Howard Hughes (HHH) 10-K 27 Feb 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Feb. 20, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	Yes
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		10
Documents Incorporated by Reference	Portions of Howard Hughes Holdings Inc. Proxy Statement for its 2024 Annual Meeting of Stockholders have been incorporated by reference into Part III hereof.
Entity Central Index Key	0001498828
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Public Float			$ 0

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2021
Audit Information [Abstract]
Auditor Firm ID	185	42
Auditor Name	KPMG LLP	Ernst & Young LLP
Auditor Location	Dallas, Texas	Houston, Texas

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Master Planned Communities assets	$ 2,445,673	$ 2,411,526
Buildings and equipment	4,177,677	4,246,389
Less: accumulated depreciation	(1,032,226)	(867,700)
Land	303,685	312,230
Developments	1,272,445	1,125,027
Net investment in real estate	7,167,254	7,227,472
Investments in unconsolidated ventures	220,258	246,171
Cash and cash equivalents	631,548	626,653
Restricted cash	421,509	472,284
Accounts receivable, net	115,045	103,437
Municipal Utility District receivables, net	550,884	473,068
Deferred expenses, net	142,561	128,865
Operating lease right-of-use assets	44,897	46,926
Other assets, net	281,656	278,587
Total assets	9,575,612	9,603,463
LIABILITIES
Mortgages, notes, and loans payable, net	5,302,620	4,747,183
Operating lease obligations	51,584	51,321
Deferred tax liabilities, net	88,065	254,336
Accounts payable and other liabilities	1,074,746	944,511
Total liabilities	6,517,015	5,997,351
Commitments and Contingencies (see Note 10)
EQUITY
Preferred stock: no shares authorized or issued as of December 31, 2023; $0.01 par value; 50,000,000 shares authorized, and none issued as of December 31, 2022	0	0
Common stock: 10 shares authorized, issued, and outstanding as of December 31, 2023; $0.01 par value; 150,000,000 shares authorized, 56,226,273 shares issued, and 49,801,997 outstanding as of December 31, 2022	0	564
Additional paid-in capital	3,374,284	3,972,561
Retained earnings (accumulated deficit) attributable to Howard Hughes Holdings Inc.	(383,012)	168,077
Accumulated other comprehensive income (loss)	1,272	10,335
Treasury stock, at cost, no shares as of December 31, 2023, and 6,424,276 shares as of December 31, 2022	0	(611,038)
Total equity attributable to Howard Hughes Holdings Inc.	2,992,544	3,540,499
Noncontrolling interests	66,053	65,613
Total equity	3,058,597	3,606,112
Total liabilities and equity	$ 9,575,612	$ 9,603,463

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	0	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	10	150,000,000
Common stock, shares issued (in shares)	10	56,226,273
Common stock, shares outstanding (in shares)	10	49,801,997
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Treasury stock (in shares)	0	6,424,276

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues [Abstract]
Rental revenue	$ 405,363	$ 399,103	$ 369,330
Total revenues	1,024,102	1,608,488	1,427,901
EXPENSES
Operating costs	337,018	317,389	293,999
Rental property real estate taxes	57,650	54,033	55,398
Provision for (recovery of) doubtful accounts	(2,561)	1,959	(459)
General and administrative	90,141	81,772	81,990
Depreciation and amortization	216,118	200,361	205,100
Other	13,383	11,977	10,668
Total expenses	907,216	1,270,940	1,214,525
OTHER
Provision for impairment	(672,492)	0	(13,068)
Gain (loss) on sale or disposal of real estate and other assets, net	24,162	29,678	53,079
Other income (loss), net	4,284	1,909	(11,515)
Total other	(644,046)	31,587	28,496
Operating income (loss)	(527,160)	369,135	241,872
Interest income	25,750	3,818	107
Interest expense	(156,951)	(110,891)	(130,036)
Gain (loss) on extinguishment of debt	(144)	(2,377)	(38,014)
Equity in earnings (losses) from unconsolidated ventures	(55,708)	(14,549)	(9,852)
Income (loss) before income taxes	(714,213)	245,136	64,077
Income tax expense (benefit)	(163,505)	60,500	15,153
Net income (loss)	(550,708)	184,636	48,924
Net (income) loss attributable to noncontrolling interests	(243)	(103)	7,176
Net income (loss) attributable to common stockholders, basic	(550,951)	184,533	56,100
Net income (loss) attributable to common stockholders, diluted	(550,951)	184,533	56,100
Condominium rights and unit sales
Revenues [Abstract]
Revenue	47,707	677,078	514,597
EXPENSES
Cost of sales	55,417	483,983	414,199
Master Planned Communities land sales
Revenues [Abstract]
Revenue	370,185	316,065	346,217
EXPENSES
Cost of sales	140,050	119,466	153,630
Other land, rental, and property revenues
Revenues [Abstract]
Revenue	139,858	144,481	152,619
Builder price participation
Revenues [Abstract]
Revenue	$ 60,989	$ 71,761	$ 45,138

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)		$ (550,708)	$ 184,636	$ 48,924
Other comprehensive income (loss)
Interest rate caps and swaps	[1]	(9,322)	31,698	17,960
Pension adjustment	[2]	259	(183)	452
Reclassification of the Company's share of previously deferred derivative gains to net income	[3]	0	(6,723)	0
Share of investee’s other comprehensive income	[4]	0	0	5,721
Other comprehensive income (loss)		(9,063)	24,792	24,133
Comprehensive income (loss)		(559,771)	209,428	73,057
Comprehensive (income) loss attributable to noncontrolling interests		(243)	(103)	7,176
Comprehensive income (loss) attributable to common stockholders		$ (560,014)	$ 209,325	$ 80,233
[1] Amounts are shown net of deferred tax benefit of $2.7 million for the year ended December 31, 2023, deferred tax expense of $9.5 million for the year ended December 31, 2022, and deferred tax expense of $5.1 million for the year ended December 31, 2021. The deferred tax impact was not meaningful for the years ended December 31, 2023, 2022, and 2021. 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. Amount is shown net of deferred tax expense of $1.6 million for the year ended December 31, 2021.

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest rate swaps, tax expense (benefit)		$ (2,729)	$ 9,460	$ 5,080
Equity in earnings (losses) from unconsolidated ventures		$ (55,708)	(14,549)	(9,852)
Share of investee's other comprehensive income, tax expense	$ 1,900		$ 1,912	$ 1,627
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 110 North Wacker
AOCI, reclassification of cash flow hedge	6,700
Equity in earnings (losses) from unconsolidated ventures	$ 8,600

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - 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, 2020						56,042,814
Balance at the beginning of the period at Dec. 31, 2020		$ 3,715,023			$ 3,714,603	$ 562	$ 3,947,278	$ (72,556)	$ (38,590)	$ (122,091)	$ 420
Balance at the beginning of the period (in shares) at Dec. 31, 2020										(1,070,558)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) excluding income (loss) attributable to redeemable noncontrolling interest		56,355			56,100			56,100			255
Interest rate swaps, net of tax		17,960	[1]		17,960				17,960
Pension adjustment, net of tax		452	[2]		452				452
Share of investee's other comprehensive income, net of tax expense (benefit)		5,721	[3]		5,721				5,721
Issuance of common shares		(5)			(5)		(5)
Repurchase of common shares (in shares)										(1,023,284)
Repurchase of common shares		(96,620)			(96,620)					$ (96,620)
Stock plan activity (in shares)						130,462				(13,773)
Stock plan activity		11,784			11,784	$ 1	13,145			$ (1,362)
Balance at the end of the period (in shares) at Dec. 31, 2021						56,173,276
Balance at the end 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 end of the period (in shares) at Dec. 31, 2021										(2,107,615)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) excluding income (loss) attributable to redeemable noncontrolling interest		184,636			184,533			184,533			103
Interest rate swaps, net of tax		31,698	[1]		31,698				31,698
Pension adjustment, net of tax		(183)	[2]		(183)				(183)
Deconsolidation of Ward Village homeowners’ associations				$ (211)								$ (211)
Teravalis noncontrolling interest		65,046									65,046
Reclassification of the Company’s share of previously deferred derivative gains, net of tax expense	[4]	(6,723)			(6,723)				(6,723)
Share of investee's other comprehensive income, net of tax expense (benefit)	[3]	0
Repurchase of common shares (in shares)										(4,283,874)
Repurchase of common shares		(388,372)			(388,372)					$ (388,372)
Stock plan activity (in shares)						52,997				(32,787)
Stock plan activity		$ 9,551			9,551	$ 1	12,143			$ (2,593)
Balance at the end of the period (in shares) at Dec. 31, 2022		49,801,997				56,226,273
Balance at the end 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 end of the period (in shares) at Dec. 31, 2022		(6,424,276)								(6,424,276)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) excluding income (loss) attributable to redeemable noncontrolling interest		$ (550,708)			(550,951)			(550,951)			243
Interest rate swaps, net of tax		(9,322)	[1]		(9,322)				(9,322)
Pension adjustment, net of tax		259	[2]						259
Teravalis noncontrolling interest		219									219
Share of investee's other comprehensive income, net of tax expense (benefit)	[3]	0
Stock plan activity (in shares)						322,506				(21,628)
Stock plan activity		9,418			9,418	$ 2	11,138			$ (1,722)
Stock conversion to HHH (in shares)						(56,548,779)				6,445,904
Stock conversion to HHH		0				$ (566)	(612,194)			$ 612,760
HHC shares issued to HHH (in shares)						10
Capital transactions with HHH		2,641			2,641		2,779	(138)
Other		$ (22)									(22)
Balance at the end of the period (in shares) at Dec. 31, 2023		10				10
Balance at the end of the period at Dec. 31, 2023		$ 3,058,597			$ 2,992,544	$ 0	$ 3,374,284	$ (383,012)	$ 1,272	$ 0	$ 66,053
Balance at the end of the period (in shares) at Dec. 31, 2023		0								0
[1] Amounts are shown net of deferred tax benefit of $2.7 million for the year ended December 31, 2023, deferred tax expense of $9.5 million for the year ended December 31, 2022, and deferred tax expense of $5.1 million for the year ended December 31, 2021. The deferred tax impact was not meaningful for the years ended December 31, 2023, 2022, and 2021. Amount is shown net of deferred tax expense of $1.6 million for the year ended December 31, 2021. 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.

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net income (loss), excluding income of attributable to redeemable noncontrolling interest			$ (7,431)
Interest rate swaps, tax expense (benefit)	$ (2,729)	$ 9,460	5,080
Pension adjustment, tax (expense) benefit	70	(71)	136
Share of investee's other comprehensive income, tax expense (benefit)		1,912	1,627
Equity in earnings (losses) from unconsolidated ventures	$ (55,708)	$ (14,549)	$ (9,852)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (550,708)	$ 184,636	$ 48,924
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Depreciation	195,630	180,201	185,418
Amortization	16,839	16,834	16,891
Amortization of deferred financing costs	12,303	10,754	10,301
Amortization of intangibles other than in-place leases	3,275	3,275	2,843
Straight-line rent amortization	(7,680)	(8,468)	(9,278)
Deferred income taxes	(163,613)	42,022	10,356
Restricted stock and stock option amortization	15,852	11,895	9,885
Net gain on sale of properties	(24,162)	(29,687)	(53,057)
Net gain on sale of unconsolidated ventures	0	(5,016)	0
(Gain) loss on extinguishment of debt	144	2,377	38,014
Impairment charges	672,492	0	15,335
Equity in (earnings) losses from unconsolidated ventures, net of distributions and impairment charges	66,676	28,081	52,390
Provision for doubtful accounts	8,601	(2,235)	(2,027)
Master Planned Community land acquisitions	0	0	(574,253)
Master Planned Community development expenditures	(403,633)	(396,125)	(322,255)
Master Planned Community cost of sales	126,167	111,723	144,933
Condominium development expenditures	(472,666)	(340,793)	(345,289)
Condominium rights and units cost of sales	53,156	465,711	394,427
Other	1,319	0	0
Net Changes:
Accounts receivable, net	112,048	83,443	30,594
Other assets, net	(20,819)	(33,078)	(17,140)
Condominium deposits received, net	88,595	21,273	59,108
Deferred expenses, net	(27,037)	(30,441)	(22,903)
Accounts payable and other liabilities	40,987	8,872	42,825
Cash provided by (used in) operating activities	(256,234)	325,254	(283,958)
CASH FLOWS FROM INVESTING ACTIVITIES
Property and equipment expenditures	(7,340)	(2,004)	(1,814)
Operating property improvements	(56,320)	(54,715)	(35,915)
Property development and redevelopment	(275,084)	(353,098)	(274,742)
Acquisition of assets	(5,898)	0	0
Proceeds from sales of properties, net	39,543	81,720	322,451
Reimbursements under tax increment financings	1,469	127	667
Distributions from unconsolidated ventures	13,014	207,685	92,060
Investments in unconsolidated ventures, net	(45,527)	(100,410)	(1,249)
Cash provided by (used in) investing activities	(336,143)	(220,695)	101,458
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from mortgages, notes, and loans payable	792,441	1,235,895	2,422,862
Principal payments on mortgages, notes, and loans payable	(249,435)	(1,065,348)	(2,140,340)
Repurchases of common shares	0	(403,863)	(81,127)
Debt extinguishment costs	0	(60)	(29,793)
Special Improvement District bond funds released from (held in) escrow	11,037	23,148	11,477
Deferred financing costs and bond issuance costs, net	(2,821)	(18,515)	(28,517)
Taxes paid on stock options exercised and restricted stock vested	(2,643)	(3,011)	(2,500)
Stock options exercised	0	345	4,078
Distributions to HHH	(2,301)	0	0
Issuance of Teravalis noncontrolling interest	0	31,234	0
Distribution to noncontrolling interest upon sale of 110 North Wacker	0	(22,084)	0
Contributions from Teravalis noncontrolling interest owner	219	0	0
Cash provided by (used in) financing activities	546,497	(222,259)	156,140
Net change in cash, cash equivalents, and restricted cash	(45,880)	(117,700)	(26,360)
Cash, cash equivalents, and restricted cash at beginning of period	1,098,937	1,216,637	1,242,997
Cash, cash equivalents, and restricted cash at end of period	1,053,057	1,098,937	1,216,637
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents	631,548	626,653	843,212
Restricted cash	421,509	472,284	373,425
Cash, cash equivalents, and restricted cash at end of period	1,053,057	1,098,937	1,216,637
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid, net	249,702	214,583	182,654
Interest capitalized	120,667	100,607	71,798
Income taxes paid (refunded), net	10,608	24,974	1,789
NON-CASH TRANSACTIONS
Issuance of Teravalis noncontrolling interest	0	33,810	0
MPC land contributed to unconsolidated venture	0	21,450	0
Accrued property improvements, developments, and redevelopments	4,253	131	16,885
Non-cash consideration from sale of properties	5,250	0	0
Special Improvement District bond transfers associated with land sales	13,883	7,774	8,697
Special Improvement District bonds held in third-party escrow	21,290	0	45,425
Capitalized stock compensation	4,669	4,785	2,326
Initial recognition of ASC 842 operating lease ROU asset	0	1,488	6,189
Initial recognition of ASC 842 operating lease obligation	0	1,621	6,189
Accrued repurchase of common shares	$ 0	$ 0	$ 15,492

Presentation of Financial State

Presentation of Financial Statements and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Presentation of Financial Statements and Significant Accounting Policies	1. Presentation of Financial Statements and Significant Accounting Policies General On July 17, 2023, The Howard Hughes Corporation (HHC or the Company) announced that its Board of Directors authorized the creation of a holding company structure. On August 11, 2023, upon the consummation of the transaction, Howard Hughes Holdings Inc. (HHH), the new holding company, replaced HHC as the public company trading on the New York Stock Exchange. Existing shares of common stock of HHC were automatically converted, on a one-for-one basis, into shares of common stock of HHH, with the same designations, rights, powers, and preferences, and the same qualifications, limitations, and restrictions, as the shares of HHC common stock immediately prior to the reorganization. HHH became the successor issuer to HHC pursuant to Rule 12g-3 (a) under the Exchange Act and replaced HHC as the public company trading on the New York Stock Exchange under the ticker symbol "HHH." References to HHC, the Company, we, us, and our refer to The Howard Hughes Corporation and its consolidated subsidiaries unless otherwise specifically stated. References to HHH refer to the Company’s parent holding company, Howard Hughes Holding Inc., and its consolidated subsidiaries, including the Company, unless otherwise specifically stated. Together with its subsidiaries, HHH develops Master Planned Communities (MPC), invests in other strategic real estate opportunities in the form of entitled and unentitled land and other development rights (Strategic Developments) and owns, manages, and operates real estate assets currently generating revenues (Operating Assets), which may be redeveloped or repositioned from time to time. Seaport Entertainment On October 5, 2023, HHH announced the intent to form a new division, Seaport Entertainment, that is expected to include the Company’s entertainment-related assets in New York and Las Vegas, including the Seaport in Lower Manhattan and the Las Vegas Aviators Triple-A Minor League Baseball team, as well as the Company’s ownership stake in Jean-Georges Restaurants and other partnerships and its 80% interest in the air rights above the Fashion Show Mall in Las Vegas. HHH is establishing Seaport Entertainment with the intention of completing its spinoff as an independent, publicly traded company in 2024, but there can be no assurance regarding the ultimate timing of the spinoff or that the spinoff will ultimately occur. The planned separation of Seaport Entertainment will refine the identity of HHH as a pure-play real estate company focused solely on its portfolio of master planned communities and allow the new company, Seaport Entertainment, to operate independently as an entertainment-focused enterprise. Principles of Consolidation and Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP). The consolidated financial statements include the accounts of The Howard Hughes Corporation and its subsidiaries after elimination of intercompany balances and transactions. The Company also consolidates certain variable interest entities (VIEs) in accordance with Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) 810 Consolidation (ASC 810). The outside equity interests in certain entities controlled by the Company are reflected in the Consolidated Financial Statements as noncontrolling interests. Certain amounts in the 2022 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. Certain amounts in the 2022 and 2021 Consolidated Statements of Cash Flows have been reclassified to conform to the current balance sheet presentation. Specifically, the Company reclassified the Notes receivable, net from the Accounts receivable, net to Other assets, net within cash flows from operating activities. Certain amounts in the 2021 Consolidated Statement of Operations have been reclassified to conform to the current presentation. Specifically, the Company reclassified Demolition costs and Development-related marketing costs to Other within Total expenses. Management has evaluated for disclosure or recognition all material events occurring subsequent to the date of the Consolidated Financial Statements up to the date and time this Annual Report was filed. Variable Interest Entities The Company has interests in various legal entities that represent a variable interest entity. A VIE is an entity: (a) that has total equity at risk that is not sufficient to permit the entity to finance its activities without additional subordinated financial support from other entities; (b) where the group of equity holders does not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, or the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual return, or both (i.e., lack the characteristics of a controlling financial interest); or (c) where the voting rights of the equity holders are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. The Company determines if a legal entity is a VIE by performing a qualitative analysis that requires certain subjective decisions, taking into consideration the design of the entity, the variability that the entity was designed to create and pass along to its interest holders, the rights of the parties and the purpose of the arrangement. Upon the occurrence of certain reconsideration events, the Company reassesses its initial determination as to whether the entity is a VIE. The Company also performs a qualitative assessment of each VIE to determine if it is the primary beneficiary. The Company is the primary beneficiary and would consolidate the VIE if it has a controlling financial interest where it has both (a) the power to direct the economically significant activities of the entity and (b) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. This assessment requires certain subjective decisions, taking into consideration the contractual agreements that define the ownership structure, the design of the entity, distribution of profits and losses, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties. Management’s assessment of whether the Company is the primary beneficiary of a VIE is continuously performed. Upon initial consolidation of a VIE, the Company records the assets, liabilities, and noncontrolling interests at fair value and recognizes a gain or loss for the difference between (i) the fair value of the consideration paid, the fair value of noncontrolling interests and the reported amount of any previously held interests and (ii) the net amount of the fair value of the assets and liabilities. If the Company determines it is no longer the primary beneficiary of a VIE, it will deconsolidate the entity and measure the initial cost basis for any retained interests that are recorded upon the deconsolidation at fair value. The Company will recognize a gain or loss for the difference between the fair value and the previous carrying amount of HHC’s investment in the VIE. Investments in Unconsolidated Ventures The Company’s investments in unconsolidated ventures are accounted for under the equity method to the extent that, based on contractual rights associated with the investments, the Company can exert significant influence over a venture’s operations. Under the equity method, the Company’s investment in the venture is recorded at cost and is subsequently adjusted to recognize the Company’s allocable share of the earnings or losses of the venture. Dividends and distributions received by the Company are recognized as a reduction in the carrying amount of the investment. Generally, joint venture operating agreements provide that assets, liabilities, funding obligations, profits and losses, and cash flows are shared in accordance with ownership percentages. For certain equity method investments, various provisions in the joint 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 ownership or if applicable, the Company’s final profit-sharing interest after receipt of any preferred returns based on the venture’s distribution priorities. For these investments, the Company recognizes income or loss based on the joint venture’s distribution priorities, which could fluctuate over time and may be different from its stated ownership or final profit-sharing percentage. The Company periodically assesses the appropriateness of the carrying amount of its equity method investments, as events or changes in circumstance may indicate that a decrease in value has occurred which is other‑than‑temporary. In addition to the property‑specific impairment analysis performed on the underlying assets of the investment, the Company also considers the ownership, distribution preferences, limitations and rights to sell and repurchase its ownership interests. If a decrease in value of an investment is deemed to be other‑than‑temporary, the investment is reduced to its estimated fair value, and an impairment-related loss is recognized in the Consolidated Statements of Operations as a component of Equity in earnings (losses) from investments in unconsolidated ventures. For investments in ventures where the Company has virtually no influence over operations and the investments do not have a readily determinable fair value, the Company has elected the measurement alternative to carry the securities at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the issuer. Equity securities not accounted for under the equity method, or where the measurement alternative has not been elected, are required to be reported at fair value with unrealized gains and losses reported in the Consolidated Statements of Comprehensive Income (Loss) as Net unrealized gains (losses) on instruments measured at fair value through earnings. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. The estimates and assumptions include, but are not limited to, capitalization of development costs, provision for income taxes, recoverable amounts of receivables and deferred tax assets, initial valuations of tangible and intangible assets acquired, and the related useful lives of assets upon which depreciation and amortization is based. Estimates and assumptions have also been made with respect to future revenues and costs, and the fair value of warrants, debt, and options granted. 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. Additionally, the future cash flow estimates and fair values used for impairment analysis are highly judgmental and reflect current and projected trends in rental, occupancy, pricing, development costs, sales pace, capitalization rates, selling costs, and estimated holding periods for the applicable assets. Both MPC cost of sale estimates and estimates used in impairment analysis are affected by expectations about future market or economic conditions. Actual results could differ from these and other estimates. Segments Segment information is prepared on the same basis that management reviews information for operational decision-making purposes. Management evaluates the performance of each of HHC’s real estate assets or investments individually and aggregates such properties into segments based on their economic characteristics and types of revenue streams. The Company operates in four business segments: (i) Operating Assets; (ii) MPC; (iii) Seaport and (iv) Strategic Developments. Net Investment in Real Estate Master Planned Community Assets, Buildings and Equipment and Land Real estate assets are stated at cost less any provisions for impairments and depreciation as applicable. Expenditures for significant improvements to the Company’s assets are capitalized. Tenant improvements relating to the Company’s operating assets are capitalized and depreciated over the shorter of their economic lives or the lease term. Maintenance and repair costs are charged to expense when incurred. Depreciation The Company periodically reviews the estimated useful lives of properties. Depreciation or amortization expense is computed using the straight‑line method based upon the following estimated useful lives: Asset Type Years Balance Sheet Location Buildings and improvements 7 - 40 Buildings and Equipment Equipment and fixtures 5 - 20 Buildings and Equipment Computer hardware and software, and vehicles 3 - 5 Buildings and Equipment Tenant improvements Related lease term Buildings and Equipment Leasing costs Related lease term Other assets, net From time to time, the Company may reassess the development strategies for certain buildings and improvements which results in changes to the Company’s estimate of their remaining useful lives. The Company did not recognize additional depreciation expense of significance for the years ended December 31, 2023, 2022, and 2021. Developments Development costs, which primarily include direct costs related to placing the asset in service associated with specific development properties, are capitalized as part of the property being developed. Construction and improvement costs incurred in connection with the development of new properties or the redevelopment of existing properties are capitalized before they are placed into service. Costs include planning, engineering, design, direct material, labor, and subcontract costs. Real estate taxes, utilities, direct legal and professional fees related to the sale of a specific unit, interest, insurance costs, and certain employee costs incurred during construction periods are also capitalized. Capitalization commences when the development activities begin and cease when a project is completed, put on hold, or at the date that the Company decides not to move forward with a project. Capitalized costs related to a project where HHC has determined not to move forward are expensed if they are not deemed recoverable. Capitalized interest costs are based on qualified expenditures and interest rates in place during the construction period. Demolition costs associated with redevelopments are expensed as incurred unless the demolition was included in the Company’s development plans and imminent as of the acquisition date of an asset. Once the assets are placed into service, they are depreciated in accordance with the Company’s policy. In the event that management no longer has the ability or intent to complete a development, the costs previously capitalized are evaluated for impairment. Developments consist of the following categories as of December 31: thousands 2023 2022 Land and improvements $ 238,921 $ 339,540 Development costs 1,033,524 785,487 Total Developments $ 1,272,445 $ 1,125,027 Acquisitions of Properties The Company accounts for the acquisition of real estate properties in accordance with ASC 805 Business Combinations (ASC 805). This methodology requires that assets acquired and liabilities assumed be recorded at their fair values on the date of acquisition for business combinations and at relative fair values for asset acquisitions. Acquisition costs related to the acquisition of a business are expensed as incurred. Costs directly related to asset acquisitions are considered additions to the purchase price and increase the cost basis of such assets. The fair value of tangible assets of an acquired property (which includes land, buildings and improvements) is determined by valuing the property as if it were vacant, and the as-if-vacant value is then allocated to land, buildings and improvements based on management’s determination of the fair value of these assets. The as-if-vacant values are derived from several sources which incorporate significant unobservable inputs that are classified as Level 3 inputs in the fair value hierarchy and primarily include a discounted cash flow analysis using discount and capitalization rates based on recent comparable market transactions, where available. The fair value of acquired intangible assets consisting of in-place, above-market, and below-market leases is recorded based on a variety of considerations, some of which incorporate significant unobservable inputs that are classified as Level 3 inputs in the fair value hierarchy. In-place lease considerations include, but are not necessarily limited to: (1) the value associated with avoiding the cost of originating the acquired in-place leases (i.e., the market cost to execute a lease, including leasing commissions and tenant improvements); (2) the value associated with lost revenue related to tenant reimbursable operating costs incurred during the assumed lease-up period (i.e., real estate taxes, insurance, and certain other operating expenses); and (3) the value associated with lost rental revenue from existing leases during the assumed lease-up period. Above-market and below-market leases are valued at the present value, using a discount rate that reflects the risks associated with the leases acquired, of the difference between (1) the contractual amounts to be paid pursuant to the in-place lease; and (2) management’s estimate of current market lease rates, measured over the remaining non-cancelable lease term, including any below-market renewal option periods. Impairment HHC reviews its long-lived assets (including those held by its unconsolidated ventures) for potential impairment indicators whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized if the carrying amount of an asset is not recoverable and exceeds its fair value. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future economic conditions, such as occupancy, rental rates, capital requirements, and sales values that could differ materially from actual results in future periods. If impairment indicators exist and it is expected that undiscounted cash flows generated by the asset are less than its carrying amount, an impairment provision is recorded to write down the carrying amount of the asset to its fair value. Impairment indicators for HHC’s assets or projects within MPCs are assessed separately and include, but are not limited to, significant decreases in sales pace or average selling prices, significant increases in expected land development and construction costs or cancellation rates, and projected losses on expected future sales. MPC assets have extended life cycles that may last 20 to 40 years, or longer, and have few long‑term contractual cash flows. Further, MPC assets generally have minimal to no residual values because of their liquidating characteristics. MPC development periods often occur through several economic cycles. Subjective factors such as the expected timing of property development and sales, optimal development density, and sales strategy impact the timing and amount of expected future cash flows and fair value. Impairment indicators for Operating Assets are assessed for each property and include, but are not limited to, significant decreases in net operating income, significant decreases in occupancy, ongoing low occupancy, and significant net operating losses. Impairment indicators for Seaport include, but are not limited to, significant changes in projected completion or stabilization dates, operating revenues or cash flows, development costs, ongoing low occupancy, and market factors. Impairment indicators for assets in the Strategic Developments are assessed by project and include, but are not limited to, significant changes in projected completion dates, revenues or cash flows, development costs, market factors, significant decreases in comparable property sale prices, and feasibility. The cash flow estimates used for determining recoverability and estimating fair value are inherently judgmental and reflect current and projected trends in rental rates, occupancy, pricing, development costs, sales pace, capitalization rates, and estimated holding periods for the applicable assets. Although the estimated fair value of certain assets may be exceeded by the carrying amount, a real estate asset is only considered to be impaired when its carrying amount is not expected to be recovered through estimated future undiscounted cash flows. To the extent an impairment provision is necessary, the excess of the carrying amount of the asset over its estimated fair value is expensed to operations. In addition, the impairment provision is allocated proportionately to adjust the carrying amount of the asset. The adjusted carrying amount, which represents the new cost basis of the asset, is depreciated over the remaining useful life of the asset or, for MPCs, is expensed as a cost of sales when land is sold. Assets that have been impaired will in the future have lower depreciation and cost of sale expenses. The impairment will have no impact on cash flow. Cash and Cash Equivalents Cash and cash equivalents consist of highly-liquid investments with maturities at date of purchase of three months or less and include registered money market mutual funds which are invested in United States Treasury bills that are valued at the net asset value of the underlying shares in the funds as of the close of business at the end of each period as well as deposits with major banks throughout the United States. Such deposits are in excess of FDIC limits and are placed with high-quality institutions in order to minimize concentration of counterparty credit risk. Restricted Cash Restricted cash reflects amounts segregated in escrow accounts in the name of the Company, primarily related to escrowed condominium deposits from buyers and other amounts related to legally restricted deposits, escrowed taxes, insurance, and leasing costs. Accounts Receivable, net Accounts receivable 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 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 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 losses are probable and can be reasonably estimated. The following table represents the components of Accounts Receivable, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets as of December 31: thousands 2023 2022 Straight-line rent receivables $ 87,669 $ 84,145 Tenant receivables 4,780 12,044 Other receivables 22,596 7,248 Accounts receivable, net (a) $ 115,045 $ 103,437 (a) As of December 31, 2023, the total reserve balance for amounts considered uncollectible was $15.0 million, comprised of $12.6 million related to ASC 842 and $2.4 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 Consolidated Statements of Operations for the years ended December 31: thousands Statements of Operations Location 2023 2022 2021 ASC 842 reserve Rental revenue $ 11,272 $ (3,715) $ (1,562) ASC 450 reserve Provision for (recovery of) doubtful accounts (2,561) 1,959 (459) Total (income) expense impact (a) $ 8,711 $ (1,756) $ (2,021) (a) Total expense recognized for the year ended December 31, 2023, is primarily comprised of reserves for two retail tenants in Ward Village and an office tenant with leases in both The Woodlands and Summerlin. The ASC 450 recovery amount for the year ended December 31, 2023, primarily relates to the reclassification of the reserve for the two Ward Village tenants to an ASC 842 reserve as full collection is not considered probable. Municipal Utility District Receivables, net In Houston, Texas, certain development costs are reimbursable through the creation of a Municipal Utility District (MUD), also known as Water Control and Improvement Districts, which are separate political subdivisions authorized by Article 16, Section 59 of the Texas Constitution and governed by the Texas Commission on Environmental Quality (TCEQ). MUDs are formed to provide municipal water, wastewater, drainage services, recreational facilities, and roads to those areas where they are currently unavailable through the regular city services. Typically, the developer advances funds for the creation of the facilities, which must be designed, bid, and constructed in accordance with the City of Houston’s and TCEQ requirements. The MUD Board of Directors authorizes and approves all MUD development contracts, and MUD bond sale proceeds are used to reimburse the developer for its construction costs, including interest. At the date the expenditures occur, the Company determines the costs it believes will be eligible for reimbursement and recognizes that as MUD receivables. These expenditures are subject to review by the MUD engineers for eligibility in accordance with the development contracts as part of the process for reimbursement. MUD receivables are pledged as security to creditors under the debt facilities relating to Bridgeland. Other Assets, net The major components of Other assets, net include security, escrow, and other deposits; Special Improvement District (SID) receivables; in-place leases; intangibles; Tax increment financing (TIF) receivables; prepaid expenses related to the Company’s properties; condominium inventory; and various other assets. SID receivables are amounts due from SID bonds related to the Company’s Summerlin MPC. Proceeds from SID bonds are held in escrow by a third-party and are used to reimburse the Company for a portion of the development costs incurred in Summerlin. The Company’s intangibles include in-place lease assets and above-market lease assets where HHC is the lessor, trademark and trade name intangibles related to MPCs, and other intangibles relating to the Company’s Las Vegas Aviators Triple-A professional baseball team. The Company amortizes finite-lived intangible assets less any residual value, if applicable, on a straight-line basis over the term of the related lease or the estimated useful life of the asset. TIF receivables are amounts which the Company has submitted for reimbursement from Howard County, Maryland, in conjunction with development costs expended on key roads and infrastructure work within the Merriweather District of Downtown Columbia specified per the terms of the county’s TIF legislation, Special Obligation Bonds issued in October 2017, and Grant Disbursement Agreement executed in April 2023. Notes receivable, net includes non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Subsequent to initial recognition, they are recorded at amortized cost less any provision for impairment as required under ASC 326 - Financial Instruments - Credit Losses . Condominium inventory includes available for sale units at HHC’s completed condominium towers and is stated at the lower of cost or fair value less selling costs. Condominium inventory includes land acquisition and development costs, construction costs, and interest and real estate taxes that are capitalized during the development period. HHC evaluates condominium inventory for impairment when potential indicators exist. An impairment loss is recognized if the carrying amount of condominium inventory exceeds the fair value less selling costs, which is based on comparable sales in the normal course of business under existing and anticipated market conditions. 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 MUD receivables, SID bonds, 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 and SID receivables, totaled $632.8 million as of December 31, 2023, and $545.4 million as of December 31, 2022. The MUD receivable balance includes accrued interest of $35.8 million at December 31, 2023, and $36.4 million at December 31, 2022. The allowance for credit losses for financing receivables was not material as of December 31, 2023 and 2022, and there was no material activity related to the allowance for credit losses for the years ended December 31, 2023, 2022, and 2021. Financing receivables are considered to be past due once they are 30 days contractually past due under the terms of the agreement. The Company currently does not have significant financing receivables that are past due or on nonaccrual status. There have been no significant write-offs or recoveries of amounts previously written-off during the current period for financing receivables. Income Taxes HHC is a directly owned subsidiary of HHH and will be included in Howard Hughes Holdings Inc. and Subsidiaries’ U.S. Federal income tax return. The Company’s financial statements recognize the current and deferred income tax consequences that result from HHC’s activities during the current period pursuant to the provisions of ASC 740 Income Taxes as if the Company were a separate taxpayer rather than a member of Howard Hughes Holdings Inc.’s consolidated income tax return group. In the Company’s MPCs, gains with respect to land sales, whether for commercial use or for single-family residences, are reported for tax purposes either on the modified accrual method or on the percentage-of-completion method. Under the percentage-of-completion method, a gain is recognized for tax purposes as costs are incurred in satisfaction of contractual obligations. Deferred Expenses, net Deferred expenses consist principally of leasing costs. Deferred leasing costs are amortized to amortization expense using the straight‑line method over the related lease term. Deferred expenses are shown net of accumulated amortization of $60.4 million as of December 31, 2023, and $53.8 million as of December 31, 2022. Marketing and Advertising Each of the Company’s segments incur various marketing and advertising costs as part of their development, branding, leasing, or sales initiatives. These costs include special events, broadcasts, direct mail and online digital and social media programs, and they are expensed as incurred. Fair Value of Financial Instruments The carrying values of cash and cash equivalents, escrows, receivables, accounts payable, accrued expenses, and other assets and liabilities are reasonable estimates of their fair values because of the short maturities of these instruments. D

