Howard Hughes (HHH) 10-Q 8 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Aug. 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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	9950 Woodloch Forest Drive
Entity Address, Address Line Two	Suite 1100
Entity Address, City or Town	The Woodlands
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77380
City Area Code	(281)
Local Phone Number	719-6100
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)		50,102,875
Entity Central Index Key	0001498828
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Master Planned Communities assets	$ 2,445,421	$ 2,411,526
Buildings and equipment	4,432,612	4,246,389
Less: accumulated depreciation	(958,510)	(867,700)
Land	311,194	312,230
Developments	1,336,104	1,125,027
Net investment in real estate	7,566,821	7,227,472
Investments in unconsolidated ventures	248,904	246,171
Cash and cash equivalents	389,405	626,653
Restricted cash	453,747	472,284
Accounts receivable, net	104,394	103,437
Municipal Utility District receivables, net	553,975	473,068
Deferred expenses, net	138,804	128,865
Operating lease right-of-use assets, net	46,250	46,926
Other assets, net	267,115	278,587
Total assets	9,769,415	9,603,463
LIABILITIES
Mortgages, notes, and loans payable, net	4,945,746	4,747,183
Operating lease obligations	51,866	51,321
Deferred tax liabilities, net	235,787	254,336
Accounts payable and other liabilities	967,563	944,511
Total liabilities	6,200,962	5,997,351
Commitments and Contingencies (see Note 9)
EQUITY
Preferred stock: $0.01 par value; 50,000,000 shares authorized, none issued	0	0
Common stock: $0.01 par value; 150,000,000 shares authorized, 56,533,030 issued, and 50,088,282 outstanding as of June 30, 2023, 56,226,273 shares issued, and 49,801,997 outstanding as of December 31, 2022	566	564
Additional paid-in capital	3,980,780	3,972,561
Retained earnings (accumulated deficit)	126,189	168,077
Accumulated other comprehensive income (loss)	7,753	10,335
Treasury stock, at cost, 6,444,748 shares as of June 30, 2023, and 6,424,276 shares as of December 31, 2022	(612,663)	(611,038)
Total stockholders' equity	3,502,625	3,540,499
Noncontrolling interests	65,828	65,613
Total equity	3,568,453	3,606,112
Total liabilities and equity	$ 9,769,415	$ 9,603,463

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
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)	56,533,030	56,226,273
Common stock, shares outstanding (in shares)	50,088,282	49,801,997
Treasury stock (in shares)	6,444,748	6,424,276

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
REVENUES
Rental revenue	$ 103,339	$ 104,055	$ 201,203	$ 199,164
Total revenues	223,316	276,708	419,605	486,934
EXPENSES
Operating costs	83,800	86,119	156,187	151,674
Rental property real estate taxes	15,578	13,014	30,997	28,196
Provision for (recovery of) doubtful accounts	(26)	1,288	(2,446)	2,132
General and administrative	20,217	15,512	43,770	41,403
Depreciation and amortization	53,221	48,976	105,230	97,569
Other	3,089	2,674	6,660	5,083
Total expenses	221,063	218,392	412,121	415,732
OTHER
Gain (loss) on sale or disposal of real estate and other assets, net	(16)	4,018	4,714	4,009
Other income (loss), net	(1,607)	714	3,374	493
Total other	(1,623)	4,732	8,088	4,502
Operating income (loss)	630	63,048	15,572	75,704
Interest income	4,992	254	9,084	278
Interest expense	(33,947)	(28,152)	(72,084)	(55,590)
Gain (loss) on extinguishment of debt	0	(363)	0	(645)
Equity in earnings (losses) from unconsolidated ventures	(6,186)	(6,092)	(10,988)	11,820
Income (loss) before income taxes	(34,511)	28,695	(58,416)	31,567
Income tax expense (benefit)	(15,370)	7,263	(16,648)	7,964
Net income (loss)	(19,141)	21,432	(41,768)	23,603
Net (income) loss attributable to noncontrolling interests	(2)	132	(120)	83
Net income (loss) attributable to common stockholders, basic	(19,143)	21,564	(41,888)	23,686
Net income (loss) attributable to common stockholders, diluted	$ (19,143)	$ 21,564	$ (41,888)	$ 23,686
Basic income (loss) per share (in dollars per share)	$ (0.39)	$ 0.42	$ (0.85)	$ 0.46
Diluted income (loss) per share (in dollars per share)	$ (0.39)	$ 0.42	$ (0.85)	$ 0.46
Condominium rights and unit sales
REVENUES
Revenues from contracts with customers	$ 14,866	$ 21,420	$ 20,953	$ 41,036
EXPENSES
Cost of sales	29,317	19,546	33,853	33,726
Master Planned Communities land sales
REVENUES
Revenues from contracts with customers	42,306	84,979	101,667	146,447
EXPENSES
Cost of sales	15,867	31,263	37,870	55,949
Other land, rental, and property revenues
REVENUES
Revenues from contracts with customers	46,898	47,783	65,866	67,320
Builder price participation
REVENUES
Revenues from contracts with customers	$ 15,907	$ 18,471	$ 29,916	$ 32,967

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)		$ (19,141)	$ 21,432	$ (41,768)	$ 23,603
Other comprehensive income (loss):
Interest rate caps and swaps	[1]	2,748	8,465	(2,582)	23,542
Reclassification of the Company's share of previously deferred derivative gains to net income	[2]	0	0	0	(6,723)
Other comprehensive income (loss)		2,748	8,465	(2,582)	16,819
Comprehensive income (loss)		(16,393)	29,897	(44,350)	40,422
Comprehensive (income) loss attributable to noncontrolling interests		(2)	132	(120)	83
Comprehensive income (loss) attributable to common stockholders		$ (16,395)	$ 30,029	$ (44,470)	$ 40,505
[1]Amounts are shown net of tax expense of $0.8 million for the three months ended June 30, 2023, tax benefit of $0.8 million for the six months ended June 30, 2023, and tax expense of $2.5 million for the three months ended June 30, 2022, and $7.0 million for the six months ended June 30, 2022.[2] In March 2022, the Company completed the sale of its ownership interest in 110 North Wacker and released a net of $6.7 million from Accumulated other comprehensive income (loss), representing the Company’s $8.6 million share of previously deferred gains associated with the Venture’s derivative instruments net of tax expense of $1.9 million. See Note 2 - Investments in Unconsolidated Ventures for additional information.

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Interest rate swaps, tax expense (benefit)		$ 801	$ 2,529	$ (758)	$ 7,032
Income (loss) from equity method investments		$ 6,186	$ 6,092	10,988	(11,820)
Share of investee's other comprehensive income, tax expense	$ 1,900			$ 1,900	$ 1,912
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 110 North Wacker
AOCI, reclassification of cash flow hedge	6,700
Income (loss) from equity method investments	$ (8,600)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands		Total		Ward Village Homeowners Associations	Total Stockholders' Equity	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Noncontrolling Interests	Noncontrolling Interests Ward Village Homeowners Associations
Balance at the beginning of the period (in shares) at Dec. 31, 2021						56,173,276
Balance at the beginning of the period at Dec. 31, 2021		$ 3,710,670			$ 3,709,995	$ 563	$ 3,960,418	$ (16,456)	$ (14,457)	$ (220,073)	$ 675
Balance at the beginning of the period (in shares) at Dec. 31, 2021										(2,107,615)
Increase (Decrease) in Stockholders' Equity
Net income (loss)		23,603			23,686			23,686			(83)
Interest rate swaps, net of tax		23,542	[1]		23,542				23,542
Deconsolidation of Ward Village homeowners’ associations				$ (210)								$ (210)
Teravalis noncontrolling interest		50,021									50,021
Reclassification of the Company’s share of previously deferred derivative gains, net of tax expense	[2]	(6,723)			(6,723)				(6,723)
Repurchase of common shares (in shares)										(3,915,068)
Repurchase of common shares		(362,932)			(362,932)					$ (362,932)
Stock plan activity (in shares)						122,272				(10,316)
Stock plan activity		5,830			5,830	$ 1	6,776			$ (947)
Balance at the end of the period (in shares) at Jun. 30, 2022						56,295,548
Balance at the end of the period at Jun. 30, 2022		3,443,801			3,393,398	$ 564	3,967,194	7,230	2,362	$ (583,952)	50,403
Balance at the end of the period (in shares) at Jun. 30, 2022										(6,032,999)
Balance at the beginning of the period (in shares) at Mar. 31, 2022						56,300,324
Balance at the beginning of the period at Mar. 31, 2022		3,553,398			3,552,884	$ 564	3,964,412	(14,334)	(6,103)	$ (391,655)	514
Balance at the beginning of the period (in shares) at Mar. 31, 2022										(3,868,215)
Increase (Decrease) in Stockholders' Equity
Net income (loss)		21,432			21,564			21,564			(132)
Interest rate swaps, net of tax		8,465	[1]		8,465				8,465
Teravalis noncontrolling interest		50,021									50,021
Repurchase of common shares (in shares)										(2,164,400)
Repurchase of common shares		(192,262)			(192,262)					$ (192,262)
Stock plan activity (in shares)						(4,776)				(384)
Stock plan activity		2,747			2,747		2,782			$ (35)
Balance at the end of the period (in shares) at Jun. 30, 2022						56,295,548
Balance at the end of the period at Jun. 30, 2022		$ 3,443,801			3,393,398	$ 564	3,967,194	7,230	2,362	$ (583,952)	50,403
Balance at the end of the period (in shares) at Jun. 30, 2022										(6,032,999)
Balance at the beginning of the period (in shares) at Dec. 31, 2022		49,801,997				56,226,273
Balance at the beginning of the period at Dec. 31, 2022		$ 3,606,112			3,540,499	$ 564	3,972,561	168,077	10,335	$ (611,038)	65,613
Balance at the beginning of the period (in shares) at Dec. 31, 2022		(6,424,276)								(6,424,276)
Increase (Decrease) in Stockholders' Equity
Net income (loss)		$ (41,768)			(41,888)			(41,888)			120
Interest rate swaps, net of tax		(2,582)	[1]		(2,582)				(2,582)
Teravalis noncontrolling interest		117									117
Stock plan activity (in shares)						306,757				(20,472)
Stock plan activity		6,596			6,596	$ 2	8,219			$ (1,625)
Other		$ (22)									(22)
Balance at the end of the period (in shares) at Jun. 30, 2023		50,088,282				56,533,030
Balance at the end of the period at Jun. 30, 2023		$ 3,568,453			3,502,625	$ 566	3,980,780	126,189	7,753	$ (612,663)	65,828
Balance at the end of the period (in shares) at Jun. 30, 2023		(6,444,748)								(6,444,748)
Balance at the beginning of the period (in shares) at Mar. 31, 2023						56,427,928
Balance at the beginning of the period at Mar. 31, 2023		$ 3,582,523			3,516,758	$ 566	3,977,514	145,332	5,005	$ (611,659)	65,765
Balance at the beginning of the period (in shares) at Mar. 31, 2023										(6,431,442)
Increase (Decrease) in Stockholders' Equity
Net income (loss)		(19,141)			(19,143)			(19,143)			2
Interest rate swaps, net of tax		2,748	[1]		2,748				2,748
Teravalis noncontrolling interest		61									61
Stock plan activity (in shares)						105,102				(13,306)
Stock plan activity		$ 2,262			2,262		3,266			$ (1,004)
Balance at the end of the period (in shares) at Jun. 30, 2023		50,088,282				56,533,030
Balance at the end of the period at Jun. 30, 2023		$ 3,568,453			$ 3,502,625	$ 566	$ 3,980,780	$ 126,189	$ 7,753	$ (612,663)	$ 65,828
Balance at the end of the period (in shares) at Jun. 30, 2023		(6,444,748)								(6,444,748)
[1]Amounts are shown net of tax expense of $0.8 million for the three months ended June 30, 2023, tax benefit of $0.8 million for the six months ended June 30, 2023, and tax expense of $2.5 million for the three months ended June 30, 2022, and $7.0 million for the six months ended June 30, 2022.[2] In March 2022, the Company completed the sale of its ownership interest in 110 North Wacker and released a net of $6.7 million from Accumulated other comprehensive income (loss), representing the Company’s $8.6 million share of previously deferred gains associated with the Venture’s derivative instruments net of tax expense of $1.9 million. See Note 2 - Investments in Unconsolidated Ventures for additional information.

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY UNAUDITED (Unaudited) (Parenthetical) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Interest rate swaps, tax expense (benefit)		$ 801	$ 2,529	$ (758)	$ 7,032
Share of investee's other comprehensive income, tax expense (benefit)	$ 1,900			1,900	1,912
Income (loss) from equity method investments		$ 6,186	$ 6,092	$ 10,988	$ (11,820)
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 110 North Wacker
AOCI, reclassification of cash flow hedge	6,700
Income (loss) from equity method investments	$ (8,600)

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (41,768)	$ 23,603
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Depreciation	95,105	87,289
Amortization	8,287	8,772
Amortization of deferred financing costs	5,933	5,330
Amortization of intangibles other than in-place leases	1,638	1,638
Straight-line rent amortization	(3,297)	(2,460)
Deferred income taxes	(17,793)	(2,934)
Restricted stock and stock option amortization	8,220	6,469
Net gain on sale of properties	(4,714)	(4,018)
Net gain on sale of unconsolidated ventures	0	(5,016)
(Gain) loss on extinguishment of debt	0	645
Equity in (earnings) losses from unconsolidated ventures, net of distributions and impairment charges	17,438	435
Provision for doubtful accounts	2,078	(2,271)
Master Planned Community development expenditures	(172,580)	(171,449)
Master Planned Community cost of sales	37,870	52,017
Condominium development expenditures	(242,724)	(151,746)
Condominium rights and units cost of sales	32,943	32,287
Net Changes:
Accounts receivable, net	(4,747)	9,795
Other assets, net	(4,402)	(13,358)
Condominium deposits received, net	80,725	75,322
Deferred expenses	(16,296)	(14,067)
Accounts payable and other liabilities	(32,274)	(31,510)
Cash provided by (used in) operating activities	(250,358)	(95,227)
CASH FLOWS FROM INVESTING ACTIVITIES
Property and equipment expenditures	(3,642)	(634)
Operating property improvements	(27,834)	(23,581)
Property development and redevelopment	(148,130)	(182,491)
Acquisition of assets	(5,898)	0
Proceeds from sales of properties, net	905	33,081
Reimbursements under tax increment financings	0	127
Distributions from unconsolidated ventures	8,532	205,099
Investments in unconsolidated ventures, net	(24,133)	(72,056)
Cash provided by (used in) investing activities	(200,200)	(40,455)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from mortgages, notes, and loans payable	201,342	504,470
Principal payments on mortgages, notes, and loans payable	(7,341)	(292,635)
Repurchases of common shares	0	(364,645)
Debt extinguishment costs	0	(32)
Special Improvement District bond funds released from (held in) escrow	3,263	6,154
Deferred financing costs and bond issuance costs, net	(79)	(4,052)
Taxes paid on stock options exercised and restricted stock vested	(2,529)	(2,062)
Stock options exercised	0	345
Issuance of Teravalis noncontrolling interest	0	16,210
Distribution to noncontrolling interest upon sale of 110 North Wacker	0	(22,084)
Contributions from Teravalis noncontrolling interest owner	117	0
Cash provided by (used in) financing activities	194,773	(158,331)
Net change in cash, cash equivalents, and restricted cash	(255,785)	(294,013)
Cash, cash equivalents, and restricted cash at beginning of period	1,098,937	1,216,637
Cash, cash equivalents, and restricted cash at end of period	843,152	922,624
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents	389,405	572,774
Restricted cash	453,747	349,850
Cash, cash equivalents, and restricted cash at end of period	843,152	922,624
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid, net	119,900	93,230,000
Interest capitalized	52,285	43,658,000
Income taxes paid (refunded), net	4,270	18,071,000
NON-CASH TRANSACTIONS
Issuance of Teravalis noncontrolling interest	0	33,810,000
Accrued property improvements, developments, and redevelopments	(1,899)	518,000
Non-cash proceeds from sale of properties	5,250	0
Special Improvement District bond transfers associated with land sales	0	3,932,000
Capitalized stock compensation	1,812	2,903,000
Accrued repurchase of common shares	$ 0	$ 13,778,000

