0001628280-22-004247 | 10-K | XBRL Viewer

Capitalized swap interest (expense) income

$ 48,924

$ (3,173)

$ 74,295

Other comprehensive income (loss)

Interest rate swaps

^[1]

17,960

(23,070)

(21,184)

^[2]

(73)

Pension adjustment

452

(84)

Deconsolidation of 110 North Wacker

^[3]

12,934

Share of investee's other comprehensive income

^[4]

5,721

1,002

Other comprehensive income (loss)

24,133

(9,218)

(21,246)

Comprehensive income (loss)

73,057

(12,391)

53,049

Comprehensive (income) loss attributable to noncontrolling interests

7,176

(22,981)

(339)

Comprehensive income (loss) attributable to common stockholders

$ 80,233

$ (35,372)

$ 52,710

[1]	Amounts are shown net of deferred tax expense of $5.1 million for the year ended December 31, 2021, deferred tax benefit of $5.3 million for the year ended December 31, 2020, and deferred tax benefit of $6.2 million for the year ended December 31, 2019.
[2]	The deferred tax impact was not meaningful for the years ended December 31, 2021, 2020 and 2019.
[3]	The amount for 2020 represents the derecognition of Other comprehensive income (loss) related to interest rate collars on the 110 North Wacker debt, shown net of deferred tax expense of $1.0 million.
[4]	Amounts are shown net of deferred tax expense of $1.6 million for the year ended December 31, 2021, and $0.3 million for the year ended December 31, 2020.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Interest rate swaps, tax expense (benefit)	$ 5,080	$ (5,260)	$ (6,161)
Deconsolidation of 110 North Wacker, tax expense		951
Share of investee's other comprehensive income, tax expense	$ 1,627	$ 285

CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands

Total

Cumulative Effect, Period of Adoption, Adjustment

^[6]

Bridges at Mint Hill

Associations of Unit Owners

Total Stockholders' Equity

Cumulative Effect, Period of Adoption, Adjustment

^[6]

Common Stock

Additional Paid-In Capital

Accumulated Deficit

Cumulative Effect, Period of Adoption, Adjustment

^[6]

Accumulated Other Comprehensive (Loss)

Treasury Stock

Noncontrolling Interests

^[1]

Noncontrolling Interests

Bridges at Mint Hill

^[1]

Noncontrolling Interests

Associations of Unit Owners

^[1]

Balance at the beginning of the period (in shares) at Dec. 31, 2018

43,511,473

(519,849)

Balance at the beginning of the period at Dec. 31, 2018

$ 3,238,126

$ 3,132,212

$ 436

$ 3,322,433

$ (120,341)

$ (8,126)

$ (62,190)

$ 105,914

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Interest rate swaps, net of tax

74,295

73,956

339

(21,184)

^[2]

(21,184)

Pension adjustment, net of tax

Capitalized swap interest, net of tax

(73)

^[3]

(73)

Deconsolidation of noncontrolling interests

$ (3,750)

$ (2,538)

$ (3,750)

$ (2,538)

Contributions to joint ventures

84,890

Share of investee's other comprehensive income, net of tax expense (benefit)

^[4]

Repurchase of common shares (in shares)

(496,000)

Repurchase of common shares

(53,923)

$ (53,923)

Stock plan activity (in shares)

124,420

(34,411)

Stock plan activity

17,134

$ 1

21,550

$ (4,417)

Balance at the end of the period (in shares) at Dec. 31, 2019

43,635,893

(1,050,260)

Balance at the end of the period at Dec. 31, 2019

3,332,988

3,148,133

$ 437

3,343,983

(46,385)

(29,372)

$ (120,530)

184,855

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss) excluding a loss attributable to redeemable noncontrolling interest

(3,173)

(26,054)

(26,154)

100

Interest rate swaps, net of tax

(23,070)

^[2]

(23,070)

Pension adjustment, net of tax

(84)

Capitalized swap interest, net of tax

^[3]

Reclassification of redeemable noncontrolling interest to temporary equity

(6,091)

Share of investee's other comprehensive income, net of tax expense (benefit)

1,002

^[4]

1,002

Derecognition of 110 North Wacker, net of tax of $951

^[5]

(165,509)

12,935

12,934

(178,444)

Issuance of common shares (in shares)

12,270,900

Issuance of common shares

593,616

$ 123

593,493

Stock plan activity (in shares)

136,021

(20,298)

Stock plan activity

8,243

$ 2

9,802

$ (1,561)

Balance at the end of the period (in shares) at Dec. 31, 2020

56,042,814

(1,070,558)

Balance at the end of the period at Dec. 31, 2020

$ 3,715,023

$ (18)

3,714,603

$ (18)

$ 562

3,947,278

(72,556)

$ (18)

(38,590)

$ (122,091)

420

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Accounting Standards Update [Extensible Enumeration]

us-gaap:AccountingStandardsUpdate201613Member

Net income (loss) excluding a loss attributable to redeemable noncontrolling interest

$ 48,924

56,355

56,100

255

Interest rate swaps, net of tax

17,960

^[2]

17,960

Pension adjustment, net of tax

452

Capitalized swap interest, net of tax

^[3]

Share of investee's other comprehensive income, net of tax expense (benefit)

5,721

^[4]

5,721

Issuance of common shares

(5)

Repurchase of common shares (in shares)

(1,023,284)

Repurchase of common shares

(96,620)

$ (96,620)

Stock plan activity (in shares)

130,462

(13,773)

Stock plan activity

11,784

$ 1

13,145

$ (1,362)

Balance at the end of the period (in shares) at Dec. 31, 2021

56,173,276

(2,107,615)

Balance at the end of the period at Dec. 31, 2021

$ 3,710,670

$ 3,709,995

$ 563

$ 3,960,418

$ (16,456)

$ (14,457)

$ (220,073)

$ 675

[1]	Excludes redeemable noncontrolling interest, which is reflected in temporary equity. See Note 2 - Investments in Real Estate and Other Affiliates.
[2]	Amounts are shown net of deferred tax expense of $5.1 million for the year ended December 31, 2021, deferred tax benefit of $5.3 million for the year ended December 31, 2020, and deferred tax benefit of $6.2 million for the year ended December 31, 2019.
[3]	The deferred tax impact was not meaningful for the years ended December 31, 2021, 2020 and 2019.
[4]	Amounts are shown net of deferred tax expense of $1.6 million for the year ended December 31, 2021, and $0.3 million for the year ended December 31, 2020.
[5]	Related to deconsolidation of 110 North Wacker. Refer to Note 2 - Investments in Real Estate and Other Affiliates for additional information.
[6]	Related to the adoption of ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) and all its related amendments as of January 1, 2020.

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Net income (loss) attributable to noncontrolling interest	$ (7,431)	$ 22,881
Interest rate swaps, tax expense (benefit)	5,080	(5,260)	$ (6,161)
Pension adjustment, tax (expense) benefit	136	(87)	(41)
Capitalized swap interest, net of tax expense (benefit)			$ 20
Share of investee's other comprehensive income, tax expense (benefit)	$ 1,627	285
Deconsolidation of 110 North Wacker, tax expense		$ 951

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 48,924	$ (3,173)	$ 74,295
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Depreciation	185,418	198,556	143,698
Amortization	16,891	18,200	10,684
Amortization of deferred financing costs	10,301	13,301	11,726
Amortization of intangibles other than in-place leases	2,843	680	788
Straight-line rent amortization	(9,278)	(14,204)	(5,652)
Deferred income taxes	10,356	10,827	27,818
Restricted stock and stock option amortization	9,885	5,983	19,502
Net gain on sale of properties	(53,057)	(13,710)	(22,669)
Net gain on sale of equity method investments	0	(1,076)	0
Net gain on sale of lease receivable	0	(38,124)	0
Proceeds from the sale of lease receivable	0	64,155	0
Selling profit from sales-type leases	0	0	(13,537)
(Gain) loss on extinguishment of debt	38,014	9,604	(4,851)
Impairment charges	15,335	62,384	0
Equity in (earnings) losses from real estate and other affiliates, net of distributions	52,390	(264,416)	(9,585)
Provision for doubtful accounts	(2,027)	21,403	3,920
Master Planned Community land acquisitions	(574,253)	0	(752)
Master Planned Community development expenditures	(322,255)	(228,402)	(238,806)
Master Planned Community cost of sales	144,933	91,383	119,429
Condominium development expenditures	(345,289)	(244,642)	(211,617)
Condominium rights and units cost of sales	394,427	100,584	369,759
Net Changes:
Accounts and notes receivable	23,738	78,647	24,519
Prepaid expenses and other assets	(10,284)	(31,467)	3,147
Condominium deposits received	59,108	115,090	(68,842)
Deferred expenses	(22,903)	(23,289)	(52,503)
Accounts payable and accrued expenses	42,825	(1,164)	27,261
Cash provided by (used in) operating activities	(283,958)	(72,870)	207,732
CASH FLOWS FROM INVESTING ACTIVITIES
Property and equipment expenditures	(1,814)	(1,611)	(6,951)
Operating property improvements	(35,915)	(39,863)	(55,524)
Property development and redevelopment	(274,742)	(430,498)	(674,244)
Acquisition of assets	0	0	(565,552)
Proceeds from sales of properties	322,451	24,373	67,110
Reimbursements under tax increment financings	667	6,703	6,883
Distributions from real estate and other affiliates	92,060	16,232	1,437
Investments in real estate and other affiliates, net	(1,249)	(3,882)	(6,056)
Cash provided by (used in) investing activities	101,458	(428,546)	(1,232,897)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from mortgages, notes and loans payable	2,422,862	1,403,923	1,292,083
Principal payments on mortgages, notes and loans payable	(2,140,340)	(867,935)	(386,489)
Proceeds from issuance of common stock	0	593,574	0
Repurchases of common shares	(81,127)	0	(53,922)
Debt extinguishment costs	(29,793)	0	0
Special Improvement District bond funds released from (held in) escrow	11,477	10,151	6,077
Deferred financing costs and bond issuance costs, net	(28,517)	(17,844)	(19,639)
Taxes paid on stock options exercised and restricted stock vested	(2,500)	(2,229)	(5,449)
Stock options exercised	4,078	4,638	3,535
Issuance of noncontrolling interests	0	0	84,889
Cash provided by (used in) financing activities	156,140	1,124,278	921,085
Net change in cash, cash equivalents and restricted cash	(26,360)	622,862	(104,080)
Cash, cash equivalents and restricted cash at beginning of period	1,242,997	620,135	724,215
Cash, cash equivalents and restricted cash at end of period	1,216,637	1,242,997	620,135
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid	182,654	179,355	168,925
Interest capitalized	71,798	70,258	73,002
Income taxes paid (refunded), net	1,789	(2,409)	(2,138)
NON-CASH TRANSACTIONS
Initial recognition of ASC 842 operating leases ROU asset	6,189	493	72,106
Initial recognition of ASC 842 operating lease obligation	6,189	493	71,888
Accrued property improvements, developments and redevelopments	16,885	(92,383)	14,454
Special Improvement District bond transfers associated with land sales	8,697	10,122	22,423
Special Improvement District bonds held in third-party escrow	45,425	0	9,686
Accrued interest on construction loan borrowing	0	9,743	10,154
Capitalized stock compensation	2,326	1,158	1,443
Accrued repurchase of common shares	$ 15,492	$ 0	$ 0

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies


1. Summary of Significant Accounting Policies

General The Howard Hughes Corporation is a Delaware corporation that was formed on July 1, 2010. Together with its subsidiaries (herein, HHC or the Company), HHC develops Master Planned Communities (MPC) and residential condominiums, transforms a multi-block district largely under private management in New York City into a lifestyle destination (Seaport), 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.

Certain amounts in the 2020 Consolidated Balance Sheet have been reclassified to conform to the current presentation. Specifically, the Company reclassified straight-line rent from Prepaid expenses and other assets, net to Accounts Receivable, net.

