Scenario, Forecast | Corporate Facility Revolver | Line of Credit

Mortgages, notes and loans payable

Repayments of debt

$ 61,300,000

COVID-19 | Scenario, Forecast | The Woodlands Resort And Conference Center | Mortgages

Mortgages, notes and loans payable

Debt instrument, decrease, forgiveness

24,100,000

Operating Segments | Self Storage Facility Member

Mortgages, notes and loans payable

Long-term debt, gross

$ 10,900,000

Operating Segments | Self Storage Facility Member | COVID-19 | Scenario, Forecast

Mortgages, notes and loans payable

Debt instrument, decrease, forgiveness

$ 2,000,000

FAIR VALUE (Assets and Liabilit

FAIR VALUE (Assets and Liabilities Measured on a Recurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative liabilities	$ 77,737	$ 40,135
Interest rate derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative liabilities	77,737	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	77,737	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	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Assets:
Cash and Restricted cash	$ 1,188,284	$ 620,135	$ 848,600	$ 724,215
Liabilities:
Variable-rate debt	2,536,978	2,229,958
Allowance for doubtful accounts	15,700	15,600
Allowance for notes receivable	200	200
Level 1 | Carrying Amount
Assets:
Cash and Restricted cash	1,188,284	620,135
Level 1 | Estimated Fair Value
Assets:
Cash and Restricted cash	1,188,284	620,135
Level 3 | Carrying Amount
Assets:
Accounts receivable, net	17,711	12,279
Notes receivable, net	56,511	36,379
Level 3 | Estimated Fair Value
Assets:
Accounts receivable, net	17,711	12,279
Notes receivable, net	56,511	36,379
Level 2 | Carrying Amount
Liabilities:
Fixed-rate debt	1,902,175	1,908,660
Variable-rate debt	2,536,978	2,229,958
Level 2 | Estimated Fair Value
Liabilities:
Fixed-rate debt	1,829,057	1,949,773
Variable-rate debt	$ 2,536,978	$ 2,229,958

FAIR VALUE (Assets Measure on a

FAIR VALUE (Assets Measure on a Non-recurring Basis) (Details) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total (Loss)	$ 0		$ 0	$ (48,738)	$ 0
Outlet Collection, Riverwalk
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total (Loss)	0	$ (48,700)	$ 0	(48,738)	$ 0
Fair value capitalization rate		0.10
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			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			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			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			$ 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			0.100

DERIVATIVE INSTRUMENTS AND HE_3

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Narrative) (Details) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)derivative_instrument	Jun. 30, 2020USD ($)derivative_instrumentsettled_derivative	Dec. 31, 2019USD ($)settled_derivative
Derivative [Line Items]
Derivative liability fair value gross	$ 77,737	$ 77,737	$ 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	800	$ 1,700
Credit Risk Contract
Derivative [Line Items]
Derivative liability fair value gross	$ 81,000	$ 81,000	$ 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	2	2
Loss on derivative expected amount to be reclassified	$ 15,500	$ 15,500
Settled Interest Rate Swap, One | Designated as Hedging Instrument | Interest rate derivatives
Derivative [Line Items]
Derivative change in fair value recognition period		7 years 6 months
Settled Interest Rate Swap, Two | Designated as Hedging Instrument | Interest rate derivatives
Derivative [Line Items]
Derivative change in fair value recognition period		1 year 2 months 12 days

DERIVATIVE INSTRUMENTS AND HE_4

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Summary of the Notional Amount and Fair Value of Derivatives) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Jun. 30, 2020	May 01, 2020	Jun. 27, 2019	Sep. 21, 2018	Sep. 18, 2018
Fair value of derivative instruments
Total fair value derivative liabilities	$ (40,135,000)	$ (77,737,000)
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 (expense) income, net	200,000
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	$ 194,000,000
Total fair value derivative liabilities	(182,000)	0
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	(2,074,000)	(5,370,000)
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	(4,578,000)	(9,782,000)
Income taxes on losses (gains) on cash flow hedges | 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	(31,187,000)	$ (55,977,000)
Income taxes on losses (gains) on cash flow hedges | 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	$ (2,114,000)	$ (6,608,000)
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	$ 615,000,000