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies General The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The consolidated financial statements include the accounts of The Howard Hughes Corporation (HHC or the Company) and those entities in which the Company has a controlling financial interest. All intercompany transactions and balances are eliminated in consolidation. The Company also consolidates certain variable interest entities (VIEs) in accordance with Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) 810 Consolidation . The outside equity interests in certain entities controlled by the Company are reflected in the Condensed Consolidated Financial Statements as noncontrolling interests. Certain amounts in the 2022 Condensed Consolidated Balance Sheet have been reclassified to conform to the current presentation. Specifically, the Company reclassified Net investment in lease receivable and Notes receivable, net to Other assets, net within Total assets. 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 audited Consolidated Financial Statements, which are included in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on February 27, 2023 (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, 2023, are not necessarily indicative of the results that may be expected for the year ending December 31, 2023, and future fiscal years. Management has evaluated for disclosure or recognition all material events occurring subsequent to the date of the Condensed Consolidated Financial Statements up to the date and time this Quarterly Report was filed. New Holding Company Structure On July 17, 2023, the Company announced that its Board of Directors authorized the Company to create a holding company structure. Upon the consummation of the transaction, Howard Hughes Holdings Inc. (Holdco), the new holding company, will replace the Company as the public company trading on the New York Stock Exchange. Existing shares of the Company will be automatically converted, on a one-for-one basis, into shares of common stock of Holdco, which will have the same designations, rights, powers, and preferences, and the same qualifications, limitations, and restrictions, as the shares of the Company common stock immediately prior to the reorganization. The holding company reorganization is intended to be a tax-free transaction for U.S. federal income tax purposes for the Company stockholders. The Company will continue to trade under the symbol “HHC” until and on the effective date of the reorganization, which is Friday, August 11, 2023. Commencing on Monday, August 14, 2023, the new holding company will trade under the ticker symbol “HHH”. The Board and the executive officers of the Company will continue in their same roles at the new company. The Company believes that implementation of the reorganization will promote the growth of its businesses, including by providing additional flexibility to fund future investment opportunities and to segregate assets and related liabilities in separate subsidiaries. Restricted Cash Restricted cash reflects amounts segregated in escrow accounts in the name of the Company, primarily related to escrowed condominium deposits by buyers and other amounts related to taxes, insurance, and legally restricted security deposits and leasing costs. Accounts Receivable, net Accounts receivable, net includes straight-line rent receivables, tenant receivables, and other receivables. On a quarterly basis, management reviews straight-line rent receivables and tenant receivables for collectability. As required under Accounting Standards Codification (ASC) 842 Leases , this analysis includes a review of past due accounts and considers factors such as the credit quality of tenants, current economic conditions, and changes in customer payment trends. When full collection of a lease receivable or future lease payment is deemed to be not probable, a reserve for the receivable balance is charged against rental revenue and future rental revenue is recognized on a cash basis. The Company also records reserves for estimated losses under ASC 450 Contingencies if the estimated loss amount is probable and can be reasonably estimated. The following table represents the components of Accounts receivable, net of amounts considered uncollectible, in the accompanying Condensed Consolidated Balance Sheets: thousands June 30, 2023 December 31, 2022 Straight-line rent receivables $ 85,322 $ 84,145 Tenant receivables 9,651 12,044 Other receivables 9,421 7,248 Accounts receivable, net (a) $ 104,394 $ 103,437 (a) As of June 30, 2023, the total reserve balance for amounts considered uncollectible was $10.3 million, comprised of $7.3 million related to ASC 842 and $3.0 million related to ASC 450. As of December 31, 2022, the total reserve balance was $8.9 million, comprised of $3.4 million related to ASC 842 and $5.5 million related to ASC 450. The following table summarizes the impacts of the ASC 842 and ASC 450 reserves in the accompanying Condensed Consolidated Statements of Operations: Three Months Ended June 30, Six Months Ended June 30, thousands Income Statement Location 2023 2022 2023 2022 ASC 842 reserve Rental revenue $ 1,644 $ (3,803) $ 4,537 $ (4,037) ASC 450 reserve Provision for (recovery of) doubtful accounts (26) 1,288 (2,446) 2,132 Total (income) expense impact $ 1,618 $ (2,515) $ 2,091 $ (1,905) 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, the allocation of capitalized 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, and the fair value of warrants, 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. Noncontrolling Interests As of June 30, 2023, and December 31, 2022, noncontrolling interests primarily related to the 12.0% noncontrolling interest in Teravalis and the noncontrolling interest in the Ward Village Homeowners’ Associations (HOAs). All revenues and expenses related to the HOAs are attributable to noncontrolling interests and do not impact net income attributable to common stockholders. Refer to Note 3 - Acquisitions and Dispositions for additional information on Teravalis. Financial Instruments - Credit Losses 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 amortized cost basis of financing receivables, consisting primarily of MUD receivables, totaled $622.3 million as of June 30, 2023, and $545.4 million as of December 31, 2022. The MUD receivable balance included accrued interest of $42.5 million as of June 30, 2023, and $36.4 million as of December 31, 2022. There has been no material activity in the allowance for credit losses for financing receivables for the six months ended June 30, 2023, and 2022. Financing receivables are considered to be past due once they are 30 days contractually past due under the terms of the agreement. The Company does not have significant 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. Recently Issued Accounting Standards The following is a summary of recently issued accounting pronouncements which relate to the Company’s business. ASU 2020-04, Reference Rate Reform When certain conditions are met, the amendments in this Update provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued because of reference rate reform. The amendments in this Update were initially effective as of March 12, 2020, through December 31, 2022. On December 21, 2022, the FASB issued Accounting Standards Update (ASU) 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , which extends the period entities can utilize the reference rate reform relief guidance under ASU 2020-04, from December 31, 2022, to December 31, 2024. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. 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. The 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 through the effective date of December 31, 2024.

Investments in Unconsolidated V

Investments in Unconsolidated Ventures	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Ventures	2. Investments in Unconsolidated Ventures In the ordinary course of business, the Company enters into partnerships and ventures with an emphasis on investments associated with the development and operation of real estate assets. As of June 30, 2023, the Company does not consolidate the investments below as it does not have a controlling financial interest in these investments. As such, the Company primarily reports its interests in accordance with the equity method. As of June 30, 2023, these ventures had financings totaling $258.4 million, with the Company’s proportionate share of this debt totaling $128.5 million. All of this indebtedness is without recourse to the Company, with the exception of the collateral maintenance obligation for Floreo. See Note 9 - Commitments and Contingencies for additional information related to the Company’s collateral maintenance obligation. Investments in unconsolidated ventures consist of the following: Ownership Interest (a) Carrying Value Share of Earnings/Dividends June 30, December 31, June 30, December 31, Three Months Ended June 30, Six Months Ended June 30, thousands except percentages 2023 2022 2023 2022 2023 2022 2023 2022 Equity Method Investments Operating Assets: 110 North Wacker — % — % $ — $ — $ — $ (102) $ — $ 4,914 The Metropolitan Downtown Columbia (b) 50 % 50 % — — 715 674 390 2,948 Stewart Title of Montgomery County, TX 50 % 50 % 3,674 4,217 91 459 56 712 Woodlands Sarofim #1 20 % 20 % 3,049 3,029 6 (24) 19 (15) m.flats/TEN.M (c) 50 % 50 % — — 1,230 1,584 449 4,569 Master Planned Communities: The Summit (d) 50 % 50 % 47,670 49,368 3,117 (3,270) 7,747 2,352 Floreo (e) 50 % 50 % 57,000 58,001 (479) (152) (1,001) (224) Seaport: The Lawn Club (d) 50 % 50 % 2,553 2,553 — — — — Ssäm Bar (Momofuku) (d)(e) 50 % 50 % 5,478 5,551 (105) (155) (503) (257) Tin Building by Jean-Georges (d)(e) 65 % 65 % 12,781 6,935 (10,649) (5,590) (20,857) (9,199) Jean-Georges Restaurants 25 % 25 % 45,772 45,626 (142) 506 (356) 506 Strategic Developments: HHMK Development 50 % 50 % 10 10 — — — — KR Holdings 50 % 50 % 485 485 — — — 814 West End Alexandria (d) 58 % 58 % 56,653 56,617 30 (22) 35 62 235,125 232,392 (6,186) (6,092) (14,021) 7,182 Other equity investments (f) 13,779 13,779 — — 3,033 4,638 Investments in unconsolidated ventures $ 248,904 $ 246,171 $ (6,186) $ (6,092) $ (10,988) $ 11,820 (a) Ownership interests presented reflect the Company’s stated ownership interest or if applicable, the Company’s final profit-sharing interest after receipt of any preferred returns based on the venture’s distribution priorities. (b) The Metropolitan Downtown Columbia was in a deficit position of $9.4 million at June 30, 2023, and $9.0 million at December 31, 2022, and presented in Accounts payable and other liabilities in the Condensed Consolidated Balance Sheets. (c) M.flats/TEN.M was in a deficit position of $2.5 million at June 30, 2023, and $1.8 million at December 31, 2022, and presented in Accounts payable and other liabilities in the Condensed Consolidated Balance Sheets. (d) For these equity method investments, various provisions in the venture operating agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses, and preferred returns may result in the Company’s economic interest differing from its stated interest or final profit-sharing interest. For these investments, the Company recognizes income or loss based on the venture’s distribution priorities, which could fluctuate over time and may be different from its stated ownership or final profit-sharing interest. (e) Classified as a VIE; however, the Company is not the primary beneficiary and accounts for its investment in accordance with the equity method. Refer to discussion below for additional information. (f) Other equity investments represent 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 or cumulatively. As of June 30, 2023, Other equity investments primarily includes $10.0 million of warrants, which represents cash paid by the Company for the option to acquire additional ownership interest in Jean-Georges Restaurants. Refer to discussion below for additional details. 110 North Wacker The Company formed a partnership with a local developer (the Partnership) in 2017. In 2018, the Partnership executed an agreement with USAA related to 110 North Wacker to construct and operate the building at 110 North Wacker through a separate legal entity (the Venture). In March 2022, the Partnership completed the sale of its ownership interest in the Venture for a gross sales price of $208.6 million. Upon sale, the Company recognized income of $5.0 million in Equity in earnings (losses) from unconsolidated ventures on the Condensed Consolidated Statements of Operations, inclusive of the impact of related transaction costs and net fair value gains that were reclassed out of Accumulated other comprehensive income (loss) associated with the Venture’s derivative instruments. Based upon the Partnership’s waterfall, $168.9 million of the net sales proceeds were allocated to the Company with the remaining $22.1 million distributed to the local developer. The Lawn Club In 2021, the Company formed HHC Lawn Games, LLC with The Lawn Club NYC, LLC (Endorphin Ventures), to construct and operate an immersive indoor and outdoor restaurant that includes an extensive area of indoor grass, a stylish clubhouse bar, and a wide variety of lawn games. This concept is expected to open in 2023. Under the terms of the agreement, the Company will fund 80% of the cost to construct the restaurant, and Endorphin Ventures will contribute the remaining 20%. The Company will recognize its share of income or loss based on the joint venture distribution priorities, which could fluctuate over time. Upon return of each member’s contributed capital and a preferred return to HHC, distributions and recognition of income or loss will be allocated to the Company based on its final profit-sharing interest. The Company also entered into a lease agreement with HHC Lawn Games, LLC to lease 20,000 square feet of the Fulton Market Building for this venture. Ssäm Bar In 2016, the Company formed Pier 17 Restaurant C101, LLC (Ssäm Bar) with MomoPier, LLC (Momofuku) to construct and operate a restaurant and bar at Pier 17 in the Seaport, which opened in 2019. The Company recognizes its share of income or loss based on the joint venture’s distribution priorities, which could fluctuate over time. As of June 30, 2023, and December 31, 2022, Ssäm Bar is classified as a VIE because the equity holders, as a group, lack the characteristics of a controlling financial interest; however, the Company is not the primary beneficiary. As of June 30, 2023, the Company’s maximum exposure to loss as a result of this investment is limited to the $5.5 million aggregate carrying value of this investment as the Company has not provided any guarantees or otherwise made firm commitments to fund amounts on behalf of this VIE. Tin Building by Jean-Georges In 2015, the Company, together with VS-Fulton Seafood Market, LLC (Fulton Partner), formed Fulton Seafood Market, LLC (Tin Building by Jean-Georges) to operate a 53,783 square-foot culinary marketplace in the historic Tin Building. The Fulton Partner is a wholly owned subsidiary of Jean-Georges Restaurants. The Company purchased a 25% interest in Jean-George Restaurants in March 2022 as discussed below. The Company owns 100% of the Tin Building and leased 100% of the space to the Tin Building by Jean-Georges joint venture. Throughout this report, references to the Tin Building relate to the Company’s 100% owned landlord operations and references to the Tin Building by Jean-Georges refer to the managed business in which the Company has an equity ownership interest. The Company, as landlord, funded 100% of the development and construction of the Tin Building. Under the terms of the Tin Building by Jean-Georges LLC agreement, the Company contributes the cash necessary to fund pre-opening, opening, and operating costs of Fulton Seafood Market LLC. The Fulton Partner is not required to make any capital contributions. The Tin Building was completed and placed in service during the third quarter of 2022 and the Tin Building by Jean-Georges culinary marketplace began operations in the third quarter of 2022. Based on capital contribution and distribution provisions for the Tin Building by Jean-Georges, HHC currently receives substantially all of the economic interest in the venture. Upon return of HHC’s contributed capital and a preferred return to HHC, distributions and recognition of income or loss will be allocated to the Company based on its final profit-sharing interest. As of June 30, 2023, the Tin Building by Jean-Georges is classified as a VIE because the equity holders, as a group, lack the characteristics of a controlling financial interest. The Company further concluded that it is not the primary beneficiary of the VIE as it does not have the power to direct the restaurant-related activities that most significantly impact its economic performance. As the Company is unable to quantify the amount of future capital contributions associated with this investment, the Company’s maximum exposure to loss is currently equal to the $12.8 million carrying value of the investment as of June 30, 2023. The Company funded capital contributions of $26.7 million for the six months ended June 30, 2023, and $43.1 million for the year ended December 31, 2022. Jean-Georges Restaurants In March 2022, the Company acquired a 25% interest in JG Restaurant HoldCo LLC (Jean-Georges Restaurants) for $45.0 million from JG TopCo LLC (Jean-Georges). Jean-Georges Restaurants currently has over 40 hospitality offerings and a pipeline of new concepts. The Company accounts for its ownership interest in accordance with the equity method and recorded its initial investment at cost, inclusive of legal fees and transaction costs. Under the terms of the agreement, all cash distributions and the recognition of income-producing activities will be pro rata based on stated ownership interest. Concurrent with the Company’s acquisition of the 25% interest in Jean-Georges Restaurants, the Company entered into a warrant agreement with Jean-Georges. The Company paid $10.0 million for the option to acquire up to an additional 20% interest in Jean-Georges Restaurants at a fixed exercise price per share subject to certain anti-dilution provisions. Should the warrant agreement be exercised by the Company, the $10.0 million will be credited against the aggregate exercise price of the warrants. Per the agreement, the $10.0 million is to be used for working capital of Jean-Georges Restaurants. The warrant became exercisable on March 2, 2022, subject to automatic exercise in the event of dissolution or liquidation, and will expire on March 2, 2026. As of June 30, 2023, this warrant had not been exercised. The Company elected the measurement alternative for this purchase option as the equity security does not have a readily determinable fair value. As such, the investment is measured at cost, less any identified impairment charges. Creative Culinary Management Company, LLC (CCMC), a wholly owned subsidiary of Jean-Georges Restaurants, provides management services for certain retail and food and beverage businesses that HHC owns, either wholly or through partnerships with third parties. The Company’s businesses managed by CCMC include the Tin Building by Jean-Georges, The Fulton, and Malibu Farm. Pursuant to the various management agreements, CCMC is responsible for employment and supervision of all employees providing services for the food and beverage operations and restaurant as well as the day-to-day operations and accounting for the food and beverage operations. The Summit In 2015, the Company formed DLV/HHPI Summerlin, LLC (The Summit) with Discovery Land Company (Discovery) to develop a custom home community in Summerlin. Phase I 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, and has no further capital obligations. Discovery is required to fund up to a maximum of $30.0 million of cash as their capital contribution, of which $3.8 million has been contributed. The gains on the contributed land are recognized in Equity in earnings (losses) from unconsolidated ventures as The Summit sells lots. HHC has received its preferred return distributions and recognizes its share of income or loss for Phase I based on its final profit-sharing interest. Phase II In July 2022, the Company contributed an additional 54 acres to the Summit (Phase II land) with a fair value of $21.5 million. The Company recognized an incremental equity method investment at fair value and recognized a gain of $13.5 million recorded in Equity in earnings (losses) from unconsolidated ventures. This gain is the result of marking the cost basis of the land contributed to its estimated fair value at the time of contribution. The Phase II land is adjacent to the existing Summit development and includes approximately 28 custom home sites. The first lot sales closed in the first quarter of 2023. The Company will receive distributions and recognize its share of income or loss for Phase II based on the joint venture’s distribution priorities in the amended Summit LLC agreement, which could fluctuate over time. Upon receipt of preferred returns to HHC, distributions and recognition of income or loss will be allocated to the company based on its final profit-sharing interest. Floreo In the fourth quarter of 2021, simultaneous with the Teravalis land acquisition, the Company closed on the acquisition of a 50% interest in Trillium Development Holding Company, LLC (Floreo) for $59.0 million and entered into a Limited Liability Company Agreement (LLC Agreement) with JDM Partners and El Dorado Holdings to develop Floreo, the first village within the new Teravalis MPC, on 3,029 acres of land in the greater Phoenix, Arizona area. The first Floreo land sales are expected to occur in the second half of 2023 subject to market conditions. In October 2022, Floreo closed on a $165.0 million financing, with outstanding borrowings of $65.4 million as of June 30, 2023. The Company provided a guarantee on this financing in the form of a collateral maintenance obligation and received a guarantee fee of $5.0 million. The financing and related guarantee provided by the Company triggered a reconsideration event and as of December 31, 2022, Floreo was classified as a VIE. Due to rights held by other members, the Company does not have a controlling financial interest in Floreo and is not the primary beneficiary. As of June 30, 2023, the Company’s maximum exposure to loss on this investment is limited to the $57.0 million aggregate carrying value as the Company has not made any other firm commitments to fund amounts on behalf of this VIE. See Note 9 - Commitments and Contingencies for additional information related to the Company’s collateral maintenance obligation. West End Alexandria In the fourth quarter of 2021, the Company entered into an Asset Contribution Agreement with Landmark Land Holdings, LLC (West End Alexandria) to redevelop a 52-acre site previously known as Landmark Mall. Other equity owners include Foulger-Pratt Development, LLC (Foulger-Pratt) and Seritage SRC Finance (Seritage). The Company conveyed its 33-acre Landmark Mall property with an agreed upon fair value of $56.0 million and Seritage conveyed an additional 19 acres of land with an agreed upon fair value of $30.0 million to West End Alexandria in exchange for equity interest. Additionally, Foulger-Pratt agreed to contribute $10.0 million to West End Alexandria. Also in the fourth quarter of 2021, West End Alexandria executed a Purchase and Sale Agreement with the City of Alexandria to sell approximately 11 acres to the City of Alexandria. The City will lease this land to Inova Health Care Services for construction of a new hospital. Development plans for the remaining 41-acre property includes approximately four million square feet of residential, retail, commercial, and entertainment offerings integrated into a cohesive neighborhood with a central plaza, a network of parks and public transportation. Foulger-Pratt will manage construction of the development. Demolition began in the second quarter of 2022, with completion of the first buildings expected in 2025. The Company does not have the ability to control the activities that most impact the economic performance of the venture as Foulger-Pratt is the managing member and manages all development activities. As such, the Company accounts for its ownership interest in accordance with the equity method.

