Howard Hughes (HHH) 10-Q 5 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 22, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-34856
Entity Registrant Name	THE HOWARD HUGHES CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4673192
Entity Address, Address Line One	9950 Woodloch Forest Drive
Entity Address, Address Line Two	Suite 1100
Entity Address, City or Town	The Woodlands
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77380
City Area Code	(281)
Local Phone Number	719-6100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		10
Entity Central Index Key	0001498828
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Master Planned Communities assets	$ 2,485,480	$ 2,445,673
Buildings and equipment	4,310,446	4,177,677
Less: accumulated depreciation	(1,093,519)	(1,032,226)
Land	309,758	303,685
Developments	1,539,701	1,272,445
Net investment in real estate	7,551,866	7,167,254
Investments in unconsolidated ventures	213,752	220,258
Cash and cash equivalents	436,757	631,548
Restricted cash	469,008	421,509
Accounts receivable, net	109,682	115,045
Municipal Utility District receivables, net	631,142	550,884
Deferred expenses, net	153,409	142,561
Operating lease right-of-use assets	44,947	44,897
Other assets, net	290,648	281,656
Total assets	9,901,211	9,575,612
LIABILITIES
Mortgages, notes, and loans payable, net	5,511,985	5,302,620
Operating lease obligations	52,910	51,584
Deferred tax liabilities, net	77,015	88,065
Accounts payable and other liabilities	1,223,268	1,074,746
Total liabilities	6,865,178	6,517,015
Commitments and Contingencies (see Note 9)
EQUITY
Common stock: 10 shares authorized, issued, and outstanding as of June 30, 2024 and December 31, 2023	0	0
Additional paid-in capital	3,379,063	3,374,284
Retained earnings (accumulated deficit) attributable to Howard Hughes Holdings Inc.	(413,111)	(383,012)
Accumulated other comprehensive income (loss)	3,935	1,272
Total equity attributable to Howard Hughes Holdings Inc.	2,969,887	2,992,544
Noncontrolling interests	66,146	66,053
Total equity	3,036,033	3,058,597
Total liabilities and equity	$ 9,901,211	$ 9,575,612

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, shares authorized (in shares)	10	10
Common stock, shares issued (in shares)	10	10
Common stock, shares outstanding (in shares)	10	10

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
REVENUES
Rental revenue	$ 111,490	$ 103,339	$ 219,241	$ 201,203
Total revenues	317,409	223,316	488,547	419,605
EXPENSES
Operating costs	91,422	83,800	165,711	156,187
Rental property real estate taxes	15,582	15,578	30,277	30,997
Provision for (recovery of) doubtful accounts	1,563	(26)	2,397	(2,446)
General and administrative	29,297	20,217	59,471	43,770
Depreciation and amortization	52,629	53,221	104,876	105,230
Other	3,868	3,089	7,686	6,660
Total expenses	252,129	221,063	444,951	412,121
OTHER
Gain (loss) on sale or disposal of real estate and other assets, net	0	(16)	4,794	4,714
Other income (loss), net	391	(1,607)	1,282	3,374
Total other	391	(1,623)	6,076	8,088
Operating income (loss)	65,671	630	49,672	15,572
Interest income	6,185	4,992	14,303	9,084
Interest expense	(43,007)	(33,947)	(84,925)	(72,084)
Gain (loss) on extinguishment of debt	(198)	0	(198)	0
Equity in earnings (losses) from unconsolidated ventures	(296)	(6,186)	(19,431)	(10,988)
Income (loss) before income taxes	28,355	(34,511)	(40,579)	(58,416)
Income tax expense (benefit)	6,572	(15,370)	(10,457)	(16,648)
Net income (loss)	21,783	(19,141)	(30,122)	(41,768)
Net (income) loss attributable to noncontrolling interests	34	(2)	24	(120)
Net income (loss) attributable to howard hughes holdings Inc., basic	21,817	(19,143)	(30,098)	(41,888)
Net income (loss) attributable to howard hughes holdings Inc., diluted	21,817	(19,143)	(30,098)	(41,888)
Condominium rights and unit sales
REVENUES
Revenue from contract with customers	0	14,866	23	20,953
EXPENSES
Cost of sales	0	29,317	3,861	33,853
Master Planned Communities land sales
REVENUES
Revenue from contract with customers	154,790	42,306	187,205	101,667
EXPENSES
Cost of sales	57,768	15,867	70,672	37,870
Other land, rental, and property revenues
REVENUES
Revenue from contract with customers	38,224	46,898	56,607	65,866
Builder price participation
REVENUES
Revenue from contract with customers	$ 12,905	$ 15,907	$ 25,471	$ 29,916

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)		$ 21,783	$ (19,141)	$ (30,122)	$ (41,768)
Other comprehensive income (loss):
Interest rate caps and swaps	[1]	38	2,748	2,663	(2,582)
Other comprehensive income (loss)		38	2,748	2,663	(2,582)
Comprehensive income (loss)		21,821	(16,393)	(27,459)	(44,350)
Comprehensive (income) loss attributable to noncontrolling interests		34	(2)	24	(120)
Comprehensive income (loss) attributable to Howard Hughes Holdings Inc.		$ 21,855	$ (16,395)	$ (27,435)	$ (44,470)
[1] Amounts are shown net of tax expense of $10.0 thousand for the three months ended June 30, 2024, tax expense of $0.8 million for the six months ended June 30, 2024, tax expense of $0.8 million for the three months ended June 30, 2023, and tax benefit of $0.8 million for the six months ended June 30, 2023.

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Interest rate swaps, tax expense (benefit)	$ 10	$ 801	$ 785	$ (758)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands	Total		Total Stockholders’ Equity	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Noncontrolling Interests
Balance at the beginning of the period (in shares) at Dec. 31, 2022				56,226,273
Balance at the beginning of the period at Dec. 31, 2022	$ 3,606,112		$ 3,540,499	$ 564	$ 3,972,561	$ 168,077	$ 10,335	$ (611,038)	$ 65,613
Balance at the beginning of the period (in shares) at Dec. 31, 2022								(6,424,276)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(41,768)		(41,888)			(41,888)			120
Interest rate swaps, net of tax expense (benefit)	(2,582)	[1]	(2,582)				(2,582)
Teravalis noncontrolling interest	117								117
Stock plan activity (in shares)				306,757				(20,472)
Stock plan activity	6,596		6,596	$ 2	8,219			$ (1,625)
Other	(22)								(22)
Balance at the end of the period (in shares) at Jun. 30, 2023				56,533,030
Balance at the end of the period at Jun. 30, 2023	3,568,453		3,502,625	$ 566	3,980,780	126,189	7,753	$ (612,663)	65,828
Balance at the end of the period (in shares) at Jun. 30, 2023								(6,444,748)
Balance at the beginning of the period (in shares) at Mar. 31, 2023				56,427,928
Balance at the beginning of the period at Mar. 31, 2023	3,582,523		3,516,758	$ 566	3,977,514	145,332	5,005	$ (611,659)	65,765
Balance at the beginning of the period (in shares) at Mar. 31, 2023								(6,431,442)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(19,141)		(19,143)			(19,143)			2
Interest rate swaps, net of tax expense (benefit)	2,748	[1]	2,748				2,748
Teravalis noncontrolling interest	61								61
Stock plan activity (in shares)				105,102				(13,306)
Stock plan activity	2,262		2,262		3,266			$ (1,004)
Balance at the end of the period (in shares) at Jun. 30, 2023				56,533,030
Balance at the end of the period at Jun. 30, 2023	$ 3,568,453		3,502,625	$ 566	3,980,780	126,189	7,753	$ (612,663)	65,828
Balance at the end of the period (in shares) at Jun. 30, 2023								(6,444,748)
Balance at the beginning of the period (in shares) at Dec. 31, 2023	10			10
Balance at the beginning 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 beginning of the period (in shares) at Dec. 31, 2023								0
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(30,122)		(30,098)			(30,098)			(24)
Interest rate swaps, net of tax expense (benefit)	2,663	[1]	2,663				2,663
Teravalis noncontrolling interest	117								117
Capital transactions with HHH	$ 4,778		4,778		4,779	(1)
Balance at the end of the period (in shares) at Jun. 30, 2024	10			10
Balance at the end of the period at Jun. 30, 2024	$ 3,036,033		2,969,887	$ 0	3,379,063	(413,111)	3,935	$ 0	66,146
Balance at the end of the period (in shares) at Jun. 30, 2024								0
Balance at the beginning of the period (in shares) at Mar. 31, 2024				10
Balance at the beginning of the period at Mar. 31, 2024	3,012,271		2,946,141	$ 0	3,377,172	(434,928)	3,897	$ 0	66,130
Balance at the beginning of the period (in shares) at Mar. 31, 2024								0
Increase (Decrease) in Stockholders' Equity
Net income (loss)	21,783		21,817			21,817			(34)
Interest rate swaps, net of tax expense (benefit)	38	[1]	38				38
Teravalis noncontrolling interest	50								50
Capital transactions with HHH	$ 1,891		1,891		1,891
Balance at the end of the period (in shares) at Jun. 30, 2024	10			10
Balance at the end of the period at Jun. 30, 2024	$ 3,036,033		$ 2,969,887	$ 0	$ 3,379,063	$ (413,111)	$ 3,935	$ 0	$ 66,146
Balance at the end of the period (in shares) at Jun. 30, 2024								0
[1] Amounts are shown net of tax expense of $10.0 thousand for the three months ended June 30, 2024, tax expense of $0.8 million for the six months ended June 30, 2024, tax expense of $0.8 million for the three months ended June 30, 2023, and tax benefit of $0.8 million for the six months ended June 30, 2023.

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Interest rate swaps, tax expense (benefit)	$ 10	$ 801	$ 785	$ (758)

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (30,122)	$ (41,768)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Depreciation	93,258	95,105
Amortization	9,823	8,287
Amortization of deferred financing costs	6,441	5,933
Amortization of intangibles other than in-place leases	1,638	1,638
Straight-line rent amortization	(3,558)	(3,297)
Deferred income taxes	(11,836)	(17,793)
Restricted stock and stock option amortization	7,002	8,220
Net gain on sale of properties	(4,794)	(4,714)
(Gain) loss on extinguishment of debt	198	0
Equity in (earnings) losses from unconsolidated ventures, net of distributions and impairment charges	24,620	17,438
Provision for doubtful accounts	1,930	2,078
Master Planned Community development expenditures	(174,862)	(172,580)
Master Planned Community cost of sales	63,374	37,870
Condominium development expenditures	(254,899)	(242,724)
Condominium rights and units cost of sales	3,861	32,943
Net Changes:
Accounts receivable, net	(8,164)	(4,747)
Other assets, net	(14,312)	(4,402)
Condominium deposits received, net	118,018	80,725
Deferred expenses, net	(18,114)	(16,296)
Accounts payable and other liabilities	2,739	(32,274)
Cash provided by (used in) operating activities	(187,759)	(250,358)
CASH FLOWS FROM INVESTING ACTIVITIES
Property and equipment expenditures	(638)	(3,642)
Operating property improvements	(18,397)	(27,834)
Property development and redevelopment	(131,807)	(148,130)
Acquisition of assets	(18,456)	(5,898)
Proceeds from sales of properties, net	13,175	905
Reimbursements under tax increment financings and grants	7,016	0
Distributions from unconsolidated ventures	684	8,532
Investments in unconsolidated ventures, net	(19,767)	(24,133)
Cash provided by (used in) investing activities	(168,190)	(200,200)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from mortgages, notes, and loans payable	339,523	201,342
Principal payments on mortgages, notes, and loans payable	(128,489)	(7,341)
Special Improvement District bond funds released from (held in) escrow	1,717	3,263
Deferred financing costs and bond issuance costs, net	(1,044)	(79)
Taxes paid on stock options exercised and restricted stock vested	(943)	(2,529)
Distributions to HHH	(2,224)	0
Contributions from Teravalis noncontrolling interest owner	117	117
Cash provided by (used in) financing activities	208,657	194,773
Net change in cash, cash equivalents, and restricted cash	(147,292)	(255,785)
Cash, cash equivalents, and restricted cash at beginning of period	1,053,057	1,098,937
Cash, cash equivalents, and restricted cash at end of period	905,765	843,152
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents	436,757	389,405
Restricted cash	469,008	453,747
Cash, cash equivalents, and restricted cash at end of period	905,765	843,152
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid, net	155,204	119,900
Interest capitalized	74,754	52,285
Income taxes paid (refunded), net	3,858	4,270
NON-CASH TRANSACTIONS
Accrued property improvements, developments, and redevelopments	(13,255)	(1,899)
Non-cash consideration from sale of properties	0	5,250
Special Improvement District bond transfers associated with land sales	7,299	0
Capitalized stock compensation	2,296	1,812
Reassessment of operating lease right-of-use asset, net	1,454	0
Reassessment of operating lease obligation	$ 1,952	$ 0

