Howard Hughes (HHH) 10-K 28 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Feb. 19, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-34856
Entity Registrant Name	THE HOWARD HUGHES CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4673192
Entity Address, Address Line One	9950 Woodloch Forest Drive
Entity Address, Address Line Two	Suite 1100
Entity Address, City or Town	The Woodlands
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77380
City Area Code	(281)
Local Phone Number	719-6100
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	Yes
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		10
Documents Incorporated by Reference	Portions of Howard Hughes Holdings Inc. Proxy Statement for its 2025 Annual Meeting of Stockholders have been incorporated by reference into Part III hereof.
Entity Central Index Key	0001498828
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Public Float			$ 0

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	Dallas, Texas

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Master Planned Communities assets	$ 2,511,662	$ 2,445,673
Buildings and equipment	3,841,872	3,649,376
Less: accumulated depreciation	(949,533)	(829,018)
Land	302,446	294,189
Developments	1,341,029	1,169,571
Net investment in real estate	7,047,476	6,729,791
Investments in unconsolidated ventures	169,566	182,799
Cash and cash equivalents	595,696	629,714
Restricted cash	402,420	379,498
Accounts receivable, net	105,185	101,373
Municipal Utility District (MUD) receivables, net	463,799	550,884
Deferred expenses, net	139,350	138,182
Operating lease right-of-use assets	5,806	5,463
Other assets, net	279,495	242,636
Assets of discontinued operations	0	615,272
Total assets	9,208,793	9,575,612
LIABILITIES
Mortgages, notes, and loans payable, net	5,127,469	5,146,992
Operating lease obligations	5,456	5,362
Deferred tax liabilities, net	143,107	84,523
Accounts payable and other liabilities	1,092,460	1,052,973
Liabilities of discontinued operations	0	227,165
Total liabilities	6,368,492	6,517,015
Commitments and Contingencies (see Note 11)
EQUITY
Common stock: 10 shares authorized, issued, and outstanding as of December 31, 2024 and December 31, 2023	0	0
Additional paid-in capital	2,955,247	3,374,284
Retained earnings (accumulated deficit) attributable to Howard Hughes Holdings Inc.	(182,462)	(383,012)
Accumulated other comprehensive income (loss)	1,968	1,272
Total equity attributable to Howard Hughes Holdings Inc.	2,774,753	2,992,544
Noncontrolling interests	65,548	66,053
Total equity	2,840,301	3,058,597
Total liabilities and equity	$ 9,208,793	$ 9,575,612

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Dec. 31, 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

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
REVENUES
Rental revenue	$ 422,100	$ 383,617	$ 379,693
Total revenues	1,750,689	908,753	1,489,490
EXPENSES
Operating costs	208,578	205,453	191,856
Rental property real estate taxes	58,395	55,649	52,121
Provision for (recovery of) doubtful accounts	504	(2,762)	629
General and administrative	88,128	85,619	81,770
Depreciation and amortization	179,799	168,734	154,605
Other	15,002	13,302	11,920
Total expenses	1,302,171	721,462	1,096,350
OTHER
Gain (loss) on sale or disposal of real estate and other assets, net	22,907	24,162	29,678
Other income (loss), net	92,120	5,823	1,421
Total other	115,027	29,985	31,099
Operating income (loss)	563,545	217,276	424,239
Interest income	25,349	25,500	3,818
Interest expense	(164,926)	(157,575)	(112,498)
Gain (loss) on extinguishment of debt	(465)	(97)	(2,377)
Gain (loss) on sale of MUD receivables	(48,651)	0	0
Equity in earnings (losses) from unconsolidated ventures	(5,829)	25,776	21,723
Income (loss) from continuing operations before income taxes	369,023	110,880	334,905
Income tax expense (benefit)	80,961	26,648	82,196
Net income (loss) from continuing operations	288,062	84,232	252,709
Net income (loss) from discontinued operations, net of tax	(88,223)	(634,940)	(68,073)
Net income (loss)	199,839	(550,708)	184,636
Net (income) loss attributable to noncontrolling interests	711	(243)	(103)
Net income (loss) attributable to Howard Hughes Holdings Inc., basic	200,550	(550,951)	184,533
Net income (loss) attributable to Howard Hughes Holdings Inc., diluted	200,550	(550,951)	184,533
Condominium rights and unit sales
REVENUES
Revenue	778,616	47,707	677,078
EXPENSES
Cost of sales	582,574	55,417	483,983
Master Planned Communities land sales
REVENUES
Revenue	453,195	370,185	316,065
EXPENSES
Cost of sales	169,191	140,050	119,466
Other land, rental, and property revenues
REVENUES
Revenue	44,755	46,255	44,893
Builder price participation
REVENUES
Revenue	$ 52,023	$ 60,989	$ 71,761

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)		$ 199,839	$ (550,708)	$ 184,636
Other comprehensive income (loss)
Interest rate caps and swaps	[1]	321	(9,322)	31,698
Pension adjustment	[2]	375	259	(183)
Reclassification of the Company's share of previously deferred derivative gains to net income	[3]	0	0	(6,723)
Other comprehensive income (loss)		696	(9,063)	24,792
Comprehensive income (loss)		200,535	(559,771)	209,428
Comprehensive (income) loss attributable to noncontrolling interests		711	(243)	(103)
Comprehensive income (loss) attributable to Howard Hughes Holdings Inc.		$ 201,246	$ (560,014)	$ 209,325
[1] Amounts are shown net of deferred tax expense of $0.1 million for the year ended December 31, 2024, deferred tax benefit of $2.7 million for the year ended December 31, 2023, and deferred tax expense of $9.5 million for the year ended December 31, 2022. The deferred tax impact was not meaningful for the years ended December 31, 2024, 2023, and 2022. In March 2022, the Company completed the sale of its ownership interest in 110 North Wacker and released a net of $6.7 million from Accumulated other comprehensive income (loss), representing the Company’s $8.6 million share of previously deferred gains associated with the Venture’s derivative instruments net of tax expense of $1.9 million. See Note 3 - Investments in Unconsolidated Ventures for additional information.

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Interest rate swaps, tax expense (benefit)		$ 60	$ (2,729)	$ 9,460
Equity in earnings (losses) from unconsolidated ventures		$ (5,829)	$ 25,776	21,723
Share of investee's other comprehensive income, tax expense	$ 1,900			$ 1,912
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 110 North Wacker
AOCI, reclassification of cash flow hedge	6,700
Equity in earnings (losses) from unconsolidated ventures	$ 8,600

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands		Total		Ward Village Homeowners Associations	Total Stockholders' Equity	Common Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Noncontrolling Interests	Noncontrolling Interests Ward Village Homeowners Associations
Balance at the beginning of the period (in shares) at Dec. 31, 2021						56,173,276
Balance at the beginning of the period at Dec. 31, 2021		$ 3,710,670			$ 3,709,995	$ 563	$ 3,960,418	$ (16,456)	$ (14,457)	$ (220,073)	$ 675
Balance at the beginning of the period (in shares) at Dec. 31, 2021										(2,107,615)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		184,636			184,533			184,533			103
Interest rate swaps, net of tax expense (benefit)		31,698	[1]		31,698				31,698
Pension adjustment, net of tax expense (benefit)		(183)	[2]		(183)				(183)
Deconsolidation of Ward Village homeowners’ associations				$ (211)								$ (211)
Teravalis noncontrolling interest		65,046									65,046
Reclassification of the Company’s share of previously deferred derivative gains, net of tax expense	[3]	(6,723)			(6,723)				(6,723)
Repurchase of common shares (in shares)										(4,283,874)
Repurchase of common shares		(388,372)			(388,372)					$ (388,372)
Stock plan activity (in shares)						52,997				(32,787)
Stock plan activity		9,551			9,551	$ 1	12,143			$ (2,593)
Balance at the end of the period (in shares) at Dec. 31, 2022						56,226,273
Balance at the end of the period at Dec. 31, 2022		3,606,112			3,540,499	$ 564	3,972,561	168,077	10,335	$ (611,038)	65,613
Balance at the end of the period (in shares) at Dec. 31, 2022										(6,424,276)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		(550,708)			(550,951)			(550,951)			243
Interest rate swaps, net of tax expense (benefit)		(9,322)	[1]		(9,322)				(9,322)
Pension adjustment, net of tax expense (benefit)		259	[2]		259				259
Teravalis noncontrolling interest		219									219
Stock plan activity (in shares)						322,506				(21,628)
Stock plan activity		9,418			9,418	$ 2	11,138			$ (1,722)
Stock conversion to HHH (in shares)						(56,548,779)				6,445,904
Stock conversion to HHH		0				$ (566)	(612,194)			$ 612,760
HHC shares issued to HHH (in shares)						10
Capital transactions with HHH		2,641			2,641		2,779	(138)
Other		$ (22)									(22)
Balance at the end of the period (in shares) at Dec. 31, 2023		10				10
Balance at the end of the period at Dec. 31, 2023		$ 3,058,597			2,992,544	$ 0	3,374,284	(383,012)	1,272	$ 0	66,053
Balance at the end of the period (in shares) at Dec. 31, 2023										0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		199,839			200,550			200,550			(711)
Interest rate swaps, net of tax expense (benefit)		321	[1]		321				321
Pension adjustment, net of tax expense (benefit)		375	[2]		375				375
Teravalis noncontrolling interest		206									206
Distribution of Seaport Entertainment Group Inc. to stockholders		(409,126)			(409,126)		(409,126)
Capital transactions with HHH		$ (9,911)			(9,911)		(9,911)
Balance at the end of the period (in shares) at Dec. 31, 2024		10				10
Balance at the end of the period at Dec. 31, 2024		$ 2,840,301			$ 2,774,753	$ 0	$ 2,955,247	$ (182,462)	$ 1,968	$ 0	$ 65,548
Balance at the end of the period (in shares) at Dec. 31, 2024										0
[1] Amounts are shown net of deferred tax expense of $0.1 million for the year ended December 31, 2024, deferred tax benefit of $2.7 million for the year ended December 31, 2023, and deferred tax expense of $9.5 million for the year ended December 31, 2022. The deferred tax impact was not meaningful for the years ended December 31, 2024, 2023, and 2022. In March 2022, the Company completed the sale of its ownership interest in 110 North Wacker and released a net of $6.7 million from Accumulated other comprehensive income (loss), representing the Company’s $8.6 million share of previously deferred gains associated with the Venture’s derivative instruments net of tax expense of $1.9 million. See Note 3 - Investments in Unconsolidated Ventures for additional information.

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Interest rate swaps, tax expense (benefit)	$ 60	$ (2,729)	$ 9,460
Pension adjustment, tax (expense) benefit	118	70	(71)
Share of investee's other comprehensive income, tax expense (benefit)			1,912
Equity in earnings (losses) from unconsolidated ventures	$ (5,829)	$ 25,776	$ 21,723

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 199,839	$ (550,708)	$ 184,636
Net income (loss) from discontinued operations, net of taxes	(88,223)	(634,940)	(68,073)
Net income (loss) from continuing operations	288,062	84,232	252,709
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Depreciation	160,638	151,881	137,817
Amortization	19,360	16,960	16,886
Amortization of deferred financing costs	12,396	11,840	10,254
Amortization of intangibles other than in-place leases	120	120	120
Straight-line rent amortization	(7,012)	(7,464)	(7,597)
Deferred income taxes	62,306	(9,667)	55,832
Restricted stock and stock option amortization	14,436	15,852	11,895
Net gain on sale of properties	(22,907)	(24,162)	(29,687)
Net gain on sale of unconsolidated ventures	0	0	(5,016)
Loss on sale of MUD receivables	48,651	0	0
Proceeds from sale of MUD receivables	176,680	0	0
(Gain) loss on extinguishment of debt	465	97	2,377
Equity in (earnings) losses from unconsolidated ventures, net of distributions and impairment charges	12,436	(15,539)	(8,191)
Provision for doubtful accounts	(499)	8,274	34
Master Planned Community development expenditures	(427,979)	(403,633)	(396,125)
Master Planned Community cost of sales	151,177	126,167	111,723
Condominium development expenditures	(681,998)	(472,666)	(340,793)
Condominium rights and units cost of sales	565,419	53,156	465,711
Other	0	1,319	0
Net Changes:
Accounts receivable, net	83,784	117,334	82,771
Other assets, net	16,345	29,484	(26,326)
Condominium deposits, net	(19,065)	88,595	21,273
Deferred expenses, net	(31,123)	(26,874)	(28,112)
Accounts payable and other liabilities	28,094	41,789	14,437
Cash provided by (used in) operating activities of continuing operations	449,786	(212,905)	341,992
Cash provided by (used in) operating activities of discontinued operations	(51,160)	(43,327)	(16,739)
Cash provided by (used in) operating activities	398,626	(256,232)	325,253
CASH FLOWS FROM INVESTING ACTIVITIES
Property and equipment expenditures	(2,143)	(7,340)	(2,004)
Operating property improvements	(47,949)	(40,211)	(43,193)
Property development and redevelopment	(252,953)	(231,038)	(268,413)
Acquisition of assets	(18,456)	(5,898)	0
Proceeds from sales of properties, net	48,408	39,543	81,720
Reimbursements under tax increment financings and grants	8,721	1,469	127
Distributions from unconsolidated ventures	6,657	12,995	207,685
Investments in unconsolidated ventures, net	(3,500)	0	(299)
Net parent investment in discontinued operations	(150,387)	(115,185)	(225,091)
Cash provided by (used in) investing activities of continuing operations	(411,602)	(345,665)	(249,468)
Cash provided by (used in) investing activities of discontinued operations	110,343	9,522	28,773
Cash provided by (used in) investing activities	(301,259)	(336,143)	(220,695)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from mortgages, notes, and loans payable	761,429	677,441	1,235,897
Principal payments on mortgages, notes, and loans payable	(807,548)	(147,623)	(1,063,439)
Repurchases of common shares	0	0	(403,863)
Debt extinguishment costs	0	0	(60)
Special Improvement District bond funds released from (held in) escrow	16,850	11,037	23,148
Deferred financing costs and bond issuance costs, net	(6,235)	(569)	(18,220)
Taxes paid on stock options exercised and restricted stock vested	(943)	(2,643)	(3,012)
Stock options exercised	0	0	345
Issuance of Teravalis noncontrolling interest	0	0	31,234
Distribution to noncontrolling interest upon sale of 110 North Wacker	0	0	(22,084)
Distributions to HHH	(22,889)	(2,302)	0
Sale of preferred stock in Seaport subsidiary	9,850	0	0
Contributions from Teravalis noncontrolling interest owner	206	219	0
Cash provided by (used in) financing activities of continuing operations	(49,280)	535,560	(220,054)
Cash provided by (used in) financing activities of discontinued operations	(103,028)	10,935	(2,204)
Cash provided by (used in) financing activities	(152,308)	546,495	(222,258)
Net change in cash, cash equivalents, and restricted cash	(54,941)	(45,880)	(117,700)
Cash, cash equivalents, and restricted cash at beginning of period	1,053,057	1,098,937	1,216,637
Cash, cash equivalents, and restricted cash at end of period	998,116	1,053,057	1,098,937
Less: Cash, cash equivalents, and restricted cash of discontinued operations at end of period	0	43,845	66,714
Cash, cash equivalents, and restricted cash of continuing operations at end of period	998,116	1,009,212	1,032,223
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents	595,696	629,714	610,205
Restricted cash	402,420	379,498	422,018
Cash, cash equivalents, and restricted cash of continuing operations at end of period	998,116	1,009,212	1,032,223
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION — CONTINUING OPERATIONS
Interest paid, net	298,364	239,995	205,758
Interest capitalized	151,632	109,510	89,687
Income taxes paid (refunded), net	3,943	10,608	24,974
NON-CASH TRANSACTIONS — CONTINUING OPERATIONS AND DISCONTINUED OPERATIONS
Accrued property improvements, developments, and redevelopments	(13,441)	909	12,539
Consideration from sale of properties	0	5,250	0
Special Improvement District bond transfers associated with land sales	18,014	13,883	7,774
Special Improvement District bonds held in third-party escrow	37,990	21,290	0
Capitalized stock compensation	3,936	4,669	4,785
Initial recognition of operating lease right-of-use asset	766	0	1,488
Initial recognition of operating lease obligation	766	0	1,621
Issuance of Teravalis noncontrolling interest	0	0	33,810
MPC land contributed to unconsolidated venture	0	0	21,450
Distribution of Seaport Entertainment Group Inc. to stockholders	$ 361,210	$ 0	$ 0

Presentation of Financial State

Presentation of Financial Statements and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Presentation of Financial Statements and Significant Accounting Policies	1. Presentation of Financial Statements and Significant Accounting Policies General On August 11, 2023, Howard Hughes Holdings Inc. (HHH), a new holding company, replaced The Howard Hughes Corporation (HHC or the Company) as the public company trading on the New York Stock Exchange. Existing shares of common stock of HHC were automatically converted, on a one-for-one basis, into shares of common stock of HHH, with the same designations, rights, powers, and preferences, and the same qualifications, limitations, and restrictions, as the shares of HHC common stock immediately prior to the reorganization. HHH became the successor issuer to HHC pursuant to Rule 12g-3 (a) under the Exchange Act and replaced HHC as the public company trading on the New York Stock Exchange under the ticker symbol "HHH." References to HHC, the Company, we, us, and our refer to The Howard Hughes Corporation and its consolidated subsidiaries unless otherwise specifically stated. References to HHH refer to the Company’s parent holding company, Howard Hughes Holding Inc., and its consolidated subsidiaries, including the Company, unless otherwise specifically stated. Together with its subsidiaries, HHC develops master planned communities (MPC), invests in other strategic real estate opportunities in the form of entitled and unentitled land and other development rights (Strategic Developments) and owns, manages, and operates real estate assets currently generating revenues (Operating Assets), which may be redeveloped or repositioned from time to time. Seaport Entertainment Spinoff On July 31, 2024, the spinoff of Seaport Entertainment Group Inc. and its subsidiaries (Seaport Entertainment or SEG) was completed. SEG included 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. 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”. Principles of Consolidation and Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP). The consolidated financial statements include the accounts of The Howard Hughes Corporation and its subsidiaries after elimination of intercompany balances and transactions. The Company also consolidates certain variable interest entities (VIEs) in accordance with Financial Accounting Standards Board’s Accounting Standards Codification (ASC) 810 Consolidation . The outside equity interests in certain entities controlled by the Company are reflected in the Consolidated Financial Statements as noncontrolling interests. As the spinoff of SEG represented a strategic shift in the Company’s operations, the results of SEG are presented as discontinued operations in the Consolidated Statements of Operations and the Consolidated Statements of Cash Flows and, as such, have been excluded from both continuing operations and segment results for all periods presented. Additionally, the related SEG assets and liabilities are classified as discontinued operations in the Consolidated Balance Sheets. The Consolidated Statements of Comprehensive Income (Loss), and Equity are presented on a consolidated basis for both continuing operations and discontinued operations. The disclosures presented in the notes to the Consolidated Financial Statements are presented on a continuing operations basis unless otherwise noted. See Note 2 - Discontinued Operations for additional information. Certain amounts in the Consolidated Statements of Cash Flows for the year ended December 31, 2022, have been reclassified to conform to the current balance sheet presentation. Specifically, the Company reclassified the Notes receivable, net from the Accounts receivable, net to Other assets, net within cash flows from operating activities. Management has evaluated for disclosure or recognition all material events occurring subsequent to the date of the Consolidated Financial Statements up to the date and time this Annual Report was filed. Variable Interest Entities The Company has interests in various legal entities that represent a variable interest entity. A VIE is an entity: (a) that has total equity at risk that is not sufficient to permit the entity to finance its activities without additional subordinated financial support from other entities; (b) where the group of equity holders does not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, or the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual return, or both (i.e., lack the characteristics of a controlling financial interest); or (c) where the voting rights of the equity holders are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. The Company determines if a legal entity is a VIE by performing a qualitative analysis that requires certain subjective decisions, taking into consideration the design of the entity, the variability that the entity was designed to create and pass along to its interest holders, the rights of the parties and the purpose of the arrangement. Upon the occurrence of certain reconsideration events, the Company reassesses its initial determination as to whether the entity is a VIE. The Company also performs a qualitative assessment of each VIE to determine if it is the primary beneficiary. The Company is the primary beneficiary and would consolidate the VIE if it has a controlling financial interest where it has both (a) the power to direct the economically significant activities of the entity and (b) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. This assessment requires certain subjective decisions, taking into consideration the contractual agreements that define the ownership structure, the design of the entity, distribution of profits and losses, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties. Management’s assessment of whether the Company is the primary beneficiary of a VIE is continuously performed. Upon initial consolidation of a VIE, the Company records the assets, liabilities, and noncontrolling interests at fair value and recognizes a gain or loss for the difference between (i) the fair value of the consideration paid, the fair value of noncontrolling interests and the reported amount of any previously held interests and (ii) the net amount of the fair value of the assets and liabilities. If the Company determines it is no longer the primary beneficiary of a VIE, it will deconsolidate the entity and measure the initial cost basis for any retained interests that are recorded upon the deconsolidation at fair value. The Company will recognize a gain or loss for the difference between the fair value and the previous carrying amount of its investment in the VIE. Consolidated Variable Interest Entity At December 31, 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 December 31, 2024, the Company’s Consolidated Balance Sheets included $542.1 million of Master Planned Community assets, $0.5 million of Accounts payable and other liabilities, and $65.1 million of Noncontrolling interest related to Teravalis. As of December 31, 2023, the Company’s Consolidated Balance Sheets included $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. Investments in Unconsolidated Ventures The Company’s investments in unconsolidated ventures are accounted for under the equity method to the extent that, based on contractual rights associated with the investments, the Company can exert significant influence over a venture’s operations. Under the equity method, the Company’s investment in the venture is recorded at cost and is subsequently adjusted to recognize the Company’s allocable share of the earnings or losses of the venture. Dividends and distributions received by the Company are recognized as a reduction in the carrying amount of the investment. Generally, joint venture operating agreements provide that assets, liabilities, funding obligations, profits and losses, and cash flows are shared in accordance with ownership percentages. For certain equity method investments, various provisions in the joint venture operating agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses, and preferred returns may result in the Company’s economic interest differing from its stated ownership or if applicable, the Company’s final profit-sharing interest after receipt of any preferred returns based on the venture’s distribution priorities. For these investments, the Company recognizes income or loss based on the joint venture’s distribution priorities, which could fluctuate over time and may be different from its stated ownership or final profit-sharing percentage. The Company periodically assesses the appropriateness of the carrying amount of its equity method investments, as events or changes in circumstance may indicate that a decrease in value has occurred which is other‑than‑temporary. In addition to the property‑specific impairment analysis performed on the underlying assets of the investment, the Company also considers the ownership, distribution preferences, limitations and rights to sell and repurchase its ownership interests. If a decrease in value of an investment is deemed to be other‑than‑temporary, the investment is reduced to its estimated fair value, and an impairment-related loss is recognized in the Consolidated Statements of Operations as a component of Equity in earnings (losses) from investments in unconsolidated ventures. For investments in ventures where the Company has virtually no influence over operations and the investments do not have a readily determinable fair value, the Company has elected the measurement alternative to carry the securities at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the issuer. Equity securities not accounted for under the equity method, or where the measurement alternative has not been elected, are required to be reported at fair value with unrealized gains and losses reported in the Consolidated Statements of Comprehensive Income (Loss) as Net unrealized gains (losses) on instruments measured at fair value through earnings. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. The estimates and assumptions include, but are not limited to, capitalization of development costs, provision for income taxes, recoverable amounts of receivables and deferred tax assets, initial valuations of tangible and intangible assets acquired, and the related useful lives of assets upon which depreciation and amortization is based. Estimates and assumptions have also been made with respect to future revenues and costs, and the fair value of warrants, debt, and options granted. MPC cost of sales estimates are highly judgmental as they are sensitive to cost escalation, sales price escalation, and lot absorption, which are subject to judgment and affected by expectations about future market or economic conditions. Additionally, the future cash flow estimates and fair values used for impairment analysis are highly judgmental and reflect current and projected trends in rental, occupancy, pricing, development costs, sales pace, capitalization rates, selling costs, and estimated holding periods for the applicable assets. Both MPC cost of sale estimates and estimates used in impairment analysis are affected by expectations about future market or economic conditions. Actual results could differ from these and other estimates. Segments In 2024, HHH completed the spinoff of Seaport Entertainment Group Inc. which included all assets in the previously reported Seaport segment and the Las Vegas Aviators and Las Vegas Ballpark previously included in the Operating Assets segment. These assets are now disclosed as discontinued operations in the current and prior periods. See Note 2 - Discontinued Operations for additional information on the spinoff transaction. The Company operates in three business segments: (i) Operating Assets; (ii) MPC; and (iii) Strategic Developments. Segment information is prepared on the same basis that management reviews information for operational decision-making purposes. Management evaluates the performance of each of HHC’s real estate assets or investments individually and aggregates such properties into segments based on their economic characteristics and types of revenue streams. Net Investment in Real Estate Master Planned Community Assets, Buildings and Equipment, and Land Real estate assets are stated at cost less any provisions for impairments and depreciation as applicable. Expenditures for significant improvements to the Company’s assets are capitalized. Tenant improvements relating to the Company’s operating assets are capitalized and depreciated over the shorter of their economic lives or the lease term. Maintenance and repair costs are charged to expense when incurred. Depreciation The Company periodically reviews the estimated useful lives of properties. Depreciation or amortization expense is computed using the straight‑line method based upon the following estimated useful lives: Asset Type Years Balance Sheet Location Buildings and improvements 7 - 40 Buildings and Equipment Equipment and fixtures 5 - 20 Buildings and Equipment Computer hardware and vehicles 3 - 5 Buildings and Equipment Tenant improvements Related lease term Buildings and Equipment Leasing costs Related lease term Other assets, net From time to time, the Company may reassess the development strategies for certain buildings and improvements which results in changes to the Company’s estimate of their remaining useful lives. The Company did not recognize additional depreciation expense of significance for the years ended December 31, 2024, 2023, and 2022. Developments Development costs, which primarily include direct costs related to placing the asset in service associated with specific development properties, are capitalized as part of the property being developed. Construction and improvement costs incurred in connection with the development of new properties or the redevelopment of existing properties are capitalized before they are placed into service. Such costs include planning, engineering, design, direct material, labor, and subcontract costs. Real estate taxes, utilities, direct legal and professional fees related to the sale of a specific unit, interest, insurance costs, and certain employee costs incurred during construction periods are also capitalized. Capitalization commences when the development activities begin and ceases when a project is completed, put on hold, or at the date that the Company decides not to move forward with a project. Capitalized costs related to a project where HHC has determined not to move forward are expensed if they are not deemed recoverable. Capitalized interest costs are based on qualified expenditures and interest rates in place during the construction period. Demolition costs associated with redevelopments are expensed as incurred unless the demolition was included in the Company’s development plans and imminent as of the acquisition date of an asset. Once construction of operating properties is complete, the assets are placed into service, and capitalized costs are reclassed to Buildings and equipment and are depreciated in accordance with the Company’s policy. Once construction of condominiums is complete, the assets are reflected as condominium inventory in Other assets, net until the sale of each condominium unit is closed and the related cost is realized in Condominium rights and units cost of sales. In the event that management no longer has the ability or intent to complete a development, the costs previously capitalized are evaluated for impairment. Developments consist of the following categories as of December 31: thousands 2024 2023 Development costs $ 1,190,746 $ 982,368 Land and improvements 150,283 187,203 Total Developments $ 1,341,029 $ 1,169,571 Acquisitions of Properties The Company accounts for the acquisition of real estate properties in accordance with ASC 805 Business Combinations . This methodology requires that assets acquired and liabilities assumed be recorded at their fair values on the date of acquisition for business combinations and at relative fair values for asset acquisitions. Acquisition costs related to the acquisition of a business are expensed as incurred. Costs directly related to asset acquisitions are considered additions to the purchase price and increase the cost basis of such assets. The fair value of tangible assets of an acquired property (which includes land, buildings and improvements) is determined by valuing the property as if it were vacant, and the as-if-vacant value is then allocated to land, buildings and improvements based on management’s determination of the fair value of these assets. The as-if-vacant values are derived from several sources which incorporate significant unobservable inputs that are classified as Level 3 inputs in the fair value hierarchy and primarily include a discounted cash flow analysis using discount and capitalization rates based on recent comparable market transactions, where available. The fair value of acquired intangible assets consisting of in-place, above-market, and below-market leases is recorded based on a variety of considerations, some of which incorporate significant unobservable inputs that are classified as Level 3 inputs in the fair value hierarchy. In-place lease considerations include, but are not necessarily limited to: (1) the value associated with avoiding the cost of originating the acquired in-place leases (i.e., the market cost to execute a lease, including leasing commissions and tenant improvements); (2) the value associated with lost revenue related to tenant reimbursable operating costs incurred during the assumed lease-up period (i.e., real estate taxes, insurance, and certain other operating expenses); and (3) the value associated with lost rental revenue from existing leases during the assumed lease-up period. Above-market and below-market leases are valued at the present value, using a discount rate that reflects the risks associated with the leases acquired, of the difference between (1) the contractual amounts to be paid pursuant to the in-place lease; and (2) management’s estimate of current market lease rates, measured over the remaining non-cancelable lease term, including any below-market renewal option periods. Impairment HHC reviews its long-lived assets (including those held by its unconsolidated ventures) for potential impairment indicators whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized if the carrying amount of an asset is not recoverable and exceeds its fair value. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future economic conditions, such as occupancy, rental rates, capital requirements, and sales values that could differ materially from actual results in future periods. If impairment indicators exist and it is expected that undiscounted cash flows generated by the asset are less than its carrying amount, an impairment provision is recorded to write down the carrying amount of the asset to its fair value. Impairment indicators for HHC’s assets or projects within MPCs are assessed separately and include, but are not limited to, significant decreases in sales pace or average selling prices, significant increases in expected land development and construction costs or cancellation rates, and projected losses on expected future sales. MPC assets have extended life cycles that may last 20 to 40 years, or longer, and have few long‑term contractual cash flows. Further, MPC assets generally have minimal to no residual values because of their liquidating characteristics. MPC development periods often occur through several economic cycles. Subjective factors such as the expected timing of property development and sales, optimal development density, and sales strategy impact the timing and amount of expected future cash flows and fair value. Impairment indicators for Operating Assets are assessed for each property and include, but are not limited to, significant decreases in net operating income, significant decreases in occupancy, ongoing low occupancy, and significant net operating losses. Impairment indicators for assets in the Strategic Developments are assessed by project and include, but are not limited to, significant changes in projected completion dates, revenues or cash flows, development costs, market factors, significant decreases in comparable property sale prices, and feasibility. The cash flow estimates used for determining recoverability and estimating fair value are inherently judgmental and reflect current and projected trends in rental rates, occupancy, pricing, development costs, sales pace, capitalization rates, and estimated holding periods for the applicable assets. Although the estimated fair value of certain assets may be exceeded by the carrying amount, a real estate asset is only considered to be impaired when its carrying amount is not expected to be recovered through estimated future undiscounted cash flows. To the extent an impairment provision is necessary, the excess of the carrying amount of the asset over its estimated fair value is expensed to operations. In addition, the impairment provision is allocated proportionately to adjust the carrying amount of the asset. The adjusted carrying amount, which represents the new cost basis of the asset, is depreciated over the remaining useful life of the asset or, for MPCs, is expensed as a cost of sales when land is sold. Assets that have been impaired will in the future have lower depreciation and cost of sale expenses. The impairment will have no impact on cash flows. Cash and Cash Equivalents Cash and cash equivalents consist of highly-liquid investments with maturities at date of purchase of three months or less and include registered money market mutual funds which are invested in United States Treasury bills that are valued at the net asset value of the underlying shares in the funds as of the close of business at the end of each period as well as deposits with major banks throughout the United States. Such deposits are in excess of FDIC limits and are placed with high-quality institutions in order to minimize concentration of counterparty credit risk. Restricted Cash Restricted cash reflects amounts segregated in escrow accounts in the name of the Company, primarily related to escrowed condominium deposits from buyers and other amounts related to 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 Consolidated Balance Sheets as of December 31: thousands 2024 2023 Straight-line rent receivables $ 91,050 $ 84,316 Tenant receivables 1,638 5,493 Other receivables 12,497 11,564 Accounts receivable, net (a) $ 105,185 $ 101,373 (a) As of December 31, 2024, the total reserve balance for amounts considered uncollectible was $8.2 million, composed of $8.1 million attributable to lease-related receivables and $0.1 million attributable to the allowance for credit losses related to other accounts receivable. As of December 31, 2023, the total reserve balance was $13.6 million, all of which was attributable to lease-related receivables. The following table summarizes the impacts of the collectability reserves in the accompanying Consolidated Statements of Operations for the years ended December 31: thousands Statements of Operations Location 2024 2023 2022 Rental revenue $ (860) $ 10,984 $ (410) Provision for (recovery of) doubtful accounts 504 (2,762) 629 Total (income) expense impact $ (356) $ 8,222 $ 219 Municipal Utility District Receivables, net In Houston, Texas, certain development costs are reimbursable through the creation of a Municipal Utility District, also known as Water Control and Improvement Districts, which are separate political subdivisions authorized by Article 16, Section 59 of the Texas Constitution and governed by the Texas Commission on Environmental Quality (TCEQ). MUDs are formed to provide municipal water, wastewater, drainage services, recreational facilities, and roads to those areas where they are currently unavailable through the regular city services. Typically, the developer advances funds for the creation of the facilities, which must be designed, bid, and constructed in accordance with the City of Houston’s and TCEQ requirements. The MUD Board of Directors authorizes and approves all MUD development contracts, and MUD bond sale proceeds are used to reimburse the developer for its construction costs, including interest. At the date the expenditures occur, the Company determines the costs it believes will be eligible for reimbursement and recognizes that as MUD receivables. These expenditures are subject to review by the MUD engineers for eligibility in accordance with the development contracts as part of the process for reimbursement. MUD receivables are pledged as security to creditors under the debt facilities relating to Bridgeland. Sale of MUD Receivables In September 2024, the Company entered into a sales transaction of MUD receivables, in which it transferred the reimbursement rights to $186.0 million of existing MUD receivables and $9.3 million of related accrued interest, as well as $40.0 million of anticipated future MUD receivables, for total cash consideration of $176.7 million. Using the relative fair value method, $146.7 million of the cash consideration was allocated to the sale of the existing MUD receivables and $30.0 million was allocated to the sale of the anticipated future MUD receivables. As a result of the sale, the Company derecognized the existing MUD receivables and related accrued interest, resulting in a loss on sale of $48.7 million in the Consolidated Statements of Operations. The Company has recorded a liability related to the allocated amount of anticipated future MUD receivables, which is accounted for using the amortized cost method and is included in Accounts payable and other liabilities on the Consolidated Balance Sheets. The above amounts represent the final impact of the MUD receivable sale for the year ended December 31, 2024. Due to an adjustment to the allocation between projects, this differs slightly from what was initially reported in the third quarter of 2024. Other Assets, net The major components of Other assets, net include security, escrow, and other deposits; Special Improvement District (SID) receivables; in-place leases; intangibles; Tax increment financing (TIF) receivables; prepaid expenses related to the Company’s properties; condominium inventory; and various other assets. SID receivables are amounts due from SID bonds related to the Company’s Summerlin MPC. Proceeds from SID bonds are held in escrow by a third-party and are used to reimburse the Company for a portion of the development costs incurred in Summerlin. See Note 8 - Mortgages, Notes, and Loans Payable, Net for additional information on the SID bonds. The Company’s intangibles include in-place lease assets and above-market lease assets where HHC is the lessor, as well as internally developed software and trademark and trade name intangibles related to MPCs. The Company amortizes finite-lived intangible assets less any residual value, if applicable, on a straight-line basis over the term of the related lease or the estimated useful life of the asset. TIF receivables are amounts which the Company has submitted for reimbursement from Howard County in Maryland or from the state of Maryland, in conjunction with development costs expended on key roads and infrastructure work within the Merriweather District of Downtown Columbia specified per the terms of the county’s TIF legislation, Special Obligation Bonds issued in October 2017, and Grant Disbursement Agreement executed in April 2023. Notes receivable, net includes non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Subsequent to initial recognition, they are recorded at amortized cost less any provision for impairment as required under ASC 326 Financial Instruments - Credit Losses . Condominium inventory includes available for sale units at HHC’s completed condominium towers and is stated at the lower of cost or fair value less selling costs. Condominium inventory includes land acquisition and development costs, construction costs, and interest and real estate taxes that are capitalized during the development period. HHC evaluates condominium inventory for impairment when potential indicators exist. An impairment loss is recognized if the carrying amount of condominium inventory exceeds the fair value less selling costs, which is based on comparable sales in the normal course of business under existing and anticipated market conditions. Financial Instruments - Credit Losses The Company is exposed to credit losses through the sale of goods and services to the Company’s customers. Receivables held by the Compa