Acquisitions and Dispositions

Acquisitions and Dispositions	6 Months Ended
	Jun. 30, 2023
Acquisitions And Dispositions [Abstract]
Acquisitions and Dispositions	3. Acquisitions and Dispositions Acquisitions On May 4, 2023, the Company acquired the Grogan’s Mill Village Center and related anchor site, a retail property in The Woodlands, Texas consisting of approximately 8.7 acres for $5.9 million in an asset acquisition. The property is being held in the Strategic Developments segment. In March 2022, the Company acquired a 25% interest in Jean-Georges Restaurants for $45.0 million and paid $10.0 million for the option to acquire up to an additional 20% interest in Jean-Georges Restaurants through March 2026. Jean-Georges Restaurants currently has over 40 hospitality offerings and a pipeline of new concepts. See Note 2 - Investments in Unconsolidated Ventures for additional information. Teravalis In October 2021, the Company acquired Teravalis, a new large-scale master planned community in the West Valley of Phoenix, Arizona. The Company closed on the all-cash purchase of approximately 33,810 acres (Teravalis Property) for a purchase price of $541.0 million. The executed purchase and sale agreement included a repurchase option that allowed the seller, or permitted assignee, to repurchase up to 50% interest in the Teravalis Property within a set term. In June 2022, the seller’s assignee, JDM Member, exercised a minimum purchase option and purchased a 9.24% interest in the Teravalis Property for $50.0 million. Additionally, in August 2022, JDM Member purchased an additional 2.78% interest in the Teravalis Property for $15.0 million, after which the remaining repurchase option expired. Following the execution of the minimum purchase option, the Company entered into a Limited Liability Company Agreement (LLC Agreement) with JDM Member to form Douglas Ranch Development Holding Company (Teravalis). The Company and JDM Member then contributed their interests in the Teravalis Property to Teravalis in exchange for an equity interest. As of June 30, 2023, member equity interest in Teravalis is 88.0% for the Company and 12.0% for JDM Member. Teravalis was determined to be a VIE, and as the Company has the power to direct the activities that most significantly impact its economic performance, the Company is considered the primary beneficiary and HHC continued to consolidate Teravalis. Under the terms of the LLC agreement, cash distributions and the recognition of income-producing activities will be pro rata based on economic ownership interest. As of June 30, 2023, the Company’s Condensed Consolidated Balance Sheets include $541.3 million of Master Planned Community assets, $0.5 million of Accounts Payable and other liabilities, and $65.0 million of Noncontrolling interest related to Teravalis. Floreo Simultaneous with the Teravalis land acquisition, the Company closed on the acquisition of a 50% interest in Trillium Development Holding Company, LLC (Floreo), for $59.0 million. Floreo owns approximately 3,029 acres of land which will be the first village developed within the Teravalis community in the greater Phoenix, Arizona area. See Note 2 - Investments in Unconsolidated Ventures for additional information. Dispositions Operating Assets On March 31, 2023, the Company completed the sale of two land parcels in Honolulu, Hawai‘i, including an 11,929-square-foot building at the Ward Village Retail property, for total consideration of $6.3 million, resulting in a gain of $4.7 million. The gain on sale is included in Gain (loss) on sale or disposal of real estate and other assets, net in the Condensed Consolidated Statements of Operations. Subsequent to period end, on July 6, 2023, the Company completed the sale of two self-storage facilities with a total of 1,370 storage units in The Woodlands, Texas, for $30.5 million resulting in a gain of $16.1 million. On December 30, 2022, the Company completed the sale of Creekside Village Green, a 74,670-square-foot retail property in The Woodlands, Texas, for $28.4 million resulting in a gain of $13.4 million. The gain on sale is included in Gain (loss) on sale or disposal of real estate and other assets, net in the Condensed Consolidated Statements of Operations. On December 21, 2022, the Company completed the sale of Lake Woodlands Crossing, a 60,261-square-foot retail property in The Woodlands, Texas, for $22.5 million resulting in a gain of $12.2 million. The gain on sale is included in Gain (loss) on sale or disposal of real estate and other assets, net in the Condensed Consolidated Statements of Operations. The Company retained the underlying land and simultaneously with the sale executed a 99-year ground lease with the buyer, which is classified as an operating lease. On June 16, 2022, the Company completed the sale of the Outlet Collection at Riverwalk, a 264,080-square-foot outlet center located in downtown New Orleans, Louisiana, for $34.0 million resulting in a gain on sale of $4.0 million, inclusive of $0.5 million in related transaction costs. The gain on sale is included in Gain (loss) on sale or disposal of real estate and other assets, net in the Condensed Consolidated Statements of Operations. On March 30, 2022, the Company completed the sale of its ownership interest in 110 North Wacker for $208.6 million. See Note 2 - Investments in Unconsolidated Ventures for additional information.

Impairment

Impairment	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Impairment	4. 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. No impairment charges were recorded during the three and six months ended June 30, 2023, and 2022. Each investment in an unconsolidated venture discussed in Note 2 - Investments in Unconsolidated Ventures is evaluated periodically for recoverability and valuation declines that are other-than-temporary. If the decrease in value of an investment is deemed to be other-than-temporary, the investment is reduced to its estimated fair value. No impairment charges were recorded during the three and six months ended June 30, 2023, and 2022. The Company periodically evaluates strategic alternatives with respect to each property and may revise the strategy from time to time, including the intent to hold the asset on a long-term basis or the timing of potential asset dispositions. For example, the Company may decide to sell property that is held for use, and the sale price may be less than the carrying amount. As a result, changes in strategy could result in impairment charges in future periods.

Other Assets and Liabilities

Other Assets and Liabilities	6 Months Ended
	Jun. 30, 2023
OTHER ASSETS AND LIABILITIES [Abstract]
Other Assets and Liabilities	5. Other Assets and Liabilities Other Assets, Net The following table summarizes the significant components of other assets: thousands June 30, 2023 December 31, 2022 Special Improvement District receivable, net $ 62,126 $ 64,091 Security, escrow, and other deposits 56,647 48,578 In-place leases, net 37,576 39,696 Interest rate derivative assets 25,087 30,860 Intangibles, net 23,532 25,170 Prepaid expenses 21,406 18,806 Other 13,939 12,555 Condominium inventory 11,878 22,452 Tenant incentives and other receivables, net 8,474 8,252 Net investment in lease receivable 2,887 2,895 TIF receivable, net 2,479 1,893 Notes receivable, net 1,084 3,339 Other assets, net $ 267,115 $ 278,587 Accounts Payable and Other Liabilities The following table summarizes the significant components of Accounts payable and other liabilities: thousands June 30, 2023 December 31, 2022 Condominium deposit liabilities $ 470,992 $ 390,253 Construction payables 242,549 260,257 Deferred income 80,512 85,006 Accrued interest 52,331 49,156 Accrued real estate taxes 32,335 37,835 Accounts payable and accrued expenses 27,300 36,174 Tenant and other deposits 26,482 26,100 Other 18,205 28,856 Accrued payroll and other employee liabilities 16,857 30,874 Accounts payable and other liabilities $ 967,563 $ 944,511

Mortgages, Notes and Loans Paya

Mortgages, Notes and Loans Payable, Net	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Mortgages, Notes and Loans Payable, Net	6. Mortgages, Notes, and Loans Payable, Net Mortgages, Notes, and Loans Payable, Net Mortgages, notes, and loans payable, net are summarized as follows: thousands June 30, 2023 December 31, 2022 Fixed-rate debt Senior unsecured notes $ 2,050,000 $ 2,050,000 Secured mortgages payable 1,495,097 1,500,841 Special Improvement District bonds 59,021 59,777 Variable-rate debt (a) Secured Bridgeland Notes 342,000 275,000 Secured mortgages payable 1,050,080 916,570 Unamortized deferred financing costs (b) (50,452) (55,005) Mortgages, notes, and loans payable, net $ 4,945,746 $ 4,747,183 (a) The Company has entered into derivative instruments to manage the variable interest rate exposure. See Note 8 - Derivative Instruments and Hedging Activities for additional information. (b) Deferred financing costs are amortized to interest expense over the initial contractual term of the respective financing agreements using the effective interest method (or other methods which approximate the effective interest method). As of June 30, 2023, land, buildings and equipment, developments, and other collateral with a net book value of $4.6 billion have been pledged as collateral for HHC’s mortgages, notes, and loans payable. Senior Unsecured Notes During 2020 and 2021, the Company issued $2.1 billion of aggregate principal of senior unsecured notes. These notes have fixed rates of interest that are payable semi-annually and are interest only until maturity. These debt obligations are redeemable prior to the maturity date subject to a “make-whole” premium which decreases annually until 2026 at which time the redemption make-whole premium is no longer applicable. The following table summarizes the Company’s senior unsecured notes by issuance date: $ in thousands Principal Maturity Date Interest Rate August 2020 $ 750,000 August 2028 5.375% February 2021 650,000 February 2029 4.125% February 2021 650,000 February 2031 4.375% Senior unsecured notes $ 2,050,000 Secured Mortgages Payable The Company’s outstanding mortgages are collateralized by certain of the Company’s real estate assets. Certain of the Company’s loans contain provisions that 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 a percentage of the loan balance. Construction loans related to the Company’s development properties are generally variable-rate, interest-only, and have maturities of five years or less. Debt obligations related to the Company’s operating properties generally require monthly installments of principal and interest over its contractual life. The following table summarizes the Company’s Secured mortgages payable: June 30, 2023 December 31, 2022 $ in thousands Principal Range of Interest Rates Weighted-average Interest Rate Weighted-average Years to Maturity Principal Range of Interest Rates Weighted-average Interest Rate Weighted-average Years to Maturity Fixed rate (a) $ 1,495,097 3.13% - 7.67% 4.39 % 7.6 $ 1,500,841 3.13% - 7.67% 4.39 % 8.1 Variable rate (b) 1,050,080 6.78% - 13.69% 8.27 % 2.6 916,570 6.05% - 9.39% 7.36 % 3.2 Secured mortgages payable $ 2,545,177 3.13% - 13.69% 5.99 % 5.5 $ 2,417,411 3.13% - 9.39% 5.51 % 6.2 (a) Interest rates presented are based upon the coupon rates of the Company’s fixed-rate debt obligations. (b) Interest rates presented are based on the applicable reference interest rates as of June 30, 2023, and December 31, 2022, excluding the effects of interest rate derivatives. The Company has entered into derivative instruments to manage its variable interest rate exposure. The weighted-average interest rate of the Company’s variable-rate mortgages payable, inclusive of interest rate derivatives, was 6.73% as of June 30, 2023, and 5.91% as of December 31, 2022. See Note 8 - Derivative Instruments and Hedging Activities for additional information. The Company’s secured mortgages mature over various terms through December 2039. On certain of its debt obligations, the Company has the option to exercise extension options, subject to certain terms, which may include minimum debt service coverage, minimum occupancy levels or condominium sales levels, as applicable, and other performance criteria. In certain cases, due to property performance not meeting identified covenants, the Company may be required to pay down a portion of the loan to exercise the extension option. During 2023, the Company’s mortgage activity included draws on existing mortgages of $134.3 million and repayments of $7.3 million. As of June 30, 2023, the Company’s secured mortgage loans had $1.1 billion of undrawn lender commitment available to be drawn for property development, subject to certain restrictions. Special Improvement District Bonds 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. These bonds bear interest at fixed rates ranging from 4.13% to 6.05% with maturities ranging from 2025 to 2051 as of June 30, 2023. During the six months ended June 30, 2023, no obligations were assumed by buyers and no SID bonds were issued. Secured Bridgeland Notes In September 2021, the Company closed on a $275.0 million financing with maturity in 2026. This financing is secured by MUD receivables and land in Bridgeland. The loan required a $27.5 million fully refundable deposit and has an interest rate of 7.36% at June 30, 2023, and 6.60% at December 31, 2022. The interest rate inclusive of interest rate derivatives was 5.28% at both June 30, 2023, and December 31, 2022. In December 2022, the borrowing capacity of this obligation was expanded from $275.0 million to $475.0 million. An additional $67.0 million was drawn in the second quarter of 2023, bringing outstanding borrowings to $342.0 million as of June 30, 2023. The remaining capacity of $133.0 million was drawn in July 2023. Debt Compliance As of June 30, 2023, the Company was in compliance with all debt covenants with the exception of six property-level debt instruments. As a result, the excess net cash flow after debt service from the underlying properties became restricted. While the restricted cash could not be used for general corporate purposes, it could be used to fund operations of the underlying assets and did not have a material impact on the Company’s liquidity or its ability to operate these assets.

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value	7. 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 hierarchical disclosure framework that 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 assets that are measured at fair value on a recurring basis. The Company does not have any liabilities that are measured at a fair value on a recurring basis for the periods presented: June 30, 2023 December 31, 2022 Fair Value Measurements Using Fair Value Measurements Using thousands Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Interest rate derivative assets $ 25,087 $ — $ 25,087 $ — $ 30,860 $ — $ 30,860 $ — 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, 2023 December 31, 2022 thousands Fair Value Hierarchy Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets: Cash and Restricted cash Level 1 $ 843,152 $ 843,152 $ 1,098,937 $ 1,098,937 Accounts receivable, net (a) Level 3 104,394 104,394 103,437 103,437 Notes receivable, net (b) Level 3 1,084 1,084 3,339 3,339 Liabilities: Fixed-rate debt (c) Level 2 3,604,118 3,269,252 3,610,618 3,298,859 Variable-rate debt (c) Level 2 1,392,080 1,392,080 1,191,570 1,191,570 (a) Accounts receivable, net is shown net of an allowance of $10.3 million at June 30, 2023, and $8.9 million at December 31, 2022. Refer to Note 1 - Summary of Significant Accounting Policies for additional information on the allowance. (b) Notes receivable, net is shown net of an immaterial allowance at June 30, 2023, and December 31, 2022. (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 LIBOR or U.S. Treasury obligation interest rates as of June 30, 2023. Please refer to Note 6 - Mortgages, Notes, and Loans Payable, Net for additional information. The discount rates reflect the Company’s judgment as to what the approximate current lending rates for loans or groups of loans with similar maturities and credit quality would be if credit markets were operating efficiently and assuming that the debt is outstanding through maturity. The carrying amounts for the Company’s variable-rate debt approximate fair value given that the interest rates are variable and adjust with current market rates for instruments with similar risks and maturities.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	8. 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 upfront premium. Certain of the Company’s interest rate caps are not currently designated as hedges, and therefore, any gains or losses are recognized in current-period earnings within Interest expense on the Condensed Consolidated Statements of Operations. These derivatives are recorded on a gross basis at fair value on the balance sheet. Assessments of hedge effectiveness are performed quarterly using regression analysis. The change in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in Accumulated other comprehensive income (loss) (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 provided by (used in) operating activities within the Condensed Consolidated Statements of Cash Flows. The Company is exposed to credit risk in the event of non-performance by its derivative counterparties. To mitigate its credit risk, the Company reviews the creditworthiness of counterparties and enters into agreements with those that are considered credit-worthy, such as large financial institutions with favorable credit ratings. There were no derivative counterparty defaults as of June 30, 2023, or as of December 31, 2022. If the derivative contracts are terminated prior to their maturity, the amounts previously recorded in AOCI are recognized in earnings over the period that the hedged transaction impacts earnings. During the six months ended June 30, 2023, and the year ended December 31, 2022, there were no termination events. The Company recorded an immaterial reduction in Interest expense in 2022 and 2023 related to the amortization of a previously terminated swap. 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, the Company estimates that $6.9 million of net gain will be reclassified to Interest expense including amounts related to the amortization of terminated swaps. The following table summarizes certain terms of the Company’s derivative contracts. The Company reports derivative assets in Other assets, net and derivative liabilities in Accounts payable and other liabilities. Fair Value Asset (Liability) thousands Notional Amount Fixed Interest Rate (a) Effective Date Maturity Date June 30, 2023 December 31, 2022 Derivative instruments not designated as hedging instruments: (b) Interest rate cap $ 285,000 2.00 % 3/12/2021 9/15/2023 $ 1,980 $ 5,748 Interest rate cap 83,200 2.00 % 3/12/2021 9/15/2023 578 1,677 Interest rate cap 75,000 2.50 % 10/12/2021 9/29/2025 3,609 3,791 Interest rate cap 59,500 2.50 % 10/12/2021 9/29/2025 2,863 3,007 Interest rate collar 368 2.00% - 4.50% 6/1/2023 6/1/2025 1,092 — Interest rate collar 23,126 2.00% - 4.50% 6/1/2023 6/1/2025 1,207 — Derivative instruments designated as hedging instruments: Interest rate swap $ 615,000 2.98 % 9/21/2018 9/18/2023 $ 3,130 $ 8,262 Interest rate swap 200,000 3.69 % 1/3/2023 1/1/2027 2,980 978 Interest rate cap 127,000 5.50 % 11/10/2022 11/7/2024 448 378 Interest rate cap 75,000 5.00 % 12/22/2022 12/21/2025 799 655 Interest rate swap 40,800 1.68 % 3/1/2022 2/18/2027 3,405 3,321 Interest rate swap 35,081 4.89 % 11/1/2019 1/1/2032 2,996 3,043 Total fair value derivative assets $ 25,087 $ 30,860 (a) These rates represent the swap rate and cap strike rate on HHC’s interest rate swaps, caps, and collars. (b) Interest income related to these contracts was $3.3 million for the three months ended June 30, 2023, and $2.1 million for the six months ended June 30, 2023, and interest income was $2.8 million for the three months ended June 30, 2022, and $8.2 million for the six months ended June 30, 2022. 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, 2023 and 2022: Amount of Gain (Loss) Recognized in AOCI on Derivatives Derivatives in Cash Flow Hedging Relationships Three Months Ended June 30, Six Months Ended June 30, thousands 2023 2022 2023 2022 Interest rate derivatives $ 6,286 $ 5,819 $ 3,635 $ 17,561 Location of Gain (Loss) Reclassified from AOCI into Statements of Operations Amount of Gain (Loss) Reclassified from AOCI into Three Months Ended June 30, Six Months Ended June 30, thousands 2023 2022 2023 2022 Interest expense $ 3,538 $ (2,646) $ 6,217 $ (5,981)