DERIVATIVE INSTRUMENTS AND HE_5

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Impact of Financial Instruments on Statement of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Effect of the Company's derivative financial instruments on the income statement
Interest expense	$ 32,397	$ 24,203	$ 66,845	$ 47,529
Interest expense
Effect of the Company's derivative financial instruments on the income statement
Interest expense	(3,227)	92	(4,320)	220
Interest rate derivatives
Effect of the Company's derivative financial instruments on the income statement
Interest expense	800		1,700
Income taxes on losses (gains) on cash flow hedges | Interest rate derivatives
Effect of the Company's derivative financial instruments on the income statement
Interest rate derivatives	$ (3,461)	$ (13,016)	$ (34,801)	$ (18,832)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	3 Months Ended			6 Months Ended
	Jun. 30, 2020USD ($)housing_unitcondominium_tower	Mar. 31, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)housing_unitcondominium_tower	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)	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		$ 115,400,000
Outstanding letters of credit	$ 11,500,000			11,500,000		$ 15,400,000
Amount of outstanding surety bonds	238,100,000			238,100,000		$ 200,100,000
Rent expense	$ 1,600,000		$ 2,100,000	$ 3,400,000	$ 4,200,000
Product liability contingency, third party recovery, percentage				20.00%
Number of open condominium towers | condominium_tower	4			4
Number of reserved housing units | housing_unit	375			375
Guarantee Obligations | Downtown Columbia
Lessor, Lease, Description [Line Items]
Loss contingency guaranteed amount limit	$ 1,000,000			$ 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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	May 14, 2020
Stock-based plans
Common stock reserved for future issuance (in shares)					1,350,000
Stock Options
Stock options outstanding at the beginning of the period (in shares)			721,496
Granted (in shares)			2,000
Exercised (in shares)			(57,058)
Forfeited (in shares)			(125,500)
Expired (in shares)			(22,188)
Stock options outstanding at the end of the period (in shares)	518,750		518,750
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)			67.24
Forfeited (in dollars per share)			124.24
Expired (in dollars per share)			100.08
Stock options outstanding at the end of the period (in dollars per share)	$ 104.01		$ 104.01
Stock based compensation expense			$ 3,346	$ 6,230
Stock Option
Weighted-average Exercise Price
Stock based compensation expense	$ 200	$ 800	(500)	1,500
Share based compensation costs capitalized	200	200		400
Restricted Stock
Weighted-average Exercise Price
Stock based compensation expense	1,800	2,400	3,700	4,700
Share based compensation costs capitalized	$ 700	$ 300	$ 700	$ 600

STOCK-BASED PLANS (Summary of R

STOCK-BASED PLANS (Summary of Restricted Stock Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Weighted-average Grant Date Fair Value
Stock based compensation expense			$ 3,346	$ 6,230
Restricted Stock
Restricted Stock
Restricted stock outstanding at the beginning of the period (in shares)			406,802
Granted (in shares)			70,210
Vested (in shares)			(13,729)
Forfeited (in shares)			(23,000)
Restricted stock outstanding at the end of the period (in shares)	440,283		440,283
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
Vested (in dollars per share)			101.24
Forfeited (in dollars per share)			94.83
Restricted stock outstanding at the end of the period (in dollars per share)	$ 75.73		$ 75.73
Stock based compensation expense	$ 1,800	$ 2,400	$ 3,700	4,700
Share based compensation costs capitalized	$ 700	$ 300	$ 700	$ 600

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	16.70%	24.90%	20.50%	25.50%

WARRANTS (Details)

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

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Summary of Changes in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period	$ 3,772,598	$ 3,307,473	$ 3,332,988	$ 3,238,126
Other comprehensive income before reclassifications	(3,461)	(13,038)	(34,801)	(18,905)
Net current-period other comprehensive loss	(838)	(13,783)	(31,739)	(20,416)
Balance at the end of the period	3,739,703	3,351,767	3,739,703	3,351,767
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period	(60,273)	(14,759)	(29,372)	(8,126)
Balance at the end of the period	(61,111)	(28,542)	(61,111)	(28,542)
Gain reclassified from accumulated other comprehensive loss to net income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassifications	3,227	(92)	4,320	(220)
Terminated swap amortization
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassifications	$ (604)	$ (653)	$ (1,258)	$ (1,291)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE LOSS (Summary of Amounts Reclassified Out of AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Reclassifications out of accumulated other comprehensive income (loss)
Interest expense	$ (32,397)	$ (24,203)	$ (66,845)	$ (47,529)
Provision for income taxes	(6,844)	4,473	(40,944)	15,489
Net of tax	34,103	(13,328)	159,185	(45,253)
Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of accumulated other comprehensive income (loss)
Net of tax	3,227	(92)	4,320	(220)
Losses (gains) on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of accumulated other comprehensive income (loss)
Interest expense	4,086	(116)	5,469	(278)
Losses (gains) on cash flow hedges | Income taxes on losses (gains) on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of accumulated other comprehensive income (loss)
Provision for income taxes	$ (859)	$ 24	$ (1,149)	$ 58