COVID-19 Pandemic The 2020 outbreak of the novel strain of the coronavirus (COVID-19) resulted in a global slowdown of economic activity including worldwide travel restrictions, prohibitions of non-essential work activities, and the disruption and shutdown of businesses, all of which resulted in significant uncertainty in global financial markets and a material adverse impact on the Company’s financial performance in fiscal 2020, particularly in the Operating Asset and Seaport segments. Many states began easing quarantine protocols near the end of the second quarter of 2020, which allowed most of the Company’s retail and hospitality properties to resume operations on a limited basis. While COVID-19 has adversely impacted all business segments during 2020 and 2021, the Company’s performance notably improved during the second half of 2020. This improvement has continued through 2021.

The extent to which COVID-19 continues to impact the Company will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the actions taken to contain the pandemic or mitigate its impact, such as the speed and effectiveness of vaccine and treatment developments and their deployment, potential mutations of COVID-19, and the direct and indirect economic effects of the pandemic and containment measures.

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), with all intercompany balances eliminated. The presentation includes the accounts of the Company and those entities in which HHC has a controlling financial interest. The Company also consolidates certain variable interest entities (VIEs) in accordance with Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) 810 Consolidation (ASC 810). The outside equity interests in certain entities controlled by the Company are reflected in the Consolidated Financial Statements as noncontrolling interests.

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, future cash flows used in impairment analysis and fair value used in impairment calculations, recoverable amounts of receivables and deferred tax assets, initial valuations of tangible and intangible assets acquired and the related useful lives of assets upon which depreciation and amortization is based. Estimates and assumptions have also been made with respect to future revenues and costs, and the fair value of warrants, debt and options granted. In particular, MPC cost of sales estimates are highly judgmental as they are sensitive to cost escalation, sales price escalation and lot absorption, which are subject to judgment and affected by expectations about future market or economic conditions. Actual results could differ from these and other estimates.

Segments Segment information is prepared on the same basis that management reviews information for operational decision-making purposes. Management evaluates the performance of each of HHC’s real estate assets or investments individually and aggregates such properties into segments based on their economic characteristics and types of revenue streams. The Company operates in four business segments: (i) Operating Assets; (ii) MPC; (iii) Seaport and (iv) Strategic Developments.

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. 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.

The Company periodically reviews the estimated useful lives of properties. Depreciation or amortization expense is computed using the straight‑line method based upon the following estimated useful lives:


Asset Type	Years	Balance Sheet Location
Buildings and improvements	7 - 40	Buildings and Equipment
Equipment and fixtures	5 - 20	Buildings and Equipment
Computer hardware and software, and vehicles	3 - 5	Buildings and Equipment
Tenant improvements	Lesser of lease term or useful life	Buildings and Equipment
Leasing costs	Related lease term	Prepaid expenses and 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, 2021, 2020 and 2019.

Developments Development costs, which primarily include direct costs related to placing the asset in service associated with specific development properties, are capitalized as part of the property being developed. Construction and improvement costs incurred in connection with the development of new properties or the redevelopment of existing properties are capitalized before they are placed into service. Costs include planning, engineering, design, direct material, labor and subcontract costs. Real estate taxes, utilities, direct legal and professional fees related to the sale of a specific unit, interest, insurance costs and certain employee costs incurred during construction periods are also capitalized. Capitalization commences when the development activities begin and ceases when a project is completed, put on hold or at the date that the Company decides to not move forward with a project. Capitalized costs related to a project where HHC has determined not to move forward are expensed if they are not deemed recoverable. Capitalized interest costs are based on qualified expenditures and interest rates in place during the construction period. Demolition costs associated with redevelopments are expensed as incurred unless the demolition was included in the Company’s development plans and imminent as of the acquisition date of an asset. Once the assets are placed into service, they are depreciated in accordance with HHC’s policy. In the event that management no longer has the ability or intent to complete a development, the costs previously capitalized are evaluated for impairment.

Developments consist of the following categories as of December 31:


thousands	2021		2020
Land and improvements	$	360,957	$	407,926
Development costs	847,950		744,748

Total Developments	$	1,208,907	$	1,152,674

Investments in Real Estate and Other Affiliates In the ordinary course of business, HHC enters into partnerships or joint ventures primarily for the development and operation of real estate assets which are referred to as Investments in real estate and other affiliates. The Company assesses its joint ventures at inception to determine if any meet the qualifications of a VIE. HHC considers a partnership or joint venture a VIE if: (a) the total equity investment is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) characteristics of a controlling financial interest are missing (either the ability to make decisions through voting or other rights, the obligation to absorb the expected losses of the entity or the right to receive the expected residual returns of the entity); or (c) the voting rights of the equity holders are not proportional to their obligations to absorb the expected losses of the entity and/or their rights to receive the expected residual returns of the entity, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. Upon the occurrence of certain events outlined in ASC 810, the Company reassesses its initial determination of whether the partnership or joint venture is a VIE.

The Company also performs a qualitative assessment of each VIE to determine if HHC is the primary beneficiary. Under ASC 810, a company concludes that it is the primary beneficiary and consolidates the VIE if the company 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. The Company considers the contractual agreements that define the ownership structure, distribution of profits and losses, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties in determining if the company is the primary beneficiary. As required by ASC 810, management’s assessment of whether the Company is the primary beneficiary of a VIE is continuously performed.

The Company accounts for VIEs for which it is not considered to be the primary beneficiary but has significant influence using the equity method, and investments in VIEs where HHC does not have significant influence on the joint venture’s operating and financial policies using the cost method. The Company accounts for investments in joint ventures where it owns a noncontrolling interest using the equity method. For investments in joint ventures where the Company has virtually no influence on the joint venture’s operating and financial policies, 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 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, unless the securities do not have readily determinable fair values.

Under the equity method, the cost of an investment is adjusted for the Company’s share of the equity in earnings or losses of such Real Estate Affiliates from the date of investment and reduced by distributions received. Generally, the operating agreements with respect to Real estate and other affiliates provide that assets, liabilities and funding obligations are shared in accordance with HHC’s ownership percentages. The Company generally also shares in the profit and losses, cash flows and other matters relating to its Real estate and other affiliates in accordance with the respective ownership percentages. For certain equity method investments, when the preferences on profit sharing on liquidation rights and priorities differ from the ownership percentages, HHC considers ASC 970 and applies the Hypothetical Liquidation Book Value (HLBV) method. Under this method, the Company recognizes income or loss based on the change in the underlying share of the venture’s net assets on a hypothetical liquidation basis as of the reporting date.

Acquisitions of Properties The Company accounts for the acquisition of real estate properties in accordance with ASC 805 Business Combinations (ASC 805). This methodology requires that assets acquired and liabilities assumed be recorded at their fair values on the date of acquisition for business combinations and at relative fair values for asset acquisitions.

Costs directly related to asset acquisitions are considered additions to the purchase price and increase the cost basis recorded for the Investment in Real Estate. Acquisition costs related to the acquisition of a business are expensed as incurred.

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 Real estate and other affiliates) 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, less costs to sell in the case of assets classified as held for sale, an impairment provision is recorded to write-down the carrying amount of the asset to its fair value.

Impairment indicators for HHC’s assets or projects within MPCs are assessed separately and include, but are not limited to, significant decreases in sales pace or average selling prices, significant increases in expected land development and construction costs or cancellation rates, and projected losses on expected future sales. MPC assets have extended life cycles that may last 20 to 40 years, or longer, and have few long‑term contractual cash flows. Further, MPC assets generally have minimal to no residual values because of their liquidating characteristics. MPC development periods often occur through several economic cycles. Subjective factors such as the expected timing of property development and sales, optimal development density and sales strategy impact the timing and amount of expected future cash flows and fair value.

Impairment indicators for Operating Assets are assessed for each property and include, but are not limited to, significant decreases in net operating income, significant decreases in occupancy, ongoing low occupancy and significant net operating losses.

Impairment indicators for Seaport include, but are not limited to, significant changes in projected completion dates, operating revenues or cash flows, development costs, ongoing low occupancy, and market factors.

Impairment indicators for assets in the Strategic Developments are assessed by project and include, but are not limited to, significant changes in projected completion dates, revenues or cash flows, development costs, market factors, significant decreases in comparable property sale prices and feasibility.

The cash flow estimates used both for determining recoverability and estimating fair value are inherently judgmental and reflect current and projected trends in rental, occupancy, pricing, development costs, sales pace and capitalization rates, and estimated holding periods for the applicable assets. Although the estimated fair value of certain assets may be exceeded by the carrying amount, a real estate asset is only considered to be impaired when its carrying amount is not expected to be recovered through estimated future undiscounted cash flows. To the extent an impairment provision is necessary, the excess of the carrying amount of the asset over its estimated fair value is expensed to operations. In addition, the impairment provision is allocated proportionately to adjust the carrying amount of the asset. The adjusted carrying amount, which represents the new cost basis of the asset, is depreciated over the remaining useful life of the asset or, for MPCs, is expensed as a cost of sales when land is sold. Assets that have been impaired will in the future have lower depreciation and cost of sale expenses. The impairment will have no impact on cash flow.

With respect to HHC’s Investment in real estate and other affiliates, a series of operating losses of an underlying asset or other factors may indicate that a decrease in value has occurred which is other‑than‑temporary. The investment in each real estate and other affiliate is evaluated periodically and as deemed necessary for recoverability and valuation declines that are other‑than‑temporary. If the decrease in value of an investment in a real estate and other affiliate is deemed to be other‑than‑temporary, HHC’s investment is reduced to its estimated fair value. In addition to the property‑specific impairment analysis that are 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.

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 by buyers and other amounts related to taxes, insurance and legally restricted security deposits and leasing costs.

Accounts Receivable, net Accounts receivable includes tenant rents, tenant recoveries, straight-line rent assets and other receivables. On a quarterly basis, management reviews tenant rents, tenant recoveries and straight-line rent assets for collectability. As required under Accounting Standards Codification (ASC) 842 - Leases, this analysis includes a review of past due accounts and considers factors such as the credit quality of tenants, current economic conditions and changes in customer payment trends. When full collection of a lease receivable or future lease payment is not probable, a reserve for the receivable balance is charged against rental revenue and future rental revenue is recognized on a cash basis. Due to the continued impacts of COVID-19 on the collectability of tenant receivables, the Company determined full collection of outstanding tenant rents and recoveries was not probable for some retail tenants. In addition, the Company determined that a reserve for estimated losses under ASC 450 - Contingencies is required as the estimated losses are probable and can be reasonably estimated.

The following table represents the components of Accounts Receivable, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets as of December 31:


thousands	2021		2020
Straight-line rent receivables	$	72,461	$	59,288
Tenant receivables	8,647		4,339
Other receivables	5,280		3,099
Accounts receivable, net (a)	$	86,388	$	66,726

(a)As of December 31, 2021, the total reserve balance for amounts considered uncollectible was $16.5 million, comprised of $11.5 million related to ASC 842 and $5.0 million related to ASC 450. As of December 31, 2020, the total reserve balance was $33.0 million, comprised of $27.3 million related to ASC 842 and $5.7 million related to ASC 450. The decrease in total reserve balance is primarily due to write offs of $14.5 million in 2021, primarily related to uncollectible amounts at Ward Village.

The following table summarizes the impacts of the ASC 842 and ASC 450 reserves in the accompanying Consolidated Statements of Operations for the years ended December 31:


thousands	Income Statement Location	2021		2020		2019
ASC 842 reserve	Rental revenue	$	(1,562)	$	21,825	$	6,295
ASC 450 reserve	Provision for (recovery of) doubtful accounts	(789)		6,009		(414)



Total impact		$	(2,351)	$	27,834	$	5,881

Notes Receivable, net 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. Refer to discussion below for information related to the adoption of ASC 326 in 2020.