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Litigation In the normal course of business, from time to time, the Company is involved in legal proceedings relating to the ownership and operations of its properties. In management’s opinion, the liabilities, if any, that may ultimately result from normal course of business legal actions are not expected to have a material effect on the Company’s consolidated financial position, results of operations or liquidity. 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 alleged negligence in the development of Timarron Park and violations of Texas’ Deceptive Trade Practices Act and named 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. On August 9, 2022, the Court granted the Company’s summary judgment motions and dismissed the plaintiffs’ claims. On September 8, 2022, the plaintiffs filed a motion for a new trial. On October 21, 2022, the Court denied the motion for a new trial. On November 7, 2022, the Plaintiffs filed their notice of appeal, and the appeal has been assigned to the First District Court of Appeals. The Company will continue 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 any reserves or contingencies related to this legal matter. The Company entered into a settlement agreement with the Waiea homeowners association related to certain construction defects at the condominium 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 as such the Company should be entitled to recover all the repair costs from the general contractor, other responsible parties, and insurance proceeds; however, the Company can provide no assurances that all or any portion of the costs will be recovered. Total estimated cost related to the remediation is $155.4 million, inclusive of $16.1 million of additional anticipated costs recognized in 2023 . As of June 30, 2023, a total of $16.0 million remains in Construction payables for the estimated repair costs related to this matter, which is included in Accounts payable and other liabilities in the accompanying Condensed Consolidated Balance Sheets. 250 Water Street In 2021, the Company received the necessary approvals for its 250 Water Street development project, which includes a mixed-use development with affordable and market-rate apartments, community-oriented spaces, and office space. In May 2021, the Company received approval from the New York City Landmarks Preservation Commission (LPC) on its proposed design for the 250 Water Street site. The Company received final approvals in December 2021 through the New York City Uniform Land Use Review Procedure known as ULURP, which allowed the necessary transfer of development rights to the parking lot site. The Company began initial foundation and voluntary site remediation work in the second quarter of 2022. The Company has prevailed in various lawsuits filed in 2021 and 2022 challenging the zoning and development approvals in order to prevent construction of this project. In September 2021, the New York State Supreme Court dismissed on procedural grounds a lawsuit challenging the LPC approval. In February 2022, an additional lawsuit was filed in New York State Supreme Court by opponents of the project challenging the land use approvals for 250 Water Street previously granted to the Company under the ULURP, and in August 2022 the Court ruled in the Company’s favor, denying all claims of the petitioners. The same petitioners subsequently filed a request to reargue and renew the case, which the Court rejected in January 2023. A separate lawsuit was filed in July 2022 again challenging the Landmarks Preservation Commission approval. In January 2023, a Court ruled in favor of the petitioners vacating the Certificate of Appropriateness (COA) issued by the LPC. The Company immediately appealed this decision to the New York State Supreme Court’s Appellate Division and on June 6, 2023, an Appellate Division panel of five judges unanimously reversed the lower Court’s decision, reinstating the COA. Subsequently, on June 29, 2023, petitioners filed a motion requesting reargument or, in the alternative, permission to appeal the decision of the Appellate Division to the New York State Court of Appeals. The right of appeal is not automatically granted and a decision is pending. Although it is not possible to predict with certainty the outcome of petitioners’ motion, such requests are rarely granted. If the appeal were to proceed to the Court of Appeals, the Company believes the Appellate Division’s ruling will be upheld based on the substantial legal and factual arguments supporting its decision. The lawsuit is not seeking monetary damages as the petitioners are seeking to enjoin the Company from moving forward with the development of 250 Water Street. Because the Company believes that a potential loss is not probable or estimable, it has not recorded any reserves or contingencies related to this legal matter. Letters of Credit and Surety Bonds As of June 30, 2023, the Company had outstanding letters of credit totaling $3.9 million and surety bonds totaling $389.0 million. As of December 31, 2022, the Company had outstanding letters of credit totaling $2.1 million and surety bonds totaling $346.3 million. These letters of credit and surety bonds were issued primarily in connection with insurance requirements, special real estate assessments, and construction obligations. Operating Leases The Company leases land or buildings at certain properties from third parties, which are recorded in Operating lease right-of-use assets, net and Operating lease obligations on the Condensed Consolidated Balance Sheets. See Note 15 - Leases for further discussion. Contractual rental expense, including participation rent, was $1.4 million for the three months ended June 30, 2023 and $2.7 million for the six months ended June 30, 2023, compared to $1.7 million for the three months ended June 30, 2022 and $3.2 million for the six months ended June 30, 2022. The amortization of above and below‑market ground leases and straight‑line rents included in the contractual rent amount was not significant. Guarantee Agreements In October 2022, Floreo, the Company’s 50%-owned joint venture in Teravalis, closed on a $165 million bond financing with Mizuho Capital Markets, LLC (Mizuho), with outstanding borrowings of $65.4 million as of June 30, 2023. A wholly owned subsidiary of the Company (HHC Member) provided a guarantee for the bond in the form of a collateral maintenance commitment under which it will post refundable cash collateral if the Loan-to-Value (LTV) ratio exceeds 50%. A separate wholly owned subsidiary of the Company also provided a backstop guarantee of up to $50 million of the cash collateral commitment in the event HHC Member fails to make necessary payments when due. The cash collateral becomes nonrefundable if Floreo defaults on the bond obligation. The Company received a fee of $5.0 million in exchange for providing this guarantee, which was recognized in Accounts payable and other liabilities on the Condensed Consolidated Balance Sheets as of June 30, 2023, and December 31, 2022. This liability amount will be recognized in Other income (loss), net in a manner that corresponds to the bond repayment by Floreo. The Company’s maximum exposure under this guarantee is equal to the cash collateral that the Company may be obligated to post. As of June 30, 2023, the Company has not posted any cash collateral. Given the existence of other collateral including the undeveloped land owned by Floreo, the entity’s extensive and discretionary development plan, and its eligibility for reimbursement of a significant part of the development costs from the Community Facility District in Arizona, the Company does not expect to have to post collateral. In conjunction with the execution of the ground lease for the Seaport, the Company executed a completion guarantee for the core and shell construction of the Tin Building. The core and shell construction was completed in the fourth quarter of 2021, and the remainder of construction was completed in the third quarter of 2022. The Company received the necessary approvals from the New York City Economic Development Corporation to relinquish the guarantee in early 2023. 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 Waiea, Anaha, and Ae‘o, with the opening of Ke Kilohana, which is a workforce tower fully earmarked to fulfill this obligation for the first four towers. The reserved units for ‘A‘ali‘i tower are included in the ‘A‘ali‘i tower. Units for Kō'ula, Victoria Place, and The Park Ward Village will be satisfied with the construction of Ulana Ward Village, which is a second workforce tower fully earmarked to satisfy the remaining reserved housing guarantee in the community. Ulana Ward Village began construction in early 2023. The Company evaluates the likelihood of future performance under these guarantees and, as of June 30, 2023, and December 31, 2022, there were no events requiring financial performance under these guarantees.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	10. Income Taxes Three Months Ended June 30, Six Months Ended June 30, thousands except percentages 2023 2022 2023 2022 Income tax expense (benefit) $ (15,370) $ 7,263 $ (16,648) $ 7,964 Income (loss) before income taxes (34,511) 28,695 (58,416) 31,567 Effective tax rate 44.5 % 25.3 % 28.5 % 25.2 % 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 Company’s effective tax rate is typically impacted by non-deductible executive compensation and other permanent differences as well as state income taxes, which cause the Company’s effective tax rate to deviate from the federal statutory rate.

Warrants

Warrants	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Warrants	11. Warrants In 2017, the Company entered into warrant agreements with its then Chief Executive Officer, David R. Weinreb, (Weinreb Warrant) and then President, Grant Herlitz, (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 purchase prices paid by the respective executives for the Weinreb Warrant and the Herlitz Warrant, which qualify as equity instruments, were credited to Additional paid-in capital. In October 2019, in connection with their respective terminations of employment, the Weinreb Warrant became exercisable at an exercise price of $124.64 per share, and the Herlitz Warrant became exercisable at an exercise price of $117.01 per share. The Weinreb Warrant expired in June 2023, and the Herlitz Warrant expires in October 2023. The Herlitz Warrant was not exercised as of June 30, 2023.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
Accumulated Other Comprehensive Income (Loss)	12. Accumulated Other Comprehensive Income (Loss) The following tables summarize changes in AOCI, all of which are presented net of tax: thousands Balance as of March 31, 2023 $ 5,005 Other comprehensive income (loss) before reclassifications 6,286 (Gain) loss reclassified from accumulated other comprehensive income (loss) to net income (3,538) Net current-period other comprehensive income (loss) 2,748 Balance as of June 30, 2023 $ 7,753 Balance as of March 31, 2022 $ (6,103) Other comprehensive income (loss) before reclassifications 5,819 (Gain) loss reclassified from accumulated other comprehensive income (loss) to net income 2,646 Net current-period other comprehensive income (loss) 8,465 Balance at June 30, 2022 $ 2,362 thousands Balance as of December 31, 2022 $ 10,335 Derivative instruments: Other comprehensive income (loss) before reclassifications 3,635 (Gain) loss reclassified to net income (6,217) Net current-period other comprehensive Income (loss) (2,582) Balance at June 30, 2023 $ 7,753 Balance at December 31, 2021 $ (14,457) Derivative instruments: Other comprehensive income (loss) before reclassifications 17,561 (Gain) loss reclassified to net income 5,981 Reclassification of the Company's share of previously deferred derivative gains to net income (a) (6,723) Net current-period other comprehensive income (loss) 16,819 Balance at June 30, 2022 $ 2,362 (a) In March 2022, the Company completed the sale of its ownership interest in 110 North Wacker and released a net of $6.7 million from Accumulated other comprehensive income (loss), representing the Company’s $8.6 million share of previously deferred gains associated with the Venture’s derivative instruments net of tax expense of $1.9 million. See Note 2 - Investments in Unconsolidated Ventures for additional information. The following table summarizes the amounts reclassified out of AOCI: Accumulated Other Comprehensive Amounts reclassified from Accumulated other comprehensive income (loss) Three Months Ended June 30, Six Months Ended June 30, Affected line items in the thousands 2023 2022 2023 2022 (Gains) losses on cash flow hedges $ (4,572) $ 3,437 $ (8,034) $ 7,768 Interest expense Company's share of previously deferred derivative gains — — — (8,636) Equity in earnings (losses) from unconsolidated ventures Income tax expense (benefit) 1,034 (791) 1,817 126 Income tax expense (benefit) Total reclassifications of (income) loss, net of tax $ (3,538) $ 2,646 $ (6,217) $ (742)

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	13. Earnings Per Share Basic earnings (loss) per share (EPS) is computed by dividing net income (loss) 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, thousands except per share amounts 2023 2022 2023 2022 Net income (loss) Net income (loss) $ (19,141) $ 21,432 $ (41,768) $ 23,603 Net (income) loss attributable to noncontrolling interests (2) 132 (120) 83 Net income (loss) attributable to common stockholders $ (19,143) $ 21,564 $ (41,888) $ 23,686 Shares Weighted-average common shares outstanding - basic 49,581 50,786 49,518 51,612 Restricted stock and stock options — 36 — 39 Weighted-average common shares outstanding - diluted 49,581 50,822 49,518 51,651 Net income (loss) per common share Basic income (loss) per share $ (0.39) $ 0.42 $ (0.85) $ 0.46 Diluted income (loss) per share $ (0.39) $ 0.42 $ (0.85) $ 0.46 Anti-dilutive shares excluded from diluted EPS Restricted stock and stock options 735 577 735 580 Warrants 88 2,103 88 2,103 Common Stock Repurchases In October 2021, the Company’s board of directors (Board) authorized a share repurchase program, pursuant to which the Company was authorized to purchase up to $250.0 million of its common stock through open-market transactions. During the fourth quarter of 2021, the Company repurchased 1,023,284 shares of its common stock, par value $0.01 per share, for $96.6 million, or approximately $94.42 per share. During the first quarter of 2022, the Company repurchased an additional 1,579,646 shares of its common stock, for $153.4 million, or approximately $97.10 per share, thereby completing all authorized purchases under the October 2021 program. In March 2022, the Board authorized an additional share repurchase program pursuant to which the Company may, from time to time, purchase up to $250.0 million of its common stock through open-market transactions. The date and time of such repurchases will depend upon market conditions and the program may be suspended or discontinued at any time. During 2022, the Company repurchased 2,704,228 shares of its common stock under this program for approximately $235.0 million at an average price of $86.90 per share. All purchases were funded with cash on hand.

Revenues

Revenues	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenues	14. Revenues 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. 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 presents the Company’s revenues disaggregated by revenue source: Three Months Ended June 30, Six Months Ended June 30, thousands 2023 2022 2023 2022 Revenues from contracts with customers Recognized at a point in time: Condominium rights and unit sales $ 14,866 $ 21,420 $ 20,953 $ 41,036 Master Planned Communities land sales 42,306 84,979 101,667 146,447 Builder price participation 15,907 18,471 29,916 32,967 Total 73,079 124,870 152,536 220,450 Recognized at a point in time or over time: Other land, rental, and property revenues 46,898 47,783 65,866 67,320 Rental and lease-related revenues Rental revenue 103,339 104,055 201,203 199,164 Total revenues $ 223,316 $ 276,708 $ 419,605 $ 486,934 Revenues by segment Operating Assets revenues $ 121,427 $ 118,562 $ 222,352 $ 218,249 Master Planned Communities revenues 63,311 108,110 140,324 188,802 Seaport revenues 22,804 28,176 34,701 37,552 Strategic Developments revenues 15,758 21,846 22,198 42,302 Corporate revenues 16 14 30 29 Total revenues $ 223,316 $ 276,708 $ 419,605 $ 486,934 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 periods presented. 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 periods presented are as follows: thousands Contract Liabilities Balance at December 31, 2022 $ 457,831 Consideration earned during the period (58,807) Consideration received during the period 132,527 Balance at June 30, 2023 $ 531,551 Balance at December 31, 2021 $ 431,177 Consideration earned during the period (102,087) Consideration received during the period 175,343 Balance at June 30, 2022 $ 504,433 Remaining Unsatisfied Performance Obligations The Company’s remaining unsatisfied performance obligations 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 non-cancelable 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, 2023, is $2.7 billion. The Company expects to recognize this amount as revenue over the following periods: thousands Less than 1 year 1 - 2 years Thereafter Total remaining unsatisfied performance obligations $ 156,490 $ 787,750 $ 1,742,826 The Company’s remaining performance obligations are adjusted to reflect any known project cancellations, revisions to project scope and cost, and deferrals, as appropriate. These amounts exclude estimated amounts of variable consideration which are constrained, such as builder price participation.

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	15. Leases Lessee Arrangements 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, 2023, or December 31, 2022. 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 three years to approximately 50 years, excluding extension options. 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. In June 2022, the Company sold the Outlet Collection at Riverwalk, which was subject to a ground lease, resulting in a reduction in the Company’s operating lease right-of-use assets and obligations as well as future minimum lease payments. The Company’s operating leases primarily relate to the Seaport ground leases. The Company’s leased assets and liabilities are as follows: thousands June 30, 2023 December 31, 2022 Operating lease right-of-use assets, net $ 46,250 $ 46,926 Operating lease obligations 51,866 51,321 The components of lease expense are as follows: Three Months Ended June 30, Six Months Ended June 30, thousands 2023 2022 2023 2022 Operating lease cost $ 1,709 $ 1,998 $ 3,417 $ 4,067 Variable lease costs 199 269 591 643 Total lease cost $ 1,908 $ 2,267 $ 4,008 $ 4,710 Future minimum lease payments as of June 30, 2023, are as follows: thousands Operating Leases Remainder of 2023 $ 2,661 2024 5,051 2025 3,662 2026 3,362 2027 3,353 Thereafter 243,487 Total lease payments 261,576 Less: imputed interest (209,710) Present value of lease liabilities $ 51,866 Other information related to the Company’s lessee agreements is as follows: Supplemental Condensed Consolidated Statements of Cash Flows Information Six Months Ended June 30, thousands 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows on operating leases $ 2,270 $ 3,229 Other Information June 30, 2023 June 30, 2022 Weighted-average remaining lease term (years) Operating leases 43.8 44.7 Weighted-average discount rate Operating leases 7.8 % 7.8 % Lessor Arrangements 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. Minimum rent revenues related to operating leases are as follows: Three Months Ended June 30, Six Months Ended June 30, thousands 2023 2022 2023 2022 Total minimum rent payments $ 58,282 $ 57,164 $ 116,079 $ 114,593 Total future minimum rents associated with operating leases are as follows as of June 30, 2023: thousands Total Minimum Rent Remainder of 2023 $ 121,913 2024 250,832 2025 233,411 2026 213,974 2027 202,382 Thereafter 924,205 Total $ 1,946,717 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.

Segments

Segments	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segments	16. Segments The Company has four business segments that 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. Because the Company’s four segments, Operating Assets, MPC, Seaport, and Strategic Developments, are managed separately, the Company uses different operating measures to assess operating results and allocate resources among them. The one common operating measure used to assess operating results for the Company’s business segments is earnings before tax (EBT). EBT, as it relates to each business segment, includes the revenues and expenses of each segment, as shown below. EBT excludes corporate expenses and other items that are not allocable to the segments. The Company presents EBT for each segment because the Company uses this measure, among others, internally to assess the core operating performance of the Company’s assets. 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 developed or acquired retail, office, and multi-family properties along with other real estate investments. These properties are currently generating revenues and may be redeveloped, repositioned, or sold 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 Phoenix, Arizona. – Seaport – consists of approximately 472,000 square feet of restaurant, retail, and entertainment properties situated in three primary locations in New York City: Pier 17, Historic Area/Uplands, and Tin Building as well as the 250 Water Street development, and equity interest in Jean-Georges Restaurants. – 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: thousands Operating Assets Segment MPC Segment Seaport Segment Strategic Developments Segment Total Three Months Ended June 30, 2023 Total revenues $ 121,427 $ 63,311 $ 22,804 $ 15,758 $ 223,300 Total operating expenses (54,452) (28,078) (26,665) (35,341) (144,536) Segment operating income (loss) 66,975 35,233 (3,861) (19,583) 78,764 Depreciation and amortization (40,878) (106) (10,469) (943) (52,396) Interest income (expense), net (30,285) 17,161 1,311 5,442 (6,371) Other income (loss), net (40) — (1,601) (17) (1,658) Equity in earnings (losses) from unconsolidated ventures 2,042 2,638 (10,896) 30 (6,186) Gain (loss) on sale or disposal of real estate and other assets, net (16) — — — (16) Segment EBT $ (2,202) $ 54,926 $ (25,516) $ (15,071) $ 12,137 Corporate income, expenses, and other items (31,278) Net income (loss) (19,141) Net (income) loss attributable to noncontrolling interests (2) Net income (loss) attributable to common stockholders $ (19,143) Three Months Ended June 30, 2022 Total revenues $ 118,562 $ 108,110 $ 28,176 $ 21,846 $ 276,694 Total operating expenses (51,349) (45,136) (29,066) (25,679) (151,230) Segment operating income (loss) 67,213 62,974 (890) (3,833) 125,464 Depreciation and amortization (38,999) (92) (7,720) (1,345) (48,156) Interest income (expense), net (21,318) 11,783 1,319 2,528 (5,688) Other income (loss), net (309) 23 (43) 946 617 Equity in earnings (losses) from unconsolidated ventures 2,591 (3,422) (5,239) (22) (6,092) Gain (loss) on sale or disposal of real estate and other assets, net 4,018 — — — 4,018 Gain (loss) on extinguishment of debt (363) — — — (363) Segment EBT $ 12,833 $ 71,266 $ (12,573) $ (1,726) $ 69,800 Corporate income, expenses, and other items (48,368) Net income (loss) 21,432 Net (income) loss attributable to noncontrolling interests 132 Net income (loss) attributable to common stockholders $ 21,564 Six Months Ended June 30, 2023 Total revenues $ 222,352 $ 140,324 $ 34,701 $ 22,198 $ 419,575 Total operating expenses (102,051) (62,429) (45,581) (46,400) (256,461) Segment operating income (loss) 120,301 77,895 (10,880) (24,202) 163,114 Depreciation and amortization (80,510) (213) (20,996) (1,886) (103,605) Interest income (expense), net (59,196) 32,973 2,497 7,505 (16,221) Other income (loss), net 2,242 (103) (1,600) 77 616 Equity in earnings (losses) from unconsolidated ventures 3,947 6,746 (21,716) 35 (10,988) Gain (loss) on sale or disposal of real estate and other assets, net 4,714 — — — 4,714 Segment EBT $ (8,502) $ 117,298 $ (52,695) $ (18,471) $ 37,630 Corporate income, expenses, and other items (79,398) Net income (loss) (41,768) Net (income) loss attributable to noncontrolling interests (120) Net income (loss) attributable to common stockholders $ (41,888) thousands Operating Assets Segment MPC Segment Seaport Segment Strategic Developments Segment Total Six Months Ended June 30, 2022 Total revenues $ 218,249 $ 188,802 $ 37,552 $ 42,302 $ 486,905 Total operating expenses (97,964) (82,032) (47,925) (43,756) (271,677) Segment operating income (loss) 120,285 106,770 (10,373) (1,454) 215,228 Depreciation and amortization (77,429) (182) (15,543) (2,677) (95,831) Interest income (expense), net (41,436) 22,205 1,272 6,517 (11,442) Other income (loss), net (478) 23 307 461 313 Equity in earnings (losses) from unconsolidated ventures 17,766 2,128 (8,950) 876 11,820 Gain (loss) on sale or disposal of real estate and other assets, net 4,018 — — (9) 4,009 Gain (loss) on extinguishment of debt (645) — — — (645) Segment EBT $ 22,081 $ 130,944 $ (33,287) $ 3,714 $ 123,452 Corporate income, expenses, and other items (99,849) Net income (loss) 23,603 Net (income) loss attributable to noncontrolling interests 83 Net income (loss) attributable to common stockholders $ 23,686 The assets by segment and the reconciliation of total segment assets to Total assets in the Condensed Consolidated Balance Sheets are summarized as follows: thousands June 30, 2023 December 31, 2022 Operating Assets $ 3,424,379 $ 3,448,823 Master Planned Communities 3,330,842 3,272,655 Seaport 1,163,585 1,166,950 Strategic Developments 1,550,975 1,359,180 Total segment assets 9,469,781 9,247,608 Corporate 299,634 355,855 Total assets $ 9,769,415 $ 9,603,463