Presentation of Financial State

Presentation of Financial Statements and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Presentation of Financial Statements and Significant Accounting Policies	1. Presentation of Financial Statements and Significant Accounting Policies General These unaudited Condensed Consolidated Financial Statements have been prepared by The Howard Hughes Corporation (HHC or the Company) in accordance with accounting principles generally accepted in the United States of America (GAAP). 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 Howard Hughes Holdings Inc. (HHH) refer to the Company’s parent holding company, Howard Hughes Holding Inc., and its consolidated subsidiaries, including the Company, unless otherwise specifically stated. In accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as issued by the Securities and Exchange Commission (the SEC), these Condensed Consolidated Financial Statements do not include all of the information and disclosures required by GAAP for complete financial statements. Readers of this quarterly report on Form 10-Q (Quarterly Report) should refer to The Howard Hughes Corporation audited Consolidated Financial Statements, which are included in its annual report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 27, 2024 (the Annual Report). In the opinion of management, all normal recurring adjustments necessary for a fair presentation of the financial position, results of operations, comprehensive income, cash flows, and equity for the interim periods have been included. The results for the three and six months ended June 30, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, and future fiscal years. Principles of Consolidation and Basis of Presentation 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. The outside equity interests in certain entities controlled by the Company are reflected in the Condensed Consolidated Financial Statements as noncontrolling interests. Management has evaluated for disclosure or recognition all material events occurring subsequent to the date of the Condensed Consolidated Financial Statements up to the date and time this Quarterly Report was filed. Seaport Entertainment On October 5, 2023, HHH announced the intent to form a new division, Seaport Entertainment, which includes the Company’s entertainment-related assets in New York and Las Vegas, including the Seaport in Lower Manhattan, the Las Vegas Aviators Triple-A Minor League Baseball team and the Las Vegas Ballpark, as well as the Company’s ownership stake in Jean-Georges Restaurants and other partnerships, and an interest in and to 80% of the air rights above the Fashion Show Mall in Las Vegas. On July 31, 2024, the spinoff of Seaport Entertainment Group, Inc. (SEG) was completed. Under the terms of the separation, each stockholder who held HHH common stock as of the close of business on July 29, 2024, the record date for the distribution, received one share of SEG common stock for every nine shares of HHH common stock held as of the close of business on such date. SEG common stock began trading on the NYSE American stock exchange on August 1, 2024, under the symbol “SEG”. The separation of SEG from Howard Hughes refined the identity of HHH as a pure-play real estate company focused solely on its core businesses and development of its master planned communities, and allowed the new company, SEG, to operate independently as an entertainment-focused enterprise. Restricted Cash Restricted cash reflects amounts segregated in escrow accounts in the name of the Company, primarily related to escrowed condominium deposits by buyers, development activity at 250 Water Street, and other amounts related to taxes, insurance, and legally restricted security deposits and leasing costs. Accounts Receivable, net Accounts receivable, net includes straight-line rent receivables, tenant receivables, and other receivables. On a quarterly basis, management reviews the lease-related receivables, including straight-line rent receivables and tenant receivables, for collectability. 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-related receivable or future lease payment is deemed to be not probable, a reserve for the receivable balance is charged against rental revenue and future rental revenue is recognized on a cash basis. The Company also records reserves for estimated losses if the estimated loss amount is probable and can be reasonably estimated. Other receivables are primarily related to short-term trade receivables. The Company is exposed to credit losses through the sale of goods and services to customers and assesses its exposure to credit loss related to these receivables on a quarterly basis based on historical collection experience and future expectations by portfolio. The Company records an allowance for credit losses if the estimated loss amount is probable. The following table represents the components of Accounts receivable, net of amounts considered uncollectible, in the accompanying Condensed Consolidated Balance Sheets: thousands June 30, 2024 December 31, 2023 Straight-line rent receivables $ 90,582 $ 87,669 Tenant receivables 5,754 4,780 Other receivables 13,346 22,596 Accounts receivable, net (a) $ 109,682 $ 115,045 (a) As of June 30, 2024, the total reserve balance for amounts considered uncollectible was $10.5 million, comprised of $9.2 million attributable to lease-related receivables and $1.3 million attributable to the allowance for credit losses related to other accounts receivables. As of December 31, 2023, the total reserve balance was $15.0 million, comprised of $14.8 million attributable to lease-related receivables and $0.2 million attributable to the allowance for credit losses related to other accounts receivables. The following table summarizes the impacts of the collectability reserves in the accompanying Condensed Consolidated Statements of Operations: thousands Three Months Ended June 30, Six Months Ended June 30, Income Statement Location 2024 2023 2024 2023 Rental revenue $ (1,277) $ 1,644 $ (317) $ 4,537 Provision for (recovery of) doubtful accounts 1,563 (26) 2,397 (2,446) Total (income) expense impact $ 286 $ 1,618 $ 2,080 $ 2,091 Income Taxes HHC is a directly owned subsidiary of HHH and will be included in Howard Hughes Holding 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 Holding Inc.’s consolidated income tax return group. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. The estimates and assumptions include, but are not limited to, the future cash flows used in impairment analysis and fair value used in impairment calculations, allocation of capitalized development costs, provision for income taxes, recoverable amounts of receivables and deferred tax assets, initial valuations of tangible and intangible assets acquired, and the related useful lives of assets upon which depreciation and amortization is based. Estimates and assumptions have also been made with respect to future revenues and costs, and the fair value of warrants, debt, and options granted. In particular, Master Planned Communities ( MPC) cost of sales estimates are highly judgmental as they are sensitive to cost escalation, sales price escalation, and lot absorption, which are subject to judgment and affected by expectations about future market or economic conditions. Actual results could differ from these and other estimates. Consolidated Variable Interest Entity At June 30, 2024, and December 31, 2023, the Company owned an 88.0% interest in Teravalis, the Company’s newest large-scale master planned community in the West Valley of Phoenix, Arizona, and a third party owned 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 consolidates Teravalis. Under the terms of the LLC agreement, cash distributions and the recognition of income-producing activities will be pro rata based on economic ownership interest. As of June 30, 2024, the Company’s Condensed Consolidated Balance Sheets include $541.8 million of Master Planned Community assets, $0.4 million of Accounts payable and other liabilities, and $65.0 million of Noncontrolling interest related to Teravalis. As of December 31, 2023, the Company’s Condensed 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. Noncontrolling Interests As of June 30, 2024, and December 31, 2023, noncontrolling interests related to the 12.0% noncontrolling interest in Teravalis and the noncontrolling interest in the Ward Village Homeowners’ Associations (HOAs). All revenues and expenses related to the HOAs are attributable to noncontrolling interests and do not impact net income attributable to common stockholders. Financing Receivable 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, discussed above, and financing receivables, which include Municipal Utility District (MUD) receivables, Special Improvement District (SID) bonds, Tax Increment Financing (TIF) receivables, net investments in lease receivables, and notes receivable. The Company assesses its exposure to credit loss based on historical collection experience and future expectations by portfolio segment. Historical collection experience is evaluated on a quarterly basis by the Company. The amortized cost basis of financing receivables, consisting primarily of MUD receivables, totaled $711.9 million as of June 30, 2024, and $632.8 million as of December 31, 2023. The MUD receivable balance included accrued interest of $51.4 million as of June 30, 2024, and $35.8 million as of December 31, 2023. There was no material activity in the allowance for credit losses for financing receivables for the three and six months ended June 30, 2024 and 2023. Financing receivables are considered to be past due once they are 30 days contractually past due under the terms of the agreement. The Company does not have significant receivables that are past due or on nonaccrual status. There have been no significant write-offs or recoveries of amounts previously written off during the current period for financing receivables.

Investments in Unconsolidated V

Investments in Unconsolidated Ventures	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Ventures	2. Investments in Unconsolidated Ventures In the ordinary course of business, the Company enters into partnerships and ventures with an emphasis on investments associated with the development and operation of real estate assets. As of June 30, 2024, the Company does not consolidate the investments below as it does not have a controlling financial interest in these investments. As such, the Company primarily reports its interests in accordance with the equity method. As of June 30, 2024, these ventures had debt totaling $309.9 million, with the Company’s proportionate share of this debt totaling $153.3 million. All of this indebtedness is without recourse to the Company, with the exception of the collateral maintenance obligation for Floreo. See Note 9 - Commitments and Contingencies for additional information related to the Company’s collateral maintenance obligation. Investments in unconsolidated ventures consist of the following: Ownership Interest (a) Carrying Value Share of Earnings/Dividends June 30, December 31, June 30, December 31, Three Months Ended June 30, Six Months Ended June 30, thousands except percentages 2024 2023 2024 2023 2024 2023 2024 2023 Equity Method Investments Operating Assets: The Metropolitan (b) 50 % 50 % $ — $ — $ (5) $ 715 $ 1,073 $ 390 Stewart Title of Montgomery County, TX 50 % 50 % 3,871 3,785 162 91 87 56 Woodlands Sarofim 20 % 20 % 2,995 2,990 3 6 5 19 TEN.m.flats (c) 50 % 50 % — — 177 1,230 1,747 449 Master Planned Communities: The Summit (d) 50 % 50 % 48,236 59,112 5,328 3,117 (10,595) 7,747 Floreo (e) 50 % 50 % 57,647 55,880 555 (479) 1,767 (1,001) Seaport: The Lawn Club (d) 50 % 50 % 5,597 1,266 489 — 36 — Ssäm Bar (f) — % 50 % — — — (105) — (503) Tin Building by Jean-Georges (d)(e) 65 % 65 % 6,539 11,658 (7,057) (10,649) (16,718) (20,857) Jean-Georges Restaurants 25 % 25 % 14,260 14,535 16 (142) (150) (356) Strategic Developments: HHMK Development 50 % 50 % 10 10 — — — — KR Holdings 50 % 50 % 497 486 5 — 10 — West End Alexandria (d) 58 % 58 % 60,321 56,757 31 30 65 35 199,973 206,479 (296) (6,186) (22,673) (14,021) Other equity investments (g) 13,779 13,779 — — 3,242 3,033 Investments in unconsolidated ventures $ 213,752 $ 220,258 $ (296) $ (6,186) $ (19,431) $ (10,988) (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 $10.7 million at June 30, 2024, and $10.9 million at December 31, 2023, and presented in Accounts payable and other liabilities in the Condensed Consolidated Balance Sheets. (c) TEN.m.flats was in a deficit position of $3.9 million at June 30, 2024, and $4.7 million at December 31, 2023, and presented in Accounts payable and other liabilities in the Condensed Consolidated Balance Sheets. (d) For these equity method investments, various provisions in the venture operating agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses, and preferred returns may result in the Company’s economic interest differing from its stated interest or final profit-sharing interest. For these investments, the Company recognizes income or loss based on the venture’s distribution priorities, which could fluctuate over time and may be different from its stated ownership or final profit-sharing interest. (e) Classified as a VIE; however, the Company is not the primary beneficiary and accounts for its investment in accordance with the equity method. Refer to discussion below for additional information. (f) The Ssäm Bar joint venture was liquidated in May 2024. Refer to discussion below for additional details. (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 current year or cumulatively. As of June 30, 2024, 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. 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 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 fair value and recognized a gain of $13.5 million recorded in Equity in earnings (losses) from unconsolidated ventures. This gain is the result of marking the cost basis of the land contributed to its estimated fair value at the time of contribution. The Phase II land is adjacent to the existing Summit development and includes approximately 28 custom home sites. The first lot sales closed in the first quarter of 2023. The Company recognizes 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 Floreo, the first village within the new Teravalis MPC, on 3,029 acres of land in the greater Phoenix, Arizona area. The first land sales closed in the first quarter of 2024. In October 2022, Floreo closed on a $165.0 million financing, with outstanding borrowings of $114.6 million as of June 30, 2024. The Company provided a guarantee on this financing in the form of a collateral maintenance obligation and received a guarantee fee of $5.0 million. The financing and related guarantee provided by the Company triggered a reconsideration event and as of December 31, 2022, Floreo was classified as a VIE. Due to rights held by other members, the Company does not have a controlling financial interest in Floreo and is not the primary beneficiary. As of June 30, 2024, the Company’s maximum exposure to loss on this investment is limited to the $57.6 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 9 - Commitments and Contingencies for additional information related to the Company’s collateral maintenance obligation. West End Alexandria In the fourth quarter of 2021, the Company entered into an Asset Contribution Agreement with Landmark Land Holdings, LLC (West End Alexandria) to redevelop a 52-acre site previously known as Landmark Mall. Other equity owners include Foulger-Pratt Development, LLC (Foulger-Pratt) and Seritage SRC Finance (Seritage). The Company conveyed its 33-acre Landmark Mall property with an agreed upon fair value of $56.0 million and Seritage conveyed an additional 19 acres of land with an agreed upon fair value of $30.0 million to West End Alexandria in exchange for equity interest. Additionally, Foulger-Pratt agreed to contribute $10.0 million to West End Alexandria. Also in the fourth quarter of 2021, West End Alexandria executed a Purchase and Sale Agreement with the City of Alexandria to sell approximately 11 acres to the City of Alexandria. The City will lease this land to Inova Health Care Services for construction of a new hospital. Development plans for the remaining 41-acre property include approximately four million square feet of residential, retail, commercial, and entertainment offerings integrated into a cohesive neighborhood with a central plaza, a network of parks and public transportation. Foulger-Pratt will manage construction of the development. Demolition began in the second quarter of 2022 and was completed in 2023, with 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. Seaport Equity Investments The Company’s ownership interests in the below Seaport investments were included in the Seaport Entertainment spinoff which was completed on July 31, 2024. The Lawn Club In 2021, the Company formed HHC Lawn Games, LLC with The Lawn Club NYC, LLC (Endorphin Ventures), to construct and operate an immersive indoor and outdoor restaurant that includes an extensive area of indoor grass, a stylish clubhouse bar, and a wide variety of lawn games. This concept 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, as amended, 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 recognized its share of income or loss based on the joint venture’s distribution priorities, which could fluctuate over time. The Ssäm Bar restaurant closed during the third quarter of 2023, and the venture was liquidated in May 2024. The Company expects to receive a liquidating distribution of its share of the venture’s remaining assets during the third quarter of 2024. Tin Building by Jean-Georges In 2015, the Company, together with VS-Fulton Seafood Market, LLC (Fulton Partner), formed Fulton Seafood Market, LLC (Tin Building by Jean-Georges) to operate a 53,783 square-foot culinary marketplace in the historic Tin Building. The Fulton Partner is a wholly owned subsidiary of Jean-Georges Restaurants. The Company purchased a 25% interest in Jean-Georges 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 the Tin Building by Jean-Georges. 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 June 30, 2024, the Tin Building by Jean-Georges is classified as a VIE because the equity holders, as a group, lack the characteristics of a controlling financial interest. The Company further concluded that it is not the primary beneficiary of the VIE as it does not have the power to direct the restaurant-related activities that most significantly impact its economic performance. As the Company is unable to quantify the amount of additional capital contributions that may be funded in the future associated with this investment, the Company’s maximum exposure to loss as of June 30, 2024, is equal to the $6.5 million carrying value of the investment as of that date. The Company funded capital contributions of $11.6 million for the six months ended June 30, 2024, and $48.1 million for the year ended December 31, 2023. Jean-Georges Restaurants In March 2022, the Company acquired a 25% interest in JG Restaurant HoldCo LLC (Jean-Georges Restaurants) 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. Under the terms of the agreement, all cash distributions and the recognition of income-producing activities will be pro rata based on stated ownership interest. Concurrent with the Company’s acquisition of the 25% interest in Jean-Georges Restaurants, the Company entered into a warrant agreement with Jean-Georges. The Company paid $10.0 million for the option to acquire up to an additional 20% interest in Jean-Georges Restaurants at a fixed exercise price per share subject to certain anti-dilution provisions. Should the warrant agreement be exercised by the Company, the $10.0 million will be credited against the aggregate exercise price of the warrants. Per the agreement, the $10.0 million is to be used for working capital of Jean-Georges Restaurants. The warrant became exercisable on March 2, 2022, subject to automatic exercise in the event of dissolution or liquidation, and will expire on March 2, 2026. As of June 30, 2024, this warrant had not been exercised. The Company elected the measurement alternative for this purchase option as the equity security does not have a readily determinable fair value. As such, the investment is measured at cost, less any identified impairment charges. Creative Culinary Management Company, LLC (CCMC), a wholly owned subsidiary of Jean-Georges Restaurants, provides management services for certain retail and food and beverage businesses that 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. Additionally, in October 2023, the Lawn Club venture executed a management agreement with CCMC. Pursuant to the various management agreements, CCMC is responsible for employment and supervision of all employees providing services for the food and beverage operations and restaurant as well as the day-to-day operations and accounting for the food and beverage operations.

Acquisitions and Dispositions

Acquisitions and Dispositions	6 Months Ended
	Jun. 30, 2024
Acquisitions And Dispositions [Abstract]
Acquisitions and Dispositions	3. Acquisitions and Dispositions Acquisitions In June 2024, the Company acquired the Waterway Plaza II office property and the adjacent parking garage for $19.2 million in an asset acquisition. The approximately 141,763 square-foot office property is located in The Woodlands, Texas, and the property is being held in the Operating Assets segment. 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. 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 Condensed Consolidated Statements of Operations, unless otherwise noted. Operating Assets 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, resulting in a gain of $4.8 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.

Impairment

Impairment	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Impairment	4. Impairment The Company reviews its long-lived assets for potential impairment indicators when events or changes in circumstances indicate that the carrying amount 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. No impairment charges were recorded during the three and six months ended June 30, 2024 and 2023. 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. No impairment charges were recorded during the three and six months ended June 30, 2024 and 2023.