Discontinued Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	2. Discontinued Operations On July 31, 2024, the spinoff of SEG was completed. The separation of SEG 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. The spinoff included all assets previously included in the Company’s Seaport segment and the Las Vegas Aviators and the Las Vegas Ballpark, which were previously included in the Operating Assets segment. As the spinoff of SEG represents a strategic shift in the Company’s operations, the results of SEG are included as discontinued operations for all periods presented. The following table presents key components of Net income (loss) from discontinued operations, net of income taxes, for the years ended December 31: thousands 2024 2023 2022 Total revenues $ 60,846 $ 115,349 $ 118,998 Total operating expenses 88,381 133,767 128,775 General and administrative (a) 32,535 4,522 — Depreciation and amortization 16,717 47,384 45,756 Other — 81 59 Provision for impairment — (672,492) — Other income (loss), net (67) (1,539) 488 Interest income (expense), net (7,414) 874 1,607 Gain (loss) on extinguishment of debt (1,563) (47) — Equity in earnings (losses) from unconsolidated ventures (18,960) (81,484) (36,272) Net income (loss) from discontinued operations before income taxes (104,791) (825,093) (89,769) Income tax expense (benefit) (16,568) (190,153) (21,696) Net income (loss) from discontinued operations, net of taxes $ (88,223) $ (634,940) $ (68,073) (a) General and administrative expenses relate to costs incurred to complete the spinoff of Seaport Entertainment. The following table summarizes the major classes of assets and liabilities that are classified as discontinued operations on the Consolidated Balance Sheets. thousands December 31, 2023 Net investment in real estate $ 437,463 Investments in unconsolidated ventures 37,459 Cash and cash equivalents 1,834 Restricted cash 42,011 Accounts receivable, net 13,672 Deferred expenses, net 4,379 Operating lease right-of-use assets 39,434 Other assets, net 39,020 Assets of discontinued operations $ 615,272 Mortgages, notes, and loans payable, net $ 155,628 Operating lease obligations 46,222 Deferred tax liabilities, net 3,542 Accounts payable and other liabilities 21,773 Liabilities of discontinued operations $ 227,165 Continuing Involvement with SEG In connection with the separation, HHH entered into several agreements with Seaport Entertainment that govern the execution of the transaction and the relationship of the parties following the spinoff including a Separation and Distribution Agreement, Transition Services Agreement, Tax Matters Agreement, Employee Matters Agreement, Guaranty Agreement, and various other agreements. Seaport Entertainment Guaranty Following the execution of the spinoff, the Company continues to provide a full backstop guaranty for SEG’s outstanding mortgage related to its 250 Water Street property. See Note 11 - Commitments and Contingencies for additional information.

Investments in Unconsolidated V

Investments in Unconsolidated Ventures	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Ventures	3. Investments in Unconsolidated Ventures In the normal course of business, the Company enters into partnerships and ventures with an emphasis on investments associated with the development and operation of real estate assets. As of December 31, 2024, the Company does not consolidate the investments below as it does not have a controlling financial interest in these ventures. As such, the Company primarily reports its interests in accordance with the equity method. As of December 31, 2024, these ventures had debt totaling $354.3 million, with the Company’s proportionate share of this debt totaling $175.6 million. All of this indebtedness is without recourse to the Company, with the exception of the collateral maintenance obligation for Floreo. See Note 11 - Commitments and Contingencies for additional information related to the Company’s collateral maintenance obligation. Investments in unconsolidated ventures consist of the following: Ownership Interest (a) Carrying Value Share of Earnings/Dividends December 31, December 31, December 31, December 31, Year Ended December 31, thousands except percentages 2024 2023 2024 2023 2024 2023 2022 Equity Method Investments Operating Assets 110 North Wacker — % — % $ — $ — $ — $ — $ 4,910 The Metropolitan (b) 50.0 % 50.0 % — — 667 33 4,556 Stewart Title of Montgomery County, TX 50.0 % 50.0 % 4,061 3,785 576 168 1,294 Woodlands Sarofim 20.0 % 20.0 % 2,975 2,990 (15) (40) (13) TEN.m.flats (c) 50.0 % 50.0 % — — 1,349 (225) 6,878 Master Planned Communities The Summit (d) 50.0 % 50.0 % 37,409 59,112 (16,807) 24,787 (30) Floreo (e) 50.0 % 50.0 % 60,788 55,880 4,908 (2,121) (1,377) Strategic Developments West End Alexandria (d) 58.3 % 58.3 % 60,513 56,757 256 139 70 Other 50.0 % 50.0 % 41 496 (5) 2 797 165,787 179,020 (9,071) 22,743 17,085 Other investments (f) 3,779 3,779 3,242 3,033 4,638 Investments in unconsolidated ventures $ 169,566 $ 182,799 $ (5,829) $ 25,776 $ 21,723 (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 $12.2 million at December 31, 2024, and $10.9 million at December 31, 2023, and presented in Accounts payable and other liabilities in the Consolidated Balance Sheets. (c) TEN.m.flats was in a deficit position of $5.8 million at December 31, 2024, and $4.7 million at December 31, 2023, and presented in Accounts payable and other liabilities in the Consolidated Balance Sheets. (d) For these equity method investments, various provisions in the venture operating agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses, and preferred returns may result in the Company’s economic interest differing from its stated interest or final profit-sharing interest. For these investments, the Company recognizes income or loss based on the venture’s distribution priorities, which could fluctuate over time and may be different from its stated ownership or final profit-sharing interest. (e) Classified as a VIE; however, the Company is not the primary beneficiary and accounts for its investment in accordance with the equity method. Refer to discussion below for additional information. (f) Other 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 the current year, or cumulatively. 110 North Wacker The Company formed a partnership with a local developer (the Partnership) during the second quarter of 2017. During the second quarter of 2018, the Partnership executed an agreement with USAA to construct and operate the building at 110 North Wacker through a separate legal entity (the Venture). Construction was completed in the third quarter of 2020. In March 2022, the Partnership completed the sale of its ownership interest in the Venture for a gross sales price of $208.6 million. Upon sale, the Company recognized income of $5.0 million in Equity in earnings (losses) from unconsolidated ventures in the Consolidated Statements of Operations. Based upon the Partnership’s waterfall, $168.9 million of the net sales proceeds were allocated to the Company with the remaining $22.1 million allocated to the local developer. The Summit In 2015, the Company formed DLV/HHPI Summerlin, LLC (The Summit) with Discovery Land Company (Discovery) to develop a custom home community in Summerlin. Phase I The Company contributed land with a carrying value of $13.4 million and transferred SID bonds related to such land with a carrying value of $1.3 million to The Summit at the agreed upon capital contribution value of $125.4 million, or $226,000 per acre, and has no further capital obligations. Discovery is required to fund up to a maximum of $30.0 million of cash as their capital contribution, of which $3.8 million has been contributed. The gains on the contributed land are recognized in Equity in earnings (losses) from unconsolidated ventures as The Summit sells lots. The Company has received its preferred return distributions and recognizes its share of income or loss for Phase I based on its final profit-sharing interest. Phase II In July 2022, the Company contributed an additional 54 acres to The Summit (Phase II land) with a fair value of $21.5 million. The Company recognized an incremental equity method investment at the fair value of $21.5 million and recognized a gain of $13.5 million recorded in Equity in earnings (losses) from unconsolidated ventures. This gain is the result of marking the cost basis of the land contributed to its estimated fair value at the time of contribution. The Phase II land is adjacent to the existing Summit development and includes approximately 28 custom home sites. The first lot sales closed in the first quarter of 2023. The Company will receive distributions and recognize its share of income or loss for Phase II based on the joint venture’s distribution priorities in the amended Summit LLC agreement, which could fluctuate over time. Upon receipt of preferred returns to HHH, distributions and recognition of income or loss will be allocated to the company based on its final profit-sharing interest. Floreo In the fourth quarter of 2021, simultaneous with the Teravalis land acquisition, the Company closed on the acquisition of a 50% interest in Trillium Development Holding Company, LLC (Floreo), for $59.0 million and entered into a Limited Liability Company Agreement (LLC Agreement) with JDM Partners and El Dorado Holdings to develop the first village within the new Teravalis MPC on 3,029 acres of land in the greater Phoenix, Arizona area. The first land sales closed in the first quarter of 2024. In October 2022, Floreo closed on a $165.0 million financing, with outstanding borrowings of $158.6 million as of December 31, 2024. The Company provided a guaranty on this financing in the form of a collateral maintenance obligation and received a guaranty fee of $5.0 million. The financing and related guaranty provided by the Company triggered a reconsideration event, and as of December 31, 2022, Floreo was classified as a VIE. Due to rights held by other members, the Company does not have a controlling financial interest in Floreo and is not the primary beneficiary. As of December 31, 2024, the Company’s maximum exposure to loss as a result of this investment is limited to the $60.8 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 11 - Commitments and Contingencies for additional information related to the Company’s collateral maintenance obligation. West End Alexandria In the fourth quarter of 2021, the Company entered into an Asset Contribution Agreement with Landmark Land Holdings, LLC (West End Alexandria) to redevelop a 52-acre site previously known as Landmark Mall. Other equity owners include Foulger-Pratt Development, LLC (Foulger-Pratt) and Seritage SRC Finance (Seritage). The Company conveyed its 33-acre Landmark Mall property with an agreed upon fair value of $56.0 million and Seritage conveyed an additional 19 acres of land with an agreed upon fair value of $30.0 million to West End Alexandria in exchange for equity interest. Additionally, Foulger-Pratt agreed to contribute $10.0 million to West End Alexandria. Also in the fourth quarter of 2021, West End Alexandria executed a Purchase and Sale Agreement with the City of Alexandria to sell approximately 11 acres to the City of Alexandria. The city will lease this land to Inova Health Care Services for construction of a new hospital. Development plans for the remaining 41-acre property include approximately four million square feet of residential, retail, commercial, and entertainment offerings integrated into a cohesive neighborhood with a central plaza and a network of parks and public transportation. Foulger-Pratt manages construction of the development. Demolition began in the second quarter of 2022 and was completed in 2023, with the completion of infrastructure work expected in 2025. The Company does not have the ability to control the activities that most impact the economic performance of the venture as Foulger-Pratt is the managing member and manages all development activities. As such, the Company accounts for its ownership interest in accordance with the equity method. Summarized Financial Information The following tables provide combined summarized financial statement information for the Company’s unconsolidated ventures. Financial statement information is included for each investment for all periods in which the Company’s ownership interest was accounted for as an equity method investment. thousands December 31, 2024 December 31, 2023 Consolidated Balance Sheets Total Assets $ 879,908 $ 814,627 Total Liabilities 526,320 436,289 Total Equity 353,588 378,338 Year Ended December 31, thousands 2024 2023 2022 Consolidated Statements of Operations Revenues $ 219,766 $ 347,084 $ 150,746 Operating Income 35,545 75,099 31,752 Net income (loss) 20,987 55,006 31,058

Acquisitions and Dispositions

Acquisitions and Dispositions	12 Months Ended
	Dec. 31, 2024
Acquisitions And Dispositions [Abstract]
Acquisitions and Dispositions	4. Acquisitions and Dispositions Acquisitions Operating Assets 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. Strategic Developments In May 2023, the Company acquired the Grogan’s Mill Village Center and related anchor site, a retail property in The Woodlands consisting of approximately 8.7 acres for $5.9 million in an asset acquisition. Dispositions Gains and losses on asset dispositions are recorded to Gain (loss) on sale or disposal of real estate and other assets, net in the Consolidated Statements of Operations, unless otherwise noted. Operating Assets During 2024, the Company completed the sale of four non-core ground leases in The Woodlands, for total proceeds of $9.6 million, resulting in a gain of $6.7 million. In December 2024, the Company completed the sale of Lakeland Village Center at Bridgeland, a 67,947-square-foot retail property in Bridgeland, for $28.0 million, resulting in a gain of $11.4 million. In February 2024, the Company completed the sale of Creekside Park Medical Plaza, a 32,689-square-foot medical office building in The Woodlands, 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, 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, for $30.5 million, resulting in a gain of $16.1 million. In March 2023, the Company completed the sale of two land parcels in Honolulu, Hawai‘i, including an 11,929-square-foot building at the Ward Village Retail property, for total consideration of $6.3 million, resulting in a gain of $4.7 million. In December 2022, the Company completed the sale of Creekside Village Green, a 74,670-square-foot retail property in The Woodlands, for $28.4 million, resulting in a gain of $13.4 million. In December 2022, the Company completed the sale of Lake Woodlands Crossing, a 60,261-square-foot retail property in The Woodlands, for $22.5 million, resulting in a gain of $12.2 million. The Company retained the underlying land and simultaneously with the sale executed a 99-year ground lease with the buyer, which is classified as an operating lease. In June 2022, the Company completed the sale of the Outlet Collection at Riverwalk, a 264,080-square-foot outlet center located in downtown New Orleans, for $34.0 million, resulting in a gain on sale of $4.0 million. In March 2022, the Company completed the sale of its ownership interest in 110 North Wacker for $208.6 million. See Note 3 - Investments in Unconsolidated Ventures for additional information.

Impairment

Impairment	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Impairment	5. 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 Property, Plant, and Equipment, 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 in continuing operations during the three years ended December 31, 2024. 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 3 - 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 in continuing operations during the three years ended December 31, 2024. In 2023, the Company recorded a $709.5 million impairment charge related to the Seaport segment, which is now reported in discontinued operations following the spinoff of SEG.

Other Assets and Liabilities

Other Assets and Liabilities	12 Months Ended
	Dec. 31, 2024
OTHER ASSETS AND LIABILITIES
Other Assets and Liabilities	6. Other Assets and Liabilities Other Assets, Net The following table summarizes the significant components of Other assets, net as of December 31: thousands 2024 2023 Special Improvement District receivable, net $ 97,432 $ 74,899 Security, escrow, and other deposits 66,348 67,701 In-place leases, net 32,995 35,490 Other 26,377 15,140 Prepaid expenses 22,791 15,551 Tenant incentives and other receivables, net 12,567 10,840 Interest rate derivative assets 9,082 10,318 TIF receivable, net 4,340 6,371 Intangibles, net 3,359 1,360 Net investment in lease receivable 2,809 2,883 Notes receivable, net 870 1,412 Condominium inventory 525 671 Other assets, net $ 279,495 $ 242,636 Accounts Payable and Other Liabilities The following table summarizes the significant components of Accounts payable and other liabilities as of December 31: thousands 2024 2023 Condominium deposit liabilities $ 459,683 $ 478,870 Construction payables 252,619 244,749 Deferred income 125,784 114,402 Accrued interest 51,828 53,301 Accounts payable and accrued expenses 48,324 47,576 Other 47,656 23,555 Tenant and other deposits 47,112 29,422 Accrued payroll and other employee liabilities 30,170 31,002 Accrued real estate taxes 29,284 30,096 Accounts payable and other liabilities $ 1,092,460 $ 1,052,973

Intangibles

Intangibles	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	7. Intangibles The following table summarizes the Company’s intangible assets and liabilities: As of December 31, 2024 As of December 31, 2023 Gross Asset (Liability) Accumulated (Amortization)/ Accretion Net Carrying Amount Gross Asset (Liability) Accumulated (Amortization)/ Accretion Net Carrying Amount thousands Intangible Assets: Other intangibles $ 4,526 $ (1,324) $ 3,202 $ 2,407 $ (1,204) $ 1,203 Indefinite lived intangibles 157 — 157 157 — 157 Tenant leases: In-place value 56,019 (23,024) 32,995 54,180 (18,690) 35,490 Above-market 1,281 (395) 886 292 (261) 31 Below-market (627) 627 — (576) 536 (40) Total indefinite lived intangibles $ 157 $ 157 Total amortizing intangibles $ 37,083 $ 36,684 Other intangibles includes trademark and trade name intangibles related to MPCs as well as internally developed software. These intangibles are included in Other assets, net and are amortized on a straight-line basis over the estimated useful life of the asset. The tenant in-place, above-market, and below-market lease intangible assets resulted from real estate acquisitions. The in‑place value and above-market value of tenant leases are included in Other assets, net and are amortized over periods that approximate the related lease terms. The below‑market tenant leases are included in Accounts payable and other liabilities and are amortized over the remaining non-cancelable terms of the respective leases. See Note 6 - Other Assets and Liabilities for additional information regarding Other assets, net and Accounts payable and other liabilities. Net amortization and accretion expense for these intangible assets and liabilities was $6.2 million in 2024, $4.3 million in 2023, and $4.7 million in 2022. Future net amortization and accretion expense is estimated for each of the five succeeding years as shown below: thousands 2025 2026 2027 2028 2029 Net amortization and accretion expense $ 5,304 $ 5,073 $ 4,454 $ 4,344 $ 4,278

Mortgages, Notes and Loans Paya

Mortgages, Notes and Loans Payable, Net	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Mortgages, Notes and Loans Payable, Net	8. Mortgages, Notes, and Loans Payable, Net Mortgages, Notes, and Loans Payable Mortgages, notes, and loans payable, net are summarized as follows: December 31, thousands 2024 2023 Fixed-rate debt Senior unsecured notes $ 2,050,000 $ 2,050,000 Secured mortgages payable 1,635,750 1,442,505 Special Improvement District bonds 83,779 65,627 Variable-rate debt (a) Secured Bridgeland Notes 283,000 475,000 Secured mortgages payable 1,115,908 1,161,488 Unamortized deferred financing costs (b) (40,968) (47,628) Mortgages, notes, and loans payable, net $ 5,127,469 $ 5,146,992 (a) The Company has entered into derivative instruments to manage the variable interest rate exposure. The Company had an interest rate swap and two interest rate caps that expired in the third quarter of 2023. See Note 10 - Derivative Instruments and Hedging Activities for additional information. (b) Deferred financing costs are amortized to interest expense over the initial contractual term of the respective financing agreements using the effective interest method (or other methods which approximate the effective interest method). As of December 31, 2024, land, buildings and equipment, developments, and other collateral with a net book value of $4.7 billion have been pledged as collateral for the Company’s debt obligations. Senior notes totaling $2.1 billion and $89.0 million of Secured mortgages payable are recourse to the Company. Senior Unsecured Notes During 2020 and 2021, the Company issued $2.1 billion of aggregate principal of senior unsecured notes. These notes have fixed rates of interest that are payable semi-annually and are interest only until maturity. These debt obligations are redeemable prior to the maturity date subject to a “make-whole” premium which decreases annually until 2026 at which time the redemption make-whole premium is no longer applicable. The following table summarizes the Company’s senior unsecured notes by issuance date: $ in thousands Principal Maturity Date Interest Rate August 2020 $ 750,000 August 2028 5.375% February 2021 650,000 February 2029 4.125% February 2021 650,000 February 2031 4.375% Senior unsecured notes $ 2,050,000 Secured Mortgages Payable The Company’s outstanding mortgages are collateralized by certain of the Company’s real estate assets. Certain of the Company’s loans contain provisions that grant the lender a security interest in the operating cash flow of the property that represents the collateral for the loan. Certain mortgage notes may be prepaid subject to a prepayment penalty equal to a yield maintenance premium, defeasance, or a percentage of the loan balance. Construction loans related to the Company’s development properties are generally variable-rate, interest-only, and have maturities of five years or less. Debt obligations related to the Company’s operating properties generally require monthly installments of principal and interest. The following table summarizes the Company’s Secured mortgages payable: December 31, 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) $ 1,635,750 3.13% - 8.67% 4.74 % 5.8 $ 1,442,505 3.13% - 8.67% 4.45 % 7.0 Variable rate (b) 1,115,908 6.43% - 9.42% 7.67 % 1.7 1,161,488 7.08% - 10.48% 8.69 % 2.1 Secured mortgages payable $ 2,751,658 3.13% - 9.42% 5.93 % 4.1 $ 2,603,993 3.13% - 10.48% 6.34 % 4.8 (a) Interest rates presented are based upon the coupon rates of the Company’s fixed-rate debt obligations. (b) Interest rates presented are based on the applicable reference interest rates as of December 31, 2024 and 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 7.02% as of December 31, 2024, and 7.86% as of December 31, 2023. See Note 10 - 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 $417.0 million, new borrowings of $95.1 million (excluding undrawn amounts on new construction loans), refinancings of $168.0 million, and repayments of $373.3 million. As of December 31, 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 6.05% with maturities ranging from 2025 to 2054 as of December 31, 2024, and fixed rates ranging from 4.13% to 7.00% with maturities ranging from 2025 to 2053 as of December 31, 2023. For the year ended December 31, 2024, $38.0 million in SID bonds were issued and obligations of $18.0 million were assumed by buyers. Secured Bridgeland Notes In the fourth quarter of 2024, the borrowing capacity of the Company’s secured notes was expanded from $475.0 million to $600.0 million, and the maturity was extended from 2026 to 2029. This financing is secured by MUD receivables and land in Bridgeland. The loan required a 10% fully refundable deposit on the outstanding balance and has an interest rate of 6.81%. As of December 2023, outstanding borrowings were $475.0 million. In the third quarter of 2024, $192.0 million was repaid using the proceeds from the sale of MUD receivables, bringing outstanding borrowings to $283.0 million as of December 31, 2024. Debt Compliance As of December 31, 2024, the Company was in compliance with all property-level debt covenants with the exception of five property-level debt instruments. As a result, the excess net cash flow after debt service from the underlying properties became restricted. While the restricted cash could not be used for general corporate purposes, it could be used to fund operations of the underlying assets and did not have a material impact on the Company’s liquidity or its ability to operate these assets. Scheduled Maturities The following table summarizes the contractual obligations relating to the Company’s mortgages, notes, and loans payable as of December 31, 2024: thousands Mortgages, notes, and loans payable principal payments 2025 $ 421,202 2026 509,097 2027 415,717 2028 838,680 2029 1,270,240 Thereafter 1,713,501 Total principal payments 5,168,437 Unamortized deferred financing costs (40,968) Mortgages, notes, and loans payable $ 5,127,469