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Restricted Cash	Restricted Cash Restricted cash reflects amounts segregated in escrow accounts in the name of the Company, primarily related to escrowed condominium deposits by buyers and other amounts related to taxes, insurance, and legally restricted security deposits and leasing costs
Accounts Receivable, net	Accounts Receivable, net Accounts receivable, net includes straight-line rent receivables, tenant receivables, and other receivables. On a quarterly basis, management reviews straight-line rent receivables and tenant receivables for collectability. As required under Accounting Standards Codification (ASC) 842 Leases , this analysis includes a review of past due accounts and considers factors such as the credit quality of tenants, current economic conditions, and changes in customer payment trends. When full collection of a lease receivable or future lease payment is deemed to be not probable, a reserve for the receivable balance is charged against rental revenue and future rental revenue is recognized on a cash basis. The Company also records reserves for estimated losses under ASC 450 Contingencies if the estimated loss amount is probable and can be reasonably estimated.
Use of Estimates	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, the allocation of capitalized 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, and the fair value of warrants, 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.
Noncontrolling Interests	Noncontrolling Interests As of June 30, 2023, and December 31, 2022, noncontrolling interests primarily related to the 12.0% noncontrolling interest in Teravalis and the noncontrolling interest in the Ward Village Homeowners’ Associations (HOAs). All revenues and expenses related to the HOAs are attributable to noncontrolling interests and do not impact net income attributable to common stockholders. Refer to Note 3 - Acquisitions and Dispositions for additional information on Teravalis.
Financial Instruments - Credit Losses	Financial Instruments - Credit Losses 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 amortized cost basis of financing receivables, consisting primarily of MUD receivables, totaled $622.3 million as of June 30, 2023, and $545.4 million as of December 31, 2022. The MUD receivable balance included accrued interest of $42.5 million as of June 30, 2023, and $36.4 million as of December 31, 2022. There has been no material activity in the allowance for credit losses for financing receivables for the six months ended June 30, 2023, and 2022. Financing receivables are considered to be past due once they are 30 days contractually past due under the terms of the agreement. The Company does not have significant 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.
Recently Issued Accounting Standards	Recently Issued Accounting Standards The following is a summary of recently issued accounting pronouncements which relate to the Company’s business. ASU 2020-04, Reference Rate Reform When certain conditions are met, the amendments in this Update provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued because of reference rate reform. The amendments in this Update were initially effective as of March 12, 2020, through December 31, 2022. On December 21, 2022, the FASB issued Accounting Standards Update (ASU) 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , which extends the period entities can utilize the reference rate reform relief guidance under ASU 2020-04, from December 31, 2022, to December 31, 2024. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. 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. The 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 through the effective date of December 31, 2024.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of accounts receivable, net	The following table represents the components of Accounts receivable, net of amounts considered uncollectible, in the accompanying Condensed Consolidated Balance Sheets: thousands June 30, 2023 December 31, 2022 Straight-line rent receivables $ 85,322 $ 84,145 Tenant receivables 9,651 12,044 Other receivables 9,421 7,248 Accounts receivable, net (a) $ 104,394 $ 103,437 (a) As of June 30, 2023, the total reserve balance for amounts considered uncollectible was $10.3 million, comprised of $7.3 million related to ASC 842 and $3.0 million related to ASC 450. As of December 31, 2022, the total reserve balance was $8.9 million, comprised of $3.4 million related to ASC 842 and $5.5 million related to ASC 450.
Summary of impacts of the ASC 842 and ASC 450 reserves in the accompanying condensed consolidated statement of operations	The following table summarizes the impacts of the ASC 842 and ASC 450 reserves in the accompanying Condensed Consolidated Statements of Operations: Three Months Ended June 30, Six Months Ended June 30, thousands Income Statement Location 2023 2022 2023 2022 ASC 842 reserve Rental revenue $ 1,644 $ (3,803) $ 4,537 $ (4,037) ASC 450 reserve Provision for (recovery of) doubtful accounts (26) 1,288 (2,446) 2,132 Total (income) expense impact $ 1,618 $ (2,515) $ 2,091 $ (1,905)

Investments in Unconsolidated_2

Investments in Unconsolidated Ventures (Tables)	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Summary of equity of investments in real estate and other affiliates	Investments in unconsolidated ventures consist of the following: Ownership Interest (a) Carrying Value Share of Earnings/Dividends June 30, December 31, June 30, December 31, Three Months Ended June 30, Six Months Ended June 30, thousands except percentages 2023 2022 2023 2022 2023 2022 2023 2022 Equity Method Investments Operating Assets: 110 North Wacker — % — % $ — $ — $ — $ (102) $ — $ 4,914 The Metropolitan Downtown Columbia (b) 50 % 50 % — — 715 674 390 2,948 Stewart Title of Montgomery County, TX 50 % 50 % 3,674 4,217 91 459 56 712 Woodlands Sarofim #1 20 % 20 % 3,049 3,029 6 (24) 19 (15) m.flats/TEN.M (c) 50 % 50 % — — 1,230 1,584 449 4,569 Master Planned Communities: The Summit (d) 50 % 50 % 47,670 49,368 3,117 (3,270) 7,747 2,352 Floreo (e) 50 % 50 % 57,000 58,001 (479) (152) (1,001) (224) Seaport: The Lawn Club (d) 50 % 50 % 2,553 2,553 — — — — Ssäm Bar (Momofuku) (d)(e) 50 % 50 % 5,478 5,551 (105) (155) (503) (257) Tin Building by Jean-Georges (d)(e) 65 % 65 % 12,781 6,935 (10,649) (5,590) (20,857) (9,199) Jean-Georges Restaurants 25 % 25 % 45,772 45,626 (142) 506 (356) 506 Strategic Developments: HHMK Development 50 % 50 % 10 10 — — — — KR Holdings 50 % 50 % 485 485 — — — 814 West End Alexandria (d) 58 % 58 % 56,653 56,617 30 (22) 35 62 235,125 232,392 (6,186) (6,092) (14,021) 7,182 Other equity investments (f) 13,779 13,779 — — 3,033 4,638 Investments in unconsolidated ventures $ 248,904 $ 246,171 $ (6,186) $ (6,092) $ (10,988) $ 11,820 (a) Ownership interests presented reflect the Company’s stated ownership interest or if applicable, the Company’s final profit-sharing interest after receipt of any preferred returns based on the venture’s distribution priorities. (b) The Metropolitan Downtown Columbia was in a deficit position of $9.4 million at June 30, 2023, and $9.0 million at December 31, 2022, and presented in Accounts payable and other liabilities in the Condensed Consolidated Balance Sheets. (c) M.flats/TEN.M was in a deficit position of $2.5 million at June 30, 2023, and $1.8 million at December 31, 2022, and presented in Accounts payable and other liabilities in the Condensed Consolidated Balance Sheets. (d) For these equity method investments, various provisions in the venture operating agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses, and preferred returns may result in the Company’s economic interest differing from its stated interest or final profit-sharing interest. For these investments, the Company recognizes income or loss based on the venture’s distribution priorities, which could fluctuate over time and may be different from its stated ownership or final profit-sharing interest. (e) Classified as a VIE; however, the Company is not the primary beneficiary and accounts for its investment in accordance with the equity method. Refer to discussion below for additional information. (f) Other equity investments represent 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 or cumulatively. As of June 30, 2023, Other equity investments primarily includes $10.0 million of warrants, which represents cash paid by the Company for the option to acquire additional ownership interest in Jean-Georges Restaurants. Refer to discussion below for additional details.

Other Assets and Liabilities (T

Other Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
OTHER ASSETS AND LIABILITIES [Abstract]
Summary of the significant components of other assets	The following table summarizes the significant components of other assets: thousands June 30, 2023 December 31, 2022 Special Improvement District receivable, net $ 62,126 $ 64,091 Security, escrow, and other deposits 56,647 48,578 In-place leases, net 37,576 39,696 Interest rate derivative assets 25,087 30,860 Intangibles, net 23,532 25,170 Prepaid expenses 21,406 18,806 Other 13,939 12,555 Condominium inventory 11,878 22,452 Tenant incentives and other receivables, net 8,474 8,252 Net investment in lease receivable 2,887 2,895 TIF receivable, net 2,479 1,893 Notes receivable, net 1,084 3,339 Other assets, net $ 267,115 $ 278,587
Summary of the significant components of accounts payable and other liabilities	The following table summarizes the significant components of Accounts payable and other liabilities: thousands June 30, 2023 December 31, 2022 Condominium deposit liabilities $ 470,992 $ 390,253 Construction payables 242,549 260,257 Deferred income 80,512 85,006 Accrued interest 52,331 49,156 Accrued real estate taxes 32,335 37,835 Accounts payable and accrued expenses 27,300 36,174 Tenant and other deposits 26,482 26,100 Other 18,205 28,856 Accrued payroll and other employee liabilities 16,857 30,874 Accounts payable and other liabilities $ 967,563 $ 944,511

Mortgages, Notes and Loans Pa_2

Mortgages, Notes and Loans Payable, Net (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Summary and activity for mortgages, notes and loans payable	Mortgages, notes, and loans payable, net are summarized as follows: thousands June 30, 2023 December 31, 2022 Fixed-rate debt Senior unsecured notes $ 2,050,000 $ 2,050,000 Secured mortgages payable 1,495,097 1,500,841 Special Improvement District bonds 59,021 59,777 Variable-rate debt (a) Secured Bridgeland Notes 342,000 275,000 Secured mortgages payable 1,050,080 916,570 Unamortized deferred financing costs (b) (50,452) (55,005) Mortgages, notes, and loans payable, net $ 4,945,746 $ 4,747,183 (a) The Company has entered into derivative instruments to manage the variable interest rate exposure. See Note 8 - Derivative Instruments and Hedging Activities for additional information. (b) Deferred financing costs are amortized to interest expense over the initial contractual term of the respective financing agreements using the effective interest method (or other methods which approximate the effective interest method).
Schedule of senior unsecured note	The following table summarizes the Company’s senior unsecured notes by issuance date: $ in thousands Principal Maturity Date Interest Rate August 2020 $ 750,000 August 2028 5.375% February 2021 650,000 February 2029 4.125% February 2021 650,000 February 2031 4.375% Senior unsecured notes $ 2,050,000
Schedule of secured mortgages payable	The following table summarizes the Company’s Secured mortgages payable: June 30, 2023 December 31, 2022 $ in thousands Principal Range of Interest Rates Weighted-average Interest Rate Weighted-average Years to Maturity Principal Range of Interest Rates Weighted-average Interest Rate Weighted-average Years to Maturity Fixed rate (a) $ 1,495,097 3.13% - 7.67% 4.39 % 7.6 $ 1,500,841 3.13% - 7.67% 4.39 % 8.1 Variable rate (b) 1,050,080 6.78% - 13.69% 8.27 % 2.6 916,570 6.05% - 9.39% 7.36 % 3.2 Secured mortgages payable $ 2,545,177 3.13% - 13.69% 5.99 % 5.5 $ 2,417,411 3.13% - 9.39% 5.51 % 6.2 (a) Interest rates presented are based upon the coupon rates of the Company’s fixed-rate debt obligations. (b) Interest rates presented are based on the applicable reference interest rates as of June 30, 2023, and December 31, 2022, excluding the effects of interest rate derivatives.

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Summary of assets measured at fair value on a recurring basis	The following table presents the fair value measurement hierarchy levels required under ASC 820 for the Company’s assets that are measured at fair value on a recurring basis. The Company does not have any liabilities that are measured at a fair value on a recurring basis for the periods presented: June 30, 2023 December 31, 2022 Fair Value Measurements Using Fair Value Measurements Using thousands Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Interest rate derivative assets $ 25,087 $ — $ 25,087 $ — $ 30,860 $ — $ 30,860 $ —
Summary of assets and liabilities not 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, 2023 December 31, 2022 thousands Fair Value Hierarchy Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets: Cash and Restricted cash Level 1 $ 843,152 $ 843,152 $ 1,098,937 $ 1,098,937 Accounts receivable, net (a) Level 3 104,394 104,394 103,437 103,437 Notes receivable, net (b) Level 3 1,084 1,084 3,339 3,339 Liabilities: Fixed-rate debt (c) Level 2 3,604,118 3,269,252 3,610,618 3,298,859 Variable-rate debt (c) Level 2 1,392,080 1,392,080 1,191,570 1,191,570 (a) Accounts receivable, net is shown net of an allowance of $10.3 million at June 30, 2023, and $8.9 million at December 31, 2022. Refer to Note 1 - Summary of Significant Accounting Policies for additional information on the allowance. (b) Notes receivable, net is shown net of an immaterial allowance at June 30, 2023, and December 31, 2022. (c) Excludes related unamortized financing costs.

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of the notional and fair value of derivative financial instruments	The following table summarizes certain terms of the Company’s derivative contracts. The Company reports derivative assets in Other assets, net and derivative liabilities in Accounts payable and other liabilities. Fair Value Asset (Liability) thousands Notional Amount Fixed Interest Rate (a) Effective Date Maturity Date June 30, 2023 December 31, 2022 Derivative instruments not designated as hedging instruments: (b) Interest rate cap $ 285,000 2.00 % 3/12/2021 9/15/2023 $ 1,980 $ 5,748 Interest rate cap 83,200 2.00 % 3/12/2021 9/15/2023 578 1,677 Interest rate cap 75,000 2.50 % 10/12/2021 9/29/2025 3,609 3,791 Interest rate cap 59,500 2.50 % 10/12/2021 9/29/2025 2,863 3,007 Interest rate collar 368 2.00% - 4.50% 6/1/2023 6/1/2025 1,092 — Interest rate collar 23,126 2.00% - 4.50% 6/1/2023 6/1/2025 1,207 — Derivative instruments designated as hedging instruments: Interest rate swap $ 615,000 2.98 % 9/21/2018 9/18/2023 $ 3,130 $ 8,262 Interest rate swap 200,000 3.69 % 1/3/2023 1/1/2027 2,980 978 Interest rate cap 127,000 5.50 % 11/10/2022 11/7/2024 448 378 Interest rate cap 75,000 5.00 % 12/22/2022 12/21/2025 799 655 Interest rate swap 40,800 1.68 % 3/1/2022 2/18/2027 3,405 3,321 Interest rate swap 35,081 4.89 % 11/1/2019 1/1/2032 2,996 3,043 Total fair value derivative assets $ 25,087 $ 30,860 (a) These rates represent the swap rate and cap strike rate on HHC’s interest rate swaps, caps, and collars. (b) Interest income related to these contracts was $3.3 million for the three months ended June 30, 2023, and $2.1 million for the six months ended June 30, 2023, and interest income was $2.8 million for the three months ended June 30, 2022, and $8.2 million for the six months ended June 30, 2022.
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, 2023 and 2022: Amount of Gain (Loss) Recognized in AOCI on Derivatives Derivatives in Cash Flow Hedging Relationships Three Months Ended June 30, Six Months Ended June 30, thousands 2023 2022 2023 2022 Interest rate derivatives $ 6,286 $ 5,819 $ 3,635 $ 17,561 Location of Gain (Loss) Reclassified from AOCI into Statements of Operations Amount of Gain (Loss) Reclassified from AOCI into Three Months Ended June 30, Six Months Ended June 30, thousands 2023 2022 2023 2022 Interest expense $ 3,538 $ (2,646) $ 6,217 $ (5,981)

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Summary of effective income tax rate reconciliation	Three Months Ended June 30, Six Months Ended June 30, thousands except percentages 2023 2022 2023 2022 Income tax expense (benefit) $ (15,370) $ 7,263 $ (16,648) $ 7,964 Income (loss) before income taxes (34,511) 28,695 (58,416) 31,567 Effective tax rate 44.5 % 25.3 % 28.5 % 25.2 %