Other Assets and Liabilities

Other Assets and Liabilities	6 Months Ended
	Jun. 30, 2024
OTHER ASSETS AND LIABILITIES [Abstract]
Other Assets and Liabilities	5. Other Assets and Liabilities Other Assets, Net The following table summarizes the significant components of Other assets, net: thousands June 30, 2024 December 31, 2023 Security, escrow, and other deposits $ 86,545 $ 81,891 Special Improvement District receivable, net 75,317 74,899 In-place leases, net 35,249 35,490 Other 20,361 17,857 Intangibles, net 20,257 21,894 Prepaid expenses 20,062 16,984 Interest rate derivative assets 14,710 10,318 Tenant incentives and other receivables, net 11,979 10,840 Net investment in lease receivable 2,821 2,883 TIF receivable, net 1,677 6,371 Notes receivable, net 1,108 1,558 Condominium inventory 562 671 Other assets, net $ 290,648 $ 281,656 Accounts Payable and Other Liabilities The following table summarizes the significant components of Accounts payable and other liabilities: thousands June 30, 2024 December 31, 2023 Condominium deposit liabilities $ 596,888 $ 478,870 Construction payables 294,090 257,227 Deferred income 139,024 118,432 Accrued interest 53,224 54,301 Tenant and other deposits 36,342 29,976 Accrued real estate taxes 34,765 30,096 Accounts payable and accrued expenses 30,472 49,337 Other 19,411 24,461 Accrued payroll and other employee liabilities 19,052 32,046 Accounts payable and other liabilities $ 1,223,268 $ 1,074,746

Mortgages, Notes, and Loans Pay

Mortgages, Notes, and Loans Payable, Net	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Mortgages, Notes, and Loans Payable, Net	6. Mortgages, Notes, and Loans Payable, Net Mortgages, Notes, and Loans Payable, Net Mortgages, notes, and loans payable, net are summarized as follows: thousands June 30, 2024 December 31, 2023 Fixed-rate debt Senior unsecured notes $ 2,050,000 $ 2,050,000 Secured mortgages payable 1,609,473 1,485,494 Special Improvement District bonds 57,334 65,627 Variable-rate debt (a) Secured Bridgeland Notes 475,000 475,000 Secured mortgages payable 1,364,538 1,276,489 Unamortized deferred financing costs (b) (44,360) (49,990) Mortgages, notes, and loans payable, net $ 5,511,985 $ 5,302,620 (a) The Company has entered into derivative instruments to manage the variable interest rate exposure. See Note 8 - Derivative Instruments and Hedging Activities for additional information. (b) Deferred financing costs are amortized to interest expense over the initial contractual term of the respective financing agreements using the effective interest method (or other methods which approximate the effective interest method). As of June 30, 2024, land, buildings and equipment, developments, and other collateral with a net book value of $5.2 billion have been pledged as collateral for the Company’s mortgages, notes, and loans payable. Senior Unsecured Notes During 2020 and 2021, the Company issued $2.1 billion of aggregate principal of senior unsecured notes. These notes have fixed rates of interest that are payable semi-annually and are interest only until maturity. These debt obligations are redeemable prior to the maturity date subject to a “make-whole” premium which decreases annually until 2026 at which time the redemption make-whole premium is no longer applicable. The following table summarizes the Company’s senior unsecured notes by issuance date: $ in thousands Principal Maturity Date Interest Rate August 2020 $ 750,000 August 2028 5.375% February 2021 650,000 February 2029 4.125% February 2021 650,000 February 2031 4.375% Senior unsecured notes $ 2,050,000 Secured Mortgages Payable The Company’s outstanding mortgages are collateralized by certain of the Company’s real estate assets. Certain of the Company’s loans contain provisions that grant the lender a security interest in the operating cash flow of the property that represents the collateral for the loan. Certain mortgage notes may be prepaid subject to a prepayment penalty equal to a yield maintenance premium, defeasance, or a percentage of the loan balance. Construction loans related to the Company’s development properties are generally variable-rate, interest-only, and have maturities of five years or less. Debt obligations related to the Company’s operating properties generally require monthly installments of principal and interest. The following table summarizes the Company’s Secured mortgages payable: June 30, 2024 December 31, 2023 $ 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) $ 1,609,473 3.13% - 8.67% 4.67 % 6.6 $ 1,485,494 3.13% - 8.67% 4.46 % 7.2 Variable rate (b) 1,364,538 7.07% - 10.45% 8.95 % 1.8 1,276,489 7.08% - 10.48% 8.73 % 2.2 Secured mortgages payable $ 2,974,011 3.13% - 10.45% 6.63 % 4.4 $ 2,761,983 3.13% - 10.48% 6.44 % 4.9 (a) Interest rates presented are based upon the coupon rates of the Company’s fixed-rate debt obligations. (b) Interest rates presented are based on the applicable reference interest rates as of June 30, 2024, and December 31, 2023, 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 8.21% as of June 30, 2024, and 7.98% as of December 31, 2023. See Note 8 - 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 2024, the Company’s mortgage activity included draws on existing mortgages of $164.5 million, new borrowings of $45.0 million (excluding undrawn amounts on new construction loans), refinancings of $130.0 million, and repayments of $8.0 million. As of June 30, 2024, the Company’s secured mortgage loans had $1.2 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 June 30, 2024. During the six months ended June 30, 2024, obligations of $7.3 million were assumed by buyers and no SID bonds were issued. Secured Bridgeland Notes In September 2021, the Company closed on a $275.0 million financing with maturity in 2026. This financing is secured by MUD receivables and land in Bridgeland. The loan required a $27.5 million fully refundable deposit and has an interest rate of 7.63%. In December 2022, the borrowing capacity of this obligation was expanded from $275.0 million to $475.0 million. An additional $67.0 million was drawn in the second quarter of 2023 and $133.0 million was drawn in the third quarter of 2023, bringing outstanding borrowings to $475.0 million as of June 30, 2024. Debt Compliance

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value	7. Fair Value ASC 820, Fair Value Measurement , emphasizes that fair value is a market-based measurement that should be determined using assumptions market participants would use in pricing an asset or liability. The standard establishes a hierarchical disclosure framework that prioritizes and ranks the level of market price observability used in measuring assets or liabilities at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the asset or liability. Assets or liabilities with readily available active quoted prices, or for which fair value can be measured from actively quoted prices, generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. The following table presents the fair value measurement hierarchy levels required under ASC 820 for the Company’s assets that are measured at fair value on a recurring basis. The Company does not have any liabilities that are measured at a fair value on a recurring basis for the periods presented. June 30, 2024 December 31, 2023 Fair Value Measurements Using Fair Value Measurements Using thousands Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Interest rate derivative assets $ 14,710 $ — $ 14,710 $ — $ 10,318 $ — $ 10,318 $ — The fair values of interest rate derivatives are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates derived from observable market interest rate curves. The estimated fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis are as follows: June 30, 2024 December 31, 2023 thousands Fair Value Hierarchy Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets: Cash and Restricted cash Level 1 $ 905,766 $ 905,766 $ 1,053,057 $ 1,053,057 Accounts receivable, net (a) Level 3 109,682 109,682 115,045 115,045 Notes receivable, net (b) Level 3 1,108 1,108 1,558 1,558 Liabilities: Fixed-rate debt (c) Level 2 3,716,807 3,358,601 3,601,121 3,294,431 Variable-rate debt (c) Level 2 1,839,538 1,839,538 1,751,489 1,751,489 (a) Accounts receivable, net is shown net of an allowance of $10.5 million at June 30, 2024, and $15.0 million at December 31, 2023. 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 June 30, 2024, and December 31, 2023. (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 June 30, 2024. Refer to Note 6 - Mortgages, Notes, and Loans Payable, Net for additional information. The discount rates reflect the Company’s judgment as to what the approximate current lending rates for loans or groups of loans with similar maturities and credit quality would be if credit markets were operating efficiently and assuming that the debt is outstanding through maturity. The carrying amounts for the Company’s variable-rate debt approximate fair value given that the interest rates are variable and adjust with current market rates for instruments with similar risks and maturities. 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)

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	8. Derivative Instruments and Hedging Activities The Company is exposed to interest rate risk related to its variable interest rate debt, and it manages this risk by utilizing interest rate derivatives. The Company uses interest rate swaps, collars, and caps to add stability to interest costs by reducing the Company’s exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company’s fixed‑rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate collars designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above an established ceiling rate and payment of variable amounts to a counterparty if interest rates fall below an established floor rate, in exchange for an 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 Condensed Consolidated Statements of Operations. These derivatives are recorded on a gross basis at fair value on the balance sheet. Assessments of hedge effectiveness are performed quarterly using regression analysis. The change in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in Accumulated other comprehensive income (loss) (AOCI) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings within the same income statement line item being hedged. Derivatives accounted for as cash flow hedges are classified in the same category in the Condensed Consolidated Statements of Cash Flows as the items being hedged. Gains and losses from derivative financial instruments are reported in Cash provided by (used in) operating activities within the Condensed Consolidated Statements of Cash Flows. The Company is exposed to credit risk in the event of non-performance by its derivative counterparties. To mitigate its credit risk, the Company reviews the creditworthiness of counterparties and enters into agreements with those that are considered credit-worthy, such as large financial institutions with favorable credit ratings. There were no derivative counterparty defaults as of June 30, 2024, or as of December 31, 2023. 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. The Company recorded an immaterial reduction in interest expense in 2023 and 2024 related to the amortization of terminated swaps. 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 $4.4 million of net gain will be reclassified to Interest expense including amounts related to the amortization of terminated swaps. The following table summarizes certain terms of the Company’s derivative contracts. The Company reports derivative assets in Other assets, net and derivative liabilities in Accounts payable and other liabilities. Fair Value Asset (Liability) thousands Notional Amount Fixed Interest Rate (a) Effective Date Maturity Date June 30, 2024 December 31, 2023 Derivative instruments not designated as hedging instruments: (b) Interest rate cap 75,000 2.50 % 10/12/2021 9/29/2025 $ 2,111 $ 2,274 Interest rate cap 59,500 2.50 % 10/12/2021 9/29/2025 1,675 1,804 Interest rate collar 57,732 2.00% - 4.50% 6/1/2023 6/1/2025 844 417 Interest rate collar 106,903 2.00% - 4.50% 6/1/2023 6/1/2025 936 440 Interest rate cap 40,500 6.00 % 6/20/2024 7/15/2026 80 — Interest rate cap 4,500 6.00 % 6/20/2024 7/15/2026 10 — Derivative instruments designated as hedging instruments: Interest rate swap (c) 175,000 3.69 % 1/3/2023 1/1/2027 2,735 117 Interest rate cap 127,000 5.50 % 11/10/2022 11/7/2024 7 28 Interest rate cap 73,680 5.00 % 12/22/2022 12/21/2025 201 223 Interest rate swap 40,800 1.68 % 3/1/2022 2/18/2027 2,754 2,496 Interest rate swap 34,632 4.89 % 11/1/2019 1/1/2032 3,357 2,519 Total fair value derivative assets $ 14,710 $ 10,318 (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 $0.9 million for the three months ended June 30, 2024, $3.1 million for the six months ended June 30, 2024, $3.3 million for the three months ended June 30, 2023, and $2.1 million for the six months ended June 30, 2023. (c) In the first quarter of 2024, the Company terminated a portion of this swap, reducing the notional amount from $200.0 million to $175.0 million. The tables below present the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023: Amount of Gain (Loss) Recognized in AOCI on Derivatives Derivatives in Cash Flow Hedging Relationships Three Months Ended June 30, Six Months Ended June 30, thousands 2024 2023 2024 2023 Interest rate derivatives $ 1,236 $ 6,286 $ 5,066 $ 3,635 Location of Gain (Loss) Reclassified from AOCI into Statements of Operations Amount of Gain (Loss) Reclassified from AOCI into Three Months Ended June 30, Six Months Ended June 30, thousands 2024 2023 2024 2023 Interest expense $ 1,198 $ 3,538 $ 2,403 $ 6,217 Credit-risk-related Contingent Features The Company has agreements at the property level with certain derivative counterparties that contain a provision where if the Company defaults on the related property level 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 related derivative obligations. The Company also has agreements at the property level 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 June 30, 2024.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Litigation In the normal course of business, from time to time, the Company is involved in legal proceedings relating to the ownership and operations of its properties. In management’s opinion, the liabilities, if any, that may ultimately result from normal course of business legal actions are not expected to have a material effect on the Company’s consolidated financial position, results of operations, or liquidity. Columbia The Company is currently developing certain property it owns in the Lakefront neighborhood of Downtown Columbia, which is subject to certain recorded documents, covenants, and restrictions (Covenants). Under the Covenants, HHH is the master developer of the Lakefront neighborhood. In 2017, IMH Columbia, LLC (IMH) purchased the site of a former Sheraton Hotel (Hotel Lot) subject to the Covenants. IMH has made demands that HHH accede to IMH’s development plans for the Hotel Lot and HHH has exercised its right under the Covenants to object to IMH’s plans for the Hotel Lot. IMH filed a complaint seeking (1) a declaration that the Covenants’ limitations on changes in use and onsite parking were consented to by HHH, or are otherwise obsolete and unenforceable, (2) damages reimbursing the costs and expenses IMH claims to have incurred in reliance on HHH's alleged consent to IMH’s proposed development, (3) damages related to the expectation of lost profits, which IMH alleged were caused by HHH breaching the Covenants by prohibiting IMH from proceeding with their proposed development, and (4) declarations finding that HHH had breached the shared parking related Covenants relating to HHH’s own property. The jury trial concluded in April 2024, and the jury found partially in favor of IMH and awarded damages of $17.0 million, which will accrue post-judgment interest of 10% annually from the date of the final judgment. The Company’s motion for judgment notwithstanding verdict or new trial was denied. The Company has filed a notice of appeal and will continue to 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. 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. Both parties have filed their appellate briefs, oral arguments were held on May 22, 2024, and a decision is now pending with the Court of Appeals. The Company will continue to vigorously defend the matter as it believes that these claims are without merit and that it has substantial legal and factual defenses to the claims and allegations contained in the complaint. Based upon the present status of this matter, the Company does not believe it is probable that a loss will be incurred. Accordingly, the Company has not recorded 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 agreed to 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 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 $158.4 million, inclusive of $3.0 million of additional costs recognized in the first quarter of 2024 . The sixth and final amendment of resolution of disputes and release agreement was executed during the first quarter of 2024, thereby releasing the Company from any further claims or demands from the Waiea homeowners association arising from or relating to the construction or repair of the condominium project. As of June 30, 2024, $0.5 million remains in Construction payables for the estimated repair costs related to this matter, which is included in Accounts payable and other liabilities in the accompanying Condensed Consolidated Balance Sheets. 250 Water Street In 2021, the Company received the necessary approvals for its 250 Water Street development project, which includes a mixed-use development with affordable and market-rate apartments, community-oriented spaces, and office space. In May 2021, the Company received approval from the New York City Landmarks Preservation Commission (LPC) on its proposed design for the 250 Water Street site. The Company received final approvals in December 2021 through the New York City Uniform Land Use Review Procedure known as ULURP, which allowed the necessary transfer of development rights to the parking lot site. The Company began initial foundation and voluntary site remediation work in the second quarter of 2022 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. 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. On May 21, 2024, the Court of Appeals denied this motion. The 250 Water Street development site was included in the Seaport Entertainment spinoff which was completed on July 31, 2024. Letters of Credit and Surety Bonds As of June 30, 2024, the Company had outstanding letters of credit totaling $3.9 million and surety bonds totaling $410.2 million. As of December 31, 2023, the Company had outstanding letters of credit totaling $3.9 million and surety bonds totaling $470.4 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 Condensed Consolidated Balance Sheets. See Note 13 - Leases for further discussion. Contractual rental expense, including participation rent, was $1.3 million for the three months ended June 30, 2024, and $3.1 million for the six months ended June 30, 2024, compared to $1.4 million for the three months ended June 30, 2023, and $2.7 million for the six months ended June 30, 2023. The amortization of above-market 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 June 30, 2024, and December 31, 2023, there were no events requiring financial performance under these guarantees. Floreo In October 2022, Floreo, the Company’s 50%-owned joint venture in Teravalis, closed on a $165 million bond financing. Outstanding borrowings as of June 30, 2024, were $114.6 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 Condensed Consolidated Balance Sheets as of June 30, 2024, and 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 June 30, 2024, 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. 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 June 30, 2024, 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, The Park Ward Village, and Kalae 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.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	10. Income Taxes Three Months Ended June 30, Six Months Ended June 30, thousands except percentages 2024 2023 2024 2023 Income tax expense (benefit) $ 6,572 $ (15,370) $ (10,457) $ (16,648) Income (loss) before income taxes 28,355 (34,511) (40,579) (58,416) Effective tax rate 23.2 % 44.5 % 25.8 % 28.5 % The Company’s tax provision for interim periods is determined using an estimate of its annual current and deferred effective tax rates, adjusted for discrete items. The Company’s effective tax rate is typically impacted by non-deductible executive compensation and other permanent differences as well as state income taxes, which cause the Company’s effective tax rate to deviate from the federal statutory rate.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Accumulated Other Comprehensive Income (Loss)	11. Accumulated Other Comprehensive Income (Loss) The following tables summarize changes in AOCI, all of which are presented net of tax: thousands Balance at March 31, 2024 $ 3,897 Derivative instruments: Other comprehensive income (loss) before reclassifications 1,236 (Gain) loss reclassified from accumulated other comprehensive income (loss) to net income (1,198) Net current-period other comprehensive income (loss) 38 Balance at June 30, 2024 $ 3,935 Balance at March 31, 2023 $ 5,005 Derivative instruments: Other comprehensive income (loss) before reclassifications 6,286 (Gain) loss reclassified from accumulated other comprehensive income (loss) to net income (3,538) Net current-period other comprehensive income (loss) 2,748 Balance at June 30, 2023 $ 7,753 thousands Balance at December 31, 2023 $ 1,272 Derivative instruments: Other comprehensive income (loss) before reclassifications 5,066 (Gain) loss reclassified to net income (2,403) Net current-period other comprehensive Income (loss) 2,663 Balance at June 30, 2024 $ 3,935 Balance at December 31, 2022 $ 10,335 Derivative instruments: Other comprehensive income (loss) before reclassifications 3,635 (Gain) loss reclassified to net income (6,217) Net current-period other comprehensive income (loss) (2,582) Balance at June 30, 2023 $ 7,753 The following table summarizes the amounts reclassified out of AOCI: Accumulated Other Comprehensive Amounts reclassified from Accumulated other comprehensive income (loss) Three Months Ended June 30, Six Months Ended June 30, Affected line items in the thousands 2024 2023 2024 2023 (Gains) losses on cash flow hedges $ (1,553) $ (4,572) $ (3,114) $ (8,034) Interest expense Income tax expense (benefit) 355 1,034 711 1,817 Income tax expense (benefit) Total reclassifications of (income) loss, net of tax $ (1,198) $ (3,538) $ (2,403) $ (6,217)