Investments in Unconsolidated V

Investments in Unconsolidated Ventures	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Ventures	2. Investments in Unconsolidated Ventures In the normal 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 December 31, 2023, the Company does not consolidate the investments below as it does not have a controlling financial interest in these ventures. As such, the Company primarily reports its interests in accordance with the equity method. As of December 31, 2023, these ventures had debt totaling $273.1 million, with the Company’s proportionate share of this debt totaling $134.9 million. All of this indebtedness is without recourse to the Company, with the exception of the collateral maintenance obligation for Floreo. See Note 10 - 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 December 31, December 31, December 31, December 31, Year Ended December 31, thousands except percentages 2023 2022 2023 2022 2023 2022 2021 Equity Method Investments Operating Assets 110 North Wacker — % — % $ — $ — $ — $ 4,910 $ (74,309) The Metropolitan (b) 50.0 % 50.0 % — — 33 4,556 582 Stewart Title of Montgomery County, TX 50.0 % 50.0 % 3,785 4,217 168 1,294 1,860 Woodlands Sarofim 20.0 % 20.0 % 2,990 3,029 (40) (13) 96 TEN.m.flats (c) 50.0 % 50.0 % — — (225) 6,878 974 Master Planned Communities The Summit (d) 50.0 % 50.0 % 59,112 49,368 24,787 (30) 59,407 Floreo (e) 50.0 % 50.0 % 55,880 58,001 (2,121) (1,377) (8) Seaport The Lawn Club (d) 50.0 % 50.0 % 1,266 2,553 (1,287) — — Ssäm Bar (d)(e)(f) 50.0 % 50.0 % — 5,551 (5,981) (783) (1,988) Tin Building by Jean-Georges (d)(e)(f) 65.0 % 65.0 % 11,658 6,935 (43,330) (36,182) — Jean-Georges Restaurants (f) 25.0 % 25.0 % 14,535 45,626 (30,887) 692 — Strategic Developments HHMK Development 50.0 % 50.0 % 10 10 — — — KR Holdings 50.0 % 50.0 % 486 485 2 797 (221) West End Alexandria (d) 58.3 % 58.3 % 56,757 56,617 140 71 — 206,479 232,392 (58,741) (19,187) (13,607) Other equity investments (g) 13,779 13,779 3,033 4,638 3,755 Investments in unconsolidated ventures $ 220,258 $ 246,171 $ (55,708) $ (14,549) $ (9,852) (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 was in a deficit position of $10.9 million at December 31, 2023, and $9.0 million at December 31, 2022. These deficit balances are presented in Accounts payable and other liabilities at December 31, 2023 and 2022. (c) TEN.m.flats was in a deficit position of $4.7 million at December 31, 2023, and $1.8 million at December 31, 2022. The deficit balance is presented in Accounts payable and other liabilities at December 31, 2023 and 2022. (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) These investments were impaired as part of the Seaport impairment recognized in 2023. Refer to specific investment discussion below and Note 4 - Impairment for additional detail. (g) 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 2023, or cumulatively. As of December 31, 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 detail. 110 North Wacker The Company formed a partnership with a local developer (the Partnership) during the second quarter of 2017. During the second quarter of 2018, the Partnership executed an agreement with USAA to construct and operate the building at 110 North Wacker through a separate legal entity (the Venture). Construction was completed in the third quarter of 2020. In 2021, the Company recorded a $17.7 million impairment of its equity investment in the Venture due to a change in the anticipated holding period as it entered into a plan to sell the Partnership’s interest in 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 in the Consolidated Statements of Operations. 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 allocated to the local developer. The Lawn Club In January 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 opened in the fourth quarter of 2023. Under the terms of the initial agreement, the Company funded 80% of the cost to construct the restaurant, and Endorphin Ventures contributed the remaining 20%. In October 2023, the members executed an amended LLC agreement, in which the Company will fund 90% of any remaining capital requirements, and Endorphin Ventures will contribute the remaining 10%. The Company recognizes 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. During the third quarter of 2023, the Ssäm Bar restaurant closed, and the Company and Momofuku are in the process of dissolving the venture. Additionally, the Company recognized an impairment of $5.0 million related to this investment during the year ended December 31, 2023. See Note 4 - Impairment for additional detail. Tin Building by Jean-Georges In 2015, the Company formed Fulton Seafood Market, LLC (Tin Building by Jean-Georges), with VS-Fulton Seafood Market, LLC (Fulton Partner), 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, the Company currently receives substantially all of the economic interest in the venture. Upon return of the Company’s contributed capital and a preferred return, distributions and recognition of income or loss will be allocated to the Company based on its final profit-sharing interest. As of December 31, 2023 and 2022, the Tin Building by Jean-Georges is classified as a VIE as the equity holders, as a group, lack the characteristics of a controlling financial interest. The Company 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 maximum amount of additional capital contributions that may be funded in the future associated with this investment, the Company’s maximum exposure to loss is currently equal to the $11.7 million carrying value of the investment as of December 31, 2023. The Company funded capital contributions of $48.1 million for the year ended December 31, 2023, and $43.1 million for the year ended December 31, 2022. The Company recognized an impairment of $1.2 million related to this investment in the year ended December 31, 2023. See Note 4 - Impairment for additional detail. 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. The Company recognized an impairment of $30.8 million related to this investment in the year ended December 31, 2023. See Note 4 - Impairment for additional detail. 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 December 31, 2023, this warrant has 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 the Company 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 restaurants 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. The Company 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 the fair value of $21.5 million 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 the Company’s preferred returns, 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 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 were contracted as of December 31, 2023, and are expected to close in the first quarter of 2024. In October 2022, Floreo closed on a $165.0 million financing, with outstanding borrowings of $78.3 million as of December 31, 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 December 31, 2023, the Company’s maximum exposure to loss as a result of this investment is limited to the $55.9 million aggregate carrying value as the Company has not made any other firm commitments to fund amounts on behalf of this VIE, and cash collateral that the Company may be obligated to post related to its collateral maintenance obligation. See Note 10 - 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 include approximately four million square feet of residential, retail, commercial, and entertainment offerings integrated into a cohesive neighborhood with a central plaza and a network of parks and public transportation. Foulger-Pratt manages construction of the development. Demolition began in the second quarter of 2022 and was completed in 2023, with the completion of infrastructure work 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. Summarized Financial Information The following tables provide combined summarized financial statement information for the Company’s unconsolidated ventures. Financial statement information is included for each investment for all periods in which the Company’s ownership interest was accounted for as an equity method investment. thousands December 31, 2023 December 31, 2022 Consolidated Balance Sheets Total Assets $ 990,138 $ 878,546 Total Liabilities 580,056 505,643 Total Equity 410,082 372,903 Year Ended December 31, thousands 2023 2022 2021 Consolidated Statements of Operations Revenues $ 465,758 $ 232,786 $ 377,837 Operating Income 35,903 9,815 145,471 Net income (loss) 11,788 (2,646) 69,904

Acquisitions and Dispositions

Acquisitions and Dispositions	12 Months Ended
	Dec. 31, 2023
Acquisitions And Dispositions [Abstract]
Acquisitions and Dispositions	3. Acquisitions and Dispositions Acquisitions In May 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. At December 31, 2023, the Company holds 88.0% of the Teravalis interests, and JDM Member holds the remaining 12.0%. 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 continues 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 December 31, 2023, the Company’s Consolidated Balance Sheets include $541.6 million of Master Planned Community assets, $0.6 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 Gains and losses on asset dispositions are recorded to Gain (loss) on sale or disposal of real estate and other assets, net in the Consolidated Statements of Operations, unless otherwise noted. Operating Assets Subsequent to period end, in February 2024, the Company completed the sale of Creekside Park Medical Plaza, a 32,689 square-foot medical office building in The Woodlands, Texas, for $14.0 million. In December 2023, the Company completed the sale of Memorial Hermann Medical Office, a 20,000 square-foot medical office building in The Woodlands, Texas, for $9.6 million resulting in a gain of $3.2 million. In July 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. In March 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. In December 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. In December 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 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. In June 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. In March 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. In September 2021, the Company completed the sale of The Woodlands Resort, The Westin at The Woodlands, and Embassy Suites at Hughes Landing for $252.0 million resulting in a gain on sale of $39.1 million, inclusive of approximately $2.9 million in related transaction costs. Additionally, as part of the sale, the Company repaid $132.3 million of debt directly associated with the properties sold. Strategic Developments In December 2021, the Company completed the sale of Century Park, a 63-acre, 1,302,597-square-foot campus with 17 office buildings in the West Houston Energy Corridor, for $25.0 million resulting in a loss on sale of $7.4 million, inclusive of approximately $0.4 million in related transaction costs. In May 2021, the Company completed the sale of Monarch City, a property that comprised approximately 229 acres of undeveloped land in Collin County, Texas, for $51.4 million, resulting in a gain on sale of $21.3 million, inclusive of approximately $1.5 million in related transaction costs.

Impairment

Impairment	12 Months Ended
	Dec. 31, 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. Impairment or disposal of long‑lived assets in accordance with ASC 360 requires that if impairment indicators exist and expected undiscounted cash flows generated by the asset over an anticipated holding period are less than its carrying amount, an impairment provision should be recorded to write down the carrying amount of the asset to its fair value. The impairment analysis does not consider the timing of future cash flows and whether the asset is expected to earn an above- or below-market rate of return. 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. The Company evaluates each investment in an unconsolidated venture discussed in Note 2 - Investments in Unconsolidated Ventures 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. Seaport In 2023, the Company recorded a $709.5 million impairment charge related to the Seaport segment. The Company recognized the impairment due to decreases in estimated future cash flows due to significant uncertainty of future performance as stabilization and profitability are taking longer than expected, pressure on the current cost structure, decreased demand for office space, as well as an increase in the capitalization rate and a decrease in restaurant multiples used to evaluate future cash flows. The Company used a discounted cash flow analysis to determine fair value, with capitalization rates ranging from 5.5% to 6.75%, discount rates ranging from 8.5% to 13.3%, and restaurant multiples ranging from 8.3 to 11.8. The assumptions and estimates included in the Company’s impairment analysis require significant judgment about future events, market conditions, and financial performance. Actual results may differ from these assumptions. There can be no assurance that these estimates and assumptions will prove to be an accurate prediction of the future. Operating Assets In 2021, the Company recorded a $13.1 million impairment charge for Century Park, a non-core asset acquired as part of the acquisition of The Woodlands Towers at The Waterway. The Century Park asset included both building and land components. The impairment related to the building component, while the land component was not impaired. The Company recognized an impairment due to decreases in estimated future cash flows and as a result of the impact of a shorter-than-anticipated holding term. The Company used weighted market and income valuation techniques to estimate the fair value of Century Park. Market valuation was based on recent sales of similar commercial properties in and around Houston, Texas. For the income approach, the Company utilized a capitalization rate of 8.75%, probability-weighted scenarios assuming lease-up periods ranging from 24 months to 48 months, and management’s estimate of future lease income and carry costs. In December 2021, the Company completed the sale of Century Park. In 2021, the Company recorded a $17.7 million impairment of its equity investment in 110 North Wacker. The Company recognized the impairment due to a change in the anticipated holding period as the Company entered into a plan to sell its interest in 110 North Wacker. In March 2022, the Company completed the sale of its ownership interest in 110 North Wacker. For information regarding the asset sales discussed above, see Note 3 - Acquisitions and Dispositions. The following table summarizes the pre-tax impacts of the items mentioned above on the Consolidated Statements of Operations for the years ended December 31: thousands Statements of Operations Line Item 2023 2022 2021 Seaport Buildings and equipment (a) Provision for impairment $ 445,818 $ — $ — Land (a) Provision for impairment 11,734 — — Developments (a) Provision for impairment 214,940 — — Net investment in real estate 672,492 — — Investments in unconsolidated ventures (b) Equity in earnings (losses) from unconsolidated ventures 37,001 — — Total Seaport $ 709,493 $ — $ — Operating Assets Buildings and equipment (c) Provision for impairment $ — $ — $ 13,068 Investments in unconsolidated ventures (d) Equity in earnings (losses) from unconsolidated ventures — — 17,673 Total Operating Assets $ — $ — $ 30,741 (a) The above table represents the final balance sheet impacts of the 2023 Seaport impairment. Due to an adjustment to the allocation of the impairment between properties, this differs slightly from what was initially reported in the third quarter of 2023. The adjustment did not have an impact on the total impairment amount. (b) Impairment charges relate to the Company’s investments in Jean-Georges Restaurants, Ssäm Bar, and Tin Building unconsolidated ventures. See Note 2 - Investments in Unconsolidated Ventures for additional information. (c) Impairment charges related to Century Park as discussed above. (d) Impairment charges related to the Company’s investment in 110 North Wacker as discussed above.

Other Assets and Liabilities

Other Assets and Liabilities	12 Months Ended
	Dec. 31, 2023
OTHER ASSETS AND LIABILITIES
Other Assets and Liabilities	5. Other Assets and Liabilities Other Assets, Net The following table summarizes the significant components of Other assets, net as of December 31: thousands 2023 2022 Security, escrow, and other deposits $ 81,891 $ 48,578 Special Improvement District receivable, net 74,899 64,091 In-place leases, net 35,490 39,696 Intangibles, net 21,894 25,170 Other 17,857 12,555 Prepaid expenses 16,984 18,806 Tenant incentives and other receivables, net 10,840 8,252 Interest rate derivative assets 10,318 30,860 TIF receivable, net 6,371 1,893 Net investment in lease receivable 2,883 2,895 Notes receivable, net 1,558 3,339 Condominium inventory 671 22,452 Other assets, net $ 281,656 $ 278,587 Accounts Payable and Other Liabilities The following table summarizes the significant components of Accounts payable and other liabilities as of December 31: thousands 2023 2022 Condominium deposit liabilities $ 478,870 $ 390,253 Construction payables 257,227 260,257 Deferred income 118,432 85,006 Accrued interest 54,301 49,156 Accounts payable and accrued expenses 49,337 36,174 Accrued payroll and other employee liabilities 32,046 30,874 Accrued real estate taxes 30,096 37,835 Tenant and other deposits 29,976 26,100 Other 24,461 28,856 Accounts payable and other liabilities $ 1,074,746 $ 944,511

Intangibles

Intangibles	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	6. Intangibles The following table summarizes the Company’s intangible assets and liabilities: As of December 31, 2023 As of December 31, 2022 Gross Asset (Liability) Accumulated (Amortization)/ Accretion Net Carrying Amount Gross Asset (Liability) Accumulated (Amortization)/ Accretion Net Carrying Amount thousands Intangible Assets: Other intangibles (a) $ 34,123 $ (12,386) $ 21,737 $ 34,123 $ (9,110) $ 25,013 Indefinite lived intangibles 157 — 157 157 — 157 Tenant leases: In-place value 54,180 (18,690) 35,490 57,087 (17,391) 39,696 Above-market 292 (261) 31 500 (446) 54 Below-market (4,255) 3,940 (315) (4,255) 3,512 (743) Total indefinite lived intangibles $ 157 $ 157 Total amortizing intangibles $ 56,943 $ 64,020 (a) Primarily associated with the Company’s Las Vegas Aviators Triple-A professional baseball team The tenant in-place, above-market, and below-market lease intangible assets resulted from real estate acquisitions. The in‑place value and above-market value of tenant leases are included in Other assets, net and are amortized over periods that approximate the related lease terms. The below‑market tenant leases are included in Accounts payable and other liabilities and are amortized over the remaining non-cancelable terms of the respective leases. See Note 5 - Other Assets and Liabilities for additional information regarding Other assets, net and Accounts payable and other liabilities. Net amortization and accretion expense for these intangible assets and liabilities was $7.1 million in 2023, $7.5 million in 2022, and $7.5 million in 2021. Future net amortization and accretion expense is estimated for each of the five succeeding years as shown below: thousands 2024 2025 2026 2027 2028 Net amortization and accretion expense $ 7,080 $ 7,242 $ 7,208 $ 6,933 $ 6,881

Mortgages, Notes and Loans Paya

Mortgages, Notes and Loans Payable, Net	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Mortgages, Notes and Loans Payable, Net	7. Mortgages, Notes, and Loans Payable, Net Mortgages, Notes, and Loans Payable Mortgages, notes, and loans payable, net are summarized as follows: December 31, thousands 2023 2022 Fixed-rate debt Senior unsecured notes $ 2,050,000 $ 2,050,000 Secured mortgages payable 1,485,494 1,500,841 Special Improvement District bonds 65,627 59,777 Variable-rate debt (a) Secured Bridgeland Notes 475,000 275,000 Secured mortgages payable 1,276,489 916,570 Unamortized deferred financing costs (b) (49,990) (55,005) Mortgages, notes, and loans payable, net $ 5,302,620 $ 4,747,183 (a) The Company has entered into derivative instruments to manage the variable interest rate exposure. The Company had an interest rate swap and two interest rate caps that expired in the third quarter of 2023. See Note 9 - 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 December 31, 2023, land, buildings and equipment, developments, and other collateral with an aggregate net book value of $4.7 billion have been pledged as collateral for the Company’s debt obligations. Senior notes totaling $2.1 billion and $68.4 million of Secured mortgages payable are recourse to the Company. 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. The following table summarizes the Company’s Secured mortgages payable: December 31, 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) $ 1,485,494 3.13% - 8.67% 4.46 % 7.2 $ 1,500,841 3.13% - 7.67% 4.39 % 7.4 Variable rate (b) 1,276,489 7.08% - 10.48% 8.73 % 2.2 916,570 6.05% - 9.39% 7.36 % 2.6 Secured mortgages payable $ 2,761,983 3.13% - 10.48% 6.44 % 4.9 $ 2,417,411 3.13% - 9.39% 5.51 % 5.6 (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 December 31, 2023 and 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 7.98% as of December 31, 2023, and 5.91% as of December 31, 2022. See Note 9 - Derivative Instruments and Hedging Activities for additional information. The Company’s secured mortgages mature over various terms through September 2052. 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 $384.4 million, refinancings of $161.0 million, and repayments of $48.4 million. As of December 31, 2023, the Company’s secured mortgage loans had $1.0 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 7.00% with maturities ranging from 2025 to 2053 as of December 31, 2023, and fixed rates ranging from 4.13% to 6.05% with maturities ranging from 2025 to 2051 as of December 31, 2022. For the year ended December 31, 2023, $21.3 million in SID bonds were issued and obligations of $13.9 million were assumed by buyers. 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 7.64% at December 31, 2023, and 6.60% at December 31, 2022. Due to the maturity of one of the Company’s interest rate swaps in September 2023, this financing was not covered by an interest rate derivative at December 31, 2023. The interest rate inclusive of interest rate derivatives was 5.28% at December 31, 2022. In December 2022, the borrowing capacity of this obligation was expanded from $275.0 million to $475.0 million. An additional $200.0 million was drawn in 2023, bringing outstanding borrowings to $475.0 million as of December 31, 2023. Debt Compliance As of December 31, 2023, the Company was in compliance with all property-level debt covenants with the exception of five 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. Additionally, one property-level debt instrument that was not in compliance as of September 30, 2023, is in compliance as of December 31, 2023, but requires two consecutive quarters of compliance to remove the cash flow restriction. Scheduled Maturities The following table summarizes the contractual obligations relating to the Company’s mortgages, notes, and loans payable as of December 31, 2023: thousands Mortgages, notes, and loans payable principal payments 2024 $ 214,526 2025 527,478 2026 968,964 2027 298,601 2028 835,522 Thereafter 2,507,519 Total principal payments 5,352,610 Unamortized deferred financing costs (49,990) Mortgages, notes, and loans payable $ 5,302,620