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
Summary of AOCI	The following tables summarize changes in AOCI, all of which are presented net of tax: thousands Balance as of March 31, 2023 $ 5,005 Other comprehensive income (loss) before reclassifications 6,286 (Gain) loss reclassified from accumulated other comprehensive income (loss) to net income (3,538) Net current-period other comprehensive income (loss) 2,748 Balance as of June 30, 2023 $ 7,753 Balance as of March 31, 2022 $ (6,103) Other comprehensive income (loss) before reclassifications 5,819 (Gain) loss reclassified from accumulated other comprehensive income (loss) to net income 2,646 Net current-period other comprehensive income (loss) 8,465 Balance at June 30, 2022 $ 2,362 thousands Balance as of December 31, 2022 $ 10,335 Derivative instruments: Other comprehensive income (loss) before reclassifications 3,635 (Gain) loss reclassified to net income (6,217) Net current-period other comprehensive Income (loss) (2,582) Balance at June 30, 2023 $ 7,753 Balance at December 31, 2021 $ (14,457) Derivative instruments: Other comprehensive income (loss) before reclassifications 17,561 (Gain) loss reclassified to net income 5,981 Reclassification of the Company's share of previously deferred derivative gains to net income (a) (6,723) Net current-period other comprehensive income (loss) 16,819 Balance at June 30, 2022 $ 2,362 (a) In March 2022, the Company completed the sale of its ownership interest in 110 North Wacker and released a net of $6.7 million from Accumulated other comprehensive income (loss), representing the Company’s $8.6 million share of previously deferred gains associated with the Venture’s derivative instruments net of tax expense of $1.9 million. See Note 2 - Investments in Unconsolidated Ventures for additional information.
Summary of the amounts reclassified out of AOCI	The following table summarizes the amounts reclassified out of AOCI: Accumulated Other Comprehensive Amounts reclassified from Accumulated other comprehensive income (loss) Three Months Ended June 30, Six Months Ended June 30, Affected line items in the thousands 2023 2022 2023 2022 (Gains) losses on cash flow hedges $ (4,572) $ 3,437 $ (8,034) $ 7,768 Interest expense Company's share of previously deferred derivative gains — — — (8,636) Equity in earnings (losses) from unconsolidated ventures Income tax expense (benefit) 1,034 (791) 1,817 126 Income tax expense (benefit) Total reclassifications of (income) loss, net of tax $ (3,538) $ 2,646 $ (6,217) $ (742)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
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, thousands except per share amounts 2023 2022 2023 2022 Net income (loss) Net income (loss) $ (19,141) $ 21,432 $ (41,768) $ 23,603 Net (income) loss attributable to noncontrolling interests (2) 132 (120) 83 Net income (loss) attributable to common stockholders $ (19,143) $ 21,564 $ (41,888) $ 23,686 Shares Weighted-average common shares outstanding - basic 49,581 50,786 49,518 51,612 Restricted stock and stock options — 36 — 39 Weighted-average common shares outstanding - diluted 49,581 50,822 49,518 51,651 Net income (loss) per common share Basic income (loss) per share $ (0.39) $ 0.42 $ (0.85) $ 0.46 Diluted income (loss) per share $ (0.39) $ 0.42 $ (0.85) $ 0.46 Anti-dilutive shares excluded from diluted EPS Restricted stock and stock options 735 577 735 580 Warrants 88 2,103 88 2,103

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Summary of revenue disaggregated by revenue source	The following presents the Company’s revenues disaggregated by revenue source: Three Months Ended June 30, Six Months Ended June 30, thousands 2023 2022 2023 2022 Revenues from contracts with customers Recognized at a point in time: Condominium rights and unit sales $ 14,866 $ 21,420 $ 20,953 $ 41,036 Master Planned Communities land sales 42,306 84,979 101,667 146,447 Builder price participation 15,907 18,471 29,916 32,967 Total 73,079 124,870 152,536 220,450 Recognized at a point in time or over time: Other land, rental, and property revenues 46,898 47,783 65,866 67,320 Rental and lease-related revenues Rental revenue 103,339 104,055 201,203 199,164 Total revenues $ 223,316 $ 276,708 $ 419,605 $ 486,934 Revenues by segment Operating Assets revenues $ 121,427 $ 118,562 $ 222,352 $ 218,249 Master Planned Communities revenues 63,311 108,110 140,324 188,802 Seaport revenues 22,804 28,176 34,701 37,552 Strategic Developments revenues 15,758 21,846 22,198 42,302 Corporate revenues 16 14 30 29 Total revenues $ 223,316 $ 276,708 $ 419,605 $ 486,934
Summary of contract with customer, assets and liabilities	The beginning and ending balances of contract liabilities and significant activity during the periods presented are as follows: thousands Contract Liabilities Balance at December 31, 2022 $ 457,831 Consideration earned during the period (58,807) Consideration received during the period 132,527 Balance at June 30, 2023 $ 531,551 Balance at December 31, 2021 $ 431,177 Consideration earned during the period (102,087) Consideration received during the period 175,343 Balance at June 30, 2022 $ 504,433
Summary of remaining performance obligation, expected timing of satisfaction	The Company expects to recognize this amount as revenue over the following periods: thousands Less than 1 year 1 - 2 years Thereafter Total remaining unsatisfied performance obligations $ 156,490 $ 787,750 $ 1,742,826

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Summary of leased assets and liabilities	The Company’s leased assets and liabilities are as follows: thousands June 30, 2023 December 31, 2022 Operating lease right-of-use assets, net $ 46,250 $ 46,926 Operating lease obligations 51,866 51,321
Summary of components of lease expense and other information	The components of lease expense are as follows: Three Months Ended June 30, Six Months Ended June 30, thousands 2023 2022 2023 2022 Operating lease cost $ 1,709 $ 1,998 $ 3,417 $ 4,067 Variable lease costs 199 269 591 643 Total lease cost $ 1,908 $ 2,267 $ 4,008 $ 4,710 Other information related to the Company’s lessee agreements is as follows: Supplemental Condensed Consolidated Statements of Cash Flows Information Six Months Ended June 30, thousands 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows on operating leases $ 2,270 $ 3,229 Other Information June 30, 2023 June 30, 2022 Weighted-average remaining lease term (years) Operating leases 43.8 44.7 Weighted-average discount rate Operating leases 7.8 % 7.8 %
Summary of future minimum lease payments	Future minimum lease payments as of June 30, 2023, are as follows: thousands Operating Leases Remainder of 2023 $ 2,661 2024 5,051 2025 3,662 2026 3,362 2027 3,353 Thereafter 243,487 Total lease payments 261,576 Less: imputed interest (209,710) Present value of lease liabilities $ 51,866
Summary of minimum rentals	Minimum rent revenues related to operating leases are as follows: Three Months Ended June 30, Six Months Ended June 30, thousands 2023 2022 2023 2022 Total minimum rent payments $ 58,282 $ 57,164 $ 116,079 $ 114,593 Total future minimum rents associated with operating leases are as follows as of June 30, 2023: thousands Total Minimum Rent Remainder of 2023 $ 121,913 2024 250,832 2025 233,411 2026 213,974 2027 202,382 Thereafter 924,205 Total $ 1,946,717

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Summary of segment operating results	Segment operating results are as follows: thousands Operating Assets Segment MPC Segment Seaport Segment Strategic Developments Segment Total Three Months Ended June 30, 2023 Total revenues $ 121,427 $ 63,311 $ 22,804 $ 15,758 $ 223,300 Total operating expenses (54,452) (28,078) (26,665) (35,341) (144,536) Segment operating income (loss) 66,975 35,233 (3,861) (19,583) 78,764 Depreciation and amortization (40,878) (106) (10,469) (943) (52,396) Interest income (expense), net (30,285) 17,161 1,311 5,442 (6,371) Other income (loss), net (40) — (1,601) (17) (1,658) Equity in earnings (losses) from unconsolidated ventures 2,042 2,638 (10,896) 30 (6,186) Gain (loss) on sale or disposal of real estate and other assets, net (16) — — — (16) Segment EBT $ (2,202) $ 54,926 $ (25,516) $ (15,071) $ 12,137 Corporate income, expenses, and other items (31,278) Net income (loss) (19,141) Net (income) loss attributable to noncontrolling interests (2) Net income (loss) attributable to common stockholders $ (19,143) Three Months Ended June 30, 2022 Total revenues $ 118,562 $ 108,110 $ 28,176 $ 21,846 $ 276,694 Total operating expenses (51,349) (45,136) (29,066) (25,679) (151,230) Segment operating income (loss) 67,213 62,974 (890) (3,833) 125,464 Depreciation and amortization (38,999) (92) (7,720) (1,345) (48,156) Interest income (expense), net (21,318) 11,783 1,319 2,528 (5,688) Other income (loss), net (309) 23 (43) 946 617 Equity in earnings (losses) from unconsolidated ventures 2,591 (3,422) (5,239) (22) (6,092) Gain (loss) on sale or disposal of real estate and other assets, net 4,018 — — — 4,018 Gain (loss) on extinguishment of debt (363) — — — (363) Segment EBT $ 12,833 $ 71,266 $ (12,573) $ (1,726) $ 69,800 Corporate income, expenses, and other items (48,368) Net income (loss) 21,432 Net (income) loss attributable to noncontrolling interests 132 Net income (loss) attributable to common stockholders $ 21,564 Six Months Ended June 30, 2023 Total revenues $ 222,352 $ 140,324 $ 34,701 $ 22,198 $ 419,575 Total operating expenses (102,051) (62,429) (45,581) (46,400) (256,461) Segment operating income (loss) 120,301 77,895 (10,880) (24,202) 163,114 Depreciation and amortization (80,510) (213) (20,996) (1,886) (103,605) Interest income (expense), net (59,196) 32,973 2,497 7,505 (16,221) Other income (loss), net 2,242 (103) (1,600) 77 616 Equity in earnings (losses) from unconsolidated ventures 3,947 6,746 (21,716) 35 (10,988) Gain (loss) on sale or disposal of real estate and other assets, net 4,714 — — — 4,714 Segment EBT $ (8,502) $ 117,298 $ (52,695) $ (18,471) $ 37,630 Corporate income, expenses, and other items (79,398) Net income (loss) (41,768) Net (income) loss attributable to noncontrolling interests (120) Net income (loss) attributable to common stockholders $ (41,888) thousands Operating Assets Segment MPC Segment Seaport Segment Strategic Developments Segment Total Six Months Ended June 30, 2022 Total revenues $ 218,249 $ 188,802 $ 37,552 $ 42,302 $ 486,905 Total operating expenses (97,964) (82,032) (47,925) (43,756) (271,677) Segment operating income (loss) 120,285 106,770 (10,373) (1,454) 215,228 Depreciation and amortization (77,429) (182) (15,543) (2,677) (95,831) Interest income (expense), net (41,436) 22,205 1,272 6,517 (11,442) Other income (loss), net (478) 23 307 461 313 Equity in earnings (losses) from unconsolidated ventures 17,766 2,128 (8,950) 876 11,820 Gain (loss) on sale or disposal of real estate and other assets, net 4,018 — — (9) 4,009 Gain (loss) on extinguishment of debt (645) — — — (645) Segment EBT $ 22,081 $ 130,944 $ (33,287) $ 3,714 $ 123,452 Corporate income, expenses, and other items (99,849) Net income (loss) 23,603 Net (income) loss attributable to noncontrolling interests 83 Net income (loss) attributable to common stockholders $ 23,686
Summary of assets by segment and the reconciliation of total segment assets to the total assets in the condensed consolidated balance sheets	The assets by segment and the reconciliation of total segment assets to Total assets in the Condensed Consolidated Balance Sheets are summarized as follows: thousands June 30, 2023 December 31, 2022 Operating Assets $ 3,424,379 $ 3,448,823 Master Planned Communities 3,330,842 3,272,655 Seaport 1,163,585 1,166,950 Strategic Developments 1,550,975 1,359,180 Total segment assets 9,469,781 9,247,608 Corporate 299,634 355,855 Total assets $ 9,769,415 $ 9,603,463

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Accounts Receivable, Net) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 104,394	$ 103,437
Reserve for uncollectible amounts	10,300	8,900
Reserve for uncollectible amounts under ASC 842	7,300	3,400
Reserve for uncollectible amounts under ASC 450		5,500
Collectibility of receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reserve for uncollectible amounts under ASC 450	3,000
Straight-line rent receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	85,322	84,145
Tenant receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	9,651	12,044
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 9,421	$ 7,248

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Impacts of the ASC 842 and ASC 450 Reserves) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Total (income) expense impact	$ 1,618	$ (2,515)	$ 2,091	$ (1,905)
Collectibility of receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
ASC 842 reserve, rental revenue	1,644	(3,803)	4,537	(4,037)
ASC 450 reserve, provision for (recovery of) doubtful accounts	$ (26)	$ 1,288	$ (2,446)	$ 2,132

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost basis of financing receivables		$ 622.3	$ 545.4
Accrued interest on financing receivables		$ 42.5	$ 36.4
Financing receivable threshold period past due		30 days
Teravalis Acquisition
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of minimum required capital contribution	9.24%	12%	12%

Investments in Unconsolidated_3

Investments in Unconsolidated Ventures (Narrative) (Details) usdPerAcre in Thousands		1 Months Ended				3 Months Ended				6 Months Ended		12 Months Ended
	Mar. 31, 2022 USD ($)	Oct. 31, 2022 USD ($)	Jul. 31, 2022 USD ($) a customHomeSite	Apr. 30, 2022 USD ($)	Mar. 31, 2022 USD ($) hospitality	Jun. 30, 2023 USD ($) a	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($) a	Mar. 31, 2015 USD ($) usdPerAcre	Jun. 30, 2023 USD ($) a	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 a	Mar. 30, 2022 USD ($)	Dec. 31, 2015 ft²
Schedule of Investments [Line Items]
Total liabilities						$ 6,200,962,000				$ 6,200,962,000		$ 5,997,351,000
Equity in earnings (losses) from unconsolidated ventures						(6,186,000)	$ (6,092,000)			(10,988,000)	$ 11,820,000
Jean-Georges Restaurants
Schedule of Investments [Line Items]
Acquisition interest	25%				25%
Purchase price					$ 45,000,000
Number of hospitality | hospitality					40
Purchase price					$ 10,000,000
Additional interests acquired					20%
JDM Partners
Schedule of Investments [Line Items]
Acquisition interest								50%					50%
Floreo Development Holding Company, LLC
Schedule of Investments [Line Items]
Acquisition interest								50%					50%
Purchase price								$ 59,000,000
Equity Method Investments
Schedule of Investments [Line Items]
Equity Method Investments						235,125,000				235,125,000		232,392,000
Equity in earnings (losses) from unconsolidated ventures						(6,186,000)	(6,092,000)			(14,021,000)	7,182,000
Fulton Market Building
Schedule of Investments [Line Items]
Area of real estate property (in sqft) | a								20,000					20,000
Phoenix, Arizona | Floreo Development Holding Company, LLC
Schedule of Investments [Line Items]
Area of land | a								3,029					3,029
Floreo Development Holding Company, LLC
Schedule of Investments [Line Items]
Face amount		$ 165,000,000
Outstanding borrowings						65,400,000				65,400,000
Guarantee fee		$ 5,000,000
Floreo Development Holding Company, LLC | Equity Method Investments
Schedule of Investments [Line Items]
Investment in real estate and other affiliates						$ 57,000,000				$ 57,000,000
Floreo Development Holding Company, LLC | Phoenix, Arizona
Schedule of Investments [Line Items]
Area of land | a								3,029					3,029
West End Alexandria | Landmark Land Holdings
Schedule of Investments [Line Items]
Area of land | a								52					52
West End Alexandria | Alexandria
Schedule of Investments [Line Items]
Area of land | a								11					11
Foulger Pratt Development, LLC | Landmark Mall Property
Schedule of Investments [Line Items]
Area of land | a								33					33
Fair value of property contributed								$ 56,000,000
Fair value of property contributed, additional								$ 10,000,000
Seritage | Landmark Mall Property
Schedule of Investments [Line Items]
Area of land | a								19					19
Fair value of property contributed								$ 30,000,000
Over-Allotment Option
Schedule of Investments [Line Items]
Sale of stock, consideration received on transaction	$ 168,900,000			$ 22,100,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 110 North Wacker
Schedule of Investments [Line Items]
Consideration received														$ 208,600,000
Gain (loss) on disposal					$ 5,000,000
Seaport Segment
Schedule of Investments [Line Items]
Area of real estate property (in sqft) | a						472,000				472,000
Seaport Segment | Tin Building by Jean-Georges
Schedule of Investments [Line Items]
Area of real estate property (in sqft) | ft²															53,783
Development Plans | Central Plaza
Schedule of Investments [Line Items]
Area of real estate property (in sqft) | a								4,000,000					4,000,000
Area of land | a								41					41
The Lawn Club NYC, LLC
Schedule of Investments [Line Items]
Joint venture real estate, percentage funded													80%
The Lawn Club NYC, LLC | Endorphin Ventures
Schedule of Investments [Line Items]
Joint venture real estate, percentage funded													20%
Ssäm Bar | Seaport Segment | Equity Method Investments
Schedule of Investments [Line Items]
Investment in real estate and other affiliates						$ 5,500,000				$ 5,500,000
Equity Method Investments						5,478,000				5,478,000		5,551,000
Equity in earnings (losses) from unconsolidated ventures						(105,000)	(155,000)			$ (503,000)	(257,000)
Tin Building by Jean-Georges
Schedule of Investments [Line Items]
Joint venture real estate, percentage funded										100%
Ownership interest										100%
Joint venture real estate, leased										100%
Tin Building by Jean-Georges | Seaport Segment | Equity Method Investments
Schedule of Investments [Line Items]
Equity Method Investments						12,781,000				$ 12,781,000		6,935,000
Contributions made by the company										26,700,000		$ 43,100,000
Equity in earnings (losses) from unconsolidated ventures						(10,649,000)	$ (5,590,000)			(20,857,000)	$ (9,199,000)
The Summit | Equity Method Investments
Schedule of Investments [Line Items]
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 | usdPerAcre									226
Maximum contribution required to joint venture by co-venturer									$ 30,000,000
Amount contributed on maximum contribution required to joint venture by co-venture									$ 3,800,000
Area of land | a			54
Fair value of property contributed			$ 21,500,000
Equity in earnings (losses) from unconsolidated ventures			$ 13,500,000
Number of custom home sites | customHomeSite			28
Unconsolidated Properties
Schedule of Investments [Line Items]
Total liabilities						258,400,000				258,400,000
Unconsolidated Properties | Equity Method Investment, Nonconsolidated Investee or Group of Investees | HHC
Schedule of Investments [Line Items]
Total liabilities						$ 128,500,000				$ 128,500,000