Municipal Utility District Receivables, net In Houston, Texas, certain development costs are reimbursable through the creation of a Municipal Utility District (MUD), also known as Water Control and Improvement Districts, which are separate political subdivisions authorized by Article 16, Section 59 of the Texas Constitution and governed by the Texas Commission on Environmental Quality (TCEQ). MUDs are formed to provide municipal water, wastewater, drainage services, recreational facilities and roads to those areas where they are currently unavailable through the regular city services. Typically, the developer advances funds for the creation of the facilities, which must be designed, bid and constructed in accordance with the City of Houston’s and TCEQ requirements.

The MUD Board of Directors authorizes and approves all MUD development contracts, and MUD bond sale proceeds are used to reimburse the developer for its construction costs, including interest. At the date the expenditures occur, the Company determines the costs it believes will be eligible for reimbursement and recognizes that as MUD receivables. These expenditures are subject to review by the MUD engineers for eligibility in accordance with the development contracts as part of the process for reimbursement. MUD receivables are pledged as security to creditors under the debt facilities relating to Bridgeland.

Prepaid Expenses and Other Assets, net The major components of Prepaid expenses and other assets, net include Condominium inventory, Special Improvement District (SID) receivables, Various Intangibles, and prepaid expenses related to the Company’s properties.

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. SID receivables are $86.2 million as of December 31, 2021, and $54.8 million as of December 31, 2020.

Tax increment financing (TIF) receivables are amounts which the Company has submitted for reimbursement from Howard County, Maryland, in conjunction with development costs expended on key roads and infrastructure work within the Merriweather District of Columbia specified per the terms of the county’s TIF legislation and Special Obligation Bonds issued in October 2017. TIF receivables are $0.9 million as of December 31, 2021, and $0.9 million as of December 31, 2020.

The Company’s intangibles include in-place lease assets and above-market lease assets where HHC is the lessor, trademark/tradename intangibles related to MPCs, and other indefinite lived intangibles relating to properties and businesses acquired in previous real estate transactions. 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. Intangible assets with an indefinite useful life, primarily attributable to the acquisition of the joint venture partner’s interest in the Las Vegas Aviators baseball team, are not amortized. The Company reviews for any changes in business that would lead to a reconsideration that the life is finite and should be subject to amortization.

Income Taxes The Company utilizes the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement carrying amounts and tax bases of assets and liabilities using enacted tax rates in effect for years in which the temporary differences are expected to reverse. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards.

The Company periodically assesses the realizability of its deferred tax assets. If the Company concludes that it is more likely than not that some of the deferred tax assets will not be realized, the tax asset is reduced by a valuation allowance. The Company considers many factors when assessing the likelihood of future realization of deferred tax assets, including expectations of future taxable income, carryforward periods available to the Company for tax reporting purposes, various income tax strategies and other relevant factors. In addition, interest and penalties related to uncertain tax positions, if necessary, are recognized in income tax expense.

In the Company’s MPCs, gains with respect to land sales, whether for commercial use or for single family residences, are reported for tax purposes either on the modified accrual method or on the percentage-of-completion method. Under the percentage-of-completion method, a gain is recognized for tax purposes as costs are incurred in satisfaction of contractual obligations.

Deferred Expenses, net Deferred expenses consist principally of leasing costs. Deferred leasing costs are amortized to amortization expense using the straight‑line method over the related lease term. Deferred expenses are shown net of accumulated amortization of $49.9 million as of December 31, 2021, and $39.7 million as of December 31, 2020.

Marketing and Advertising Each of the Company’s segments incur various marketing and advertising costs as part of their development, branding, leasing or sales initiatives. These costs include special events, broadcasts, direct mail and online digital and social media programs, and they are expensed as incurred.

Fair Value of Financial Instruments The carrying values of cash and cash equivalents, escrows, receivables, accounts payable, accrued expenses and other assets and liabilities are reasonable estimates of their fair values because of the short maturities of these instruments.

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 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 Company grants various types of stock-based awards including stock options, restricted stock awards and performance-based awards. 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 the Company’s common stock on the grant date. For performance-based awards, the fair value of the market-condition portion of the award is measured using a Monte Carlo simulation, and the performance-condition portion is measured at the market price of the Company’s common stock on the grant date. The Company records compensation cost for stock-based compensation awards over the requisite service period. If the requisite service period is satisfied, compensation cost is not adjusted unless the award contains a performance condition. If an award contains a performance condition, expense is recognized only for those shares that ultimately vest using the per-share fair value measured at the grant date. The Company recognizes forfeitures as they occur. See Note 11 - Stock-Based Compensation Plans for additional information.

Revenue Recognition and Related Matters

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. Costs incurred to sell condominium units are evaluated for capitalization in accordance with ASC 340-40, and incremental costs of obtaining and fulfilling a contract are capitalized only 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 Community 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 accrued expenses. The Company measures the completion of HHC’s unsatisfied obligation based on the costs remaining relative to the total cost at the date of closing.

When residential or commercial land is sold, the cost of sales includes actual costs incurred and estimates of future development costs benefiting the property sold. In accordance with ASC 970-360-30-1, when land is sold, costs are allocated to each sold superpad or lot based upon the relative sales value. For purposes of allocating development costs, estimates of future revenues and development costs are re-evaluated throughout the year, with adjustments being allocated prospectively to the remaining parcels available for sale. For certain parcels of land, including acquired parcels that the Company does not intend to develop or for which development was complete at the date of acquisition, the specific identification method is used to determine the cost of sales.

Builder Price Participation BPP is the variable component of the transaction price for certain Master Planned Communities Land Sales. BPP is earned when a developer that acquired land from HHC develops and sells a home to an end user at a price higher than a predetermined breakpoint. The excess over the breakpoint is shared between HHC and the developer at the time of closing on the sale of the home based on a percentage previously agreed upon. The Company concluded that as of December 31, 2021, BPP was constrained, as discussed below, and accordingly, the Company did 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 Community 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 period between transfer of the promised asset and payment is expected to be 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 reported on the Consolidated Statements of Operations also include amortization related to above and below‑market tenant leases on acquired properties.

Recoveries from tenants are stipulated in the leases, are generally computed based upon a formula related to real estate taxes, insurance and other real estate operating expenses, and are generally recognized as revenues in the period the related costs are incurred.

Overage rent is recognized on an accrual basis once tenant sales exceed contractual thresholds contained in the lease and is calculated by multiplying the tenant sales in excess of the minimum amount by a percentage defined in the lease.

If the lease provides for tenant improvements, the Company determines whether the tenant improvements are owned by the tenant or by HHC. When HHC is the owner of the tenant improvements, rental revenue begins when the improvements are substantially complete. When the tenant is the owner of the tenant improvements, any tenant allowance funded by the Company is treated as a lease incentive and amortized as an adjustment to rental revenue over the lease term.

Other Land, Rental and Property Revenues - Over Time and Point in Time Other land revenues recognized over time include ground maintenance revenue, homeowner association management fee revenue and revenue from providing exclusive cable and internet services at the Company’s MPCs for the benefit of the tenants and owners of the communities. These revenues are recognized over time, as time elapses. The amount of consideration and the duration are fixed, as stipulated in the related agreements, and represent a single performance obligation.

Other land revenues also include transfer fees on the secondary sales of homes in MPCs, forfeitures of earnest money deposits by buyers of HHC’s condominium units and other miscellaneous items. These items are recognized at a point in time when the real estate closing process is complete or HHC has a legal right to the respective fee or deposit.

Other rental and property revenues related to contracts with customers is generally comprised of baseball related ticket sales, retail operations, food sales, advertising and sponsorships. Season ticket sales are recognized over time as games take place. Single tickets and total net sales from retail operations are recognized at a point in time, at the time of sale when payment is received and the customer takes possession of the merchandise. In all cases, the transaction prices are fixed, stipulated in the ticket, contract or product, and representative in each case of a single performance obligation. Events-related service revenue is recorded at the time the customer receives the benefit of the service.

Hospitality revenues were recognized at a point in time in accordance with the pattern of each related service. Lodging was recognized on daily increments, while retail services such as food and beverage were recognized at the point of sale. The transaction price was fixed, clearly stipulated and representative of a single performance obligation in all cases. The duration of all contracts with customers of HHC’s hospitality lodging and related services were generally short. In September 2021, the Company completed the sale of its three hospitality properties.

Baseball-related and other sponsorships generally cover a season or contractual period of time, and the related revenue is generally recognized on a straight-line basis over time, as time elapses, unless a specific performance obligation exists within the sponsorship contract where point-in-time delivery occurs and recognition at a specific performance or delivery date is more appropriate. Advertising and sponsorship agreements that allow third parties to display their advertising and products at HHC’s venues for a certain amount of time relate to a single performance obligation, consideration terms for these services are fixed in each respective agreement, and HHC generally recognizes the related revenue on a straight-line basis over time, as time elapses.

Redeemable Noncontrolling Interest As of December 31, 2021 and 2020, Redeemable noncontrolling interest relates to a local developer’s interest in the 110 North Wacker project. This noncontrolling interest holder has the right to require the Company to purchase its interest if 110 North Wacker has not been sold or refinanced (with distributions made to the local developer and Company sufficient to repay all capital contributions) by a certain date. As exercise of this put right is outside of the Company’s control, the noncontrolling interest is presented as redeemable noncontrolling interest outside of stockholders’ equity on the Consolidated Balance Sheets. See Note 2 - Investments in Real Estate and Other Affiliates for additional information.

Financial Instruments - Credit Losses The Company is exposed to credit losses through the sale of goods and services to the Company’s customers. Receivables held by the Company primarily relate to short-term trade receivables and financing receivables, which include MUD receivables, SID bonds, TIF receivables, net investments in lease receivables, and notes receivable. The Company assesses its exposure to credit loss based on historical collection experience and future expectations by portfolio segment. Historical collection experience is evaluated on a quarterly basis by the Company.

The amortized cost basis of financing receivables, consisting primarily of MUD and SID receivables, totaled $484.7 million as of December 31, 2021, and $374.2 million as of December 31, 2020. The MUD receivable balance includes accrued interest of $18.2 million at December 31, 2021 and $15.7 million at December 31, 2020. The allowance for credit losses for financing receivables was not material as of December 31, 2021 and 2020, and there was no material activity related to the allowance for credit losses for the year ended December 31, 2021.

Financing receivables are considered to be past due once they are 30 days contractually past due under the terms of the agreement. The Company currently does not have significant financing receivables that are past due or on nonaccrual status. There have been no significant write-offs or recoveries of amounts previously written-off during the current period for financing receivables.

Recently Issued Accounting Standards The following is a summary of recently issued and other notable accounting pronouncements which relate to the Company’s business.

ASU 2020-04, Reference Rate Reform The amendments in this Update provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform when certain criteria are met. The amendments in this Update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, for which an entity has applied certain optional expedients, that are retained through the end of the hedging relationship. The amendments in this Update are effective as of March 12, 2020, through December 31, 2022. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedge transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued.

Investments in Real Estate and Other Affiliates

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Investments in Real Estate and Other Affiliates


2. Investments in Real Estate and Other Affiliates

As of December 31, 2021, the Company does not consolidate the investments below as it does not have the power to direct the activities that most significantly impact the economic performance of the ventures and does not have a controlling interest in these investments. As a result, the Company reports its interests in accordance with the equity method. As of December 31, 2021, these ventures had mortgage financing totaling $671.5 million, with the Company’s proportionate share of this debt totaling $295.5 million. All of this indebtedness is without recourse to the Company, with the exception of $100.6 million related to 110 North Wacker.