EARNINGS PER SHARE (Information

EARNINGS PER SHARE (Information Related to EPS Calculation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator:
Net (loss) income	$ (34,103)	$ 13,328	$ (159,185)	$ 45,253
Net loss (income) attributable to noncontrolling interests	19	149	(33)	45
Net (loss) income attributable to common stockholders	$ (34,084)	$ 13,477	$ (159,218)	$ 45,298
Denominator:
Weighted-average basic common shares outstanding (in shares)	55,530	43,113	49,455	43,109
Numerator:
Net (loss) income attributable to common stockholders	$ (34,084)	$ 13,477	$ (159,218)	$ 45,298
Denominator:
Weighted-average basic common shares outstanding (in shares)	55,530	43,113	49,455	43,109
Restricted stock and stock options (in shares)	0	158	0	154
Weighted-average diluted common shares outstanding (in shares)	55,530	43,271	49,455	43,263
Basic (loss) income per share (in dollars per share)	$ (0.61)	$ 0.31	$ (3.22)	$ 1.05
Diluted (loss) income per share (in dollars per share)	$ (0.61)	$ 0.31	$ (3.22)	$ 1.05

EARNINGS PER SHARE (Narrative)

EARNINGS PER SHARE (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 31, 2020	Mar. 31, 2020	Mar. 27, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 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)				513,750	569,408	386,522
Restricted Stock
Antidilutive securities excluded from computation of diluted earnings per share
Antidilutive securities excluded from computation of diluted earnings per share (in shares)				262,369	278,379	262,369	278,379
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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Minimum rents	$ 61,469	$ 54,718	$ 132,456	$ 108,804
Tenant recoveries	17,202	13,512	38,077	27,020
Interest income from sales-type leases	35	0	917	0
Total rental income	78,706	68,230	171,450	135,824
Total revenues	156,173	431,316	331,348	785,206
Recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenues	66,020	303,312	113,554	548,129
Total revenues	156,173	431,316	331,348	785,206
Recognized at a point in time and/or over time
Disaggregation of Revenue [Line Items]
Revenues	11,447	59,774	46,344	101,253
Operating Assets revenues
Disaggregation of Revenue [Line Items]
Total revenues	84,277	109,219	198,534	201,172
Master Planned Communities revenues
Disaggregation of Revenue [Line Items]
Total revenues	68,913	72,859	119,359	123,755
Seaport District revenues
Disaggregation of Revenue [Line Items]
Total revenues	2,272	12,891	11,966	19,921
Strategic Developments revenues
Disaggregation of Revenue [Line Items]
Total revenues	624	236,347	1,384	440,358
Corporate revenues
Disaggregation of Revenue [Line Items]
Total revenues	87	0	105	0
Condominium rights and unit sales
Disaggregation of Revenue [Line Items]
Revenues	0	235,622	43	433,932
Condominium rights and unit sales | Recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenues	0	235,622	43	433,932
Master Planned Communities land sales
Disaggregation of Revenue [Line Items]
Revenues	57,073	58,321	96,805	99,633
Master Planned Communities land sales | Recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenues	57,073	58,321	96,805	99,633
Builder price participation
Disaggregation of Revenue [Line Items]
Revenues	8,947	9,369	16,706	14,564
Builder price participation | Recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenues	8,947	9,369	16,706	14,564
Other rental and property revenues | Recognized at a point in time and/or over time
Disaggregation of Revenue [Line Items]
Revenues	$ 11,447	$ 59,774	$ 46,344	$ 101,253

REVENUES (Schedule of Contract

REVENUES (Schedule of Contract with Customer, Assets and Liabilities) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Contract Liabilities
Beginning balance	$ 246,010
Consideration earned during the period	(30,200)
Consideration received during the period	122,526
Ending balance	$ 338,336