IInvestments in Unconsolidated

IInvestments in Unconsolidated Ventures (Summary of Equity Investments in Real Estate and Other Affiliates) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Investments in and Advances to Affiliates [Line Items]
Investments in unconsolidated ventures	$ 248,904		$ 248,904		$ 246,171
Share of Earnings/Dividends	(6,186)	$ (6,092)	(10,988)	$ 11,820
Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Equity Method Investments	235,125		235,125		232,392
Share of Earnings/Dividends	(6,186)	(6,092)	(14,021)	7,182
Other equity investments
Investments in and Advances to Affiliates [Line Items]
Other equity investments	13,779		13,779		13,779
Share of Earnings/Dividends	0	0	3,033	4,638
The Metropolitan Downtown Columbia | Accounts Payable and Accrued Liabilities
Investments in and Advances to Affiliates [Line Items]
Investment deficit position	9,400		9,400		9,000
m.flats/TEN.M
Investments in and Advances to Affiliates [Line Items]
Investment deficit position	$ 2,500		$ 2,500		$ 1,800
Operating Assets Segment | 110 North Wacker | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	0%		0%		0%
Equity Method Investments	$ 0		$ 0		$ 0
Share of Earnings/Dividends	$ 0	(102)	$ 0	4,914
Operating Assets Segment | The Metropolitan Downtown Columbia | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%		50%		50%
Equity Method Investments	$ 0		$ 0		$ 0
Share of Earnings/Dividends	$ 715	674	$ 390	2,948
Operating Assets Segment | Stewart Title of Montgomery County, TX | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%		50%		50%
Equity Method Investments	$ 3,674		$ 3,674		$ 4,217
Share of Earnings/Dividends	$ 91	459	$ 56	712
Operating Assets Segment | Woodlands Sarofim #1 | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	20%		20%		20%
Equity Method Investments	$ 3,049		$ 3,049		$ 3,029
Share of Earnings/Dividends	$ 6	(24)	$ 19	(15)
Operating Assets Segment | m.flats/TEN.M | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%		50%		50%
Equity Method Investments	$ 0		$ 0		$ 0
Share of Earnings/Dividends	$ 1,230	1,584	$ 449	4,569
MPC Segment | The Summit | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%		50%		50%
Equity Method Investments	$ 47,670		$ 47,670		$ 49,368
Share of Earnings/Dividends	$ 3,117	(3,270)	$ 7,747	2,352
MPC Segment | Floreo | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%		50%		50%
Equity Method Investments	$ 57,000		$ 57,000		$ 58,001
Share of Earnings/Dividends	$ (479)	(152)	$ (1,001)	(224)
Seaport Segment | The Lawn Club
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%		50%		50%
Seaport Segment | The Lawn Club | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Equity Method Investments	$ 2,553		$ 2,553		$ 2,553
Share of Earnings/Dividends	$ 0	0	$ 0	0
Seaport Segment | Ssäm Bar (Momofuku)
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%		50%		50%
Seaport Segment | Ssäm Bar (Momofuku) | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Equity Method Investments	$ 5,478		$ 5,478		$ 5,551
Share of Earnings/Dividends	$ (105)	(155)	$ (503)	(257)
Seaport Segment | Tin Building by Jean-Georges
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	65%		65%		65%
Seaport Segment | Tin Building by Jean-Georges | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Equity Method Investments	$ 12,781		$ 12,781		$ 6,935
Share of Earnings/Dividends	$ (10,649)	(5,590)	$ (20,857)	(9,199)
Seaport Segment | Jean-Georges Restaurants | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	25%		25%		25%
Equity Method Investments	$ 45,772		$ 45,772		$ 45,626
Other equity investments	10,000		10,000
Share of Earnings/Dividends	$ (142)	506	$ (356)	506
Strategic Developments Segment | HHMK Development | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%		50%		50%
Equity Method Investments	$ 10		$ 10		$ 10
Share of Earnings/Dividends	$ 0	0	$ 0	0
Strategic Developments Segment | KR Holdings | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%		50%		50%
Equity Method Investments	$ 485		$ 485		$ 485
Share of Earnings/Dividends	$ 0	0	$ 0	814
Strategic Developments Segment | West End Alexandria | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	58%		58%		58%
Equity Method Investments	$ 56,653		$ 56,653		$ 56,617
Share of Earnings/Dividends	$ 30	$ (22)	$ 35	$ 62

Acquisitions and Dispositions -

Acquisitions and Dispositions - Acquisitions Narrative (Details) $ in Thousands		1 Months Ended				3 Months Ended	6 Months Ended	12 Months Ended
	May 04, 2023 USD ($) a	Aug. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($) hospitality	Oct. 31, 2021 USD ($) a	Dec. 31, 2021 USD ($) a	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Asset Acquisition [Line Items]
Total assets							$ 9,769,415	$ 9,603,463
Accounts payable and other liabilities							967,563	944,511
Noncontrolling interests							$ 65,828	$ 65,613
Phoenix, Arizona | Floreo Development Holding Company, LLC
Asset Acquisition [Line Items]
Area of land | a						3,029
Jean-Georges Restaurants
Asset Acquisition [Line Items]
Acquisition interest				25%
Purchase price				$ 45,000
Purchase price				$ 10,000
Additional interests acquired				20%
Number of hospitality | hospitality				40
Teravalis Acquisition
Asset Acquisition [Line Items]
Purchase price		$ 15,000
Additional interests acquired		2.78%
Property re-acquire, interest, percentage					50%
Percentage of minimum required capital contribution			9.24%				12%	12%
Minimum required capital contribution			$ 50,000
Ownership interest							88%
Total assets							$ 541,300
Accounts payable and other liabilities							500
Noncontrolling interests							$ 65,000
Teravalis Acquisition | Phoenix, Arizona
Asset Acquisition [Line Items]
Area of land | a					33,810
Purchase price					$ 541,000
Floreo Development Holding Company, LLC
Asset Acquisition [Line Items]
Acquisition interest						50%
Purchase price						$ 59,000
Floreo Development Holding Company, LLC | Phoenix, Arizona
Asset Acquisition [Line Items]
Area of land | a						3,029
Mill Village Center And Related Anchor Site
Asset Acquisition [Line Items]
Area of land | a	8.7
Payments to acquire real estate	$ 5,900

Acquisitions and Dispositions_2

Acquisitions and Dispositions - Dispositions Narrative (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations $ in Millions						1 Months Ended
	Jul. 06, 2023 USD ($) storageFacility storageUnit	Mar. 31, 2023 USD ($) a landParcel	Dec. 30, 2022 USD ($) a	Dec. 21, 2022 USD ($) a	Jun. 16, 2022 USD ($) a	Mar. 31, 2022 USD ($)	Mar. 30, 2022 USD ($)
110 North Wacker
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received							$ 208.6
Gain on disposal						$ 5
Honolulu, Hawai'i
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Land parcels sold | landParcel		2
Area of real estate property (in sqft) | a		11,929
Consideration received		$ 6.3
Gain on disposal		$ 4.7
The Woodlands, Texas | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received	$ 30.5
Gain on disposal	$ 16.1
Number of operating self storage facilities | storageFacility	2
Number of storage units | storageUnit	1,370
Creekside Village Green
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of real estate property (in sqft) | a			74,670
Consideration received			$ 28.4
Gain on disposal			$ 13.4
Lake Woodlands Crossing
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of real estate property (in sqft) | a				60,261
Consideration received				$ 22.5
Gain on disposal				$ 12.2
Ground lease term				99 years
Outlet Collection At Riverwalk
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of real estate property (in sqft) | a					264,080
Consideration received					$ 34
Gain on disposal					4
Transaction costs on sales of investments real estate					$ 0.5

Impairment (Details)

Impairment (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Impairment, long-lived asset	$ 0	$ 0	$ 0	$ 0
Equity method investment, impairment	$ 0	$ 0	$ 0	$ 0

Other Assets and Liabilities (O

Other Assets and Liabilities (Other Assets, Net) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Assets and Liabilities [Line Items]
Special Improvement District receivable, net	$ 62,126	$ 64,091
Security, escrow, and other deposits	56,647	48,578
Interest rate derivative assets	25,087	30,860
Intangibles, net	23,532	25,170
Prepaid expenses	21,406	18,806
Other	13,939	12,555
Condominium inventory	11,878	22,452
Tenant incentives and other receivables, net	8,474	8,252
Net investment in lease receivable	2,887	2,895
TIF receivable, net	2,479	1,893
Notes receivable, net	1,084	3,339
Other assets, net	267,115	278,587
In-place leases, net
Other Assets and Liabilities [Line Items]
In-place leases, net	$ 37,576	$ 39,696

Other Assets and Liabilities (A

Other Assets and Liabilities (Accounts Payable and Other Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
OTHER ASSETS AND LIABILITIES [Abstract]
Condominium deposit liabilities	$ 470,992	$ 390,253
Construction payables	242,549	260,257
Deferred income	80,512	85,006
Accrued interest	52,331	49,156
Accrued real estate taxes	32,335	37,835
Accounts payable and accrued expenses	27,300	36,174
Tenant and other deposits	26,482	26,100
Other	18,205	28,856
Accrued payroll and other employee liabilities	16,857	30,874
Accounts payable and other liabilities	$ 967,563	$ 944,511

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, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Unamortized deferred financing costs	$ (50,452)	$ (55,005)
Mortgages, notes, and loans payable, net	4,945,746	4,747,183
Senior Notes
Debt Instrument [Line Items]
Fixed-rate debt	2,050,000	2,050,000
Mortgages
Debt Instrument [Line Items]
Fixed-rate debt	1,495,097	1,500,841
Variable-rate debt	1,050,080	916,570
Bonds
Debt Instrument [Line Items]
Fixed-rate debt	59,021	59,777
Secured Debt
Debt Instrument [Line Items]
Variable-rate debt	$ 342,000	$ 275,000

Mortgages, Notes and Loans Pa_4

Mortgages, Notes and Loans Payable, Net (Narrative) (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($) debtInstrument	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Jul. 31, 2023 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Other assets, net	$ 267,115		$ 278,587
Weighted-average Interest Rate	6.73%		5.91%
Repayments	$ 7,341	$ 292,635
Special Improvement District bond transfers associated with land sales	0	$ 3,932,000
Refundable deposit	$ 27,500
Derivative asset, number of instruments held | debtInstrument	6
Secured Bridgeland Notes
Debt Instrument [Line Items]
Face amount	$ 67,000		$ 475,000			$ 275,000
Outstanding borrowings	$ 342,000
Number of debt instruments	7.36%		6.60%
Secured Bridgeland Notes | Subsequent Event
Debt Instrument [Line Items]
Outstanding borrowings				$ 133,000
Interest Rate Derivatives
Debt Instrument [Line Items]
Number of debt instruments	5.28%		5.28%
Senior Notes
Debt Instrument [Line Items]
Face amount	$ 2,050,000				$ 2,100,000		$ 2,100,000
Mortgages
Debt Instrument [Line Items]
Weighted-average Interest Rate	5.99%		5.51%
Outstanding borrowings	$ 134,300
Repayments	7,300
Long term debt, undrawn lender commitment	$ 1,100,000
Mortgages | Minimum
Debt Instrument [Line Items]
Range of Interest Rates	3.13%		3.13%
Mortgages | Maximum
Debt Instrument [Line Items]
Range of Interest Rates	13.69%		9.39%
Bonds
Debt Instrument [Line Items]
Special Improvement District bond transfers associated with land sales	$ 0
Special improvement district bond issued	$ 0
Bonds | Minimum | MPC Segment
Debt Instrument [Line Items]
Range of Interest Rates	4.13%
Bonds | Maximum | MPC Segment
Debt Instrument [Line Items]
Range of Interest Rates	6.05%
Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Other assets, net	$ 4,600,000

Mortgages, Notes and Loans Pa_5

Mortgages, Notes and Loans Payable, Net (Schedule of Senior Unsecured Note) (Details) - Senior Notes - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Principal	$ 2,050,000	$ 2,100,000	$ 2,100,000
Unsecured Senior Notes Due 2028
Debt Instrument [Line Items]
Principal	$ 750,000
Interest Rate	5.375%
Unsecured Senior Notes Due 2029
Debt Instrument [Line Items]
Principal	$ 650,000
Interest Rate	4.125%
Unsecured Senior Notes Due 2031
Debt Instrument [Line Items]
Principal	$ 650,000
Interest Rate	4.375%

Mortgages, Notes and Loans Pa_6

Mortgages, Notes and Loans Payable, Net (Schedule of Secured Mortgages Payable) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Weighted-average Interest Rate	6.73%	5.91%
Mortgages
Debt Instrument [Line Items]
Fixed rate	$ 1,495,097	$ 1,500,841
Variable rate	1,050,080	916,570
Secured mortgages payable	$ 2,545,177	$ 2,417,411
Fixed interest, weighted average interest rate	4.39%	4.39%
Variable interest, weighted average interest rate	8.27%	7.36%
Weighted-average Interest Rate	5.99%	5.51%
Fixed interest, weighted-average years to maturity	7 years 7 months 6 days	8 years 1 month 6 days
Variable interest, weighted-average years to maturity	260%	320%
Weighted-average Years to Maturity	5 years 6 months	6 years 2 months 12 days
Mortgages | Minimum
Debt Instrument [Line Items]
Fixed weighted-average interest rate	3.13%	3.13%
Variable weighted-average interest rate	6.78%	6.05%
Range of Interest Rates	3.13%	3.13%
Mortgages | Maximum
Debt Instrument [Line Items]
Fixed weighted-average interest rate	7.67%	7.67%
Variable weighted-average interest rate	13.69%	9.39%
Range of Interest Rates	13.69%	9.39%

Fair Value (Assets Measured on

Fair Value (Assets Measured on a Recurring Basis) (Details) - Interest Rate Swap - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative assets	$ 25,087	$ 30,860
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 assets	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative assets	25,087	30,860
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative assets	$ 0	$ 0

Fair Value (Assets and Liabilit

Fair Value (Assets and Liabilities Not Measured at Fair Value) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Assets:
Cash and Restricted cash	$ 843,152	$ 1,098,937	$ 922,624	$ 1,216,637
Liabilities:
Allowance for accounts receivable	10,300	8,900
Level 1 | Carrying Amount
Assets:
Cash and Restricted cash	843,152	1,098,937
Level 1 | Estimated Fair Value
Assets:
Cash and Restricted cash	843,152	1,098,937
Level 3 | Carrying Amount
Assets:
Accounts receivable, net	104,394	103,437
Notes receivable, net	1,084	3,339
Level 3 | Estimated Fair Value
Assets:
Accounts receivable, net	104,394	103,437
Notes receivable, net	1,084	3,339
Level 2 | Carrying Amount
Liabilities:
Fixed-rate debt	3,604,118	3,610,618
Variable-rate debt	1,392,080	1,191,570
Level 2 | Estimated Fair Value
Liabilities:
Fixed-rate debt	3,269,252	3,298,859
Variable-rate debt	$ 1,392,080	$ 1,191,570

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities (Narrative) (Details) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) derivative	Dec. 31, 2022 derivative
Derivative [Line Items]
Interest rate swap agreements settled | derivative	0	0
Interest Rate Swap | Derivative instruments designated as hedging instruments:
Derivative [Line Items]
Gain on derivative expected amount to be reclassified	$ 6.9
Credit Risk Contract
Derivative [Line Items]
Derivative liability fair value gross	$ 0

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities (Summary of the Notional Amount and Fair Value of Derivatives) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Fair value of derivative instruments
Total fair value derivative assets	$ 25,087		$ 25,087		$ 30,860
Derivative instruments not designated as hedging instruments
Fair value of derivative instruments
Other Income	3,300	$ 2,800	2,100	$ 8,200
Fixed Interest Rate 2.00%, Maturing September 2023 | Interest rate cap | Derivative instruments not designated as hedging instruments | Other assets, net
Fair value of derivative instruments
Notional amount, asset	$ 285,000		$ 285,000
Derivative, fixed interest rate	2%		2%
Total fair value derivative assets	$ 1,980		$ 1,980		5,748
Fixed Interest Rate 2.00%, Maturing September 2023 | Interest rate cap | Derivative instruments not designated as hedging instruments | Other assets, net
Fair value of derivative instruments
Notional amount, asset	$ 83,200		$ 83,200
Derivative, fixed interest rate	2%		2%
Total fair value derivative assets	$ 578		$ 578		1,677
Fixed Interest Rate 2.50 Percent, Maturing September 2025, Notional 75Million | Interest rate cap | Derivative instruments not designated as hedging instruments | Other assets, net
Fair value of derivative instruments
Notional amount, asset	$ 75,000		$ 75,000
Derivative, fixed interest rate	2.50%		2.50%
Total fair value derivative assets	$ 3,609		$ 3,609		3,791
Fixed Interest Rate 2.50 Percent, Maturing September 2025, Notional 59.5 Million | Interest rate cap | Derivative instruments not designated as hedging instruments | Other assets, net
Fair value of derivative instruments
Notional amount, asset	$ 59,500		$ 59,500
Derivative, fixed interest rate	2.50%		2.50%
Total fair value derivative assets	$ 2,863		$ 2,863		3,007
Fixed Interest Rate 2.00 To 4.50 Percent, Maturing June 2025, Notional 1 | Interest rate collar | Derivative instruments not designated as hedging instruments | Other assets, net
Fair value of derivative instruments
Notional amount, asset	368		368
Total fair value derivative assets	$ 1,092		$ 1,092		0
Fixed Interest Rate 2.00 To 4.50 Percent, Maturing June 2025, Notional 1 | Interest rate collar | Derivative instruments not designated as hedging instruments | Other assets, net | Minimum
Fair value of derivative instruments
Derivative, fixed interest rate	2%		2%
Fixed Interest Rate 2.00 To 4.50 Percent, Maturing June 2025, Notional 1 | Interest rate collar | Derivative instruments not designated as hedging instruments | Other assets, net | Maximum
Fair value of derivative instruments
Derivative, fixed interest rate	4.50%		4.50%
Fixed Interest Rate 2.00 To 4.50 Percent, Maturing June 2025, Notional 2 | Interest rate collar | Derivative instruments not designated as hedging instruments | Other assets, net
Fair value of derivative instruments
Notional amount, asset	$ 23,126		$ 23,126
Total fair value derivative assets	$ 1,207		$ 1,207		0
Fixed Interest Rate 2.00 To 4.50 Percent, Maturing June 2025, Notional 2 | Interest rate collar | Derivative instruments not designated as hedging instruments | Other assets, net | Minimum
Fair value of derivative instruments
Derivative, fixed interest rate	2%		2%
Fixed Interest Rate 2.00 To 4.50 Percent, Maturing June 2025, Notional 2 | Interest rate collar | Derivative instruments not designated as hedging instruments | Other assets, net | Maximum
Fair value of derivative instruments
Derivative, fixed interest rate	4.50%		4.50%
Fixed Interest Rate 2.96%, Maturing September 2023 | Interest rate swap | Derivative instruments designated as hedging instruments: | Accounts payable and other liabilities
Fair value of derivative instruments
Notional amount, liability	$ 615,000		$ 615,000
Derivative, fixed interest rate	2.98%		2.98%
Total fair value derivative liabilities	$ 3,130		$ 3,130		8,262
Fixed Interest Rate 3.69 Maturing January 2027 | Interest rate swap | Derivative instruments designated as hedging instruments: | Accounts payable and other liabilities
Fair value of derivative instruments
Notional amount, liability	$ 200,000		$ 200,000
Derivative, fixed interest rate	3.69%		3.69%
Total fair value derivative liabilities	$ 2,980		$ 2,980		978
Fixed Interest Rate 5.50%, Maturing November 2024 | Interest rate cap | Derivative instruments designated as hedging instruments: | Other assets, net
Fair value of derivative instruments
Notional amount, liability	$ 127,000		$ 127,000
Derivative, fixed interest rate	5.50%		5.50%
Total fair value derivative assets	$ 448		$ 448		378
Fixed Interest Rate 5.00 Maturing December 2025 | Interest rate cap | Derivative instruments designated as hedging instruments: | Other assets, net
Fair value of derivative instruments
Notional amount, liability	$ 75,000		$ 75,000
Derivative, fixed interest rate	5%		5%
Total fair value derivative assets	$ 799		$ 799		655
Fixed Interest Rate 1.68 Maturing February 2027 | Interest rate swap | Derivative instruments designated as hedging instruments: | Accounts payable and other liabilities
Fair value of derivative instruments
Notional amount, liability	$ 40,800		$ 40,800
Derivative, fixed interest rate	1.68%		1.68%
Total fair value derivative liabilities	$ 3,405		$ 3,405		3,321
Fixed Interest Rate 4.89 Maturing January 2032 | Interest rate swap | Derivative instruments designated as hedging instruments: | Accounts payable and other liabilities
Fair value of derivative instruments
Notional amount, liability	$ 35,081		$ 35,081
Derivative, fixed interest rate	4.89%		4.89%
Total fair value derivative liabilities	$ 2,996		$ 2,996		$ 3,043