Investments in real estate and other affiliates are reported as follows:


	Economic/Legal Ownership				Carrying Value				Share of Earnings/Dividends
	December 31,		December 31		December 31,		December 31		Year Ended Year Ended December 31,
thousands except percentages	2021		2020		2021		2020		2021		2020		2019
Equity Method Investments
Operating Assets
110 North Wacker (a)(b)	see below		see below		$	194,999	$	261,143	$	(74,309)	$	(13,896)	$	—
The Metropolitan Downtown Columbia (c)	50.0	%	50.0	%	—		—		582		765		694
Stewart Title of Montgomery County, TX	50.0	%	50.0	%	4,185		3,924		1,860		1,250		1,105
Woodlands Sarofim #1	20.0	%	20.0	%	3,215		3,120		96		125		125
m.flats/TEN.M (d)	50.0	%	50.0	%	—		1,247		974		666		(1,875)
Master Planned Communities
The Summit (e)	see below		see below		41,536		96,300		59,407		17,845		28,336
Trillium (e)	50.0	%	—	%	59,080		—		(8)		—		—
Seaport
Mr. C Seaport (f)	—	%	—	%	—		—		—		(6,900)		(1,980)
The Lawn Club (e)	see below		see below		447		—		—		—		—
Ssäm Bar (Momofuku) (e)	see below		see below		5,852		7,101		(1,988)		(2,392)		(612)
Strategic Developments
Circle T Ranch and Power Center (g)	—	%	—	%	—		—		—		2,463		950
HHMK Development	50.0	%	50.0	%	10		10		—		—		—
KR Holdings	50.0	%	50.0	%	127		347		(221)		(69)		263
West End Alexandria (e)	see below		see below		56,546		—		—		—		—
110 North Wacker (a)	see below		see below		—		—		—		267,518		—
					365,997		373,192		(13,607)		267,375		27,006
Other equity investments (h)					3,952		3,953		3,755		3,724		3,623
Investments in real estate and other affiliates					$	369,949	$	377,145	$	(9,852)	$	271,099	$	30,629

(a)During the third quarter of 2020, 110 North Wacker was completed and placed in service. This triggered a reconsideration event that resulted in the deconsolidation of 110 North Wacker and the recognition of the retained equity method investment at fair market value. The $267.5 million gain on deconsolidation was recorded in the Strategic Developments segment and the equity method investment was transferred from the Strategic Development segment to the Operating Asset segment. Refer to the discussion below for additional details.

(b)During the fourth quarter of 2021, the Company recognized a $17.7 million impairment related to its investment in 110 North Wacker. See Note 4 - Impairment for additional information.

(c)The Metropolitan Downtown Columbia was in a deficit position of $11.3 million at December 31, 2021, and $5.0 million at December 31, 2020, due to distributions from operating cash flows in excess of basis. These deficit balances are presented in Accounts payable and accrued expenses at December 31, 2021 and 2020. The increase in the deficit balance is primarily due to a $5.0 million distribution in the third quarter of 2021.

(d)M.flats/TEN.M was in a deficit position of $6.0 million at December 31, 2021, due to distributions from operating cash flows in excess of basis. The deficit balance is presented in Accounts payable and accrued expenses at December 31, 2021.

(e)Refer to the discussion below for details on the ownership structure.

(f)During the third quarter of 2020, the Company completed the sale of its 35% equity investment in Mr. C Seaport.

(g)During the fourth quarter of 2020, the Company completed the sale of its 50% equity investment in Circle T Ranch and Power Center.

(h)Other equity investments represent equity investments not accounted for under the equity method. The Company elected the measurement alternative as these investments do not have readily determinable fair values. See Note 1 - Summary of Significant Accounting Policies for additional information. There were no impairments, or upward or downward adjustments to the carrying amounts of these securities either during current year 2021, or cumulatively.

Significant activity for Investments in real estate and other affiliates and the related accounting considerations are described below.

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 related to 110 North Wacker (collectively, the local developer and USAA are the Partners) to construct and operate the building at 110 North Wacker (the Venture).

The Partnership was determined to be a VIE, and as the Company has the power to direct the activities of the Partnership that most significantly impact its economic performance, the Company is considered the primary beneficiary and consolidates the Partnership. Additionally, the noncontrolling interest holder has the right to require the Company to purchase its interest in the Partnership if the Venture has not been sold or refinanced (with distributions made to the local developer and Company sufficient to repay all capital contributions), at the later of (1) the third anniversary of the issuance of the certificate of occupancy for the project or (2) the fifth anniversary of the effective date of the Partnership's LLC agreement. Therefore, the local developer’s redeemable noncontrolling interest in the Partnership is presented as temporary equity on the Consolidated Balance Sheets. As of December 31, 2021, the time restriction has not been met, and the Company believes it is not probable that the put will be redeemed. As such, the redeemable noncontrolling interest is measured at the initial carrying value plus net income (loss) attributable to the noncontrolling interest and is not adjusted to fair value.

The following table presents changes in Redeemable noncontrolling interest:


thousands	Redeemable Noncontrolling Interest
Balance as of December 31, 2019	$	—
Reclassification of redeemable noncontrolling interest to temporary equity	6,091
Net income (loss) attributable to noncontrolling interest	22,881
Share of investee's other comprehensive income	142
Balance as of December 31, 2020	$	29,114

Net income (loss) attributable to noncontrolling interest	(7,431)
Share of investee's other comprehensive income	817
Balance as of December 31, 2021	$	22,500

Upon execution of the Venture in the second quarter of 2018, the Company contributed land with a carrying value of $33.6 million and an agreed upon fair value of $85.0 million, the local developer contributed $5.0 million in cash and USAA contributed $64.0 million in cash. USAA was required to fund up to $105.6 million in addition to its initial contribution. HHC and the local developer also had additional cash funding requirements and contributed $9.8 million and $1.1 million, respectively, during 2018. The Company and its Partners entered into a construction loan agreement further described in Note 7 - Mortgages, Notes and Loans Payable, Net. Any further cash funding requirements by the Partnership were eliminated when the construction loan increased on May 23, 2019. Concurrently with the increase in the construction loan, USAA agreed to fund an additional $8.8 million, for a total commitment of $178.4 million. No changes were made to the rights of either the Company or the Partners under the construction loan agreement.

The Company concluded that the Venture was within the scope of the VIE model, and that it was the primary beneficiary of the Venture during the development phase of the project because it had the power to direct activities that most significantly impact the Venture’s economic performance, however, upon the building’s completion, the Company expected to recognize the investment under the equity method. As the primary beneficiary of the VIE during the development phase, the Company has consolidated 110 North Wacker and its underlying entities since the second quarter of 2018. During the third quarter of 2020, 110 North Wacker was completed and placed in service, triggering a reconsideration event. Upon development completion, the Company concluded it is no longer the primary beneficiary and as such, should no longer consolidate the Venture. As there have been no changes to the structure and control of the Partnership with the local developer, the Company will continue to consolidate the Partnership.

As of September 30, 2020, the Company derecognized all assets, liabilities and noncontrolling interest related to the Venture that were previously consolidated and recognized an equity method investment of $273.6 million based on the fair value of its interest in 110 North Wacker. The Company recognized a gain of $267.5 million attributable to the initial fair value step-up at the time of deconsolidation, which is included in Equity in earnings (losses) from real estate and other affiliates on the Consolidated Statements of Operations and reported in the Strategic Developments segment for the year ended December 31, 2020. The Company utilized a third-party appraiser to measure the fair value of 110 North Wacker on an as-is basis at September 30, 2020, using the discounted cash flow approach and sales comparison approach, based on current market assumptions. Also as a result of the deconsolidation, the Company recognized an additional $15.4 million attributable to the recognition of previously eliminated development management fees, which is included in Other land, rental and property revenues on the Consolidated Statements of Operations and reported in the Strategic Developments segment for the year ended December 31, 2020. The remaining equity method investment was transferred from the Strategic Development segment to the Operating Asset segment as of September 30, 2020.

Given the nature of the Venture’s capital structure and the provisions for the liquidation of assets, the Company’s share of the Venture’s income-producing activities is recognized based on the Hypothetical Liquidation at Book Value (HLBV) method. Under this method, the Company recognizes income or loss in Equity in earnings from real estate and other affiliates based on the change in its underlying share of the Venture’s net assets on a hypothetical liquidation basis as of the reporting date. After USAA receives a 9.0% preferred return on its capital contribution, the Partnership is entitled to cash distributions from the Venture until it receives a 9.0% return on its capital account, calculated as the initial land contribution of $85.0 million and cash contribution of $5.0 million, plus subsequent cash contributions and less subsequent cash distributions. Subsequently, USAA is entitled to cash distributions equal to 11.11% of the amount distributed to the Partnership that resulted in a 9.0% return. Thereafter, the Partnership and USAA are entitled to distributions pari passu to their profit ownership interests of 90% and 10%, respectively.

The Lawn Club On January 19, 2021, the Company formed HHC Lawn Games, LLC with The Lawn Club NYC, LLC (Endorphin Ventures), to construct and operate an immersive indoor and outdoor restaurant that includes an extensive area of indoor grass, a stylish clubhouse bar and a wide variety of lawn games. This concept is expected to open in the summer of 2022. Under the terms of the agreement, the Company will fund 80% of the cost to construct the restaurant, and Endorphin Ventures will contribute the remaining 20%. The Company also entered into a lease agreement with HHC Lawn Games, LLC (Lease Agreement) to lease 20,000 square feet of the Fulton Market Building for this venture. The Company will report its ownership interest in accordance with the equity method.

Available cash will be distributed 80% to the Company and 20% to Endorphin Ventures until each member’s unreturned capital account has been reduced to zero. Distributions will then be allocated 60% to the Company and 40% to Endorphin Ventures until the amounts paid to the Company under the Lease Agreement and the aggregate amounts distributed to the Company equal $100 per square foot of the property on an annual basis. Any remaining cash will be distributed equally between both members. Given the nature of The Lawn Club’s capital structure and the provisions for the liquidation of assets, the Company’s share of The Lawn Club’s income-producing activities will be recognized based on the HLBV method.

Ssäm Bar (formerly Bar Wayō) During the first quarter of 2016, the Company formed Pier 17 Restaurant C101, LLC (Bar Wayō) with MomoPier, LLC (Momofuku), an affiliate of the Momofuku restaurant group, to construct and operate a restaurant and bar at Pier 17 in the Seaport. Under the terms of the agreement, the Company will fund 89.75% of the costs to construct the restaurant, and Momofuku will contribute the remaining 10.25%. In 2021, Bar Wayō was rebranded as the Ssäm Bar.

As of December 31, 2021 and 2020, Ssäm Bar is classified as a VIE because the equity holders, as a group, lack the characteristics of a controlling financial interest. The carrying value of Ssäm Bar as of December 31, 2021, is $5.9 million and is classified as Investments in real estate and other affiliates in the Consolidated Balance Sheets. The Company’s maximum exposure to loss as a result of these investments is limited to the aggregate carrying value of the investments as the Company has not provided any guarantees or otherwise made firm commitments to fund amounts on behalf of this VIE.

After each member receives a 10% preferred return on its capital contributions, available cash will be allocated 75% to the Company and 25% to Momofuku, until each member’s unreturned capital account has been reduced to zero. Any remaining cash will be distributed 50% to each of the members. Given the nature of the Ssäm Bar’s capital structure and the provisions for the liquidation of assets, the Company’s share of the Ssäm Bar’s income-producing activities is recognized based on the HLBV method.

The Summit During the first quarter of 2015, the Company formed DLV/HHPI Summerlin, LLC (The Summit) with Discovery Land Company (Discovery). The Company contributed land with a carrying value of $13.4 million and transferred SID bonds related to such land with a carrying value of $1.3 million to The Summit at the agreed upon capital contribution value of $125.4 million, or $226,000 per acre 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 from real estate and other affiliates as The Summit sells lots.