REVENUES (Schedule of Remaining

REVENUES (Schedule of Remaining Unsatisfied Performance Obligations) (Details) $ in Thousands	Jun. 30, 2020USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 1,700,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 193,994
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 433,966
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	$ 1,048,461
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction period

LEASES (Narrative) (Details)

LEASES (Narrative) (Details)	3 Months Ended
	Jun. 30, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease termination period	1 year
Average remaining term of lease	5 years
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lessee, operating lease, remaining lease term	1 year
Lease renewal term	2 years
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lessee, operating lease, remaining lease term	53 years
Lease renewal term	40 years

LEASES (Assets and Liabilities)

LEASES (Assets and Liabilities) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Assets
Operating lease right-of-use assets	$ 68,117
Riverwalk impairment	(10,235)
Operating lease right-of-use assets	57,882	$ 69,398
Liabilities
Operating lease liabilities	$ 69,607	$ 70,413

LEASES (Lease Costs) (Details)

LEASES (Lease Costs) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Leases [Abstract]
Operating lease cost	$ 2,179	$ 4,358
Variable lease costs	117	290
Net lease cost	$ 2,296	$ 4,648

LEASES (Lease Liability Maturit

LEASES (Lease Liability Maturity) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Operating Lease
2020 (excluding the six months ended June 30, 2020)	$ 3,056
2021	7,184
2022	6,507
2023	6,464
2024	6,432
Thereafter	266,852
Total lease payments	296,495
Less: imputed interest	(226,888)
Present value of lease liabilities	$ 69,607	$ 70,413

LEASES (Other Information) (Det

LEASES (Other Information) (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2020USD ($)
Leases [Abstract]
Operating cash flows on operating leases	$ 3,849
Weighted-average remaining lease term (years)
Operating leases	37 years
Weighted-average discount rate
Operating leases	7.80%

LEASES (Minimum Rent Payments R

LEASES (Minimum Rent Payments Received) (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)
Leases [Abstract]
Total minimum rent payments	$ 54,114	$ 113,213
2020 (excluding the six months ended June 30, 2020)	110,505	110,505
2021	234,654	234,654
2022	251,870	251,870
2023	242,176	242,176
2024	234,851	234,851
Thereafter	1,511,105	1,511,105
Total	$ 2,585,161	$ 2,585,161