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value	9. Fair Value ASC 820, Fair Value Measurement (ASC 820), emphasizes that fair value is a market-based measurement that should be determined using assumptions market participants would use in pricing an asset or liability. The standard establishes a hierarchical disclosure framework that prioritizes and ranks the level of market price observability used in measuring assets or liabilities at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the asset or liability. Assets or liabilities with readily available active quoted prices, or for which fair value can be measured from actively quoted prices, generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. The following table presents the fair value measurement hierarchy levels required under ASC 820 for the Company’s assets that are measured at fair value on a recurring basis. The Company does not have any liabilities that are measured at a fair value on a recurring basis for the periods presented. December 31, 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 Significant Unobservable Inputs Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Interest rate derivative assets $ 9,082 $ — $ 9,082 $ — $ 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: December 31, 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 $ 998,503 $ 998,503 $ 1,009,212 $ 1,009,212 Accounts receivable, net (a) Level 3 105,185 105,185 101,373 101,373 Notes receivable, net (b) Level 3 870 870 1,412 1,412 Liabilities: Fixed-rate debt (c) Level 2 3,769,529 3,495,298 3,558,132 3,255,525 Variable-rate debt (c) Level 2 1,398,908 1,398,908 1,636,488 1,636,488 (a) Accounts receivable, net is shown net of an allowance of $8.2 million at December 31, 2024, and $13.6 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 December 31, 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 December 31, 2024 . Refer to Note 8 - Mortgages, Notes, and Loans Payable, Net for additional information. The discount rates reflect the Company’s judgment as to what the approximate current lending rates for loans or groups of loans with similar maturities and credit quality would be if credit markets were operating efficiently and assuming that the debt is outstanding through maturity. The carrying amounts for the Company’s variable-rate debt approximate fair value given that the interest rates are variable and adjust with current market rates for instruments with similar risks and maturities.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	10. Derivative Instruments and Hedging Activities The Company is exposed to interest rate risk related to its variable interest rate debt, and it manages this risk by utilizing interest rate derivatives. The Company uses interest rate swaps, collars, and caps to add stability to interest costs by reducing the Company’s exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company’s fixed‑rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate collars designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above an established ceiling rate and payment of variable amounts to a counterparty if interest rates fall below an established floor rate, in exchange for an upfront premium. No payments or receipts are exchanged on interest rate collar contracts unless interest rates rise above or fall below the established ceiling and floor rates. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an upfront premium. Certain of the Company’s interest rate caps are not currently designated as hedges, and therefore, any gains or losses are recognized in current-period earnings within Interest expense on the Consolidated Statements of Operations. These derivatives are recorded on a gross basis at fair value on the balance sheet. Assessments of hedge effectiveness are performed quarterly using regression analysis. The change in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in Accumulated other comprehensive income (loss) (AOCI) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings within the same income statement line item being hedged. Derivatives accounted for as cash flow hedges are classified in the same category in the Consolidated Statements of Cash Flows as the items being hedged. Gains and losses from derivative financial instruments are reported in Cash provided by (used in) operating activities within the Consolidated Statements of Cash Flows. The Company is exposed to credit risk in the event of non-performance by its derivative counterparties. To mitigate its credit risk, the Company reviews the creditworthiness of counterparties and enters into agreements with those that are considered credit-worthy, such as large financial institutions with favorable credit ratings. There were no derivative counterparty defaults as of December 31, 2024 or 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. During the year ended December 31, 2024, the Company recorded an immaterial reduction in Interest expense 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 $3.0 million of net gain will be reclassified to Interest expense including amounts related to the amortization of terminated swaps. The following table summarizes certain terms of the Company’s derivative contracts. The Company reports derivative assets in Other assets, net and derivative liabilities in Accounts payable and other liabilities. Fair Value Asset (Liability) Notional Fixed Interest Effective Maturity December 31, December 31, thousands Amount Rate (a) Date Date 2024 2023 Derivative instruments not designated as hedging instruments: (b) Interest rate collar 173,477 2.00% - 4.50% 6/1/2023 6/1/2025 $ 35 $ 417 Interest rate collar 205,613 2.00% - 4.50% 6/1/2023 6/1/2025 34 440 Interest rate cap 75,000 2.50% 10/12/2021 9/29/2025 919 2,274 Interest rate cap 59,500 2.50% 10/12/2021 9/29/2025 729 1,804 Interest rate cap 59,619 6.00% 6/20/2024 7/15/2026 30 — Interest rate cap 6,924 6.00% 6/20/2024 7/15/2026 4 — Interest rate cap 46,875 5.25% 12/2/2024 12/15/2026 297 — Derivative instruments designated as hedging instruments: Interest rate cap 127,000 5.50% 11/10/2022 11/7/2024 — 28 Interest rate cap 127,000 3.50% 11/7/2024 11/7/2025 725 — Interest rate cap 73,241 5.00% 12/22/2022 12/21/2025 15 223 Interest rate swap (c) 175,000 3.69% 1/3/2023 1/1/2027 1,062 117 Interest rate swap 40,800 1.68% 3/1/2022 2/18/2027 1,979 2,496 Interest rate swap 34,392 4.89% 11/1/2019 1/1/2032 3,253 2,519 Total fair value derivative assets $ 9,082 $ 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 $1.4 million in 2024 and $0.5 million in 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 Consolidated Statements of Operations for the years ended December 31: Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in AOCI on Derivatives thousands 2024 2023 2022 Interest rate derivatives $ 4,818 $ 3,809 $ 25,657 Location of Gain (Loss) Reclassified from AOCI into Statements of Operations Amount of Gain (Loss) Reclassified from AOCI into Statements of Operations thousands 2024 2023 2022 Interest expense $ 4,497 $ 13,131 $ (6,041) 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. None of the Company’s derivatives which contain credit-risk-related features were in a net liability position as of December 31, 2024.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies Litigation I n the normal course of business, from time to time, the Company is involved in legal proceedings relating to the ownership and operations of its properties. In management’s opinion, the liabilities, if any, that may ultimately result from normal course of business legal actions are not expected to have a material effect on the Company’s consolidated financial position, results of operations, or liquidity. 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 (A) HHH gave its consent, under the Covenants, to IMH’s proposed changes in use and onsite parking, or (B) that the limitations under the Covenants are 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 alleges 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 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 In June 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 properties and diminution of their property values. In August 2022, the Court granted the Company’s summary judgment motions and dismissed the plaintiffs’ claims. The Plaintiffs appealed the Company’s summary judgment win on Plaintiffs’ claims for negligence and negligent undertaking. Plaintiffs did not appeal the Company’s summary judgment win on the rest of the Plaintiffs’ causes of action. A Court of Appeals three-judge panel affirmed the trial court’s decision, and the Plaintiffs filed a motion for rehearing, which is currently pending. The Company 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. 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. However, as the Company believed the general contractor was ultimately responsible for the defects, the Company sought to recover the repair costs from the general contractor, other responsible parties, and insurance proceeds. Total estimated cost related to the remediation was $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 December 31, 2024, $0.4 million remains in Construction payables for the estimated repair costs related to this matter, which is included in Accounts payable and other liabilities in the accompanying Consolidated Balance Sheets. In July 2024, the Company executed a settlement agreement with the general contractor, the Waiea homeowners association, and various insurance carriers. As part of this settlement, the Company received $90.0 million of insurance proceeds from various insurance carriers during the third quarter of 2024, which was recognized in Other income (loss), net in the accompanying Consolidated Statements of Operations. The amount received represents the full payout of the related insurance policy and per the executed agreement the Company agreed to release the general contractor and the insurance carriers from any further claims related to the construction defects at the condominium tower. Also, as part of this settlement agreement, the Company agreed to pay the general contractor $22.0 million, representing the final payment of project costs previously incurred by the general contractor. This amount was paid in September 2024, and as the Company had $9.9 million accrued at December 31, 2023, related to these costs, the difference of $12.1 million was recognized in Condominium rights and units cost of sales in the accompanying Consolidated Statements of Operations. Kō'ula On January 25, 2025, the Association of Unit Owners of Kō'ula (AOUO) provided notice of a claim filed against the Howard Hughes Corporation, and alleged affiliated entities, in the Circuit Court of First Circuit, State of Hawaii. This claim is a building-wide construction matter alleging unspecified construction defects. As the Company is awaiting information from the AOUO identifying its claims with specificity, the Company has not accrued any amount related to this claim as no estimate can be made at this time. The Company does have an insurance policy to cover legal fees and defect repairs, if necessary. Letters of Credit and Surety Bonds As of December 31, 2024, the Company had outstanding letters of credit totaling $3.9 million and surety bonds totaling $353.8 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 Consolidated Balance Sheets. See Note 17 - Leases for further discussion. Guaranty Agreements The Company evaluates the likelihood of future performance under the below guarantees and, as of December 31, 2024 and 2023, there were no events requiring financial performance under the following guarantees. Seaport Entertainment Guaranty Immediately prior to the spinoff, 250 Seaport District, LLC (SEG Borrower), then a subsidiary of HHH, refinanced the existing mortgage loan related to the 250 Water Street property. This included the repayment of the existing mortgage loan payable with a carrying value of $113.4 million and the incurrence of $61.3 million in new mortgage indebtedness (SEG Term Loan). As part of the refinancing, SEG Borrower also entered into a total return swap with a third-party lender to provide credit support for the SEG Term Loan, which was supported by a guaranty provided by a separate subsidiary of HHH (HHH Guarantor). The SEG Term Loan and related total return swap were included in the liabilities transferred to Seaport Entertainment upon completion of the spinoff. As a result, following the spinoff, HHH Guarantor now provides a full backstop guaranty for the SEG Term Loan. The SEG Term Loan agreement is scheduled to mature on July 1, 2029. Collateral for the loan includes the 250 Water Street property which was transferred to SEG upon completion of the spinoff. Under the terms of SEG’s loan agreement, the Loan-to-Value (LTV) ratio must not exceed certain thresholds. In the event the LTV ratio exceeds the applicable threshold, SEG must pay down the loan to an amount that would result in an LTV ratio under the applicable threshold. In the event SEG fails to make any necessary payments when due, HHH Guarantor is required to make all payments in full. In consideration of HHH Guarantor providing such guaranty, SEG will pay the Company an annualized guaranty fee equal to 2.0% of the total outstanding principal, paid monthly. The Company’s maximum exposure under this guaranty is equal to the outstanding principal and interest balance at the end of each period. Given the value of the 250 Water Street property collateral, the Company does not expect to have to perform under this guaranty. As of December 31, 2024, the SEG Term Loan LTV ratio is under the applicable threshold. 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 December 31, 2024, were $158.6 million. A wholly owned subsidiary of the Company (HHC Member) provides a guaranty for the bond in the form of a collateral maintenance commitment under which it will post refundable cash collateral if the Loan-to-Value ratio exceeds 50%. A separate wholly owned subsidiary of the Company also provides a backstop guaranty 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 guaranty, which was recognized in Accounts payable and other liabilities on the Consolidated Balance Sheets as of December 31, 2024. 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 guaranty is equal to the cash collateral that the Company may be obligated to post. As of December 31, 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 December 31, 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 guaranty whereby it is required to reserve 20% of the residential units for local residents who meet certain maximum income and net worth requirements. This guaranty, 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 guaranty in the community. Ulana Ward Village began construction in early 2023.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation Plans	12. Stock-Based Compensation Plans Prior to the consummation of the holding company reorganization discussed in Note 1 - Presentation of Financial Statements and Significant Accounting Policies , the Company maintained two equity incentive plans, which included stock options and restricted stock. In 2023, pursuant to the holding company reorganization, each outstanding share of HHC's common stock was automatically converted into one share of HHH common stock. HHH assumed all obligations under the equity incentive plans. All stock options and restricted stock outstanding will be settled in HHH stock. In May 2020, the Company’s stockholders approved The Howard Hughes Corporation 2020 Equity Incentive Plan (the 2020 Equity Plan). Pursuant to the 2020 Equity Plan, 1,350,000 shares of common stock were reserved for issuance. The 2020 Equity Plan provides for grants of stock options, stock appreciation rights, restricted stock, restricted stock units, and other stock-based awards. Employees, directors, and consultants of the Company are eligible for Awards. The 2020 Equity Incentive Plan is administered by the Compensation Committee of the HHH Board of Directors (Compensation Committee). Prior to the adoption of the 2020 Equity Plan, equity awards were issued under The Howard Hughes Corporation Amended and Restated 2010 Equity Incentive Plan (the 2010 Equity Plan). The adoption of the 2020 Equity Plan did not impact the administration of Awards issued under the 2010 Equity Plan but following adoption of the 2020 Equity Plan, equity awards will no longer be granted under the 2010 Equity Plan. As of December 31, 2024, there were a maximum of 598,842 HHH shares available for future grants under the 2020 Equity Plan. Prior to the spinoff of SEG, the Company had outstanding stock-based compensation awards in the form of stock options and RSAs, which were settleable in shares of common stock of HHH. At the time of the spinoff, all of these Awards were modified to adjust the number of HHH shares by certain ratios and/or allocation factors. The stock options were modified into HHH stock options and SEG stock options based on the applicable ratios and/or allocation factors. In addition, the growth targets for the RSAs based on Net Asset Value and related performance conditions were revised to carve out the impact of the spinoff. Also, the market conditions related to TSR targets were evaluated as of the spinoff date for the TSR-based RSAs and then modified to time-based, service conditions only. The number of grantees affected by the modification was 193 and the total incremental stock-based compensation cost resulting from the modification is $1.6 million. The following summarizes stock-based compensation expense, net of amounts capitalized to development projects, for the years ended December 31: thousands 2024 2023 2022 Stock Options (a) $ 195 $ 336 $ 250 Restricted Stock (b) 10,305 10,847 6,860 Pre-tax stock-based compensation expense $ 10,500 $ 11,183 $ 7,110 Income tax benefit $ 732 $ 882 $ 636 (a) Amounts shown are net of immaterial amounts capitalized to development projects. (b) Amounts shown are net of $3.9 million capitalized to development projects in 2024, $4.6 million capitalized to development projects in 2023, and $4.8 million capitalized to development projects in 2022. Stock Options As a result of the modification, 102,337 HHH stock options were cancelled representing all outstanding HHH stock options as of the modification date and replaced with 110,255 new HHH stock options granted on the modification date. The weighted-average exercise price for stock options granted is based on the post-spinoff exercise price for these awards. There were no other stock options granted during 2024 and no exercises in 2024. There were no grants nor exercises of stock options in 2023. The following table summarizes stock option activity: Stock Options Weighted-average Exercise Price Weighted-average Remaining Contractual Term (years) Aggregate Intrinsic Value Stock options outstanding at December 31, 2023 134,337 $ 108.76 Granted 110,255 94.86 Forfeited (113,414) 103.17 Expired (39,776) 124.89 Stock options outstanding at December 31, 2024 91,402 $ 91.90 3.9 $ 491,624 Stock options vested and expected to vest at December 31, 2024 91,402 $ 91.90 3.9 $ 491,624 Stock options exercisable at December 31, 2024 46,861 $ 114.98 1.9 $ — There were no stock options exercised during 2023. The total intrinsic value of stock options exercised was $0.1 million during 2022, based on the difference between the market price at the exercise date and the exercise price. Cash received from stock option exercises was $0.3 million in 2022. The tax benefit from these exercises was immaterial. The fair value of stock option awards is determined using the Black-Scholes option-pricing model with the following assumptions: – Expected life —Based on the average of the time to vesting and full term of an option – Risk-free interest rates —Based on the U.S. Treasury rate over the expected life of an option – Expected volatility —Based on the average of implied and historical volatilities as of each of the grant dates The fair value on the grant date and the significant assumptions used in the Black‑Scholes option‑pricing model are as follows: 2024 2023 2022 Weighted-average grant date fair value $11.16 N/A $37.70 Assumptions Expected life of options (in years) (a) 3.3 N/A 7.5 Risk-free interest rate 4.3% N/A 3.4% Expected volatility 30.6% N/A 50.3% Expected annual dividend per share — N/A — (a) The expected life of options granted in 2024 is the expected time to exercise from the modification date as determined by the Black-Scholes option-pricing model. Generally, options granted vest over requisite service periods, expire ten years after the grant date and generally do not become exercisable until their restrictions on exercise lapse after the five-year anniversary of the grant date. The balance of unamortized stock option expense as of December 31, 2024, was $0.3 million, which is expected to be recognized over a weighted‑average period of 1.4 years. Restricted Stock Restricted stock awards issued under the 2020 Equity Plan provide that shares awarded may not be sold or otherwise transferred until restrictions have lapsed as established by the Compensation Committee. In addition to the granting of restricted stock to certain members of management, the Company awards restricted stock to HHH’s non‑employee directors as part of their annual retainer. The management awards generally vest over a range of three As a result of the modification, 528,710 restricted stock awards were cancelled representing all unvested restricted stock awards as of the modification date and replaced with 438,266 new restricted stock awards granted on the modification date. The weighted-average grant date fair value for restricted stock granted due to modification is based on the fair value at date of modification. The following table summarizes restricted stock activity: Restricted Stock Weighted-average Grant Date Fair Value Restricted stock outstanding at December 31, 2023 393,698 $ 79.94 Granted 740,907 66.16 Vested (135,961) 75.84 Forfeited (626,689) 78.49 Restricted stock outstanding at December 31, 2024 371,955 $ 56.43 The grant date fair value of restricted stock is based on the closing price of HHH common stock at grant date. For restricted stock awards that vest based on stockholder returns, the grant date fair value is calculated using a Monte-Carlo approach which simulates HHH’s stock price on the corresponding vesting dates and is reflected at the target level of performance. For restricted stock awards that vest based on net asset value per share, the grant date fair value is calculated using a Monte-Carlo approach which simulates HHH’s net asset value on the vesting date and is reflected at the target level of performance. The weighted-average grant-date fair value per share of restricted stock granted was $83.85 during 2023 and $88.19 during 2022. The fair value of restricted stock that vested was $10.3 million during 2024, $9.6 million during 2023, and $8.0 million during 2022, based on the HHH market price at the vesting date. The balance of HHC’s unamortized restricted stock expense as of December 31, 2024, was $16.7 million, which is expected to be recognized over a weighted‑average period of 1.8 years.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	13. Income Taxes Deferred income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax basis of assets and liabilities using enacted tax rates currently in effect. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards. The following summarizes income tax expense (benefit) for the years ended December 31: thousands 2024 2023 2022 Current $ 18,655 $ 36,315 $ 26,364 Deferred 62,306 (9,667) 55,832 Total $ 80,961 $ 26,648 $ 82,196 Reconciliation of the Income tax expense (benefit) if computed at the U.S. federal statutory income tax rate to the Company’s reported Income tax expense (benefit) for the years ended December 31 is as follows: thousands except percentages 2024 2023 2022 Income (loss) from continuing operations before income taxes $ 369,023 $ 110,880 $ 334,905 U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % Tax computed at the U.S. federal statutory rate $ 77,495 $ 23,285 $ 70,330 Increase (decrease) in valuation allowance, net (20,762) 3,993 (1,209) State income tax expense (benefit), net of federal income tax 18,761 (4,413) 11,232 Tax expense (benefit) from other change in rates, prior period adjustments, and other permanent differences 3,398 1,701 314 Tax expense on compensation disallowance 1,920 2,133 1,551 Net (income) loss attributable to noncontrolling interests 149 (51) (22) Income tax expense (benefit) $ 80,961 $ 26,648 $ 82,196 Effective tax rate 21.9 % 24.0 % 24.5 % As of December 31, 2024, the amounts and expiration dates of operating loss carryforwards for tax purposes are as follows: thousands Amount Net operating loss carryforwards - Federal (a) $ 802,747 Net operating loss carryforwards - State (b) 1,237,887 (a) Federal net operating loss carryforwards have an indefinite carryforward period. (b) State net operating loss carryforwards of $979.7 million have an indefinite carryforward period. The remaining $258.1 million of carryforwards have varying carryforward periods through 2044. The following summarizes tax effects of temporary differences and carryforwards included in the net deferred tax liabilities as of December 31: thousands 2024 2023 Deferred tax assets: Operating and development properties and fixed assets $ — $ 204,532 Investments in unconsolidated ventures — 11,577 Accrued expenses 6,350 6,893 Prepaid expenses 45 2,015 Other 460 1,681 Operating loss and tax carryforwards 205,322 52,186 Total deferred tax assets 212,177 278,884 Valuation allowance (16,281) (62,781) Total net deferred tax assets $ 195,896 $ 216,103 Deferred tax liabilities: Master Planned Communities properties $ (209,067) $ (205,611) Operating and development properties and fixed assets (26,828) — Deferred income (81,073) (76,329) Accounts receivable (19,202) (18,686) Investments in unconsolidated ventures (2,833) — Total deferred tax liabilities (339,003) (300,626) Total net deferred tax liabilities $ (143,107) $ (84,523) The deferred tax liability associated with the Company’s MPCs is largely attributable to the difference between the basis and value determined as of the date of the acquisition by its predecessors adjusted for sales that have occurred since that time. The recognition of these deferred tax liabilities is dependent upon the timing and sales price of future land sales and the method of accounting used for income tax purposes. The deferred tax liability related to deferred income represents the difference between the income tax method of accounting and the financial statement method of accounting for prior sales of land in the Company’s MPCs. Generally, the Company is currently open to audit under the statute of limitations by the Internal Revenue Service as well as state taxing authorities for the years ended December 31, 2020 through 2023. In the Company’s opinion, it has made adequate tax provisions for years subject to examination. However, the final determination of tax examinations and any related litigation could be different from what was reported on the returns. The Company applies the generally accepted accounting principle related to accounting for uncertainty in income taxes, which prescribes a recognition threshold that a tax position is required to meet before recognition in the financial statements and provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure, and transition issues. The Company recognizes and reports interest and penalties related to unrecognized tax benefits, if applicable, within the provision for income tax expense. The Company had no unrecognized tax benefits for the years ended December 31, 2024, 2023, or 2022, and therefore did not recognize any interest expense or penalties on unrecognized tax benefits.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	12 Months Ended
	Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	14. Accumulated Other Comprehensive Income (Loss) The following tables summarize changes in AOCI, all of which are presented net of tax: thousands Balance at December 31, 2021 $ (14,457) Derivative instruments: Other comprehensive income (loss) before reclassifications 25,657 (Gain) loss reclassified to net income 6,041 Reclassification of the Company's share of previously deferred derivative gains to net income (a) (6,723) Pension adjustment (183) Net current-period other comprehensive income (loss) 24,792 Balance at December 31, 2022 $ 10,335 Derivative instruments: Other comprehensive income (loss) before reclassifications 3,809 (Gain) loss reclassified to net income (13,131) Pension adjustment 259 Net current-period other comprehensive income (loss) (9,063) Balance at December 31, 2023 $ 1,272 Derivative instruments: Other comprehensive income (loss) before reclassifications 4,818 (Gain) loss reclassified to net income (4,497) Pension adjustment 375 Net current-period other comprehensive income (loss) 696 Balance at December 31, 2024 $ 1,968 (a) In March 2022, the Company completed the sale of its ownership interest in 110 North Wacker and released a net of $6.7 million from Accumulated other comprehensive income (loss), representing the Company’s $8.6 million share of previously deferred gains associated with the Venture’s derivative instruments net of tax expense of $1.9 million. Refer to Note 3 - Investments in Unconsolidated Ventures for additional information. The following table summarizes the amounts reclassified out of AOCI for the years ended December 31: Accumulated Other Comprehensive Income (Loss) Components thousands Affected line items in the Statements of Operations 2024 2023 (Gains) losses on cash flow hedges $ (5,821) $ (16,970) Interest expense Income taxes on (gains) losses on cash flow hedges 1,324 3,839 Income tax expense (benefit) Total reclassifications of (income) loss for the period $ (4,497) $ (13,131)

Common Stock and Equity

Common Stock and Equity	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Common Stock and Equity	15. Common Stock and Equity On August 11, 2023, upon the consummation of the holding company reorganization transaction, existing shares of common stock of HHC were automatically converted, on a one-for-one basis, into shares of common stock of HHH, the new parent holding company, with the same designations, rights, powers, and preferences, and the same qualifications, limitations, and restrictions, as the shares of HHC common stock immediately prior to the reorganization. As a result of the reorganization, HHC has recorded various intercompany activities as capital transactions, which are reflected in HHC's Consolidated Statements of Equity. Additionally, in connection with the holding company reorganization, HHC transferred to HHH, and HHH assumed, sponsorship of all of HHC’s stock plans along with all of HHC’s rights and obligations under each plan. Subsequent to the reorganization, stock-based compensation associated with HHH equity awards granted and outstanding to HHC employees is reflected as capital contributions from HHH to HHC. Net income (loss) per share for HHC is not required, as its shares are not publicly traded, and HHC is now a direct, wholly owned subsidiary of HHH.

Revenues

Revenues	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenues	16. Revenues Revenues from contracts with customers (excluding lease-related revenues) are recognized when control of the promised goods or services is transferred to the Company’s customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Revenue and cost of sales for condominium units sold are not recognized until the construction is complete, the sale closes, and the title to the property has transferred to the buyer (point in time). Additionally, certain real estate selling costs, such as the costs related to the Company’s condominium model units, are either expensed immediately or capitalized as property and equipment and depreciated over their estimated useful life. The following presents the Company’s revenues disaggregated by revenue source for the years ended December 31: thousands 2024 2023 2022 Revenues from contracts with customers Recognized at a point in time: Condominium rights and unit sales $ 778,616 $ 47,707 $ 677,078 Master Planned Communities land sales 453,195 370,185 316,065 Builder price participation 52,023 60,989 71,761 Total 1,283,834 478,881 1,064,904 Recognized at a point in time or over time: Other land, rental, and property revenues 44,755 46,255 44,893 Rental and lease-related revenues Rental revenue 422,100 383,617 379,693 Total revenues $ 1,750,689 $ 908,753 $ 1,489,490 Revenues by segment Operating Assets revenues $ 444,300 $ 410,254 $ 401,304 Master Planned Communities revenues 522,925 448,452 408,365 Strategic Developments revenues 783,396 49,987 679,763 Corporate revenues 68 60 58 Total revenues $ 1,750,689 $ 908,753 $ 1,489,490 Contract Assets and Liabilities Contract assets are the Company’s right to consideration in exchange for goods or services that have been transferred to a customer, excluding any amounts presented as a receivable. Contract liabilities are the Company’s obligation to transfer goods or services to a customer for which the Company has received consideration. There were no contract assets for the periods presented. The contract liabilities primarily relate to escrowed condominium deposits, MPC land sales deposits, and deferred MPC land sales related to unsatisfied land improvements. The beginning and ending balances of contract liabilities and significant activity during the periods presented are as follows: thousands Contract Liabilities Balance at December 31, 2022 $ 453,091 Consideration earned during the period (109,030) Consideration received during the period 231,560 Balance at December 31, 2023 $ 575,621 Consideration earned during the period (865,949) Consideration received during the period 874,864 Balance at December 31, 2024 $ 584,536 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 December 31, 2024, was $3.1 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 $ 717,723 $ 721,738 $ 1,623,159 The Company’s remaining performance obligations are adjusted to reflect any known project cancellations, revisions to project scope and cost, and deferrals, as appropriate. These amounts exclude estimated amounts of variable consideration which are constrained, such as builder price participation.

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	17. Leases The Company has lease agreements with lease and non-lease components and has elected to aggregate these components into a single component for all classes of underlying assets. Certain of the Company’s lease agreements include non-lease components such as fixed common area maintenance charges. Lessee Arrangements The Company determines whether an arrangement is a lease at inception. Operating leases are included in Operating lease right-of-use assets and Operating lease obligations on the Consolidated Balance Sheets. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of future minimum lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses an estimate of the incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future lease payments. The Operating lease right-of-use asset also includes any lease payments made, less any lease incentives and initial direct costs incurred. The Company does not have any finance leases. The Company’s lessee agreements consist of operating leases primarily for ground leases and other real estate. The Company’s leases have remaining lease terms of approximately 2 years to approximately 25 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 leased assets and liabilities are as follows: thousands 2024 2023 Operating lease right-of-use assets $ 5,806 $ 5,463 Operating lease obligations $ 5,456 $ 5,362 Future minimum lease payments as of December 31, 2024, are as follows: thousands Operating Leases 2025 $ 692 2026 956 2027 898 2028 616 2029 622 Thereafter 5,981 Total lease payments 9,765 Less: imputed interest (4,309) Present value of lease liabilities $ 5,456 Other information related to the Company’s lessee agreements is as follows: Supplemental Consolidated Statements of Cash Flows Information Year ended December 31, thousands 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows on operating leases $ 759 $ 368 Other Information 2024 2023 Weighted-average remaining lease term (years) Operating leases 16.4 18.6 Weighted-average discount rate Operating leases 7.1 % 7.4 % Lessor Arrangements The Company receives rental income from the leasing of retail, office, multifamily, 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. Multifamily leases generally have a term of 12 months or less. Minimum rent revenues related to operating leases are as follows: Year ended December 31, thousands 2024 2023 Total minimum rent payments $ 235,652 $ 219,025 Total future minimum rents associated with operating leases are as follows: thousands Total Minimum Rent 2025 $ 237,680 2026 233,774 2027 224,137 2028 202,047 2029 182,760 Thereafter 672,278 Total $ 1,752,676 Minimum rent revenues are recognized on a straight‑line basis over the terms of the related leases when collectability is reasonably assured and the tenant has taken possession of, or controls, the physical use of the leased asset. Percentage rent in lieu of fixed minimum rent is recognized as sales are reported from tenants. Minimum rent revenues reported on the Consolidated Statements of Operations also include amortization related to above-market and below‑market tenant leases on acquired properties.