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value	8. 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. December 31, 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 Significant Unobservable Inputs Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Interest rate derivative assets $ 10,318 $ — $ 10,318 $ — $ 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: December 31, 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 $ 1,053,057 $ 1,053,057 $ 1,098,937 $ 1,098,937 Accounts receivable, net (a) Level 3 115,045 115,045 103,437 103,437 Notes receivable, net (b) Level 3 1,558 1,558 3,339 3,339 Liabilities: Fixed-rate debt (c) Level 2 3,601,121 3,294,431 3,610,618 3,298,859 Variable-rate debt (c) Level 2 1,751,489 1,751,489 1,191,570 1,191,570 (a) Accounts receivable, net is shown net of an allowance of $15.0 million at December 31, 2023, and $8.9 million at December 31, 2022. Refer to Note 1 - Presentation of Financial Statements and Significant Accounting Policies for additional information on the allowance. (b) Notes receivable, net is shown net of an immaterial allowance at December 31, 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 Secured Overnight Financing Rate (SOFR) or U.S. Treasury obligation interest rates as of December 31, 2023 . Refer to Note 7 - 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. The below table includes a non-financial asset that was measured at fair value on a non-recurring basis resulting in the property being impaired: Fair Value Measurements Using thousands Total Fair Value Measurement (a) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs 2023 Seaport Net investment in real estate $ 321,180 $ — $ — $ 321,180 Seaport Investments in unconsolidated ventures 40,225 — — 40,225 (a) The fair value was measured as of the impairment date in the third quarter of 2023 using a discounted cash flow analysis to determine fair value, with capitalization rates ranging from 5.5% to 6.75%, discount rates ranging from 8.5% to 13.3%, and restaurant multiples ranging from 8.3 to 11.8. Refer to Note 4 - Impairment for additional information.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	9. 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 upfront 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 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 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 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 December 31, 2023 and 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 years ended December 31, 2023 and 2022, there were no termination events. During the year ended December 31, 2023, the Company recorded an immaterial reduction in Interest expense 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 $4.6 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) Notional Fixed Interest Effective Maturity December 31, December 31, thousands Amount Rate (a) Date Date 2023 2022 Derivative instruments not designated as hedging instruments: (b) Interest rate cap 285,000 2.00% 3/12/2021 9/15/2023 $ — $ 5,748 Interest rate cap 83,200 2.00% 3/12/2021 9/15/2023 — 1,677 Interest rate cap 75,000 2.50% 10/12/2021 9/29/2025 2,274 3,791 Interest rate cap 59,500 2.50% 10/12/2021 9/29/2025 1,804 3,007 Interest rate collar 53,272 2.00% - 4.50% 6/1/2023 6/1/2025 417 — Interest rate collar 33,260 2.00% - 4.50% 6/1/2023 6/1/2025 440 — Derivative instruments designated as hedging instruments: Interest rate swap 615,000 2.98% 9/21/2018 9/18/2023 $ — $ 8,262 Interest rate swap 200,000 3.69% 1/3/2023 1/1/2027 117 978 Interest rate cap 127,000 5.50% 11/10/2022 11/7/2024 28 378 Interest rate cap 74,120 5.00% 12/22/2022 12/21/2025 223 655 Interest rate swap 40,800 1.68% 3/1/2022 2/18/2027 2,496 3,321 Interest rate swap 34,857 4.89% 11/1/2019 1/1/2032 2,519 3,043 Total fair value derivative assets $ 10,318 $ 30,860 Total fair value derivative liabilities — — Total fair value derivatives asset (liability), net $ 10,318 $ 30,860 (a) These rates represent the swap rate and cap strike rate on the Company’s interest rate swaps, caps, and collars. (b) Interest income related to these contracts was $0.5 million in 2023 and $13.0 million in 2022. The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31: Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in AOCI on Derivatives thousands 2023 2022 2021 Interest rate derivatives $ 3,809 $ 25,657 $ 5,300 Location of Gain (Loss) Reclassified from AOCI into Statements of Operations Amount of Gain (Loss) Reclassified from AOCI into Statements of Operations thousands 2023 2022 2021 Interest expense $ 13,131 $ (6,041) $ (12,660) Credit-risk-related Contingent Features The Company has agreements with certain derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has agreements with certain derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. None of the Company’s derivatives which contain credit-risk-related features were in a net liability position as of December 31, 2023.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Litigation I n 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. Timarron Park On June 14, 2018, the Company was served with a petition involving approximately 500 individuals or entities who claim that their properties, located in the Timarron Park neighborhood of The Woodlands, were damaged by flood waters that resulted from the unprecedented rainfall that occurred throughout Harris County and surrounding areas during Hurricane Harvey in August 2017. The complaint was filed in State Court in Harris County of the State of Texas. In general, the plaintiffs allege negligence in the development of Timarron Park and violations of Texas’ Deceptive Trade Practices Act and name as defendants The Howard Hughes Corporation, The Woodlands Land Development Company, and two unaffiliated parties involved in the planning and engineering of Timarron Park. The plaintiffs are seeking restitution for damages to their property and diminution of their property values. 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. 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 a charge as a result of this action. Waiea 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 December 31, 2023, a total of $8.7 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 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 and completed remediation work in December 2023. The Company has prevailed in various lawsuits filed in 2021 and 2022 challenging the 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. On August 31, 2023, the Appellate denied petitioners’ motion in full. Subsequently, petitioners filed a motion in the Court of Appeals for permission to appeal to that court. The decision on the motion by the Court of Appeals is pending. Although it is not possible to predict with certainty the outcome of petitioners’ motion, such requests are rarely granted and there is no further judicial recourse after the Court of Appeals. If the pending motion for permission to appeal were to be granted by 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 December 31, 2023, the Company had outstanding letters of credit totaling $3.9 million and surety bonds totaling $470.4 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 and Operating lease obligations on the Consolidated Balance Sheets. See Note 16 - Leases for further discussion. Contractual rental expense, including participation rent, was $5.3 million for the year ended December 31, 2023, $5.6 million for the year ended December 31, 2022, and $7.2 million for the year ended December 31, 2021. The amortization of above and below‑market ground leases and straight‑line rents included in the contractual rent amount was not significant. Guarantee Agreements The Company evaluates the likelihood of future performance under the below guarantees and, as of December 31, 2023 and 2022, there were no events requiring financial performance under the following guarantees. Floreo 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). Outstanding borrowings as of December 31, 2023, were $78.3 million. 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 Consolidated Balance Sheets as of December 31, 2023. 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 December 31, 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. Tin Building 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. Downtown Columbia The Company’s wholly owned subsidiaries agreed to complete defined public improvements and to indemnify Howard County, Maryland, for certain matters as part of the Downtown Columbia Redevelopment District TIF bonds. To the extent that increases in taxes do not cover debt service payments on the TIF bonds, the Company’s wholly owned subsidiary is obligated to pay special taxes. Management has concluded that, as of December 31, 2023, any obligations to pay special taxes are not probable. Ward Village 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 fulfill the remaining reserved housing guarantee in the community. Ulana Ward Village began construction in early 2023.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation Plans	11. Stock-Based Compensation Plans Prior to the consummation of the holding company reorganization discussed in Note 1 - Presentation of Financial Statements and Significant Accounting Policies , the Company maintained stock-based two equity incentive plans, which inlcude stock options and restricted stock. In 2023, pursuant to the holding company reorganization, each outstanding share of HHC's common stock was automatically converted into one share of HHH common stock. HHH assumed all obligations under the equity incentive plans. All stock options and restricted stock outstanding will be settled in HHH stock. In May 2020, the Company’s shareholders approved The Howard Hughes Corporation 2020 Equity Incentive Plan (the 2020 Equity Plan). Pursuant to the 2020 Equity Plan, 1,350,000 shares of common stock were reserved for issuance. The 2020 Equity Plan provides for grants of stock options, stock appreciation rights, restricted stock, restricted stock units, and other stock-based awards (collectively, the Awards). Employees, directors, and consultants of the Company are eligible for Awards. The 2020 Equity Incentive Plan is administered by the Compensation Committee of the HHH Board of Directors (Compensation Committee). Prior to the adoption of the 2020 Equity Plan, equity awards were issued under The Howard Hughes Corporation Amended and Restated 2010 Equity Incentive Plan (the 2010 Equity Plan). The adoption of the 2020 Equity Plan did not impact the administration of Awards issued under the 2010 Equity Plan but following adoption of the 2020 Equity Plan, equity awards will no longer be granted under the 2010 Equity Plan. As of December 31, 2023, there were a maximum of 727,758 HHH shares available for future grants under the 2020 Equity Plan. The following summarizes stock-based compensation expense, net of amounts capitalized to development projects, for the years ended December 31: thousands 2023 2022 2021 Stock Options (a) $ 336 $ 250 $ 227 Restricted Stock (b) 10,847 6,860 7,332 Pre-tax stock-based compensation expense $ 11,183 $ 7,110 $ 7,559 Income tax benefit $ 882 $ 636 $ 882 (a) Amounts shown are net of immaterial amounts capitalized to development projects. (b) Amounts shown are net of $4.6 million capitalized to development projects in 2023, $4.8 million capitalized to development projects in 2022, and $2.2 million capitalized to development projects in 2021. Stock Options There were no grants or exercises of stock options in 2023. The following table summarizes stock option activity: Stock Options Weighted-average Exercise Price Weighted-average Remaining Contractual Term (years) Aggregate Intrinsic Value Stock options outstanding at December 31, 2022 258,987 $ 110.20 Forfeited (8,000) 106.83 Expired (116,650) 112.09 Stock options outstanding at December 31, 2023 134,337 $ 108.76 4.4 $ 663,915 Stock options vested and expected to vest at December 31, 2023 133,096 $ 109.08 4.4 $ 647,298 Stock options exercisable at December 31, 2023 79,500 $ 131.19 2.4 $ — The total intrinsic value of stock options exercised was $0.1 million during 2022 and $2.6 million during 2021, based on the difference between the market price at the exercise date and the exercise price. Cash received from stock option exercises was $0.3 million in 2022 and $4.1 million in 2021. The tax benefit from these exercises was immaterial. The fair value of stock option awards is determined using the Black-Scholes option-pricing model with the following assumptions: – Expected life —Based on the average of the time to vesting and full term of an option – Risk-free interest rates —Based on the U.S. Treasury rate over the expected life of an option – Expected volatility —Based on the average of implied and historical volatilities as of each of the grant dates The fair value on the grant date and the significant assumptions used in the Black‑Scholes option‑pricing model are as follows: 2022 2021 Weighted-average grant date fair value $ 37.70 $ 41.52 Assumptions Expected life of options (in years) 7.5 7.5 Risk-free interest rate 3.4 % 1.2 % Expected volatility 50.3 % 36.5 % Expected annual dividend per share — — Generally, options granted vest over requisite service periods, expire ten years after the grant date and generally do not become exercisable until their restrictions on exercise lapse after the five-year anniversary of the grant date. The balance of unamortized stock option expense as of December 31, 2023, is $0.9 million, which is expected to be recognized over a weighted‑average period of 2.6 years. Restricted Stock Restricted stock awards issued under the 2020 Equity Plan provide that shares awarded may not be sold or otherwise transferred until restrictions have lapsed as established by the Compensation Committee. Restricted stock awards are granted to certain members of management as well as to HHH’s non‑employee directors as part of their annual retainer. The management awards generally vest over a range of three The following table summarizes restricted stock activity: Restricted Stock Weighted-average Grant Date Fair Value Restricted stock outstanding at December 31, 2022 353,463 $ 75.14 Granted 267,820 83.85 Vested (119,744) 84.42 Forfeited (107,841) 68.92 Restricted stock outstanding at December 31, 2023 393,698 $ 79.94 The grant date fair value of restricted stock is based on the closing price of HHH common stock at grant date. For restricted stock awards that vest based on shareholder returns, the grant date fair value is calculated using a Monte-Carlo approach which simulates HHH’s stock price on the corresponding vesting dates and is reflected at the target level of performance. For restricted stock awards that vest based on net asset value per share, the grant date fair value is calculated using a Monte-Carlo approach which simulates HHH’s net asset value on the vesting date and is reflected at the target level of performance. The weighted-average grant-date fair value per share of restricted stock granted was $88.19 during 2022 and $83.91 during 2021. The fair value of restricted stock that vested was $9.6 million during 2023, $8.0 million during 2022, and $6.9 million during 2021, based on the HHH market price at the vesting date. The balance of HHC’s unamortized restricted stock expense as of December 31, 2023, was $20.6 million, which is expected to be recognized over a weighted‑average period of 1.9 years.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes Deferred income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax basis of assets and liabilities using enacted tax rates currently in effect. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards. The following summarizes income tax expense (benefit) for the years ended December 31: thousands 2023 2022 2021 Current $ 108 $ 18,478 $ 4,797 Deferred (163,613) 42,022 10,356 Total $ (163,505) $ 60,500 $ 15,153 Reconciliation of the Income tax expense (benefit) if computed at the U.S. federal statutory income tax rate to the Company’s reported Income tax expense (benefit) for the years ended December 31 is as follows: thousands except percentages 2023 2022 2021 Income (loss) before income taxes $ (714,213) $ 245,136 $ 64,077 U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % Tax computed at the U.S. federal statutory rate $ (149,985) $ 51,479 $ 13,456 Increase (decrease) in valuation allowance, net 25,392 1,065 2,378 State income tax expense (benefit), net of federal income tax (32,023) 5,483 (3,182) Tax expense (benefit) from other change in rates, prior period adjustments, and other permanent differences 2,014 315 (181) Tax expense on compensation disallowance 2,604 2,180 1,570 Net (income) loss attributable to noncontrolling interests (51) (22) 1,507 Tax expense (benefit) on tax credits (11,456) — (395) Income tax expense (benefit) $ (163,505) $ 60,500 $ 15,153 Effective tax rate 22.9 % 24.7 % 23.6 % As of December 31, 2023, the amounts and expiration dates of operating loss carryforwards for tax purposes are as follows: thousands Amount Net operating loss carryforwards - Federal (a) $ 51,731 Net operating loss carryforwards - State (b) 587,852 (a) Federal net operating loss carryforwards have an indefinite carryforward period. (b) State net operating loss carryforwards of $272.1 million have an indefinite carryforward period. The remaining $315.8 million of carryforwards have varying carryforward periods through 2043. A valuation allowance has been recorded against the deferred tax benefit related to a majority of the state net operating loss carryforwards. The following summarizes tax effects of temporary differences and carryforwards included in the net deferred tax liabilities as of December 31: thousands 2023 2022 Deferred tax assets: Operating and Strategic Developments properties and fixed assets $ 204,228 $ 22,447 Investments in unconsolidated ventures 11,577 6,698 Accrued expenses 6,924 6,282 Prepaid expenses 2,020 1,972 Other 1,723 — Operating loss and tax carryforwards 52,317 65,829 Total deferred tax assets 278,789 103,228 Valuation allowance (62,913) (39,478) Total net deferred tax assets $ 215,876 $ 63,750 Deferred tax liabilities: Master Planned Communities properties $ (208,347) $ (214,046) Deferred income (76,908) (86,104) Accounts receivable (18,686) (17,761) Other — (175) Total deferred tax liabilities (303,941) (318,086) Total net deferred tax liabilities $ (88,065) $ (254,336) The deferred tax liability associated with the Company’s MPCs is largely attributable to the difference between the basis and value determined as of the date of the acquisition by its predecessors adjusted for sales that have occurred since that time. The recognition of these deferred tax liabilities is dependent upon the timing and sales price of future land sales and the method of accounting used for income tax purposes. The deferred tax liability related to deferred income represents the difference between the income tax method of accounting and the financial statement method of accounting for prior sales of land in the Company’s MPCs. Generally, the Company is currently open to audit under the statute of limitations by the Internal Revenue Service as well as state taxing authorities for the years ended December 31, 2020 through 2023. In the Company’s opinion, it has made adequate tax provisions for years subject to examination. However, the final determination of tax examinations and any related litigation could be different from what was reported on the returns. The Company applies the generally accepted accounting principle related to accounting for uncertainty in income taxes, which prescribes a recognition threshold that a tax position is required to meet before recognition in the financial statements and provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure, and transition issues. The Company recognizes and reports interest and penalties related to unrecognized tax benefits, if applicable, within the provision for income tax expense. The Company had no unrecognized tax benefits for the years ended December 31, 2023, 2022, or 2021, and therefore did not recognize any interest expense or penalties on unrecognized tax benefits.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	12 Months Ended
	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	13. Accumulated Other Comprehensive Income (Loss) The following tables summarize changes in AOCI, all of which are presented net of tax: thousands Balance at December 31, 2020 $ (38,590) Derivative instruments: Other comprehensive income (loss) before reclassifications 5,300 (Gain) loss reclassified to net income 12,660 Pension adjustment 452 Share of investee’s other comprehensive income 5,721 Net current-period other comprehensive income (loss) 24,133 Balance at December 31, 2021 $ (14,457) Derivative instruments: Other comprehensive income (loss) before reclassifications 25,657 (Gain) loss reclassified to net income 6,041 Reclassification of the Company's share of previously deferred derivative gains to net income (a) (6,723) Pension adjustment (183) Net current-period other comprehensive income (loss) 24,792 Balance at December 31, 2022 $ 10,335 Derivative instruments: Other comprehensive income (loss) before reclassifications 3,809 (Gain) loss reclassified to net income (13,131) Pension adjustment 259 Net current-period other comprehensive income (loss) (9,063) Balance at December 31, 2023 $ 1,272 (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. Refer to Note 2 - Investments in Unconsolidated Ventures for additional information. The following table summarizes the amounts reclassified out of AOCI for the years ended December 31: Accumulated Other Comprehensive Income (Loss) Components thousands Affected line items in the Statements of Operations 2023 2022 (Gains) losses on cash flow hedges $ (16,970) $ 7,778 Interest expense Company's share of previously deferred derivative gains — (8,636) Equity in earnings (losses) from unconsolidated ventures Income taxes on (gains) losses on cash flow hedges 3,839 176 Income tax expense (benefit) Total reclassifications of (income) loss for the period $ (13,131) $ (682)

Common Stock and Equity

Common Stock and Equity	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Common Stock and Equity	14. Common Stock and Equity On August 11, 2023, upon the consummation of the holding company reorganization transaction, existing shares of common stock of HHC were automatically converted, on a one-for-one basis, into shares of common stock of HHH, the new parent holding company, with the same designations, rights, powers, and preferences, and the same qualifications, limitations, and restrictions, as the shares of HHC common stock immediately prior to the reorganization. As a result of the reorganization, HHC has recorded various intercompany activities as capital transactions, which are reflected in HHC's Consolidated Statements of Equity. Additionally, in connection with the holding company reorganization, HHC transferred to HHH, and HHH assumed, sponsorship of all of HHC’s stock plans along with all of HHC’s rights and obligations under each plan. Subsequent to the reorganization, stock-based compensation associated with HHH equity awards granted and outstanding to HHC employees is reflected as capital contributions from HHH to HHC. Net income (loss) per share for HHC is no longer required, as its shares are not publicly traded, and HHC is now a direct, wholly owned subsidiary of HHH.

Revenues

Revenues	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenues	15. 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 for the years ended December 31: thousands 2023 2022 2021 Revenues from contracts with customers Recognized at a point in time: Condominium rights and unit sales $ 47,707 $ 677,078 $ 514,597 Master Planned Communities land sales 370,185 316,065 346,217 Builder price participation 60,989 71,761 45,138 Total 478,881 1,064,904 905,952 Recognized at a point in time or over time: Other land, rental, and property revenues 139,858 144,481 152,619 Rental and lease-related revenues Rental revenue 405,363 399,103 369,330 Total revenues $ 1,024,102 $ 1,608,488 $ 1,427,901 Revenues by segment Operating Assets revenues $ 443,632 $ 431,834 $ 442,698 Master Planned Communities revenues 448,452 408,365 409,746 Seaport revenues 81,971 88,468 55,008 Strategic Developments revenues 49,987 679,763 520,109 Corporate revenues 60 58 340 Total revenues $ 1,024,102 $ 1,608,488 $ 1,427,901 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, 2021 $ 431,177 Consideration earned during the period (799,401) Consideration received during the period 826,055 Balance at December 31, 2022 $ 457,831 Consideration earned during the period (151,225) Consideration received during the period 272,722 Balance at December 31, 2023 $ 579,328 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 December 31, 2023, is $2.8 billion. The Company expects to recognize this amount as revenue over the following periods: thousands Less than 1 year 1-2 years 3 years and thereafter Total remaining unsatisfied performance obligations $ 924,789 $ 411,598 $ 1,432,456 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	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	16. Leases The Company has lease agreements with lease and non-lease components and has elected to aggregate these components into a single component for all classes of underlying assets. Certain of the Company’s lease agreements include non-lease components such as fixed common area maintenance charges. Lessee Arrangements The Company determines whether an arrangement is a lease at inception. Operating leases are included in Operating lease right-of-use assets and Operating lease obligations on the 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. The Company’s lessee agreements consist of operating leases primarily for ground leases and other real estate. The Company’s leases have remaining lease terms of less than 2 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. The Company’s operating leases primarily relate to the Seaport ground leases. The Company’s leased assets and liabilities are as follows: thousands 2023 2022 Operating lease right-of-use assets $ 44,897 $ 46,926 Operating lease obligations $ 51,584 $ 51,321 The components of lease cost for the years ended December 31 are as follows: thousands 2023 2022 Operating lease cost $ 6,829 $ 7,449 Variable lease cost 975 904 Total lease cost $ 7,804 $ 8,353 Future minimum lease payments as of December 31, 2023, are as follows: thousands Operating Leases 2024 $ 5,057 2025 3,668 2026 3,368 2027 3,360 2028 3,424 Thereafter 240,646 Total lease payments 259,523 Less: imputed interest (207,939) Present value of lease liabilities $ 51,584 Other information related to the Company’s lessee agreements is as follows: Supplemental Consolidated Statements of Cash Flows Information Year ended December 31, thousands 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows on operating leases $ 4,634 $ 5,718 Other Information 2023 2022 Weighted-average remaining lease term (years) Operating leases 44.1 43.8 Weighted-average discount rate Operating leases 7.8 % 7.7 % 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 four years. Lease terms generally vary among tenants and may include early termination options, extension options, and fixed rental rate increases or rental rate increases based on an index. Minimum rent revenues related to operating leases are as follows: Year ended December 31, thousands 2023 2022 Total minimum rent payments $ 236,350 $ 229,302 Total future minimum rents associated with operating leases are as follows: thousands Total Minimum Rent 2024 $ 254,076 2025 245,775 2026 227,398 2027 214,671 2028 191,548 Thereafter 822,354 Total $ 1,955,822 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 Consolidated Statements of Operations also include amortization related to above and below‑market tenant leases on acquired properties.

Segments

Segments	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Segments	17. 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 use 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 (a) MPC Segment Seaport Segment Strategic Developments Segment Total Year Ended December 31, 2023 Total revenues $ 443,632 $ 448,452 $ 81,971 $ 49,987 $ 1,024,042 Total operating expenses (210,166) (193,470) (103,466) (80,472) (587,574) Segment operating income (loss) 233,466 254,982 (21,495) (30,485) 436,468 Depreciation and amortization (170,731) (418) (37,791) (3,963) (212,903) Interest income (expense), net (127,388) 64,291 3,065 16,074 (43,958) Other income (loss), net 1,843 (102) (1,290) 690 1,141 Equity in earnings (losses) from unconsolidated ventures 2,969 22,666 (81,485) 142 (55,708) Gain (loss) on sale or disposal of real estate and other assets, net 23,926 — — 236 24,162 Gain (loss) on extinguishment of debt (96) — (48) — (144) Provision for impairment — — (672,492) — (672,492) Segment EBT $ (36,011) $ 341,419 $ (811,536) $ (17,306) $ (523,434) Corporate income, expenses, and other items (27,274) Net income (loss) (550,708) Net (income) loss attributable to noncontrolling interests (243) Net income (loss) attributable to HHH $ (550,951) thousands Operating Assets Segment (a) MPC Segment Seaport Segment Strategic Developments Segment Total Year Ended December 31, 2022 Total revenues $ 431,834 $ 408,365 $ 88,468 $ 679,763 $ 1,608,430 Total operating expenses (194,496) (173,905) (104,393) (504,036) (976,830) Segment operating income (loss) 237,338 234,460 (15,925) 175,727 631,600 Depreciation and amortization (154,626) (394) (36,338) (5,319) (196,677) Interest income (expense), net (89,959) 50,305 3,902 17,073 (18,679) Other income (loss), net (1,140) 23 245 1,799 927 Equity in earnings (losses) from unconsolidated ventures 22,263 (1,407) (36,273) 868 (14,549) Gain (loss) on sale or disposal of real estate and other assets, net 29,588 — — 90 29,678 Gain (loss) on extinguishment of debt (2,230) — — — (2,230) Segment EBT $ 41,234 $ 282,987 $ (84,389) $ 190,238 $ 430,070 Corporate income, expenses, and other items (245,434) Net income (loss) 184,636 Net (income) loss attributable to noncontrolling interests (103) Net income (loss) attributable to HHH $ 184,533 Year Ended December 31, 2021 Total revenues $ 442,698 $ 409,746 $ 55,008 $ 520,109 $ 1,427,561 Total operating expenses (209,020) (193,851) (77,198) (436,698) (916,767) Segment operating income (loss) 233,678 215,895 (22,190) 83,411 510,794 Depreciation and amortization (163,031) (366) (30,867) (6,512) (200,776) Interest income (expense), net (75,391) 42,683 357 3,701 (28,650) Other income (loss), net (10,746) — (3,730) 2,536 (11,940) Equity in earnings (losses) from unconsolidated ventures (67,042) 59,399 (1,988) (221) (9,852) Gain (loss) on sale or disposal of real estate and other assets, net 39,168 — — 13,911 53,079 Gain (loss) on extinguishment of debt (1,926) (1,004) — — (2,930) Provision for impairment — — — (13,068) (13,068) Segment EBT $ (45,290) $ 316,607 $ (58,418) $ 83,758 $ 296,657 Corporate income, expenses, and other items (247,733) Net income (loss) 48,924 Net (income) loss attributable to noncontrolling interests 7,176 Net income (loss) attributable to HHH $ 56,100 (a) Total revenues includes hospitality revenues of $35.6 million for the year ended December 31, 2021. Total operating expenses includes hospitality operating costs of $30.5 million for the year ended December 31, 2021. In September 2021, the Company completed the sale of its three hospitality properties. Refer to Note 3 - Acquisitions and Dispositions for additional information. The following represents assets by segment and the reconciliation of total segment assets to Total assets in the Consolidated Balance Sheets as of December 31: thousands 2023 2022 Operating Assets $ 3,577,694 $ 3,448,823 Master Planned Communities 3,358,821 3,272,655 Seaport (a) 485,898 1,166,950 Strategic Developments 1,638,955 1,359,180 Total segment assets 9,061,368 9,247,608 Corporate 514,244 355,855 Total assets $ 9,575,612 $ 9,603,463 (a) In 2023, the Company recorded a $709.5 million impairment charge related to the Seaport segment. Refer to Note 4 - Impairment for additional information.