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Interest expense
Effect of the Company's derivative financial instruments on the income statement
Amount of Gain (Loss) Reclassified from AOCI into Statements of Operations	$ 3,538	$ (2,646)	$ 6,217	$ (5,981)
Interest Rate Swap
Effect of the Company's derivative financial instruments on the income statement
Amount of Gain (Loss) Recognized in AOCI on Derivatives	$ 6,286	$ 5,819	$ 3,635	$ 17,561

Commitments and Contingencies (

Commitments and Contingencies (Details)		1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 14, 2018 individualOrEntitie party	Oct. 31, 2022 USD ($)	Jun. 30, 2023 USD ($) tower	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) tower	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Number of individuals or entities on petition | individualOrEntitie	500
Number of unaffiliated parties | party	2
Loss contingency accrual for estimated repair costs							$ 5,500,000
Outstanding letters of credit			$ 3,900,000		$ 3,900,000		2,100,000
Amount of outstanding surety bonds			389,000,000		389,000,000		$ 346,300,000
Contractual rent expense			$ 1,400,000	$ 1,700,000	$ 2,700,000	$ 3,200,000
Guarantor obligations, reserved percentage of residential units					20%
Guarantor obligations, number of towers reserved | tower			4		4
Bond Financing
Loss Contingencies [Line Items]
Face amount		$ 165,000,000
Long-term debt outstanding			$ 65,400,000		$ 65,400,000
Debt instrument, loan-to-value ratio threshold		50%
Cash collateral for borrowed securities		$ 50,000,000
Proceeds from issuance of debt		5,000,000
Floreo | Bond Financing
Loss Contingencies [Line Items]
Noncontrolling Interest in Joint Ventures		$ 0.50
Waiea
Loss Contingencies [Line Items]
Remediation cost			155,400,000		155,400,000
Additional anticipated costs					16,100,000
Loss contingency accrual for estimated repair costs			$ 16,000,000		$ 16,000,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (15,370)	$ 7,263	$ (16,648)	$ 7,964
Income (loss) before income taxes	$ (34,511)	$ 28,695	$ (58,416)	$ 31,567
Effective tax rate	44.50%	25.30%	28.50%	25.20%

Warrants (Details)

Warrants (Details) - Management Warrants - USD ($) $ / shares in Units, $ in Millions	Oct. 31, 2019	Dec. 31, 2017
Chief Executive Officer
Class of Warrant or Right [Line Items]
Number of shares called by warrants (in shares)		1,965,409
Total warrant price		$ 50
Exercise price (in dollars per share)	$ 124.64
President
Class of Warrant or Right [Line Items]
Number of shares called by warrants (in shares)		87,951
Total warrant price		$ 2
Exercise price (in dollars per share)	$ 117.01

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Summary of Changes in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
		Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative instruments:
Balance at the beginning of the period			$ 3,582,523	$ 3,553,398	$ 3,606,112	$ 3,710,670
Other comprehensive income (loss) before reclassifications			6,286	5,819	3,635	17,561
(Gain) loss reclassified from accumulated other comprehensive income (loss) to net income			(3,538)	2,646	(6,217)	5,981
Reclassification of the Company's share of previously deferred derivative gains to net income	[1]		0	0	0	(6,723)
Net current-period other comprehensive Income (loss)			2,748	8,465	(2,582)	16,819
Balance at the end of the period		$ 3,553,398	3,568,453	3,443,801	3,568,453	3,443,801
Equity in earnings (losses) from unconsolidated ventures			(6,186)	(6,092)	(10,988)	11,820
Share of investee's other comprehensive income, tax expense (benefit)		1,900			1,900	1,912
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 110 North Wacker
Derivative instruments:
AOCI, reclassification of cash flow hedge		6,700
Equity in earnings (losses) from unconsolidated ventures		8,600
AOCI Attributable to Parent
Derivative instruments:
Balance at the beginning of the period			5,005	(6,103)	10,335	(14,457)
Balance at the end of the period		$ (6,103)	$ 7,753	$ 2,362	$ 7,753	$ 2,362
[1] In March 2022, the Company completed the sale of its ownership interest in 110 North Wacker and released a net of $6.7 million from Accumulated other comprehensive income (loss), representing the Company’s $8.6 million share of previously deferred gains associated with the Venture’s derivative instruments net of tax expense of $1.9 million. See Note 2 - Investments in Unconsolidated Ventures for additional information.

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) (Summary of Amounts Reclassified Out of AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Reclassifications out of accumulated other comprehensive income (loss)
(Gains) losses on cash flow hedges	$ 33,947	$ 28,152	$ 72,084	$ 55,590
Equity in earnings (losses) from unconsolidated ventures	(6,186)	(6,092)	(10,988)	11,820
Income tax expense (benefit)	(15,370)	7,263	(16,648)	7,964
Total reclassifications of (income) loss, net of tax	19,141	(21,432)	41,768	(23,603)
Amounts reclassified from Accumulated other comprehensive income (loss)
Reclassifications out of accumulated other comprehensive income (loss)
Total reclassifications of (income) loss, net of tax	(3,538)	2,646	(6,217)	(742)
Accumulated Other Comprehensive Income (Loss) Components | Amounts reclassified from Accumulated other comprehensive income (loss)
Reclassifications out of accumulated other comprehensive income (loss)
(Gains) losses on cash flow hedges	(4,572)	3,437	(8,034)	7,768
Equity in earnings (losses) from unconsolidated ventures	0	0	0	(8,636)
Income tax expense (benefit)	$ 1,034	$ (791)	$ 1,817	$ 126

Earnings Per Share (Information

Earnings Per Share (Information Related to EPS Calculation) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net income (loss)
Net income (loss)	$ (19,141)	$ 21,432	$ (41,768)	$ 23,603
Net (income) loss attributable to noncontrolling interests	(2)	132	(120)	83
Net income (loss) attributable to common stockholders, basic	(19,143)	21,564	(41,888)	23,686
Net income (loss) attributable to common stockholders, diluted	$ (19,143)	$ 21,564	$ (41,888)	$ 23,686
Shares
Weighted-average common shares outstanding - basic (in shares)	49,581,000	50,786,000	49,518,000	51,612,000
Restricted stock and stock options (in shares)	0	36,000	0	39,000
Weighted-average common shares outstanding - diluted (in shares)	49,581,000	50,822,000	49,518,000	51,651,000
Net income (loss) per common share
Basic income (loss) per share (in dollars per share)	$ (0.39)	$ 0.42	$ (0.85)	$ 0.46
Diluted income (loss) per share (in dollars per share)	$ (0.39)	$ 0.42	$ (0.85)	$ 0.46
Restricted stock and stock options
Anti-dilutive shares excluded from diluted EPS
Anti-dilutive shares excluded from diluted EPS (in shares)	735,000	577,000	735,000	580,000
Warrants
Anti-dilutive shares excluded from diluted EPS
Anti-dilutive shares excluded from diluted EPS (in shares)	88,000	2,103,000	88,000	2,103,000

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Jun. 30, 2023	Oct. 31, 2021
Antidilutive securities excluded from computation of diluted earnings per share
Common stock, par value (in dollars per share)			$ 0.01	$ 0.01
2021 Share Repurchase Program
Antidilutive securities excluded from computation of diluted earnings per share
Treasury stock, shares, acquired (in shares)	1,579,646	1,023,284
Common stock, par value (in dollars per share)		$ 0.01
Shares repurchased, value	$ 153,400,000	$ 96,600,000
Average cost per share (in dollars per share)	$ 97.10	$ 94.42
2021 Share Repurchase Program | Common Stock
Antidilutive securities excluded from computation of diluted earnings per share
Stock repurchase program, authorized amount					$ 250,000,000
2022 Share Repurchase Program
Antidilutive securities excluded from computation of diluted earnings per share
Stock repurchase program, authorized amount	$ 250,000,000
Treasury stock, shares, acquired (in shares)			2,704,228
Shares repurchased, value			$ 235,000,000
Average cost per share (in dollars per share)			$ 86.90

Revenues (Schedule of Disaggreg

Revenues (Schedule of Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Rental revenue	$ 103,339	$ 104,055	$ 201,203	$ 199,164
Total revenues	223,316	276,708	419,605	486,934
Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	73,079	124,870	152,536	220,450
Operating Assets revenues
Disaggregation of Revenue [Line Items]
Total revenues	121,427	118,562	222,352	218,249
Master Planned Communities revenues
Disaggregation of Revenue [Line Items]
Total revenues	63,311	108,110	140,324	188,802
Seaport revenues
Disaggregation of Revenue [Line Items]
Total revenues	22,804	28,176	34,701	37,552
Strategic Developments revenues
Disaggregation of Revenue [Line Items]
Total revenues	15,758	21,846	22,198	42,302
Corporate revenues
Disaggregation of Revenue [Line Items]
Total revenues	16	14	30	29
Condominium rights and unit sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	14,866	21,420	20,953	41,036
Condominium rights and unit sales | Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	14,866	21,420	20,953	41,036
Master Planned Communities land sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	42,306	84,979	101,667	146,447
Master Planned Communities land sales | Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	42,306	84,979	101,667	146,447
Builder price participation
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	15,907	18,471	29,916	32,967
Builder price participation | Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	15,907	18,471	29,916	32,967
Other land, rental, and property revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	46,898	47,783	65,866	67,320
Other land, rental, and property revenues | Recognized at a point in time or over time:
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 46,898	$ 47,783	$ 65,866	$ 67,320

Revenues (Schedule of Contract

Revenues (Schedule of Contract with Customer, Assets and Liabilities) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Contract Liabilities
Beginning balance	$ 457,831	$ 431,177
Consideration earned during the period	(58,807)	(102,087)
Consideration received during the period	132,527	175,343
Ending balance	$ 531,551	$ 504,433

Revenues (Schedule of Remaining

Revenues (Schedule of Remaining Unsatisfied Performance Obligations) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, cancellation period	30 days
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 2,700,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 156,490
Remaining performance obligation, expected timing of satisfaction period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 787,750
Remaining performance obligation, expected timing of satisfaction period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1,742,826
Remaining performance obligation, expected timing of satisfaction period

Leases (Narrative) (Details)

Leases (Narrative) (Details)	6 Months Ended
	Jun. 30, 2023
Lessee, Lease, Description [Line Items]
Lessee, remaining lease term	3 years
Lessor, average remaining lease term	5 years
One Lease
Lessee, Lease, Description [Line Items]
Lessee, remaining lease term	50 years

Leases (Leased Assets and Liabi

Leases (Leased Assets and Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease right-of-use assets, net	$ 46,250	$ 46,926
Operating lease obligations	$ 51,866	$ 51,321

Leases (Lease Costs) (Details)

Leases (Lease Costs) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease cost	$ 1,709	$ 1,998	$ 3,417	$ 4,067
Variable lease costs	199	269	591	643
Total lease cost	$ 1,908	$ 2,267	$ 4,008	$ 4,710

Leases (Lease Liability Maturit

Leases (Lease Liability Maturity) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Remainder of 2023	$ 2,661
2024	5,051
2025	3,662
2026	3,362
2027	3,353
Thereafter	243,487
Total lease payments	261,576
Less: imputed interest	(209,710)
Present value of lease liabilities	$ 51,866	$ 51,321

Leases (Other Information) (Det

Leases (Other Information) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows on operating leases	$ 2,270	$ 3,229
Weighted-average remaining lease term (years)
Operating leases	43 years 9 months 18 days	44 years 8 months 12 days
Weighted-average discount rate
Operating leases	7.80%	7.80%

Leases (Minimum Rent Payments R

Leases (Minimum Rent Payments Received) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Total minimum rent payments	$ 58,282	$ 57,164	$ 116,079	$ 114,593
Remainder of 2023	121,913		121,913
2024	250,832		250,832
2025	233,411		233,411
2026	213,974		213,974
2027	202,382		202,382
Thereafter	924,205		924,205
Total	$ 1,946,717		$ 1,946,717

Segments (Narrative) (Details)

Segments (Narrative) (Details) a in Thousands	6 Months Ended
	Jun. 30, 2023 a segment location
Segments reporting
Number of reportable segments | segment	4
Seaport Segment
Segments reporting
Area of real estate property (in sqft) | a	472
Number of primary locations | location	3

Segments (Summary of Segment Op

Segments (Summary of Segment Operating Results) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segments reporting
Total revenues	$ 223,316	$ 276,708	$ 419,605	$ 486,934
Depreciation and amortization	(53,221)	(48,976)	(105,230)	(97,569)
Other income (loss), net	(1,607)	714	3,374	493
Equity in earnings (losses) from unconsolidated ventures	(6,186)	(6,092)	(10,988)	11,820
Gain (loss) on sale or disposal of real estate and other assets, net	(16)	4,018	4,714	4,009
Gain (loss) on extinguishment of debt	0	(363)	0	(645)
Income (loss) before income taxes	(34,511)	28,695	(58,416)	31,567
Net income (loss)	(19,141)	21,432	(41,768)	23,603
Net (income) loss attributable to noncontrolling interests	(2)	132	(120)	83
Net income (loss) attributable to common stockholders	(19,143)	21,564	(41,888)	23,686
Operating segments
Segments reporting
Total revenues	223,300	276,694	419,575	486,905
Total operating expenses	(144,536)	(151,230)	(256,461)	(271,677)
Segment operating income (loss)	78,764	125,464	163,114	215,228
Depreciation and amortization	(52,396)	(48,156)	(103,605)	(95,831)
Interest income (expense), net	(6,371)	(5,688)	(16,221)	(11,442)
Other income (loss), net	(1,658)	617	616	313
Equity in earnings (losses) from unconsolidated ventures	(6,186)	(6,092)	(10,988)	11,820
Gain (loss) on sale or disposal of real estate and other assets, net	(16)	4,018	4,714	4,009
Gain (loss) on extinguishment of debt		(363)		(645)
Income (loss) before income taxes	12,137	69,800	37,630	123,452
Corporate
Segments reporting
Corporate income, expenses, and other items	(31,278)	(48,368)	(79,398)	(99,849)
Operating Assets Segment
Segments reporting
Total revenues	121,427	118,562	222,352	218,249
Operating Assets Segment | Operating segments
Segments reporting
Total revenues	121,427	118,562	222,352	218,249
Total operating expenses	(54,452)	(51,349)	(102,051)	(97,964)
Segment operating income (loss)	66,975	67,213	120,301	120,285
Depreciation and amortization	(40,878)	(38,999)	(80,510)	(77,429)
Interest income (expense), net	(30,285)	(21,318)	(59,196)	(41,436)
Other income (loss), net	(40)	(309)	2,242	(478)
Equity in earnings (losses) from unconsolidated ventures	2,042	2,591	3,947	17,766
Gain (loss) on sale or disposal of real estate and other assets, net	(16)	4,018	4,714	4,018
Gain (loss) on extinguishment of debt		(363)		(645)
Income (loss) before income taxes	(2,202)	12,833	(8,502)	22,081
MPC Segment
Segments reporting
Total revenues	63,311	108,110	140,324	188,802
MPC Segment | Operating segments
Segments reporting
Total revenues	63,311	108,110	140,324	188,802
Total operating expenses	(28,078)	(45,136)	(62,429)	(82,032)
Segment operating income (loss)	35,233	62,974	77,895	106,770
Depreciation and amortization	(106)	(92)	(213)	(182)
Interest income (expense), net	17,161	11,783	32,973	22,205
Other income (loss), net	0	23	(103)	23
Equity in earnings (losses) from unconsolidated ventures	2,638	(3,422)	6,746	2,128
Gain (loss) on sale or disposal of real estate and other assets, net	0	0	0	0
Gain (loss) on extinguishment of debt		0		0
Income (loss) before income taxes	54,926	71,266	117,298	130,944
Seaport Segment
Segments reporting
Total revenues	22,804	28,176	34,701	37,552
Seaport Segment | Operating segments
Segments reporting
Total revenues	22,804	28,176	34,701	37,552
Total operating expenses	(26,665)	(29,066)	(45,581)	(47,925)
Segment operating income (loss)	(3,861)	(890)	(10,880)	(10,373)
Depreciation and amortization	(10,469)	(7,720)	(20,996)	(15,543)
Interest income (expense), net	1,311	1,319	2,497	1,272
Other income (loss), net	(1,601)	(43)	(1,600)	307
Equity in earnings (losses) from unconsolidated ventures	(10,896)	(5,239)	(21,716)	(8,950)
Gain (loss) on sale or disposal of real estate and other assets, net	0	0	0	0
Gain (loss) on extinguishment of debt		0		0
Income (loss) before income taxes	(25,516)	(12,573)	(52,695)	(33,287)
Strategic Developments Segment
Segments reporting
Total revenues	15,758	21,846	22,198	42,302
Strategic Developments Segment | Operating segments
Segments reporting
Total revenues	15,758	21,846	22,198	42,302
Total operating expenses	(35,341)	(25,679)	(46,400)	(43,756)
Segment operating income (loss)	(19,583)	(3,833)	(24,202)	(1,454)
Depreciation and amortization	(943)	(1,345)	(1,886)	(2,677)
Interest income (expense), net	5,442	2,528	7,505	6,517
Other income (loss), net	(17)	946	77	461
Equity in earnings (losses) from unconsolidated ventures	30	(22)	35	876
Gain (loss) on sale or disposal of real estate and other assets, net	0	0	0	(9)
Gain (loss) on extinguishment of debt		0		0
Income (loss) before income taxes	$ (15,071)	$ (1,726)	$ (18,471)	$ 3,714

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, 2023	Dec. 31, 2022
Reconciliation of total segment assets to total assets
Assets	$ 9,769,415	$ 9,603,463
Operating segments
Reconciliation of total segment assets to total assets
Assets	9,469,781	9,247,608
Operating segments | Operating Assets Segment
Reconciliation of total segment assets to total assets
Assets	3,424,379	3,448,823
Operating segments | MPC Segment
Reconciliation of total segment assets to total assets
Assets	3,330,842	3,272,655
Operating segments | Seaport Segment
Reconciliation of total segment assets to total assets
Assets	1,163,585	1,166,950
Operating segments | Strategic Developments Segment
Reconciliation of total segment assets to total assets
Assets	1,550,975	1,359,180
Corporate
Reconciliation of total segment assets to total assets
Assets	$ 299,634	$ 355,855