Segments

Segments	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segments	18. Segments In 2024, the Company completed the spinoff of Seaport Entertainment Group Inc. which included all assets in the previously reported Seaport segment and the Las Vegas Aviators and Las Vegas Ballpark previously included in the Operating Assets segment. These assets are now disclosed as discontinued operations in the current and prior periods. See Note 2 - Discontinued Operations for additional information on the spinoff transaction. The Company has three business segments, Operating Assets, MPC, and Strategic Developments, which are organized based on the different products and services that each segment offers, and are separately managed as each requires different operating strategies or management expertise reflective of management’s operating philosophies and methods. 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. Activity within each of the Company’s reportable segments is as follows: – Operating Assets – consists of developed or acquired retail, office, and multifamily properties along with other real estate investments. These properties are currently generating rental 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. Revenues are primarily generated through the sale of residential and commercial land to homebuilders and developers. – 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. Revenues are primarily generated from the sale of condominium units. The Chief Operating Decision Maker (CODM), which is the Company’s Chief Executive Officer, may use different operating measures to assess operating results and allocate resources among the three segments, however the measure that is most consistent with the amounts included in the consolidated financial statements is earnings before taxes (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 CODM utilizes EBT to evaluate the current financial performance and project the future financial performance of each segment to determine the allocation of capital resources. This measure is also used to evaluate the need for operational adjustments, such as adjustments to prices, cost structures, and product mix necessary to achieve profitability targets. Segment EBT is as follows for the years ended December 31: thousands Operating Assets Segment MPC Segment Strategic Developments Segment Year Ended December 31, 2024 Total revenues $ 444,300 $ 522,925 $ 783,396 Condominium rights and unit cost of sales — — (582,574) Master Planned Communities cost of sales — (169,191) — Operating costs (138,172) (52,736) (17,670) Rental property real estate taxes (55,915) — (2,480) (Provision for) recovery of doubtful accounts (504) — — Segment operating income (loss) 249,709 300,998 180,672 Depreciation and amortization (169,040) (438) (7,255) Interest income (expense), net (138,207) 60,473 18,603 Other income (loss), net 822 — 90,534 Equity in earnings (losses) from unconsolidated ventures 5,819 (11,899) 251 Gain (loss) on sale or disposal of real estate and other assets, net 22,907 — — Gain (loss) on extinguishment of debt (465) — — Segment EBT $ (28,455) $ 349,134 $ 282,805 Year Ended December 31, 2023 Total revenues $ 410,254 $ 448,452 $ 49,987 Condominium rights and unit cost of sales — — (55,417) Master Planned Communities cost of sales — (140,050) — Operating costs (130,125) (53,420) (21,908) Rental property real estate taxes (52,502) — (3,147) (Provision for) recovery of doubtful accounts 2,762 — — Segment operating income (loss) 230,389 254,982 (30,485) Depreciation and amortization (161,138) (418) (3,963) Interest income (expense), net (125,197) 64,291 16,074 Other income (loss), net 2,092 (102) 690 Equity in earnings (losses) from unconsolidated ventures 2,968 22,666 142 Gain (loss) on sale or disposal of real estate and other assets, net 23,926 — 236 Gain (loss) on extinguishment of debt (97) — — Segment EBT $ (27,057) $ 341,419 $ (17,306) Year Ended December 31, 2022 Total revenues $ 401,304 $ 408,365 $ 679,763 Condominium rights and unit cost of sales — — (483,983) Master Planned Communities cost of sales — (119,466) — Operating costs (118,416) (54,439) (19,001) Rental property real estate taxes (51,069) — (1,052) (Provision for) recovery of doubtful accounts (629) — — Segment operating income (loss) 231,190 234,460 175,727 Depreciation and amortization (145,208) (394) (5,319) Interest income (expense), net (87,664) 50,305 17,073 Other income (loss), net (1,383) 23 1,799 Equity in earnings (losses) from unconsolidated ventures 22,262 (1,407) 868 Gain (loss) on sale or disposal of real estate and other assets, net 29,588 — 90 Gain (loss) on extinguishment of debt (2,230) — — Segment EBT $ 46,555 $ 282,987 $ 190,238 The following represents the reconciliation of segment EBT to Net income (loss) from continuing operations before income taxes in the Consolidated Statements of Operations for the years ended December 31: thousands 2024 2023 2022 Operating Assets EBT $ (28,455) $ (27,057) $ 46,555 MPC EBT 349,134 341,419 282,987 Strategic Developments EBT 282,805 (17,306) 190,238 General and administrative (88,128) (85,619) (81,770) Gain (loss) on sale of MUD receivables (48,651) — — Corporate interest expense, net (80,446) (87,243) (88,394) Corporate income, expenses, and other items (17,236) (13,314) (14,711) Net income (loss) from continuing operations before income taxes $ 369,023 $ 110,880 $ 334,905 The following represents the reconciliation of segment revenue to Total revenues in the Consolidated Statements of Operations for the years ended December 31: thousands 2024 2023 2022 Operating Assets revenue $ 444,300 $ 410,254 $ 401,304 MPC revenue 522,925 448,452 408,365 Strategic Developments revenue 783,396 49,987 679,763 Corporate income 68 60 58 Total revenues $ 1,750,689 $ 908,753 $ 1,489,490 The following represents asset information by segment and the reconciliation of total segment assets to Total assets in the Consolidated Balance Sheets as of December 31: thousands 2024 2023 Operating Assets $ 3,548,162 $ 3,448,319 Master Planned Communities 3,373,827 3,358,821 Strategic Developments 1,836,791 1,638,955 Corporate 450,013 514,245 Discontinued operations — 615,272 Total assets $ 9,208,793 $ 9,575,612 The following represents capital expenditures by segment for the years ended December 31: thousands 2024 2023 Operating Assets $ 63,781 $ 44,342 Master Planned Communities 232 351 Strategic Developments 239,472 233,674 Corporate 740 7,028

Quarterly Financial Information

Quarterly Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2024
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information (Unaudited)	19. Quarterly Financial Information (Unaudited) The Company completed the spinoff of SEG in the third quarter of 2024. As the spinoff represented a strategic shift in the Company’s operations, the results of SEG are presented as discontinued operations, which resulted in retrospective changes to the Company’s Consolidated Statements of Operations. See Note 2 - Discontinued Operations for additional information. The following table provides summarized quarterly financial data for 2024 and 2023. All per share amounts presented below are calculated based on whole dollars and number of shares, and therefore the sum of continuing and discontinued operations per share amounts may not recalculate to the total per share amounts. thousands except per share amounts First Second Third Fourth 2024 Total revenues $ 156,484 $ 283,468 $ 327,147 $ 983,590 Operating income (loss) 13,336 89,402 199,375 261,432 Net income (loss) from continuing operations (20,438) 48,092 97,341 163,067 Net income (loss) from discontinued operations, net of tax (31,467) (26,309) (24,031) (6,416) Net income (loss) (51,905) 21,783 73,310 156,651 Net (income) loss attributable to noncontrolling interests (10) 34 273 414 Net income (loss) attributable to Howard Hughes Holdings Inc. (51,915) 21,817 73,583 157,065 2023 Total revenues $ 181,541 $ 185,775 $ 228,473 $ 312,964 Operating income (loss) 37,790 13,941 59,567 105,978 Net income (loss) from continuing operations 6,493 (7,981) 32,212 53,508 Net income (loss) from discontinued operations, net of tax (29,120) (11,160) (576,199) (18,461) Net income (loss) (22,627) (19,141) (543,987) 35,047 Net (income) loss attributable to noncontrolling interests (118) (2) (46) (77) Net income (loss) attributable to Howard Hughes Holdings Inc. (22,745) (19,143) (544,033) 34,970

SCHEDULE III - REAL ESTATE AND

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2024 Initial Cost (b) Costs Capitalized Subsequent to Acquisition (c) Gross Amounts at Which Carried at Close of Period (d) Name of Center thousands Location Center Type Encumbrances (a) Land Buildings and Improvements Land (e) Buildings and Improvements (e) Land Buildings and Improvements Total Accumulated Depreciation (f) Date of Construction Date Acquired / Completed Bridgeland Bridgeland Cypress, TX MPC $ 283,000 $ 260,223 $ — $ 249,010 $ 1,708 $ 509,233 $ 1,708 $ 510,941 $ (886) 2004 Bridgeland Predevelopment Cypress, TX Development — — 2,455 — — — 2,455 2,455 — Houston Ground Leases - Bridgeland Cypress, TX Other — 3,935 — — — 3,935 — 3,935 — Various Lakeside Row Cypress, TX Multifamily 35,500 812 42,875 — 543 812 43,418 44,230 (9,093) 2018 2019 One Bridgeland Green Cypress, TX Development — — 16,791 — — — 16,791 16,791 — 2024 Starling at Bridgeland Cypress, TX Multifamily 37,976 1,511 57,505 — 490 1,511 57,995 59,506 (4,781) 2021 2022 Village Green at Bridgeland Central Cypress, TX Retail 9,154 1,774 14,726 — — 1,774 14,726 16,500 (41) 2024 2024 Wingspan Cypress, TX Multifamily 49,138 1,214 72,042 — — 1,214 72,042 73,256 (3,263) 2022 2023 Columbia Color Burst Park Retail Columbia, MD Retail — 337 6,945 10 2,160 347 9,105 9,452 (1,217) 2019 2020 Columbia Ground Leases Columbia, MD Other — — 1,312 — — — 1,312 1,312 (18) 2024 Columbia Office Properties Columbia, MD Office — 1,175 14,394 — (1,179) 1,175 13,215 14,390 (7,184) 2004 / 2007 Columbia Parking Garages Columbia, MD Other — — 42,940 — (157) — 42,783 42,783 (6,866) Various Various Columbia Predevelopment Columbia, MD Development — — 34,530 — — — 34,530 34,530 — Juniper Columbia, MD Multifamily 117,000 3,923 112,435 — 9,098 3,923 121,533 125,456 (21,219) 2018 2020 10285 Lakefront Medical Office Columbia, MD Office 14,034 — 45,288 — — — 45,288 45,288 (739) 2022 2024 Lakefront District Columbia, MD Development — 400 80,053 (400) (44,992) — 35,061 35,061 — Various One Mall North Columbia, MD Office 6,774 7,822 10,818 — 2,533 7,822 13,351 21,173 (9,385) 2016 Marlow Columbia, MD Multifamily 75,815 4,088 130,083 — 3,495 4,088 133,578 137,666 (10,250) 2021 2022 6100 Merriweather Columbia, MD Office 76,000 2,550 86,867 — 9,261 2,550 96,128 98,678 (16,415) 2018 2019 One Merriweather Columbia, MD Office 49,800 1,433 56,125 — 1,738 1,433 57,863 59,296 (16,962) 2015 2017 Two Merriweather Columbia, MD Office 25,600 1,019 33,016 — 6,268 1,019 39,284 40,303 (9,625) 2016 2017 Merriweather District Columbia, MD Development — — 76,808 — 10,987 — 87,795 87,795 — 2015 Merriweather Row Columbia, MD Office 66,467 24,685 94,824 — 59,149 24,685 153,973 178,658 (44,418) 2012/2014 Rouse Building Columbia, MD Retail 22,362 — 28,865 — 3,063 — 31,928 31,928 (10,273) 2013 2014 Summerlin Aristocrat Las Vegas, NV Office 32,873 5,004 34,588 — 152 5,004 34,740 39,744 (8,113) 2017 2018 Constellation Las Vegas, NV Multifamily 24,200 3,069 39,759 — 2,494 3,069 42,253 45,322 (10,940) 2017 Downtown Summerlin (g)(h) Las Vegas, NV Retail/Office 1,519 30,855 364,100 — 31,318 30,855 395,418 426,273 (141,906) 2013 2014 / 2015 Hockey Ground Lease (g) Las Vegas, NV Other 141 6,705 2,198 — — 6,705 2,198 8,903 (403) 2017 Meridian Las Vegas, NV Office 8,807 4,509 38,905 — — 4,509 38,905 43,414 (837) 2022 2024 1700 Pavilion (g) Las Vegas, NV Office 70,574 1,700 101,760 — 9,178 1,700 110,938 112,638 (7,214) 2021 2022 Two Summerlin (g) Las Vegas, NV Office 40,857 3,037 47,104 — 2,151 3,037 49,255 52,292 (12,979) 2017 2018 Summerlin (g) Las Vegas, NV MPC 81,793 990,179 — 163,556 1,180 1,153,735 1,180 1,154,915 (752) 2004 Summerlin Grocery Anchored Center (g) Las Vegas, NV Retail 3,715 4,073 35,357 — — 4,073 35,357 39,430 (167) 2023 2024 Summerlin Predevelopment Las Vegas, NV Development — — 21,177 — — — 21,177 21,177 — Tanager (g) Las Vegas, NV Multifamily 58,616 7,331 53,978 — 661 7,331 54,639 61,970 (11,632) 2017 2019 Tanager Echo (g) Las Vegas, NV Multifamily 59,529 2,302 86,013 — — 2,302 86,013 88,315 (5,284) 2021 2023 Initial Cost (b) Costs Capitalized Subsequent to Acquisition (c) Gross Amounts at Which Carried at Close of Period (d) Name of Center thousands Location Center Type Encumbrances (a) Land Buildings and Improvements Land (e) Buildings and Improvements (e) Land Buildings and Improvements Total Accumulated Depreciation (f) Date of Construction Date Acquired / Completed Teravalis Teravalis Phoenix, AZ MPC — 544,546 312 834 20 545,380 332 545,712 (99) 2021 The Woodlands Creekside Park The Woodlands, TX Multifamily 36,912 729 40,116 — 620 729 40,736 41,465 (9,678) 2017 2018 Creekside Park The Grove The Woodlands, TX Multifamily 57,000 1,876 52,382 — 294 1,876 52,676 54,552 (7,648) 2019 2021 Creekside Park West The Woodlands, TX Retail 15,669 1,228 17,922 — 1,325 1,228 19,247 20,475 (3,317) 2018 2019 Grogan’s Mill Library and Community Center The Woodlands, TX Development — — 13,786 — — — 13,786 13,786 (375) 2024 Grogan's Mill Retail The Woodlands, TX Development — — 2,042 — — — 2,042 2,042 — 2024 Houston Ground Leases - The Woodlands The Woodlands, TX Other — 13,324 2,582 — — 13,324 2,582 15,906 (459) Various One Hughes Landing The Woodlands, TX Office 45,531 1,678 34,761 — (2,365) 1,678 32,396 34,074 (11,669) 2012 2013 Two Hughes Landing The Woodlands, TX Office 44,519 1,269 34,950 — (2,601) 1,269 32,349 33,618 (12,669) 2013 2014 Three Hughes Landing The Woodlands, TX Office 70,000 2,626 46,372 — 33,131 2,626 79,503 82,129 (24,487) 2014 2016 1725 Hughes Landing Boulevard The Woodlands, TX Office 61,221 1,351 36,764 — 28,164 1,351 64,928 66,279 (19,104) 2013 2015 1735 Hughes Landing Boulevard The Woodlands, TX Office 63,247 3,709 97,651 — (280) 3,709 97,371 101,080 (39,030) 2013 2015 Hughes Landing Daycare The Woodlands, TX Other — 138 — — — 138 — 138 — 2018 2019 Hughes Landing Retail The Woodlands, TX Retail 31,394 5,184 32,562 — 1,003 5,184 33,565 38,749 (11,748) 2013 2015 1701 Lake Robbins The Woodlands, TX Retail — 1,663 3,725 — 856 1,663 4,581 6,244 (1,327) 2014 2201 Lake Woodlands Drive The Woodlands, TX Office — 3,755 — — 1,210 3,755 1,210 4,965 (941) 2011 Lakefront North The Woodlands, TX Office 50,000 10,260 39,357 — 17,675 10,260 57,032 67,292 (13,735) 2018 One Lakes Edge The Woodlands, TX Multifamily 65,159 1,057 81,768 — 1,104 1,057 82,872 83,929 (26,022) 2013 2015 Two Lakes Edge The Woodlands, TX Multifamily 105,000 1,870 96,349 — 1,048 1,870 97,397 99,267 (18,534) 2018 2020 Millennium Six Pines The Woodlands, TX Multifamily 41,418 4,000 54,624 7,225 1,119 11,225 55,743 66,968 (17,438) 2016 Millennium Waterway The Woodlands, TX Multifamily 51,000 15,917 56,002 — 1,844 15,917 57,846 73,763 (26,643) 2012 8770 New Trails The Woodlands, TX Office 34,392 2,204 35,033 — 80 2,204 35,113 37,317 (7,986) 2019 2020 9303 New Trails The Woodlands, TX Office 7,195 1,929 11,915 — 2,295 1,929 14,210 16,139 (4,858) 2011 1 Riva Row The Woodlands, TX Development 35,996 — 88,897 — — — 88,897 88,897 — 2023 3831 Technology Forest Drive The Woodlands, TX Office 18,649 514 14,194 — 1,816 514 16,010 16,524 (8,024) 2014 2014 The Lane at Waterway The Woodlands, TX Multifamily 37,500 2,029 40,033 — 474 2,029 40,507 42,536 (6,892) 2019 2020 The Ritz-Carlton Residences The Woodlands, TX Development 40,402 — 47,655 — — — 47,655 47,655 (1,235) 2024 The Woodlands The Woodlands, TX MPC — 269,411 9,814 (79,918) (9,744) 189,493 70 189,563 (70) 2011 The Woodlands Parking Garages The Woodlands, TX Other — 6,885 3,600 2,497 15,103 9,382 18,703 28,085 (4,324) Various The Woodlands Predevelopment The Woodlands, TX Development — — 19,196 — — — 19,196 19,196 (1,675) The Woodlands Towers at the Waterway (i) The Woodlands, TX Office 379,549 11,044 437,561 — 48,835 11,044 486,396 497,440 (80,277) 2019 The Woodlands Warehouse The Woodlands, TX Other 13,700 4,480 4,389 — 103 4,480 4,492 8,972 (902) 2019 20/25 Waterway Avenue The Woodlands, TX Retail 14,500 2,346 8,871 — 1,053 2,346 9,924 12,270 (3,375) 2011 Waterway Plaza II The Woodlands, TX Office 9,663 841 10,279 — 399 841 10,678 11,519 (701) 2024 3 Waterway Square The Woodlands, TX Office 39,947 748 42,214 — 1,574 748 43,788 44,536 (17,802) 2012 2013 4 Waterway Square The Woodlands, TX Office 21,071 1,430 51,553 — 9,853 1,430 61,406 62,836 (24,354) 2011 Waterway Square Retail The Woodlands, TX Retail — 1,341 4,255 — 1,314 1,341 5,569 6,910 (2,006) 2011 1400 Woodloch Forest The Woodlands, TX Office — 1,570 13,023 — 5,864 1,570 18,887 20,457 (8,103) 2011 The Woodlands Hills The Woodlands Hills Conroe, TX MPC — 99,284 — 14,536 12 113,820 12 113,832 (7) 2014 Initial Cost (b) Costs Capitalized Subsequent to Acquisition (c) Gross Amounts at Which Carried at Close of Period (d) Name of Center thousands Location Center Type Encumbrances (a) Land Buildings and Improvements Land (e) Buildings and Improvements (e) Land Buildings and Improvements Total Accumulated Depreciation (f) Date of Construction Date Acquired / Completed Ward Village ‘A‘ali‘i Honolulu, HI Condominium — — 714 — 132 — 846 846 (69) 2018 2021 Ae`o Honolulu, HI Condominium — — 1,162 — — — 1,162 1,162 (175) 2016 2018 Anaha Honolulu, HI Condominium — — 1,097 — — — 1,097 1,097 (194) 2014 2017 Kalae Honolulu, HI Development 64,573 — 137,008 — — — 137,008 137,008 — 2024 Ke Kilohana Honolulu, HI Condominium — — 656 — — — 656 656 (93) 2016 2019 Kewalo Basin Harbor Honolulu, HI Other 10,736 — 24,116 — (786) — 23,330 23,330 (7,126) 2017 2019 Kō‘ula Honolulu, HI Condominium — — 1,184 — 190 — 1,374 1,374 (76) 2019 2022 The Park Ward Village Honolulu, HI Development 41,242 — 333,235 — — — 333,235 333,235 — 2022 Ulana Ward Village Honolulu, HI Development 181,581 — 307,839 — — — 307,839 307,839 — 2023 Victoria Place Honolulu, HI Condominium — — 1,388 — — — 1,388 1,388 (273) 2021 2024 Waiea Honolulu, HI Condominium — — 1,206 — 414 — 1,620 1,620 (294) 2014 2016 Ward Predevelopment Honolulu, HI Development 3,427 — 182,304 — — — 182,304 182,304 (2,044) Ward Village Parking Garages Honolulu, HI Other — 4,448 — 257 140,353 4,705 140,353 145,058 (39,168) 2011 / 2016 2013 / 2018 Ward Village Retail Honolulu, HI Retail 175,000 159,559 89,321 (105,407) 203,086 54,152 292,407 346,559 (105,983) Various Various Total excluding Corporate and Deferred financing costs 3,118,437 2,561,908 4,554,375 252,200 617,886 2,814,108 5,172,261 7,986,369 (945,871) Corporate Various 2,050,000 885 1,027 (885) 9,613 — 10,640 10,640 (3,662) Deferred financing costs N/A (40,968) Total $ 5,127,469 $ 2,562,793 $ 4,555,402 $ 251,315 $ 627,499 $ 2,814,108 $ 5,182,901 $ 7,997,009 $ (949,533) (a) Refer to Note 8 - Mortgages, Notes, and Loans Payable, Net for additional information. (b) The initial cost for developed projects includes costs incurred through the end of the first complete calendar year after the asset is placed in service; for projects undergoing development or redevelopment, it includes all costs incurred up to the end of the reporting period; for acquired properties, it represents the acquisition cost. (c) For retail and other properties, costs capitalized subsequent to acquisitions is net of cost of disposals or other property write‑downs. For MPCs, costs capitalized subsequent to acquisitions are net of the cost of land sales. (d) The aggregate cost of land, buildings, and improvements for federal income tax purposes is approximately $6.3 billion. (e) Reductions in Land reflect transfers to Buildings and Improvements for projects which the Company is internally developing. (f) Depreciation is based upon the useful lives in Note 1 - Presentation of Financial Statements and Significant Accounting Policies . (g) Encumbrances balance either represents or is inclusive of SIDs. (h) Downtown Summerlin includes the One Summerlin office property, which was placed in service in 2015. (i) The Woodlands Towers at the Waterway includes 1201 Lake Robbins and 9950 Woodloch Forest. Reconciliation of Real Estate thousands 2024 2023 2022 Balance at January 1 $ 7,558,809 $ 6,854,826 $ 6,615,870 Additions 1,431,478 1,160,786 1,050,528 Dispositions, write-offs, and land and condominium costs of sales (993,278) (456,803) (811,572) Balance at December 31 $ 7,997,009 $ 7,558,809 $ 6,854,826 Reconciliation of Accumulated Depreciation thousands 2024 2023 2022 Balance at January 1 $ 829,018 $ 717,270 $ 632,415 Depreciation Expense 160,638 151,881 137,817 Dispositions and write-offs (40,123) (40,133) (52,962) Balance at December 31 $ 949,533 $ 829,018 $ 717,270

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Pay vs Performance Disclosure
Net income (loss) attributable to Howard Hughes Holdings Inc.	$ 157,065	$ 73,583	$ 21,817	$ (51,915)	$ 34,970	$ (544,033)	$ (19,143)	$ (22,745)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy The HHH cybersecurity program is an enterprise-wide, risk-based program that is designed to support the security, confidentiality, integrity, and availability of our systems and information. We conduct periodic assessments of the cybersecurity program to identify and manage material cybersecurity threats and risks using internal teams and independent third parties. The assessment results are used to develop appropriate cybersecurity controls best practices and risk mitigation strategies, which are then implemented throughout the Company. We rely on our systems and networks to support our business activities. As some networks and systems are managed by third parties, the HHH cybersecurity program also includes evaluation and monitoring of cybersecurity risks associated with its use of third-party service providers. We also leverage third-party experts and vendors to help manage our cybersecurity program, audit the effectiveness of our existing cybersecurity controls, and make recommendations for improvements and best practices. We utilize a Managed Detection and Response service that provides threat intelligence, technology, and specialist expertise to protect our systems and networks from cyber threats. We require all third parties with access to our information systems or data to maintain industry standard cybersecurity programs and to report actual or suspected security incidents to us. We employ a range of tools and strategies to mitigate cybersecurity risks and regularly test them for effectiveness. Additionally, we continuously assess and improve our cybersecurity stance by conducting vulnerability scans, internal and external network penetration tests, and by integrating threat intelligence updates. We also have specific tools to provide real time, continuous monitoring and protection of our endpoints. To the extent that our proactive monitoring and testing identifies weakness in our cybersecurity readiness, these weaknesses are tracked and remediated as part of our cybersecurity program. Our employees receive security awareness training at a minimum on an annual basis and are subjected to phishing training and phishing tests throughout the year. Annually, we perform tabletop exercises to test our cybersecurity incident response plan. Our cybersecurity program is aligned with industry standards and best practices such as the National Institute of Standards and Technology Cybersecurity Framework. As of the date of this report, we are not aware of any material risks from cybersecurity threats that have materially affected or are reasonably likely to materially affect the Company, including our business strategy, results of operations, or financial condition. However, along with all companies of comparable size, we face common cybersecurity threats. These threats include ransomware and denial-of-service, including sophisticated attacks from criminal ransomware groups and nation state actors. Our customers, supply-chain providers, and subcontractors face similar cybersecurity threats, and an incident impacting us or any of these entities could materially adversely affect our business operations.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The HHH cybersecurity program is an enterprise-wide, risk-based program that is designed to support the security, confidentiality, integrity, and availability of our systems and information. We conduct periodic assessments of the cybersecurity program to identify and manage material cybersecurity threats and risks using internal teams and independent third parties. The assessment results are used to develop appropriate cybersecurity controls best practices and risk mitigation strategies, which are then implemented throughout the Company.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Management is responsible for measuring and managing cybersecurity risk, specifically the prevention, mitigation, detection, and remediation of cybersecurity incidents as well as the Company’s overall information security strategy, policy, and operations. The cybersecurity program is executed by the Company’s Senior Vice President of IT Governance, Risk, and Compliance, who has over 15 years of cybersecurity experience in overseeing and managing cybersecurity risk. He is also responsible for maintaining and, in the event of an actual or suspected security incident, executing the Company’s incident response plan. HHH’s Board of Directors’ Technology Committee governs and oversees HHH’s cybersecurity program. This includes reviewing the cybersecurity program’s strategy and effectiveness, the cybersecurity landscape and emerging threats, and reports from any cybersecurity events. The Technology Committee also oversees cybersecurity and digital strategy and, whenever necessary, will communicate with, or advise management to consult with, the HHH Audit Committee regarding technology, digital, and other innovation-related matters that relate to or affect the Company’s internal control systems. The Technology Committee will actively participate in strategic cybersecurity decisions and will be responsible for approving major initiatives. Management will provide updates to the Technology Committee on a quarterly basis and will continue to provide updates to the full Board of Directors on an annual basis. When appropriate, the Technology Committee will inform HHH’s Board of Directors on important matters. Furthermore, HHH’s Board of Directors would be notified in accordance with the Company’s incident response plan, of any suspected cyber incidents that may have at least a moderate business impact on the Company.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	HHH’s Board of Directors’ Technology Committee governs and oversees HHH’s cybersecurity program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Management will provide updates to the Technology Committee on a quarterly basis and will continue to provide updates to the full Board of Directors on an annual basis.
Cybersecurity Risk Role of Management [Text Block]	Management is responsible for measuring and managing cybersecurity risk, specifically the prevention, mitigation, detection, and remediation of cybersecurity incidents as well as the Company’s overall information security strategy, policy, and operations. The cybersecurity program is executed by the Company’s Senior Vice President of IT Governance, Risk, and Compliance, who has over 15 years of cybersecurity experience in overseeing and managing cybersecurity risk. He is also responsible for maintaining and, in the event of an actual or suspected security incident, executing the Company’s incident response plan.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	HHH’s Board of Directors’ Technology Committee governs and oversees HHH’s cybersecurity program. This includes reviewing the cybersecurity program’s strategy and effectiveness, the cybersecurity landscape and emerging threats, and reports from any cybersecurity events. The Technology Committee also oversees cybersecurity and digital strategy and, whenever necessary, will communicate with, or advise management to consult with, the HHH Audit Committee regarding technology, digital, and other innovation-related matters that relate to or affect the Company’s internal control systems. The Technology Committee will actively participate in strategic cybersecurity decisions and will be responsible for approving major initiatives. Management will provide updates to the Technology Committee on a quarterly basis and will continue to provide updates to the full Board of Directors on an annual basis. When appropriate, the Technology Committee will inform HHH’s Board of Directors on important matters. Furthermore, HHH’s Board of Directors would be notified in accordance with the Company’s incident response plan, of any suspected cyber incidents that may have at least a moderate business impact on the Company.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The cybersecurity program is executed by the Company’s Senior Vice President of IT Governance, Risk, and Compliance, who has over 15 years of cybersecurity experience in overseeing and managing cybersecurity risk.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Management will provide updates to the Technology Committee on a quarterly basis and will continue to provide updates to the full Board of Directors on an annual basis. When appropriate, the Technology Committee will inform HHH’s Board of Directors on important matters. Furthermore, HHH’s Board of Directors would be notified in accordance with the Company’s incident response plan, of any suspected cyber incidents that may have at least a moderate business impact on the Company.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Presentation of Financial Sta_2