SCHEDULE III - REAL ESTATE AND

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2023 Initial Cost (b) Costs Capitalized Subsequent to Acquisition (c) Gross Amounts at Which Carried at Close of Period (d) Name of Center thousands Location Center Type Encumbrances (a) Land Buildings and Improvements Land (e) Buildings and Improvements (e) Land Buildings and Improvements (f) Total Accumulated Depreciation (f) Date of Construction Date Acquired / Completed Bridgeland Bridgeland Cypress, TX MPC $ 475,000 $ 260,223 $ — $ 272,809 $ 1,720 $ 533,032 $ 1,720 $ 534,752 $ (860) 2004 Bridgeland Predevelopment Cypress, TX Development — — 10,904 — — — 10,904 10,904 — Houston Ground Leases - Bridgeland Cypress, TX Other — 3,935 — — — 3,935 — 3,935 — Various Lakeland Village Center at Bridgeland Cypress, TX Retail — 2,404 11,135 — 3,489 2,404 14,624 17,028 (3,258) 2015 2016 Lakeside Row Cypress, TX Multi-family 35,500 812 42,875 — 703 812 43,578 44,390 (7,496) 2018 2019 Starling at Bridgeland Cypress, TX Multi-family 37,946 1,511 57,505 — — 1,511 57,505 59,016 (2,459) 2021 2022 Wingspan Cypress, TX Multi-family 27,827 1,214 63,680 — — 1,214 63,680 64,894 (368) 2022 2023 Columbia (g) Color Burst Park Retail (h) Columbia, MD Retail — 337 6,945 10 2,157 347 9,102 9,449 (832) 2019 2020 Columbia Office Properties (i) Columbia, MD Office — 1,175 14,394 — (1,294) 1,175 13,100 14,275 (6,730) 2004 / 2007 Columbia Parking Garages (i) Columbia, MD Other — — 42,940 — (157) — 42,783 42,783 (5,794) Various Various Columbia Predevelopment Columbia, MD Development — — 36,236 — — — 36,236 36,236 — Juniper Columbia, MD Multi-family 117,000 3,923 112,435 — 7,124 3,923 119,559 123,482 (16,230) 2018 2020 10285 Lakefront Medical Office (h) Columbia, MD Development 4,400 — 27,195 — — — 27,195 27,195 — 2022 Lakefront District Columbia, MD Development — 400 80,053 (400) (45,892) — 34,161 34,161 — Various One Mall North Columbia, MD Office 6,855 7,822 10,818 — 2,035 7,822 12,853 20,675 (5,860) 2016 Marlow Columbia, MD Multi-family 72,823 4,088 130,083 — — 4,088 130,083 134,171 (5,048) 2021 2022 6100 Merriweather (i) Columbia, MD Office 76,000 2,550 86,867 — 2,762 2,550 89,629 92,179 (12,987) 2018 2019 One Merriweather (i) Columbia, MD Office 49,800 1,433 56,125 — 1,617 1,433 57,742 59,175 (14,592) 2015 2017 Two Merriweather Columbia, MD Office 25,600 1,019 33,016 — 5,302 1,019 38,318 39,337 (7,877) 2016 2017 Merriweather District Columbia, MD Development — — 76,808 — 8,492 — 85,300 85,300 — 2015 Merriweather Row (h) Columbia, MD Office 67,265 24,685 94,824 — 51,706 24,685 146,530 171,215 (38,982) 2012/2014 Rouse Building (h) Columbia, MD Retail 22,865 — 28,865 — 3,063 — 31,928 31,928 (9,198) 2013 2014 Teravalis Teravalis Phoenix, AZ MPC — 544,546 312 278 4 544,824 316 545,140 (58) 2021 Seaport Historic District Area / Uplands New York, NY Retail — — 7,884 — 66,012 — 73,896 73,896 (30,799) 2013 2016 Pier 17 New York, NY Retail — — 468,476 — (218,115) — 250,361 250,361 (109,036) 2013 2018 85 South Street New York, NY Multi-family — 15,913 8,137 (11,735) (563) 4,178 7,574 11,752 (6,248) 2014 Tin Building New York, NY Retail — — 61,872 — — — 61,872 61,872 (13,963) 2017 2022 250 Water Street New York, NY Development 115,000 — 179,471 — (83,450) — 96,021 96,021 — 2018 199 Water Street, 28th Floor (j) New York, NY Lease — — 14,054 — 782 — 14,836 14,836 (12,563) Various Various Summerlin Aristocrat Las Vegas, NV Office 33,987 5,004 34,588 — 152 5,004 34,740 39,744 (6,801) 2017 2018 Constellation Las Vegas, NV Multi-family 24,200 3,069 39,759 — 2,264 3,069 42,023 45,092 (9,339) 2017 Downtown Summerlin (k)(l) Las Vegas, NV Retail/Office 1,732 30,855 364,100 — 30,257 30,855 394,357 425,212 (128,533) 2013 2014 / 2015 Hockey Ground Lease (k) Las Vegas, NV Other 161 — — 6,705 2,198 6,705 2,198 8,903 (348) 2017 Las Vegas Ballpark (m) Las Vegas, NV Other 42,990 5,318 124,391 — 2,222 5,318 126,613 131,931 (30,599) 2018 2019 Meridian (h) Las Vegas, NV Development — — 37,533 — — — 37,533 37,533 — 2022 1700 Pavilion (k) Las Vegas, NV Office 57,460 1,700 101,760 — — 1,700 101,760 103,460 (3,149) 2021 2022 Initial Cost (b) Costs Capitalized Subsequent to Acquisition (c) Gross Amounts at Which Carried at Close of Period (d) Name of Center thousands Location Center Type Encumbrances (a) Land Buildings and Improvements Land (e) Buildings and Improvements (e) Land Buildings and Improvements (f) Total Accumulated Depreciation (f) Date of Construction Date Acquired / Completed Two Summerlin (k) Las Vegas, NV Office 40,865 3,037 47,104 — 1,999 3,037 49,103 52,140 (10,810) 2017 2018 Summerlin (k) Las Vegas, NV MPC 63,322 990,179 — 89,747 1,076 1,079,926 1,076 1,081,002 (619) 2004 Summerlin Grocery Anchored Center (k) Las Vegas, NV Development 114 — 10,460 — — — 10,460 10,460 — 2023 Summerlin Predevelopment Las Vegas, NV Development — — 12,796 — — — 12,796 12,796 — Tanager (k) Las Vegas, NV Multi-family 58,633 7,331 53,978 — 351 7,331 54,329 61,660 (9,422) 2017 2019 Tanager Echo (k) Las Vegas, NV Multi-family 59,007 2,302 85,329 — — 2,302 85,329 87,631 (1,750) 2021 2023 The Woodlands Creekside Park The Woodlands, TX Multi-family 37,615 729 40,116 — 891 729 41,007 41,736 (8,400) 2017 2018 Creekside Park Medical Plaza (n) The Woodlands, TX Office — 306 8,361 — — 306 8,361 8,667 (241) 2022 2022 Creekside Park The Grove The Woodlands, TX Multi-family 57,000 1,876 52,382 — 213 1,876 52,595 54,471 (5,518) 2019 2021 Creekside Park West The Woodlands, TX Retail 15,969 1,228 17,922 — 1,122 1,228 19,044 20,272 (2,603) 2018 2019 Houston Ground Leases - The Woodlands The Woodlands, TX Other — 14,582 2,582 — — 14,582 2,582 17,164 (275) Various One Hughes Landing The Woodlands, TX Office 46,938 1,678 34,761 — (3,193) 1,678 31,568 33,246 (10,614) 2012 2013 Two Hughes Landing The Woodlands, TX Office 45,445 1,269 34,950 — (2,692) 1,269 32,258 33,527 (11,483) 2013 2014 Three Hughes Landing The Woodlands, TX Office 70,000 2,626 46,372 — 32,342 2,626 78,714 81,340 (23,027) 2014 2016 1725 Hughes Landing Boulevard The Woodlands, TX Office 61,221 1,351 36,764 — 24,841 1,351 61,605 62,956 (16,959) 2013 2015 1735 Hughes Landing Boulevard The Woodlands, TX Office 59,134 3,709 97,651 — (305) 3,709 97,346 101,055 (34,797) 2013 2015 Hughes Landing Daycare The Woodlands, TX Other — 138 — — — 138 — 138 — 2018 2019 Hughes Landing Retail The Woodlands, TX Retail 32,166 5,184 32,562 — 803 5,184 33,365 38,549 (11,027) 2013 2015 1701 Lake Robbins The Woodlands, TX Retail — 1,663 3,725 — 856 1,663 4,581 6,244 (1,139) 2014 2201 Lake Woodlands Drive The Woodlands, TX Office — 3,755 — — 1,210 3,755 1,210 4,965 (658) 2011 Lakefront North The Woodlands, TX Office 50,000 10,260 39,357 — 17,535 10,260 56,892 67,152 (10,798) 2018 One Lakes Edge The Woodlands, TX Multi-family 66,370 1,057 81,768 — 901 1,057 82,669 83,726 (22,839) 2013 2015 Two Lakes Edge The Woodlands, TX Multi-family 105,000 1,870 96,349 — 962 1,870 97,311 99,181 (14,517) 2018 2020 Millennium Six Pines The Woodlands, TX Multi-family 42,234 4,000 54,624 7,225 1,024 11,225 55,648 66,873 (15,426) 2016 Millennium Waterway The Woodlands, TX Multi-family 51,000 15,917 56,002 — 2,494 15,917 58,496 74,413 (25,240) 2012 8770 New Trails The Woodlands, TX Office 34,857 2,204 35,033 — 80 2,204 35,113 37,317 (6,358) 2019 2020 9303 New Trails The Woodlands, TX Office 7,352 1,929 11,915 — 1,618 1,929 13,533 15,462 (4,340) 2011 1 Riva Row The Woodlands, TX Development 1 — 18,385 — — — 18,385 18,385 — 2023 3831 Technology Forest Drive The Woodlands, TX Office 19,192 514 14,194 — 1,813 514 16,007 16,521 (7,258) 2014 2014 The Lane at Waterway The Woodlands, TX Multi-family 37,500 2,029 40,033 — 456 2,029 40,489 42,518 (5,186) 2019 2020 The Woodlands The Woodlands, TX MPC — 269,411 9,814 (96,758) (9,744) 172,653 70 172,723 (70) 2011 The Woodlands Parking Garages The Woodlands, TX Other — 5,857 — 2,497 15,066 8,354 15,066 23,420 (3,832) 2011 / 2013 The Woodlands Predevelopment The Woodlands, TX Development — — 49,643 — — — 49,643 49,643 (1,193) The Woodlands Towers at the Waterway (o) The Woodlands, TX Office 362,537 11,044 437,561 — 38,140 11,044 475,701 486,745 (62,368) 2019 The Woodlands Warehouse The Woodlands, TX Other 13,700 4,480 4,389 — 103 4,480 4,492 8,972 (718) 2019 20/25 Waterway Avenue The Woodlands, TX Retail 14,500 2,346 8,871 — 575 2,346 9,446 11,792 (3,088) 2011 3 Waterway Square The Woodlands, TX Office 41,610 748 42,214 — (2,758) 748 39,456 40,204 (16,477) 2012 2013 4 Waterway Square The Woodlands, TX Office 21,530 1,430 51,553 — 7,610 1,430 59,163 60,593 (22,918) 2011 Waterway Square Retail (h) The Woodlands, TX Retail — 1,341 4,255 — 1,314 1,341 5,569 6,910 (1,802) 2011 1400 Woodloch Forest The Woodlands, TX Office — 1,570 13,023 — 5,538 1,570 18,561 20,131 (7,171) 2011 The Woodlands Hills The Woodlands Hills Conroe, TX MPC — 99,284 — 15,955 43 115,239 43 115,282 (23) 2014 Initial Cost (b) Costs Capitalized Subsequent to Acquisition (c) Gross Amounts at Which Carried at Close of Period (d) Name of Center thousands Location Center Type Encumbrances (a) Land Buildings and Improvements Land (e) Buildings and Improvements (e) Land Buildings and Improvements (f) Total Accumulated Depreciation (f) Date of Construction Date Acquired / Completed Ward Village ‘A‘ali‘i Honolulu, HI Condominium — — 714 — 1,188 — 1,902 1,902 (47) 2018 2021 Ae‘o Honolulu, HI Condominium — — 1,162 — — — 1,162 1,162 (146) 2016 2018 Anaha Honolulu, HI Condominium — — 1,097 — — — 1,097 1,097 (167) 2014 2017 Ke Kilohana Honolulu, HI Condominium — — 656 — — — 656 656 (77) 2016 2019 Kewalo Basin Harbor Honolulu, HI Other 10,984 — 24,116 — (786) — 23,330 23,330 (5,960) 2017 2019 Kō‘ula Honolulu, HI Condominium — — 1,184 — — — 1,184 1,184 (43) 2019 2022 The Park Ward Village Honolulu, HI Development 41,242 — 156,957 — — — 156,957 156,957 (3,427) 2022 Ulana Ward Village Honolulu, HI Development 31,527 — 115,061 — — — 115,061 115,061 (594) 2023 Victoria Place Honolulu, HI Development 197,017 — 373,729 — — — 373,729 373,729 (6,210) 2021 Waiea Honolulu, HI Condominium — — 1,206 — 417 — 1,623 1,623 (253) 2014 2017 Ward Predevelopment Honolulu, HI Development 37,617 — 193,023 — — — 193,023 193,023 (7,771) 2013 Ward Village Retail Honolulu, HI Retail 175,000 164,548 138,723 (105,692) 289,422 58,856 428,145 487,001 (132,829) Various Total excluding Corporate and Deferred financing costs 3,302,610 2,568,718 5,160,466 180,641 277,115 2,749,359 5,437,581 8,186,940 (1,028,495) Corporate Various 2,050,000 885 1,027 (885) 11,513 — 12,540 12,540 (3,731) Deferred financing costs N/A (49,990) Total $ 5,302,620 $ 2,569,603 $ 5,161,493 $ 179,756 $ 288,628 $ 2,749,359 $ 5,450,121 $ 8,199,480 $ (1,032,226) (a) Refer to Note 7 - Mortgages, Notes, and Loans Payable, Net for additional information. (b) Initial cost for projects undergoing development or redevelopment is cost through the end of first complete calendar year subsequent to the asset being placed in service. (c) For retail and other properties, costs capitalized subsequent to acquisitions is net of cost of disposals or other property write‑downs. For MPCs, costs capitalized subsequent to acquisitions are net of the cost of land sales. (d) The aggregate cost of land, building, and improvements for federal income tax purposes is approximately $7.3 billion. (e) Reductions in Land reflect transfers to Buildings and Improvements for projects which the Company is internally developing. (f) Depreciation is based upon the useful lives in Note 1 - Presentation of Financial Statements and Significant Accounting Policies . (g) Columbia MPC land development is complete, and the sale of remaining land or development of additional commercial assets will occur as the market dictates. As such, the remaining Columbia land was transferred to the Strategic Developments segment in the first quarter of 2023. (h) In 2023, the Company rebranded Color Burst Park Retail (formerly Merriweather District Area 3 Retail), 10285 Lakefront Medical Office (formerly South Lake Medical Office Building), Merriweather Row (formerly 10 - 70 Columbia Corporate Center), Rouse Building (formerly Columbia Regional Building), Meridian (formerly Summerlin South Office), and Waterway Square Retail (formerly Waterway Garage Retail). (i) In 2023, the Company reclassed the freestanding Columbia Parking Garages from Columbia Office Properties, 6100 Merriweather, and One Merriweather to Columbia Parking Garages. (j) The 199 Water Street, 28th Floor line relates to tenant improvement for the Seaport office lease. (k) Encumbrances balance either represents or is inclusive of SIDs. (l) Downtown Summerlin includes the One Summerlin office property, which was placed in service in 2015. (m) Includes the Las Vegas Aviators. (n) Subsequent to period end, in February 2024, the Company completed the sale of Creekside Park Medical Plaza, a 32,689 square-foot medical office building in The Woodlands, Texas, for $14.0 million. (o) The Woodlands Towers at the Waterway includes 1201 Lake Robbins and 9950 Woodloch Forest. Reconciliation of Real Estate thousands 2023 2022 2021 Balance at January 1 $ 8,095,172 $ 7,776,555 $ 7,319,133 Change in land 403,633 396,125 896,508 Additions 817,308 750,610 657,760 Impairments (672,492) — (13,068) Dispositions, write-offs, and land and condominium costs of sales (444,141) (828,118) (1,083,778) Balance at December 31 $ 8,199,480 $ 8,095,172 $ 7,776,555 Reconciliation of Accumulated Depreciation thousands 2023 2022 2021 Balance at January 1 $ 867,700 $ 743,311 $ 634,064 Depreciation Expense 195,630 180,201 185,418 Dispositions and write-offs (31,104) (55,812) (76,171) Balance at December 31 $ 1,032,226 $ 867,700 $ 743,311

Presentation of Financial Sta_2

Presentation of Financial Statements and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP). The consolidated financial statements include the accounts of The Howard Hughes Corporation and its subsidiaries after elimination of intercompany balances and transactions. The Company also consolidates certain variable interest entities (VIEs) in accordance with Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) 810 Consolidation (ASC 810). The outside equity interests in certain entities controlled by the Company are reflected in the Consolidated Financial Statements as noncontrolling interests.
Variable Interest Entities	Variable Interest Entities The Company has interests in various legal entities that represent a variable interest entity. A VIE is an entity: (a) that has total equity at risk that is not sufficient to permit the entity to finance its activities without additional subordinated financial support from other entities; (b) where the group of equity holders does not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, or the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual return, or both (i.e., lack the characteristics of a controlling financial interest); or (c) where the voting rights of the equity holders are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. The Company determines if a legal entity is a VIE by performing a qualitative analysis that requires certain subjective decisions, taking into consideration the design of the entity, the variability that the entity was designed to create and pass along to its interest holders, the rights of the parties and the purpose of the arrangement. Upon the occurrence of certain reconsideration events, the Company reassesses its initial determination as to whether the entity is a VIE. The Company also performs a qualitative assessment of each VIE to determine if it is the primary beneficiary. The Company is the primary beneficiary and would consolidate the VIE if it has a controlling financial interest where it has both (a) the power to direct the economically significant activities of the entity and (b) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. This assessment requires certain subjective decisions, taking into consideration the contractual agreements that define the ownership structure, the design of the entity, distribution of profits and losses, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties. Management’s assessment of whether the Company is the primary beneficiary of a VIE is continuously performed. Upon initial consolidation of a VIE, the Company records the assets, liabilities, and noncontrolling interests at fair value and recognizes a gain or loss for the difference between (i) the fair value of the consideration paid, the fair value of noncontrolling interests and the reported amount of any previously held interests and (ii) the net amount of the fair value of the assets and liabilities.
Investments in Unconsolidated Ventures	Investments in Unconsolidated Ventures The Company’s investments in unconsolidated ventures are accounted for under the equity method to the extent that, based on contractual rights associated with the investments, the Company can exert significant influence over a venture’s operations. Under the equity method, the Company’s investment in the venture is recorded at cost and is subsequently adjusted to recognize the Company’s allocable share of the earnings or losses of the venture. Dividends and distributions received by the Company are recognized as a reduction in the carrying amount of the investment. Generally, joint venture operating agreements provide that assets, liabilities, funding obligations, profits and losses, and cash flows are shared in accordance with ownership percentages. For certain equity method investments, various provisions in the joint 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 ownership or if applicable, the Company’s final profit-sharing interest after receipt of any preferred returns based on the venture’s distribution priorities. For these investments, the Company recognizes income or loss based on the joint venture’s distribution priorities, which could fluctuate over time and may be different from its stated ownership or final profit-sharing percentage. The Company periodically assesses the appropriateness of the carrying amount of its equity method investments, as events or changes in circumstance may indicate that a decrease in value has occurred which is other‑than‑temporary. In addition to the property‑specific impairment analysis performed on the underlying assets of the investment, the Company also considers the ownership, distribution preferences, limitations and rights to sell and repurchase its ownership interests. If a decrease in value of an investment is deemed to be other‑than‑temporary, the investment is reduced to its estimated fair value, and an impairment-related loss is recognized in the Consolidated Statements of Operations as a component of Equity in earnings (losses) from investments in unconsolidated ventures. For investments in ventures where the Company has virtually no influence over operations and the investments do not have a readily determinable fair value, the Company has elected the measurement alternative to carry the securities at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the issuer. Equity securities not accounted for under the equity method, or where the measurement alternative has not been elected, are required to be reported at fair value with unrealized gains and losses reported in the Consolidated Statements of Comprehensive Income (Loss) as Net unrealized gains (losses) on instruments measured at fair value through earnings.
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, capitalization of development costs, provision for income taxes, recoverable amounts of receivables and deferred tax assets, initial valuations of tangible and intangible assets acquired, and the related useful lives of assets upon which depreciation and amortization is based. Estimates and assumptions have also been made with respect to future revenues and costs, and the fair value of warrants, debt, and options granted. 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. Additionally, the future cash flow estimates and fair values used for impairment analysis are highly judgmental and reflect current and projected trends in rental, occupancy, pricing, development costs, sales pace, capitalization rates, selling costs, and estimated holding periods for the applicable assets. Both MPC cost of sale estimates and estimates used in impairment analysis are affected by expectations about future market or economic conditions. Actual results could differ from these and other estimates.
Segments	Segments Segment information is prepared on the same basis that management reviews information for operational decision-making purposes. Management evaluates the performance of each of HHC’s real estate assets or investments individually and aggregates such properties into segments based on their economic characteristics and types of revenue streams. The Company operates in four business segments: (i) Operating Assets; (ii) MPC; (iii) Seaport and (iv) Strategic Developments.
Net Investment in Real Estate	Net Investment in Real Estate Master Planned Community Assets, Buildings and Equipment and Land Real estate assets are stated at cost less any provisions for impairments and depreciation as applicable. Expenditures for significant improvements to the Company’s assets are capitalized. Tenant improvements relating to the Company’s operating assets are capitalized and depreciated over the shorter of their economic lives or the lease term. Maintenance and repair costs are charged to expense when incurred. Depreciation From time to time, the Company may reassess the development strategies for certain buildings and improvements which results in changes to the Company’s estimate of their remaining useful lives. The Company did not recognize additional depreciation expense of significance for the years ended December 31, 2023, 2022, and 2021. Developments Development costs, which primarily include direct costs related to placing the asset in service associated with specific development properties, are capitalized as part of the property being developed. Construction and improvement costs incurred in connection with the development of new properties or the redevelopment of existing properties are capitalized before they are placed into service. Costs include planning, engineering, design, direct material, labor, and subcontract costs. Real estate taxes, utilities, direct legal and professional fees related to the sale of a specific unit, interest, insurance costs, and certain employee costs incurred during construction periods are also capitalized. Capitalization commences when the development activities begin and cease when a project is completed, put on hold, or at the date that the Company decides not to move forward with a project. Capitalized costs related to a project where HHC has determined not to move forward are expensed if they are not deemed recoverable. Capitalized interest costs are based on qualified expenditures and interest rates in place during the construction period. Demolition costs associated with redevelopments are expensed as incurred unless the demolition was included in the Company’s development plans and imminent as of the acquisition date of an asset. Once the assets are placed into service, they are depreciated in accordance with the Company’s policy. In the event that management no longer has the ability or intent to complete a development, the costs previously capitalized are evaluated for impairment.
Acquisition of Properties	Acquisitions of Properties The Company accounts for the acquisition of real estate properties in accordance with ASC 805 Business Combinations (ASC 805). This methodology requires that assets acquired and liabilities assumed be recorded at their fair values on the date of acquisition for business combinations and at relative fair values for asset acquisitions. Acquisition costs related to the acquisition of a business are expensed as incurred. Costs directly related to asset acquisitions are considered additions to the purchase price and increase the cost basis of such assets. The fair value of tangible assets of an acquired property (which includes land, buildings and improvements) is determined by valuing the property as if it were vacant, and the as-if-vacant value is then allocated to land, buildings and improvements based on management’s determination of the fair value of these assets. The as-if-vacant values are derived from several sources which incorporate significant unobservable inputs that are classified as Level 3 inputs in the fair value hierarchy and primarily include a discounted cash flow analysis using discount and capitalization rates based on recent comparable market transactions, where available. The fair value of acquired intangible assets consisting of in-place, above-market, and below-market leases is recorded based on a variety of considerations, some of which incorporate significant unobservable inputs that are classified as Level 3 inputs in the fair value hierarchy. In-place lease considerations include, but are not necessarily limited to: (1) the value associated with avoiding the cost of originating the acquired in-place leases (i.e., the market cost to execute a lease, including leasing commissions and tenant improvements); (2) the value associated with lost revenue related to tenant reimbursable operating costs incurred during the assumed lease-up period (i.e., real estate taxes, insurance, and certain other operating expenses); and (3) the value associated with lost rental revenue from existing leases during the assumed lease-up period. Above-market and below-market leases are valued at the present value, using a discount rate that reflects the risks associated with the leases acquired, of the difference between (1) the contractual amounts to be paid pursuant to the in-place lease; and (2) management’s estimate of current market lease rates, measured over the remaining non-cancelable lease term, including any below-market renewal option periods.
Impairment	Impairment HHC reviews its long-lived assets (including those held by its unconsolidated ventures) for potential impairment indicators whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized if the carrying amount of an asset is not recoverable and exceeds its fair value. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future economic conditions, such as occupancy, rental rates, capital requirements, and sales values that could differ materially from actual results in future periods. If impairment indicators exist and it is expected that undiscounted cash flows generated by the asset are less than its carrying amount, an impairment provision is recorded to write down the carrying amount of the asset to its fair value. Impairment indicators for HHC’s assets or projects within MPCs are assessed separately and include, but are not limited to, significant decreases in sales pace or average selling prices, significant increases in expected land development and construction costs or cancellation rates, and projected losses on expected future sales. MPC assets have extended life cycles that may last 20 to 40 years, or longer, and have few long‑term contractual cash flows. Further, MPC assets generally have minimal to no residual values because of their liquidating characteristics. MPC development periods often occur through several economic cycles. Subjective factors such as the expected timing of property development and sales, optimal development density, and sales strategy impact the timing and amount of expected future cash flows and fair value. Impairment indicators for Operating Assets are assessed for each property and include, but are not limited to, significant decreases in net operating income, significant decreases in occupancy, ongoing low occupancy, and significant net operating losses. Impairment indicators for Seaport include, but are not limited to, significant changes in projected completion or stabilization dates, operating revenues or cash flows, development costs, ongoing low occupancy, and market factors. Impairment indicators for assets in the Strategic Developments are assessed by project and include, but are not limited to, significant changes in projected completion dates, revenues or cash flows, development costs, market factors, significant decreases in comparable property sale prices, and feasibility. The cash flow estimates used for determining recoverability and estimating fair value are inherently judgmental and reflect current and projected trends in rental rates, occupancy, pricing, development costs, sales pace, capitalization rates, and estimated holding periods for the applicable assets. Although the estimated fair value of certain assets may be exceeded by the carrying amount, a real estate asset is only considered to be impaired when its carrying amount is not expected to be recovered through estimated future undiscounted cash flows. To the extent an impairment provision is necessary, the excess of the carrying amount of the asset over its estimated fair value is expensed to operations. In addition, the impairment provision is allocated proportionately to adjust the carrying amount of the asset. The adjusted carrying amount, which represents the new cost basis of the asset, is depreciated over the remaining useful life of the asset or, for MPCs, is expensed as a cost of sales when land is sold. Assets that have been impaired will in the future have lower depreciation and cost of sale expenses. The impairment will have no impact on cash flow.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of highly-liquid investments with maturities at date of purchase of three months or less and include registered money market mutual funds which are invested in United States Treasury bills that are valued at the net asset value of the underlying shares in the funds as of the close of business at the end of each period as well as deposits with major banks throughout the United States. Such deposits are in excess of FDIC limits and are placed with high-quality institutions in order to minimize concentration of counterparty credit risk.
Restricted Cash	Restricted Cash Restricted cash reflects amounts segregated in escrow accounts in the name of the Company, primarily related to escrowed condominium deposits from buyers and other amounts related to legally restricted deposits, escrowed taxes, insurance, and leasing costs.
Accounts Receivable, net, Municipal Utility District Receivables, net, and Notes Receivable, net	Accounts Receivable, net Accounts receivable 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 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 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 losses are probable and can be reasonably estimated. Municipal Utility District Receivables, net In Houston, Texas, certain development costs are reimbursable through the creation of a Municipal Utility District (MUD), also known as Water Control and Improvement Districts, which are separate political subdivisions authorized by Article 16, Section 59 of the Texas Constitution and governed by the Texas Commission on Environmental Quality (TCEQ). MUDs are formed to provide municipal water, wastewater, drainage services, recreational facilities, and roads to those areas where they are currently unavailable through the regular city services. Typically, the developer advances funds for the creation of the facilities, which must be designed, bid, and constructed in accordance with the City of Houston’s and TCEQ requirements. The MUD Board of Directors authorizes and approves all MUD development contracts, and MUD bond sale proceeds are used to reimburse the developer for its construction costs, including interest. At the date the expenditures occur, the Company determines the costs it believes will be eligible for reimbursement and recognizes that as MUD receivables. These expenditures are subject to review by the MUD engineers for eligibility in accordance with the development contracts as part of the process for reimbursement. MUD receivables are pledged as security to creditors under the debt facilities relating to Bridgeland.
Prepaid Expenses and Other Assets, net	Other Assets, net The major components of Other assets, net include security, escrow, and other deposits; Special Improvement District (SID) receivables; in-place leases; intangibles; Tax increment financing (TIF) receivables; prepaid expenses related to the Company’s properties; condominium inventory; and various other assets. SID receivables are amounts due from SID bonds related to the Company’s Summerlin MPC. Proceeds from SID bonds are held in escrow by a third-party and are used to reimburse the Company for a portion of the development costs incurred in Summerlin. The Company’s intangibles include in-place lease assets and above-market lease assets where HHC is the lessor, trademark and trade name intangibles related to MPCs, and other intangibles relating to the Company’s Las Vegas Aviators Triple-A professional baseball team. The Company amortizes finite-lived intangible assets less any residual value, if applicable, on a straight-line basis over the term of the related lease or the estimated useful life of the asset. TIF receivables are amounts which the Company has submitted for reimbursement from Howard County, Maryland, in conjunction with development costs expended on key roads and infrastructure work within the Merriweather District of Downtown Columbia specified per the terms of the county’s TIF legislation, Special Obligation Bonds issued in October 2017, and Grant Disbursement Agreement executed in April 2023. Notes receivable, net includes non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Subsequent to initial recognition, they are recorded at amortized cost less any provision for impairment as required under ASC 326 - Financial Instruments - Credit Losses . Condominium inventory includes available for sale units at HHC’s completed condominium towers and is stated at the lower of cost or fair value less selling costs. Condominium inventory includes land acquisition and development costs, construction costs, and interest and real estate taxes that are capitalized during the development period. HHC evaluates condominium inventory for impairment when potential indicators exist. An impairment loss is recognized if the carrying amount of condominium inventory exceeds the fair value less selling costs, which is based on comparable sales in the normal course of business under existing and anticipated market conditions.
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 MUD receivables, SID bonds, 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 and SID receivables, totaled $632.8 million as of December 31, 2023, and $545.4 million as of December 31, 2022. The MUD receivable balance includes accrued interest of $35.8 million at December 31, 2023, and $36.4 million at December 31, 2022. The allowance for credit losses for financing receivables was not material as of December 31, 2023 and 2022, and there was no material activity related to the allowance for credit losses for the years ended December 31, 2023, 2022, and 2021. Financing receivables are considered to be past due once they are 30 days contractually past due under the terms of the agreement. The Company currently does not have significant financing receivables that are past due or on nonaccrual status. There have been no significant write-offs or recoveries of amounts previously written-off during the current period for financing receivables.
Income Taxes	Income Taxes HHC is a directly owned subsidiary of HHH and will be included in Howard Hughes Holdings Inc. and Subsidiaries’ U.S. Federal income tax return. The Company’s financial statements recognize the current and deferred income tax consequences that result from HHC’s activities during the current period pursuant to the provisions of ASC 740 Income Taxes as if the Company were a separate taxpayer rather than a member of Howard Hughes Holdings Inc.’s consolidated income tax return group.
Deferred Expenses, net	Deferred Expenses, net
Marketing and Advertising	Marketing and Advertising Each of the Company’s segments incur various marketing and advertising costs as part of their development, branding, leasing, or sales initiatives. These costs include special events, broadcasts, direct mail and online digital and social media programs, and they are expensed as incurred.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying values of cash and cash equivalents, escrows, receivables, accounts payable, accrued expenses, and other assets and liabilities are reasonable estimates of their fair values because of the short maturities of these instruments.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities Derivative instruments and hedging activities require management to make judgments on the nature of its derivatives and their effectiveness as hedges. These judgments determine if the changes in fair value of the derivative instruments are reported as a component of Net Income in the Consolidated Statements of Operations or as a component of Comprehensive Income in the Equity on the Consolidated Balance Sheets. While management believes its judgments are reasonable, a change in a derivative’s effectiveness as a hedge could materially affect expenses, net income, and equity. The Company accounts for the changes in the fair value of an effective hedge in other comprehensive income (loss) and subsequently reclassifies the balance from other comprehensive income (loss) to earnings over the term that the hedged transaction affects earnings. The Company accounts for the changes in the fair value of an ineffective hedge directly in earnings.
Stock-Based Compensation	Stock-Based Compensation Prior to the consummation of the holding company reorganization discussed above, the Company maintained two equity incentive plans, which include stock options and restricted stock. In 2023, pursuant to the holding company reorganization discussed above, each outstanding share of HHC’s common stock was automatically converted into one share of HHH common stock. HHH assumed all obligations under the equity incentive plans. All stock options and restricted stock outstanding will be settled in HHH stock. The Company applies the provisions of ASC 718 Stock Compensation which requires all share‑based payments to be recognized in the Consolidated Statements of Operations based on their fair values. The fair value of stock option awards is determined using the Black-Scholes option-pricing model. Restricted stock awards are valued using the market price of HHH’s common stock on the grant date. For restricted stock awards with market conditions or performance conditions, the award is valued using a Monte Carlo simulation. The Company records compensation cost for stock-based compensation awards over the requisite service period. If the requisite service period is satisfied, compensation cost is not adjusted unless the award contains a performance condition. If an award contains a performance condition, expense is recognized only for those shares that ultimately vest using the per-share fair value measured at the grant date. The Company recognizes forfeitures as they occur. See Note 11 - Stock-Based Compensation Plans for additional information.
Revenue Recognition and Related Matters	Revenue Recognition and Related Matters Condominium Rights and Unit Sales Revenue from the sale of an individual unit in a condominium project is recognized at a point in time (i.e., the closing) when HHC satisfies the single performance obligation to construct a condominium project and transfer control of a completed unit to a buyer. The transaction price, which is the amount of consideration the Company receives upon delivery of the completed condominium unit to the buyer, is allocated to this single obligation and is received at closing less any amounts previously paid on deposit. The Company receives cash payments in the form of escrowed condominium deposits from customers who have contracted to purchase a condominium unit based on billing schedules established in HHC’s condominium purchase agreement contracts. The amounts are recorded in Restricted cash until released from escrow in accordance with the escrow agreement and on approval of HHC’s lender to fund construction costs of a project. A corresponding condominium contract deposit liability is established at the date of receipt, representing a portion of HHC’s unsatisfied performance obligation at each reporting date. These deposits, along with the balance of the contract value, are recognized at closing upon satisfaction of HHC’s performance obligation and transfer of title to the buyer. Real estate project costs directly associated with a condominium project, which are HHC’s costs to fulfill contracts with condominium buyers, are capitalized while all other costs are expensed as incurred. Total estimated project costs include direct costs such as the carrying value of the land, site planning, architectural, construction, and financing costs, as well as indirect cost allocations. The allocations include costs which clearly relate to the specific project, including certain infrastructure and amenity costs which benefit the project as well as others, and are based upon the relative sales value of the units. Furthermore, incremental costs incurred to obtain a contract to sell condominium units are evaluated for capitalization in accordance with ASC 340-40, with incremental costs to fulfill a contract only being capitalized if the costs relate directly to a specifically identified contract, enhance resources to satisfy performance obligations in the future, and are expected to be recovered. Master Planned Communities Land Sales Revenues from land sales are recognized at a point in time when the land sale closing process is complete. The transaction price generally has both fixed and variable components, with the fixed price stipulated in the contract and representative of a single performance obligation. See Builder Price Participation (BPP) below for a discussion of the variable component. The fixed transaction price, which is the amount of consideration received in full upon transfer of the land title to the buyer, is allocated to this single obligation and is received at closing of the land sale less any amounts previously paid on deposit. The Company receives cash payments in the form of land purchase deposits from homebuilders or other commercial buyers who have contracted to purchase land within the Company’s MPCs, and HHC holds any escrowed deposits in Restricted cash or Cash and cash equivalents based on the terms of the contract. In situations where the Company has completed the closing of a developed land parcel or superpad and consideration is paid in full, but a portion of HHC’s performance obligation relating to the enhancement of the land is still unsatisfied, revenue related to HHC’s obligation is recognized over time. The Company recognizes only the portion of the improved land sale where the improvements are fully satisfied based on a cost input method. The aggregate amount of the transaction price allocated to the unsatisfied obligation is recorded as deferred land sales and is presented in Accounts payable and other liabilities. The Company measures HHC’s unsatisfied obligation based on the costs remaining relative to the total cost at the date of closing. When residential or commercial land is sold, the cost of sales includes actual costs incurred and estimates of future development costs benefiting the property sold. In accordance with ASC 970-360-30-1, when land is sold, costs are allocated to each sold superpad or lot based upon the relative sales value. For purposes of allocating development costs, estimates of future revenues and development costs are re-evaluated throughout the year, with adjustments being allocated prospectively to the remaining parcels available for sale. For certain parcels of land, including acquired parcels that the Company does not intend to develop or for which development was complete at the date of acquisition, the specific identification method is used to determine the cost of sales. Builder Price Participation BPP is the variable component of the transaction price for certain Master Planned Communities land sales. BPP is earned when a developer that acquired land from HHC develops and sells a home to an end user at a price higher than a predetermined breakpoint. The excess over the breakpoint is shared between HHC and the developer at the time of closing on the sale of the home based on a previously agreed-upon percentage. Generally, BPP is constrained, and accordingly, the Company does not recognize an estimate of variable consideration. The Company’s conclusion is based on the following factors: – BPP is highly susceptible to factors outside HHC’s influence such as unemployment and interest rates – the time between the sale of land to a homebuilder and closing on a completed home can take up to three years – there is significant variability in home pricing from period to period The Company evaluates contracts with homebuilders with respect to BPP at each reporting period to determine whether a change in facts and circumstances has eliminated the constraint and will record an estimate of BPP revenue, if applicable. For Condominium rights and unit sales, Master planned communities land sales, and Builder price participation the Company elected the practical expedient to not adjust promised amount of consideration for the effects of a significant financing component when the expected period between transfer of the promised asset and payment is one year or less. Rental Revenues Revenue associated with the Company’s operating assets includes minimum rent, percentage rent in lieu of fixed minimum rent, tenant recoveries, and overage rent. 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 also include amortization related to above and below‑market tenant leases on acquired properties. Recoveries from tenants are stipulated in the leases, are generally computed based upon a formula related to real estate taxes, insurance, and other real estate operating expenses, and are generally recognized as revenues in the period the related costs are incurred. Overage rent is recognized on an accrual basis once tenant sales exceed contractual thresholds contained in the lease and is calculated by multiplying the tenant sales in excess of the minimum amount by a percentage defined in the lease. If the lease provides for tenant improvements, the Company determines whether the tenant improvements are owned by the tenant or by HHC. When HHC is the owner of the tenant improvements, rental revenue begins when the improvements are substantially complete. When the tenant is the owner of the tenant improvements, any tenant allowance funded by the Company is treated as a lease incentive and amortized as an adjustment to rental revenue over the lease term. Other Land, Rental, and Property Revenues - Over Time and Point in Time Other land revenues recognized over time include ground maintenance revenue, homeowner association management fee revenue, and revenue from providing exclusive cable and internet services at the Company’s MPCs for the benefit of the tenants and owners of the communities. These revenues are recognized over time, as time elapses. The amount of consideration and the duration are fixed, as stipulated in the related agreements, and represent a single performance obligation. Other land revenues also include transfer fees on the secondary sales of homes in MPCs, forfeitures of earnest money deposits by buyers of HHC’s condominium units, and other miscellaneous items. These items are recognized at a point in time when the real estate closing process is complete or HHC has a legal right to the respective fee or deposit. Other rental and property revenues related to contracts with customers is generally comprised of baseball-related ticket sales, retail operations, food sales, advertising, and sponsorships. Season ticket sales are recognized over time as games take place. Single tickets and total net sales from retail operations are recognized at a point in time, at the time of sale when payment is received and the customer takes possession of the merchandise. In all cases, the transaction prices are fixed, stipulated in the ticket, contract, or product, and representative in each case of a single performance obligation. Events-related service revenue is recorded at the time the customer receives the benefit of the service. Baseball-related and other sponsorships generally cover a season or contractual period of time, and the related revenue is generally recognized on a straight-line basis over time, as time elapses, unless a specific performance obligation exists within the sponsorship contract where point-in-time delivery occurs and recognition at a specific performance or delivery date is more appropriate. Advertising and sponsorship agreements that allow third parties to display their advertising and products at HHC’s venues for a certain amount of time relate to a single performance obligation, consideration terms for these services are fixed in each respective agreement, and HHC generally recognizes the related revenue on a straight-line basis over time, as time elapses.
Noncontrolling Interests	Noncontrolling Interests As of December 31, 2023, Noncontrolling interests is primarily related to the 12% 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 Howard Hughes Holdings Inc. Refer to Note 3 - Acquisitions and Dispositions for additional information on Teravalis.
Recently Issued Accounting Standards	Recently Issued Accounting Standards The following is a summary of recently issued and other notable accounting pronouncements which relate to the Company’s business. ASU 2020-04, Reference Rate Reform The amendments in this Update provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform when certain criteria are met. The amendments in this Update apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, for which an entity has applied certain optional expedients, that are retained through the end of the hedging relationship. The amendments in this Update are effective as of March 12, 2020, through December 31, 2022. 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