As of December 31, 2021, the Company has received cash distributions equal to its capital contribution of $125.4 million and a 5.0% preferred return on such capital contribution, and Discovery has received cash distributions equal to two times its equity contribution. Any further cash distributions and income producing activities will be recognized according to equity ownership with HHC receiving 50% and Discovery receiving 50%. As of December 31, 2021, HHC has received $179.1 million in total distributions and Discovery has received $27.0 million in total distributions.

Trillium In the fourth quarter of 2021, simultaneous with the Douglas Ranch land acquisition, the Company entered into a Limited Liability Company Agreement (LLC Agreement) with JDM Partners and El Dorado Holdings to form Trillium Development Holding Company, LLC (Trillium) for the purpose of developing the first village within the new Douglas Ranch MPC in Phoenix’s West Valley. Refer to Note 3 - Acquisitions and Dispositions for additional details on the Douglas Ranch acquisition.

Within the 3,029-acre Trillium development located in the greater Phoenix, Arizona area (Trillium Property), JDM Partners owned approximately 2,579 acres and El Dorado Holdings owned approximately 450 acres. Simultaneously with the LLC Agreement, all parties executed the Contribution and Purchase Agreement under which the Company acquired a 50% interest in the land owned by JDM Partners and a 50% interest in the land owned by El Dorado Holdings for $59.0 million, and immediately contributed its ownership interest in the property to Trillium in exchange for a 50% equity interest. At the same time, JDM Partners contributed its remaining 50% interest in the land and El Dorado Holdings contributed its remaining 50% interest in the land to Trillium in exchange for the remaining equity interest. Subsequent to these contributions, member equity interest in Trillium was 50% for the Company, 42.5% for JDM Partners and 7.5% for El Dorado Holdings. The Company will report its ownership interest in accordance with the equity method. Under the terms of the agreement, all future capital contributions, cash distributions and the recognition of income producing activities will be pro rata based on economic ownership interest. The first Trillium land sales are expected to occur in the first half of 2022.

West End Alexandria In the fourth quarter of 2021, the Company entered into an Asset Contribution Agreement with Foulger-Pratt Development, LLC (Foulger-Pratt) and Seritage SRC Finance (Seritage). Prior to this agreement, Foulger-Pratt owned 100% interest in Landmark Land Holdings, LLC (West End Alexandria). Pursuant to this agreement, 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 million to West End Alexandria in exchange for equity interest. Additionally, Foulger-Pratt agreed to contribute $10 million to West End Alexandria. Subsequent to these conveyances and contributions, each member received an equity interest proportionate to the agreed upon values, defined as 58.33% for the Company, 31.25% for Seritage, and 10.42% for Foulger-Pratt.

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 for $54.0 million. The City will lease this land to Inova Health Care Services for construction of a new hospital.

Development plans for the remaining 41 acre property includes approximately four million square feet of residential, retail, commercial, and entertainment offerings integrated into a cohesive neighborhood with a central plaza, a network of parks and public transportation. Demolition is set to begin in Spring 2022, with completion of the first buildings expected in 2025.

Each member is entitled to a 10% return on their respective capital contributions, which is allocated pro rata in accordance with their respective percentage interest. Next, 20% to Foulger-Pratt, and 80% to all members in accordance with their respective percentage interests, until each member has received an internal rate of return of 15% on its capital contributions. After which 100% will be allocated to Foulger-Pratt equal to any unreturned contributions made by Foulger-Pratt to cover controllable cost overruns. Lastly, 30% to Foulger-Pratt, and 70% to all members pro rata in accordance with their respective percentage interests. Given the nature of the venture’s capital structure and the provisions for the liquidation of assets, the Company’s share of income-producing activities is recognized based on the HLBV method.

Summarized Financial Information The following tables include relevant summarized financial statement information for all equity method investments:


thousands	The Summit (a)(b)(c)			110 North Wacker (d)			Other Investments (e)
Balance Sheet
December 31, 2021
Total Assets		$	225,133		$	707,005		$	510,756
Total Liabilities		169,814			515,665			233,368
Total Equity		55,319			191,340			277,388

December 31, 2020
Total Assets		$	310,855		$	634,274		$	247,742
Total Liabilities		209,968			415,452			166,418
Total Equity		100,887			218,822			81,324

Income Statement
Year ended December 31, 2021
Revenues		$	302,174		$	38,699		$	36,964
Gross Margin		116,641			n/a			n/a
Operating Income		n/a			8,525			20,305
Net income (loss)		95,604			(36,556)			10,856

Year Ended December 31, 2020
Revenues		$	148,822		$	5,333		$	36,450
Gross Margin		29,012			n/a			n/a
Operating Income		n/a			(3,148)			17,100
Net income (loss)		21,924			(8,236)			11,220

Year Ended December 31, 2019
Revenues		$	120,337		$	—		$	42,778
Gross Margin		32,205			n/a			n/a
Operating Income		n/a			—			16,085
Net income (loss)		26,298			—			5,162

(a)The Summit adopted ASU 2014-09, Revenues from Contracts with Customers (Topic 606) effective in the fourth quarter of 2019 using the modified retrospective transition method. Therefore, for 2019, revenues allocated to each of The Summit’s performance obligations is recognized over time based on an input measure of progress. Prior period amounts have not been adjusted and are recognized on a percentage of completion basis. The Summit’s adoption of ASU 2014-09 did not have a material impact on the Company’s consolidated financial statements.

(b)The decrease in Total Equity for The Summit is primarily the result of distributions made in the second quarter of 2021.

(c)The increase in Revenues for The Summit is due to an increase in units closed, with 46 units closed during the year ended December 31, 2021, compared to 29 units closed for the year ended December 31, 2020.

(d)The income statement amounts for 110 North Wacker only include activity for the three months ended December 31, 2020, to correspond with the period it was accounted for under the equity method. Losses for 2021 and 2020 are the result of the asset still being in the lease-up period.

(e)Other Investments includes Trillium, West End Alexandria, The Metropolitan Downtown Columbia, Stewart Title, Woodlands Sarofim #1, m.flats / TEN.M, Ssäm Bar, Mr. C Seaport, Circle T Ranch and Power, HHMK Development and KR Holdings. As the Company sold its interests Mr. C Seaport and Circle T Ranch and Power in 2020, the income statement amounts only include activity through the date of sale and the balance sheet amounts do not include balances for these assets as of December 31, 2021 or 2020. Increases in the balance sheet amounts are primarily related to the acquisitions of interests in Trillium and West End Alexandria in 2021, as discussed above.

Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2021

Acquisitions And Dispositions [Abstract]

Acquisitions and Dispositions


3. Acquisitions and Dispositions

Acquisitions In October 2021, HHC announced the launch of Douglas Ranch, a new large-scale master planned community in the West Valley of Phoenix, Arizona. The Company closed on the all-cash purchase of approximately 33,810 acres for a purchase price of $541.0 million. The purchase price includes an option for the seller, JDM Partners, to re-acquire a 50% interest in the property for an additional $236.8 million, with $33.8 million of the original purchase price being credited to the seller upon exercise of the option for a total capital contribution of $270.6 million. If the option is not exercised by the seller within six months, the $33.8 million will be returned to the Company. Simultaneous with the land acquisition, the Company closed on the acquisition of a 50% interest in Trillium Development Holding Company, LLC, for $59.0 million. Trillium Development Holding Company, LLC owns approximately 3,029 acres of land in the greater Phoenix, Arizona area. In total, the Douglas Ranch MPC encompasses almost 37,000 fully-entitled, “shovel-ready” acres and is poised for growth with in-place entitlements for 100,000 residential homes and 55 million square feet of commercial development.

There were no acquisitions during 2020.

Dispositions On December 22, 2021, the Company completed the sale of Century Park, a 63-acre, 1,302,597 square foot campus with 17 office buildings in the West Houston Energy Corridor for $25.0 million. The carrying value of the property was approximately $32.0 million. Loss on sale of $7.4 million is calculated as the difference between the sale price and the asset’s carrying value, less related transaction costs of approximately $0.4 million. The loss on sale is included in Gain (loss) on sale or disposal of real estate and other assets, net in the Statements of Operations for the year ended December 31, 2021. This asset was previously impaired during the second quarter of 2021. Refer to Note 4 - Impairment for additional information.

On September 16, 2021, the Company completed the sale of The Woodlands Resort, The Westin at The Woodlands and Embassy Suites at Hughes Landing for $252.0 million. These hospitality properties, located in The Woodlands, contained a total of 909 rooms. The carrying value of the properties was approximately $210.0 million at the time of sale. Gain on sale of $39.1 million is calculated as the difference between the sale price and the asset’s carrying value, less related transaction costs of approximately $2.9 million. The gain on sale is included in Gain (loss) on sale or disposal of real estate and other assets, net in the Statements of Operations for the year ended December 31,2021. Additionally, as part of the sale, the Company repaid $132.3 million of debt directly associated with the properties sold. Income (loss) before taxes for these properties consisted of losses of $6.4 million for the year ended December 31, 2021, and $12.5 million for the year ended December 31, 2020.

On May 7, 2021, the Company completed the sale of Monarch City, a property comprised of approximately 229 acres of undeveloped land in Collin County, Texas, for $51.4 million. The carrying value of the property was approximately $28.7 million at the time of sale. Gain on sale of $21.3 million is calculated as the difference between the sale price and the asset’s carrying value, less related transaction costs of approximately $1.5 million. The gain on sale is included in Gain (loss) on sale or disposal of real estate and other assets, net in the Statements of Operations for the year ended December 31, 2021.

On December 18, 2020, the Company completed the sale to its joint venture partner of its 50% equity method investment in Circle T Ranch and Power Center, a joint venture with Westlake Retail Associates for $13.0 million. The carrying value of the asset at the time of sale was approximately $11.9 million and the Company recognized a gain on sale of $1.1 million which is included in Equity in earnings (losses) from real estate and other affiliates on the Consolidated Statements of Operations.

On November 20, 2020, the Company completed the sale of its Elk Grove asset, a 64-acre land parcel in the City of Elk Grove, California, for $24.6 million. The carrying value of the asset at the time of sale was approximately $10.8 million and the Company recognized a gain on sale of $13.7 million which is included in Gain (loss) on sale or disposal of real estate and other assets, net on the Consolidated Statements of Operations.

On July 16, 2020, the Company completed the sale to its joint venture partner of its 35% equity investment in Mr. C Seaport, a 66-room boutique hotel located at 33 Peck Slip, New York, in close proximity to the Seaport, for $0.8 million. The carrying value at the time of sale approximated the sales price. Refer to Note 2 - Investments in Real Estate and Other Affiliates and Note 4 - Impairment for additional information.

On June 29, 2020, the Company entered into an agreement terminating a participation right contained in the contract for the sale of West Windsor that occurred in October 2019, as discussed below. As consideration, the Company received an $8.0 million termination payment in 2020, which is included in Gain (loss) on sale or disposal of real estate and other assets, net on the Consolidated Statements of Operations for the year ended December 31, 2021.

On March 13, 2020, the Company closed on the sale of its property at 100 Fellowship Drive, a 13.5-acre land parcel and 203,257-square-foot build-to-suit medical building with approximately 550 surface parking spaces in The Woodlands, Texas, for a total sales price of $115.0 million. The sale of 100 Fellowship Drive resulted in an additional gain of $38.3 million in the first quarter of 2020, which is included in Gain (loss) on sale or disposal of real estate and other assets, net on the Consolidated Statements of Operations. This gain was in addition to $13.5 million of Selling profit from the sales-type lease recognized on the Consolidated Statements of Operations as of December 31, 2019. The Company had previously entered into a lease agreement related to this property in November of 2019, and at lease commencement, the Company derecognized $63.7 million from Developments and recorded an initial net investment in lease receivable of $75.9 million on the Consolidated Balance Sheets.