Presentation of Financial Statements and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP). The consolidated financial statements include the accounts of The Howard Hughes Corporation and its subsidiaries after elimination of intercompany balances and transactions. The Company also consolidates certain variable interest entities (VIEs) in accordance with Financial Accounting Standards Board’s Accounting Standards Codification (ASC) 810 Consolidation . The outside equity interests in certain entities controlled by the Company are reflected in the Consolidated Financial Statements as noncontrolling interests.
Variable Interest Entities	Variable Interest Entities The Company has interests in various legal entities that represent a variable interest entity. A VIE is an entity: (a) that has total equity at risk that is not sufficient to permit the entity to finance its activities without additional subordinated financial support from other entities; (b) where the group of equity holders does not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, or the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual return, or both (i.e., lack the characteristics of a controlling financial interest); or (c) where the voting rights of the equity holders are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. The Company determines if a legal entity is a VIE by performing a qualitative analysis that requires certain subjective decisions, taking into consideration the design of the entity, the variability that the entity was designed to create and pass along to its interest holders, the rights of the parties and the purpose of the arrangement. Upon the occurrence of certain reconsideration events, the Company reassesses its initial determination as to whether the entity is a VIE. The Company also performs a qualitative assessment of each VIE to determine if it is the primary beneficiary. The Company is the primary beneficiary and would consolidate the VIE if it has a controlling financial interest where it has both (a) the power to direct the economically significant activities of the entity and (b) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. This assessment requires certain subjective decisions, taking into consideration the contractual agreements that define the ownership structure, the design of the entity, distribution of profits and losses, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties. Management’s assessment of whether the Company is the primary beneficiary of a VIE is continuously performed. Upon initial consolidation of a VIE, the Company records the assets, liabilities, and noncontrolling interests at fair value and recognizes a gain or loss for the difference between (i) the fair value of the consideration paid, the fair value of noncontrolling interests and the reported amount of any previously held interests and (ii) the net amount of the fair value of the assets and liabilities. If the Company determines it is no longer the primary beneficiary of a VIE, it will deconsolidate the entity and measure the initial cost basis for any retained interests that are recorded upon the deconsolidation at fair value. The Company will recognize a gain or loss for the difference between the fair value and the previous carrying amount of its investment in the VIE.
Investments in Unconsolidated Ventures	Investments in Unconsolidated Ventures The Company’s investments in unconsolidated ventures are accounted for under the equity method to the extent that, based on contractual rights associated with the investments, the Company can exert significant influence over a venture’s operations. Under the equity method, the Company’s investment in the venture is recorded at cost and is subsequently adjusted to recognize the Company’s allocable share of the earnings or losses of the venture. Dividends and distributions received by the Company are recognized as a reduction in the carrying amount of the investment. Generally, joint venture operating agreements provide that assets, liabilities, funding obligations, profits and losses, and cash flows are shared in accordance with ownership percentages. For certain equity method investments, various provisions in the joint venture operating agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses, and preferred returns may result in the Company’s economic interest differing from its stated ownership or if applicable, the Company’s final profit-sharing interest after receipt of any preferred returns based on the venture’s distribution priorities. For these investments, the Company recognizes income or loss based on the joint venture’s distribution priorities, which could fluctuate over time and may be different from its stated ownership or final profit-sharing percentage. The Company periodically assesses the appropriateness of the carrying amount of its equity method investments, as events or changes in circumstance may indicate that a decrease in value has occurred which is other‑than‑temporary. In addition to the property‑specific impairment analysis performed on the underlying assets of the investment, the Company also considers the ownership, distribution preferences, limitations and rights to sell and repurchase its ownership interests. If a decrease in value of an investment is deemed to be other‑than‑temporary, the investment is reduced to its estimated fair value, and an impairment-related loss is recognized in the Consolidated Statements of Operations as a component of Equity in earnings (losses) from investments in unconsolidated ventures. For investments in ventures where the Company has virtually no influence over operations and the investments do not have a readily determinable fair value, the Company has elected the measurement alternative to carry the securities at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the issuer. Equity securities not accounted for under the equity method, or where the measurement alternative has not been elected, are required to be reported at fair value with unrealized gains and losses reported in the Consolidated Statements of Comprehensive Income (Loss) as Net unrealized gains (losses) on instruments measured at fair value through earnings.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. The estimates and assumptions include, but are not limited to, capitalization of development costs, provision for income taxes, recoverable amounts of receivables and deferred tax assets, initial valuations of tangible and intangible assets acquired, and the related useful lives of assets upon which depreciation and amortization is based. Estimates and assumptions have also been made with respect to future revenues and costs, and the fair value of warrants, debt, and options granted. MPC cost of sales estimates are highly judgmental as they are sensitive to cost escalation, sales price escalation, and lot absorption, which are subject to judgment and affected by expectations about future market or economic conditions. Additionally, the future cash flow estimates and fair values used for impairment analysis are highly judgmental and reflect current and projected trends in rental, occupancy, pricing, development costs, sales pace, capitalization rates, selling costs, and estimated holding periods for the applicable assets. Both MPC cost of sale estimates and estimates used in impairment analysis are affected by expectations about future market or economic conditions. Actual results could differ from these and other estimates.
Segments	Segments In 2024, HHH completed the spinoff of Seaport Entertainment Group Inc. which included all assets in the previously reported Seaport segment and the Las Vegas Aviators and Las Vegas Ballpark previously included in the Operating Assets segment. These assets are now disclosed as discontinued operations in the current and prior periods. See Note 2 - Discontinued Operations for additional information on the spinoff transaction. The Company operates in three business segments: (i) Operating Assets; (ii) MPC; and (iii) Strategic Developments. Segment information is prepared on the same basis that management reviews information for operational decision-making purposes. Management evaluates the performance of each of HHC’s real estate assets or investments individually and aggregates such properties into segments based on their economic characteristics and types of revenue streams.
Net Investment in Real Estate	Net Investment in Real Estate Master Planned Community Assets, Buildings and Equipment, and Land Real estate assets are stated at cost less any provisions for impairments and depreciation as applicable. Expenditures for significant improvements to the Company’s assets are capitalized. Tenant improvements relating to the Company’s operating assets are capitalized and depreciated over the shorter of their economic lives or the lease term. Maintenance and repair costs are charged to expense when incurred. Depreciation From time to time, the Company may reassess the development strategies for certain buildings and improvements which results in changes to the Company’s estimate of their remaining useful lives. The Company did not recognize additional depreciation expense of significance for the years ended December 31, 2024, 2023, and 2022. Developments Development costs, which primarily include direct costs related to placing the asset in service associated with specific development properties, are capitalized as part of the property being developed. Construction and improvement costs incurred in connection with the development of new properties or the redevelopment of existing properties are capitalized before they are placed into service. Such costs include planning, engineering, design, direct material, labor, and subcontract costs. Real estate taxes, utilities, direct legal and professional fees related to the sale of a specific unit, interest, insurance costs, and certain employee costs incurred during construction periods are also capitalized. Capitalization commences when the development activities begin and ceases when a project is completed, put on hold, or at the date that the Company decides not to move forward with a project. Capitalized costs related to a project where HHC has determined not to move forward are expensed if they are not deemed recoverable. Capitalized interest costs are based on qualified expenditures and interest rates in place during the construction period. Demolition costs associated with redevelopments are expensed as incurred unless the demolition was included in the Company’s development plans and imminent as of the acquisition date of an asset. Once construction of operating properties is complete, the assets are placed into service, and capitalized costs are reclassed to Buildings and equipment and are depreciated in accordance with the Company’s policy. Once construction of condominiums is complete, the assets are reflected as condominium inventory in Other assets, net until the sale of each condominium unit is closed and the related cost is realized in Condominium rights and units cost of sales. In the event that management no longer has the ability or intent to complete a development, the costs previously capitalized are evaluated for impairment.
Acquisition of Properties	Acquisitions of Properties The Company accounts for the acquisition of real estate properties in accordance with ASC 805 Business Combinations . This methodology requires that assets acquired and liabilities assumed be recorded at their fair values on the date of acquisition for business combinations and at relative fair values for asset acquisitions. Acquisition costs related to the acquisition of a business are expensed as incurred. Costs directly related to asset acquisitions are considered additions to the purchase price and increase the cost basis of such assets. The fair value of tangible assets of an acquired property (which includes land, buildings and improvements) is determined by valuing the property as if it were vacant, and the as-if-vacant value is then allocated to land, buildings and improvements based on management’s determination of the fair value of these assets. The as-if-vacant values are derived from several sources which incorporate significant unobservable inputs that are classified as Level 3 inputs in the fair value hierarchy and primarily include a discounted cash flow analysis using discount and capitalization rates based on recent comparable market transactions, where available. The fair value of acquired intangible assets consisting of in-place, above-market, and below-market leases is recorded based on a variety of considerations, some of which incorporate significant unobservable inputs that are classified as Level 3 inputs in the fair value hierarchy. In-place lease considerations include, but are not necessarily limited to: (1) the value associated with avoiding the cost of originating the acquired in-place leases (i.e., the market cost to execute a lease, including leasing commissions and tenant improvements); (2) the value associated with lost revenue related to tenant reimbursable operating costs incurred during the assumed lease-up period (i.e., real estate taxes, insurance, and certain other operating expenses); and (3) the value associated with lost rental revenue from existing leases during the assumed lease-up period. Above-market and below-market leases are valued at the present value, using a discount rate that reflects the risks associated with the leases acquired, of the difference between (1) the contractual amounts to be paid pursuant to the in-place lease; and (2) management’s estimate of current market lease rates, measured over the remaining non-cancelable lease term, including any below-market renewal option periods.
Impairment	Impairment HHC reviews its long-lived assets (including those held by its unconsolidated ventures) for potential impairment indicators whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized if the carrying amount of an asset is not recoverable and exceeds its fair value. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future economic conditions, such as occupancy, rental rates, capital requirements, and sales values that could differ materially from actual results in future periods. If impairment indicators exist and it is expected that undiscounted cash flows generated by the asset are less than its carrying amount, an impairment provision is recorded to write down the carrying amount of the asset to its fair value. Impairment indicators for HHC’s assets or projects within MPCs are assessed separately and include, but are not limited to, significant decreases in sales pace or average selling prices, significant increases in expected land development and construction costs or cancellation rates, and projected losses on expected future sales. MPC assets have extended life cycles that may last 20 to 40 years, or longer, and have few long‑term contractual cash flows. Further, MPC assets generally have minimal to no residual values because of their liquidating characteristics. MPC development periods often occur through several economic cycles. Subjective factors such as the expected timing of property development and sales, optimal development density, and sales strategy impact the timing and amount of expected future cash flows and fair value. Impairment indicators for Operating Assets are assessed for each property and include, but are not limited to, significant decreases in net operating income, significant decreases in occupancy, ongoing low occupancy, and significant net operating losses. Impairment indicators for assets in the Strategic Developments are assessed by project and include, but are not limited to, significant changes in projected completion dates, revenues or cash flows, development costs, market factors, significant decreases in comparable property sale prices, and feasibility. The cash flow estimates used for determining recoverability and estimating fair value are inherently judgmental and reflect current and projected trends in rental rates, occupancy, pricing, development costs, sales pace, capitalization rates, and estimated holding periods for the applicable assets. Although the estimated fair value of certain assets may be exceeded by the carrying amount, a real estate asset is only considered to be impaired when its carrying amount is not expected to be recovered through estimated future undiscounted cash flows. To the extent an impairment provision is necessary, the excess of the carrying amount of the asset over its estimated fair value is expensed to operations. In addition, the impairment provision is allocated proportionately to adjust the carrying amount of the asset. The adjusted carrying amount, which represents the new cost basis of the asset, is depreciated over the remaining useful life of the asset or, for MPCs, is expensed as a cost of sales when land is sold. Assets that have been impaired will in the future have lower depreciation and cost of sale expenses. The impairment will have no impact on cash flows.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of highly-liquid investments with maturities at date of purchase of three months or less and include registered money market mutual funds which are invested in United States Treasury bills that are valued at the net asset value of the underlying shares in the funds as of the close of business at the end of each period as well as deposits with major banks throughout the United States. Such deposits are in excess of FDIC limits and are placed with high-quality institutions in order to minimize concentration of counterparty credit risk.
Restricted Cash	Restricted Cash Restricted cash reflects amounts segregated in escrow accounts in the name of the Company, primarily related to escrowed condominium deposits from buyers and other amounts related to taxes, insurance, and legally restricted security deposits and leasing costs.
Accounts Receivable, net, Municipal Utility District Receivables, 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. Municipal Utility District Receivables, net In Houston, Texas, certain development costs are reimbursable through the creation of a Municipal Utility District, also known as Water Control and Improvement Districts, which are separate political subdivisions authorized by Article 16, Section 59 of the Texas Constitution and governed by the Texas Commission on Environmental Quality (TCEQ). MUDs are formed to provide municipal water, wastewater, drainage services, recreational facilities, and roads to those areas where they are currently unavailable through the regular city services. Typically, the developer advances funds for the creation of the facilities, which must be designed, bid, and constructed in accordance with the City of Houston’s and TCEQ requirements. The MUD Board of Directors authorizes and approves all MUD development contracts, and MUD bond sale proceeds are used to reimburse the developer for its construction costs, including interest. At the date the expenditures occur, the Company determines the costs it believes will be eligible for reimbursement and recognizes that as MUD receivables. These expenditures are subject to review by the MUD engineers for eligibility in accordance with the development contracts as part of the process for reimbursement. MUD receivables are pledged as security to creditors under the debt facilities relating to Bridgeland.
Other Assets, net	Other Assets, net The major components of Other assets, net include security, escrow, and other deposits; Special Improvement District (SID) receivables; in-place leases; intangibles; Tax increment financing (TIF) receivables; prepaid expenses related to the Company’s properties; condominium inventory; and various other assets. SID receivables are amounts due from SID bonds related to the Company’s Summerlin MPC. Proceeds from SID bonds are held in escrow by a third-party and are used to reimburse the Company for a portion of the development costs incurred in Summerlin. See Note 8 - Mortgages, Notes, and Loans Payable, Net for additional information on the SID bonds. The Company’s intangibles include in-place lease assets and above-market lease assets where HHC is the lessor, as well as internally developed software and trademark and trade name intangibles related to MPCs. The Company amortizes finite-lived intangible assets less any residual value, if applicable, on a straight-line basis over the term of the related lease or the estimated useful life of the asset. TIF receivables are amounts which the Company has submitted for reimbursement from Howard County in Maryland or from the state of Maryland, in conjunction with development costs expended on key roads and infrastructure work within the Merriweather District of Downtown Columbia specified per the terms of the county’s TIF legislation, Special Obligation Bonds issued in October 2017, and Grant Disbursement Agreement executed in April 2023. Notes receivable, net includes non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Subsequent to initial recognition, they are recorded at amortized cost less any provision for impairment as required under ASC 326 Financial Instruments - Credit Losses . Condominium inventory includes available for sale units at HHC’s completed condominium towers and is stated at the lower of cost or fair value less selling costs. Condominium inventory includes land acquisition and development costs, construction costs, and interest and real estate taxes that are capitalized during the development period. HHC evaluates condominium inventory for impairment when potential indicators exist. An impairment loss is recognized if the carrying amount of condominium inventory exceeds the fair value less selling costs, which is based on comparable sales in the normal course of business under existing and anticipated market conditions.
Financial Instruments - Credit Losses	Financial Instruments - Credit Losses The Company is exposed to credit losses through the sale of goods and services to the Company’s customers. Receivables held by the Company primarily relate to short-term trade receivables and financing receivables, which include MUD receivables, SID bonds, TIF receivables, net investments in lease receivables, and notes receivable. The Company assesses its exposure to credit loss based on historical collection experience and future expectations by portfolio segment. Historical collection experience is evaluated on a quarterly basis by the Company.
Income Taxes	Income Taxes HHC is a directly owned subsidiary of HHH and is included in Howard Hughes Holdings Inc. and Subsidiaries’ U.S. Federal income tax return. The Company’s financial statements recognize the current and deferred income tax consequences that result from HHC’s activities during the current period pursuant to the provisions of ASC 740 Income Taxes as if the Company were a separate taxpayer rather than a member of Howard Hughes Holdings Inc.’s consolidated income tax return group.
Deferred Expenses, net	Deferred Expenses, net
Marketing and Advertising	Marketing and Advertising Each of the Company’s segments incur various marketing and advertising costs as part of their development, branding, leasing, or sales initiatives. These costs include special events, broadcasts, direct mail and online digital and social media programs, and they are expensed as incurred.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying values of cash and cash equivalents, escrows, receivables, accounts payable, accrued expenses, and other assets and liabilities are reasonable estimates of their fair values because of the short maturities of these instruments.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities Derivative instruments and hedging activities require management to make judgments on the nature of its derivatives and their effectiveness as hedges. These judgments determine if the changes in fair value of the derivative instruments are reported as a component of Net Income in the Consolidated Statements of Operations or as a component of Comprehensive Income in the Equity on the Consolidated Balance Sheets. While management believes its judgments are reasonable, a change in a derivative’s effectiveness as a hedge could materially affect expenses, net income, and equity. The Company accounts for the changes in the fair value of an effective hedge in other comprehensive income (loss) and subsequently reclassifies the balance from other comprehensive income (loss) to earnings over the term that the hedged transaction affects earnings. The Company accounts for the changes in the fair value of an ineffective hedge directly in earnings.
Stock-Based Compensation	Stock-Based Compensation Prior to the consummation of the holding company reorganization discussed above, the Company maintained two equity incentive plans, with outstanding stock-based compensation awards (Awards), which included stock options and restricted stock awards (RSAs). In 2023, pursuant to the holding company reorganization discussed above, each outstanding share of HHC’s common stock was automatically converted into one share of HHH common stock. HHH assumed all obligations under the equity incentive plans. All stock options and restricted stock outstanding will be settled in HHH stock. In 2024, at the time of the spinoff of SEG, all of these Awards were modified to adjust the number of HHH shares by certain ratios and/or allocation factors. The stock options were modified into HHH stock options and SEG stock options based on the applicable ratios and/or allocation factors. In addition, the growth targets for the RSAs based on Net Asset Value and related performance conditions were revised to carve out the impact of the spinoff. Also, the market conditions related to Total Shareholder Return (TSR) targets were evaluated as of the spinoff date for the TSR-based RSAs and then modified to time-based, service conditions only. See Note 12 - Stock-Based Compensation Plans for additional information. The Company applies the provisions of ASC 718 Stock Compensation which requires all share‑based payments to be recognized in the Consolidated Statements of Operations based on their fair values. The fair value of stock option awards is determined using the Black-Scholes option-pricing model. Restricted stock awards are valued using the market price of HHH’s common stock on the grant date. For restricted stock awards with market conditions or performance conditions, the award is valued using a Monte Carlo simulation. The Company records compensation cost for stock-based compensation awards over the requisite service period. If the requisite service period is satisfied, compensation cost is not adjusted unless the award contains a performance condition. If an award contains a performance condition, expense is recognized only for those shares that ultimately vest using the per-share fair value measured at the grant date. The Company recognizes forfeitures as they occur.
Revenue Recognition and Related Matters	Revenue Recognition and Related Matters Condominium Rights and Unit Sales Revenue from the sale of an individual unit in a condominium project is recognized at a point in time (i.e., the closing) when HHC satisfies the single performance obligation to construct a condominium project and transfer control of a completed unit to a buyer. The transaction price, which is the amount of consideration the Company receives upon delivery of the completed condominium unit to the buyer, is allocated to this single obligation and is received at closing less any amounts previously paid on deposit. The Company receives cash payments in the form of escrowed condominium deposits from customers who have contracted to purchase a condominium unit based on billing schedules established in HHC’s condominium purchase agreement contracts. The amounts are recorded in Restricted cash until released from escrow in accordance with the escrow agreement and on approval of HHC’s lender to fund construction costs of a project. A corresponding condominium contract deposit liability is established at the date of receipt, representing a portion of HHC’s unsatisfied performance obligation at each reporting date. These deposits, along with the balance of the contract value, are recognized at closing upon satisfaction of HHC’s performance obligation and transfer of title to the buyer. Real estate project costs directly associated with a condominium project, which are HHC’s costs to fulfill contracts with condominium buyers, are capitalized while all other costs are expensed as incurred. Total estimated project costs include direct costs such as the carrying value of the land, site planning, architectural, construction, and financing costs, as well as indirect cost allocations. The allocations include costs which clearly relate to the specific project, including certain infrastructure and amenity costs which benefit the project as well as others, and are based upon the relative sales value of the units. Furthermore, incremental costs incurred to obtain a contract to sell condominium units are evaluated for capitalization in accordance with ASC 340-40 Components, Costs & Considerations , with incremental costs to fulfill a contract only being capitalized if the costs relate directly to a specifically identified contract, enhance resources to satisfy performance obligations in the future, and are expected to be recovered. Master Planned Communities Land Sales Revenues from land sales are recognized at a point in time when the land sale closing process is complete. The transaction price generally has both fixed and variable components, with the fixed price stipulated in the contract and representative of a single performance obligation. See Builder Price Participation (BPP) below for a discussion of the variable component. The fixed transaction price, which is the amount of consideration received in full upon transfer of the land title to the buyer, is allocated to this single obligation and is received at closing of the land sale less any amounts previously paid on deposit. The Company receives cash payments in the form of land purchase deposits from homebuilders or other commercial buyers who have contracted to purchase land within the Company’s MPCs, and HHC holds any escrowed deposits in Restricted cash or Cash and cash equivalents based on the terms of the contract. In situations where the Company has completed the closing of a developed land parcel or superpad and consideration is paid in full, but a portion of HHC’s performance obligation relating to the enhancement of the land is still unsatisfied, revenue related to HHC’s obligation is recognized over time. The Company recognizes only the portion of the improved land sale where the improvements are fully satisfied based on a cost input method. The aggregate amount of the transaction price allocated to the unsatisfied obligation is recorded as deferred land sales and is presented in Accounts payable and other liabilities. The Company measures HHC’s unsatisfied obligation based on the costs remaining relative to the total cost at the date of closing. When residential or commercial land is sold, the cost of sales includes actual costs incurred and estimates of future development costs benefiting the property sold. In accordance with ASC 970-360-30-1 Real Estate Project Costs , when land is sold, costs are allocated to each sold superpad or lot based upon the relative sales value. For purposes of allocating development costs, estimates of future revenues and development costs are re-evaluated throughout the year, with adjustments being allocated prospectively to the remaining parcels available for sale. For certain parcels of land, including acquired parcels that the Company does not intend to develop or for which development was complete at the date of acquisition, the specific identification method is used to determine the cost of sales. Builder Price Participation BPP is the variable component of the transaction price for certain Master Planned Communities land sales. BPP is earned when a developer that acquired land from HHC develops and sells a home to an end user at a price higher than a predetermined breakpoint. The excess over the breakpoint is shared between HHC and the developer at the time of closing on the sale of the home based on a previously agreed-upon percentage. Generally, BPP is constrained, and accordingly, the Company does not recognize an estimate of variable consideration. The Company’s conclusion is based on the following factors: – BPP is highly susceptible to factors outside HHC’s influence such as unemployment and interest rates – the time between the sale of land to a homebuilder and closing on a completed home can take up to three years – there is significant variability in home pricing from period to period The Company evaluates contracts with homebuilders with respect to BPP at each reporting period to determine whether a change in facts and circumstances has eliminated the constraint and will record an estimate of BPP revenue, if applicable. For Condominium rights and unit sales, Master planned communities land sales, and Builder price participation the Company elected the practical expedient to not adjust promised amount of consideration for the effects of a significant financing component when the expected period between transfer of the promised asset and payment is one year or less. Rental Revenues Revenue associated with the Company’s operating assets includes minimum rent, percentage rent in lieu of fixed minimum rent, tenant recoveries, and overage rent. Minimum rent revenues are recognized on a straight‑line basis over the terms of the related leases when collectability is reasonably assured and the tenant has taken possession of, or controls, the physical use of the leased asset. Percentage rent in lieu of fixed minimum rent is recognized as sales are reported from tenants. Minimum rent revenues also include amortization related to above-market and below‑market tenant leases on acquired properties. Recoveries from tenants are stipulated in the leases, are generally computed based upon a formula related to real estate taxes, insurance, and other real estate operating expenses, and are generally recognized as revenues in the period the related costs are incurred. If the lease provides for tenant improvements, the Company determines whether the tenant improvements are owned by the tenant or by HHC. When HHC is the owner of the tenant improvements, rental revenue begins when the improvements are substantially complete. When the tenant is the owner of the tenant improvements, any tenant allowance funded by the Company is treated as a lease incentive and amortized as an adjustment to rental revenue over the lease term. Other Land, Rental, and Property Revenues Other land revenues recognized over time include ground maintenance revenue, and homeowner association management fee revenue. These revenues are recognized over time, as time elapses. The amount of consideration and the duration are fixed, as stipulated in the related agreements, and represent a single performance obligation. Other land revenues also include transfer and advertising fees on the secondary sales of homes in MPCs, forfeitures of earnest money deposits by buyers of HHC’s condominium units, lease termination fees, and other miscellaneous items. These items are recognized at a point in time when the real estate closing process is complete or HHC has a legal right to the respective fee or deposit. Other rental revenues also includes overage rent which is recognized on an accrual basis once tenant sales exceed contractual thresholds contained in the lease and is calculated by multiplying the tenant sales in excess of the minimum amount by a percentage defined in the lease.
Noncontrolling Interests	Noncontrolling Interests As of December 31, 2024 and December 31, 2023, noncontrolling interests related to the 12% noncontrolling interest in Teravalis and the noncontrolling interest in the Ward Village Homeowners’ Associations (HOAs). All revenues and expenses related to the HOAs are attributable to noncontrolling interests and do not impact net income attributable to Howard Hughes Holdings Inc.
Recently Issued Accounting Standards	Recently Issued Accounting Standards The following is a summary of recently issued and other notable accounting pronouncements which relate to the Company’s business. Accounting Standards Update 2024-03, Disaggregation of Income Statement Expenses This update requires the disclosure of additional disaggregated information in the notes to financial statements for certain categories of costs and expenses that are included on the face of the statement of operations. The new disclosure requirements are effective for annual periods beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact this standard will have on its financial statement presentation and disclosures.

Presentation of Financial Sta_3

Presentation of Financial Statements and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of estimated useful lives	Depreciation or amortization expense is computed using the straight‑line method based upon the following estimated useful lives: Asset Type Years Balance Sheet Location Buildings and improvements 7 - 40 Buildings and Equipment Equipment and fixtures 5 - 20 Buildings and Equipment Computer hardware and vehicles 3 - 5 Buildings and Equipment Tenant improvements Related lease term Buildings and Equipment Leasing costs Related lease term Other assets, net
Summary of categories of developments	Developments consist of the following categories as of December 31: thousands 2024 2023 Development costs $ 1,190,746 $ 982,368 Land and improvements 150,283 187,203 Total Developments $ 1,341,029 $ 1,169,571
Summary of components of accounts receivable, net	The following table represents the components of Accounts Receivable, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets as of December 31: thousands 2024 2023 Straight-line rent receivables $ 91,050 $ 84,316 Tenant receivables 1,638 5,493 Other receivables 12,497 11,564 Accounts receivable, net (a) $ 105,185 $ 101,373 (a) As of December 31, 2024, the total reserve balance for amounts considered uncollectible was $8.2 million, composed of $8.1 million attributable to lease-related receivables and $0.1 million attributable to the allowance for credit losses related to other accounts receivable. As of December 31, 2023, the total reserve balance was $13.6 million, all of which was attributable to lease-related 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 Consolidated Statements of Operations for the years ended December 31: thousands Statements of Operations Location 2024 2023 2022 Rental revenue $ (860) $ 10,984 $ (410) Provision for (recovery of) doubtful accounts 504 (2,762) 629 Total (income) expense impact $ (356) $ 8,222 $ 219

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Summary of disposal groups, including discontinued operations	The following table presents key components of Net income (loss) from discontinued operations, net of income taxes, for the years ended December 31: thousands 2024 2023 2022 Total revenues $ 60,846 $ 115,349 $ 118,998 Total operating expenses 88,381 133,767 128,775 General and administrative (a) 32,535 4,522 — Depreciation and amortization 16,717 47,384 45,756 Other — 81 59 Provision for impairment — (672,492) — Other income (loss), net (67) (1,539) 488 Interest income (expense), net (7,414) 874 1,607 Gain (loss) on extinguishment of debt (1,563) (47) — Equity in earnings (losses) from unconsolidated ventures (18,960) (81,484) (36,272) Net income (loss) from discontinued operations before income taxes (104,791) (825,093) (89,769) Income tax expense (benefit) (16,568) (190,153) (21,696) Net income (loss) from discontinued operations, net of taxes $ (88,223) $ (634,940) $ (68,073) (a) General and administrative expenses relate to costs incurred to complete the spinoff of Seaport Entertainment. The following table summarizes the major classes of assets and liabilities that are classified as discontinued operations on the Consolidated Balance Sheets. thousands December 31, 2023 Net investment in real estate $ 437,463 Investments in unconsolidated ventures 37,459 Cash and cash equivalents 1,834 Restricted cash 42,011 Accounts receivable, net 13,672 Deferred expenses, net 4,379 Operating lease right-of-use assets 39,434 Other assets, net 39,020 Assets of discontinued operations $ 615,272 Mortgages, notes, and loans payable, net $ 155,628 Operating lease obligations 46,222 Deferred tax liabilities, net 3,542 Accounts payable and other liabilities 21,773 Liabilities of discontinued operations $ 227,165

Investments in Unconsolidated_2

Investments in Unconsolidated Ventures (Tables)	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Summary of investments in real estate and other affiliates	Investments in unconsolidated ventures consist of the following: Ownership Interest (a) Carrying Value Share of Earnings/Dividends December 31, December 31, December 31, December 31, Year Ended December 31, thousands except percentages 2024 2023 2024 2023 2024 2023 2022 Equity Method Investments Operating Assets 110 North Wacker — % — % $ — $ — $ — $ — $ 4,910 The Metropolitan (b) 50.0 % 50.0 % — — 667 33 4,556 Stewart Title of Montgomery County, TX 50.0 % 50.0 % 4,061 3,785 576 168 1,294 Woodlands Sarofim 20.0 % 20.0 % 2,975 2,990 (15) (40) (13) TEN.m.flats (c) 50.0 % 50.0 % — — 1,349 (225) 6,878 Master Planned Communities The Summit (d) 50.0 % 50.0 % 37,409 59,112 (16,807) 24,787 (30) Floreo (e) 50.0 % 50.0 % 60,788 55,880 4,908 (2,121) (1,377) Strategic Developments West End Alexandria (d) 58.3 % 58.3 % 60,513 56,757 256 139 70 Other 50.0 % 50.0 % 41 496 (5) 2 797 165,787 179,020 (9,071) 22,743 17,085 Other investments (f) 3,779 3,779 3,242 3,033 4,638 Investments in unconsolidated ventures $ 169,566 $ 182,799 $ (5,829) $ 25,776 $ 21,723 (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 $12.2 million at December 31, 2024, and $10.9 million at December 31, 2023, and presented in Accounts payable and other liabilities in the Consolidated Balance Sheets. (c) TEN.m.flats was in a deficit position of $5.8 million at December 31, 2024, and $4.7 million at December 31, 2023, and presented in Accounts payable and other liabilities in the Consolidated Balance Sheets. (d) For these equity method investments, various provisions in the venture operating agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses, and preferred returns may result in the Company’s economic interest differing from its stated interest or final profit-sharing interest. For these investments, the Company recognizes income or loss based on the venture’s distribution priorities, which could fluctuate over time and may be different from its stated ownership or final profit-sharing interest. (e) Classified as a VIE; however, the Company is not the primary beneficiary and accounts for its investment in accordance with the equity method. Refer to discussion below for additional information. (f) Other 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 the current year, or cumulatively.
Summary of financial information	The following tables provide combined summarized financial statement information for the Company’s unconsolidated ventures. Financial statement information is included for each investment for all periods in which the Company’s ownership interest was accounted for as an equity method investment. thousands December 31, 2024 December 31, 2023 Consolidated Balance Sheets Total Assets $ 879,908 $ 814,627 Total Liabilities 526,320 436,289 Total Equity 353,588 378,338 Year Ended December 31, thousands 2024 2023 2022 Consolidated Statements of Operations Revenues $ 219,766 $ 347,084 $ 150,746 Operating Income 35,545 75,099 31,752 Net income (loss) 20,987 55,006 31,058

Other Assets and Liabilities (T

Other Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
OTHER ASSETS AND LIABILITIES
Summary of the significant components of other assets, net	The following table summarizes the significant components of Other assets, net as of December 31: thousands 2024 2023 Special Improvement District receivable, net $ 97,432 $ 74,899 Security, escrow, and other deposits 66,348 67,701 In-place leases, net 32,995 35,490 Other 26,377 15,140 Prepaid expenses 22,791 15,551 Tenant incentives and other receivables, net 12,567 10,840 Interest rate derivative assets 9,082 10,318 TIF receivable, net 4,340 6,371 Intangibles, net 3,359 1,360 Net investment in lease receivable 2,809 2,883 Notes receivable, net 870 1,412 Condominium inventory 525 671 Other assets, net $ 279,495 $ 242,636
Summary of the significant components of accounts payable and other liabilities	The following table summarizes the significant components of Accounts payable and other liabilities as of December 31: thousands 2024 2023 Condominium deposit liabilities $ 459,683 $ 478,870 Construction payables 252,619 244,749 Deferred income 125,784 114,402 Accrued interest 51,828 53,301 Accounts payable and accrued expenses 48,324 47,576 Other 47,656 23,555 Tenant and other deposits 47,112 29,422 Accrued payroll and other employee liabilities 30,170 31,002 Accrued real estate taxes 29,284 30,096 Accounts payable and other liabilities $ 1,092,460 $ 1,052,973

Intangibles (Tables)

Intangibles (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of intangible assets and liabilities	The following table summarizes the Company’s intangible assets and liabilities: As of December 31, 2024 As of December 31, 2023 Gross Asset (Liability) Accumulated (Amortization)/ Accretion Net Carrying Amount Gross Asset (Liability) Accumulated (Amortization)/ Accretion Net Carrying Amount thousands Intangible Assets: Other intangibles $ 4,526 $ (1,324) $ 3,202 $ 2,407 $ (1,204) $ 1,203 Indefinite lived intangibles 157 — 157 157 — 157 Tenant leases: In-place value 56,019 (23,024) 32,995 54,180 (18,690) 35,490 Above-market 1,281 (395) 886 292 (261) 31 Below-market (627) 627 — (576) 536 (40) Total indefinite lived intangibles $ 157 $ 157 Total amortizing intangibles $ 37,083 $ 36,684
Summary of future net amortization and accretion expense	Future net amortization and accretion expense is estimated for each of the five succeeding years as shown below: thousands 2025 2026 2027 2028 2029 Net amortization and accretion expense $ 5,304 $ 5,073 $ 4,454 $ 4,344 $ 4,278

Mortgages, Notes and Loans Pa_2

Mortgages, Notes and Loans Payable, Net (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Summary of mortgages, notes and loans payable	Mortgages, notes, and loans payable, net are summarized as follows: December 31, thousands 2024 2023 Fixed-rate debt Senior unsecured notes $ 2,050,000 $ 2,050,000 Secured mortgages payable 1,635,750 1,442,505 Special Improvement District bonds 83,779 65,627 Variable-rate debt (a) Secured Bridgeland Notes 283,000 475,000 Secured mortgages payable 1,115,908 1,161,488 Unamortized deferred financing costs (b) (40,968) (47,628) Mortgages, notes, and loans payable, net $ 5,127,469 $ 5,146,992 (a) The Company has entered into derivative instruments to manage the variable interest rate exposure. The Company had an interest rate swap and two interest rate caps that expired in the third quarter of 2023. See Note 10 - 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).
Summary 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
Summary of secured mortgages payable	The following table summarizes the Company’s Secured mortgages payable: December 31, 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) $ 1,635,750 3.13% - 8.67% 4.74 % 5.8 $ 1,442,505 3.13% - 8.67% 4.45 % 7.0 Variable rate (b) 1,115,908 6.43% - 9.42% 7.67 % 1.7 1,161,488 7.08% - 10.48% 8.69 % 2.1 Secured mortgages payable $ 2,751,658 3.13% - 9.42% 5.93 % 4.1 $ 2,603,993 3.13% - 10.48% 6.34 % 4.8 (a) Interest rates presented are based upon the coupon rates of the Company’s fixed-rate debt obligations. (b) Interest rates presented are based on the applicable reference interest rates as of December 31, 2024 and 2023, excluding the effects of interest rate derivatives.
Summary of contractual obligations relating to mortgages, notes, and loans payable	The following table summarizes the contractual obligations relating to the Company’s mortgages, notes, and loans payable as of December 31, 2024: thousands Mortgages, notes, and loans payable principal payments 2025 $ 421,202 2026 509,097 2027 415,717 2028 838,680 2029 1,270,240 Thereafter 1,713,501 Total principal payments 5,168,437 Unamortized deferred financing costs (40,968) Mortgages, notes, and loans payable $ 5,127,469

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Summary of assets and liabilities measured at fair value on a recurring basis	The following table presents the fair value measurement hierarchy levels required under ASC 820 for the Company’s assets that are measured at fair value on a recurring basis. The Company does not have any liabilities that are measured at a fair value on a recurring basis for the periods presented. December 31, 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 Significant Unobservable Inputs Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Interest rate derivative assets $ 9,082 $ — $ 9,082 $ — $ 10,318 $ — $ 10,318 $ —
Summary of financial instruments not measured at fair value on recurring basis	The estimated fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis are as follows: December 31, 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 $ 998,503 $ 998,503 $ 1,009,212 $ 1,009,212 Accounts receivable, net (a) Level 3 105,185 105,185 101,373 101,373 Notes receivable, net (b) Level 3 870 870 1,412 1,412 Liabilities: Fixed-rate debt (c) Level 2 3,769,529 3,495,298 3,558,132 3,255,525 Variable-rate debt (c) Level 2 1,398,908 1,398,908 1,636,488 1,636,488 (a) Accounts receivable, net is shown net of an allowance of $8.2 million at December 31, 2024, and $13.6 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 December 31, 2024, and December 31, 2023. (c) Excludes related unamortized financing costs.