Presentation of Financial Sta_3

Presentation of Financial Statements and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of estimated useful lives	Depreciation or amortization expense is computed using the straight‑line method based upon the following estimated useful lives: Asset Type Years Balance Sheet Location Buildings and improvements 7 - 40 Buildings and Equipment Equipment and fixtures 5 - 20 Buildings and Equipment Computer hardware and software, and vehicles 3 - 5 Buildings and Equipment Tenant improvements Related lease term Buildings and Equipment Leasing costs Related lease term Other assets, net
Categories of developments	Developments consist of the following categories as of December 31: thousands 2023 2022 Land and improvements $ 238,921 $ 339,540 Development costs 1,033,524 785,487 Total Developments $ 1,272,445 $ 1,125,027
Components of accounts receivable, net	The following table represents the components of Accounts Receivable, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets as of December 31: thousands 2023 2022 Straight-line rent receivables $ 87,669 $ 84,145 Tenant receivables 4,780 12,044 Other receivables 22,596 7,248 Accounts receivable, net (a) $ 115,045 $ 103,437 (a) As of December 31, 2023, the total reserve balance for amounts considered uncollectible was $15.0 million, comprised of $12.6 million related to ASC 842 and $2.4 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.
Schedule 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 Consolidated Statements of Operations for the years ended December 31: thousands Statements of Operations Location 2023 2022 2021 ASC 842 reserve Rental revenue $ 11,272 $ (3,715) $ (1,562) ASC 450 reserve Provision for (recovery of) doubtful accounts (2,561) 1,959 (459) Total (income) expense impact (a) $ 8,711 $ (1,756) $ (2,021) (a) Total expense recognized for the year ended December 31, 2023, is primarily comprised of reserves for two retail tenants in Ward Village and an office tenant with leases in both The Woodlands and Summerlin. The ASC 450 recovery amount for the year ended December 31, 2023, primarily relates to the reclassification of the reserve for the two Ward Village tenants to an ASC 842 reserve as full collection is not considered probable.

Investments in Unconsolidated_2

Investments in Unconsolidated Ventures (Tables)	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Summary 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 December 31, December 31, December 31, December 31, Year Ended December 31, thousands except percentages 2023 2022 2023 2022 2023 2022 2021 Equity Method Investments Operating Assets 110 North Wacker — % — % $ — $ — $ — $ 4,910 $ (74,309) The Metropolitan (b) 50.0 % 50.0 % — — 33 4,556 582 Stewart Title of Montgomery County, TX 50.0 % 50.0 % 3,785 4,217 168 1,294 1,860 Woodlands Sarofim 20.0 % 20.0 % 2,990 3,029 (40) (13) 96 TEN.m.flats (c) 50.0 % 50.0 % — — (225) 6,878 974 Master Planned Communities The Summit (d) 50.0 % 50.0 % 59,112 49,368 24,787 (30) 59,407 Floreo (e) 50.0 % 50.0 % 55,880 58,001 (2,121) (1,377) (8) Seaport The Lawn Club (d) 50.0 % 50.0 % 1,266 2,553 (1,287) — — Ssäm Bar (d)(e)(f) 50.0 % 50.0 % — 5,551 (5,981) (783) (1,988) Tin Building by Jean-Georges (d)(e)(f) 65.0 % 65.0 % 11,658 6,935 (43,330) (36,182) — Jean-Georges Restaurants (f) 25.0 % 25.0 % 14,535 45,626 (30,887) 692 — Strategic Developments HHMK Development 50.0 % 50.0 % 10 10 — — — KR Holdings 50.0 % 50.0 % 486 485 2 797 (221) West End Alexandria (d) 58.3 % 58.3 % 56,757 56,617 140 71 — 206,479 232,392 (58,741) (19,187) (13,607) Other equity investments (g) 13,779 13,779 3,033 4,638 3,755 Investments in unconsolidated ventures $ 220,258 $ 246,171 $ (55,708) $ (14,549) $ (9,852) (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 was in a deficit position of $10.9 million at December 31, 2023, and $9.0 million at December 31, 2022. These deficit balances are presented in Accounts payable and other liabilities at December 31, 2023 and 2022. (c) TEN.m.flats was in a deficit position of $4.7 million at December 31, 2023, and $1.8 million at December 31, 2022. The deficit balance is presented in Accounts payable and other liabilities at December 31, 2023 and 2022. (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) These investments were impaired as part of the Seaport impairment recognized in 2023. Refer to specific investment discussion below and Note 4 - Impairment for additional detail. (g) 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 2023, or cumulatively. As of December 31, 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 detail.
Summarized financial information	The following tables provide combined summarized financial statement information for the Company’s unconsolidated ventures. Financial statement information is included for each investment for all periods in which the Company’s ownership interest was accounted for as an equity method investment. thousands December 31, 2023 December 31, 2022 Consolidated Balance Sheets Total Assets $ 990,138 $ 878,546 Total Liabilities 580,056 505,643 Total Equity 410,082 372,903 Year Ended December 31, thousands 2023 2022 2021 Consolidated Statements of Operations Revenues $ 465,758 $ 232,786 $ 377,837 Operating Income 35,903 9,815 145,471 Net income (loss) 11,788 (2,646) 69,904

Impairment (Tables)

Impairment (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Summary of asset impairment charges	The following table summarizes the pre-tax impacts of the items mentioned above on the Consolidated Statements of Operations for the years ended December 31: thousands Statements of Operations Line Item 2023 2022 2021 Seaport Buildings and equipment (a) Provision for impairment $ 445,818 $ — $ — Land (a) Provision for impairment 11,734 — — Developments (a) Provision for impairment 214,940 — — Net investment in real estate 672,492 — — Investments in unconsolidated ventures (b) Equity in earnings (losses) from unconsolidated ventures 37,001 — — Total Seaport $ 709,493 $ — $ — Operating Assets Buildings and equipment (c) Provision for impairment $ — $ — $ 13,068 Investments in unconsolidated ventures (d) Equity in earnings (losses) from unconsolidated ventures — — 17,673 Total Operating Assets $ — $ — $ 30,741 (a) The above table represents the final balance sheet impacts of the 2023 Seaport impairment. Due to an adjustment to the allocation of the impairment between properties, this differs slightly from what was initially reported in the third quarter of 2023. The adjustment did not have an impact on the total impairment amount. (b) Impairment charges relate to the Company’s investments in Jean-Georges Restaurants, Ssäm Bar, and Tin Building unconsolidated ventures. See Note 2 - Investments in Unconsolidated Ventures for additional information. (c) Impairment charges related to Century Park as discussed above. (d) Impairment charges related to the Company’s investment in 110 North Wacker as discussed above.

Other Assets and Liabilities (T

Other Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
OTHER ASSETS AND LIABILITIES
Summary of the significant components of other assets, net	The following table summarizes the significant components of Other assets, net as of December 31: thousands 2023 2022 Security, escrow, and other deposits $ 81,891 $ 48,578 Special Improvement District receivable, net 74,899 64,091 In-place leases, net 35,490 39,696 Intangibles, net 21,894 25,170 Other 17,857 12,555 Prepaid expenses 16,984 18,806 Tenant incentives and other receivables, net 10,840 8,252 Interest rate derivative assets 10,318 30,860 TIF receivable, net 6,371 1,893 Net investment in lease receivable 2,883 2,895 Notes receivable, net 1,558 3,339 Condominium inventory 671 22,452 Other assets, net $ 281,656 $ 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 as of December 31: thousands 2023 2022 Condominium deposit liabilities $ 478,870 $ 390,253 Construction payables 257,227 260,257 Deferred income 118,432 85,006 Accrued interest 54,301 49,156 Accounts payable and accrued expenses 49,337 36,174 Accrued payroll and other employee liabilities 32,046 30,874 Accrued real estate taxes 30,096 37,835 Tenant and other deposits 29,976 26,100 Other 24,461 28,856 Accounts payable and other liabilities $ 1,074,746 $ 944,511

Intangibles (Tables)

Intangibles (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of intangible assets and liabilities	The following table summarizes the Company’s intangible assets and liabilities: As of December 31, 2023 As of December 31, 2022 Gross Asset (Liability) Accumulated (Amortization)/ Accretion Net Carrying Amount Gross Asset (Liability) Accumulated (Amortization)/ Accretion Net Carrying Amount thousands Intangible Assets: Other intangibles (a) $ 34,123 $ (12,386) $ 21,737 $ 34,123 $ (9,110) $ 25,013 Indefinite lived intangibles 157 — 157 157 — 157 Tenant leases: In-place value 54,180 (18,690) 35,490 57,087 (17,391) 39,696 Above-market 292 (261) 31 500 (446) 54 Below-market (4,255) 3,940 (315) (4,255) 3,512 (743) Total indefinite lived intangibles $ 157 $ 157 Total amortizing intangibles $ 56,943 $ 64,020 (a) Primarily associated with the Company’s Las Vegas Aviators Triple-A professional baseball team
Schedule of future net amortization and accretion expense	Future net amortization and accretion expense is estimated for each of the five succeeding years as shown below: thousands 2024 2025 2026 2027 2028 Net amortization and accretion expense $ 7,080 $ 7,242 $ 7,208 $ 6,933 $ 6,881

Mortgages, Notes and Loans Pa_2

Mortgages, Notes and Loans Payable, Net (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Summary of mortgages, notes and loans payable	Mortgages, notes, and loans payable, net are summarized as follows: December 31, thousands 2023 2022 Fixed-rate debt Senior unsecured notes $ 2,050,000 $ 2,050,000 Secured mortgages payable 1,485,494 1,500,841 Special Improvement District bonds 65,627 59,777 Variable-rate debt (a) Secured Bridgeland Notes 475,000 275,000 Secured mortgages payable 1,276,489 916,570 Unamortized deferred financing costs (b) (49,990) (55,005) Mortgages, notes, and loans payable, net $ 5,302,620 $ 4,747,183 (a) The Company has entered into derivative instruments to manage the variable interest rate exposure. The Company had an interest rate swap and two interest rate caps that expired in the third quarter of 2023. See Note 9 - 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: December 31, 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) $ 1,485,494 3.13% - 8.67% 4.46 % 7.2 $ 1,500,841 3.13% - 7.67% 4.39 % 7.4 Variable rate (b) 1,276,489 7.08% - 10.48% 8.73 % 2.2 916,570 6.05% - 9.39% 7.36 % 2.6 Secured mortgages payable $ 2,761,983 3.13% - 10.48% 6.44 % 4.9 $ 2,417,411 3.13% - 9.39% 5.51 % 5.6 (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 December 31, 2023 and 2022, excluding the effects of interest rate derivatives.
Summary of contractual obligations relating to mortgages, notes, and loans payable	The following table summarizes the contractual obligations relating to the Company’s mortgages, notes, and loans payable as of December 31, 2023: thousands Mortgages, notes, and loans payable principal payments 2024 $ 214,526 2025 527,478 2026 968,964 2027 298,601 2028 835,522 Thereafter 2,507,519 Total principal payments 5,352,610 Unamortized deferred financing costs (49,990) Mortgages, notes, and loans payable $ 5,302,620

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Summary of assets and liabilities 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. December 31, 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 Significant Unobservable Inputs Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Interest rate derivative assets $ 10,318 $ — $ 10,318 $ — $ 30,860 $ — $ 30,860 $ —
Summary of financial instruments not measured at fair value on 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: December 31, 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 $ 1,053,057 $ 1,053,057 $ 1,098,937 $ 1,098,937 Accounts receivable, net (a) Level 3 115,045 115,045 103,437 103,437 Notes receivable, net (b) Level 3 1,558 1,558 3,339 3,339 Liabilities: Fixed-rate debt (c) Level 2 3,601,121 3,294,431 3,610,618 3,298,859 Variable-rate debt (c) Level 2 1,751,489 1,751,489 1,191,570 1,191,570 (a) Accounts receivable, net is shown net of an allowance of $15.0 million at December 31, 2023, and $8.9 million at December 31, 2022. Refer to Note 1 - Presentation of Financial Statements and Significant Accounting Policies for additional information on the allowance. (b) Notes receivable, net is shown net of an immaterial allowance at December 31, 2023, and December 31, 2022. (c) Excludes related unamortized financing costs.
Summary of non-financial assets measured at fair value on a non-recurring basis	The below table includes a non-financial asset that was measured at fair value on a non-recurring basis resulting in the property being impaired: Fair Value Measurements Using thousands Total Fair Value Measurement (a) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs 2023 Seaport Net investment in real estate $ 321,180 $ — $ — $ 321,180 Seaport Investments in unconsolidated ventures 40,225 — — 40,225 (a) The fair value was measured as of the impairment date in the third quarter of 2023 using a discounted cash flow analysis to determine fair value, with capitalization rates ranging from 5.5% to 6.75%, discount rates ranging from 8.5% to 13.3%, and restaurant multiples ranging from 8.3 to 11.8. Refer to Note 4 - Impairment for additional information.

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of fair value of the 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) Notional Fixed Interest Effective Maturity December 31, December 31, thousands Amount Rate (a) Date Date 2023 2022 Derivative instruments not designated as hedging instruments: (b) Interest rate cap 285,000 2.00% 3/12/2021 9/15/2023 $ — $ 5,748 Interest rate cap 83,200 2.00% 3/12/2021 9/15/2023 — 1,677 Interest rate cap 75,000 2.50% 10/12/2021 9/29/2025 2,274 3,791 Interest rate cap 59,500 2.50% 10/12/2021 9/29/2025 1,804 3,007 Interest rate collar 53,272 2.00% - 4.50% 6/1/2023 6/1/2025 417 — Interest rate collar 33,260 2.00% - 4.50% 6/1/2023 6/1/2025 440 — Derivative instruments designated as hedging instruments: Interest rate swap 615,000 2.98% 9/21/2018 9/18/2023 $ — $ 8,262 Interest rate swap 200,000 3.69% 1/3/2023 1/1/2027 117 978 Interest rate cap 127,000 5.50% 11/10/2022 11/7/2024 28 378 Interest rate cap 74,120 5.00% 12/22/2022 12/21/2025 223 655 Interest rate swap 40,800 1.68% 3/1/2022 2/18/2027 2,496 3,321 Interest rate swap 34,857 4.89% 11/1/2019 1/1/2032 2,519 3,043 Total fair value derivative assets $ 10,318 $ 30,860 Total fair value derivative liabilities — — Total fair value derivatives asset (liability), net $ 10,318 $ 30,860 (a) These rates represent the swap rate and cap strike rate on the Company’s interest rate swaps, caps, and collars. (b) Interest income related to these contracts was $0.5 million in 2023 and $13.0 million in 2022.
Summary of effect of derivative financial instruments on the Consolidated Statements of Operations	The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31: Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in AOCI on Derivatives thousands 2023 2022 2021 Interest rate derivatives $ 3,809 $ 25,657 $ 5,300 Location of Gain (Loss) Reclassified from AOCI into Statements of Operations Amount of Gain (Loss) Reclassified from AOCI into Statements of Operations thousands 2023 2022 2021 Interest expense $ 13,131 $ (6,041) $ (12,660)

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of stock-based compensation expense, net of amounts capitalized	The following summarizes stock-based compensation expense, net of amounts capitalized to development projects, for the years ended December 31: thousands 2023 2022 2021 Stock Options (a) $ 336 $ 250 $ 227 Restricted Stock (b) 10,847 6,860 7,332 Pre-tax stock-based compensation expense $ 11,183 $ 7,110 $ 7,559 Income tax benefit $ 882 $ 636 $ 882 (a) Amounts shown are net of immaterial amounts capitalized to development projects. (b) Amounts shown are net of $4.6 million capitalized to development projects in 2023, $4.8 million capitalized to development projects in 2022, and $2.2 million capitalized to development projects in 2021.
Summary of stock option plan activity	The following table summarizes stock option activity: Stock Options Weighted-average Exercise Price Weighted-average Remaining Contractual Term (years) Aggregate Intrinsic Value Stock options outstanding at December 31, 2022 258,987 $ 110.20 Forfeited (8,000) 106.83 Expired (116,650) 112.09 Stock options outstanding at December 31, 2023 134,337 $ 108.76 4.4 $ 663,915 Stock options vested and expected to vest at December 31, 2023 133,096 $ 109.08 4.4 $ 647,298 Stock options exercisable at December 31, 2023 79,500 $ 131.19 2.4 $ —
Summary of significant assumptions used in Black-Scholes option-pricing model	The fair value on the grant date and the significant assumptions used in the Black‑Scholes option‑pricing model are as follows: 2022 2021 Weighted-average grant date fair value $ 37.70 $ 41.52 Assumptions Expected life of options (in years) 7.5 7.5 Risk-free interest rate 3.4 % 1.2 % Expected volatility 50.3 % 36.5 % Expected annual dividend per share — —
Schedule of restricted stock activity	The following table summarizes restricted stock activity: Restricted Stock Weighted-average Grant Date Fair Value Restricted stock outstanding at December 31, 2022 353,463 $ 75.14 Granted 267,820 83.85 Vested (119,744) 84.42 Forfeited (107,841) 68.92 Restricted stock outstanding at December 31, 2023 393,698 $ 79.94

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of income tax expense	The following summarizes income tax expense (benefit) for the years ended December 31: thousands 2023 2022 2021 Current $ 108 $ 18,478 $ 4,797 Deferred (163,613) 42,022 10,356 Total $ (163,505) $ 60,500 $ 15,153
Schedule of reconciliation of income tax expense (benefit) computed by applying the Federal corporate tax rate to the provision (benefit) for income taxes	Reconciliation of the Income tax expense (benefit) if computed at the U.S. federal statutory income tax rate to the Company’s reported Income tax expense (benefit) for the years ended December 31 is as follows: thousands except percentages 2023 2022 2021 Income (loss) before income taxes $ (714,213) $ 245,136 $ 64,077 U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % Tax computed at the U.S. federal statutory rate $ (149,985) $ 51,479 $ 13,456 Increase (decrease) in valuation allowance, net 25,392 1,065 2,378 State income tax expense (benefit), net of federal income tax (32,023) 5,483 (3,182) Tax expense (benefit) from other change in rates, prior period adjustments, and other permanent differences 2,014 315 (181) Tax expense on compensation disallowance 2,604 2,180 1,570 Net (income) loss attributable to noncontrolling interests (51) (22) 1,507 Tax expense (benefit) on tax credits (11,456) — (395) Income tax expense (benefit) $ (163,505) $ 60,500 $ 15,153 Effective tax rate 22.9 % 24.7 % 23.6 %
Schedule of amounts and expiration dates of operating loss, charitable contribution and tax credit carryforwards	As of December 31, 2023, the amounts and expiration dates of operating loss carryforwards for tax purposes are as follows: thousands Amount Net operating loss carryforwards - Federal (a) $ 51,731 Net operating loss carryforwards - State (b) 587,852 (a) Federal net operating loss carryforwards have an indefinite carryforward period. (b) State net operating loss carryforwards of $272.1 million have an indefinite carryforward period. The remaining $315.8 million of carryforwards have varying carryforward periods through 2043. A valuation allowance has been recorded against the deferred tax benefit related to a majority of the state net operating loss carryforwards.
Summary of tax effects of temporary differences and carryforwards included in net deferred tax liabilities	The following summarizes tax effects of temporary differences and carryforwards included in the net deferred tax liabilities as of December 31: thousands 2023 2022 Deferred tax assets: Operating and Strategic Developments properties and fixed assets $ 204,228 $ 22,447 Investments in unconsolidated ventures 11,577 6,698 Accrued expenses 6,924 6,282 Prepaid expenses 2,020 1,972 Other 1,723 — Operating loss and tax carryforwards 52,317 65,829 Total deferred tax assets 278,789 103,228 Valuation allowance (62,913) (39,478) Total net deferred tax assets $ 215,876 $ 63,750 Deferred tax liabilities: Master Planned Communities properties $ (208,347) $ (214,046) Deferred income (76,908) (86,104) Accounts receivable (18,686) (17,761) Other — (175) Total deferred tax liabilities (303,941) (318,086) Total net deferred tax liabilities $ (88,065) $ (254,336)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Summary of AOCI	The following tables summarize changes in AOCI, all of which are presented net of tax: thousands Balance at December 31, 2020 $ (38,590) Derivative instruments: Other comprehensive income (loss) before reclassifications 5,300 (Gain) loss reclassified to net income 12,660 Pension adjustment 452 Share of investee’s other comprehensive income 5,721 Net current-period other comprehensive income (loss) 24,133 Balance at December 31, 2021 $ (14,457) Derivative instruments: Other comprehensive income (loss) before reclassifications 25,657 (Gain) loss reclassified to net income 6,041 Reclassification of the Company's share of previously deferred derivative gains to net income (a) (6,723) Pension adjustment (183) Net current-period other comprehensive income (loss) 24,792 Balance at December 31, 2022 $ 10,335 Derivative instruments: Other comprehensive income (loss) before reclassifications 3,809 (Gain) loss reclassified to net income (13,131) Pension adjustment 259 Net current-period other comprehensive income (loss) (9,063) Balance at December 31, 2023 $ 1,272 (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. Refer to 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 for the years ended December 31: Accumulated Other Comprehensive Income (Loss) Components thousands Affected line items in the Statements of Operations 2023 2022 (Gains) losses on cash flow hedges $ (16,970) $ 7,778 Interest expense Company's share of previously deferred derivative gains — (8,636) Equity in earnings (losses) from unconsolidated ventures Income taxes on (gains) losses on cash flow hedges 3,839 176 Income tax expense (benefit) Total reclassifications of (income) loss for the period $ (13,131) $ (682)