Revenues

Revenues	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenues	12. Revenues Revenues from contracts with customers (excluding lease-related revenues) are recognized when control of the promised goods or services is transferred to the Company’s customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Revenue and cost of sales for condominium units sold are not recognized until the construction is complete, the sale closes, and the title to the property has transferred to the buyer (point in time). Additionally, certain real estate selling costs, such as the costs related to the Company’s condominium model units, are either expensed immediately or capitalized as property and equipment and depreciated over their estimated useful life. The following presents the Company’s revenues disaggregated by revenue source: Three Months Ended June 30, Six Months Ended June 30, thousands 2024 2023 2024 2023 Revenues from contracts with customers Recognized at a point in time: Condominium rights and unit sales $ — $ 14,866 $ 23 $ 20,953 Master Planned Communities land sales 154,790 42,306 187,205 101,667 Builder price participation 12,905 15,907 25,471 29,916 Total 167,695 73,079 212,699 152,536 Recognized at a point in time or over time: Other land, rental, and property revenues 38,224 46,898 56,607 65,866 Rental and lease-related revenues Rental revenue 111,490 103,339 219,241 201,203 Total revenues $ 317,409 $ 223,316 $ 488,547 $ 419,605 Revenues by segment Operating Assets revenues $ 123,841 $ 121,427 $ 233,993 $ 222,352 Master Planned Communities revenues 172,181 63,311 221,056 140,324 Seaport revenues 20,860 22,804 32,362 34,701 Strategic Developments revenues 509 15,758 1,102 22,198 Corporate revenues 18 16 34 30 Total revenues $ 317,409 $ 223,316 $ 488,547 $ 419,605 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 Balance at December 31, 2023 $ 579,328 Consideration earned during the period (55,996) Consideration received during the period 199,657 Balance at June 30, 2024 $ 722,989 Balance at December 31, 2022 $ 457,831 Consideration earned during the period (58,807) Consideration received during the period 132,527 Balance at June 30, 2023 $ 531,551 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 for all Ward Village condominiums and after 6 days for The Ritz-Carlton Residences; however, purchasers of condominium units have the right to cancel the contract should the Company elect not to construct the condominium unit within a certain period of time or materially change the design of the condominium unit. The aggregate amount of the transaction price allocated to the Company’s remaining unsatisfied performance obligations as of June 30, 2024, is $3.8 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 $ 1,077,443 $ 1,199,675 $ 1,533,749 The Company’s remaining performance obligations are adjusted to reflect any known project cancellations, revisions to project scope and cost, and deferrals, as appropriate. These amounts exclude estimated amounts of variable consideration which are constrained, such as builder price participation.

Leases

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	13. 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 Condensed Consolidated Balance Sheets. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of future minimum lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses an estimate of the incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future lease payments. The Operating lease right-of-use asset also includes any lease payments made, less any lease incentives and initial direct costs incurred. The Company does not have any finance leases. 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 approximately 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 June 30, 2024 December 31, 2023 Operating lease right-of-use assets $ 44,947 $ 44,897 Operating lease obligations 52,910 51,584 The components of lease cost are as follows: Three Months Ended June 30, Six Months Ended June 30, thousands 2024 2023 2024 2023 Operating lease cost $ 1,729 $ 1,709 $ 3,458 $ 3,417 Variable lease cost 202 199 865 591 Total lease cost $ 1,931 $ 1,908 $ 4,323 $ 4,008 Future minimum lease payments as of June 30, 2024, are as follows: thousands Operating Leases Remainder of 2024 $ 2,393 2025 5,117 2026 4,093 2027 3,360 2028 3,424 Thereafter 240,646 Total lease payments 259,033 Less: imputed interest (206,123) Present value of lease liabilities $ 52,910 Other information related to the Company’s lessee agreements is as follows: Supplemental Condensed Consolidated Statements of Cash Flows Information Six Months Ended June 30, thousands 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows on operating leases $ 2,664 $ 2,270 Other Information June 30, 2024 June 30, 2023 Weighted-average remaining lease term (years) Operating leases 42.9 43.8 Weighted-average discount rate Operating leases 7.8 % 7.8 % Lessor Arrangements The Company receives rental income from the leasing of retail, office, multi-family, and other space under operating leases, as well as certain variable tenant recoveries. Operating leases for retail, office, and other properties are with a variety of tenants and have a remaining average term of approximately five years. Lease terms generally vary among tenants and may include early termination options, extension options, and fixed rental rate increases or rental rate increases based on an index. Multi-family leases generally have a term of 12 months or less. Minimum rent revenues related to operating leases are as follows: Three Months Ended June 30, Six Months Ended June 30, thousands 2024 2023 2024 2023 Total minimum rent payments $ 63,072 $ 58,282 $ 124,828 $ 116,079 Total future minimum rents associated with operating leases are as follows as of June 30, 2024: thousands Total Minimum Rent Remainder of 2024 $ 129,123 2025 252,594 2026 239,859 2027 228,846 2028 206,731 Thereafter 877,143 Total $ 1,934,296 Minimum rent revenues are recognized on a straight‑line basis over the terms of the related leases when collectability is reasonably assured and the tenant has taken possession of, or controls, the physical use of the leased asset. Percentage rent in lieu of fixed minimum rent is recognized as sales are reported from tenants. Minimum rent revenues reported on the Condensed Consolidated Statements of Operations also include amortization related to above-market and below‑market tenant leases on acquired properties.

Segments

Segments	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segments	14. Segments The Company has four business segments that offer different products and services. HHC’s four segments are managed separately because each requires different operating strategies or management expertise and are reflective of management’s operating philosophies and methods. Because the Company’s four segments, Operating Assets, MPC, Seaport, and Strategic Developments, are managed separately, the Company uses different operating measures to assess operating results and allocate resources among them. The one common operating measure used to assess operating results for the Company’s business segments is earnings before tax (EBT). EBT, as it relates to each business segment, includes the revenues and expenses of each segment, as shown below. EBT excludes corporate expenses and other items that are not allocable to the segments. The Company presents EBT for each segment because the Company uses this measure, among others, internally to assess the core operating performance of the Company’s assets. The Company’s segments or assets within such segments could change in the future as development of certain properties commences or other operational or management changes occur. All operations are within the United States. The Company’s reportable segments are as follows: – Operating Assets – consists of developed or acquired retail, office, and multi-family properties along with other real estate investments. These properties are currently generating revenues and may be redeveloped, repositioned, or sold to improve segment performance or to recycle capital. – MPC – consists of the development and sale of land in large‑scale, long‑term community development projects in and around Las Vegas, Nevada; Houston, Texas; and Phoenix, Arizona. – Seaport – consists of restaurant, retail, and entertainment properties situated in three primary locations in New York City: Pier 17, Historic Area/Uplands, and Tin Building as well as the 250 Water Street development, and equity interest in Jean-Georges Restaurants. – Strategic Developments – consists of residential condominium and commercial property projects currently under development and all other properties held for development which have no substantial operations. Segment operating results are as follows: thousands Operating Assets Segment MPC Segment Seaport Segment Strategic Developments Segment Total Three Months Ended June 30, 2024 Total revenues $ 123,841 $ 172,181 $ 20,860 $ 509 $ 317,391 Total operating expenses (58,490) (70,883) (32,756) (4,206) (166,335) Segment operating income (loss) 65,351 101,298 (11,896) (3,697) 151,056 Depreciation and amortization (43,920) (108) (3,949) (3,878) (51,855) Interest income (expense), net (34,699) 16,168 (2,676) 4,594 (16,613) Other income (loss), net 530 — (87) (17) 426 Equity in earnings (losses) from unconsolidated ventures 337 5,883 (6,552) 36 (296) Gain (loss) on extinguishment of debt (198) — — — (198) Segment EBT $ (12,599) $ 123,241 $ (25,160) $ (2,962) $ 82,520 Corporate income, expenses, and other items (60,737) Net income (loss) 21,783 Net (income) loss attributable to noncontrolling interests 34 Net income (loss) attributable to HHH $ 21,817 Three Months Ended June 30, 2023 Total revenues $ 121,427 $ 63,311 $ 22,804 $ 15,758 $ 223,300 Total operating expenses (54,452) (28,078) (26,665) (35,341) (144,536) Segment operating income (loss) 66,975 35,233 (3,861) (19,583) 78,764 Depreciation and amortization (40,878) (106) (10,469) (943) (52,396) Interest income (expense), net (30,285) 17,161 1,311 5,442 (6,371) Other income (loss), net (40) — (1,601) (17) (1,658) Equity in earnings (losses) from unconsolidated ventures 2,042 2,638 (10,896) 30 (6,186) Gain (loss) on sale or disposal of real estate and other assets, net (16) — — — (16) Segment EBT $ (2,202) $ 54,926 $ (25,516) $ (15,071) $ 12,137 Corporate income, expenses, and other items (31,278) Net income (loss) (19,141) Net (income) loss attributable to noncontrolling interests (2) Net income (loss) attributable to HHH $ (19,143) Six Months Ended June 30, 2024 Total revenues $ 233,993 $ 221,056 $ 32,362 $ 1,102 $ 488,513 Total operating expenses (109,885) (95,932) (54,241) (12,860) (272,918) Segment operating income (loss) 124,108 125,124 (21,879) (11,758) 215,595 Depreciation and amortization (88,076) (218) (9,706) (5,297) (103,297) Interest income (expense), net (68,175) 31,414 (4,688) 8,618 (32,831) Other income (loss), net 938 — (87) (14) 837 Equity in earnings (losses) from unconsolidated ventures 6,154 (8,828) (16,832) 75 (19,431) Gain (loss) on sale or disposal of real estate and other assets, net 4,794 — — — 4,794 Gain (loss) on extinguishment of debt (198) — — — (198) Segment EBT $ (20,455) $ 147,492 $ (53,192) $ (8,376) $ 65,469 Corporate income, expenses, and other items (95,591) Net income (loss) (30,122) Net (income) loss attributable to noncontrolling interests 24 Net income (loss) attributable to HHH $ (30,098) thousands Operating Assets Segment MPC Segment Seaport Segment Strategic Developments Segment Total Six Months Ended June 30, 2023 Total revenues $ 222,352 $ 140,324 $ 34,701 $ 22,198 $ 419,575 Total operating expenses (102,051) (62,429) (45,581) (46,400) (256,461) Segment operating income (loss) 120,301 77,895 (10,880) (24,202) 163,114 Depreciation and amortization (80,510) (213) (20,996) (1,886) (103,605) Interest income (expense), net (59,196) 32,973 2,497 7,505 (16,221) Other income (loss), net 2,242 (103) (1,600) 77 616 Equity in earnings (losses) from unconsolidated ventures 3,947 6,746 (21,716) 35 (10,988) Gain (loss) on sale or disposal of real estate and other assets, net 4,714 — — — 4,714 Segment EBT $ (8,502) $ 117,298 $ (52,695) $ (18,471) $ 37,630 Corporate income, expenses, and other items (79,398) Net income (loss) (41,768) Net (income) loss attributable to noncontrolling interests (120) Net income (loss) attributable to HHH $ (41,888) The assets by segment and the reconciliation of total segment assets to Total assets in the Condensed Consolidated Balance Sheets are summarized as follows: thousands June 30, 2024 December 31, 2023 Operating Assets $ 3,666,355 $ 3,577,694 Master Planned Communities 3,497,137 3,358,821 Seaport 480,865 485,898 Strategic Developments 1,969,028 1,638,955 Total segment assets 9,613,385 9,061,368 Corporate 287,826 514,244 Total assets $ 9,901,211 $ 9,575,612

Presentation of Financial Sta_2

Presentation of Financial Statements and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation 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. The outside equity interests in certain entities controlled by the Company are reflected in the Condensed Consolidated Financial Statements as noncontrolling interests.
Restricted Cash	Restricted Cash
Accounts Receivable, net	Accounts Receivable, net Accounts receivable, net includes straight-line rent receivables, tenant receivables, and other receivables. On a quarterly basis, management reviews the lease-related receivables, including straight-line rent receivables and tenant receivables, for collectability. 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-related receivable or future lease payment is deemed to be not probable, a reserve for the receivable balance is charged against rental revenue and future rental revenue is recognized on a cash basis. The Company also records reserves for estimated losses if the estimated loss amount is probable and can be reasonably estimated.
Income Taxes	Income Taxes HHC is a directly owned subsidiary of HHH and will be included in Howard Hughes Holding 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 Holding Inc.’s consolidated income tax return group.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. The estimates and assumptions include, but are not limited to, the future cash flows used in impairment analysis and fair value used in impairment calculations, allocation of capitalized development costs, provision for income taxes, recoverable amounts of receivables and deferred tax assets, initial valuations of tangible and intangible assets acquired, and the related useful lives of assets upon which depreciation and amortization is based. Estimates and assumptions have also been made with respect to future revenues and costs, and the fair value of warrants, debt, and options granted. In particular, Master Planned Communities ( MPC) cost of sales estimates are highly judgmental as they are sensitive to cost escalation, sales price escalation, and lot absorption, which are subject to judgment and affected by expectations about future market or economic conditions. Actual results could differ from these and other estimates.
Noncontrolling Interests	Noncontrolling Interests As of June 30, 2024, and December 31, 2023, noncontrolling interests related to the 12.0% noncontrolling interest in Teravalis and the noncontrolling interest in the Ward Village Homeowners’ Associations (HOAs). All revenues and expenses related to the HOAs are attributable to noncontrolling interests and do not impact net income attributable to common stockholders.
Financing Receivable Credit Losses	Financing Receivable 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, discussed above, and financing receivables, which include Municipal Utility District (MUD) receivables, Special Improvement District (SID) bonds, Tax Increment Financing (TIF) receivables, net investments in lease receivables, and notes receivable. The Company assesses its exposure to credit loss based on historical collection experience and future expectations by portfolio segment. Historical collection experience is evaluated on a quarterly basis by the Company. The amortized cost basis of financing receivables, consisting primarily of MUD receivables, totaled $711.9 million as of June 30, 2024, and $632.8 million as of December 31, 2023. The MUD receivable balance included accrued interest of $51.4 million as of June 30, 2024, and $35.8 million as of December 31, 2023. There was no material activity in the allowance for credit losses for financing receivables for the three and six months ended June 30, 2024 and 2023. Financing receivables are considered to be past due once they are 30 days contractually past due under the terms of the agreement. The Company does not have significant receivables that are past due or on nonaccrual status. There have been no significant write-offs or recoveries of amounts previously written off during the current period for financing receivables.