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of fair value of the derivative financial instruments	The following table summarizes certain terms of the Company’s derivative contracts. The Company reports derivative assets in Other assets, net and derivative liabilities in Accounts payable and other liabilities. Fair Value Asset (Liability) Notional Fixed Interest Effective Maturity December 31, December 31, thousands Amount Rate (a) Date Date 2024 2023 Derivative instruments not designated as hedging instruments: (b) Interest rate collar 173,477 2.00% - 4.50% 6/1/2023 6/1/2025 $ 35 $ 417 Interest rate collar 205,613 2.00% - 4.50% 6/1/2023 6/1/2025 34 440 Interest rate cap 75,000 2.50% 10/12/2021 9/29/2025 919 2,274 Interest rate cap 59,500 2.50% 10/12/2021 9/29/2025 729 1,804 Interest rate cap 59,619 6.00% 6/20/2024 7/15/2026 30 — Interest rate cap 6,924 6.00% 6/20/2024 7/15/2026 4 — Interest rate cap 46,875 5.25% 12/2/2024 12/15/2026 297 — Derivative instruments designated as hedging instruments: Interest rate cap 127,000 5.50% 11/10/2022 11/7/2024 — 28 Interest rate cap 127,000 3.50% 11/7/2024 11/7/2025 725 — Interest rate cap 73,241 5.00% 12/22/2022 12/21/2025 15 223 Interest rate swap (c) 175,000 3.69% 1/3/2023 1/1/2027 1,062 117 Interest rate swap 40,800 1.68% 3/1/2022 2/18/2027 1,979 2,496 Interest rate swap 34,392 4.89% 11/1/2019 1/1/2032 3,253 2,519 Total fair value derivative assets $ 9,082 $ 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 $1.4 million in 2024 and $0.5 million in 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 Consolidated Statements of Operations	The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31: Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in AOCI on Derivatives thousands 2024 2023 2022 Interest rate derivatives $ 4,818 $ 3,809 $ 25,657 Location of Gain (Loss) Reclassified from AOCI into Statements of Operations Amount of Gain (Loss) Reclassified from AOCI into Statements of Operations thousands 2024 2023 2022 Interest expense $ 4,497 $ 13,131 $ (6,041)

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of stock-based compensation expense, net of amounts capitalized	The following summarizes stock-based compensation expense, net of amounts capitalized to development projects, for the years ended December 31: thousands 2024 2023 2022 Stock Options (a) $ 195 $ 336 $ 250 Restricted Stock (b) 10,305 10,847 6,860 Pre-tax stock-based compensation expense $ 10,500 $ 11,183 $ 7,110 Income tax benefit $ 732 $ 882 $ 636 (a) Amounts shown are net of immaterial amounts capitalized to development projects. (b) Amounts shown are net of $3.9 million capitalized to development projects in 2024, $4.6 million capitalized to development projects in 2023, and $4.8 million capitalized to development projects in 2022.
Summary of stock option plan activity	The following table summarizes stock option activity: Stock Options Weighted-average Exercise Price Weighted-average Remaining Contractual Term (years) Aggregate Intrinsic Value Stock options outstanding at December 31, 2023 134,337 $ 108.76 Granted 110,255 94.86 Forfeited (113,414) 103.17 Expired (39,776) 124.89 Stock options outstanding at December 31, 2024 91,402 $ 91.90 3.9 $ 491,624 Stock options vested and expected to vest at December 31, 2024 91,402 $ 91.90 3.9 $ 491,624 Stock options exercisable at December 31, 2024 46,861 $ 114.98 1.9 $ —
Summary of significant assumptions used in Black-Scholes option-pricing model	The fair value on the grant date and the significant assumptions used in the Black‑Scholes option‑pricing model are as follows: 2024 2023 2022 Weighted-average grant date fair value $11.16 N/A $37.70 Assumptions Expected life of options (in years) (a) 3.3 N/A 7.5 Risk-free interest rate 4.3% N/A 3.4% Expected volatility 30.6% N/A 50.3% Expected annual dividend per share — N/A — (a) The expected life of options granted in 2024 is the expected time to exercise from the modification date as determined by the Black-Scholes option-pricing model.
Summary of restricted stock activity	The following table summarizes restricted stock activity: Restricted Stock Weighted-average Grant Date Fair Value Restricted stock outstanding at December 31, 2023 393,698 $ 79.94 Granted 740,907 66.16 Vested (135,961) 75.84 Forfeited (626,689) 78.49 Restricted stock outstanding at December 31, 2024 371,955 $ 56.43

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Summary of income tax expense	The following summarizes income tax expense (benefit) for the years ended December 31: thousands 2024 2023 2022 Current $ 18,655 $ 36,315 $ 26,364 Deferred 62,306 (9,667) 55,832 Total $ 80,961 $ 26,648 $ 82,196
Summary of reconciliation of income tax expense (benefit) computed by applying the Federal corporate tax rate to the provision (benefit) for income taxes	Reconciliation of the Income tax expense (benefit) if computed at the U.S. federal statutory income tax rate to the Company’s reported Income tax expense (benefit) for the years ended December 31 is as follows: thousands except percentages 2024 2023 2022 Income (loss) from continuing operations before income taxes $ 369,023 $ 110,880 $ 334,905 U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % Tax computed at the U.S. federal statutory rate $ 77,495 $ 23,285 $ 70,330 Increase (decrease) in valuation allowance, net (20,762) 3,993 (1,209) State income tax expense (benefit), net of federal income tax 18,761 (4,413) 11,232 Tax expense (benefit) from other change in rates, prior period adjustments, and other permanent differences 3,398 1,701 314 Tax expense on compensation disallowance 1,920 2,133 1,551 Net (income) loss attributable to noncontrolling interests 149 (51) (22) Income tax expense (benefit) $ 80,961 $ 26,648 $ 82,196 Effective tax rate 21.9 % 24.0 % 24.5 %
Summary of amounts and expiration dates of operating loss, charitable contribution and tax credit carryforwards	As of December 31, 2024, the amounts and expiration dates of operating loss carryforwards for tax purposes are as follows: thousands Amount Net operating loss carryforwards - Federal (a) $ 802,747 Net operating loss carryforwards - State (b) 1,237,887 (a) Federal net operating loss carryforwards have an indefinite carryforward period. (b)
Summary of tax effects of temporary differences and carryforwards included in net deferred tax liabilities	The following summarizes tax effects of temporary differences and carryforwards included in the net deferred tax liabilities as of December 31: thousands 2024 2023 Deferred tax assets: Operating and development properties and fixed assets $ — $ 204,532 Investments in unconsolidated ventures — 11,577 Accrued expenses 6,350 6,893 Prepaid expenses 45 2,015 Other 460 1,681 Operating loss and tax carryforwards 205,322 52,186 Total deferred tax assets 212,177 278,884 Valuation allowance (16,281) (62,781) Total net deferred tax assets $ 195,896 $ 216,103 Deferred tax liabilities: Master Planned Communities properties $ (209,067) $ (205,611) Operating and development properties and fixed assets (26,828) — Deferred income (81,073) (76,329) Accounts receivable (19,202) (18,686) Investments in unconsolidated ventures (2,833) — Total deferred tax liabilities (339,003) (300,626) Total net deferred tax liabilities $ (143,107) $ (84,523)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
	Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Summary of AOCI	The following tables summarize changes in AOCI, all of which are presented net of tax: thousands Balance at December 31, 2021 $ (14,457) Derivative instruments: Other comprehensive income (loss) before reclassifications 25,657 (Gain) loss reclassified to net income 6,041 Reclassification of the Company's share of previously deferred derivative gains to net income (a) (6,723) Pension adjustment (183) Net current-period other comprehensive income (loss) 24,792 Balance at December 31, 2022 $ 10,335 Derivative instruments: Other comprehensive income (loss) before reclassifications 3,809 (Gain) loss reclassified to net income (13,131) Pension adjustment 259 Net current-period other comprehensive income (loss) (9,063) Balance at December 31, 2023 $ 1,272 Derivative instruments: Other comprehensive income (loss) before reclassifications 4,818 (Gain) loss reclassified to net income (4,497) Pension adjustment 375 Net current-period other comprehensive income (loss) 696 Balance at December 31, 2024 $ 1,968 (a) In March 2022, the Company completed the sale of its ownership interest in 110 North Wacker and released a net of $6.7 million from Accumulated other comprehensive income (loss), representing the Company’s $8.6 million share of previously deferred gains associated with the Venture’s derivative instruments net of tax expense of $1.9 million. Refer to Note 3 - Investments in Unconsolidated Ventures for additional information.
Summary of the amounts reclassified out of AOCI	The following table summarizes the amounts reclassified out of AOCI for the years ended December 31: Accumulated Other Comprehensive Income (Loss) Components thousands Affected line items in the Statements of Operations 2024 2023 (Gains) losses on cash flow hedges $ (5,821) $ (16,970) Interest expense Income taxes on (gains) losses on cash flow hedges 1,324 3,839 Income tax expense (benefit) Total reclassifications of (income) loss for the period $ (4,497) $ (13,131)

Revenues (Tables)

Revenues (Tables)	12 Months Ended
	Dec. 31, 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 for the years ended December 31: thousands 2024 2023 2022 Revenues from contracts with customers Recognized at a point in time: Condominium rights and unit sales $ 778,616 $ 47,707 $ 677,078 Master Planned Communities land sales 453,195 370,185 316,065 Builder price participation 52,023 60,989 71,761 Total 1,283,834 478,881 1,064,904 Recognized at a point in time or over time: Other land, rental, and property revenues 44,755 46,255 44,893 Rental and lease-related revenues Rental revenue 422,100 383,617 379,693 Total revenues $ 1,750,689 $ 908,753 $ 1,489,490 Revenues by segment Operating Assets revenues $ 444,300 $ 410,254 $ 401,304 Master Planned Communities revenues 522,925 448,452 408,365 Strategic Developments revenues 783,396 49,987 679,763 Corporate revenues 68 60 58 Total revenues $ 1,750,689 $ 908,753 $ 1,489,490
Summary of contract with customer, assets and liabilities	The beginning and ending balances of contract liabilities and significant activity during the periods presented are as follows: thousands Contract Liabilities Balance at December 31, 2022 $ 453,091 Consideration earned during the period (109,030) Consideration received during the period 231,560 Balance at December 31, 2023 $ 575,621 Consideration earned during the period (865,949) Consideration received during the period 874,864 Balance at December 31, 2024 $ 584,536
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 $ 717,723 $ 721,738 $ 1,623,159

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Summary of leased assets and liabilities	The Company’s leased assets and liabilities are as follows: thousands 2024 2023 Operating lease right-of-use assets $ 5,806 $ 5,463 Operating lease obligations $ 5,456 $ 5,362
Summary of future minimum lease payments	Future minimum lease payments as of December 31, 2024, are as follows: thousands Operating Leases 2025 $ 692 2026 956 2027 898 2028 616 2029 622 Thereafter 5,981 Total lease payments 9,765 Less: imputed interest (4,309) Present value of lease liabilities $ 5,456
Summary of components of lease expense and other information	Other information related to the Company’s lessee agreements is as follows: Supplemental Consolidated Statements of Cash Flows Information Year ended December 31, thousands 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows on operating leases $ 759 $ 368 Other Information 2024 2023 Weighted-average remaining lease term (years) Operating leases 16.4 18.6 Weighted-average discount rate Operating leases 7.1 % 7.4 %
Summary of minimum rentals based on operating leases of the consolidated properties	Minimum rent revenues related to operating leases are as follows: Year ended December 31, thousands 2024 2023 Total minimum rent payments $ 235,652 $ 219,025 Total future minimum rents associated with operating leases are as follows: thousands Total Minimum Rent 2025 $ 237,680 2026 233,774 2027 224,137 2028 202,047 2029 182,760 Thereafter 672,278 Total $ 1,752,676

Segments (Tables)

Segments (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Summary of segment operating results	Segment EBT is as follows for the years ended December 31: thousands Operating Assets Segment MPC Segment Strategic Developments Segment Year Ended December 31, 2024 Total revenues $ 444,300 $ 522,925 $ 783,396 Condominium rights and unit cost of sales — — (582,574) Master Planned Communities cost of sales — (169,191) — Operating costs (138,172) (52,736) (17,670) Rental property real estate taxes (55,915) — (2,480) (Provision for) recovery of doubtful accounts (504) — — Segment operating income (loss) 249,709 300,998 180,672 Depreciation and amortization (169,040) (438) (7,255) Interest income (expense), net (138,207) 60,473 18,603 Other income (loss), net 822 — 90,534 Equity in earnings (losses) from unconsolidated ventures 5,819 (11,899) 251 Gain (loss) on sale or disposal of real estate and other assets, net 22,907 — — Gain (loss) on extinguishment of debt (465) — — Segment EBT $ (28,455) $ 349,134 $ 282,805 Year Ended December 31, 2023 Total revenues $ 410,254 $ 448,452 $ 49,987 Condominium rights and unit cost of sales — — (55,417) Master Planned Communities cost of sales — (140,050) — Operating costs (130,125) (53,420) (21,908) Rental property real estate taxes (52,502) — (3,147) (Provision for) recovery of doubtful accounts 2,762 — — Segment operating income (loss) 230,389 254,982 (30,485) Depreciation and amortization (161,138) (418) (3,963) Interest income (expense), net (125,197) 64,291 16,074 Other income (loss), net 2,092 (102) 690 Equity in earnings (losses) from unconsolidated ventures 2,968 22,666 142 Gain (loss) on sale or disposal of real estate and other assets, net 23,926 — 236 Gain (loss) on extinguishment of debt (97) — — Segment EBT $ (27,057) $ 341,419 $ (17,306) Year Ended December 31, 2022 Total revenues $ 401,304 $ 408,365 $ 679,763 Condominium rights and unit cost of sales — — (483,983) Master Planned Communities cost of sales — (119,466) — Operating costs (118,416) (54,439) (19,001) Rental property real estate taxes (51,069) — (1,052) (Provision for) recovery of doubtful accounts (629) — — Segment operating income (loss) 231,190 234,460 175,727 Depreciation and amortization (145,208) (394) (5,319) Interest income (expense), net (87,664) 50,305 17,073 Other income (loss), net (1,383) 23 1,799 Equity in earnings (losses) from unconsolidated ventures 22,262 (1,407) 868 Gain (loss) on sale or disposal of real estate and other assets, net 29,588 — 90 Gain (loss) on extinguishment of debt (2,230) — — Segment EBT $ 46,555 $ 282,987 $ 190,238 The following represents capital expenditures by segment for the years ended December 31: thousands 2024 2023 Operating Assets $ 63,781 $ 44,342 Master Planned Communities 232 351 Strategic Developments 239,472 233,674 Corporate 740 7,028
Summary of reconciliation of operating income (loss) from segments to consolidated statements of operations	The following represents the reconciliation of segment EBT to Net income (loss) from continuing operations before income taxes in the Consolidated Statements of Operations for the years ended December 31: thousands 2024 2023 2022 Operating Assets EBT $ (28,455) $ (27,057) $ 46,555 MPC EBT 349,134 341,419 282,987 Strategic Developments EBT 282,805 (17,306) 190,238 General and administrative (88,128) (85,619) (81,770) Gain (loss) on sale of MUD receivables (48,651) — — Corporate interest expense, net (80,446) (87,243) (88,394) Corporate income, expenses, and other items (17,236) (13,314) (14,711) Net income (loss) from continuing operations before income taxes $ 369,023 $ 110,880 $ 334,905
Summary of reconciliation of revenue from segments to consolidated statements of operations	The following represents the reconciliation of segment revenue to Total revenues in the Consolidated Statements of Operations for the years ended December 31: thousands 2024 2023 2022 Operating Assets revenue $ 444,300 $ 410,254 $ 401,304 MPC revenue 522,925 448,452 408,365 Strategic Developments revenue 783,396 49,987 679,763 Corporate income 68 60 58 Total revenues $ 1,750,689 $ 908,753 $ 1,489,490
Summary of assets by segment and the reconciliation of total segment assets to the total assets in the Condensed Consolidated Balance Sheets	The following represents asset information by segment and the reconciliation of total segment assets to Total assets in the Consolidated Balance Sheets as of December 31: thousands 2024 2023 Operating Assets $ 3,548,162 $ 3,448,319 Master Planned Communities 3,373,827 3,358,821 Strategic Developments 1,836,791 1,638,955 Corporate 450,013 514,245 Discontinued operations — 615,272 Total assets $ 9,208,793 $ 9,575,612

Quarterly Financial Informati_2

Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2024
Quarterly Financial Information Disclosure [Abstract]
Summary of quarterly financial information	The following table provides summarized quarterly financial data for 2024 and 2023. All per share amounts presented below are calculated based on whole dollars and number of shares, and therefore the sum of continuing and discontinued operations per share amounts may not recalculate to the total per share amounts. thousands except per share amounts First Second Third Fourth 2024 Total revenues $ 156,484 $ 283,468 $ 327,147 $ 983,590 Operating income (loss) 13,336 89,402 199,375 261,432 Net income (loss) from continuing operations (20,438) 48,092 97,341 163,067 Net income (loss) from discontinued operations, net of tax (31,467) (26,309) (24,031) (6,416) Net income (loss) (51,905) 21,783 73,310 156,651 Net (income) loss attributable to noncontrolling interests (10) 34 273 414 Net income (loss) attributable to Howard Hughes Holdings Inc. (51,915) 21,817 73,583 157,065 2023 Total revenues $ 181,541 $ 185,775 $ 228,473 $ 312,964 Operating income (loss) 37,790 13,941 59,567 105,978 Net income (loss) from continuing operations 6,493 (7,981) 32,212 53,508 Net income (loss) from discontinued operations, net of tax (29,120) (11,160) (576,199) (18,461) Net income (loss) (22,627) (19,141) (543,987) 35,047 Net (income) loss attributable to noncontrolling interests (118) (2) (46) (77) Net income (loss) attributable to Howard Hughes Holdings Inc. (22,745) (19,143) (544,033) 34,970

Presentation of Financial Sta_4

Presentation of Financial Statements and Significant Accounting Policies - Narrative (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Jul. 31, 2024	Aug. 11, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Commons conversion ratio					1
Total assets		$ 9,208,793	$ 9,575,612
Accounts payable and other liabilities		1,092,460	1,052,973
Noncontrolling interests		$ 65,548	66,053
Number of business segments | segment		3
Settlement amount	$ 186,000
Related accrued interest	9,300
Future MUD receivables	40,000
Total cash consideration	176,700
Cash consideration allocated to sale of existing MUD receivables	146,700
Cash consideration allocated to future receivables	30,000
Loss on sale	$ 48,700
Financing receivables		$ 569,100	632,800
Accrued interest on financing receivables		$ 44,000	35,800
Financing receivable threshold period past due		30 days
Deferred leasing costs, accumulated amortization		$ 69,100	$ 59,600
Seaport Entertainment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity note, spinoff ratio				0.1111
Minimum | Master Planned Communities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful lives		20 years
Maximum | Master Planned Communities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful lives		40 years
Teravalis Acquisition
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership interest		88%	88%
Percentage of minimum required contributions		12%	12%
Total assets		$ 542,100	$ 541,600
Accounts payable and other liabilities		500	600
Noncontrolling interests		$ 65,100	$ 65,000
Seaport Entertainment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of air rights				80%

Presentation of Financial Sta_5

Presentation of Financial Statements and Significant Accounting Policies - Asset Useful Lives, by Type (Details)	Dec. 31, 2024
Buildings and improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Buildings and improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	40 years
Equipment and fixtures | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Equipment and fixtures | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Computer hardware and vehicles | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Computer hardware and vehicles | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years

Presentation of Financial Sta_6

Presentation of Financial Statements and Significant Accounting Policies - Developments by Category (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Development costs	$ 1,190,746	$ 982,368
Land and improvements	150,283	187,203
Total Developments	$ 1,341,029	$ 1,169,571

Presentation of Financial Sta_7

Presentation of Financial Statements and Significant Accounting Policies - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 105,185	$ 101,373
Reserve for uncollectible amounts	8,200	13,600
Reserve for uncollectible amounts under ASC 842	8,100
Collectibility of receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reserve for uncollectible amounts under ASC 450	100
Straight-line rent receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	91,050	84,316
Tenant receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	1,638	5,493
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 12,497	$ 11,564

Presentation of Financial Sta_8

Presentation of Financial Statements and Significant Accounting Policies - Impacts of the ASC 842 and ASC 450 Reserves (Details) - Collectibility of receivables - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Rental revenue	$ (860)	$ 10,984	$ (410)
Provision for (recovery of) doubtful accounts	504	(2,762)	629
Total (income) expense impact	$ (356)	$ 8,222	$ 219

Discontinued Operations - Net I

Discontinued Operations - Net Income (Loss) From Discontinued Operations, Net of Income Taxes (Details) - Discontinued Operations - Seaport Entertainment - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenues	$ 60,846	$ 115,349	$ 118,998
Total operating expenses	88,381	133,767	128,775
General and administrative	32,535	4,522	0
Depreciation and amortization	16,717	47,384	45,756
Other	0	81	59
Provision for impairment	0	(672,492)	0
Other income (loss), net	(67)	(1,539)	488
Interest income (expense), net	(7,414)
Interest income (expense), net		874	1,607
Gain (loss) on extinguishment of debt	(1,563)	(47)	0
Equity in earnings (losses) from unconsolidated ventures	(18,960)	(81,484)	(36,272)
Net income (loss) from discontinued operations before income taxes	(104,791)	(825,093)	(89,769)
Income tax expense (benefit)	(16,568)	(190,153)	(21,696)
Net income (loss) from discontinued operations, net of taxes	$ (88,223)	$ (634,940)	$ (68,073)

Discontinued Operations - Major

Discontinued Operations - Major Classes of Assets and Liabilities that are Classified as Discontinued Operations on the Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restricted cash	$ 998,116	$ 1,053,057	$ 1,098,937	$ 1,216,637
Assets of discontinued operations	0	615,272
Liabilities of discontinued operations	$ 0	227,165
Discontinued Operations | Seaport Entertainment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net investment in real estate		437,463
Investments in unconsolidated ventures		37,459
Cash and cash equivalents		1,834
Restricted cash		42,011
Accounts receivable, net		13,672
Deferred expenses, net		4,379
Operating lease right-of-use assets		39,434
Other assets, net		39,020
Assets of discontinued operations		615,272
Mortgages, notes, and loans payable, net		155,628
Operating lease obligations		46,222
Deferred tax liabilities, net		3,542
Accounts payable and other liabilities		21,773
Liabilities of discontinued operations		$ 227,165

Investments in Unconsolidated_3

Investments in Unconsolidated Ventures - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Investments in and Advances to Affiliates, Activity [Line Items]
Liabilities	$ 6,368,492	$ 6,517,015
Equity method investment, nonconsolidated investee or group of investees
Investments in and Advances to Affiliates, Activity [Line Items]
Liabilities	526,320	$ 436,289
Unconsolidated Properties
Investments in and Advances to Affiliates, Activity [Line Items]
Liabilities	354,300
Unconsolidated Properties | Equity method investment, nonconsolidated investee or group of investees | Howard Hughes Corporation’s
Investments in and Advances to Affiliates, Activity [Line Items]
Liabilities	$ 175,600

Investments in Unconsolidated_4

Investments in Unconsolidated Ventures - Investments in Real Estate and Other Affiliates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investments in and Advances to Affiliates [Line Items]
Investments in unconsolidated ventures	$ 169,566	$ 182,799
Share of Earnings/Dividends	(5,829)	25,776	$ 21,723
Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Carrying Value	165,787	179,020
Share of Earnings/Dividends	(9,071)	22,743	17,085
Other equity Investments
Investments in and Advances to Affiliates [Line Items]
Other investments	3,779	3,779
Share of Earnings/Dividends	3,242	3,033	4,638
The Metropolitan | Accounts Payable and Accrued Liabilities
Investments in and Advances to Affiliates [Line Items]
Investment deficit position	12,200	10,900
TEN.m.flats
Investments in and Advances to Affiliates [Line Items]
Investment deficit position	$ 5,800	$ 4,700
Operating Assets | 110 North Wacker | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	0%	0%
Carrying Value	$ 0	$ 0
Share of Earnings/Dividends	$ 0	$ 0	4,910
Operating Assets | The Metropolitan | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%	50%
Carrying Value	$ 0	$ 0
Share of Earnings/Dividends	$ 667	$ 33	4,556
Operating Assets | Stewart Title of Montgomery County, TX | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%	50%
Carrying Value	$ 4,061	$ 3,785
Share of Earnings/Dividends	$ 576	$ 168	1,294
Operating Assets | Woodlands Sarofim | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	20%	20%
Carrying Value	$ 2,975	$ 2,990
Share of Earnings/Dividends	$ (15)	$ (40)	(13)
Operating Assets | TEN.m.flats | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%	50%
Carrying Value	$ 0	$ 0
Share of Earnings/Dividends	$ 1,349	$ (225)	6,878
Master Planned Communities | The Summit | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%	50%
Carrying Value	$ 37,409	$ 59,112
Share of Earnings/Dividends	$ (16,807)	$ 24,787	(30)
Master Planned Communities | Floreo | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%	50%
Carrying Value	$ 60,788	$ 55,880
Share of Earnings/Dividends	$ 4,908	$ (2,121)	(1,377)
Strategic Developments | West End Alexandria | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	58.30%	58.30%
Carrying Value	$ 60,513	$ 56,757
Share of Earnings/Dividends	$ 256	$ 139	70
Strategic Developments | Other | Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%	50%
Carrying Value	$ 41	$ 496
Share of Earnings/Dividends	$ (5)	$ 2	$ 797

Investments in Unconsolidated_5

Investments in Unconsolidated Ventures - 110 North Wacker (Details) $ in Millions	1 Months Ended
	Mar. 31, 2022 USD ($)
Over-Allotment Option
Investments in and Advances to Affiliates, Activity [Line Items]
Sale of stock, consideration received on transaction	$ 168.9
Over-Allotment Option | Local Developer
Investments in and Advances to Affiliates, Activity [Line Items]
Sale of stock, consideration received on transaction	22.1
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 110 North Wacker Building
Investments in and Advances to Affiliates, Activity [Line Items]
Consideration received	208.6
Gain (loss) on disposal	$ 5

Investments in Unconsolidated_6

Investments in Unconsolidated Ventures - The Summit (Details) usdPerAcre in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2022 USD ($) a customHomeSite	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2015 USD ($) usdPerAcre
Investments in and Advances to Affiliates, Activity [Line Items]
Equity in earnings (losses) from unconsolidated ventures		$ (5,829)	$ 25,776	$ 21,723
The Summit
Investments in and Advances to Affiliates, Activity [Line Items]
Contribution of property					$ 13,400
SID bonds transferred to a joint venture					1,300
Transaction value of the land contributed to joint venture					$ 125,400
Transactional value per acre of land contributed to joint venture | usdPerAcre					226
Maximum capital contribution required					$ 30,000
Amount contributed on maximum contribution					$ 3,800
Area of land | a	54
Fair value of property contributed	$ 21,500
Equity in earnings (losses) from unconsolidated ventures	$ 13,500
Number of custom home sites | customHomeSite	28

Investments in Unconsolidated_7

Investments in Unconsolidated Ventures - Floreo (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Oct. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) a	Dec. 31, 2024 USD ($)
Investments in and Advances to Affiliates, Activity [Line Items]
Carrying value			$ 5,168,437
Floreo
Investments in and Advances to Affiliates, Activity [Line Items]
Face amount	$ 165,000
Carrying value			158,600
Guarantee fee	$ 5,000
Investment in real estate and other affiliates			$ 60,800
Floreo | Phoenix, Arizona
Investments in and Advances to Affiliates, Activity [Line Items]
Area of land | a		3,029
Floreo Development Holding Company, LLC
Investments in and Advances to Affiliates, Activity [Line Items]
Acquisition interest		50%
Purchase price of acquisition		$ 59,000

Investments in Unconsolidated_8

Investments in Unconsolidated Ventures - West End Alexandria (Details) ft² in Millions, $ in Millions	3 Months Ended
	Dec. 31, 2021 USD ($) a ft²
Central Plaza | Development Plans
Investments in and Advances to Affiliates, Activity [Line Items]
Area of land	41
Area of real estate property (in sqft) | ft²	4
West End Alexandria | Landmark Land Holdings
Investments in and Advances to Affiliates, Activity [Line Items]
Area of land	52
West End Alexandria | Alexandria
Investments in and Advances to Affiliates, Activity [Line Items]
Area of land	11
Fougler Pratt Development, LLC | Landmark Mall Property
Investments in and Advances to Affiliates, Activity [Line Items]
Area of land	33
Fair value of property contributed | $	$ 56
Fair value of property contributed, additional | $	$ 10
Seritage | Landmark Mall Property
Investments in and Advances to Affiliates, Activity [Line Items]
Area of land	19
Fair value of property contributed | $	$ 30