The carrying value of the net investment in lease receivable related to 100 Fellowship Drive was approximately $76.1 million at the time of sale. Gain on sale is calculated as the difference between the purchase price of $115.0 million, and the asset’s carrying value, less related transaction costs of approximately $0.2 million. Contemporaneous with the sale, the Company credited to the buyer approximately $0.6 million for operating account funds and the buyer’s assumption of the related liabilities. After the sale, the Company had no continuing involvement in this lease. After repayment of debt associated with the property, the sale generated approximately $64.2 million in net proceeds, which are presented as cash inflows from operating activities in the Consolidated Statements of Cash Flows for the year ended December 31, 2021.

On December 20, 2019, the Company sold its 90.5% share in Bridges at Mint Hill, a joint venture to develop a shopping center southeast of Charlotte, North Carolina, for $9.5 million. Prior to the sale, the Company accounted for its investment in Bridges at Mint Hill, which was in the Strategic Developments segment, as a consolidated joint venture. The carrying value of assets acquired by the purchaser and deconsolidated from the Company’s financial statements total $22.0 million; liabilities assumed and deconsolidated were not meaningful; and noncontrolling interest deconsolidated from the Company’s financial statements totaled $3.8 million. The Company recognized a pre-tax loss of $8.8 million which is included in Gain (loss) on sale or disposal of real estate and other assets, net on the Consolidated Statements of Operations.

On October 29, 2019, the Company closed on the sale of West Windsor, a 658-acre parcel of land located in West Windsor, New Jersey, for $40.0 million. The carrying value of assets acquired by the purchaser total $27.5 million; no liabilities were assumed. As a result of the sale, the Company recorded a $12.0 million pre-tax gain which is included in Gain (loss) on sale or disposal of real estate and other assets, net on the Consolidated Statements of Operations.

On September 16, 2019, the Company closed on the sale of Cottonwood Mall, a 196,975 square foot building and 54-acre land parcel in Holladay, Utah. The Company sold the asset for a total sales price of $46.0 million, resulting in a pre-tax gain of $24.1 million which is included in Gain (loss) on sale or disposal of real estate and other assets, net on the Consolidated Statements of Operations. The carrying value of assets acquired by the purchaser total $21.5 million; no liabilities were assumed. As consideration, the Company received a $10.0 million down payment from the purchaser and recorded a $36.0 million note receivable for the remainder at time of sale. The receivable was subsequently collected during the year ended December 31, 2020.

Impairment

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Impairment


4. Impairment

The Company reviews its long-lived assets for potential impairment indicators whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment or disposal of long‑lived assets in accordance with ASC 360 requires that if impairment indicators exist and expected undiscounted cash flows generated by the asset over an anticipated holding period are less than its carrying amount, an impairment provision should be recorded to write down the carrying amount of the asset to its fair value. The impairment analysis does not consider the timing of future cash flows and whether the asset is expected to earn an above- or below-market rate of return.

During the second quarter of 2021, the Company recorded a $13.1 million impairment charge for Century Park, which is included in Provision for impairment on the Consolidated Statements of Operations. The Century Park asset includes both building and land components. The impairment relates to the building component, while the land component was not impaired. Century Park is a 63-acre, 1.3 million square foot campus with 17 office buildings in the West Houston Energy Corridor, a non-core asset acquired as part of the acquisition of The Woodlands Towers at The Waterway. The Company recognized an impairment due to decreases in estimated future cash flows and as a result of the impact of a shorter than anticipated holding term. The Company used weighted market and income valuation techniques to estimate the fair value of Century Park. Market valuation was based on recent sales of similar commercial properties in and around Houston, Texas. For the income approach, the Company utilized a capitalization rate of 8.75%, and probability weighted scenarios assuming lease-up periods ranging from 24 months to 48 months, and management’s estimate of future lease income and carry costs. In December 2021, the Company completed the sale of Century Park. See Note 3 - Acquisitions and Dispositions for additional details regarding the sale.

During the first quarter of 2020, the Company recorded a $48.7 million impairment charge for Outlet Collection at Riverwalk, a 273,270-square-foot urban upscale outlet center located along the Mississippi River in downtown New Orleans, LA. The Company recognized the impairment due to decreases in estimated future cash flows as a result of the impact of a shorter than anticipated holding term due to management’s plans to divest the non-core operating asset, decreased demand and reduced interest in brick and mortar retail due to the impact of COVID-19, as well as an increase in the capitalization rate used to evaluate future cash flows due to the impact of COVID-19. The $46.8 million net carrying value of Outlet Collection at Riverwalk, after the impairment, represents the estimated fair market value at March 31, 2020, at the time of the impairment assessment. The Company used a discounted cash flow analysis using a capitalization rate of 10% to determine fair value. There can be no assurance that the Company will ultimately recover the fair value amounts of Outlet Collection at Riverwalk through sales of these assets. Refer to Note 8 - Fair Value for additional information.

Each Investment in real estate and other affiliates discussed in Note 2 - Investments in Real Estate and Other Affiliates is evaluated periodically for recoverability and valuation declines that are other-than-temporary. If the decrease in value of an investment in a real estate and other affiliate is deemed to be other-than-temporary, the investment in such Real estate and other affiliates is reduced to its estimated fair value. In 2021, the Company recorded a $17.7 million impairment of its equity investment in 110 North Wacker, a 1,491,651 square foot office building located in Chicago. The Company recognized the impairment due to a change in the anticipated holding period as the Company entered into a plan to sell its interest in 110 North Wacker. In 2020, the Company recorded a $6.0 million impairment of its equity investment in Mr. C Seaport, a 66-room boutique hotel located at 33 Peck Slip in close proximity to the Seaport. The Company recognized the impairment due to a change in the anticipated holding period as the Company entered into a plan to sell its 35% equity investment in Mr. C Seaport to its venture partners for $0.8 million. In July 2020, the Company completed the sale of its interest in Mr. C Seaport. See Note 3 - Acquisitions and Dispositions for additional details regarding the sale. The impairment loss is presented in Equity in earnings (losses) from real estate and other affiliates.

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.

In addition to the impairments discussed above, the Company reduced the estimated net sales price of certain condominium units, including the remaining penthouse inventory, to better align the expected price with recent final sales prices, resulting in a loss of $2.3 million for the year ended December 31, 2021, and a loss of $7.6 million for the year ended December 31, 2020, included in Condominium rights and unit cost of sales.

The following table summarizes the pre-tax impacts of the items mentioned above to the Consolidated Statements of Operations for the years ended December 31:



thousands	Statements of Operations Line Item	2021		2020
Operating assets:
Outlet Collection at Riverwalk	Provision for impairment	$	—	$	48,738
Century Park	Provision for impairment	13,068		—
Equity Investments:
110 North Wacker	Equity in earnings (losses) from real estate and other affiliates	17,673		—
Mr. C Seaport	Equity in earnings (losses) from real estate and other affiliates	—		6,000
Other Assets:
Condominium Inventory	Condominium rights and unit sales	2,268		7,644

Other Assets and Liabilities

12 Months Ended

Dec. 31, 2021

OTHER ASSETS AND LIABILITIES

Other Assets and Liabilities


5. Other Assets and Liabilities

Prepaid Expenses and Other Assets The following table summarizes the significant components of Prepaid expenses and other assets as of December 31:


thousands	2021		2020		Change
Special Improvement District receivable (a)	$	86,165	$	54,770	$	31,395
Condominium inventory (b)	57,507		55,883		1,624
Security, escrow and other deposits (c)	45,546		48,576		(3,030)
In-place leases (d)	44,225		49,161		(4,936)
Intangibles	29,752		32,595		(2,843)
Prepaid expenses	21,370		17,455		3,915
Other	7,874		12,096		(4,222)
Tenant incentives and other receivables	6,623		9,612		(2,989)
Food and beverage and lifestyle inventory	1,039		1,060		(21)
TIF receivable	855		893		(38)










Prepaid expenses and other assets, net	$	300,956	$	282,101	$	18,855

(a)The increase in Special Improvement District receivable is primarily attributable to a third quarter 2021 SID Bond issuance in Summerlin. 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.

(b)The increase in Condominium inventory is attributable to the addition of inventory units at the newly completed ‘A‘ali‘i, partially offset by closing on inventory units at Waiea and Anaha.

(c)The decrease in Security, escrow and other deposits is primarily attributable to a $29.5 million settlement of the rate-lock agreement associated with the loans for 1201 Lake Robbins and The Woodlands Warehouse upon repayment in February 2021, partially offset by a $27.5 million deposit related to the loan for Bridgeland entered into in September 2021.

(d)The decrease in In-place leases is primarily attributable to routine amortization.

Accounts Payable and Accrued Expenses The following table summarizes the significant components of Accounts payable and accrued expenses as of December 31:


thousands	2021		2020		Change
Condominium deposit liabilities (a)	$	368,997	$	309,884	$	59,113
Construction payables (b)	284,384		253,626		30,758
Accounts payable and accrued expenses (c)	72,828		28,589		44,239
Deferred income	71,902		66,656		5,246
Accrued interest (d)	47,738		37,007		10,731
Tenant and other deposits	30,943		25,801		5,142
Accrued payroll and other employee liabilities	29,648		27,419		2,229
Accrued real estate taxes (e)	26,965		38,863		(11,898)
Interest rate swap liabilities (f)	26,452		51,920		(25,468)
Other	23,310		12,493		10,817










Accounts payable and accrued expenses	$	983,167	$	852,258	$	130,909

(a)The increase in Condominium deposit liabilities is primarily due to the increase in contracted condominium unit sales at The Park Ward Village, Victoria Place and Kō'ula, partially offset by a decrease in deposits at ‘A‘ali‘i as customers close on the sale of completed units.

(b)The increase in Construction payables is attributable to an increase of $120.6 million primarily related to increased construction spend at Ward Village, the Summerlin, Bridgeland and Columbia MPC developments and the Tin Building, as well as a $21.0 million charge for additional remediation costs at Waiea. These increases were partially offset by decreases of $89.9 million related to a reduction of construction spend for projects placed in service in 2020 and 2021 or approaching completion, as well as costs incurred and paid for Waiea remediation activities during 2021.

(c)The increase in Accounts Payable and accrued expenses is primarily attributable to repurchases of common stock executed in December 2021.

(d)The increase in Accrued interest is primarily due to new loan agreements entered into in 2021, partially offset by the repayment of certain loans in 2021. See Note 7 - Mortgages, Notes and Loans Payable, Net for additional detail.

(e)The decrease in Accrued real estate taxes is primarily related to annual tax payments being made at year-end 2021.

(f)The decrease in Interest rate swap liabilities is due to an increase of the one-month London Interbank Offered Rate (LIBOR) forward curve for the periods presented.

Intangibles

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles


6. Intangibles

The following table summarizes the Company’s intangible assets and liabilities:


	As of December 31, 2021						As of December 31, 2020
	Gross Asset (Liability)		Accumulated (Amortization)/ Accretion		Net Carrying Amount		Gross Asset (Liability)		Accumulated (Amortization)/ Accretion		Net Carrying Amount

thousands
Intangible Assets:
Other intangibles (a)	$	34,123	$	(5,834)	$	28,289	$	9,251	$	(2,991)	$	6,260
Goodwill	1,307		—		1,307		1,307		—		1,307
Indefinite lived intangibles (a)	157		—		157		25,028		—		25,028

Tenant leases:
In-place value	63,249		(19,024)		44,225		63,584		(14,423)		49,161
Above-market	1,951		(1,790)		161		1,985		(1,670)		315
Below-market	(4,729)		3,539		(1,190)		(4,839)		3,198		(1,641)



Total indefinite lived intangibles					$	1,464					$	26,335
Total amortizing intangibles					$	71,485					$	54,095

(a)Following the 2021 restructuring of Minor League Baseball, the intangible asset associated with the Company’s Las Vegas Aviators Triple-A professional baseball team was treated as an amortizing intangible and no longer accounted for as an indefinite lived intangible.