Revenues (Tables)

Revenues (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue disaggregated by revenue source	The following presents the Company’s revenues disaggregated by revenue source for the years ended December 31: thousands 2023 2022 2021 Revenues from contracts with customers Recognized at a point in time: Condominium rights and unit sales $ 47,707 $ 677,078 $ 514,597 Master Planned Communities land sales 370,185 316,065 346,217 Builder price participation 60,989 71,761 45,138 Total 478,881 1,064,904 905,952 Recognized at a point in time or over time: Other land, rental, and property revenues 139,858 144,481 152,619 Rental and lease-related revenues Rental revenue 405,363 399,103 369,330 Total revenues $ 1,024,102 $ 1,608,488 $ 1,427,901 Revenues by segment Operating Assets revenues $ 443,632 $ 431,834 $ 442,698 Master Planned Communities revenues 448,452 408,365 409,746 Seaport revenues 81,971 88,468 55,008 Strategic Developments revenues 49,987 679,763 520,109 Corporate revenues 60 58 340 Total revenues $ 1,024,102 $ 1,608,488 $ 1,427,901
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, 2021 $ 431,177 Consideration earned during the period (799,401) Consideration received during the period 826,055 Balance at December 31, 2022 $ 457,831 Consideration earned during the period (151,225) Consideration received during the period 272,722 Balance at December 31, 2023 $ 579,328
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 3 years and thereafter Total remaining unsatisfied performance obligations $ 924,789 $ 411,598 $ 1,432,456

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Summary of leased assets and liabilities	The Company’s leased assets and liabilities are as follows: thousands 2023 2022 Operating lease right-of-use assets $ 44,897 $ 46,926 Operating lease obligations $ 51,584 $ 51,321
Components of lease expense and other information	The components of lease cost for the years ended December 31 are as follows: thousands 2023 2022 Operating lease cost $ 6,829 $ 7,449 Variable lease cost 975 904 Total lease cost $ 7,804 $ 8,353 Other information related to the Company’s lessee agreements is as follows: Supplemental Consolidated Statements of Cash Flows Information Year ended December 31, thousands 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows on operating leases $ 4,634 $ 5,718 Other Information 2023 2022 Weighted-average remaining lease term (years) Operating leases 44.1 43.8 Weighted-average discount rate Operating leases 7.8 % 7.7 %
Schedule of future minimum lease payments	Future minimum lease payments as of December 31, 2023, are as follows: thousands Operating Leases 2024 $ 5,057 2025 3,668 2026 3,368 2027 3,360 2028 3,424 Thereafter 240,646 Total lease payments 259,523 Less: imputed interest (207,939) Present value of lease liabilities $ 51,584
Schedule of minimum rentals based on operating leases of the consolidated properties	: Year ended December 31, thousands 2023 2022 Total minimum rent payments $ 236,350 $ 229,302 Total future minimum rents associated with operating leases are as follows: thousands Total Minimum Rent 2024 $ 254,076 2025 245,775 2026 227,398 2027 214,671 2028 191,548 Thereafter 822,354 Total $ 1,955,822

Segments (Tables)

Segments (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Summary of segment operating results	Segment operating results are as follows: thousands Operating Assets Segment (a) MPC Segment Seaport Segment Strategic Developments Segment Total Year Ended December 31, 2023 Total revenues $ 443,632 $ 448,452 $ 81,971 $ 49,987 $ 1,024,042 Total operating expenses (210,166) (193,470) (103,466) (80,472) (587,574) Segment operating income (loss) 233,466 254,982 (21,495) (30,485) 436,468 Depreciation and amortization (170,731) (418) (37,791) (3,963) (212,903) Interest income (expense), net (127,388) 64,291 3,065 16,074 (43,958) Other income (loss), net 1,843 (102) (1,290) 690 1,141 Equity in earnings (losses) from unconsolidated ventures 2,969 22,666 (81,485) 142 (55,708) Gain (loss) on sale or disposal of real estate and other assets, net 23,926 — — 236 24,162 Gain (loss) on extinguishment of debt (96) — (48) — (144) Provision for impairment — — (672,492) — (672,492) Segment EBT $ (36,011) $ 341,419 $ (811,536) $ (17,306) $ (523,434) Corporate income, expenses, and other items (27,274) Net income (loss) (550,708) Net (income) loss attributable to noncontrolling interests (243) Net income (loss) attributable to HHH $ (550,951) thousands Operating Assets Segment (a) MPC Segment Seaport Segment Strategic Developments Segment Total Year Ended December 31, 2022 Total revenues $ 431,834 $ 408,365 $ 88,468 $ 679,763 $ 1,608,430 Total operating expenses (194,496) (173,905) (104,393) (504,036) (976,830) Segment operating income (loss) 237,338 234,460 (15,925) 175,727 631,600 Depreciation and amortization (154,626) (394) (36,338) (5,319) (196,677) Interest income (expense), net (89,959) 50,305 3,902 17,073 (18,679) Other income (loss), net (1,140) 23 245 1,799 927 Equity in earnings (losses) from unconsolidated ventures 22,263 (1,407) (36,273) 868 (14,549) Gain (loss) on sale or disposal of real estate and other assets, net 29,588 — — 90 29,678 Gain (loss) on extinguishment of debt (2,230) — — — (2,230) Segment EBT $ 41,234 $ 282,987 $ (84,389) $ 190,238 $ 430,070 Corporate income, expenses, and other items (245,434) Net income (loss) 184,636 Net (income) loss attributable to noncontrolling interests (103) Net income (loss) attributable to HHH $ 184,533 Year Ended December 31, 2021 Total revenues $ 442,698 $ 409,746 $ 55,008 $ 520,109 $ 1,427,561 Total operating expenses (209,020) (193,851) (77,198) (436,698) (916,767) Segment operating income (loss) 233,678 215,895 (22,190) 83,411 510,794 Depreciation and amortization (163,031) (366) (30,867) (6,512) (200,776) Interest income (expense), net (75,391) 42,683 357 3,701 (28,650) Other income (loss), net (10,746) — (3,730) 2,536 (11,940) Equity in earnings (losses) from unconsolidated ventures (67,042) 59,399 (1,988) (221) (9,852) Gain (loss) on sale or disposal of real estate and other assets, net 39,168 — — 13,911 53,079 Gain (loss) on extinguishment of debt (1,926) (1,004) — — (2,930) Provision for impairment — — — (13,068) (13,068) Segment EBT $ (45,290) $ 316,607 $ (58,418) $ 83,758 $ 296,657 Corporate income, expenses, and other items (247,733) Net income (loss) 48,924 Net (income) loss attributable to noncontrolling interests 7,176 Net income (loss) attributable to HHH $ 56,100 (a) Total revenues includes hospitality revenues of $35.6 million for the year ended December 31, 2021. Total operating expenses includes hospitality operating costs of $30.5 million for the year ended December 31, 2021. In September 2021, the Company completed the sale of its three hospitality properties. Refer to Note 3 - Acquisitions and Dispositions for additional information.
Summary of assets by segment and the reconciliation of total segment assets to the total assets in the Condensed Consolidated Balance Sheets	The following represents assets by segment and the reconciliation of total segment assets to Total assets in the Consolidated Balance Sheets as of December 31: thousands 2023 2022 Operating Assets $ 3,577,694 $ 3,448,823 Master Planned Communities 3,358,821 3,272,655 Seaport (a) 485,898 1,166,950 Strategic Developments 1,638,955 1,359,180 Total segment assets 9,061,368 9,247,608 Corporate 514,244 355,855 Total assets $ 9,575,612 $ 9,603,463 (a) In 2023, the Company recorded a $709.5 million impairment charge related to the Seaport segment. Refer to Note 4 - Impairment for additional information.

Presentation of Financial Sta_4

Presentation of Financial Statements and Significant Accounting Policies - Narrative (Details) $ in Millions	1 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2023 USD ($) segment	Oct. 05, 2023	Aug. 11, 2023	Dec. 31, 2022 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Commons conversion ratio				1
Number of business segments | segment		4
Amortized cost basis of financing receivables		$ 632.8			$ 545.4
Accrued interest on financing receivables		$ 35.8			36.4
Financing receivable threshold period past due		30 days
Deferred leasing costs, accumulated amortization		$ 60.4			$ 53.8
Teravalis Acquisition
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of minimum required contributions	9.24%	12%
Minimum | Master Planned Communities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life of MPC assets		20 years
Maximum | Master Planned Communities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life of MPC assets		40 years
Seaport Entertainment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of air rights			80%

Presentation of Financial Sta_5

Presentation of Financial Statements and Significant Accounting Policies - Summary of Asset Useful Lives, by Type (Details)	Dec. 31, 2023
Buildings and improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Buildings and improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	40 years
Equipment and fixtures | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Equipment and fixtures | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Computer hardware and software, and vehicles | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Computer hardware and software, and vehicles | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years

Presentation of Financial Sta_6

Presentation of Financial Statements and Significant Accounting Policies - Summary of Developments by Category (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Land and improvements	$ 238,921	$ 339,540
Development costs	1,033,524	785,487
Total Developments	$ 1,272,445	$ 1,125,027

Presentation of Financial Sta_7

Presentation of Financial Statements and Significant Accounting Policies - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 115,045	$ 103,437
Reserve for uncollectible amounts	15,000	8,900
Reserve for uncollectible amounts under ASC 842	12,600	3,400
Collectibility of receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reserve for uncollectible amounts under ASC 450	2,400	5,500
Straight-line rent receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	87,669	84,145
Tenant receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	4,780	12,044
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 22,596	$ 7,248

Presentation of Financial Sta_8

Presentation of Financial Statements and Significant Accounting Policies - Impacts of the ASC 842 and ASC 450 Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
ASC 842 reserve, rental revenue	$ 11,272	$ (3,715)	$ (1,562)
Total (income) expense impact (a)	8,711	(1,756)	(2,021)
Collectibility of receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
ASC 450 reserve, provision for (recovery of) doubtful accounts	$ (2,561)	$ 1,959	$ (459)

Investments in Unconsolidated_3

Investments in Unconsolidated Ventures - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investments in and Advances to Affiliates, Activity [Line Items]
Liabilities	$ 6,517,015	$ 5,997,351
Equity method investment, nonconsolidated investee or group of investees
Investments in and Advances to Affiliates, Activity [Line Items]
Liabilities	580,056	$ 505,643
Unconsolidated Properties
Investments in and Advances to Affiliates, Activity [Line Items]
Liabilities	273,100
Unconsolidated Properties | Equity method investment, nonconsolidated investee or group of investees | Howard Hughes Corporation’s
Investments in and Advances to Affiliates, Activity [Line Items]
Liabilities	$ 134,900

Investments in Unconsolidated_4

Investments in Unconsolidated Ventures - 110 North Wacker (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Over-Allotment Option
Investments in and Advances to Affiliates, Activity [Line Items]
Sale of stock, consideration received on transaction	$ 168,900
Over-Allotment Option | Local Developer
Investments in and Advances to Affiliates, Activity [Line Items]
Sale of stock, consideration received on transaction	22,100
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 110 North Wacker Building
Investments in and Advances to Affiliates, Activity [Line Items]
Consideration received	208,600
Gain (loss) on disposal	$ 5,000
110 North Wacker
Investments in and Advances to Affiliates, Activity [Line Items]
Equity method investment, impairment		$ 0	$ 0	$ 17,673

Investments in Unconsolidated_5

Investments in Unconsolidated Ventures - The Lawn Club (Details) - a	1 Months Ended	3 Months Ended
	Oct. 31, 2023	Dec. 31, 2023	Jan. 19, 2021
Fulton Market Building
Investments in and Advances to Affiliates, Activity [Line Items]
Area of real estate property (in sqft)			20,000
The Lawn Club NYC, LLC
Investments in and Advances to Affiliates, Activity [Line Items]
Joint venture real estate, percentage funded	90%	80%
The Lawn Club NYC, LLC | Endorphin Ventures
Investments in and Advances to Affiliates, Activity [Line Items]
Joint venture real estate, percentage funded	10%	20%

Investments in Unconsolidated_6

Investments in Unconsolidated Ventures - Ssäm Bar (Details) $ in Millions	Dec. 31, 2023 USD ($)
Ssäm Bar (Formerly Bar Wayō) | Seaport
Investments in and Advances to Affiliates, Activity [Line Items]
Investment in real estate and other affiliates	$ 5

Investments in Unconsolidated_7

Investments in Unconsolidated Ventures - Tin Building by Jean-Georges (Details) a in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) a	Dec. 31, 2022 USD ($)	Mar. 31, 2022	Mar. 01, 2022	Dec. 31, 2015 ft²
Jean-Georges Restaurants
Investments in and Advances to Affiliates, Activity [Line Items]
Acquisition interest			25%	25%
Equity method investment, impairment	$ 30.8
Seaport
Investments in and Advances to Affiliates, Activity [Line Items]
Area of real estate property (in sqft) | a	472
The Tin Building by Jean-Georges
Investments in and Advances to Affiliates, Activity [Line Items]
Ownership interest	100%
Joint venture real estate, leased	100%
Joint venture real estate, percentage funded	100%
The Tin Building by Jean-Georges | Seaport
Investments in and Advances to Affiliates, Activity [Line Items]
Area of real estate property (in sqft) | ft²					53,783
Carrying value of equity method investments	$ 11.7
Contributions made by the company	48.1	$ 43.1
Equity method investment, impairment	$ 1.2

Investments in Unconsolidated_8

Investments in Unconsolidated Ventures - Jean-Georges Restaurants (Details) - Jean-Georges Restaurants $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2022 USD ($) hospitality	Dec. 31, 2023 USD ($)	Mar. 01, 2022
Investments in and Advances to Affiliates, Activity [Line Items]
Acquisition interest	25%		25%
Purchase price of acquisition	$ 45
Number of hospitality acquired | hospitality	40
Equity method investment, impairment		$ 30.8
Additional consideration transferred	$ 10
Percentage of additional voting interests acquired	20%

Investments in Unconsolidated_9

Investments in Unconsolidated Ventures - The Summit (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2022 USD ($) a customHomeSite	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2015 USD ($)
Investments in and Advances to Affiliates, Activity [Line Items]
Equity in earnings (losses) from unconsolidated ventures		$ (55,708)	$ (14,549)	$ (9,852)
The Summit
Investments in and Advances to Affiliates, Activity [Line Items]
Contribution of property					$ 13,400
SID bonds transferred to a joint venture					1,300
Transaction value of the land contributed to joint venture					125,400
Transactional value per acre of land contributed to joint venture					226
Maximum capital contribution required					30,000
Amount contributed on maximum contribution					$ 3,800
Area of land | a	54
Fair value of property contributed	$ 21,500
Equity in earnings (losses) from unconsolidated ventures	$ 13,500
Number of custom home sites | customHomeSite	28

Investments in Unconsolidate_10

Investments in Unconsolidated Ventures - Floreo (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Oct. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) a	Dec. 31, 2023 USD ($)
Investments in and Advances to Affiliates, Activity [Line Items]
Carrying value			$ 5,352,610
Floreo
Investments in and Advances to Affiliates, Activity [Line Items]
Face amount	$ 165,000
Carrying value	78,300
Guarantee fee	$ 5,000
Investment in real estate and other affiliates			$ 55,900
Floreo | Phoenix, Arizona
Investments in and Advances to Affiliates, Activity [Line Items]
Area of land | a		3,029
Floreo Development Holding Company, LLC
Investments in and Advances to Affiliates, Activity [Line Items]
Acquisition interest		50%
Purchase price of acquisition		$ 59,000

Investments in Unconsolidate_11

Investments in Unconsolidated Ventures - West End Alexandria (Details) $ in Millions	3 Months Ended
	Dec. 31, 2021 USD ($) a	Dec. 31, 2022 a
Central Plaza | Development Plans
Investments in and Advances to Affiliates, Activity [Line Items]
Area of land	41
Area of real estate property (in sqft)	4,000,000
West End Alexandria | Landmark Land Holdings
Investments in and Advances to Affiliates, Activity [Line Items]
Area of land		52
West End Alexandria | Alexandria
Investments in and Advances to Affiliates, Activity [Line Items]
Area of land		11
Fougler Pratt Development, LLC | Landmark Mall Property
Investments in and Advances to Affiliates, Activity [Line Items]
Area of land		33
Fair value of property contributed | $	$ 56
Fair value of property contributed, additional | $	10
Seritage | Landmark Mall Property
Investments in and Advances to Affiliates, Activity [Line Items]
Area of land		19
Fair value of property contributed | $	$ 30

Investments in Unconsolidate_12

Investments in Unconsolidated Ventures - Summary of Investments in Real Estate and Other Affiliates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments in and Advances to Affiliates [Line Items]
Investments in unconsolidated ventures	$ 220,258	$ 246,171
Share of Earnings/Dividends	(55,708)	(14,549)	$ (9,852)
Other equity Investments
Investments in and Advances to Affiliates [Line Items]
Other equity investments	13,779	13,779
Share of Earnings/Dividends	3,033	4,638	3,755
Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Carrying Value	206,479	232,392
Share of Earnings/Dividends	(58,741)	(19,187)	(13,607)
The Metropolitan | Accounts Payable and Accrued Liabilities
Investments in and Advances to Affiliates [Line Items]
Investment deficit position	10,900	9,000
TEN.m.flats
Investments in and Advances to Affiliates [Line Items]
Investment deficit position	$ 4,700	$ 1,800
Operating Assets | 110 North Wacker | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	0%	0%
Carrying Value	$ 0	$ 0
Share of Earnings/Dividends	$ 0	$ 4,910	(74,309)
Operating Assets | The Metropolitan | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%	50%
Carrying Value	$ 0	$ 0
Share of Earnings/Dividends	$ 33	$ 4,556	582
Operating Assets | Stewart Title of Montgomery County, TX | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%	50%
Carrying Value	$ 3,785	$ 4,217
Share of Earnings/Dividends	$ 168	$ 1,294	1,860
Operating Assets | Woodlands Sarofim | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	20%	20%
Carrying Value	$ 2,990	$ 3,029
Share of Earnings/Dividends	$ (40)	$ (13)	96
Operating Assets | TEN.m.flats | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%	50%
Carrying Value	$ 0	$ 0
Share of Earnings/Dividends	$ (225)	$ 6,878	974
Master Planned Communities | The Summit | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%	50%
Carrying Value	$ 59,112	$ 49,368
Share of Earnings/Dividends	$ 24,787	$ (30)	59,407
Master Planned Communities | Floreo | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%	50%
Carrying Value	$ 55,880	$ 58,001
Share of Earnings/Dividends	$ (2,121)	$ (1,377)	(8)
Seaport | The Lawn Club | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%	50%
Carrying Value	$ 1,266	$ 2,553
Share of Earnings/Dividends	$ (1,287)	$ 0	0
Seaport | Ssam Bar | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%	50%
Carrying Value	$ 0	$ 5,551
Share of Earnings/Dividends	$ (5,981)	$ (783)	(1,988)
Seaport | Tin Building by Jean-Georges | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	65%	65%
Carrying Value	$ 11,658	$ 6,935
Share of Earnings/Dividends	$ (43,330)	$ (36,182)	0
Seaport | Jean-Georges Restaurants (f) | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	25%	25%
Carrying Value	$ 14,535	$ 45,626
Share of Earnings/Dividends	(30,887)	$ 692	0
Seaport | Jean-Georges Restaurants | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Other equity investments	$ 10,000
Strategic Developments | HHMK Development | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%	50%
Carrying Value	$ 10	$ 10
Share of Earnings/Dividends	$ 0	$ 0	0
Strategic Developments | KR Holdings | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%	50%
Carrying Value	$ 486	$ 485
Share of Earnings/Dividends	$ 2	$ 797	(221)
Strategic Developments | West End Alexandria | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	58.30%	58.30%
Carrying Value	$ 56,757	$ 56,617
Share of Earnings/Dividends	$ 140	$ 71	$ 0

Investments in Unconsolidate_13

Investments in Unconsolidated Ventures - Summarized Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated Balance Sheets
Total Assets	$ 9,575,612	$ 9,603,463
Total Liabilities	6,517,015	5,997,351
Total Equity	3,058,597	3,606,112	$ 3,710,670	$ 3,715,023
Consolidated Statements of Operations
Revenues	1,024,102	1,608,488	1,427,901
Operating Income	(527,160)	369,135	241,872
Net income (loss)	(550,708)	184,636	48,924
Equity method investment, nonconsolidated investee or group of investees
Consolidated Balance Sheets
Total Assets	990,138	878,546
Total Liabilities	580,056	505,643
Total Equity	410,082	372,903
Consolidated Statements of Operations
Revenues	465,758	232,786	377,837
Operating Income	35,903	9,815	145,471
Net income (loss)	$ 11,788	$ (2,646)	$ 69,904

Acquisitions and Dispositions -

Acquisitions and Dispositions - Acquisitions Narrative (Details) $ in Thousands	1 Months Ended					3 Months Ended	12 Months Ended
	May 31, 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	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 01, 2022
Asset Acquisition [Line Items]
Assets							$ 9,575,612	$ 9,603,463
Accounts payable and other liabilities							1,074,746	944,511
Noncontrolling interests							$ 66,053	$ 65,613
Phoenix, Arizona | Floreo
Asset Acquisition [Line Items]
Area of land | a						3,029
Jean-Georges Restaurants
Asset Acquisition [Line Items]
Acquisition interest				25%					25%
Purchase price of acquisition				$ 45,000
Additional consideration transferred				$ 10,000
Percentage of additional voting interests acquired				20%
Number of hospitality acquired | hospitality				40
Teravalis Acquisition
Asset Acquisition [Line Items]
Purchase price of acquisition		$ 15,000
Percentage of additional voting interests acquired		2.78%
Option for seller to reacquire interest					50%
Percentage of minimum required contributions			9.24%				12%
Minimum required contributions			$ 50,000
Ownership interest							88%
Assets							$ 541,600
Accounts payable and other liabilities							600
Noncontrolling interests							$ 65,000
Teravalis Acquisition | Phoenix, Arizona
Asset Acquisition [Line Items]
Area of land | a					33,810
Purchase price of acquisition					$ 541,000
Floreo Development Holding Company, LLC
Asset Acquisition [Line Items]
Acquisition interest						50%
Purchase price of acquisition						$ 59,000
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) $ in Millions	1 Months Ended
	Dec. 31, 2023 USD ($) storageUnit	Jul. 31, 2023 USD ($) storageFacility storageUnit	Mar. 31, 2023 USD ($) a landParcel	Dec. 31, 2022 USD ($) a	Jun. 30, 2022 USD ($) a	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) a building	Sep. 30, 2021 USD ($)	May 31, 2021 USD ($) a	Feb. 27, 2024 USD ($) storageUnit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group Not Discontinued Operation Gain Loss On Disposal Statement Of Income Extensible List Not Disclosed Flag								gain on sale
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received								$ 252
Gain (loss) on disposal								39.1
Transaction costs								2.9
Repayments of debt								$ 132.3
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 110 North Wacker Building
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received						$ 208.6
Gain (loss) on disposal						$ 5
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Monarch City Collection, Texas
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received									$ 51.4
Gain (loss) on disposal									21.3
Transaction costs on sales of investments real estate									$ 1.5
Area of land sold | a									229
Creekside Park Medical Plaza | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of units in real estate property | storageUnit										32,689
Consideration received										$ 14
Memorial Hermann Medical Office | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of units in real estate property | storageUnit	20,000
Consideration received	$ 9.6
Gain (loss) on disposal	$ 3.2
The Woodlands, Texas | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of units in real estate property | storageUnit		1,370
Consideration received		$ 30.5
Gain (loss) on disposal		$ 16.1
Number of operating self storage facilities | storageFacility		2
Honolulu, Hawai'i | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received			$ 6.3
Gain (loss) on disposal			$ 4.7
Number of land parcels sold | landParcel			2
Area of real estate property (in sqft) | a			11,929
Creekside Village Green | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received				$ 28.4
Gain (loss) on disposal				$ 13.4
Area of real estate property (in sqft) | a				74,670
Lake Woodlands Crossing | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received				$ 22.5
Gain (loss) on disposal				$ 12.2
Area of real estate property (in sqft) | a				60,261
Ground lease term				99 years
Outlet Collection at Riverwalk | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received					$ 34
Gain (loss) on disposal					$ 4
Area of real estate property (in sqft) | a					264,080
Transaction costs on sales of investments real estate					$ 0.5
Century Park | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received							$ 25
Gain (loss) on disposal							7.4
Transaction costs on sales of investments real estate							$ 0.4
Area of land sold | a							63
Area of real estate property sold | a							1,302,597
Number of buildings | building							17

Impairment - Narrative (Details

Impairment - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Impaired Long-Lived Assets Held and Used [Line Items]
Total Seaport		$ 0	$ 0	$ 30,741
Provision for impairment		$ 672,492	0	$ 13,068
Minimum
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted market scenarios, assumed lease-up period				24 months
Maximum
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted market scenarios, assumed lease-up period				48 months
Fair Value, Nonrecurring | Measurement Input, Cap Rate | Discounted Cash Flow | Minimum
Impaired Long-Lived Assets Held and Used [Line Items]
Real estate investment property, measurement input		0.055
Real estate investment property, discount rate		8.50%
Real estate investment property, restaurant multiple		8.3
Fair Value, Nonrecurring | Measurement Input, Cap Rate | Discounted Cash Flow | Maximum
Impaired Long-Lived Assets Held and Used [Line Items]
Real estate investment property, measurement input		0.0675
Real estate investment property, discount rate		13.30%
Real estate investment property, restaurant multiple		11.8
Fair Value, Nonrecurring | Measurement Input, Cap Rate | Valuation, Income Approach
Impaired Long-Lived Assets Held and Used [Line Items]
Real estate investment property, measurement input				0.0875
Seaport Segment
Impaired Long-Lived Assets Held and Used [Line Items]
Total Seaport	$ 709,500	$ 709,493	0	$ 0
Provision for impairment		672,492	0	0
Buildings and equipment
Impaired Long-Lived Assets Held and Used [Line Items]
Provision for impairment		$ 0	$ 0	13,068
110 North Wacker
Impaired Long-Lived Assets Held and Used [Line Items]
Provision for impairment				$ 17,700

Impairment - Summary of Impairm

Impairment - Summary of Impairments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Impaired Long-Lived Assets Held and Used [Line Items]
Provision for impairment		$ 672,492	$ 0	$ 13,068
Total Seaport		0	0	30,741
110 North Wacker
Impaired Long-Lived Assets Held and Used [Line Items]
Investments in unconsolidated ventures		0	0	17,673
Seaport Segment
Impaired Long-Lived Assets Held and Used [Line Items]
Provision for impairment		672,492	0	0
Investments in unconsolidated ventures		37,001	0	0
Total Seaport	$ 709,500	709,493	0	0
Seaport Segment | Buildings and equipment
Impaired Long-Lived Assets Held and Used [Line Items]
Provision for impairment		445,818	0	0
Seaport Segment | Land
Impaired Long-Lived Assets Held and Used [Line Items]
Provision for impairment		11,734	0	0
Seaport Segment | Developments
Impaired Long-Lived Assets Held and Used [Line Items]
Provision for impairment		214,940	0	0
Century Park
Impaired Long-Lived Assets Held and Used [Line Items]
Provision for impairment		$ 0	$ 0	$ 13,068

Other Assets and Liabilities -

Other Assets and Liabilities - Other Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Assets and Liabilities [Line Items]
Security, escrow, and other deposits	$ 81,891	$ 48,578
Special Improvement District receivable, net	74,899	64,091
Intangibles, net	21,894	25,170
Other	17,857	12,555
Prepaid expenses	16,984	18,806
Tenant incentives and other receivables, net	10,840	8,252
Interest rate derivative assets	10,318	30,860
TIF receivable, net	6,371	1,893
Net investment in lease receivable	2,883	2,895
Notes receivable, net	1,558	3,339
Condominium inventory	671	22,452
Other assets, net	281,656	278,587
In-place leases, net
Other Assets and Liabilities [Line Items]
In-place leases, net	$ 35,490	$ 39,696

Other Assets and Liabilities _2

Other Assets and Liabilities - Accounts Payable and other liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
OTHER ASSETS AND LIABILITIES
Condominium deposit liabilities	$ 478,870	$ 390,253
Construction payables	257,227	260,257
Deferred income	118,432	85,006
Accrued interest	54,301	49,156
Accounts payable and accrued expenses	49,337	36,174
Accrued payroll and other employee liabilities	32,046	30,874
Accrued real estate taxes	30,096	37,835
Tenant and other deposits	29,976	26,100
Other	24,461	28,856
Accounts Payable and Accrued Liabilities, Total	$ 1,074,746	$ 944,511