SEGMENTS (Summary of Segment Op

SEGMENTS (Summary of Segment Operating Results) (Details) ft² in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)ft²	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)ft²segmentlocation	Jun. 30, 2019USD ($)
Segments reporting
Number of reportable segments | segment			4
Total revenues	$ 156,173	$ 431,316	$ 331,348	$ 785,206
Depreciation and amortization	(46,963)	(38,918)	(108,600)	(75,049)
Other income, net	1,607	10,288	(2,077)	10,461
Equity in (losses) earnings from real estate and other affiliates	(8,552)	6,354	2,797	16,305
Gain on sale or disposal of real estate	8,000	(144)	46,124	(150)
Provision for impairment	0	0	(48,738)	0
Segment EBT	(40,947)	17,801	(200,129)	60,742
Net (loss) income	(34,103)	13,328	(159,185)	45,253
Net income (loss) attributable to noncontrolling interests	19	149	(33)	45
Net (loss) income attributable to common stockholders	(34,084)	13,477	(159,218)	45,298
Operating Assets
Segments reporting
Total revenues	84,277	109,219	198,534	201,172
Master Planned Communities
Segments reporting
Total revenues	$ 68,913	72,859	$ 119,359	123,755
Seaport District
Segments reporting
Area of real estate property (in sqft) | ft²	453		453
Number of primary locations | location			3
Operating locations | location			2
Strategic Developments
Segments reporting
Total revenues	$ 624	236,347	$ 1,384	440,358
Operating Segments
Segments reporting
Total revenues	156,086	431,316	331,243	785,206
Total operating expenses	(95,173)	(330,323)	(289,745)	(561,037)
Segment operating income	60,913	100,993	41,498	224,169
Depreciation and amortization	(45,512)	(37,037)	(105,328)	(71,554)
Interest (expense) income, net	(18,369)	(10,465)	(39,130)	(20,183)
Other income, net	1,485	716	(2,317)	1,353
Equity in (losses) earnings from real estate and other affiliates	(8,552)	6,354	2,797	16,305
Gain on sale or disposal of real estate	8,000	(144)	46,124	(150)
Segment EBT	(2,035)	60,417	(105,094)	149,940
Operating Segments | Operating Assets
Segments reporting
Total revenues	84,277	109,219	198,534	201,172
Total operating expenses	(42,222)	(48,727)	(94,462)	(91,639)
Segment operating income	42,055	60,492	104,072	109,533
Depreciation and amortization	(36,995)	(28,938)	(74,084)	(56,046)
Interest (expense) income, net	(23,103)	(20,059)	(49,296)	(39,050)
Other income, net	226	1,088	167	1,123
Equity in (losses) earnings from real estate and other affiliates	475	45	4,869	2,754
Gain on sale or disposal of real estate	0	0	38,124	0
Provision for impairment	0	0	(48,738)	0
Segment EBT	(17,342)	12,628	(24,886)	18,314
Operating Segments | Master Planned Communities
Segments reporting
Total revenues	68,913	72,859	119,359	123,755
Total operating expenses	(31,970)	(38,913)	(55,692)	(65,979)
Segment operating income	36,943	33,946	63,667	57,776
Depreciation and amortization	(91)	(86)	(182)	(246)
Interest (expense) income, net	8,303	8,283	16,857	15,826
Other income, net	0	72	0	67
Equity in (losses) earnings from real estate and other affiliates	(2,968)	6,499	5,966	14,336
Segment EBT	42,187	48,714	86,308	87,759
Operating Segments | Seaport District
Segments reporting
Total revenues	2,272	12,891	11,966	19,921
Total operating expenses	(8,464)	(17,972)	(22,775)	(32,405)
Segment operating income	(6,192)	(5,081)	(10,809)	(12,484)
Depreciation and amortization	(6,776)	(6,753)	(27,651)	(12,946)
Interest (expense) income, net	(4,626)	(1,924)	(9,679)	(3,456)
Other income, net	(409)	(61)	(3,777)	(147)
Equity in (losses) earnings from real estate and other affiliates	(6,633)	(451)	(8,676)	(1,083)
Gain on sale or disposal of real estate	0	0	0	(6)
Segment EBT	(24,636)	(14,270)	(60,592)	(30,122)
Operating Segments | Strategic Developments
Segments reporting
Total revenues	624	236,347	1,384	440,358
Total operating expenses	(12,517)	(224,711)	(116,816)	(371,014)
Segment operating income	(11,893)	11,636	(115,432)	69,344
Depreciation and amortization	(1,650)	(1,260)	(3,411)	(2,316)
Interest (expense) income, net	1,057	3,235	2,988	6,497
Other income, net	1,668	(383)	1,293	310
Equity in (losses) earnings from real estate and other affiliates	574	261	638	298
Gain on sale or disposal of real estate	8,000	(144)	8,000	(144)
Segment EBT	(2,244)	13,345	(105,924)	73,989
Corporate expenses and other items
Segments reporting
Corporate income, expenses and other items	$ (32,068)	(47,089)	$ (54,091)	(104,687)
Tin Building | Seaport District
Segments reporting
Area of real estate property (in sqft) | ft²	53		53
Hospitality Revenue | Operating Segments | Operating Assets
Segments reporting
Total revenues	$ 2,500	25,600	$ 19,800	48,500
Total operating expenses	$ (4,400)	$ (16,600)	$ (17,200)	$ (32,200)

SEGMENTS (Summary of Assets by

SEGMENTS (Summary of Assets by Segment and Reconciliation of Segment Assets to Total Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Reconciliation of total segment assets to total assets
Assets	$ 9,244,558	$ 8,413,766
Operating Segments
Reconciliation of total segment assets to total assets
Assets	8,421,693	8,113,418
Operating Segments | Operating Assets
Reconciliation of total segment assets to total assets
Assets	3,607,546	3,476,718
Operating Segments | Master Planned Communities
Reconciliation of total segment assets to total assets
Assets	2,262,400	2,166,472
Operating Segments | Seaport District
Reconciliation of total segment assets to total assets
Assets	913,321	930,067
Operating Segments | Strategic Developments
Reconciliation of total segment assets to total assets
Assets	1,638,426	1,540,161
Corporate
Reconciliation of total segment assets to total assets
Assets	$ 822,865	$ 300,348