Presentation of Financial Sta_3

Presentation of Financial Statements and Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Accounts Receivable, Net	The following table represents the components of Accounts receivable, net of amounts considered uncollectible, in the accompanying Condensed Consolidated Balance Sheets: thousands June 30, 2024 December 31, 2023 Straight-line rent receivables $ 90,582 $ 87,669 Tenant receivables 5,754 4,780 Other receivables 13,346 22,596 Accounts receivable, net (a) $ 109,682 $ 115,045 (a) As of June 30, 2024, the total reserve balance for amounts considered uncollectible was $10.5 million, comprised of $9.2 million attributable to lease-related receivables and $1.3 million attributable to the allowance for credit losses related to other accounts receivables. As of December 31, 2023, the total reserve balance was $15.0 million, comprised of $14.8 million attributable to lease-related receivables and $0.2 million attributable to the allowance for credit losses related to other accounts receivables.
Summary of Impacts of the Asc 842 and Asc 450 Reserves in the Accompanying Condensed Consolidated Statement of Operations	The following table summarizes the impacts of the collectability reserves in the accompanying Condensed Consolidated Statements of Operations: thousands Three Months Ended June 30, Six Months Ended June 30, Income Statement Location 2024 2023 2024 2023 Rental revenue $ (1,277) $ 1,644 $ (317) $ 4,537 Provision for (recovery of) doubtful accounts 1,563 (26) 2,397 (2,446) Total (income) expense impact $ 286 $ 1,618 $ 2,080 $ 2,091

Investments in Unconsolidated_2

Investments in Unconsolidated Ventures (Tables)	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Summary of Equity of Investments in Real Estate and Other Affiliates	Investments in unconsolidated ventures consist of the following: Ownership Interest (a) Carrying Value Share of Earnings/Dividends June 30, December 31, June 30, December 31, Three Months Ended June 30, Six Months Ended June 30, thousands except percentages 2024 2023 2024 2023 2024 2023 2024 2023 Equity Method Investments Operating Assets: The Metropolitan (b) 50 % 50 % $ — $ — $ (5) $ 715 $ 1,073 $ 390 Stewart Title of Montgomery County, TX 50 % 50 % 3,871 3,785 162 91 87 56 Woodlands Sarofim 20 % 20 % 2,995 2,990 3 6 5 19 TEN.m.flats (c) 50 % 50 % — — 177 1,230 1,747 449 Master Planned Communities: The Summit (d) 50 % 50 % 48,236 59,112 5,328 3,117 (10,595) 7,747 Floreo (e) 50 % 50 % 57,647 55,880 555 (479) 1,767 (1,001) Seaport: The Lawn Club (d) 50 % 50 % 5,597 1,266 489 — 36 — Ssäm Bar (f) — % 50 % — — — (105) — (503) Tin Building by Jean-Georges (d)(e) 65 % 65 % 6,539 11,658 (7,057) (10,649) (16,718) (20,857) Jean-Georges Restaurants 25 % 25 % 14,260 14,535 16 (142) (150) (356) Strategic Developments: HHMK Development 50 % 50 % 10 10 — — — — KR Holdings 50 % 50 % 497 486 5 — 10 — West End Alexandria (d) 58 % 58 % 60,321 56,757 31 30 65 35 199,973 206,479 (296) (6,186) (22,673) (14,021) Other equity investments (g) 13,779 13,779 — — 3,242 3,033 Investments in unconsolidated ventures $ 213,752 $ 220,258 $ (296) $ (6,186) $ (19,431) $ (10,988) (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 $10.7 million at June 30, 2024, and $10.9 million at December 31, 2023, and presented in Accounts payable and other liabilities in the Condensed Consolidated Balance Sheets. (c) TEN.m.flats was in a deficit position of $3.9 million at June 30, 2024, and $4.7 million at December 31, 2023, and presented in Accounts payable and other liabilities in the Condensed Consolidated Balance Sheets. (d) For these equity method investments, various provisions in the venture operating agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses, and preferred returns may result in the Company’s economic interest differing from its stated interest or final profit-sharing interest. For these investments, the Company recognizes income or loss based on the venture’s distribution priorities, which could fluctuate over time and may be different from its stated ownership or final profit-sharing interest. (e) Classified as a VIE; however, the Company is not the primary beneficiary and accounts for its investment in accordance with the equity method. Refer to discussion below for additional information. (f) The Ssäm Bar joint venture was liquidated in May 2024. Refer to discussion below for additional details. (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 current year or cumulatively. As of June 30, 2024, 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.

Other Assets and Liabilities (T

Other Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
OTHER ASSETS AND LIABILITIES [Abstract]
Summary of the Significant Components of Other Assets	The following table summarizes the significant components of Other assets, net: thousands June 30, 2024 December 31, 2023 Security, escrow, and other deposits $ 86,545 $ 81,891 Special Improvement District receivable, net 75,317 74,899 In-place leases, net 35,249 35,490 Other 20,361 17,857 Intangibles, net 20,257 21,894 Prepaid expenses 20,062 16,984 Interest rate derivative assets 14,710 10,318 Tenant incentives and other receivables, net 11,979 10,840 Net investment in lease receivable 2,821 2,883 TIF receivable, net 1,677 6,371 Notes receivable, net 1,108 1,558 Condominium inventory 562 671 Other assets, net $ 290,648 $ 281,656
Summary of the Significant Components of Accounts Payable and Other Liabilities	The following table summarizes the significant components of Accounts payable and other liabilities: thousands June 30, 2024 December 31, 2023 Condominium deposit liabilities $ 596,888 $ 478,870 Construction payables 294,090 257,227 Deferred income 139,024 118,432 Accrued interest 53,224 54,301 Tenant and other deposits 36,342 29,976 Accrued real estate taxes 34,765 30,096 Accounts payable and accrued expenses 30,472 49,337 Other 19,411 24,461 Accrued payroll and other employee liabilities 19,052 32,046 Accounts payable and other liabilities $ 1,223,268 $ 1,074,746

Mortgages, Notes, and Loans P_2

Mortgages, Notes, and Loans Payable, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Summary and Activity for Mortgages, Notes and Loans Payable	Mortgages, notes, and loans payable, net are summarized as follows: thousands June 30, 2024 December 31, 2023 Fixed-rate debt Senior unsecured notes $ 2,050,000 $ 2,050,000 Secured mortgages payable 1,609,473 1,485,494 Special Improvement District bonds 57,334 65,627 Variable-rate debt (a) Secured Bridgeland Notes 475,000 475,000 Secured mortgages payable 1,364,538 1,276,489 Unamortized deferred financing costs (b) (44,360) (49,990) Mortgages, notes, and loans payable, net $ 5,511,985 $ 5,302,620 (a) The Company has entered into derivative instruments to manage the variable interest rate exposure. See Note 8 - Derivative Instruments and Hedging Activities for additional information. (b) Deferred financing costs are amortized to interest expense over the initial contractual term of the respective financing agreements using the effective interest method (or other methods which approximate the effective interest method).
Schedule of Senior Unsecured Note	The following table summarizes the Company’s senior unsecured notes by issuance date: $ in thousands Principal Maturity Date Interest Rate August 2020 $ 750,000 August 2028 5.375% February 2021 650,000 February 2029 4.125% February 2021 650,000 February 2031 4.375% Senior unsecured notes $ 2,050,000
Schedule of Secured Mortgages Payable	The following table summarizes the Company’s Secured mortgages payable: June 30, 2024 December 31, 2023 $ 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) $ 1,609,473 3.13% - 8.67% 4.67 % 6.6 $ 1,485,494 3.13% - 8.67% 4.46 % 7.2 Variable rate (b) 1,364,538 7.07% - 10.45% 8.95 % 1.8 1,276,489 7.08% - 10.48% 8.73 % 2.2 Secured mortgages payable $ 2,974,011 3.13% - 10.45% 6.63 % 4.4 $ 2,761,983 3.13% - 10.48% 6.44 % 4.9 (a) Interest rates presented are based upon the coupon rates of the Company’s fixed-rate debt obligations. (b) Interest rates presented are based on the applicable reference interest rates as of June 30, 2024, and December 31, 2023, excluding the effects of interest rate derivatives.

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Summary of Assets Measured at Fair Value on a Recurring Basis	The following table presents the fair value measurement hierarchy levels required under ASC 820 for the Company’s assets that are measured at fair value on a recurring basis. The Company does not have any liabilities that are measured at a fair value on a recurring basis for the periods presented. June 30, 2024 December 31, 2023 Fair Value Measurements Using Fair Value Measurements Using thousands Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Interest rate derivative assets $ 14,710 $ — $ 14,710 $ — $ 10,318 $ — $ 10,318 $ —
Summary of Assets and Liabilities not Measured At Fair Value on a Recurring Basis	The estimated fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis are as follows: June 30, 2024 December 31, 2023 thousands Fair Value Hierarchy Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets: Cash and Restricted cash Level 1 $ 905,766 $ 905,766 $ 1,053,057 $ 1,053,057 Accounts receivable, net (a) Level 3 109,682 109,682 115,045 115,045 Notes receivable, net (b) Level 3 1,108 1,108 1,558 1,558 Liabilities: Fixed-rate debt (c) Level 2 3,716,807 3,358,601 3,601,121 3,294,431 Variable-rate debt (c) Level 2 1,839,538 1,839,538 1,751,489 1,751,489 (a) Accounts receivable, net is shown net of an allowance of $10.5 million at June 30, 2024, and $15.0 million at December 31, 2023. 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 June 30, 2024, and December 31, 2023. (c) Excludes related unamortized financing costs.
Summary of non-financial asset 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)

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of the Notional and Fair Value of Derivative Financial Instruments	The following table summarizes certain terms of the Company’s derivative contracts. The Company reports derivative assets in Other assets, net and derivative liabilities in Accounts payable and other liabilities. Fair Value Asset (Liability) thousands Notional Amount Fixed Interest Rate (a) Effective Date Maturity Date June 30, 2024 December 31, 2023 Derivative instruments not designated as hedging instruments: (b) Interest rate cap 75,000 2.50 % 10/12/2021 9/29/2025 $ 2,111 $ 2,274 Interest rate cap 59,500 2.50 % 10/12/2021 9/29/2025 1,675 1,804 Interest rate collar 57,732 2.00% - 4.50% 6/1/2023 6/1/2025 844 417 Interest rate collar 106,903 2.00% - 4.50% 6/1/2023 6/1/2025 936 440 Interest rate cap 40,500 6.00 % 6/20/2024 7/15/2026 80 — Interest rate cap 4,500 6.00 % 6/20/2024 7/15/2026 10 — Derivative instruments designated as hedging instruments: Interest rate swap (c) 175,000 3.69 % 1/3/2023 1/1/2027 2,735 117 Interest rate cap 127,000 5.50 % 11/10/2022 11/7/2024 7 28 Interest rate cap 73,680 5.00 % 12/22/2022 12/21/2025 201 223 Interest rate swap 40,800 1.68 % 3/1/2022 2/18/2027 2,754 2,496 Interest rate swap 34,632 4.89 % 11/1/2019 1/1/2032 3,357 2,519 Total fair value derivative assets $ 14,710 $ 10,318 (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 $0.9 million for the three months ended June 30, 2024, $3.1 million for the six months ended June 30, 2024, $3.3 million for the three months ended June 30, 2023, and $2.1 million for the six months ended June 30, 2023. (c) In the first quarter of 2024, the Company terminated a portion of this swap, reducing the notional amount from $200.0 million to $175.0 million.
Summary of Effect of Derivative Financial Instruments on the Condensed Consolidated Statements of Operations	The tables below present the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023: Amount of Gain (Loss) Recognized in AOCI on Derivatives Derivatives in Cash Flow Hedging Relationships Three Months Ended June 30, Six Months Ended June 30, thousands 2024 2023 2024 2023 Interest rate derivatives $ 1,236 $ 6,286 $ 5,066 $ 3,635 Location of Gain (Loss) Reclassified from AOCI into Statements of Operations Amount of Gain (Loss) Reclassified from AOCI into Three Months Ended June 30, Six Months Ended June 30, thousands 2024 2023 2024 2023 Interest expense $ 1,198 $ 3,538 $ 2,403 $ 6,217

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Summary of Effective Income Tax Rate Reconciliation	Three Months Ended June 30, Six Months Ended June 30, thousands except percentages 2024 2023 2024 2023 Income tax expense (benefit) $ 6,572 $ (15,370) $ (10,457) $ (16,648) Income (loss) before income taxes 28,355 (34,511) (40,579) (58,416) Effective tax rate 23.2 % 44.5 % 25.8 % 28.5 %

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Summary of AOCI	The following tables summarize changes in AOCI, all of which are presented net of tax: thousands Balance at March 31, 2024 $ 3,897 Derivative instruments: Other comprehensive income (loss) before reclassifications 1,236 (Gain) loss reclassified from accumulated other comprehensive income (loss) to net income (1,198) Net current-period other comprehensive income (loss) 38 Balance at June 30, 2024 $ 3,935 Balance at March 31, 2023 $ 5,005 Derivative instruments: Other comprehensive income (loss) before reclassifications 6,286 (Gain) loss reclassified from accumulated other comprehensive income (loss) to net income (3,538) Net current-period other comprehensive income (loss) 2,748 Balance at June 30, 2023 $ 7,753 thousands Balance at December 31, 2023 $ 1,272 Derivative instruments: Other comprehensive income (loss) before reclassifications 5,066 (Gain) loss reclassified to net income (2,403) Net current-period other comprehensive Income (loss) 2,663 Balance at June 30, 2024 $ 3,935 Balance at December 31, 2022 $ 10,335 Derivative instruments: Other comprehensive income (loss) before reclassifications 3,635 (Gain) loss reclassified to net income (6,217) Net current-period other comprehensive income (loss) (2,582) Balance at June 30, 2023 $ 7,753
Summary of the Amounts Reclassified Out of AOCI	The following table summarizes the amounts reclassified out of AOCI: Accumulated Other Comprehensive Amounts reclassified from Accumulated other comprehensive income (loss) Three Months Ended June 30, Six Months Ended June 30, Affected line items in the thousands 2024 2023 2024 2023 (Gains) losses on cash flow hedges $ (1,553) $ (4,572) $ (3,114) $ (8,034) Interest expense Income tax expense (benefit) 355 1,034 711 1,817 Income tax expense (benefit) Total reclassifications of (income) loss, net of tax $ (1,198) $ (3,538) $ (2,403) $ (6,217)