Intangibles - Summary of Intang

Intangibles - Summary of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Indefinite lived intangibles	$ 157	$ 157
Total indefinite lived intangibles	157	157
Total amortizing intangibles	56,943	64,020
Other intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Asset	34,123	34,123
Accumulated (Amortization)	(12,386)	(9,110)
Net Carrying Amount	21,737	25,013
Tenant Leases in-place value
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Asset	54,180	57,087
Accumulated (Amortization)	(18,690)	(17,391)
Net Carrying Amount	35,490	39,696
Tenant Leases above Market
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Asset	292	500
Accumulated (Amortization)	(261)	(446)
Net Carrying Amount	31	54
Tenant Leases below Market
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Liability	(4,255)	(4,255)
Accumulated Accretion	3,940	3,512
Net Carrying Amount	$ (315)	$ (743)

Intangibles - Narrative (Detail

Intangibles - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization/accretion of intangible assets/liabilities	$ 7.1	$ 7.5	$ 7.5

Intangibles - Future Net Amorti

Intangibles - Future Net Amortization and Accretion Expense (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 7,080
2025	7,242
2026	7,208
2027	6,933
2028	$ 6,881

Mortgages, Notes and Loans Pa_3

Mortgages, Notes and Loans Payable, Net - Summary of Mortgages, Notes and Loans Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Unamortized deferred financing costs	$ (49,990)	$ (55,005)
Mortgages, notes, and loans payable, net	5,302,620	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	1,485,494	1,500,841
Variable-rate debt	1,276,489	916,570
Bonds
Debt Instrument [Line Items]
Fixed-rate debt	65,627	59,777
Secured Debt
Debt Instrument [Line Items]
Variable-rate debt	$ 475,000	$ 275,000

Mortgages, Notes and Loans Pa_4

Mortgages, Notes and Loans Payable, Net - Narrative (Details)	1 Months Ended	12 Months Ended
	Sep. 30, 2021 USD ($)	Dec. 31, 2023 USD ($) debtInstrument	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2023 debtInstrument	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Other assets, net		$ 281,656,000	$ 278,587,000
Carrying value		$ 5,352,610,000
Weighted-average Interest Rate		7.98%	5.91%
Repayment of debt		$ 249,435,000	$ 1,065,348,000	$ 2,140,340,000
Special Improvement District bond transfers associated with land sales		$ 13,883,000	7,774,000	8,697,000
Refundable deposit	$ 27,500,000
Derivative asset, number of instruments held | debtInstrument		5			1
Secured Bridgeland Notes Due 2026
Debt Instrument [Line Items]
Carrying value		$ 475,000,000
Face amount	$ 275,000,000	$ 200,000,000	$ 475,000,000
Interest rate margin		7.64%	6.60%
Interest Rate Derivatives
Debt Instrument [Line Items]
Interest rate margin			5.28%
Senior Notes
Debt Instrument [Line Items]
Face amount		$ 2,050,000,000		$ 2,100,000,000		$ 2,100,000,000
Senior Notes | Recourse
Debt Instrument [Line Items]
Carrying value		2,100,000,000
Secured Debt | Recourse
Debt Instrument [Line Items]
Carrying value		68,400,000
Mortgages
Debt Instrument [Line Items]
Carrying value		$ 384,400,000
Weighted-average Interest Rate		6.44%	5.51%
Long-term debt, refinanced		$ 161,000,000
Repayment of debt		48,400,000
Long term debt, undrawn lender commitment		$ 1,000,000,000
Mortgages | Minimum
Debt Instrument [Line Items]
Range of Interest Rates		3.13%	3.13%
Mortgages | Maximum
Debt Instrument [Line Items]
Range of Interest Rates		10.48%	9.39%
Bonds
Debt Instrument [Line Items]
Special Improvement District bond transfers associated with land sales		$ 21,300,000
Special improvement district bond issued		$ 13,900,000
Bonds | Minimum | Master Planned Communities
Debt Instrument [Line Items]
Range of Interest Rates		4.13%	4.13%
Bonds | Maximum | Master Planned Communities
Debt Instrument [Line Items]
Range of Interest Rates		7%	6.05%
Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Other assets, net		$ 4,700,000,000

Mortgages, Notes and Loans Pa_5

Mortgages, Notes and Loans Payable, Net - Schedule of Senior Unsecured Note (Details) - Senior Notes - USD ($) $ in Thousands	Dec. 31, 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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Weighted-average Interest Rate	7.98%	5.91%
Mortgages
Debt Instrument [Line Items]
Fixed rate	$ 1,485,494	$ 1,500,841
Variable rate	1,276,489	916,570
Secured mortgages payable	$ 2,761,983	$ 2,417,411
Fixed interest, weighted average interest rate	4.46%	4.39%
Variable interest, weighted average interest rate	8.73%	7.36%
Weighted-average Interest Rate	6.44%	5.51%
Fixed interest, weighted-average years to maturity	7 years 2 months 12 days	7 years 4 months 24 days
Variable interest, weighted-average years to maturity	2 years 2 months 12 days	2 years 7 months 6 days
Weighted-average Years to Maturity	4 years 10 months 24 days	5 years 7 months 6 days
Mortgages | Minimum
Debt Instrument [Line Items]
Fixed weighted-average interest rate	3.13%	3.13%
Variable weighted-average interest rate	7.08%	6.05%
Range of Interest Rates	3.13%	3.13%
Mortgages | Maximum
Debt Instrument [Line Items]
Fixed weighted-average interest rate	8.67%	7.67%
Variable weighted-average interest rate	10.48%	9.39%
Range of Interest Rates	10.48%	9.39%

Mortgages, Notes and Loans Pa_7

Mortgages, Notes and Loans Payable, Net - Contractual Obligations Based on Extended Maturity Dates (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Long-Term Debt, Fiscal Year Maturity [Abstract]
2024	$ 214,526
2025	527,478
2026	968,964
2027	298,601
2028	835,522
Thereafter	2,507,519
Total principal payments	5,352,610
Unamortized deferred financing costs	(49,990)
Mortgages, notes, and loans payable	$ 5,302,620

Fair Value - Assets and Liabili

Fair Value - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Interest rate swap - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative assets	$ 10,318	$ 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	10,318	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 Liabi_2

Fair Value - Assets and Liabilities Not Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets:
Cash and restricted cash	$ 1,053,057	$ 1,098,937	$ 1,216,637	$ 1,242,997
Liabilities:
Allowance for accounts receivable	15,000	8,900
Level 1 | Carrying Amount
Assets:
Cash and restricted cash	1,053,057	1,098,937
Level 1 | Estimated Fair Value
Assets:
Cash and restricted cash	1,053,057	1,098,937
Level 3 | Carrying Amount
Assets:
Accounts receivable, net	115,045	103,437
Notes receivable, net	1,558	3,339
Level 3 | Estimated Fair Value
Assets:
Accounts receivable, net	115,045	103,437
Notes receivable, net	1,558	3,339
Level 2 | Carrying Amount
Liabilities:
Fixed-rate debt	3,601,121	3,610,618
Variable-rate debt	1,751,489	1,191,570
Level 2 | Estimated Fair Value
Liabilities:
Fixed-rate debt	3,294,431	3,298,859
Variable-rate debt	$ 1,751,489	$ 1,191,570

Fair Value - Non-financial Asse

Fair Value - Non-financial Assets Measured at Fair Value on a Non-recurring Basis (Details) - Fair Value, Nonrecurring $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Minimum | Measurement Input, Cap Rate | Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate investment property, measurement input	0.055
Real estate investment property, discount rate	8.50%
Real estate investment property, restaurant multiple	8.3
Maximum | Measurement Input, Cap Rate | Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate investment property, measurement input	0.0675
Real estate investment property, discount rate	13.30%
Real estate investment property, restaurant multiple	11.8
Seaport Net investment in real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure	$ 321,180
Seaport Net investment in real estate | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure	0
Seaport Net investment in real estate | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure	0
Seaport Net investment in real estate | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure	321,180
Seaport Investments in unconsolidated ventures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure	40,225
Seaport Investments in unconsolidated ventures | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure	0
Seaport Investments in unconsolidated ventures | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure	0
Seaport Investments in unconsolidated ventures | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure	$ 40,225

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) derivative	Dec. 31, 2022 USD ($) derivative
Derivative [Line Items]
Agreements settled | derivative	0	0
Fair value derivative liabilities	$ 0	$ 0
Interest rate swap | Derivative instruments designated as hedging instruments:
Derivative [Line Items]
Gain on derivative expected amount to be reclassified	(4,600,000)
Credit Risk Contract
Derivative [Line Items]
Fair value derivative liabilities	$ 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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair value of derivative instruments
Total fair value derivative assets	$ 10,318	$ 30,860
Total fair value derivative liabilities	0	0
Total fair value derivatives asset (liability), net	10,318	30,860
Derivative instruments not designated as hedging instruments
Fair value of derivative instruments
Other income	(500)	(13,000)
Fixed Interest Rate 2.00 Percent, Maturing September 2023, Notional 285 Million | Interest rate cap | Derivative instruments not designated as hedging instruments | Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, asset	$ 285,000
Derivative, fixed interest rate	2%
Total fair value derivative assets	$ 0	5,748
Fixed Interest Rate 2.00%, Maturing September 2023 | Interest rate cap | Derivative instruments not designated as hedging instruments | Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, asset	$ 83,200
Derivative, fixed interest rate	2%
Total fair value derivative assets	$ 0	1,677
Fixed Interest Rate 2.50 Percent, Maturing September 2025, Notional 75 Million | Interest rate cap | Derivative instruments not designated as hedging instruments | Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, asset	$ 75,000
Derivative, fixed interest rate	2.50%
Total fair value derivative assets	$ 2,274	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 | Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, asset	$ 59,500
Derivative, fixed interest rate	2.50%
Total fair value derivative assets	$ 1,804	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 | Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, asset	53,272
Total fair value derivative assets	$ 417	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 | Prepaid Expenses and Other Current Assets | Maximum
Fair value of derivative instruments
Derivative, fixed interest rate	4.50%
Fixed Interest Rate 2.00 To 4.50 Percent, Maturing June 2025, Notional 1 | Interest rate collar | Derivative instruments not designated as hedging instruments | Prepaid Expenses and Other Current Assets | Minimum
Fair value of derivative instruments
Derivative, fixed interest rate	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 | Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, asset	$ 33,260
Total fair value derivative assets	$ 440	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 | Prepaid Expenses and Other Current Assets | Maximum
Fair value of derivative instruments
Derivative, fixed interest rate	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 | Prepaid Expenses and Other Current Assets | Minimum
Fair value of derivative instruments
Derivative, fixed interest rate	2%
Fixed Interest Rate 2.96%, Maturing September 2023 | Interest rate swap | Derivative instruments designated as hedging instruments: | Accounts Payable and Accrued Liabilities
Fair value of derivative instruments
Notional amount, liability	$ 615,000
Derivative, fixed interest rate	2.98%
Total fair value derivative liabilities	$ 0	8,262
Fixed Interest Rate 3.69 Maturing January 2027 | Interest rate swap | Derivative instruments designated as hedging instruments: | Accounts Payable and Accrued Liabilities
Fair value of derivative instruments
Notional amount, liability	$ 200,000
Derivative, fixed interest rate	3.69%
Total fair value derivative liabilities	$ 117	978
Fixed Interest Rate 5.50%, Maturing November 2024 | Interest rate cap | Derivative instruments designated as hedging instruments: | Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, liability	$ 127,000
Derivative, fixed interest rate	5.50%
Total fair value derivative assets	$ 28	378
Fixed Interest Rate 5.00 Maturing December 2025 | Interest rate cap | Derivative instruments designated as hedging instruments: | Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, liability	$ 74,120
Derivative, fixed interest rate	5%
Total fair value derivative assets	$ 223	655
Fixed Interest Rate 1.68 Maturing February 2027 | Interest rate swap | Derivative instruments designated as hedging instruments: | Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, liability	$ 40,800
Derivative, fixed interest rate	1.68%
Total fair value derivative liabilities	$ 2,496	3,321
Fixed Interest Rate 4.89%, Maturing January 2032 | Interest rate swap | Derivative instruments designated as hedging instruments: | Accounts Payable and Accrued Liabilities
Fair value of derivative instruments
Notional amount, liability	$ 34,857
Derivative, fixed interest rate	4.89%
Total fair value derivative liabilities	$ 2,519	$ 3,043

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Impact of Financial Instruments on Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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	$ 13,131	$ (6,041)	$ (12,660)
Interest rate swap
Effect of the Company's derivative financial instruments on the income statement
Amount of Gain (Loss) Recognized in AOCI on Derivatives	$ 3,809	$ 25,657	$ 5,300

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands		1 Months Ended	12 Months Ended
	Jun. 14, 2018 entity party	Oct. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) tower	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Operating Leased Assets [Line Items]
Number of individuals or entities on petition | entity	500
Number of unaffiliated parties | party	2
Letters of credit outstanding			$ 3,900	$ 2,100
Surety bonds outstanding			470,400	346,300
Contractual rental expense			5,300	$ 5,600	$ 7,200
Long-term debt outstanding			$ 5,302,620
Guarantor obligations, reserved percentage of residential units			20%
Guarantor obligations, number of open condominium towers | tower			4
Bond Financing
Operating Leased Assets [Line Items]
Face amount		$ 165,000
Long-term debt outstanding		$ 78,300
Debt instrument, loan-to-value ratio threshold		50%
Cash collateral for borrowed securities		$ 50,000
Proceeds from issuance of debt		$ 5,000
Floreo | Bond Financing
Operating Leased Assets [Line Items]
Equity method investment, ownership percentage		50%
Waiea
Operating Leased Assets [Line Items]
Total estimated repair costs			$ 155,400
Charge for repairs and remediation on alleged construction defects			16,100
Reserve for uncollectible amounts under ASC 450			$ 8,700

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	May 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)				1,350,000
Intrinsic value of stock options exercised		$ 100	$ 2,600
Cash received from stock options exercised	$ 0	$ 345	$ 4,078
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Unamortized stock option expense	$ 900
Weighted-average period for recognition of unamortized expense	2 years 7 months 6 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period for recognition of unamortized expense	1 year 10 months 24 days
Vesting period	1 year
Weighted-average grant date fair value (in dollars per share)	$ 83.85	$ 88.19	$ 83.91
Fair value of restricted stock vested	$ 9,600	$ 8,000	$ 6,900
Unamortized restricted stock expense	$ 20,600
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum shares available for future grant (in shares)	727,758
Maximum | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
Minimum | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercisable period	5 years
Minimum | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans - Summary of stock-based compensation expense, net of amounts capitalized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Pre-tax stock-based compensation expense	$ 11,183	$ 7,110	$ 7,559
Income tax benefit	882	636	882
Stock Options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Pre-tax stock-based compensation expense	336	250	227
Restricted Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Pre-tax stock-based compensation expense	10,847	6,860	7,332
Share based compensation costs capitalized	$ 4,600	$ 4,800	$ 2,200

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans - Summary of Stock Option Activity (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of year (in shares) | shares	258,987
Forfeited (in shares) | shares	(8,000)
Expired (in shares) | shares	(116,650)
Outstanding at end of year (in shares) | shares	134,337
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding at beginning of year (in dollars per share) | $ / shares	$ 110.20
Forfeited (in dollars per share) | $ / shares	106.83
Expired (in dollars per share) | $ / shares	112.09
Outstanding at end of year (in dollars per share) | $ / shares	$ 108.76
Stock Options, Additional Disclosures
Weighted average remaining contractual term of stock options outstanding	4 years 4 months 24 days
Aggregate intrinsic value | $	$ 663,915
Stock options vested and expected to vest (in shares) | shares	133,096
Stock options vested and expected to vest, weighted average exercise price (in dollars per share) | $ / shares	$ 109.08
Weighted average remaining contractual term of stock options expected to vest	4 years 4 months 24 days
Aggregate intrinsic value of stock options expected to vest | $	$ 647,298
Stock options exercisable at the end of the period (in shares) | shares	79,500
Stock options exercisable at the end of the period, weighted average exercise price (in dollars per share) | $ / shares	$ 131.19
Weighted average remaining contractual term of stock options exercisable	2 years 4 months 24 days
Aggregate intrinsic value of stock options exercisable | $	$ 0

Stock-Based Compensation Plan_5

Stock-Based Compensation Plans - Significant Assumptions Used in Black-Scholes Option-pricing Model (Details) - Stock Options - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value (in dollars per share)	$ 37.70	$ 41.52
Expected life of options (in years)	7 years 6 months	7 years 6 months
Risk-free interest rate	3.40%	1.20%
Expected volatility	50.30%	36.50%
Expected annual dividend per share	$ 0	$ 0

Stock-Based Compensation Plan_6

Stock-Based Compensation Plans - Summary of Restricted Stock Activity (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock
Outstanding at beginning of year (in shares)	353,463
Granted (in shares)	267,820
Vested (in shares)	(119,744)
Forfeited (in shares)	(107,841)
Outstanding at end of year (in shares)	393,698	353,463
Weighted-average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share)	$ 75.14
Granted (in dollars per share)	83.85	$ 88.19	$ 83.91
Vested (in dollars per share)	84.42
Forfeited (in dollars per share)	68.92
Outstanding at end of year (in dollars per share)	$ 79.94	$ 75.14

Income Taxes - Summary of Incom

Income Taxes - Summary of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Provision for (benefit from) income taxes
Current	$ 108	$ 18,478	$ 4,797
Deferred	(163,613)	42,022	10,356
Income tax expense (benefit)	$ (163,505)	$ 60,500	$ 15,153

Income Taxes - Computation of I

Income Taxes - Computation of Income Tax Expense by Applying Federal Corporate Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ (714,213)	$ 245,136	$ 64,077
U.S. federal statutory tax rate	21%	21%	21%
Tax computed at the U.S. federal statutory rate	$ (149,985)	$ 51,479	$ 13,456
Increase (decrease) in valuation allowance, net	25,392	1,065	2,378
State income tax expense (benefit), net of federal income tax	(32,023)	5,483	(3,182)
Tax expense (benefit) from other change in rates, prior period adjustments, and other permanent differences	2,014	315	(181)
Tax expense on compensation disallowance	2,604	2,180	1,570
Net (income) loss attributable to noncontrolling interests	(51)	(22)	1,507
Tax expense (benefit) on tax credits	(11,456)	0	(395)
Income tax expense (benefit)	$ (163,505)	$ 60,500	$ 15,153
Effective tax rate	22.90%	24.70%	23.60%

Income Taxes - Summary of Amoun

Income Taxes - Summary of Amounts and Expiration Dates of Operating Loss, Charitable Contribution and Tax Credit Carryforwards (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 315,800
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	51,731
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	587,852
Net operating loss carryforwards	$ 272,100

Income Taxes - Summary of Tax E

Income Taxes - Summary of Tax Effects and Temporary Differences Included in Net Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Operating and Strategic Developments properties and fixed assets	$ 204,228	$ 22,447
Investments in unconsolidated ventures	11,577	6,698
Accrued expenses	6,924	6,282
Prepaid expenses	2,020	1,972
Other	1,723	0
Operating loss and tax carryforwards	52,317	65,829
Total deferred tax assets	278,789	103,228
Valuation allowance	(62,913)	(39,478)
Total net deferred tax assets	215,876	63,750
Deferred tax liabilities:
Master Planned Communities properties	(208,347)	(214,046)
Deferred income	(76,908)	(86,104)
Accounts receivable	(18,686)	(17,761)
Other	0	(175)
Total deferred tax liabilities	(303,941)	(318,086)
Total net deferred tax liabilities	$ (88,065)	$ (254,336)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0	$ 0	$ 0
Interest expense and penalties related to unrecognized tax benefits	$ 0	$ 0	$ 0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Summary of Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
		Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period			$ 3,606,112	$ 3,710,670	$ 3,715,023
Other comprehensive income (loss) before reclassifications			3,809	25,657	5,300
(Gain) loss reclassified to net income			(13,131)	6,041	12,660
Pension adjustment	[1]		259	(183)	452
Share of investee’s other comprehensive income	[2]		0	0	5,721
Reclassification of the Company's share of previously deferred derivative gains to net income	[3]		0	(6,723)	0
Net current-period other comprehensive income (loss)			(9,063)	24,792	24,133
Balance at the end of the period			3,058,597	3,606,112	3,710,670
Income (Loss) from equity method investments			55,708	14,549	9,852
Share of investee's other comprehensive income, tax expense		$ 1,900		1,912	1,627
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 110 North Wacker
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, reclassification of cash flow hedge		6,700
Income (Loss) from equity method investments		$ (8,600)
AOCI Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period			10,335	(14,457)	(38,590)
Pension adjustment			259	(183)	452
Share of investee’s other comprehensive income					5,721
Balance at the end of the period			$ 1,272	$ 10,335	$ (14,457)
[1] The deferred tax impact was not meaningful for the years ended December 31, 2023, 2022, and 2021. Amount is shown net of deferred tax expense of $1.6 million for the year ended December 31, 2021. 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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reclassifications out of accumulated other comprehensive income (loss)
(Gains) losses on cash flow hedges	$ 156,951	$ 110,891	$ 130,036
Company's share of previously deferred derivative gains	(55,708)	(14,549)	(9,852)
Income taxes on (gains) losses on cash flow hedges	(163,505)	60,500	15,153
Total reclassifications of (income) loss for the period	550,708	(184,636)	$ (48,924)
Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of accumulated other comprehensive income (loss)
Total reclassifications of (income) loss for the period	(13,131)	(682)
Accumulated Other Comprehensive Income (Loss) Components | Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of accumulated other comprehensive income (loss)
(Gains) losses on cash flow hedges	(16,970)	7,778
Company's share of previously deferred derivative gains	0	(8,636)
Income taxes on (gains) losses on cash flow hedges	$ 3,839	$ 176

Common Stock and Equity (Detail

Common Stock and Equity (Details)	Aug. 11, 2023
Earnings Per Share [Abstract]
Commons conversion ratio	1

Revenues - Schedule of Disaggre

Revenues - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Rental revenue	$ 405,363	$ 399,103	$ 369,330
Total revenues	1,024,102	1,608,488	1,427,901
Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	478,881	1,064,904	905,952
Operating Assets revenues
Disaggregation of Revenue [Line Items]
Total revenues	443,632	431,834	442,698
Master Planned Communities
Disaggregation of Revenue [Line Items]
Total revenues	448,452	408,365	409,746
Seaport revenues
Disaggregation of Revenue [Line Items]
Total revenues	81,971	88,468	55,008
Strategic Developments revenues
Disaggregation of Revenue [Line Items]
Total revenues	49,987	679,763	520,109
Corporate revenues
Disaggregation of Revenue [Line Items]
Total revenues	60	58	340
Condominium rights and unit sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	47,707	677,078	514,597
Condominium rights and unit sales | Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	47,707	677,078	514,597
Master Planned Communities land sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	370,185	316,065	346,217
Master Planned Communities land sales | Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	370,185	316,065	346,217
Builder price participation
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	60,989	71,761	45,138
Builder price participation | Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	60,989	71,761	45,138
Other land, rental, and property revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	139,858	144,481	152,619
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	$ 139,858	$ 144,481	$ 152,619

Revenues - Schedule of Contract

Revenues - Schedule of Contract with Customer, Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Change In Contract With Customer, Liability [Roll Forward]
Beginning balance	$ 457,831	$ 431,177
Consideration earned during the period	(151,225)	(799,401)
Consideration received during the period	272,722	826,055
Ending balance	$ 579,328	$ 457,831

Revenues - Schedule of Remainin

Revenues - Schedule of Remaining Unsatisfied Performance Obligations (Details) $ in Thousands	12 Months Ended
	Dec. 31, 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	$ 2,800,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 924,789
Remaining performance obligation, expected timing of satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 411,598
Remaining performance obligation, expected timing of satisfaction period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1,432,456
Remaining performance obligation, expected timing of satisfaction period

Leases - Narrative (Details)

Leases - Narrative (Details)	12 Months Ended
	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Operating lease remaining lease term	2 years
Average remaining term of lease	4 years
One Lease
Lessee, Lease, Description [Line Items]
Operating lease remaining lease term	50 years

Leases - Leased Assets and Liab

Leases - Leased Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease right-of-use assets	$ 44,897	$ 46,926
Operating lease obligations	$ 51,584	$ 51,321

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 6,829	$ 7,449
Variable lease cost	975	904
Total lease cost	$ 7,804	$ 8,353

Leases - Lease Liability Maturi

Leases - Lease Liability Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 5,057
2025	3,668
2026	3,368
2027	3,360
2028	3,424
Thereafter	240,646
Total lease payments	259,523
Less: imputed interest	(207,939)
Present value of lease liabilities	$ 51,584	$ 51,321

Leases - Other Information (Det

Leases - Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows on operating leases	$ 4,634	$ 5,718
Weighted-average remaining lease term (years)
Operating leases	44 years 1 month 6 days	43 years 9 months 18 days
Weighted-average discount rate
Operating leases	7.80%	7.70%

Leases - Minimum Rent Payments

Leases - Minimum Rent Payments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Total minimum rent payments	$ 236,350	$ 229,302
2024	254,076
2025	245,775
2026	227,398
2027	214,671
2028	191,548
Thereafter	822,354
Total	$ 1,955,822

Segments - Narrative (Details)

Segments - Narrative (Details) a in Thousands	12 Months Ended
	Dec. 31, 2023 a location segment
Segments reporting
Number of business segments | segment	4
Seaport
Segments reporting
Area of real estate property (in sqft) | a	472
Number of primary locations | location	3

Segments - Summary of Segment O

Segments - Summary of Segment Operating Results (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2021 property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segments reporting
Total revenues		$ 1,024,102	$ 1,608,488	$ 1,427,901
Depreciation and amortization		(216,118)	(200,361)	(205,100)
Other income (loss), net		4,284	1,909	(11,515)
Equity in earnings (losses) from unconsolidated ventures		(55,708)	(14,549)	(9,852)
Gain (loss) on sale or disposal of real estate and other assets, net		24,162	29,678	53,079
Gain (loss) on extinguishment of debt		(144)	(2,377)	(38,014)
Provision for impairment		(672,492)	0	(13,068)
Income (loss) before income taxes		(714,213)	245,136	64,077
Net income (loss)		(550,708)	184,636	48,924
Net (income) loss attributable to noncontrolling interests		(243)	(103)	7,176
Net Income (Loss) Available to Common Stockholders, Basic		(550,951)	184,533	56,100
Number of properties sold | property	3
Operating Segments
Segments reporting
Total revenues		1,024,042	1,608,430	1,427,561
Total operating expenses		(587,574)	(976,830)	(916,767)
Segment operating income (loss)		436,468	631,600	510,794
Depreciation and amortization		(212,903)	(196,677)	(200,776)
Interest income (expense), net		(43,958)	(18,679)	(28,650)
Other income (loss), net		1,141	927	(11,940)
Equity in earnings (losses) from unconsolidated ventures		(55,708)	(14,549)	(9,852)
Gain (loss) on sale or disposal of real estate and other assets, net		24,162	29,678	53,079
Gain (loss) on extinguishment of debt		(144)	(2,230)	(2,930)
Provision for impairment		(672,492)		(13,068)
Income (loss) before income taxes		(523,434)	430,070	296,657
Corporate income, expenses, and other items
Segments reporting
Expenses And Other		(27,274)	(245,434)	(247,733)
Operating Assets Segment
Segments reporting
Total revenues		443,632	431,834	442,698
Operating Assets Segment | Operating Segments
Segments reporting
Total revenues		443,632	431,834	442,698
Total operating expenses		(210,166)	(194,496)	(209,020)
Segment operating income (loss)		233,466	237,338	233,678
Depreciation and amortization		(170,731)	(154,626)	(163,031)
Interest income (expense), net		(127,388)	(89,959)	(75,391)
Other income (loss), net		1,843	(1,140)	(10,746)
Equity in earnings (losses) from unconsolidated ventures		2,969	22,263	(67,042)
Gain (loss) on sale or disposal of real estate and other assets, net		23,926	29,588	39,168
Gain (loss) on extinguishment of debt		(96)	(2,230)	(1,926)
Provision for impairment		0		0
Income (loss) before income taxes		(36,011)	41,234	(45,290)
Operating Assets Segment | Operating Segments | Hospitality revenues
Segments reporting
Total revenues				35,600
Total operating expenses				(30,500)
MPC Segment
Segments reporting
Total revenues		448,452	408,365	409,746
MPC Segment | Operating Segments
Segments reporting
Total revenues		448,452	408,365	409,746
Total operating expenses		(193,470)	(173,905)	(193,851)
Segment operating income (loss)		254,982	234,460	215,895
Depreciation and amortization		(418)	(394)	(366)
Interest income (expense), net		64,291	50,305	42,683
Other income (loss), net		(102)	23	0
Equity in earnings (losses) from unconsolidated ventures		22,666	(1,407)	59,399
Gain (loss) on sale or disposal of real estate and other assets, net		0	0	0
Gain (loss) on extinguishment of debt		0	0	(1,004)
Provision for impairment		0		0
Income (loss) before income taxes		341,419	282,987	316,607
Seaport Segment
Segments reporting
Total revenues		81,971	88,468	55,008
Seaport Segment | Operating Segments
Segments reporting
Total revenues		81,971	88,468	55,008
Total operating expenses		(103,466)	(104,393)	(77,198)
Segment operating income (loss)		(21,495)	(15,925)	(22,190)
Depreciation and amortization		(37,791)	(36,338)	(30,867)
Interest income (expense), net		3,065	3,902	357
Other income (loss), net		(1,290)	245	(3,730)
Equity in earnings (losses) from unconsolidated ventures		(81,485)	(36,273)	(1,988)
Gain (loss) on sale or disposal of real estate and other assets, net		0	0	0
Gain (loss) on extinguishment of debt		(48)	0	0
Provision for impairment		(672,492)		0
Income (loss) before income taxes		(811,536)	(84,389)	(58,418)
Strategic Developments Segment
Segments reporting
Total revenues		49,987	679,763	520,109
Strategic Developments Segment | Operating Segments
Segments reporting
Total revenues		49,987	679,763	520,109
Total operating expenses		(80,472)	(504,036)	(436,698)
Segment operating income (loss)		(30,485)	175,727	83,411
Depreciation and amortization		(3,963)	(5,319)	(6,512)
Interest income (expense), net		16,074	17,073	3,701
Other income (loss), net		690	1,799	2,536
Equity in earnings (losses) from unconsolidated ventures		142	868	(221)
Gain (loss) on sale or disposal of real estate and other assets, net		236	90	13,911
Gain (loss) on extinguishment of debt		0	0	0
Provision for impairment		0		(13,068)
Income (loss) before income taxes		$ (17,306)	$ 190,238	$ 83,758