Investments in Unconsolidated_9

Investments in Unconsolidated Ventures - Summarized Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated Balance Sheets
Total Assets	$ 9,208,793				$ 9,575,612				$ 9,208,793	$ 9,575,612
Total Liabilities	6,368,492				6,517,015				6,368,492	6,517,015
Total Equity	2,840,301				3,058,597				2,840,301	3,058,597	$ 3,606,112	$ 3,710,670
Consolidated Statements of Operations
Revenues	983,590	$ 327,147	$ 283,468	$ 156,484	312,964	$ 228,473	$ 185,775	$ 181,541	1,750,689	908,753	1,489,490
Operating Income	261,432	199,375	89,402	13,336	105,978	59,567	13,941	37,790	563,545	217,276	424,239
Net income (loss)	156,651	$ 73,310	$ 21,783	$ (51,905)	35,047	$ (543,987)	$ (19,141)	$ (22,627)	199,839	(550,708)	184,636
Equity method investment, nonconsolidated investee or group of investees
Consolidated Balance Sheets
Total Assets	879,908				814,627				879,908	814,627
Total Liabilities	526,320				436,289				526,320	436,289
Total Equity	$ 353,588				$ 378,338				353,588	378,338
Consolidated Statements of Operations
Revenues									219,766	347,084	150,746
Operating Income									35,545	75,099	31,752
Net income (loss)									$ 20,987	$ 55,006	$ 31,058

Acquisitions and Dispositions -

Acquisitions and Dispositions - Acquisitions Narrative (Details) $ in Millions	1 Months Ended
	Jun. 30, 2024 USD ($) ft²	May 31, 2023 USD ($) a
Waterway Plaza II
Asset Acquisition [Line Items]
Payments to acquire real estate	$ 19.2
Area of real estate property (in sqft) | ft²	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) $ in Millions	1 Months Ended								12 Months Ended
	Dec. 31, 2024 USD ($) ft²	Feb. 29, 2024 USD ($) ft²	Dec. 31, 2023 USD ($) ft²	Jul. 31, 2023 USD ($) storageUnit storageFacility	Mar. 31, 2023 USD ($) ft² landParcel	Dec. 31, 2022 USD ($) ft²	Jun. 30, 2022 USD ($) ft²	Mar. 31, 2022 USD ($)	Dec. 31, 2024 USD ($) ft² groundLease
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group not discontinued operation gain on disposal statement of income extensible list not disclosed flag				gain
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 110 North Wacker Building
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received								$ 208.6
Gain on disposal								$ 5
The Woodlands | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of ground leases sold | groundLease									4
Consideration received	$ 9.6			$ 30.5					$ 9.6
Gain on disposal				$ 16.1					6.7
Number of operating self storage facilities | storageFacility				2
Number of units in real estate property | storageUnit				1,370
Lakeland Village Center at Bridgeland | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received	28								$ 28
Gain on disposal	$ 11.4
Area of real estate property (in sqft) | ft²	67,947								67,947
Creekside Park Medical Plaza | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received		$ 14
Gain on disposal		$ 4.8
Area of real estate property (in sqft) | ft²		32,689
Memorial Hermann Medical Office | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received			$ 9.6
Gain on disposal			$ 3.2
Area of real estate property (in sqft) | ft²			20,000
Honolulu, Hawai'i | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received					$ 6.3
Gain on disposal					$ 4.7
Area of real estate property (in sqft) | ft²					11,929
Number of land parcels sold | landParcel					2
Creekside Village Green | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received						$ 28.4
Gain on disposal						$ 13.4
Area of real estate property (in sqft) | ft²						74,670
Lake Woodlands Crossing | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received						$ 22.5
Gain on disposal						$ 12.2
Area of real estate property (in sqft) | ft²						60,261
Ground lease term						99 years
Outlet Collection at Riverwalk | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received							$ 34
Gain on disposal							$ 4
Area of real estate property (in sqft) | ft²							264,080

Impairment (Details)

Impairment (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Seaport Segment
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment charges, including equity method investment	$ 709.5

Other Assets and Liabilities -

Other Assets and Liabilities - Other Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Other Assets and Liabilities [Line Items]
Special Improvement District receivable, net	$ 97,432	$ 74,899
Security, escrow, and other deposits	66,348	67,701
Other	26,377	15,140
Prepaid expenses	22,791	15,551
Tenant incentives and other receivables, net	12,567	10,840
Interest rate derivative assets	9,082	10,318
TIF receivable, net	4,340	6,371
Intangibles, net	3,359	1,360
Net investment in lease receivable	2,809	2,883
Notes receivable, net	870	1,412
Condominium inventory	525	671
Other assets, net	279,495	242,636
In-place leases, net
Other Assets and Liabilities [Line Items]
In-place leases, net	$ 32,995	$ 35,490

Other Assets and Liabilities _2

Other Assets and Liabilities - Accounts Payable and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
OTHER ASSETS AND LIABILITIES
Condominium deposit liabilities	$ 459,683	$ 478,870
Construction payables	252,619	244,749
Deferred income	125,784	114,402
Accrued interest	51,828	53,301
Accounts payable and accrued expenses	48,324	47,576
Other	47,656	23,555
Tenant and other deposits	47,112	29,422
Accrued payroll and other employee liabilities	30,170	31,002
Accrued real estate taxes	29,284	30,096
Accounts payable and other liabilities	$ 1,092,460	$ 1,052,973

Intangibles - Intangible Assets

Intangibles - Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Indefinite lived intangibles	$ 157	$ 157
Total indefinite lived intangibles	157	157
Total amortizing intangibles	37,083	36,684
Other intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Asset	4,526	2,407
Accumulated (Amortization)	(1,324)	(1,204)
Net Carrying Amount	3,202	1,203
In-place value
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Asset	56,019	54,180
Accumulated (Amortization)	(23,024)	(18,690)
Net Carrying Amount	32,995	35,490
Above-market
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Asset	1,281	292
Accumulated (Amortization)	(395)	(261)
Net Carrying Amount	886	31
Below-market
Acquired Finite-Lived Intangible Assets [Line Items]
Gross (Liability)	(627)	(576)
Accumulated Accretion	627	536
Net Carrying Amount	$ 0	$ (40)

Intangibles - Narrative (Detail

Intangibles - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization/accretion of intangible assets/liabilities	$ 6.2	$ 4.3	$ 4.7

Intangibles - Future Net Amorti

Intangibles - Future Net Amortization and Accretion Expense (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 5,304
2026	5,073
2027	4,454
2028	4,344
2029	$ 4,278

Mortgages, Notes and Loans Pa_3

Mortgages, Notes and Loans Payable, Net - Mortgages, Notes and Loans Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Unamortized deferred financing costs	$ (40,968)	$ (47,628)
Mortgages, notes, and loans payable, net	5,127,469	5,146,992
Senior unsecured notes
Debt Instrument [Line Items]
Fixed-rate debt	2,050,000	2,050,000
Secured mortgages payable
Debt Instrument [Line Items]
Fixed-rate debt	1,635,750	1,442,505
Variable-rate debt	1,115,908	1,161,488
Special Improvement District bonds
Debt Instrument [Line Items]
Fixed-rate debt	83,779	65,627
Secured Bridgeland Notes
Debt Instrument [Line Items]
Variable-rate debt	$ 283,000	$ 475,000

Mortgages, Notes and Loans Pa_4

Mortgages, Notes and Loans Payable, Net - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2024 USD ($) debtInstrument	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) debtInstrument	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Other assets, net	$ 279,495		$ 279,495	$ 242,636
Carrying value	$ 5,168,437		$ 5,168,437
Derivative, term of contract			5 years
Weighted-average Interest Rate	7.02%		7.02%	7.86%
Repayment of debt			$ 807,548	$ 147,623	$ 1,063,439
Special Improvement District bond transfers associated with land sales			$ 18,014	13,883	$ 7,774
Derivative asset, number of instruments held | debtInstrument	5		5
Secured Bridgeland Notes Due 2026
Debt Instrument [Line Items]
Carrying value	$ 283,000		$ 283,000
Face amount	$ 475,000		475,000	$ 475,000
Repayment of debt		$ 192,000
Debt instrument, redemption price, percentage	10%
Interest rate margin	6.81%
Secured Bridgeland Notes Due 2029
Debt Instrument [Line Items]
Face amount	$ 600,000		600,000
Senior unsecured notes
Debt Instrument [Line Items]
Face amount	2,050,000		2,050,000			$ 2,100,000	$ 2,100,000
Senior unsecured notes | Recourse
Debt Instrument [Line Items]
Carrying value	2,100,000		2,100,000
Secured Bridgeland Notes | Recourse
Debt Instrument [Line Items]
Carrying value	89,000		89,000
Secured mortgages payable
Debt Instrument [Line Items]
Carrying value	417,000		417,000
Face amount	$ 95,100		$ 95,100
Weighted-average Interest Rate	5.93%		5.93%	6.34%
Long-term debt, refinanced			$ 168,000
Repayment of debt			373,300
Long term debt, undrawn lender commitment			$ 1,200,000
Secured mortgages payable | Minimum
Debt Instrument [Line Items]
Range of Interest Rates	3.13%		3.13%	3.13%
Secured mortgages payable | Maximum
Debt Instrument [Line Items]
Range of Interest Rates	9.42%		9.42%	10.48%
Special Improvement District bonds
Debt Instrument [Line Items]
Special Improvement District bond transfers associated with land sales			$ 38,000
Special improvement district bond issued			$ 18,000
Special Improvement District bonds | Minimum | Master Planned Communities
Debt Instrument [Line Items]
Range of Interest Rates	4.13%		4.13%	4.13%
Special Improvement District bonds | Maximum | Master Planned Communities
Debt Instrument [Line Items]
Range of Interest Rates	6.05%		6.05%	7%
Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Other assets, net	$ 4,700,000		$ 4,700,000

Mortgages, Notes and Loans Pa_5

Mortgages, Notes and Loans Payable, Net - Senior Unsecured Note (Details) - Senior unsecured notes - USD ($) $ in Thousands	Dec. 31, 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 Pa_6

Mortgages, Notes and Loans Payable, Net - Secured Mortgages Payable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Weighted-average Interest Rate	7.02%	7.86%
Secured mortgages payable
Debt Instrument [Line Items]
Fixed rate	$ 1,635,750	$ 1,442,505
Variable rate	1,115,908	1,161,488
Secured mortgages payable	$ 2,751,658	$ 2,603,993
Fixed rate - weighted average interest rate	4.74%	4.45%
Variable rate - weighted average interest rate	7.67%	8.69%
Weighted-average Interest Rate	5.93%	6.34%
Fixed rate - weighted-average years to maturity	5 years 9 months 18 days	7 years
Variable rate - weighted-average years to maturity	1 year 8 months 12 days	2 years 1 month 6 days
Weighted-average Years to Maturity	4 years 1 month 6 days	4 years 9 months 18 days
Secured mortgages payable | Minimum
Debt Instrument [Line Items]
Fixed rate - range of interest rates	3.13%	3.13%
Variable rate - range of interest rates	6.43%	7.08%
Range of Interest Rates	3.13%	3.13%
Secured mortgages payable | Maximum
Debt Instrument [Line Items]
Fixed rate - range of interest rates	8.67%	8.67%
Variable rate - range of interest rates	9.42%	10.48%
Range of Interest Rates	9.42%	10.48%

Mortgages, Notes and Loans Pa_7

Mortgages, Notes and Loans Payable, Net - Contractual Obligations Based on Extended Maturity Dates (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Mortgages, notes, and loans payable principal payments
2025	$ 421,202
2026	509,097
2027	415,717
2028	838,680
2029	1,270,240
Thereafter	1,713,501
Total principal payments	5,168,437
Unamortized deferred financing costs	(40,968)
Mortgages, notes, and loans payable	$ 5,127,469

Fair Value - Assets and Liabili

Fair Value - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Interest rate swap - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative assets	$ 9,082	$ 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	9,082	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 Liabi_2

Fair Value - Assets and Liabilities Not Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Assets:
Cash and restricted cash	$ 998,116	$ 1,009,212	$ 1,032,223
Liabilities:
Allowance for accounts receivable	8,200	13,600
Level 1 | Carrying Amount
Assets:
Cash and restricted cash	998,503	1,009,212
Level 1 | Estimated Fair Value
Assets:
Cash and restricted cash	998,503	1,009,212
Level 3 | Carrying Amount
Assets:
Accounts receivable, net	105,185	101,373
Notes receivable, net	870	1,412
Level 3 | Estimated Fair Value
Assets:
Accounts receivable, net	105,185	101,373
Notes receivable, net	870	1,412
Level 2 | Carrying Amount
Liabilities:
Fixed-rate debt	3,769,529	3,558,132
Variable-rate debt	1,398,908	1,636,488
Level 2 | Estimated Fair Value
Liabilities:
Fixed-rate debt	3,495,298	3,255,525
Variable-rate debt	$ 1,398,908	$ 1,636,488

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($)
Interest rate swap | Derivative instruments designated as hedging instruments:
Derivative [Line Items]
Gain on derivative expected amount to be reclassified	$ 3
Credit Risk Contract
Derivative [Line Items]
Fair value derivative liabilities	$ 0

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Notional Amount and Fair Value of Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Fair value of derivative instruments
Total fair value derivative assets		$ 9,082	$ 10,318
Derivative instruments not designated as hedging instruments
Fair value of derivative instruments
Other income		1,400	500
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 2.00 To 4.50% Maturing June 2025, Notional 1 | Interest rate collar | Derivative instruments not designated as hedging instruments | Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, asset		173,477
Total fair value derivative assets		$ 35	417
Fixed Interest Rate 2.00 To 4.50% Maturing June 2025, Notional 1 | Interest rate collar | Derivative instruments not designated as hedging instruments | Prepaid Expenses and Other Current Assets | Minimum
Fair value of derivative instruments
Derivative, fixed interest rate		2%
Fixed Interest Rate 2.00 To 4.50% Maturing June 2025, Notional 1 | Interest rate collar | Derivative instruments not designated as hedging instruments | Prepaid Expenses and Other Current Assets | Maximum
Fair value of derivative instruments
Derivative, fixed interest rate		4.50%
Fixed Interest Rate 2.00 to 4.50% Maturing June 2025, Notional 2 | Interest rate collar | Derivative instruments not designated as hedging instruments | Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, asset		$ 205,613
Total fair value derivative assets		$ 34	440
Fixed Interest Rate 2.00 to 4.50% Maturing June 2025, Notional 2 | Interest rate collar | Derivative instruments not designated as hedging instruments | Prepaid Expenses and Other Current Assets | Minimum
Fair value of derivative instruments
Derivative, fixed interest rate		2%
Fixed Interest Rate 2.00 to 4.50% Maturing June 2025, Notional 2 | Interest rate collar | Derivative instruments not designated as hedging instruments | Prepaid Expenses and Other Current Assets | Maximum
Fair value of derivative instruments
Derivative, fixed interest rate		4.50%
Fixed Interest Rate 2.50% Maturing September 2025, Notional 1 | Interest rate cap | Derivative instruments not designated as hedging instruments | Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, asset		$ 75,000
Derivative, fixed interest rate		2.50%
Total fair value derivative assets		$ 919	2,274
Fixed Interest Rate 2.50% Maturing September 2025, Notional 2 | Interest rate cap | Derivative instruments not designated as hedging instruments | Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, asset		$ 59,500
Derivative, fixed interest rate		2.50%
Total fair value derivative assets		$ 729	1,804
Fixed Interest Rate 6.00% Maturing July 2026, Notional 1 | Interest rate cap | Derivative instruments not designated as hedging instruments | Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, asset		$ 59,619
Derivative, fixed interest rate		6%
Total fair value derivative assets		$ 30	0
Fixed Interest Rate 6.00% Maturing July 2026, Notional 2 | Interest rate cap | Derivative instruments not designated as hedging instruments | Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, asset		$ 6,924
Derivative, fixed interest rate		6%
Total fair value derivative assets		$ 4	0
Fixed Interest Rate 5.25% Maturing December 2026, Notional 242 Million | Interest rate cap | Derivative instruments not designated as hedging instruments | Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, asset		$ 46,875
Derivative, fixed interest rate		5.25%
Total fair value derivative assets		$ 297	0
Fixed Interest Rate 5.50%, Maturing November 2024 | Interest rate cap | Derivative instruments designated as hedging instruments: | Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, liability		$ 127,000
Derivative, fixed interest rate		5.50%
Total fair value derivative assets		$ 0	28
Fixed Interest Rate 3.50% Maturing July 2025 | Interest rate cap | Derivative instruments designated as hedging instruments: | Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, liability		$ 127,000
Derivative, fixed interest rate		3.50%
Total fair value derivative assets		$ 725	0
Fixed Interest Rate 5.00% Maturing December 2025 | Interest rate cap | Derivative instruments designated as hedging instruments: | Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, liability		$ 73,241
Derivative, fixed interest rate		5%
Total fair value derivative assets		$ 15	223
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
Derivative, fixed interest rate		3.69%
Total fair value derivative liabilities		$ 1,062	117
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
Derivative, fixed interest rate		1.68%
Total fair value derivative liabilities		$ 1,979	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		$ 34,392
Derivative, fixed interest rate		4.89%
Total fair value derivative liabilities		$ 3,253	$ 2,519

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Impact of Financial Instruments on Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Interest expense
Effect of the Company's derivative financial instruments on the income statement
Amount of Gain (Loss) Reclassified from AOCI into Statements of Operations	$ 4,497	$ 13,131	$ (6,041)
Interest rate derivatives
Effect of the Company's derivative financial instruments on the income statement
Amount of Gain (Loss) Recognized in AOCI on Derivatives	$ 4,818	$ 3,809	$ 25,657

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	1 Months Ended			3 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($)	Oct. 31, 2022 USD ($)	Jun. 30, 2018 individualOrEntity party	Sep. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) tower	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Operating Leased Assets [Line Items]
Damages award						$ 17,000
Post-judgment interest						10%
Number of individuals or entities on petition | individualOrEntity			500
Number of unaffiliated parties | party			2
Letters of credit outstanding						$ 3,900	$ 3,900
Surety bonds outstanding						353,800	470,400
Repayment of debt						807,548	$ 147,623	$ 1,063,439
Long-term debt outstanding						$ 5,127,469
Guarantor obligations, reserved percentage of residential units						20%
Guarantor obligations, number of open condominium towers | tower						4
Bond Financing
Operating Leased Assets [Line Items]
Face amount		$ 165,000
Long-term debt outstanding						$ 158,600
Debt instrument, loan-to-value ratio threshold		50%
Cash collateral for borrowed securities		$ 50,000
Proceeds from issuance of debt		$ 5,000
Floreo | Bond Financing
Operating Leased Assets [Line Items]
Equity method investment, ownership percentage		50%
Secured mortgages payable
Operating Leased Assets [Line Items]
Repayment of debt						373,300
Face amount						95,100
Seaport Entertainment Guaranty
Operating Leased Assets [Line Items]
Facility amount						$ 61,300
Interest Rate						2%
Seaport Entertainment Guaranty | Secured mortgages payable
Operating Leased Assets [Line Items]
Repayment of debt						$ 113,400
Waiea
Operating Leased Assets [Line Items]
Total estimated repair costs						158,400
Charge for repairs and remediation on alleged construction defects					$ 3,000
Reserve for uncollectible amounts under ASC 450						400
Proceeds from insurance settlement				$ 90,000
Contractual obligation						$ 22,000
Settlement, loss	$ 9,900
Revenue	$ 12,100

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans - Narrative (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) grantee $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares	May 31, 2020 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)				1,350,000
Number of grantees affected | grantee	193
Plan modification, incremental cost | $	$ 1,600
Forfeited (in shares)	113,414
Granted (in shares)	110,255
Intrinsic value of stock options exercised | $			$ 100
Cash received from stock options exercised | $	$ 0	$ 0	$ 345
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeited (in shares)	102,337
Granted (in shares)	110,255	0
Exercises (in shares)	0	0
Expiration period	10 years
Unamortized stock option expense | $	$ 300
Weighted-average period for recognition of unamortized expense	1 year 4 months 24 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period for recognition of unamortized expense	1 year 9 months 18 days
Vesting period	1 year
Forfeited (in shares)	626,689
Granted (in shares)	740,907
Weighted-average grant date fair value (in dollars per share) | $ / shares	$ 66.16	$ 83.85	$ 88.19
Fair value of restricted stock vested | $	$ 10,300	$ 9,600	$ 8,000
Unamortized restricted stock expense | $	$ 16,700
Restricted Stock | Equity Plan Modification
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeited (in shares)	528,710
Granted (in shares)	438,266
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum shares available for future grant (in shares)	598,842
Maximum | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
Minimum | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercisable period	5 years
Minimum | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans - Stock-Based Compensation Expense, Net of Amounts Capitalized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Pre-tax stock-based compensation expense	$ 10,500	$ 11,183	$ 7,110
Income tax benefit	732	882	636
Stock Options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Pre-tax stock-based compensation expense	195	336	250
Restricted Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Pre-tax stock-based compensation expense	10,305	10,847	6,860
Share based compensation costs capitalized	$ 3,900	$ 4,600	$ 4,800

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans - Stock Option Activity (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares
Stock Options
Outstanding at beginning of year (in shares) | shares	134,337
Granted (in shares) | shares	110,255
Forfeited (in shares) | shares	(113,414)
Expired (in shares) | shares	(39,776)
Outstanding at end of year (in shares) | shares	91,402
Weighted-average Exercise Price
Outstanding at beginning of year (in dollars per share) | $ / shares	$ 108.76
Granted (in dollars per share) | $ / shares	94.86
Forfeited (in dollars per share) | $ / shares	103.17
Expired (in dollars per share) | $ / shares	124.89
Outstanding at end of year (in dollars per share) | $ / shares	$ 91.90
Stock Options, Additional Disclosures
Weighted average remaining contractual term of stock options outstanding	3 years 10 months 24 days
Aggregate intrinsic value | $	$ 491,624
Stock options vested and expected to vest (in shares) | shares	91,402
Weighted average exercise price, stock options vested and expected to vest (in dollars per share) | $ / shares	$ 91.90
Weighted average remaining contractual term of stock options expected to vest	3 years 10 months 24 days
Aggregate intrinsic value of stock options expected to vest | $	$ 491,624
Stock options exercisable at the end of the period (in shares) | shares	46,861
Weighted average exercise price, stock options exercisable (in dollars per share) | $ / shares	$ 114.98
Weighted average remaining contractual term of stock options exercisable	1 year 10 months 24 days
Aggregate intrinsic value of stock options exercisable | $	$ 0

Stock-Based Compensation Plan_5

Stock-Based Compensation Plans - Significant Assumptions Used in Black-Scholes Option-pricing Model (Details) - Stock Options - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value (in dollars per share)	$ 11.16	$ 37.70
Expected life of options (in years)	3 years 3 months 18 days	7 years 6 months
Risk-free interest rate	4.30%	3.40%
Expected volatility	30.60%	50.30%
Expected annual dividend per share	$ 0	$ 0

Stock-Based Compensation Plan_6

Stock-Based Compensation Plans - Restricted Stock Activity (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted Stock
Outstanding at beginning of year (in shares)	393,698
Granted (in shares)	740,907
Vested (in shares)	(135,961)
Forfeited (in shares)	(626,689)
Outstanding at end of year (in shares)	371,955	393,698
Weighted-average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share)	$ 79.94
Granted (in dollars per share)	66.16	$ 83.85	$ 88.19
Vested (in dollars per share)	75.84
Forfeited (in dollars per share)	78.49
Outstanding at end of year (in dollars per share)	$ 56.43	$ 79.94

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Provision for (benefit from) income taxes
Current	$ 18,655	$ 36,315	$ 26,364
Deferred	62,306	(9,667)	55,832
Income tax expense (benefit)	$ 80,961	$ 26,648	$ 82,196

Income Taxes - Computation of I

Income Taxes - Computation of Income Tax Expense by Applying Federal Corporate Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income (loss) from continuing operations before income taxes	$ 369,023	$ 110,880	$ 334,905
U.S. federal statutory tax rate	21%	21%	21%
Tax computed at the U.S. federal statutory rate	$ 77,495	$ 23,285	$ 70,330
Increase (decrease) in valuation allowance, net	(20,762)	3,993	(1,209)
State income tax expense (benefit), net of federal income tax	18,761	(4,413)	11,232
Tax expense (benefit) from other change in rates, prior period adjustments, and other permanent differences	3,398	1,701	314
Tax expense on compensation disallowance	1,920	2,133	1,551
Net (income) loss attributable to noncontrolling interests	149	(51)	(22)
Income tax expense (benefit)	$ 80,961	$ 26,648	$ 82,196
Effective tax rate	21.90%	24%	24.50%

Income Taxes - Amounts and Expi

Income Taxes - Amounts and Expiration Dates of Operating Loss, Charitable Contribution and Tax Credit Carryforwards (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 258,100
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	802,747
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	1,237,887
Operating loss carryforwards	$ 979,700

Income Taxes - Tax Effects and

Income Taxes - Tax Effects and Temporary Differences Included in Net Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Operating and development properties and fixed assets	$ 0	$ 204,532
Investments in unconsolidated ventures	0	11,577
Accrued expenses	6,350	6,893
Prepaid expenses	45	2,015
Other	460	1,681
Operating loss and tax carryforwards	205,322	52,186
Total deferred tax assets	212,177	278,884
Valuation allowance	(16,281)	(62,781)
Total net deferred tax assets	195,896	216,103
Deferred tax liabilities:
Master Planned Communities properties	(209,067)	(205,611)
Operating and development properties and fixed assets	(26,828)	0
Deferred income	(81,073)	(76,329)
Accounts receivable	(19,202)	(18,686)
Investments in unconsolidated ventures	(2,833)	0
Total deferred tax liabilities	(339,003)	(300,626)
Total net deferred tax liabilities	$ (143,107)	$ (84,523)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0	$ 0	$ 0
Interest expense and penalties related to unrecognized tax benefits	$ 0	$ 0	$ 0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
		Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period			$ 3,058,597	$ 3,606,112	$ 3,710,670
Other comprehensive income (loss) before reclassifications			4,818	3,809	25,657
(Gain) loss reclassified to net income			(4,497)	(13,131)	6,041
Reclassification of the Company's share of previously deferred derivative gains to net income	[1]		0	0	(6,723)
Pension adjustment	[2]		375	259	(183)
Net current-period other comprehensive income (loss)			696	(9,063)	24,792
Balance at the end of the period			2,840,301	3,058,597	3,606,112
Equity in earnings (losses) from unconsolidated ventures			(5,829)	25,776	21,723
Share of investee's other comprehensive income, tax expense		$ 1,900			1,912
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 110 North Wacker
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI, reclassification of cash flow hedge		6,700
Equity in earnings (losses) from unconsolidated ventures		$ 8,600
AOCI Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period			1,272	10,335	(14,457)
Pension adjustment			375	259	(183)
Balance at the end of the period			$ 1,968	$ 1,272	$ 10,335
[1] In March 2022, the Company completed the sale of its ownership interest in 110 North Wacker and released a net of $6.7 million from Accumulated other comprehensive income (loss), representing the Company’s $8.6 million share of previously deferred gains associated with the Venture’s derivative instruments net of tax expense of $1.9 million. See Note 3 - Investments in Unconsolidated Ventures for additional information. The deferred tax impact was not meaningful for the years ended December 31, 2024, 2023, and 2022.