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Summary of Revenue Disaggregated by Revenue Source	The following presents the Company’s revenues disaggregated by revenue source: Three Months Ended June 30, Six Months Ended June 30, thousands 2024 2023 2024 2023 Revenues from contracts with customers Recognized at a point in time: Condominium rights and unit sales $ — $ 14,866 $ 23 $ 20,953 Master Planned Communities land sales 154,790 42,306 187,205 101,667 Builder price participation 12,905 15,907 25,471 29,916 Total 167,695 73,079 212,699 152,536 Recognized at a point in time or over time: Other land, rental, and property revenues 38,224 46,898 56,607 65,866 Rental and lease-related revenues Rental revenue 111,490 103,339 219,241 201,203 Total revenues $ 317,409 $ 223,316 $ 488,547 $ 419,605 Revenues by segment Operating Assets revenues $ 123,841 $ 121,427 $ 233,993 $ 222,352 Master Planned Communities revenues 172,181 63,311 221,056 140,324 Seaport revenues 20,860 22,804 32,362 34,701 Strategic Developments revenues 509 15,758 1,102 22,198 Corporate revenues 18 16 34 30 Total revenues $ 317,409 $ 223,316 $ 488,547 $ 419,605
Summary of Contract with Customer, Assets and Liabilities	The beginning and ending balances of contract liabilities and significant activity during the periods presented are as follows: thousands Balance at December 31, 2023 $ 579,328 Consideration earned during the period (55,996) Consideration received during the period 199,657 Balance at June 30, 2024 $ 722,989 Balance at December 31, 2022 $ 457,831 Consideration earned during the period (58,807) Consideration received during the period 132,527 Balance at June 30, 2023 $ 531,551
Summary of Remaining Performance Obligation, Expected Timing of Satisfaction	The Company expects to recognize this amount as revenue over the following periods: thousands Less than 1 year 1-2 years 3 years and thereafter Total remaining unsatisfied performance obligations $ 1,077,443 $ 1,199,675 $ 1,533,749

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Summary of Leased Assets and Liabilities	The Company’s leased assets and liabilities are as follows: thousands June 30, 2024 December 31, 2023 Operating lease right-of-use assets $ 44,947 $ 44,897 Operating lease obligations 52,910 51,584
Summary of Components of Lease Expense and Other Information	The components of lease cost are as follows: Three Months Ended June 30, Six Months Ended June 30, thousands 2024 2023 2024 2023 Operating lease cost $ 1,729 $ 1,709 $ 3,458 $ 3,417 Variable lease cost 202 199 865 591 Total lease cost $ 1,931 $ 1,908 $ 4,323 $ 4,008 Other information related to the Company’s lessee agreements is as follows: Supplemental Condensed Consolidated Statements of Cash Flows Information Six Months Ended June 30, thousands 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows on operating leases $ 2,664 $ 2,270 Other Information June 30, 2024 June 30, 2023 Weighted-average remaining lease term (years) Operating leases 42.9 43.8 Weighted-average discount rate Operating leases 7.8 % 7.8 %
Summary of Future Minimum Lease Payments	Future minimum lease payments as of June 30, 2024, are as follows: thousands Operating Leases Remainder of 2024 $ 2,393 2025 5,117 2026 4,093 2027 3,360 2028 3,424 Thereafter 240,646 Total lease payments 259,033 Less: imputed interest (206,123) Present value of lease liabilities $ 52,910
Summary of Minimum Rentals	Minimum rent revenues related to operating leases are as follows: Three Months Ended June 30, Six Months Ended June 30, thousands 2024 2023 2024 2023 Total minimum rent payments $ 63,072 $ 58,282 $ 124,828 $ 116,079 Total future minimum rents associated with operating leases are as follows as of June 30, 2024: thousands Total Minimum Rent Remainder of 2024 $ 129,123 2025 252,594 2026 239,859 2027 228,846 2028 206,731 Thereafter 877,143 Total $ 1,934,296

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Summary of Segment Operating Results	Segment operating results are as follows: thousands Operating Assets Segment MPC Segment Seaport Segment Strategic Developments Segment Total Three Months Ended June 30, 2024 Total revenues $ 123,841 $ 172,181 $ 20,860 $ 509 $ 317,391 Total operating expenses (58,490) (70,883) (32,756) (4,206) (166,335) Segment operating income (loss) 65,351 101,298 (11,896) (3,697) 151,056 Depreciation and amortization (43,920) (108) (3,949) (3,878) (51,855) Interest income (expense), net (34,699) 16,168 (2,676) 4,594 (16,613) Other income (loss), net 530 — (87) (17) 426 Equity in earnings (losses) from unconsolidated ventures 337 5,883 (6,552) 36 (296) Gain (loss) on extinguishment of debt (198) — — — (198) Segment EBT $ (12,599) $ 123,241 $ (25,160) $ (2,962) $ 82,520 Corporate income, expenses, and other items (60,737) Net income (loss) 21,783 Net (income) loss attributable to noncontrolling interests 34 Net income (loss) attributable to HHH $ 21,817 Three Months Ended June 30, 2023 Total revenues $ 121,427 $ 63,311 $ 22,804 $ 15,758 $ 223,300 Total operating expenses (54,452) (28,078) (26,665) (35,341) (144,536) Segment operating income (loss) 66,975 35,233 (3,861) (19,583) 78,764 Depreciation and amortization (40,878) (106) (10,469) (943) (52,396) Interest income (expense), net (30,285) 17,161 1,311 5,442 (6,371) Other income (loss), net (40) — (1,601) (17) (1,658) Equity in earnings (losses) from unconsolidated ventures 2,042 2,638 (10,896) 30 (6,186) Gain (loss) on sale or disposal of real estate and other assets, net (16) — — — (16) Segment EBT $ (2,202) $ 54,926 $ (25,516) $ (15,071) $ 12,137 Corporate income, expenses, and other items (31,278) Net income (loss) (19,141) Net (income) loss attributable to noncontrolling interests (2) Net income (loss) attributable to HHH $ (19,143) Six Months Ended June 30, 2024 Total revenues $ 233,993 $ 221,056 $ 32,362 $ 1,102 $ 488,513 Total operating expenses (109,885) (95,932) (54,241) (12,860) (272,918) Segment operating income (loss) 124,108 125,124 (21,879) (11,758) 215,595 Depreciation and amortization (88,076) (218) (9,706) (5,297) (103,297) Interest income (expense), net (68,175) 31,414 (4,688) 8,618 (32,831) Other income (loss), net 938 — (87) (14) 837 Equity in earnings (losses) from unconsolidated ventures 6,154 (8,828) (16,832) 75 (19,431) Gain (loss) on sale or disposal of real estate and other assets, net 4,794 — — — 4,794 Gain (loss) on extinguishment of debt (198) — — — (198) Segment EBT $ (20,455) $ 147,492 $ (53,192) $ (8,376) $ 65,469 Corporate income, expenses, and other items (95,591) Net income (loss) (30,122) Net (income) loss attributable to noncontrolling interests 24 Net income (loss) attributable to HHH $ (30,098) thousands Operating Assets Segment MPC Segment Seaport Segment Strategic Developments Segment Total Six Months Ended June 30, 2023 Total revenues $ 222,352 $ 140,324 $ 34,701 $ 22,198 $ 419,575 Total operating expenses (102,051) (62,429) (45,581) (46,400) (256,461) Segment operating income (loss) 120,301 77,895 (10,880) (24,202) 163,114 Depreciation and amortization (80,510) (213) (20,996) (1,886) (103,605) Interest income (expense), net (59,196) 32,973 2,497 7,505 (16,221) Other income (loss), net 2,242 (103) (1,600) 77 616 Equity in earnings (losses) from unconsolidated ventures 3,947 6,746 (21,716) 35 (10,988) Gain (loss) on sale or disposal of real estate and other assets, net 4,714 — — — 4,714 Segment EBT $ (8,502) $ 117,298 $ (52,695) $ (18,471) $ 37,630 Corporate income, expenses, and other items (79,398) Net income (loss) (41,768) Net (income) loss attributable to noncontrolling interests (120) Net income (loss) attributable to HHH $ (41,888)
Summary of Assets by Segment and the Reconciliation of Total Segment Assets to the Total Assets in the Condensed Consolidated Balance Sheets	The assets by segment and the reconciliation of total segment assets to Total assets in the Condensed Consolidated Balance Sheets are summarized as follows: thousands June 30, 2024 December 31, 2023 Operating Assets $ 3,666,355 $ 3,577,694 Master Planned Communities 3,497,137 3,358,821 Seaport 480,865 485,898 Strategic Developments 1,969,028 1,638,955 Total segment assets 9,613,385 9,061,368 Corporate 287,826 514,244 Total assets $ 9,901,211 $ 9,575,612

Presentation of Financial Sta_4

Presentation of Financial Statements and Significant Accounting Policies - Narrative (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jul. 18, 2024	Oct. 05, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Assets	$ 9,901,211	$ 9,575,612
Accounts payable and other liabilities	1,223,268	1,074,746
Noncontrolling interests	66,146	66,053
Amortized cost basis of financing receivables	711,900	632,800
Accrued interest on financing receivables	$ 51,400	$ 35,800
Financing receivable threshold period past due	30 days
Seaport Entertainment | Subsequent Event
Accounts, Notes, Loans and Financing Receivable [Line Items]
Stockholders' equity note, spinoff ratio			0.1111
Teravalis Acquisition
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ownership interest	88%	88%
Percentage of minimum required capital contribution	12%	12%
Assets	$ 541,800	$ 541,600
Accounts payable and other liabilities	400	600
Noncontrolling interests	$ 65,000	$ 65,000
Seaport Entertainment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of air rights				80%

Presentation of Financial Sta_5

Presentation of Financial Statements and Significant Accounting Policies - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 109,682	$ 115,045
Reserve for uncollectible amounts	10,500	15,000
Reserve for uncollectible amounts under ASC 842	9,200	14,800
Collectibility of Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reserve for uncollectible amounts under ASC 450	1,300	200
Straight-line rent receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	90,582	87,669
Tenant receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	5,754	4,780
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 13,346	$ 22,596

Presentation of Financial Sta_6

Presentation of Financial Statements and Significant Accounting Policies - Impacts of the ASC 842 and ASC 450 Reserves (Details) - Collectibility of Receivables - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Rental revenue	$ (1,277)	$ 1,644	$ (317)	$ 4,537
Provision for (recovery of) doubtful accounts	1,563	(26)	2,397	(2,446)
Total (income) expense impact	$ 286	$ 1,618	$ 2,080	$ 2,091

Investments in Unconsolidated_3

Investments in Unconsolidated Ventures - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Liabilities	$ 6,865,178	$ 6,517,015
Unconsolidated Properties
Schedule of Investments [Line Items]
Liabilities	309,900
Unconsolidated Properties | Equity Method Investment, Nonconsolidated Investee or Group of Investees | HHC
Schedule of Investments [Line Items]
Liabilities	$ 153,300

Investments in Unconsolidated_4

Investments in Unconsolidated Ventures - Summary of Equity Investments in Real Estate and Other Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Investments in and Advances to Affiliates [Line Items]
Investments in unconsolidated ventures	$ 213,752		$ 213,752		$ 220,258
Share of Earnings/Dividends	(296)	$ (6,186)	(19,431)	$ (10,988)
Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Equity Method Investments	199,973		199,973		206,479
Share of Earnings/Dividends	(296)	(6,186)	(22,673)	(14,021)
Other equity investments
Investments in and Advances to Affiliates [Line Items]
Other equity investments	13,779		13,779		13,779
Share of Earnings/Dividends	0	0	3,242	3,033
The Metropolitan | Accounts Payable and Accrued Liabilities
Investments in and Advances to Affiliates [Line Items]
Investment deficit position	10,700		10,700		10,900
TEN.m.flats
Investments in and Advances to Affiliates [Line Items]
Investment deficit position	$ 3,900		$ 3,900		$ 4,700
Operating Assets Segment | The Metropolitan | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%		50%		50%
Equity Method Investments	$ 0		$ 0		$ 0
Share of Earnings/Dividends	$ (5)	715	$ 1,073	390
Operating Assets Segment | Stewart Title of Montgomery County, TX | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%		50%		50%
Equity Method Investments	$ 3,871		$ 3,871		$ 3,785
Share of Earnings/Dividends	$ 162	91	$ 87	56
Operating Assets Segment | Woodlands Sarofim | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	20%		20%		20%
Equity Method Investments	$ 2,995		$ 2,995		$ 2,990
Share of Earnings/Dividends	$ 3	6	$ 5	19
Operating Assets Segment | TEN.m.flats | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%		50%		50%
Equity Method Investments	$ 0		$ 0		$ 0
Share of Earnings/Dividends	$ 177	1,230	$ 1,747	449
MPC Segment | The Summit | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%		50%		50%
Equity Method Investments	$ 48,236		$ 48,236		$ 59,112
Share of Earnings/Dividends	$ 5,328	3,117	$ (10,595)	7,747
MPC Segment | Floreo | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%		50%		50%
Equity Method Investments	$ 57,647		$ 57,647		$ 55,880
Share of Earnings/Dividends	$ 555	(479)	$ 1,767	(1,001)
Seaport Segment | The Lawn Club | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%		50%		50%
Equity Method Investments	$ 5,597		$ 5,597		$ 1,266
Share of Earnings/Dividends	$ 489	0	$ 36	0
Seaport Segment | Ssäm Bar | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	0%		0%		50%
Equity Method Investments	$ 0		$ 0		$ 0
Share of Earnings/Dividends	0	(105)	0	(503)
Seaport Segment | Tin Building by Jean-Georges
Investments in and Advances to Affiliates [Line Items]
Equity Method Investments	$ 6,500		$ 6,500
Seaport Segment | Tin Building by Jean-Georges | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	65%		65%		65%
Equity Method Investments	$ 6,539		$ 6,539		$ 11,658
Share of Earnings/Dividends	$ (7,057)	(10,649)	$ (16,718)	(20,857)
Seaport Segment | Jean-Georges Restaurants | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	25%		25%		25%
Equity Method Investments	$ 14,260		$ 14,260		$ 14,535
Other equity investments	10,000		10,000
Share of Earnings/Dividends	$ 16	(142)	$ (150)	(356)
Strategic Developments Segment | HHMK Development | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%		50%		50%
Equity Method Investments	$ 10		$ 10		$ 10
Share of Earnings/Dividends	$ 0	0	$ 0	0
Strategic Developments Segment | KR Holdings | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%		50%		50%
Equity Method Investments	$ 497		$ 497		$ 486
Share of Earnings/Dividends	$ 5	0	$ 10	0
Strategic Developments Segment | West End Alexandria | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	58%		58%		58%
Equity Method Investments	$ 60,321		$ 60,321		$ 56,757
Share of Earnings/Dividends	$ 31	$ 30	$ 65	$ 35