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 Prepaid expenses and 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 accrued expenses and are amortized over the remaining non‑cancelable terms of the respective leases. See Note 5 - Other Assets and Liabilities for additional information regarding Prepaid expenses and other assets, net and Accounts payable and accrued expenses.

Net amortization and accretion expense for these intangible assets and liabilities was $7.5 million in 2021, $5.8 million in 2020 and $2.1 million in 2019.

Future net amortization and accretion expense is estimated for each of the five succeeding years as shown below:


thousands	2022		2023		2024		2025		2026
Net amortization and accretion expense	$	7,464	$	7,076	$	7,080	$	7,240	$	7,212

Mortgages, Notes and Loans Payable, Net

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Mortgages, Notes and Loans Payable, Net


7. Mortgages, Notes and Loans Payable, Net

Mortgages, Notes and Loans Payable Mortgages, notes and loans payable, net are summarized as follows:


	December 31,
thousands	2021		2020
Fixed-rate debt
Unsecured 5.375% Senior Notes due 2025	$	—	$	1,000,000
Unsecured 5.375% Senior Notes due 2028	750,000		750,000
Unsecured 4.125% Senior Notes due 2029	650,000		—
Unsecured 4.375% Senior Notes due 2031	650,000		—
Secured mortgages, notes and loans payable	1,006,428		590,517
Special Improvement District bonds	69,131		34,305
Variable-rate debt (a)
Secured Bridgeland Notes due 2026	275,000		—
Mortgages, notes and loans payable (a)	1,238,857		1,945,344
Unamortized bond issuance costs	—		(4,355)
Unamortized deferred financing costs (b)	(48,259)		(28,442)
Total mortgages, notes and loans payable, net	$	4,591,157	$	4,287,369

(a)The Company has entered into derivative instruments to manage a portion of the variable interest rate exposure. See Note 9 - Derivative Instruments and Hedging Activities for additional information.

(b)Deferred financing fees are amortized to interest expense over the terms of the respective financing agreements using the effective interest method (or other methods which approximate the effective interest method).

Credit Facilities In 2018, the Company entered into a $700.0 million loan agreement, which provided for a $615.0 million term loan (the Term Loan) and an $85.0 million revolver loan (the Revolver Loan and together with the Term Loan, the Senior Secured Credit Facility or the Loans), which is included in Variable-rate debt above. Concurrent with the sale of The Westin at The Woodlands and Embassy Suites at Hughes Landing in September 2021, $181.8 million was repaid on the Term Loan, of which $69.8 million was directly associated with the properties sold. Refer to Note 3 - Acquisitions and Dispositions for additional information. As of December 31, 2021, the Company had $316.7 million of outstanding borrowings on the Term Loan. The Company has a one-time right to request an increase of $50.0 million in the aggregate amount of the Revolver Loan commitment. As of December 31, 2021, the Company had no outstanding borrowings under the Revolver Loan. The Loans are secured by a first priority security interest in certain of the Company’s properties.

In 2019, the Company closed on a $250.0 million credit facility secured by land and certain other collateral in The Woodlands and Bridgeland MPCs. The loan provided for a $100.0 million term loan and a $150.0 million revolver loan. In September 2021, the Company repaid the $100.0 million term loan and the $50.0 million outstanding borrowings under the revolver portion of the loan. As a result, the Company no longer has access to the $150.0 million revolver loan. These borrowings were replaced by a $275.0 million loan for Bridgeland. See the table below for additional detail.

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. For the year ended December 31, 2021, $45.4 million in SID bonds were issued and obligations of $8.8 million were assumed by buyers.

Debt Compliance Due to the COVID-19 pandemic, the Company experienced a decline in operating results for certain retail and hospitality properties resulting in the Company not meeting its required debt service coverage ratio for the $615.0 million Term Loan portion of the Senior Secured Credit Facility as of December 31, 2020. 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. As a result of payments on the Term Loan, the Company met the debt service coverage ratio as of September 30, 2021, and December 31, 2021. As two consecutive quarters of compliance were required to release the restricted cash requirement, $43.0 million of restricted cash as of December 31, 2021, qualifies for release.

As of December 31, 2021, the Company did not meet the debt service coverage ratio for the Two Hughes Landing loan. As a result, the excess net cash flow after debt service from the underlying property became restricted and cannot be used for general corporate purposes, but can continue to be used to fund operations of the underlying asset. This restriction does not have a material impact on the Company’s liquidity.

As of December 31, 2021, apart from the Two Hughes Landing loan described above, the Company was in compliance with all financial covenants included in the agreements governing its indebtedness.

Financing Activity The Company’s borrowing activity is summarized as follows:

thousands

Initial / Extended Maturity (a)

Interest Rate

Carrying Value

Balance at December 31, 2020

4,287,369

Issuances:

Senior Notes due 2029

February 2029

4.13%

(c)

650,000

Senior Notes due 2031

February 2031

4.38%

(c)

650,000

Bridgeland Notes due 2026

September 2026

2.40%

(b),(d)

275,000

Special Improvement District bonds

April 2051

4.13%

45,425

Borrowings:

Victoria Place

September 2024 / September 2026

5.25%

(b),(e)

42,718

1725 Hughes Landing

January 2027 / January 2030

4.10%

(b),(f)

61,207

1735 Hughes Landing

January 2027 / January 2030

4.10%

(b),(f)

58,793

Tanager Apartments

May 2031

3.13%

(g)

58,500

Lakeside Row

September 2031

3.15%

(i)

35,500

1201 Lake Robbins

October 2031

3.83%

(j)

250,000

Three Hughes Landing

December 2031

3.55%

(k)

70,000

The Woodlands Warehouse

January 2032

3.65%

13,700

Draws on existing mortgages, notes and loans payable

257,444

Repayments:

1201 Lake Robbins

June 2021

2.49%

(b),(l)

(273,070)

The Woodlands Warehouse

June 2021

2.49%

(b),(l)

(7,230)

Tanager Apartments

October 2021 / October 2024

2.50%

(b),(g)

(39,992)

‘A‘ali‘i

June 2022 / June 2023

4.10%

(b),(h)

(249,744)

Lakeside Row

July 2022 / July 2023

2.39%

(b),(i)

(31,940)

Senior Secured Credit Facility

September 2023

4.61%

(f),(m)

(298,344)

The Woodlands Resort

December 2021 / December 2023

3.00%

(b),(m)

(62,500)

The Woodlands Master Credit Facility

October 2022 / October 2024

2.64%

(b),(d)

(75,000)

Bridgeland Credit Facility

October 2022 / October 2024

2.64%

(b),(d)

(75,000)

Repayments on existing mortgages, notes and loans payable

(27,519)

Redemptions

Senior Notes due 2025

March 2025

5.38%

(l)

(1,000,000)

Other:

Special Improvement District bond assumptions

April 2049

4.00%

(8,697)

Deferred financing costs, net

(15,463)

Balance at December 31, 2021

4,591,157

(a)Maturity dates presented represent initial maturity dates and the extended or final maturity dates as contractually stated. HHC has the option to exercise extension periods at the initial maturity date, 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 covenants, HHC may have to pay down a portion of the loan to obtain the extension.

(b)The interest rate presented is based on the one-month LIBOR of 0.10% or Secured Overnight Financing Rate (SOFR) of 0.05%, as applicable, at December 31, 2021. Interest rates associated with loans which have been paid off reflect the interest rate at December 31, 2020.

(c)In February 2021, the Company issued $650 million in 4.125% Senior Notes due 2029 and $650 million in 4.375% Senior Notes due 2031. Interest is paid semi-annually in February and August of each year, beginning in August 2021. These notes will be unsecured senior obligations of the Company and are guaranteed by certain subsidiaries of the Company.

(d)In September 2021, the Company closed on a $275.0 million financing secured by MUD receivables and land in Bridgeland, retiring an existing $250.0 million credit facility secured by MUD receivables, land and certain other collateral in both The Woodlands and Bridgeland MPCs. The loan required a $27.5 million fully refundable deposit and has a net effective interest rate of SOFR plus 2.30%, subject to a SOFR floor of 0.10%, with maturity in September 2026.

(e)In March 2021, the Company closed on a $368.2 million construction loan for the development of Victoria Place in Ward Village. The loan bears interest at LIBOR, with a floor of 0.25%, plus 5.00%, with an initial maturity of September 2024 and two one-year extension options. Concurrent with the funding of the loan, the Company entered into interest rate cap agreements with a total notional amount of $368.2 million and a LIBOR strike rate of 2.00%.

(f)In December 2021, the Company closed on a $127.0 million non-recourse financing of 1725/1735 Hughes Landing with $7 million withheld for future costs. The loan bears interest at LIBOR plus 3.95%, subject to a floor of 0.15%, with an initial maturity of January 2027 and three one-year extension options. Proceeds from this financing were used to pay a portion of the Senior Secured Credit Facility.

(g)In April 2021, the Company closed on a $58.5 million loan to replace the existing construction loan for Tanager Apartments in Downtown Summerlin.

(h)In November 2021, the Company paid off the $249.7 million outstanding loan balance relating to ‘A‘ali‘i using proceeds from condo sales.

(i)In July 2021, the Company closed on a $35.5 million loan to replace the existing construction loan for Lakeside Row in Bridgeland.

(j)In October 2021, the Company closed on a $250.0 million non-recourse, interest-only loan for 1201 Lake Robbins.

(k)In November 2021, the Company closed on a $70.0 million non-recourse financing for Three Hughes Landing. This 10-year, fixed-rate financing bears interest at 3.55%. The financing is interest-only for the first four years, with 30-year amortization thereafter.

(l)The Company used the net proceeds from the February 2021 issuance of Senior Notes due 2029 and 2031, as well as available cash on hand, as follows: (1) repurchased its $1.0 billion 5.375% Senior Notes due 2025; resulting in a $35.1 million loss on extinguishment of debt and (2) repaid $280.3 million outstanding under its loans for 1201 Lake Robbins and The Woodlands Warehouse maturing June 2021, resulting in a $10.0 million loss on the settlement of the rate-lock agreement associated with these loans.

(m)Concurrent with the sale of the Company’s Hospitality properties in September 2021, the entire $62.5 million loan on The Woodlands Resort was repaid and $69.8 million of debt associated with The Westin at The Woodlands and Embassy Suites at Hughes Landing was repaid on the Senior Secured Credit Facility. See Note 3 - Acquisitions and Dispositions for additional detail.

Additional Financing Activity in 2021 In April 2021, the Company closed on an $82.6 million construction loan for the development of Marlow, a multi-family development in Columbia. The loan bears interest at LIBOR plus 2.95% with an initial maturity of April 2025 and a one-year extension option, with no amounts drawn as of December 31, 2021.

In April 2021, the Company closed on a $42.7 million construction loan for the development of Starling at Bridgeland. The loan bears interest at LIBOR plus 2.75%, subject to an overall interest rate floor of 3.75%, and an initial maturity date of April 2026, and a one-year extension option, with $4.0 million drawn as of December 31, 2021.

In June 2021, the Company closed on an extension of the $35.5 million loan for 8770 New Trails, extending the final maturity date to January 2032.

In September 2021, the Company closed on a $59.5 million construction loan for the development of Tanager Echo, a multi-family development in Summerlin. The loan bears interest at LIBOR, with a floor of 0.10%, plus 2.90% with an initial maturity of September 2025 and two one-year extension options and an immaterial amount drawn as of December 31, 2021. In October 2021, the Company entered into an interest rate cap agreement with a notional amount equal to the loan amount and a LIBOR strike rate of 2.50%.

In September 2021, the Company closed on a $75.0 million construction loan for the development of 1700 Pavilion, an office development in Summerlin. The loan bears interest at LIBOR, with a floor of 0.10%, plus 3.80% with an initial maturity of September 2025 and two one-year extension options and an immaterial amount drawn as of December 31, 2021. In October 2021, the Company entered into an interest rate cap agreement with a notional amount equal to the loan amount and a LIBOR strike rate of 2.50%.