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Amounts Reclassified Out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reclassifications out of accumulated other comprehensive income (loss)
(Gains) losses on cash flow hedges									$ 164,926	$ 157,575	$ 112,498
Income taxes on (gains) losses on cash flow hedges									80,961	26,648	82,196
Total reclassifications of (income) loss for the period	$ (156,651)	$ (73,310)	$ (21,783)	$ 51,905	$ (35,047)	$ 543,987	$ 19,141	$ 22,627	(199,839)	550,708	$ (184,636)
Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of accumulated other comprehensive income (loss)
Total reclassifications of (income) loss for the period									(4,497)	(13,131)
Accumulated Other Comprehensive Income (Loss) Components | Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of accumulated other comprehensive income (loss)
(Gains) losses on cash flow hedges									(5,821)	(16,970)
Income taxes on (gains) losses on cash flow hedges									$ 1,324	$ 3,839

Common Stock and Equity (Detail

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

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Rental revenue									$ 422,100	$ 383,617	$ 379,693
Total revenues	$ 983,590	$ 327,147	$ 283,468	$ 156,484	$ 312,964	$ 228,473	$ 185,775	$ 181,541	1,750,689	908,753	1,489,490
Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers									1,283,834	478,881	1,064,904
Operating Assets revenues
Disaggregation of Revenue [Line Items]
Total revenues									444,300	410,254	401,304
Master Planned Communities
Disaggregation of Revenue [Line Items]
Total revenues									522,925	448,452	408,365
Strategic Developments revenues
Disaggregation of Revenue [Line Items]
Total revenues									783,396	49,987	679,763
Corporate revenues
Disaggregation of Revenue [Line Items]
Total revenues									68	60	58
Condominium rights and unit sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers									778,616	47,707	677,078
Condominium rights and unit sales | Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers									778,616	47,707	677,078
Master Planned Communities land sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers									453,195	370,185	316,065
Master Planned Communities land sales | Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers									453,195	370,185	316,065
Builder price participation
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers									52,023	60,989	71,761
Builder price participation | Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers									52,023	60,989	71,761
Other land, rental, and property revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers									44,755	46,255	44,893
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									$ 44,755	$ 46,255	$ 44,893

Revenues - Contract with Custom

Revenues - Contract with Customer, Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Change In Contract With Customer, Liability [Roll Forward]
Beginning balance	$ 575,621	$ 453,091
Consideration earned during the period	(865,949)	(109,030)
Consideration received during the period	874,864	231,560
Ending balance	$ 584,536	$ 575,621

Revenues - Remaining Unsatisfie

Revenues - Remaining Unsatisfied Performance Obligations (Details) $ in Thousands	12 Months Ended
	Dec. 31, 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	$ 3,100,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 717,723
Remaining performance obligation, expected timing of satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 721,738
Remaining performance obligation, expected timing of satisfaction period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1,623,159
Remaining performance obligation, expected timing of satisfaction period

Leases - Narrative (Details)

Leases - Narrative (Details)	12 Months Ended
	Dec. 31, 2024
Lessee, Lease, Description [Line Items]
Operating lease remaining lease term	2 years
Average remaining term of lease	5 years
One Lease
Lessee, Lease, Description [Line Items]
Operating lease remaining lease term	25 years

Leases - Leased Assets and Liab

Leases - Leased Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease right-of-use assets	$ 5,806	$ 5,463
Operating lease obligations	$ 5,456	$ 5,362

Leases - Lease Liability Maturi

Leases - Lease Liability Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2025	$ 692
2026	956
2027	898
2028	616
2029	622
Thereafter	5,981
Total lease payments	9,765
Less: imputed interest	(4,309)
Present value of lease liabilities	$ 5,456	$ 5,362

Leases - Other Information (Det

Leases - Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows on operating leases	$ 759	$ 368
Weighted-average remaining lease term (years)
Operating leases	16 years 4 months 24 days	18 years 7 months 6 days
Weighted-average discount rate
Operating leases	7.10%	7.40%

Leases - Minimum Rent Payments

Leases - Minimum Rent Payments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Total minimum rent payments	$ 235,652	$ 219,025
2025	237,680
2026	233,774
2027	224,137
2028	202,047
2029	182,760
Thereafter	672,278
Total	$ 1,752,676

Segments - Narrative (Details)

Segments - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of business segments	3

Segments - Segment Operating Re

Segments - Segment Operating Results (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segments reporting
Total revenues	$ 983,590	$ 327,147	$ 283,468	$ 156,484	$ 312,964	$ 228,473	$ 185,775	$ 181,541	$ 1,750,689	$ 908,753	$ 1,489,490
Operating costs									(208,578)	(205,453)	(191,856)
Rental property real estate taxes									(58,395)	(55,649)	(52,121)
(Provision for) recovery of doubtful accounts									(504)	2,762	(629)
Depreciation and amortization									(179,799)	(168,734)	(154,605)
Other income (loss), net									92,120	5,823	1,421
Equity in earnings (losses) from unconsolidated ventures									(5,829)	25,776	21,723
Gain (loss) on sale or disposal of real estate and other assets, net									22,907	24,162	29,678
Gain (loss) on extinguishment of debt									(465)	(97)	(2,377)
Income (loss) from continuing operations before income taxes									369,023	110,880	334,905
Condominium rights and unit cost of sales
Segments reporting
Cost of sales									(582,574)	(55,417)	(483,983)
Master Planned Communities cost of sales
Segments reporting
Cost of sales									(169,191)	(140,050)	(119,466)
Operating Assets Segment
Segments reporting
Total revenues									444,300	410,254	401,304
Operating Assets Segment | Operating Segments
Segments reporting
Total revenues									444,300	410,254	401,304
Operating costs									(138,172)	(130,125)	(118,416)
Rental property real estate taxes									(55,915)	(52,502)	(51,069)
(Provision for) recovery of doubtful accounts									(504)	2,762	(629)
Segment operating income (loss)									249,709	230,389	231,190
Depreciation and amortization									(169,040)	(161,138)	(145,208)
Interest income (expense), net									(138,207)	(125,197)	(87,664)
Other income (loss), net									822	2,092	(1,383)
Equity in earnings (losses) from unconsolidated ventures									5,819	2,968	22,262
Gain (loss) on sale or disposal of real estate and other assets, net									22,907	23,926	29,588
Gain (loss) on extinguishment of debt									(465)	(97)	(2,230)
Income (loss) from continuing operations before income taxes									(28,455)	(27,057)	46,555
Operating Assets Segment | Operating Segments | Condominium rights and unit cost of sales
Segments reporting
Cost of sales									0	0	0
Operating Assets Segment | Operating Segments | Master Planned Communities cost of sales
Segments reporting
Cost of sales									0	0	0
MPC Segment
Segments reporting
Total revenues									522,925	448,452	408,365
MPC Segment | Operating Segments
Segments reporting
Total revenues									522,925	448,452	408,365
Operating costs									(52,736)	(53,420)	(54,439)
Rental property real estate taxes									0	0	0
(Provision for) recovery of doubtful accounts									0	0	0
Segment operating income (loss)									300,998	254,982	234,460
Depreciation and amortization									(438)	(418)	(394)
Interest income (expense), net									60,473	64,291	50,305
Other income (loss), net									0	(102)	23
Equity in earnings (losses) from unconsolidated ventures									(11,899)	22,666	(1,407)
Gain (loss) on sale or disposal of real estate and other assets, net									0	0	0
Gain (loss) on extinguishment of debt									0	0	0
Income (loss) from continuing operations before income taxes									349,134	341,419	282,987
MPC Segment | Operating Segments | Condominium rights and unit cost of sales
Segments reporting
Cost of sales									0	0	0
MPC Segment | Operating Segments | Master Planned Communities cost of sales
Segments reporting
Cost of sales									(169,191)	(140,050)	(119,466)
Strategic Developments Segment
Segments reporting
Total revenues									783,396	49,987	679,763
Strategic Developments Segment | Operating Segments
Segments reporting
Total revenues									783,396	49,987	679,763
Operating costs									(17,670)	(21,908)	(19,001)
Rental property real estate taxes									(2,480)	(3,147)	(1,052)
(Provision for) recovery of doubtful accounts									0	0	0
Segment operating income (loss)									180,672	(30,485)	175,727
Depreciation and amortization									(7,255)	(3,963)	(5,319)
Interest income (expense), net									18,603	16,074	17,073
Other income (loss), net									90,534	690	1,799
Equity in earnings (losses) from unconsolidated ventures									251	142	868
Gain (loss) on sale or disposal of real estate and other assets, net									0	236	90
Gain (loss) on extinguishment of debt									0	0	0
Income (loss) from continuing operations before income taxes									282,805	(17,306)	190,238
Strategic Developments Segment | Operating Segments | Condominium rights and unit cost of sales
Segments reporting
Cost of sales									(582,574)	(55,417)	(483,983)
Strategic Developments Segment | Operating Segments | Master Planned Communities cost of sales
Segments reporting
Cost of sales									$ 0	$ 0	$ 0

Segments - Income (Loss) by Seg

Segments - Income (Loss) by Segment and Reconciliation of Segment EBT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net income (loss) from continuing operations before income taxes	$ 369,023	$ 110,880	$ 334,905
General and administrative	(88,128)	(85,619)	(81,770)
Gain (loss) on sale of MUD receivables	(48,651)	0	0
Corporate interest expense, net	(164,926)	(157,575)	(112,498)
Operating Segments | Operating Assets
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net income (loss) from continuing operations before income taxes	(28,455)	(27,057)	46,555
Operating Segments | Master Planned Communities
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net income (loss) from continuing operations before income taxes	349,134	341,419	282,987
Operating Segments | Strategic Developments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net income (loss) from continuing operations before income taxes	282,805	(17,306)	190,238
Corporate
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate interest expense, net	(80,446)	(87,243)	(88,394)
Corporate income, expenses, and other items	$ (17,236)	$ (13,314)	$ (14,711)

Segments- Revenue by Segment an

Segments- Revenue by Segment and Reconciliation of Segment Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	$ 983,590	$ 327,147	$ 283,468	$ 156,484	$ 312,964	$ 228,473	$ 185,775	$ 181,541	$ 1,750,689	$ 908,753	$ 1,489,490
Operating Assets
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues									444,300	410,254	401,304
Master Planned Communities
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues									522,925	448,452	408,365
Strategic Developments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues									783,396	49,987	679,763
Operating Segments | Operating Assets
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues									444,300	410,254	401,304
Operating Segments | Master Planned Communities
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues									522,925	448,452	408,365
Operating Segments | Strategic Developments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues									783,396	49,987	679,763
Corporate
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues									$ 68	$ 60	$ 58

Segments - Assets by Segment an

Segments - Assets by Segment and Reconciliation of Segment Assets to Total Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of total segment assets to total assets
Total assets	$ 9,208,793	$ 9,575,612
Discontinued operations
Reconciliation of total segment assets to total assets
Total assets	0	615,272
Operating Segments | Operating Assets
Reconciliation of total segment assets to total assets
Total assets	3,548,162	3,448,319
Operating Segments | Master Planned Communities
Reconciliation of total segment assets to total assets
Total assets	3,373,827	3,358,821
Operating Segments | Strategic Developments
Reconciliation of total segment assets to total assets
Total assets	1,836,791	1,638,955
Corporate
Reconciliation of total segment assets to total assets
Total assets	$ 450,013	$ 514,245

Segments - Capital Expenditures

Segments - Capital Expenditures by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating Segments | Operating Assets
Segments reporting
Capital expenditures	$ 63,781	$ 44,342
Operating Segments | Master Planned Communities
Segments reporting
Capital expenditures	232	351
Operating Segments | Strategic Developments
Segments reporting
Capital expenditures	239,472	233,674
Corporate
Segments reporting
Capital expenditures	$ 740	$ 7,028

Quarterly Financial Informati_3

Quarterly Financial Information (Unaudited) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 983,590	$ 327,147	$ 283,468	$ 156,484	$ 312,964	$ 228,473	$ 185,775	$ 181,541	$ 1,750,689	$ 908,753	$ 1,489,490
Operating income (loss)	261,432	199,375	89,402	13,336	105,978	59,567	13,941	37,790	563,545	217,276	424,239
Net income (loss) from continuing operations	163,067	97,341	48,092	(20,438)	53,508	32,212	(7,981)	6,493	288,062	84,232	252,709
Net income (loss) from discontinued operations, net of tax	(6,416)	(24,031)	(26,309)	(31,467)	(18,461)	(576,199)	(11,160)	(29,120)	(88,223)	(634,940)	(68,073)
Net income (loss)	156,651	73,310	21,783	(51,905)	35,047	(543,987)	(19,141)	(22,627)	199,839	(550,708)	184,636
Net (income) loss attributable to noncontrolling interests	414	273	34	(10)	(77)	(46)	(2)	(118)	$ 711	$ (243)	$ (103)
Net income (loss) attributable to Howard Hughes Holdings Inc.	$ 157,065	$ 73,583	$ 21,817	$ (51,915)	$ 34,970	$ (544,033)	$ (19,143)	$ (22,745)

SCHEDULE III - REAL ESTATE AN_2

SCHEDULE III - REAL ESTATE AND ACCUMLATED DEPRECIATION - Information by Property (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	$ 3,118,437
Encumbrances	5,127,469
Debt Issuance Costs, Net	(40,968)	$ (47,628)
Initial Cost
Land	2,561,908
Land	2,562,793
Buildings and Improvements	4,554,375
Buildings and Improvements	4,555,402
Costs Capitalized Subsequent to Acquisition
Land	252,200
Land	251,315
Buildings and Improvements	617,886
Building Improvements	627,499
Gross Amounts at Which Carried at Close of Period
Land	2,814,108
Land	2,814,108
Buildings and Improvements	5,172,261
Buildings and Improvements	5,182,901
Total	7,986,369
Total	7,997,009	7,558,809	$ 6,854,826	$ 6,615,870
Accumulated Depreciation	(945,871)
Accumulated Depreciation	(949,533)	$ (829,018)	$ (717,270)	$ (632,415)
Aggregate cost of land, building and improvements for federal income tax purposes	6,300,000
Corporate
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	2,050,000
Initial Cost
Land	885
Buildings and Improvements	1,027
Costs Capitalized Subsequent to Acquisition
Land	(885)
Building Improvements	9,613
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	10,640
Total	10,640
Accumulated Depreciation	(3,662)
Bridgeland
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	283,000
Initial Cost
Land	260,223
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition
Land	249,010
Buildings and Improvements	1,708
Gross Amounts at Which Carried at Close of Period
Land	509,233
Buildings and Improvements	1,708
Total	510,941
Accumulated Depreciation	(886)
Bridgeland Predevelopment
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	2,455
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	2,455
Total	2,455
Accumulated Depreciation	0
Houston Ground Leases - Bridgeland
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	3,935
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	3,935
Buildings and Improvements	0
Total	3,935
Accumulated Depreciation	0
Lakeside Row
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	35,500
Initial Cost
Land	812
Buildings and Improvements	42,875
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	543
Gross Amounts at Which Carried at Close of Period
Land	812
Buildings and Improvements	43,418
Total	44,230
Accumulated Depreciation	(9,093)
One Bridgeland Green
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	16,791
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	16,791
Total	16,791
Accumulated Depreciation	0
Starling at Bridgeland
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	37,976
Initial Cost
Land	1,511
Buildings and Improvements	57,505
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	490
Gross Amounts at Which Carried at Close of Period
Land	1,511
Buildings and Improvements	57,995
Total	59,506
Accumulated Depreciation	(4,781)
Village Green at Bridgeland Central
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	9,154
Initial Cost
Land	1,774
Buildings and Improvements	14,726
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	1,774
Buildings and Improvements	14,726
Total	16,500
Accumulated Depreciation	(41)
Wingspan
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	49,138
Initial Cost
Land	1,214
Buildings and Improvements	72,042
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	1,214
Buildings and Improvements	72,042
Total	73,256
Accumulated Depreciation	(3,263)
Color Burst Park Retail
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	337
Buildings and Improvements	6,945
Costs Capitalized Subsequent to Acquisition
Land	10
Buildings and Improvements	2,160
Gross Amounts at Which Carried at Close of Period
Land	347
Buildings and Improvements	9,105
Total	9,452
Accumulated Depreciation	(1,217)
Columbia Ground Leases
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	1,312
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	1,312
Total	1,312
Accumulated Depreciation	(18)
Columbia Office Properties
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	1,175
Buildings and Improvements	14,394
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	(1,179)
Gross Amounts at Which Carried at Close of Period
Land	1,175
Buildings and Improvements	13,215
Total	14,390
Accumulated Depreciation	(7,184)
Columbia Parking Garages
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	42,940
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	(157)
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	42,783
Total	42,783
Accumulated Depreciation	(6,866)
Columbia Predevelopment
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	34,530
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	34,530
Total	34,530
Accumulated Depreciation	0
Juniper
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	117,000
Initial Cost
Land	3,923
Buildings and Improvements	112,435
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	9,098
Gross Amounts at Which Carried at Close of Period
Land	3,923
Buildings and Improvements	121,533
Total	125,456
Accumulated Depreciation	(21,219)
10285 Lakefront Medical Office
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	14,034
Initial Cost
Land	0
Buildings and Improvements	45,288
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	45,288
Total	45,288
Accumulated Depreciation	(739)
Lakefront District
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	400
Buildings and Improvements	80,053
Costs Capitalized Subsequent to Acquisition
Land	(400)
Buildings and Improvements	(44,992)
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	35,061
Total	35,061
Accumulated Depreciation	0
One Mall North
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	6,774
Initial Cost
Land	7,822
Buildings and Improvements	10,818
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	2,533
Gross Amounts at Which Carried at Close of Period
Land	7,822
Buildings and Improvements	13,351
Total	21,173
Accumulated Depreciation	(9,385)
Marlow
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	75,815
Initial Cost
Land	4,088
Buildings and Improvements	130,083
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	3,495
Gross Amounts at Which Carried at Close of Period
Land	4,088
Buildings and Improvements	133,578
Total	137,666
Accumulated Depreciation	(10,250)
6100 Merriweather
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	76,000
Initial Cost
Land	2,550
Buildings and Improvements	86,867
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	9,261
Gross Amounts at Which Carried at Close of Period
Land	2,550
Buildings and Improvements	96,128
Total	98,678
Accumulated Depreciation	(16,415)
One Merriweather
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	49,800
Initial Cost
Land	1,433
Buildings and Improvements	56,125
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	1,738
Gross Amounts at Which Carried at Close of Period
Land	1,433
Buildings and Improvements	57,863
Total	59,296
Accumulated Depreciation	(16,962)
Two Merriweather
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	25,600
Initial Cost
Land	1,019
Buildings and Improvements	33,016
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	6,268
Gross Amounts at Which Carried at Close of Period
Land	1,019
Buildings and Improvements	39,284
Total	40,303
Accumulated Depreciation	(9,625)
Merriweather District
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	76,808
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	10,987
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	87,795
Total	87,795
Accumulated Depreciation	0
Merriweather Row
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	66,467
Initial Cost
Land	24,685
Buildings and Improvements	94,824
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	59,149
Gross Amounts at Which Carried at Close of Period
Land	24,685
Buildings and Improvements	153,973
Total	178,658
Accumulated Depreciation	(44,418)
Rouse Building
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	22,362
Initial Cost
Land	0
Buildings and Improvements	28,865
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	3,063
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	31,928
Total	31,928
Accumulated Depreciation	(10,273)
Aristocrat
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	32,873
Initial Cost
Land	5,004
Buildings and Improvements	34,588
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	152
Gross Amounts at Which Carried at Close of Period
Land	5,004
Buildings and Improvements	34,740
Total	39,744
Accumulated Depreciation	(8,113)
Constellation
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	24,200
Initial Cost
Land	3,069
Buildings and Improvements	39,759
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	2,494
Gross Amounts at Which Carried at Close of Period
Land	3,069
Buildings and Improvements	42,253
Total	45,322
Accumulated Depreciation	(10,940)
Downtown Summerlin
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	1,519
Initial Cost
Land	30,855
Buildings and Improvements	364,100
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	31,318
Gross Amounts at Which Carried at Close of Period
Land	30,855
Buildings and Improvements	395,418
Total	426,273
Accumulated Depreciation	(141,906)
Hockey Ground Lease
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	141
Initial Cost
Land	6,705
Buildings and Improvements	2,198
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	6,705
Buildings and Improvements	2,198
Total	8,903
Accumulated Depreciation	(403)
Meridian
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	8,807
Initial Cost
Land	4,509
Buildings and Improvements	38,905
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	4,509
Buildings and Improvements	38,905
Total	43,414
Accumulated Depreciation	(837)
1700 Pavilion
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	70,574
Initial Cost
Land	1,700
Buildings and Improvements	101,760
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	9,178
Gross Amounts at Which Carried at Close of Period
Land	1,700
Buildings and Improvements	110,938
Total	112,638
Accumulated Depreciation	(7,214)
Two Summerlin
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	40,857
Initial Cost
Land	3,037
Buildings and Improvements	47,104
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	2,151
Gross Amounts at Which Carried at Close of Period
Land	3,037
Buildings and Improvements	49,255
Total	52,292
Accumulated Depreciation	(12,979)
Summerlin
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	81,793
Initial Cost
Land	990,179
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition
Land	163,556
Buildings and Improvements	1,180
Gross Amounts at Which Carried at Close of Period
Land	1,153,735
Buildings and Improvements	1,180
Total	1,154,915
Accumulated Depreciation	(752)
Summerlin Grocery Anchored Center
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	3,715
Initial Cost
Land	4,073
Buildings and Improvements	35,357
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	4,073
Buildings and Improvements	35,357
Total	39,430
Accumulated Depreciation	(167)
Summerlin Predevelopment
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	21,177
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	21,177
Total	21,177
Accumulated Depreciation	0
Tanager
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	58,616
Initial Cost
Land	7,331
Buildings and Improvements	53,978
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	661
Gross Amounts at Which Carried at Close of Period
Land	7,331
Buildings and Improvements	54,639
Total	61,970
Accumulated Depreciation	(11,632)
Tanager Echo
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	59,529
Initial Cost
Land	2,302
Buildings and Improvements	86,013
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	2,302
Buildings and Improvements	86,013
Total	88,315
Accumulated Depreciation	(5,284)
Teravalis
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	544,546
Buildings and Improvements	312
Costs Capitalized Subsequent to Acquisition
Land	834
Buildings and Improvements	20
Gross Amounts at Which Carried at Close of Period
Land	545,380
Buildings and Improvements	332
Total	545,712
Accumulated Depreciation	(99)
Creekside Park
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	36,912
Initial Cost
Land	729
Buildings and Improvements	40,116
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	620
Gross Amounts at Which Carried at Close of Period
Land	729
Buildings and Improvements	40,736
Total	41,465
Accumulated Depreciation	(9,678)
Creekside Park The Grove
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	57,000
Initial Cost
Land	1,876
Buildings and Improvements	52,382
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	294
Gross Amounts at Which Carried at Close of Period
Land	1,876
Buildings and Improvements	52,676
Total	54,552
Accumulated Depreciation	(7,648)
Creekside Park West
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	15,669
Initial Cost
Land	1,228
Buildings and Improvements	17,922
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	1,325
Gross Amounts at Which Carried at Close of Period
Land	1,228
Buildings and Improvements	19,247
Total	20,475
Accumulated Depreciation	(3,317)
Grogan’s Mill Library and Community Center
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	13,786
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	13,786
Total	13,786
Accumulated Depreciation	(375)
Grogan's Mill Retail
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	2,042
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	2,042
Total	2,042
Accumulated Depreciation	0
Houston Ground Leases - The Woodlands
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	13,324
Buildings and Improvements	2,582
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	13,324
Buildings and Improvements	2,582
Total	15,906
Accumulated Depreciation	(459)
One Hughes Landing
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	45,531
Initial Cost
Land	1,678
Buildings and Improvements	34,761
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	(2,365)
Gross Amounts at Which Carried at Close of Period
Land	1,678
Buildings and Improvements	32,396
Total	34,074
Accumulated Depreciation	(11,669)
Two Hughes Landing
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	44,519
Initial Cost
Land	1,269
Buildings and Improvements	34,950
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	(2,601)
Gross Amounts at Which Carried at Close of Period
Land	1,269
Buildings and Improvements	32,349
Total	33,618
Accumulated Depreciation	(12,669)
Three Hughes Landing
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	70,000
Initial Cost
Land	2,626
Buildings and Improvements	46,372
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	33,131
Gross Amounts at Which Carried at Close of Period
Land	2,626
Buildings and Improvements	79,503
Total	82,129
Accumulated Depreciation	(24,487)
1725 Hughes Landing Boulevard
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	61,221
Initial Cost
Land	1,351
Buildings and Improvements	36,764
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	28,164
Gross Amounts at Which Carried at Close of Period
Land	1,351
Buildings and Improvements	64,928
Total	66,279
Accumulated Depreciation	(19,104)
1735 Hughes Landing Boulevard
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	63,247
Initial Cost
Land	3,709
Buildings and Improvements	97,651
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	(280)
Gross Amounts at Which Carried at Close of Period
Land	3,709
Buildings and Improvements	97,371
Total	101,080
Accumulated Depreciation	(39,030)
Hughes Landing Daycare
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	138
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	138
Buildings and Improvements	0
Total	138
Accumulated Depreciation	0
Hughes Landing Retail
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	31,394
Initial Cost
Land	5,184
Buildings and Improvements	32,562
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	1,003
Gross Amounts at Which Carried at Close of Period
Land	5,184
Buildings and Improvements	33,565
Total	38,749
Accumulated Depreciation	(11,748)
1701 Lake Robbins
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	1,663
Buildings and Improvements	3,725
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	856
Gross Amounts at Which Carried at Close of Period
Land	1,663
Buildings and Improvements	4,581
Total	6,244
Accumulated Depreciation	(1,327)
2201 Lake Woodlands Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	3,755
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	1,210
Gross Amounts at Which Carried at Close of Period
Land	3,755
Buildings and Improvements	1,210
Total	4,965
Accumulated Depreciation	(941)
Lakefront North
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	50,000
Initial Cost
Land	10,260
Buildings and Improvements	39,357
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	17,675
Gross Amounts at Which Carried at Close of Period
Land	10,260
Buildings and Improvements	57,032
Total	67,292
Accumulated Depreciation	(13,735)
One Lakes Edge
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	65,159
Initial Cost
Land	1,057
Buildings and Improvements	81,768
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	1,104
Gross Amounts at Which Carried at Close of Period
Land	1,057
Buildings and Improvements	82,872
Total	83,929
Accumulated Depreciation	(26,022)
Two Lakes Edge
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	105,000
Initial Cost
Land	1,870
Buildings and Improvements	96,349
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	1,048
Gross Amounts at Which Carried at Close of Period
Land	1,870
Buildings and Improvements	97,397
Total	99,267
Accumulated Depreciation	(18,534)
Millennium Six Pines
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	41,418
Initial Cost
Land	4,000
Buildings and Improvements	54,624
Costs Capitalized Subsequent to Acquisition
Land	7,225
Buildings and Improvements	1,119
Gross Amounts at Which Carried at Close of Period
Land	11,225
Buildings and Improvements	55,743
Total	66,968
Accumulated Depreciation	(17,438)
Millennium Waterway
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	51,000
Initial Cost
Land	15,917
Buildings and Improvements	56,002
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	1,844
Gross Amounts at Which Carried at Close of Period
Land	15,917
Buildings and Improvements	57,846
Total	73,763
Accumulated Depreciation	(26,643)
8770 New Trails
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	34,392
Initial Cost
Land	2,204
Buildings and Improvements	35,033
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	80
Gross Amounts at Which Carried at Close of Period
Land	2,204
Buildings and Improvements	35,113
Total	37,317
Accumulated Depreciation	(7,986)
9303 New Trails
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	7,195
Initial Cost
Land	1,929
Buildings and Improvements	11,915
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	2,295
Gross Amounts at Which Carried at Close of Period
Land	1,929
Buildings and Improvements	14,210
Total	16,139
Accumulated Depreciation	(4,858)
1 Riva Row
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	35,996
Initial Cost
Land	0
Buildings and Improvements	88,897
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	88,897
Total	88,897
Accumulated Depreciation	0
3831 Technology Forest Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	18,649
Initial Cost
Land	514
Buildings and Improvements	14,194
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	1,816
Gross Amounts at Which Carried at Close of Period
Land	514
Buildings and Improvements	16,010
Total	16,524
Accumulated Depreciation	(8,024)
The Lane at Waterway
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	37,500
Initial Cost
Land	2,029
Buildings and Improvements	40,033
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	474
Gross Amounts at Which Carried at Close of Period
Land	2,029
Buildings and Improvements	40,507
Total	42,536
Accumulated Depreciation	(6,892)
The Ritz-Carlton Residences
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	40,402
Initial Cost
Land	0
Buildings and Improvements	47,655
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	47,655
Total	47,655
Accumulated Depreciation	(1,235)
The Woodlands
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	269,411
Buildings and Improvements	9,814
Costs Capitalized Subsequent to Acquisition
Land	(79,918)
Buildings and Improvements	(9,744)
Gross Amounts at Which Carried at Close of Period
Land	189,493
Buildings and Improvements	70
Total	189,563
Accumulated Depreciation	(70)
The Woodlands Parking Garages
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	6,885
Buildings and Improvements	3,600
Costs Capitalized Subsequent to Acquisition
Land	2,497
Buildings and Improvements	15,103
Gross Amounts at Which Carried at Close of Period
Land	9,382
Buildings and Improvements	18,703
Total	28,085
Accumulated Depreciation	(4,324)
The Woodlands Predevelopment
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	19,196
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	19,196
Total	19,196
Accumulated Depreciation	(1,675)
The Woodlands Towers at the Waterway
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	379,549
Initial Cost
Land	11,044
Buildings and Improvements	437,561
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	48,835
Gross Amounts at Which Carried at Close of Period
Land	11,044
Buildings and Improvements	486,396
Total	497,440
Accumulated Depreciation	(80,277)
The Woodlands Warehouse
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	13,700
Initial Cost
Land	4,480
Buildings and Improvements	4,389
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	103
Gross Amounts at Which Carried at Close of Period
Land	4,480
Buildings and Improvements	4,492
Total	8,972
Accumulated Depreciation	(902)
20/25 Waterway Avenue
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	14,500
Initial Cost
Land	2,346
Buildings and Improvements	8,871
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	1,053
Gross Amounts at Which Carried at Close of Period
Land	2,346
Buildings and Improvements	9,924
Total	12,270
Accumulated Depreciation	(3,375)
Waterway Plaza II
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	9,663
Initial Cost
Land	841
Buildings and Improvements	10,279
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	399
Gross Amounts at Which Carried at Close of Period
Land	841
Buildings and Improvements	10,678
Total	11,519
Accumulated Depreciation	(701)
3 Waterway Square
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	39,947
Initial Cost
Land	748
Buildings and Improvements	42,214
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	1,574
Gross Amounts at Which Carried at Close of Period
Land	748
Buildings and Improvements	43,788
Total	44,536
Accumulated Depreciation	(17,802)
4 Waterway Square
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	21,071
Initial Cost
Land	1,430
Buildings and Improvements	51,553
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	9,853
Gross Amounts at Which Carried at Close of Period
Land	1,430
Buildings and Improvements	61,406
Total	62,836
Accumulated Depreciation	(24,354)
Waterway Square Retail
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	1,341
Buildings and Improvements	4,255
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	1,314
Gross Amounts at Which Carried at Close of Period
Land	1,341
Buildings and Improvements	5,569
Total	6,910
Accumulated Depreciation	(2,006)
1400 Woodloch Forest
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	1,570
Buildings and Improvements	13,023
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	5,864
Gross Amounts at Which Carried at Close of Period
Land	1,570
Buildings and Improvements	18,887
Total	20,457
Accumulated Depreciation	(8,103)
The Woodlands Hills
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	99,284
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition
Land	14,536
Buildings and Improvements	12
Gross Amounts at Which Carried at Close of Period
Land	113,820
Buildings and Improvements	12
Total	113,832
Accumulated Depreciation	(7)
‘A‘ali‘i
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	714
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	132
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	846
Total	846
Accumulated Depreciation	(69)
Ae`o
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	1,162
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	1,162
Total	1,162
Accumulated Depreciation	(175)
Anaha
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	1,097
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	1,097
Total	1,097
Accumulated Depreciation	(194)
Kalae
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	64,573
Initial Cost
Land	0
Buildings and Improvements	137,008
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	137,008
Total	137,008
Accumulated Depreciation	0
Ke Kilohana
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	656
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	656
Total	656
Accumulated Depreciation	(93)
Kewalo Basin Harbor
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	10,736
Initial Cost
Land	0
Buildings and Improvements	24,116
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	(786)
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	23,330
Total	23,330
Accumulated Depreciation	(7,126)
Kō‘ula
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	1,184
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	190
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	1,374
Total	1,374
Accumulated Depreciation	(76)
The Park Ward Village
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	41,242
Initial Cost
Land	0
Buildings and Improvements	333,235
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	333,235
Total	333,235
Accumulated Depreciation	0
Ulana Ward Village
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	181,581
Initial Cost
Land	0
Buildings and Improvements	307,839
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	307,839
Total	307,839
Accumulated Depreciation	0
Victoria Place
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	1,388
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	1,388
Total	1,388
Accumulated Depreciation	(273)
Waiea
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	1,206
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	414
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	1,620
Total	1,620
Accumulated Depreciation	(294)
Ward Predevelopment
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	3,427
Initial Cost
Land	0
Buildings and Improvements	182,304
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	182,304
Total	182,304
Accumulated Depreciation	(2,044)
Ward Village Parking Garages
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	4,448
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition
Land	257
Buildings and Improvements	140,353
Gross Amounts at Which Carried at Close of Period
Land	4,705
Buildings and Improvements	140,353
Total	145,058
Accumulated Depreciation	(39,168)
Ward Village Retail
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	175,000
Initial Cost
Land	159,559
Buildings and Improvements	89,321
Costs Capitalized Subsequent to Acquisition
Land	(105,407)
Buildings and Improvements	203,086
Gross Amounts at Which Carried at Close of Period
Land	54,152
Buildings and Improvements	292,407
Total	346,559
Accumulated Depreciation	$ (105,983)

SCHEDULE III - REAL ESTATE AN_3

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Real Estate
Balance at January 1	$ 7,558,809	$ 6,854,826	$ 6,615,870
Additions	1,431,478	1,160,786	1,050,528
Dispositions, write-offs, and land and condominium costs of sales	(993,278)	(456,803)	(811,572)
Balance at December 31	7,997,009	7,558,809	6,854,826
Reconciliation of Accumulated Depreciation
Balance at January 1	829,018	717,270	632,415
Depreciation Expense	160,638	151,881	137,817
Dispositions and write-offs	(40,123)	(40,133)	(52,962)
Balance at December 31	$ 949,533	$ 829,018	$ 717,270