Investments in Unconsolidated_5

Investments in Unconsolidated Ventures - The Summit (Details) usdPerAcre in Thousands, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 31, 2022 USD ($) a customHomeSite	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2015 USD ($) usdPerAcre
Schedule of Investments [Line Items]
Equity in earnings (losses) from unconsolidated ventures		$ (296)	$ (6,186)	$ (19,431)	$ (10,988)
The Summit
Schedule of Investments [Line Items]
Contribution of property						$ 13,400
SID bonds transferred to joint venture						1,300
Transaction value of land contributed to joint venture						$ 125,400
Transactional value per acre of land contributed to joint venture | usdPerAcre						226
Maximum contribution required to joint venture by co-venturer						$ 30,000
Amount contributed on maximum contribution required to joint venture by co-venture						$ 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 Unconsolidated_6

Investments in Unconsolidated Ventures - Floreo (Details) $ in Millions	1 Months Ended	3 Months Ended
	Oct. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) a	Jun. 30, 2024 USD ($)
Floreo Development Holding Company, LLC
Schedule of Investments [Line Items]
Acquisition interest		50%
Purchase price		$ 59
Floreo
Schedule of Investments [Line Items]
Face amount	$ 165
Outstanding borrowings			$ 114.6
Guarantee fee	$ 5
Investment in real estate and other affiliates			$ 57.6
Floreo | Phoenix, Arizona
Schedule of Investments [Line Items]
Area of land | a		3,029

Investments in Unconsolidated_7

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

Investments in Unconsolidated_8

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

Investments in Unconsolidated_9

Investments in Unconsolidated Ventures - Tin Building by Jean-Georges (Details) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2022	Dec. 31, 2015 ft²
Jean-Georges Restaurants
Schedule of Investments [Line Items]
Acquisition interest			25%
Tin Building by Jean-Georges
Schedule of Investments [Line Items]
Ownership interest	100%
Joint venture real estate, leased	100%
Joint venture real estate, percentage funded	100%
Tin Building by Jean-Georges | Seaport Segment
Schedule of Investments [Line Items]
Area of real estate property (in sqft) | ft²				53,783
Equity Method Investments	$ 6.5
Contributions made by the company	$ 11.6	$ 48.1

Investments in Unconsolidate_10

Investments in Unconsolidated Ventures - Jean-Georges Restaurants (Details) - Jean-Georges Restaurants $ in Millions	1 Months Ended
	Mar. 31, 2022 USD ($) hospitality
Schedule of Investments [Line Items]
Acquisition interest	25%
Number of hospitality | hospitality	40
Purchase price | $	$ 10
Additional interests acquired	20%

Acquisitions and Dispositions -

Acquisitions and Dispositions - Acquisitions Narrative (Details) $ in Millions	1 Months Ended
	Jun. 30, 2024 USD ($) a	May 31, 2023 USD ($) a
Waterway Plaza II
Asset Acquisition [Line Items]
Payments to acquire real estate | $	$ 19.2
Area of land | a	141,763
Mill Village Center And Related Anchor Site
Asset Acquisition [Line Items]
Payments to acquire real estate | $		$ 5.9
Area of land | a		8.7

Acquisitions and Dispositions_2

Acquisitions and Dispositions - Dispositions Narrative (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations $ in Millions		1 Months Ended
	Mar. 31, 2023 USD ($) a landParcel	Feb. 29, 2024 USD ($) ft²	Dec. 31, 2023 USD ($) ft²	Jul. 31, 2023 USD ($) storageUnit storageFacility
Creekside Village Green
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of real estate property (in sqft) | ft²		32,689
Consideration received		$ 14
Gain on disposal		$ 4.8
Memorial Hermann Medical Office
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of real estate property (in sqft) | ft²			20,000
Consideration received			$ 9.6
Gain on disposal			$ 3.2
The Woodlands, Texas
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received				$ 30.5
Gain on disposal				$ 16.1
Number of operating self storage facilities | storageFacility				2
Number of storage units | storageUnit				1,370
Honolulu, Hawai'i
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of real estate property (in sqft) | a	11,929
Consideration received	$ 6.3
Gain on disposal	$ 4.7
Land parcels sold | landParcel	2

Other Assets and Liabilities -

Other Assets and Liabilities - Other Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Assets and Liabilities [Line Items]
Security, escrow, and other deposits	$ 86,545	$ 81,891
Special Improvement District receivable, net	75,317	74,899
Other	20,361	17,857
Intangibles, net	20,257	21,894
Prepaid expenses	20,062	16,984
Interest rate derivative assets	14,710	10,318
Tenant incentives and other receivables, net	11,979	10,840
Net investment in lease receivable	2,821	2,883
TIF receivable, net	1,677	6,371
Notes receivable, net	1,108	1,558
Condominium inventory	562	671
Other assets, net	290,648	281,656
In-place leases, net
Other Assets and Liabilities [Line Items]
In-place leases, net	$ 35,249	$ 35,490

Other Assets and Liabilities _2

Other Assets and Liabilities - Accounts Payable and Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
OTHER ASSETS AND LIABILITIES [Abstract]
Condominium deposit liabilities	$ 596,888	$ 478,870
Construction payables	294,090	257,227
Deferred income	139,024	118,432
Accrued interest	53,224	54,301
Tenant and other deposits	36,342	29,976
Accrued real estate taxes	34,765	30,096
Accounts payable and accrued expenses	30,472	49,337
Other	19,411	24,461
Accrued payroll and other employee liabilities	19,052	32,046
Accounts payable and other liabilities	$ 1,223,268	$ 1,074,746

Mortgages, Notes, and Loans P_3

Mortgages, Notes, and Loans Payable, Net - Summary of Mortgages, Notes and Loans Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Unamortized deferred financing costs	$ (44,360)	$ (49,990)
Mortgages, notes, and loans payable, net	5,511,985	5,302,620
Senior Notes
Debt Instrument [Line Items]
Fixed-rate debt	2,050,000	2,050,000
Mortgages
Debt Instrument [Line Items]
Fixed-rate debt	1,609,473	1,485,494
Variable-rate debt	1,364,538	1,276,489
Bonds
Debt Instrument [Line Items]
Fixed-rate debt	57,334	65,627
Secured Debt
Debt Instrument [Line Items]
Variable-rate debt	$ 475,000	$ 475,000

Mortgages, Notes, and Loans P_4

Mortgages, Notes, and Loans Payable, Net - Narrative (Details) $ in Thousands	1 Months Ended	6 Months Ended
	Sep. 30, 2021 USD ($)	Jun. 30, 2024 USD ($) debtInstrument	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Other assets, net		$ 290,648		$ 281,656
Derivative, term of contract		5 years
Weighted-average Interest Rate		8.21%		7.98%
Repayments		$ 128,489	$ 7,341
Special Improvement District bond transfers associated with land sales		$ 7,299	0
Refundable deposit	$ 27,500
Derivative asset, number of instruments held | debtInstrument		6
Secured Bridgeland Notes
Debt Instrument [Line Items]
Face amount	$ 275,000		$ 67,000		$ 133,000	$ 475,000
Outstanding borrowings		$ 475,000
Interest rate margin		7.63%
Senior Notes
Debt Instrument [Line Items]
Face amount		$ 2,050,000					$ 2,100,000	$ 2,100,000
Mortgages
Debt Instrument [Line Items]
Face amount		$ 45,000
Weighted-average Interest Rate		6.63%		6.44%
Outstanding borrowings		$ 164,500
Long-term debt, refinanced		130,000
Repayments		8,000
Long term debt, undrawn lender commitment		$ 1,200,000
Mortgages | Minimum
Debt Instrument [Line Items]
Range of Interest Rates		3.13%		3.13%
Mortgages | Maximum
Debt Instrument [Line Items]
Range of Interest Rates		10.45%		10.48%
Bonds
Debt Instrument [Line Items]
Special Improvement District bond transfers associated with land sales		$ 7,300
Special improvement district bond issued		$ 0
Bonds | Minimum | MPC Segment
Debt Instrument [Line Items]
Range of Interest Rates		4.13%
Bonds | Maximum | MPC Segment
Debt Instrument [Line Items]
Range of Interest Rates		7%
Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Other assets, net		$ 5,200,000

Mortgages, Notes, and Loans P_5

Mortgages, Notes, and Loans Payable, Net - Schedule of Senior Unsecured Note (Details) - Senior Notes - USD ($) $ in Thousands	Jun. 30, 2024	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 P_6

Mortgages, Notes, and Loans Payable, Net - Schedule of Secured Mortgages Payable (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Weighted-average Interest Rate	8.21%	7.98%
Mortgages
Debt Instrument [Line Items]
Fixed rate	$ 1,609,473	$ 1,485,494
Variable rate	1,364,538	1,276,489
Secured mortgages payable	$ 2,974,011	$ 2,761,983
Fixed interest, weighted average interest rate	4.67%	4.46%
Variable interest, weighted average interest rate	8.95%	8.73%
Weighted-average Interest Rate	6.63%	6.44%
Fixed interest, weighted-average years to maturity	6 years 7 months 6 days	7 years 2 months 12 days
Variable interest, weighted-average years to maturity	1 year 9 months 18 days	2 years 2 months 12 days
Weighted-average Years to Maturity	4 years 4 months 24 days	4 years 10 months 24 days
Mortgages | Minimum
Debt Instrument [Line Items]
Fixed weighted-average interest rate	3.13%	3.13%
Variable weighted-average interest rate	7.07%	7.08%
Range of Interest Rates	3.13%	3.13%
Mortgages | Maximum
Debt Instrument [Line Items]
Fixed weighted-average interest rate	8.67%	8.67%
Variable weighted-average interest rate	10.45%	10.48%
Range of Interest Rates	10.45%	10.48%

Fair Value - Assets Measured on

Fair Value - Assets Measured on a Recurring Basis (Details) - Interest rate swap - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative assets	$ 14,710	$ 10,318
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	14,710	10,318
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 Liabili

Fair Value - Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Assets:
Cash and Restricted cash	$ 905,765	$ 1,053,057	$ 843,152	$ 1,098,937
Liabilities:
Allowance for accounts receivable	10,500	15,000
Level 1 | Carrying Amount
Assets:
Cash and Restricted cash	905,766	1,053,057
Level 1 | Estimated Fair Value
Assets:
Cash and Restricted cash	905,766	1,053,057
Level 3 | Carrying Amount
Assets:
Accounts receivable, net	109,682	115,045
Notes receivable, net	1,108	1,558
Level 3 | Estimated Fair Value
Assets:
Accounts receivable, net	109,682	115,045
Notes receivable, net	1,108	1,558
Level 2 | Carrying Amount
Liabilities:
Fixed-rate debt	3,716,807	3,601,121
Variable-rate debt	1,839,538	1,751,489
Level 2 | Estimated Fair Value
Liabilities:
Fixed-rate debt	3,358,601	3,294,431
Variable-rate debt	$ 1,839,538	$ 1,751,489

Fair Value - Assets Measured _2

Fair Value - Assets Measured on a Non-recurring Basis (Details) - Fair Value, Measurements, Nonrecurring $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Measurement Input, Cap Rate | Discounted cash flow analysis | Minimum
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
Measurement Input, Cap Rate | Discounted cash flow analysis | Maximum
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 on non-recurring basis	$ 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 on non-recurring basis	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 on non-recurring basis	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 on non-recurring basis	321,180
Seaport Investments in unconsolidated ventures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value on non-recurring basis	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 on non-recurring basis	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 on non-recurring basis	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 on non-recurring basis	$ 40,225

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Narrative (Details) $ in Millions	Jun. 30, 2024 USD ($)
Interest rate swap | Derivative instruments designated as hedging instruments:
Derivative [Line Items]
Gain on derivative expected amount to be reclassified	$ 4.4
Credit Risk Contract
Derivative [Line Items]
Derivative liability fair value gross	$ 0

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Summary of the Notional Amount and Fair Value of Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair value of derivative instruments
Total fair value derivative assets	$ 14,710			$ 14,710		$ 10,318
Derivative instruments not designated as hedging instruments
Fair value of derivative instruments
Other Income	(900)		$ (3,300)	(3,100)	$ (2,100)
Derivative instruments designated as hedging instruments: | Minimum
Fair value of derivative instruments
Other Income		$ 175,000
Derivative instruments designated as hedging instruments: | Maximum
Fair value of derivative instruments
Other Income		$ 200,000
Fixed Interest Rate 2.50%, Maturing September 2025, Notional 75Million | Interest rate cap | Derivative instruments not designated as hedging instruments | Other assets, net
Fair value of derivative instruments
Notional amount, asset	$ 75,000			$ 75,000
Derivative, fixed interest rate	2.50%			2.50%
Total fair value derivative assets	$ 2,111			$ 2,111		2,274
Fixed Interest Rate 2.50%, Maturing September 2025, Notional 59.5 Million | Interest rate cap | Derivative instruments not designated as hedging instruments | Other assets, net
Fair value of derivative instruments
Notional amount, asset	$ 59,500			$ 59,500
Derivative, fixed interest rate	2.50%			2.50%
Total fair value derivative assets	$ 1,675			$ 1,675		1,804
Fixed Interest Rate 2.00% To 4.50%, Maturing June 2025, Notional 1 | Interest rate collar | Derivative instruments not designated as hedging instruments | Other assets, net
Fair value of derivative instruments
Notional amount, asset	57,732			57,732
Total fair value derivative assets	$ 844			$ 844		417
Fixed Interest Rate 2.00% To 4.50%, Maturing June 2025, Notional 1 | Interest rate collar | Derivative instruments not designated as hedging instruments | Other assets, net | Minimum
Fair value of derivative instruments
Derivative, fixed interest rate	2%			2%
Fixed Interest Rate 2.00% To 4.50%, Maturing June 2025, Notional 1 | Interest rate collar | Derivative instruments not designated as hedging instruments | Other assets, net | Maximum
Fair value of derivative instruments
Derivative, fixed interest rate	4.50%			4.50%
Fixed Interest Rate 2.00% To 4.50%, Maturing June 2025, Notional 2 | Interest rate collar | Derivative instruments not designated as hedging instruments | Other assets, net
Fair value of derivative instruments
Notional amount, asset	$ 106,903			$ 106,903
Total fair value derivative assets	$ 936			$ 936		440
Fixed Interest Rate 2.00% To 4.50%, Maturing June 2025, Notional 2 | Interest rate collar | Derivative instruments not designated as hedging instruments | Other assets, net | Minimum
Fair value of derivative instruments
Derivative, fixed interest rate	2%			2%
Fixed Interest Rate 2.00% To 4.50%, Maturing June 2025, Notional 2 | Interest rate collar | Derivative instruments not designated as hedging instruments | Other assets, net | Maximum
Fair value of derivative instruments
Derivative, fixed interest rate	4.50%			4.50%
Fixed Interest Rate 6.00 Percent, Maturing June 2024, Notional 1 | Interest rate cap | Derivative instruments not designated as hedging instruments | Other assets, net
Fair value of derivative instruments
Notional amount, asset	$ 40,500			$ 40,500
Derivative, fixed interest rate	6%			6%
Total fair value derivative assets	$ 80			$ 80		0
Fixed Interest Rate 6.00 Percent, Maturing June 2024, Notional 2 | Interest rate cap | Derivative instruments not designated as hedging instruments | Other assets, net
Fair value of derivative instruments
Notional amount, asset	$ 4,500			$ 4,500
Derivative, fixed interest rate	6%			6%
Total fair value derivative assets	$ 10			$ 10		0
Fixed Interest Rate 3.69% Maturing January 2027 | Interest rate swap | Derivative instruments designated as hedging instruments: | Accounts payable and other liabilities
Fair value of derivative instruments
Notional amount, liability	$ 175,000			$ 175,000
Derivative, fixed interest rate	3.69%			3.69%
Total fair value derivative liabilities	$ 2,735			$ 2,735		117
Fixed Interest Rate 5.50%, Maturing November 2024 | Interest rate cap | Derivative instruments designated as hedging instruments: | Other assets, net
Fair value of derivative instruments
Notional amount, liability	$ 127,000			$ 127,000
Derivative, fixed interest rate	5.50%			5.50%
Total fair value derivative assets	$ 7			$ 7		28
Fixed Interest Rate 5.00% Maturing December 2025 | Interest rate cap | Derivative instruments designated as hedging instruments: | Other assets, net
Fair value of derivative instruments
Notional amount, liability	$ 73,680			$ 73,680
Derivative, fixed interest rate	5%			5%
Total fair value derivative assets	$ 201			$ 201		223
Fixed Interest Rate 1.68% Maturing February 2027 | Interest rate swap | Derivative instruments designated as hedging instruments: | Accounts payable and other liabilities
Fair value of derivative instruments
Notional amount, liability	$ 40,800			$ 40,800
Derivative, fixed interest rate	1.68%			1.68%
Total fair value derivative liabilities	$ 2,754			$ 2,754		2,496
Fixed Interest Rate 4.89% Maturing January 2032 | Interest rate swap | Derivative instruments designated as hedging instruments: | Accounts payable and other liabilities
Fair value of derivative instruments
Notional amount, liability	$ 34,632			$ 34,632
Derivative, fixed interest rate	4.89%			4.89%
Total fair value derivative liabilities	$ 3,357			$ 3,357		$ 2,519