Segments - Summary of Assets by

Segments - Summary of Assets by Segment and Reconciliation of Segment Assets to Total Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of total segment assets to total assets
Assets		$ 9,575,612	$ 9,603,463
Total Seaport		0	0	$ 30,741
Seaport Segment
Reconciliation of total segment assets to total assets
Total Seaport	$ 709,500	709,493	0	$ 0
Operating Segments
Reconciliation of total segment assets to total assets
Assets		9,061,368	9,247,608
Operating Segments | Operating Assets
Reconciliation of total segment assets to total assets
Assets		3,577,694	3,448,823
Operating Segments | Master Planned Communities
Reconciliation of total segment assets to total assets
Assets		3,358,821	3,272,655
Operating Segments | Seaport
Reconciliation of total segment assets to total assets
Assets		485,898	1,166,950
Operating Segments | Strategic Developments
Reconciliation of total segment assets to total assets
Assets		1,638,955	1,359,180
Corporate income, expenses, and other items
Reconciliation of total segment assets to total assets
Assets		$ 514,244	$ 355,855

SCHEDULE III - REAL ESTATE AN_2

SCHEDULE III - REAL ESTATE AND ACCUMLATED DEPRECIATION - Information by Property (Details) $ in Thousands	Feb. 27, 2024 USD ($) storageUnit	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		$ 3,302,610
Encumbrances		5,302,620
Debt Issuance Costs, Net		(49,990)	$ (55,005)
Initial Cost
Land		2,568,718
Land		2,569,603
Buildings and Improvements		5,160,466
Buildings and Improvements		5,161,493
Costs Capitalized Subsequent to Acquisition
Land		180,641
Land		179,756
Buildings and Improvements		277,115
Building Improvements		288,628
Gross Amounts at Which Carried at Close of Period
Land		2,749,359
Land		2,749,359
Buildings and Improvements		5,437,581
Building Improvements		5,450,121
Total		8,186,940
Total		8,199,480	8,095,172	$ 7,776,555	$ 7,319,133
Accumulated Depreciation		(1,028,495)
Accumulated Depreciation		(1,032,226)	$ (867,700)	$ (743,311)	$ (634,064)
Aggregate cost of land, building and improvements for federal income tax purposes		7,300,000
Corporate income, expenses, and other items
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		2,050,000
Initial Cost
Land		885
Buildings and Improvements		1,027
Costs Capitalized Subsequent to Acquisition
Land		(885)
Building Improvements		11,513
Gross Amounts at Which Carried at Close of Period
Land		0
Building Improvements		12,540
Total		12,540
Accumulated Depreciation		(3,731)
Bridgeland
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		475,000
Initial Cost
Land		260,223
Buildings and Improvements		0
Costs Capitalized Subsequent to Acquisition
Land		272,809
Buildings and Improvements		1,720
Gross Amounts at Which Carried at Close of Period
Land		533,032
Buildings and Improvements		1,720
Total		534,752
Accumulated Depreciation		(860)
Bridgeland Predevelopment
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		0
Initial Cost
Land		0
Buildings and Improvements		10,904
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		0
Gross Amounts at Which Carried at Close of Period
Land		0
Buildings and Improvements		10,904
Total		10,904
Accumulated Depreciation		0
Houston Ground Leases - Bridgeland
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		0
Initial Cost
Land		3,935
Buildings and Improvements		0
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		0
Gross Amounts at Which Carried at Close of Period
Land		3,935
Buildings and Improvements		0
Total		3,935
Accumulated Depreciation		0
Lakeland Village Center at Bridgeland
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		0
Initial Cost
Land		2,404
Buildings and Improvements		11,135
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		3,489
Gross Amounts at Which Carried at Close of Period
Land		2,404
Buildings and Improvements		14,624
Total		17,028
Accumulated Depreciation		(3,258)
Lakeside Row
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		35,500
Initial Cost
Land		812
Buildings and Improvements		42,875
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		703
Gross Amounts at Which Carried at Close of Period
Land		812
Buildings and Improvements		43,578
Total		44,390
Accumulated Depreciation		(7,496)
Starling at Bridgeland
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		37,946
Initial Cost
Land		1,511
Buildings and Improvements		57,505
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		0
Gross Amounts at Which Carried at Close of Period
Land		1,511
Buildings and Improvements		57,505
Total		59,016
Accumulated Depreciation		(2,459)
Wingspan
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		27,827
Initial Cost
Land		1,214
Buildings and Improvements		63,680
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		0
Gross Amounts at Which Carried at Close of Period
Land		1,214
Buildings and Improvements		63,680
Total		64,894
Accumulated Depreciation		(368)
Color Burst Park Retail
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		0
Initial Cost
Land		337
Buildings and Improvements		6,945
Costs Capitalized Subsequent to Acquisition
Land		10
Buildings and Improvements		2,157
Gross Amounts at Which Carried at Close of Period
Land		347
Buildings and Improvements		9,102
Total		9,449
Accumulated Depreciation		(832)
Columbia Office Properties
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		0
Initial Cost
Land		1,175
Buildings and Improvements		14,394
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		(1,294)
Gross Amounts at Which Carried at Close of Period
Land		1,175
Buildings and Improvements		13,100
Total		14,275
Accumulated Depreciation		(6,730)
Columbia Parking Garages
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		0
Initial Cost
Land		0
Buildings and Improvements		42,940
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		(157)
Gross Amounts at Which Carried at Close of Period
Land		0
Buildings and Improvements		42,783
Total		42,783
Accumulated Depreciation		(5,794)
Columbia Predevelopment
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		0
Initial Cost
Land		0
Buildings and Improvements		36,236
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		0
Gross Amounts at Which Carried at Close of Period
Land		0
Buildings and Improvements		36,236
Total		36,236
Accumulated Depreciation		0
Juniper
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		117,000
Initial Cost
Land		3,923
Buildings and Improvements		112,435
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		7,124
Gross Amounts at Which Carried at Close of Period
Land		3,923
Buildings and Improvements		119,559
Total		123,482
Accumulated Depreciation		(16,230)
10285 Lakefront Medical Office
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		4,400
Initial Cost
Land		0
Buildings and Improvements		27,195
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		0
Gross Amounts at Which Carried at Close of Period
Land		0
Buildings and Improvements		27,195
Total		27,195
Accumulated Depreciation		0
Lakefront District
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		0
Initial Cost
Land		400
Buildings and Improvements		80,053
Costs Capitalized Subsequent to Acquisition
Land		(400)
Buildings and Improvements		(45,892)
Gross Amounts at Which Carried at Close of Period
Land		0
Buildings and Improvements		34,161
Total		34,161
Accumulated Depreciation		0
One Mall North
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		6,855
Initial Cost
Land		7,822
Buildings and Improvements		10,818
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		2,035
Gross Amounts at Which Carried at Close of Period
Land		7,822
Buildings and Improvements		12,853
Total		20,675
Accumulated Depreciation		(5,860)
Marlow
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		72,823
Initial Cost
Land		4,088
Buildings and Improvements		130,083
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		0
Gross Amounts at Which Carried at Close of Period
Land		4,088
Buildings and Improvements		130,083
Total		134,171
Accumulated Depreciation		(5,048)
6100 Merriweather
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		76,000
Initial Cost
Land		2,550
Buildings and Improvements		86,867
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		2,762
Gross Amounts at Which Carried at Close of Period
Land		2,550
Buildings and Improvements		89,629
Total		92,179
Accumulated Depreciation		(12,987)
One Merriweather
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		49,800
Initial Cost
Land		1,433
Buildings and Improvements		56,125
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		1,617
Gross Amounts at Which Carried at Close of Period
Land		1,433
Buildings and Improvements		57,742
Total		59,175
Accumulated Depreciation		(14,592)
Two Merriweather
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		25,600
Initial Cost
Land		1,019
Buildings and Improvements		33,016
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		5,302
Gross Amounts at Which Carried at Close of Period
Land		1,019
Buildings and Improvements		38,318
Total		39,337
Accumulated Depreciation		(7,877)
Merriweather District
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		0
Initial Cost
Land		0
Buildings and Improvements		76,808
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		8,492
Gross Amounts at Which Carried at Close of Period
Land		0
Buildings and Improvements		85,300
Total		85,300
Accumulated Depreciation		0
Merriweather Row
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		67,265
Initial Cost
Land		24,685
Buildings and Improvements		94,824
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		51,706
Gross Amounts at Which Carried at Close of Period
Land		24,685
Buildings and Improvements		146,530
Total		171,215
Accumulated Depreciation		(38,982)
Rouse Building
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		22,865
Initial Cost
Land		0
Buildings and Improvements		28,865
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		3,063
Gross Amounts at Which Carried at Close of Period
Land		0
Buildings and Improvements		31,928
Total		31,928
Accumulated Depreciation		(9,198)
Teravalis
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		0
Initial Cost
Land		544,546
Buildings and Improvements		312
Costs Capitalized Subsequent to Acquisition
Land		278
Buildings and Improvements		4
Gross Amounts at Which Carried at Close of Period
Land		544,824
Buildings and Improvements		316
Total		545,140
Accumulated Depreciation		(58)
Historic District Area / Uplands
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		0
Initial Cost
Land		0
Buildings and Improvements		7,884
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		66,012
Gross Amounts at Which Carried at Close of Period
Land		0
Buildings and Improvements		73,896
Total		73,896
Accumulated Depreciation		(30,799)
Pier 17
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		0
Initial Cost
Land		0
Buildings and Improvements		468,476
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		(218,115)
Gross Amounts at Which Carried at Close of Period
Land		0
Buildings and Improvements		250,361
Total		250,361
Accumulated Depreciation		(109,036)
85 South Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		0
Initial Cost
Land		15,913
Buildings and Improvements		8,137
Costs Capitalized Subsequent to Acquisition
Land		(11,735)
Buildings and Improvements		(563)
Gross Amounts at Which Carried at Close of Period
Land		4,178
Buildings and Improvements		7,574
Total		11,752
Accumulated Depreciation		(6,248)
Tin Building
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		0
Initial Cost
Land		0
Buildings and Improvements		61,872
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		0
Gross Amounts at Which Carried at Close of Period
Land		0
Buildings and Improvements		61,872
Total		61,872
Accumulated Depreciation		(13,963)
250 Water Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		115,000
Initial Cost
Land		0
Buildings and Improvements		179,471
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		(83,450)
Gross Amounts at Which Carried at Close of Period
Land		0
Buildings and Improvements		96,021
Total		96,021
Accumulated Depreciation		0
199 Water Street, 28th Floor
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		0
Initial Cost
Land		0
Buildings and Improvements		14,054
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		782
Gross Amounts at Which Carried at Close of Period
Land		0
Buildings and Improvements		14,836
Total		14,836
Accumulated Depreciation		(12,563)
Aristocrat
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		33,987
Initial Cost
Land		5,004
Buildings and Improvements		34,588
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		152
Gross Amounts at Which Carried at Close of Period
Land		5,004
Buildings and Improvements		34,740
Total		39,744
Accumulated Depreciation		(6,801)
Constellation
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		24,200
Initial Cost
Land		3,069
Buildings and Improvements		39,759
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		2,264
Gross Amounts at Which Carried at Close of Period
Land		3,069
Buildings and Improvements		42,023
Total		45,092
Accumulated Depreciation		(9,339)
Downtown Summerlin
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		1,732
Initial Cost
Land		30,855
Buildings and Improvements		364,100
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		30,257
Gross Amounts at Which Carried at Close of Period
Land		30,855
Buildings and Improvements		394,357
Total		425,212
Accumulated Depreciation		(128,533)
Hockey Ground Lease
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		161
Initial Cost
Land		0
Buildings and Improvements		0
Costs Capitalized Subsequent to Acquisition
Land		6,705
Buildings and Improvements		2,198
Gross Amounts at Which Carried at Close of Period
Land		6,705
Buildings and Improvements		2,198
Total		8,903
Accumulated Depreciation		(348)
Las Vegas Ballpark
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		42,990
Initial Cost
Land		5,318
Buildings and Improvements		124,391
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		2,222
Gross Amounts at Which Carried at Close of Period
Land		5,318
Buildings and Improvements		126,613
Total		131,931
Accumulated Depreciation		(30,599)
Meridian
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		0
Initial Cost
Land		0
Buildings and Improvements		37,533
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		0
Gross Amounts at Which Carried at Close of Period
Land		0
Buildings and Improvements		37,533
Total		37,533
Accumulated Depreciation		0
1700 Pavilion
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		57,460
Initial Cost
Land		1,700
Buildings and Improvements		101,760
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		0
Gross Amounts at Which Carried at Close of Period
Land		1,700
Buildings and Improvements		101,760
Total		103,460
Accumulated Depreciation		(3,149)
Two Summerlin
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		40,865
Initial Cost
Land		3,037
Buildings and Improvements		47,104
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		1,999
Gross Amounts at Which Carried at Close of Period
Land		3,037
Buildings and Improvements		49,103
Total		52,140
Accumulated Depreciation		(10,810)
Summerlin
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		63,322
Initial Cost
Land		990,179
Buildings and Improvements		0
Costs Capitalized Subsequent to Acquisition
Land		89,747
Buildings and Improvements		1,076
Gross Amounts at Which Carried at Close of Period
Land		1,079,926
Buildings and Improvements		1,076
Total		1,081,002
Accumulated Depreciation		(619)
Summerlin Grocery Anchored Center (k)
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		114
Initial Cost
Land		0
Buildings and Improvements		10,460
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		0
Gross Amounts at Which Carried at Close of Period
Land		0
Buildings and Improvements		10,460
Total		10,460
Accumulated Depreciation		0
Summerlin Predevelopment
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		0
Initial Cost
Land		0
Buildings and Improvements		12,796
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		0
Gross Amounts at Which Carried at Close of Period
Land		0
Buildings and Improvements		12,796
Total		12,796
Accumulated Depreciation		0
Tanager Apartments
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		58,633
Initial Cost
Land		7,331
Buildings and Improvements		53,978
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		351
Gross Amounts at Which Carried at Close of Period
Land		7,331
Buildings and Improvements		54,329
Total		61,660
Accumulated Depreciation		(9,422)
Tanager Echo
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		59,007
Initial Cost
Land		2,302
Buildings and Improvements		85,329
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		0
Gross Amounts at Which Carried at Close of Period
Land		2,302
Buildings and Improvements		85,329
Total		87,631
Accumulated Depreciation		(1,750)
Creekside Park
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		37,615
Initial Cost
Land		729
Buildings and Improvements		40,116
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		891
Gross Amounts at Which Carried at Close of Period
Land		729
Buildings and Improvements		41,007
Total		41,736
Accumulated Depreciation		(8,400)
Creekside Park Medical Plaza
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		0
Initial Cost
Land		306
Buildings and Improvements		8,361
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		0
Gross Amounts at Which Carried at Close of Period
Land		306
Buildings and Improvements		8,361
Total		8,667
Accumulated Depreciation		(241)
Creekside Park Medical Plaza | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Subsequent Event
Gross Amounts at Which Carried at Close of Period
Number of units in real estate property | storageUnit	32,689
Consideration received	$ 14,000
Creekside Park The Grove
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		57,000
Initial Cost
Land		1,876
Buildings and Improvements		52,382
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		213
Gross Amounts at Which Carried at Close of Period
Land		1,876
Buildings and Improvements		52,595
Total		54,471
Accumulated Depreciation		(5,518)
Creekside Park West
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		15,969
Initial Cost
Land		1,228
Buildings and Improvements		17,922
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		1,122
Gross Amounts at Which Carried at Close of Period
Land		1,228
Buildings and Improvements		19,044
Total		20,272
Accumulated Depreciation		(2,603)
Houston Ground Leases - The Woodlands
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		0
Initial Cost
Land		14,582
Buildings and Improvements		2,582
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		0
Gross Amounts at Which Carried at Close of Period
Land		14,582
Buildings and Improvements		2,582
Total		17,164
Accumulated Depreciation		(275)
One Hughes Landing
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		46,938
Initial Cost
Land		1,678
Buildings and Improvements		34,761
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		(3,193)
Gross Amounts at Which Carried at Close of Period
Land		1,678
Buildings and Improvements		31,568
Total		33,246
Accumulated Depreciation		(10,614)
Two Hughes Landing
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		45,445
Initial Cost
Land		1,269
Buildings and Improvements		34,950
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		(2,692)
Gross Amounts at Which Carried at Close of Period
Land		1,269
Buildings and Improvements		32,258
Total		33,527
Accumulated Depreciation		(11,483)
Three Hughes Landing
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		70,000
Initial Cost
Land		2,626
Buildings and Improvements		46,372
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		32,342
Gross Amounts at Which Carried at Close of Period
Land		2,626
Buildings and Improvements		78,714
Total		81,340
Accumulated Depreciation		(23,027)
1725 Hughes Landing Boulevard
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		61,221
Initial Cost
Land		1,351
Buildings and Improvements		36,764
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		24,841
Gross Amounts at Which Carried at Close of Period
Land		1,351
Buildings and Improvements		61,605
Total		62,956
Accumulated Depreciation		(16,959)
1735 Hughes Landing Boulevard
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		59,134
Initial Cost
Land		3,709
Buildings and Improvements		97,651
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		(305)
Gross Amounts at Which Carried at Close of Period
Land		3,709
Buildings and Improvements		97,346
Total		101,055
Accumulated Depreciation		(34,797)
Hughes Landing Daycare
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		0
Initial Cost
Land		138
Buildings and Improvements		0
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		0
Gross Amounts at Which Carried at Close of Period
Land		138
Buildings and Improvements		0
Total		138
Accumulated Depreciation		0
Hughes Landing Retail
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		32,166
Initial Cost
Land		5,184
Buildings and Improvements		32,562
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		803
Gross Amounts at Which Carried at Close of Period
Land		5,184
Buildings and Improvements		33,365
Total		38,549
Accumulated Depreciation		(11,027)
1701 Lake Robbins
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		0
Initial Cost
Land		1,663
Buildings and Improvements		3,725
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		856
Gross Amounts at Which Carried at Close of Period
Land		1,663
Buildings and Improvements		4,581
Total		6,244
Accumulated Depreciation		(1,139)
2201 Lake Woodlands Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		0
Initial Cost
Land		3,755
Buildings and Improvements		0
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		1,210
Gross Amounts at Which Carried at Close of Period
Land		3,755
Buildings and Improvements		1,210
Total		4,965
Accumulated Depreciation		(658)
Lakefront North
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		50,000
Initial Cost
Land		10,260
Buildings and Improvements		39,357
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		17,535
Gross Amounts at Which Carried at Close of Period
Land		10,260
Buildings and Improvements		56,892
Total		67,152
Accumulated Depreciation		(10,798)
One Lakes Edge
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		66,370
Initial Cost
Land		1,057
Buildings and Improvements		81,768
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		901
Gross Amounts at Which Carried at Close of Period
Land		1,057
Buildings and Improvements		82,669
Total		83,726
Accumulated Depreciation		(22,839)
Two Lakes Edge
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		105,000
Initial Cost
Land		1,870
Buildings and Improvements		96,349
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		962
Gross Amounts at Which Carried at Close of Period
Land		1,870
Buildings and Improvements		97,311
Total		99,181
Accumulated Depreciation		(14,517)
Millennium Six Pines
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		42,234
Initial Cost
Land		4,000
Buildings and Improvements		54,624
Costs Capitalized Subsequent to Acquisition
Land		7,225
Buildings and Improvements		1,024
Gross Amounts at Which Carried at Close of Period
Land		11,225
Buildings and Improvements		55,648
Total		66,873
Accumulated Depreciation		(15,426)
Millennium Waterway
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		51,000
Initial Cost
Land		15,917
Buildings and Improvements		56,002
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		2,494
Gross Amounts at Which Carried at Close of Period
Land		15,917
Buildings and Improvements		58,496
Total		74,413
Accumulated Depreciation		(25,240)
8770 New Trails
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		34,857
Initial Cost
Land		2,204
Buildings and Improvements		35,033
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		80
Gross Amounts at Which Carried at Close of Period
Land		2,204
Buildings and Improvements		35,113
Total		37,317
Accumulated Depreciation		(6,358)
9303 New Trails
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		7,352
Initial Cost
Land		1,929
Buildings and Improvements		11,915
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		1,618
Gross Amounts at Which Carried at Close of Period
Land		1,929
Buildings and Improvements		13,533
Total		15,462
Accumulated Depreciation		(4,340)
1 Riva Row
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		1
Initial Cost
Land		0
Buildings and Improvements		18,385
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		0
Gross Amounts at Which Carried at Close of Period
Land		0
Buildings and Improvements		18,385
Total		18,385
Accumulated Depreciation		0
3831 Technology Forest Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		19,192
Initial Cost
Land		514
Buildings and Improvements		14,194
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		1,813
Gross Amounts at Which Carried at Close of Period
Land		514
Buildings and Improvements		16,007
Total		16,521
Accumulated Depreciation		(7,258)
The Lane at Waterway
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		37,500
Initial Cost
Land		2,029
Buildings and Improvements		40,033
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		456
Gross Amounts at Which Carried at Close of Period
Land		2,029
Buildings and Improvements		40,489
Total		42,518
Accumulated Depreciation		(5,186)
The Woodlands
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		0
Initial Cost
Land		269,411
Buildings and Improvements		9,814
Costs Capitalized Subsequent to Acquisition
Land		(96,758)
Buildings and Improvements		(9,744)
Gross Amounts at Which Carried at Close of Period
Land		172,653
Buildings and Improvements		70
Total		172,723
Accumulated Depreciation		(70)
The Woodlands Parking Garages
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		0
Initial Cost
Land		5,857
Buildings and Improvements		0
Costs Capitalized Subsequent to Acquisition
Land		2,497
Buildings and Improvements		15,066
Gross Amounts at Which Carried at Close of Period
Land		8,354
Buildings and Improvements		15,066
Total		23,420
Accumulated Depreciation		(3,832)
The Woodlands Predevelopment
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		0
Initial Cost
Land		0
Buildings and Improvements		49,643
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		0
Gross Amounts at Which Carried at Close of Period
Land		0
Buildings and Improvements		49,643
Total		49,643
Accumulated Depreciation		(1,193)
The Woodlands Towers at the Waterway
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		362,537
Initial Cost
Land		11,044
Buildings and Improvements		437,561
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		38,140
Gross Amounts at Which Carried at Close of Period
Land		11,044
Buildings and Improvements		475,701
Total		486,745
Accumulated Depreciation		(62,368)
The Woodlands Warehouse
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		13,700
Initial Cost
Land		4,480
Buildings and Improvements		4,389
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		103
Gross Amounts at Which Carried at Close of Period
Land		4,480
Buildings and Improvements		4,492
Total		8,972
Accumulated Depreciation		(718)
20/25 Waterway Avenue
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		14,500
Initial Cost
Land		2,346
Buildings and Improvements		8,871
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		575
Gross Amounts at Which Carried at Close of Period
Land		2,346
Buildings and Improvements		9,446
Total		11,792
Accumulated Depreciation		(3,088)
3 Waterway Square
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		41,610
Initial Cost
Land		748
Buildings and Improvements		42,214
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		(2,758)
Gross Amounts at Which Carried at Close of Period
Land		748
Buildings and Improvements		39,456
Total		40,204
Accumulated Depreciation		(16,477)
4 Waterway Square
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		21,530
Initial Cost
Land		1,430
Buildings and Improvements		51,553
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		7,610
Gross Amounts at Which Carried at Close of Period
Land		1,430
Buildings and Improvements		59,163
Total		60,593
Accumulated Depreciation		(22,918)
Waterway Square Retail
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		0
Initial Cost
Land		1,341
Buildings and Improvements		4,255
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		1,314
Gross Amounts at Which Carried at Close of Period
Land		1,341
Buildings and Improvements		5,569
Total		6,910
Accumulated Depreciation		(1,802)
1400 Woodloch Forest
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		0
Initial Cost
Land		1,570
Buildings and Improvements		13,023
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		5,538
Gross Amounts at Which Carried at Close of Period
Land		1,570
Buildings and Improvements		18,561
Total		20,131
Accumulated Depreciation		(7,171)
The Woodlands Hills
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		0
Initial Cost
Land		99,284
Buildings and Improvements		0
Costs Capitalized Subsequent to Acquisition
Land		15,955
Buildings and Improvements		43
Gross Amounts at Which Carried at Close of Period
Land		115,239
Buildings and Improvements		43
Total		115,282
Accumulated Depreciation		(23)
‘A‘ali‘i
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		0
Initial Cost
Land		0
Buildings and Improvements		714
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		1,188
Gross Amounts at Which Carried at Close of Period
Land		0
Buildings and Improvements		1,902
Total		1,902
Accumulated Depreciation		(47)
Ae‘o
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		0
Initial Cost
Land		0
Buildings and Improvements		1,162
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		0
Gross Amounts at Which Carried at Close of Period
Land		0
Buildings and Improvements		1,162
Total		1,162
Accumulated Depreciation		(146)
Anaha
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		0
Initial Cost
Land		0
Buildings and Improvements		1,097
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		0
Gross Amounts at Which Carried at Close of Period
Land		0
Buildings and Improvements		1,097
Total		1,097
Accumulated Depreciation		(167)
Ke Kilohana
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		0
Initial Cost
Land		0
Buildings and Improvements		656
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		0
Gross Amounts at Which Carried at Close of Period
Land		0
Buildings and Improvements		656
Total		656
Accumulated Depreciation		(77)
Kewalo Basin Harbor
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		10,984
Initial Cost
Land		0
Buildings and Improvements		24,116
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		(786)
Gross Amounts at Which Carried at Close of Period
Land		0
Buildings and Improvements		23,330
Total		23,330
Accumulated Depreciation		(5,960)
Kō‘ula
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		0
Initial Cost
Land		0
Buildings and Improvements		1,184
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		0
Gross Amounts at Which Carried at Close of Period
Land		0
Buildings and Improvements		1,184
Total		1,184
Accumulated Depreciation		(43)
The Park Ward Village
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		41,242
Initial Cost
Land		0
Buildings and Improvements		156,957
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		0
Gross Amounts at Which Carried at Close of Period
Land		0
Buildings and Improvements		156,957
Total		156,957
Accumulated Depreciation		(3,427)
Ulana Ward Village
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		31,527
Initial Cost
Land		0
Buildings and Improvements		115,061
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		0
Gross Amounts at Which Carried at Close of Period
Land		0
Buildings and Improvements		115,061
Total		115,061
Accumulated Depreciation		(594)
Victoria Place
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		197,017
Initial Cost
Land		0
Buildings and Improvements		373,729
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		0
Gross Amounts at Which Carried at Close of Period
Land		0
Buildings and Improvements		373,729
Total		373,729
Accumulated Depreciation		(6,210)
Waiea
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		0
Initial Cost
Land		0
Buildings and Improvements		1,206
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		417
Gross Amounts at Which Carried at Close of Period
Land		0
Buildings and Improvements		1,623
Total		1,623
Accumulated Depreciation		(253)
Ward Predevelopment
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		37,617
Initial Cost
Land		0
Buildings and Improvements		193,023
Costs Capitalized Subsequent to Acquisition
Land		0
Buildings and Improvements		0
Gross Amounts at Which Carried at Close of Period
Land		0
Buildings and Improvements		193,023
Total		193,023
Accumulated Depreciation		(7,771)
Ward Village Retail
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		175,000
Initial Cost
Land		164,548
Buildings and Improvements		138,723
Costs Capitalized Subsequent to Acquisition
Land		(105,692)
Buildings and Improvements		289,422
Gross Amounts at Which Carried at Close of Period
Land		58,856
Buildings and Improvements		428,145
Total		487,001
Accumulated Depreciation		$ (132,829)

SCHEDULE III - REAL ESTATE AN_3

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Real Estate
Balance at January 1	$ 8,095,172	$ 7,776,555	$ 7,319,133
Change in land	403,633	396,125	896,508
Additions	817,308	750,610	657,760
Impairments	(672,492)	0	(13,068)
Dispositions, write-offs, and land and condominium costs of sales	(444,141)	(828,118)	(1,083,778)
Balance at December 31	8,199,480	8,095,172	7,776,555
Reconciliation of Accumulated Depreciation
Balance at January 1	867,700	743,311	634,064
Depreciation Expense	195,630	180,201	185,418
Dispositions and write-offs	(31,104)	(55,812)	(76,171)
Balance at December 31	$ 1,032,226	$ 867,700	$ 743,311