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Impact of Financial Instruments on Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
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	$ 1,198	$ 3,538	$ 2,403	$ 6,217
Interest rate derivatives
Effect of the Company's derivative financial instruments on the income statement
Amount of Gain (Loss) Recognized in AOCI on Derivatives	$ 1,236	$ 6,286	$ 5,066	$ 3,635

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions		1 Months Ended	3 Months Ended			6 Months Ended
	Jun. 14, 2018 individualOrEntity party	Oct. 31, 2022 USD ($)	Jun. 30, 2024 USD ($) tower	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) tower	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Damages award						$ 17
Post-judgment interest						10%
Number of individuals or entities on petition | individualOrEntity	500
Number of unaffiliated parties | party	2
Outstanding letters of credit			$ 3.9			$ 3.9		$ 3.9
Amount of outstanding surety bonds			410.2			410.2		$ 470.4
Contractual rent expense			$ 1.3		$ 1.4	$ 3.1	$ 2.7
Guarantor obligations, reserved percentage of residential units						20%
Guarantor obligations, number of towers reserved | tower			4			4
Bond Financing
Loss Contingencies [Line Items]
Face amount		$ 165
Long-term debt outstanding			$ 114.6			$ 114.6
Debt instrument, loan-to-value ratio threshold		50%
Cash collateral for borrowed securities		$ 50
Proceeds from issuance of debt		$ 5
Floreo | Bond Financing
Loss Contingencies [Line Items]
Ownership Interest		50%
Waiea
Loss Contingencies [Line Items]
Remediation cost				$ 158.4
Additional anticipated costs				$ 3
Loss contingency accrual for estimated repair costs			$ 0.5			$ 0.5

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 6,572	$ (15,370)	$ (10,457)	$ (16,648)
Income (loss) before income taxes	$ 28,355	$ (34,511)	$ (40,579)	$ (58,416)
Effective tax rate	23.20%	44.50%	25.80%	28.50%

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Summary of Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative instruments:
Balance at the beginning of the period	$ 3,012,271	$ 3,582,523	$ 3,058,597	$ 3,606,112
Other comprehensive income (loss) before reclassifications	1,236	6,286	5,066	3,635
(Gain) loss reclassified from accumulated other comprehensive income (loss) to net income	(1,198)	(3,538)	(2,403)	(6,217)
Net current-period other comprehensive Income (loss)	38	2,748	2,663	(2,582)
Balance at the end of the period	3,036,033	3,568,453	3,036,033	3,568,453
AOCI Attributable to Parent
Derivative instruments:
Balance at the beginning of the period	3,897	5,005	1,272	10,335
Balance at the end of the period	$ 3,935	$ 7,753	$ 3,935	$ 7,753

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Summary of Amounts Reclassified Out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Reclassifications out of accumulated other comprehensive income (loss)
(Gains) losses on cash flow hedges	$ 43,007	$ 33,947	$ 84,925	$ 72,084
Income tax expense (benefit)	6,572	(15,370)	(10,457)	(16,648)
Total reclassifications of (income) loss, net of tax	(21,783)	19,141	30,122	41,768
Amounts reclassified from Accumulated other comprehensive income (loss)
Reclassifications out of accumulated other comprehensive income (loss)
Total reclassifications of (income) loss, net of tax	(1,198)	(3,538)	(2,403)	(6,217)
Accumulated Other Comprehensive Income (Loss) Components | Amounts reclassified from Accumulated other comprehensive income (loss)
Reclassifications out of accumulated other comprehensive income (loss)
(Gains) losses on cash flow hedges	(1,553)	(4,572)	(3,114)	(8,034)
Income tax expense (benefit)	$ 355	$ 1,034	$ 711	$ 1,817

Revenues - Schedule of Disaggre

Revenues - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Rental revenue	$ 111,490	$ 103,339	$ 219,241	$ 201,203
Total revenues	317,409	223,316	488,547	419,605
Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	167,695	73,079	212,699	152,536
Operating Assets revenues
Disaggregation of Revenue [Line Items]
Total revenues	123,841	121,427	233,993	222,352
Master Planned Communities revenues
Disaggregation of Revenue [Line Items]
Total revenues	172,181	63,311	221,056	140,324
Seaport revenues
Disaggregation of Revenue [Line Items]
Total revenues	20,860	22,804	32,362	34,701
Strategic Developments revenues
Disaggregation of Revenue [Line Items]
Total revenues	509	15,758	1,102	22,198
Corporate revenues
Disaggregation of Revenue [Line Items]
Total revenues	18	16	34	30
Condominium rights and unit sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	14,866	23	20,953
Condominium rights and unit sales | Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	14,866	23	20,953
Master Planned Communities land sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	154,790	42,306	187,205	101,667
Master Planned Communities land sales | Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	154,790	42,306	187,205	101,667
Builder price participation
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	12,905	15,907	25,471	29,916
Builder price participation | Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	12,905	15,907	25,471	29,916
Other land, rental, and property revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	38,224	46,898	56,607	65,866
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	$ 38,224	$ 46,898	$ 56,607	$ 65,866

Revenues - Schedule of Contract

Revenues - Schedule of Contract with Customer, Assets and Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Contract Liabilities
Beginning balance	$ 579,328	$ 457,831
Consideration earned during the period	(55,996)	(58,807)
Consideration received during the period	199,657	132,527
Ending balance	$ 722,989	$ 531,551

Revenues - Schedule of Remainin

Revenues - Schedule of Remaining Unsatisfied Performance Obligations (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 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	$ 3,800,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1,077,443
Remaining performance obligation, expected timing of satisfaction period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1,199,675
Remaining performance obligation, expected timing of satisfaction period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1,533,749
Remaining performance obligation, expected timing of satisfaction period

Leases - Narrative (Details)

Leases - Narrative (Details)	6 Months Ended
	Jun. 30, 2024
Lessee, Lease, Description [Line Items]
Lessee, remaining lease term	2 years
Lessor, average remaining lease term	5 years
One Lease
Lessee, Lease, Description [Line Items]
Lessee, remaining lease term	50 years

Leases - Leased Assets and Liab

Leases - Leased Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease right-of-use assets	$ 44,947	$ 44,897
Operating lease obligations	$ 52,910	$ 51,584

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease cost	$ 1,729	$ 1,709	$ 3,458	$ 3,417
Variable lease cost	202	199	865	591
Total lease cost	$ 1,931	$ 1,908	$ 4,323	$ 4,008

Leases - Lease Liability Maturi

Leases - Lease Liability Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Remainder of 2024	$ 2,393
2025	5,117
2026	4,093
2027	3,360
2028	3,424
Thereafter	240,646
Total lease payments	259,033
Less: imputed interest	(206,123)
Present value of lease liabilities	$ 52,910	$ 51,584

Leases - Other Information (Det

Leases - Other Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows on operating leases	$ 2,664	$ 2,270
Weighted-average remaining lease term (years)
Operating leases	42 years 10 months 24 days	43 years 9 months 18 days
Weighted-average discount rate
Operating leases	7.80%	7.80%

Leases - Minimum Rent Payments

Leases - Minimum Rent Payments Received (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Total minimum rent payments	$ 63,072	$ 58,282	$ 124,828	$ 116,079
Remainder of 2024	129,123		129,123
2025	252,594		252,594
2026	239,859		239,859
2027	228,846		228,846
2028	206,731		206,731
Thereafter	877,143		877,143
Total	$ 1,934,296		$ 1,934,296

Segments - Narrative (Details)

Segments - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 segment location
Segments reporting
Number of reportable segments | segment	4
Seaport Segment
Segments reporting
Number of primary locations | location	3

Segments - Summary of Segment O

Segments - Summary of Segment Operating Results (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segments reporting
Total revenues	$ 317,409	$ 223,316	$ 488,547	$ 419,605
Depreciation and amortization	(52,629)	(53,221)	(104,876)	(105,230)
Other income (loss), net	391	(1,607)	1,282	3,374
Equity in earnings (losses) from unconsolidated ventures	(296)	(6,186)	(19,431)	(10,988)
Gain (loss) on sale or disposal of real estate and other assets, net	0	(16)	4,794	4,714
Gain (loss) on extinguishment of debt	(198)	0	(198)	0
Income (loss) before income taxes	28,355	(34,511)	(40,579)	(58,416)
Net income (loss)	21,783	(19,141)	(30,122)	(41,768)
Net (income) loss attributable to noncontrolling interests	34	(2)	24	(120)
Net income (loss) attributable to HHH	21,817	(19,143)	(30,098)	(41,888)
Operating segments
Segments reporting
Total revenues	317,391	223,300	488,513	419,575
Total operating expenses	(166,335)	(144,536)	(272,918)	(256,461)
Segment operating income (loss)	151,056	78,764	215,595	163,114
Depreciation and amortization	(51,855)	(52,396)	(103,297)	(103,605)
Interest income (expense), net	(16,613)	(6,371)	(32,831)	(16,221)
Other income (loss), net	426	(1,658)	837	616
Equity in earnings (losses) from unconsolidated ventures	(296)	(6,186)	(19,431)	(10,988)
Gain (loss) on sale or disposal of real estate and other assets, net		(16)	4,794	4,714
Gain (loss) on extinguishment of debt			(198)
Income (loss) before income taxes	82,520	12,137	65,469	37,630
Corporate
Segments reporting
Corporate income, expenses, and other items	(60,737)	(31,278)	(95,591)	(79,398)
Operating Assets Segment
Segments reporting
Total revenues	123,841	121,427	233,993	222,352
Operating Assets Segment | Operating segments
Segments reporting
Total revenues	123,841	121,427	233,993	222,352
Total operating expenses	(58,490)	(54,452)	(109,885)	(102,051)
Segment operating income (loss)	65,351	66,975	124,108	120,301
Depreciation and amortization	(43,920)	(40,878)	(88,076)	(80,510)
Interest income (expense), net	(34,699)	(30,285)	(68,175)	(59,196)
Other income (loss), net	530	(40)	938	2,242
Equity in earnings (losses) from unconsolidated ventures	337	2,042	6,154	3,947
Gain (loss) on sale or disposal of real estate and other assets, net		(16)	4,794	4,714
Gain (loss) on extinguishment of debt			(198)
Income (loss) before income taxes	(12,599)	(2,202)	(20,455)	(8,502)
MPC Segment
Segments reporting
Total revenues	172,181	63,311	221,056	140,324
MPC Segment | Operating segments
Segments reporting
Total revenues	172,181	63,311	221,056	140,324
Total operating expenses	(70,883)	(28,078)	(95,932)	(62,429)
Segment operating income (loss)	101,298	35,233	125,124	77,895
Depreciation and amortization	(108)	(106)	(218)	(213)
Interest income (expense), net	16,168	17,161	31,414	32,973
Other income (loss), net	0	0	0	(103)
Equity in earnings (losses) from unconsolidated ventures	5,883	2,638	(8,828)	6,746
Gain (loss) on sale or disposal of real estate and other assets, net		0	0	0
Gain (loss) on extinguishment of debt			0
Income (loss) before income taxes	123,241	54,926	147,492	117,298
Seaport Segment
Segments reporting
Total revenues	20,860	22,804	32,362	34,701
Seaport Segment | Operating segments
Segments reporting
Total revenues	20,860	22,804	32,362	34,701
Total operating expenses	(32,756)	(26,665)	(54,241)	(45,581)
Segment operating income (loss)	(11,896)	(3,861)	(21,879)	(10,880)
Depreciation and amortization	(3,949)	(10,469)	(9,706)	(20,996)
Interest income (expense), net	(2,676)	1,311	(4,688)	2,497
Other income (loss), net	(87)	(1,601)	(87)	(1,600)
Equity in earnings (losses) from unconsolidated ventures	(6,552)	(10,896)	(16,832)	(21,716)
Gain (loss) on sale or disposal of real estate and other assets, net		0	0	0
Gain (loss) on extinguishment of debt			0
Income (loss) before income taxes	(25,160)	(25,516)	(53,192)	(52,695)
Strategic Developments Segment
Segments reporting
Total revenues	509	15,758	1,102	22,198
Strategic Developments Segment | Operating segments
Segments reporting
Total revenues	509	15,758	1,102	22,198
Total operating expenses	(4,206)	(35,341)	(12,860)	(46,400)
Segment operating income (loss)	(3,697)	(19,583)	(11,758)	(24,202)
Depreciation and amortization	(3,878)	(943)	(5,297)	(1,886)
Interest income (expense), net	4,594	5,442	8,618	7,505
Other income (loss), net	(17)	(17)	(14)	77
Equity in earnings (losses) from unconsolidated ventures	36	30	75	35
Gain (loss) on sale or disposal of real estate and other assets, net		0	0	0
Gain (loss) on extinguishment of debt			0
Income (loss) before income taxes	$ (2,962)	$ (15,071)	$ (8,376)	$ (18,471)

Segments - Summary of Assets by

Segments - Summary of Assets by Segment and Reconciliation of Segment Assets to Total Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Reconciliation of total segment assets to total assets
Assets	$ 9,901,211	$ 9,575,612
Operating segments
Reconciliation of total segment assets to total assets
Assets	9,613,385	9,061,368
Operating segments | Operating Assets Segment
Reconciliation of total segment assets to total assets
Assets	3,666,355	3,577,694
Operating segments | MPC Segment
Reconciliation of total segment assets to total assets
Assets	3,497,137	3,358,821
Operating segments | Seaport Segment
Reconciliation of total segment assets to total assets
Assets	480,865	485,898
Operating segments | Strategic Developments Segment
Reconciliation of total segment assets to total assets
Assets	1,969,028	1,638,955
Corporate
Reconciliation of total segment assets to total assets
Assets	$ 287,826	$ 514,244