In October 2021, the Company closed on an extension of the $27.2 million loan for Outlet Collection at Riverwalk, extending the initial maturity date to October 2022 with a one-year extension option and modifying the interest rate to SOFR plus 3.00% with a total floor of 3.50%.

Financing Activity in 2022 In January 2022, the Company closed on a $49.8 million non-recourse, interest-only financing of One Merriweather. The loan bears interest at 3.525% with maturity in February 2032. Proceeds from this financing were used to pay a portion of the Senior Secured Credit Facility.

In January 2022, the Company closed on a $25.6 million non-recourse, interest-only financing of Two Merriweather which was previously unencumbered. The loan bears interest at 3.825% with maturity in February 2032.

In February 2022, the Company closed on a $40.8 million non-recourse financing of Two Summerlin which was previously unencumbered. The loan bears interest at SOFR plus 1.75% with an initial maturity of February 2027 and two one-year extension options. Concurrent with the funding of the loan, the Company entered into an interest rate swap agreement with a notional amount equal to the loan and an interest rate of 3.425%.

In February 2022, the Company paid $28.4 million on the Senior Secured Credit Facility with cash on hand.

Mortgages, Notes, and Loans Payable Balances by Property The following table presents the Company’s mortgages, notes and loans payable by property, presented within each segment in order of extended maturity date:


					Carrying Value December 31,
thousands	Initial / Extended Maturity (a)	Interest Rate			2021	2020
Operating Assets
20/25 Waterway Avenue	May 2022	4.79	%		12,564	12,855
Millennium Waterway Apartments	June 2022	3.75	%		50,813	51,946
Lake Woodlands Crossing Retail	January 2023	4.61	%	(b),(c)	12,329	12,329
Senior Secured Credit Facility	September 2023	4.61	%	(b),(c)	316,656	615,000
Two Lakes Edge	October 2022 / October 2023	2.40	%	(b)	68,806	66,198
Outlet Collection at Riverwalk	October 2022 / October 2023	3.50	%	(b)	26,742	28,679
The Woodlands Resort	December 2021 / December 2023	3.00	%	(b)	—	62,500
9303 New Trails	December 2023	4.88	%		10,308	10,763
4 Waterway Square	December 2023	4.88	%		30,185	31,519
Creekside Park West	March 2023 / March 2024	4.61	%	(b),(c)	15,497	14,719
The Lane at Waterway	August 2023 / August 2024	1.85	%	(b)	27,279	22,167
6100 Merriweather	September 2022 / September 2024	2.85	%	(b)	66,345	62,040
Juniper Apartments	September 2022 / September 2024	2.85	%	(b)	72,762	65,808
Creekside Park The Grove	January 2024 / January 2025	4.61	%	(b),(c)	39,503	16,468
9950 Woodloch Forest	March 2025	2.05	%	(b)	83,820	71,106
Ae‘o Retail	October 2025	2.90	%	(b)	29,883	30,532
Ke Kilohana Retail	October 2025	2.90	%	(b)	9,129	9,327
3831 Technology Forest Drive	March 2026	4.50	%		20,210	20,686
Kewalo Basin Harbor	September 2027	2.85	%	(b)	11,479	11,562
Millennium Six Pines Apartments	August 2028	3.39	%		42,500	42,500
3 Waterway Square	August 2028	3.94	%		44,747	46,224
One Lakes Edge	March 2029	4.50	%		68,648	69,440
Aristocrat	September 2029	3.67	%		36,095	37,093
Creekside Park Apartments	October 2029	3.52	%		37,730	37,730
1725 Hughes Landing Boulevard	January 2027 / January 2030	4.10	%	(b)	61,207	—
1735 Hughes Landing Boulevard	January 2027 / January 2030	4.10	%	(b)	58,793	—
One Hughes Landing	December 2029	4.30	%		49,578	50,815
Two Hughes Landing	December 2030	4.20	%		47,184	48,000
Other SID Bonds	December 2030	6.05	%	(d)	2,639	2,785
Tanager Apartments	May 2031	3.13	%		58,500	39,744
Lakeside Row	September 2031	3.15	%		35,500	31,566
1201 Lake Robbins	October 2031	3.83	%		250,000	273,070
Three Hughes Landing	December 2031	3.55	%		70,000	—
The Woodlands Warehouse	January 2032	3.65	%		13,700	7,230
8770 New Trails	January 2032	4.89	%	(e)	35,482	35,417
Constellation Apartments	January 2033	4.07	%		24,200	24,200


					Carrying Value December 31,
thousands	Initial / Extended Maturity (a)	Interest Rate			2021		2020
Hughes Landing Retail	December 2036	3.50	%		33,633		34,328
Columbia Regional Building	February 2037	4.48	%		23,805		24,244
Las Vegas Ballpark	December 2039	4.92	%		46,528		48,173
Operating Assets Total					1,944,779		2,068,763

Master Planned Communities
The Woodlands Master Credit Facility	October 2022 / October 2024	2.64	%	(b)	—		75,000
Bridgeland Credit Facility	October 2022 / October 2024	2.64	%	(b)	—		75,000
Bridgeland Notes due 2026	September 2026	2.40	%	(b)	275,000		—
Summerlin South SID Bonds	June 2025 - April 2051	4.00% - 6.05%		(f)	66,492		31,520
Master Planned Communities Total					341,492		181,520

Seaport
250 Water Street	November 2022 / November 2023	4.61	%	(b),(c)	100,000		100,000
Seaport Total					100,000		100,000

Strategic Developments
‘A‘ali‘i	June 2022 / June 2023	4.10	%	(b)	—		154,601
Kō‘ula	March 2023 / March 2024	4.61	%	(b),(c)	150,183		65,282
Victoria Place	September 2024 / September 2026	5.25	%	(b),(g)	49,000		—
Starling at Bridgeland	April 2026 / April 2027	3.75	%	(b)	3,960		—
Tanager Echo	September 2025 / September 2027	3.00	%	(b),(h)	1		—
1700 Pavillion	September 2025 / September 2027	3.90	%	(b),(i)	1		—
Strategic Developments Total					203,145		219,883


Senior Notes due 2025	March 2025	5.38	%		—		1,000,000
Senior Notes due 2028	August 2028	5.38	%		750,000		750,000
Senior Notes due 2029	February 2029	4.13	%		650,000		—
Senior Notes due 2031	February 2031	4.38	%		650,000		—
Unamortized bond issuance costs					—		(4,355)
Unamortized deferred financing costs					(48,259)		(28,442)
Total mortgages, notes and loans payable,net					$	4,591,157	$	4,287,369

(a)Maturity dates presented represent initial maturity dates and the extended or final maturity dates as contractually stated. HHC has the option to exercise extension periods at the initial maturity date, 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 covenants, HHC may have to pay down a portion of the loan to obtain the extension.

(b)The interest rate presented is based on the one-month LIBOR of 0.10% or SOFR of 0.05%, as applicable, at December 31, 2021. Interest rates associated with loans which have been paid off reflect the interest rate at December 31, 2020.

(c)$615 million of outstanding debt has been swapped to a fixed rate equal to 4.61%.

(d)Includes SID bonds related to Downtown Summerlin, Hockey Ground Lease, Las Vegas Ballpark, Tanager Apartments, Two Summerlin, Tanager Echo and 1700 Pavillion.

(e)Concurrent with the closing of the $35.5 million construction loan for 8770 New Trails in 2019, the Company entered into an interest rate swap. The Loan bears interest at one-month LIBOR plus 2.45% but it is currently swapped to a fixed rate equal to 4.89%.

(f)Includes SID bonds with various maturity dates ranging from June 2025 to April 2051 and interest rates ranging from 4.00% to 6.05%.

(g)In the first quarter of 2021, the Company closed on a $368.2 million construction loan for the development of Victoria Place in Ward Village, which bears interest at LIBOR, with a floor of 0.25%, plus 5.00%. Concurrently, the Company entered into interest rate cap agreements with a total notional amount of $368.2 million and a LIBOR strike rate of 2.00%.

(h)In the third quarter of 2021, the Company closed on a $59.5 million construction loan for the development of Tanager Echo, which bears interest at LIBOR, with a floor of 0.10%, plus 2.90%. The Company entered into an interest rate cap agreement with a LIBOR strike rate of 2.50%.

(i)In the third quarter of 2021, the Company closed on a $75.0 million construction loan for the development of 1700 Pavillion, which bears interest at LIBOR, with a floor of 0.10%, plus 3.80%. The Company entered into an interest rate cap agreement with a LIBOR strike rate of 2.50%.

The weighted-average interest rate on the Company’s mortgages, notes and loans payable, excluding interest rate hedges, was 4.17% as of December 31, 2021, and 4.34% as of December 31, 2020.

HHC’s mortgages, notes and loans payable are secured by the properties listed in the table above and are non-recourse except for the following:


thousands	Recourse %		Amount
Recourse to HHC
Senior Notes due 2028	100	%	$	750,000
Senior Notes due 2029	100	%	650,000
Senior Notes due 2031	100	%	650,000
Kō‘ula	25	%	37,546
250 Water Street	35	%	35,000
Juniper Apartments	25	%	18,190
6100 Merriweather	25	%	16,586
Outlet Collection at Riverwalk	50	%	13,371
Total recourse to HHC			2,170,693
Recourse to The Woodlands Land Development Company (TWLDC) (a)
Two Lake's Edge	25	%	17,202
9950 Woodloch Forest	20	%	16,764
Creekside Park The Grove	25	%	9,876
The Lane at Waterway	35	%	9,547
Lake Woodlands Crossing Retail	50	%	6,165
Creekside Park West	25	%	3,874
Total recourse to TWLDC			63,428
Total			$	2,234,121

(a)This debt is partially recourse to The Woodlands Land Development Company which is a wholly owned subsidiary of HHC.

Certain of the Company’s loans contain provisions which grant the lender a security interest in the operating cash flow of the property that represents the collateral for the loan. Certain mortgage notes may be prepaid subject to a prepayment penalty equal to a yield maintenance premium, defeasance, or a percentage of the loan balance. As of December 31, 2021, land, buildings and equipment and developments with a net book value basis of $4.2 billion have been pledged as collateral for HHC’s mortgages, notes and loans payable.

Scheduled Maturities The following table summarizes the contractual obligations relating to the Company’s mortgages, notes and loans payable as of December 31, 2021, based on extended maturity dates:


thousands	Mortgages, notes and loans payable principal payments
2022		$	103,022
2023		547,744
2024		343,950
2025		172,275
2026		359,603
Thereafter		3,112,822
Total principal payments		4,639,416
Unamortized deferred financing and bond issuance costs		(48,259)
Total mortgages, notes and loans payable		$	4,591,157

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Fair Value

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value


8. Fair Value

ASC 820, Fair Value Measurement, emphasizes that fair value is a market-based measurement that should be determined using assumptions market participants would use in pricing an asset or liability. The standard establishes a hierarchal disclosure framework which prioritizes and ranks the level of market price observability used in measuring assets or liabilities at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the asset or liability. Assets or liabilities with readily available active quoted prices, or for which fair value can be measured from actively quoted prices, generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

The following table presents the fair value measurement hierarchy levels required under ASC 820 for the Company’s liabilities that are measured at fair value on a recurring basis:


	December 31, 2021								December 31, 2020
	Fair Value Measurements Using								Fair Value Measurements Using
thousands	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:

Interest rate derivative assets	$	1,257	$	—	$	1,257	$	—	$	—	$	—	$	—	$	—
Liabilities:
Interest rate derivative liabilities	$	26,452	$	—	$	26,452	$	—	$	51,920	$	—	$	51,920	$	—

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, 2021				December 31, 2020
thousands	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Cash and Restricted cash	Level 1	$	1,216,637	$	1,216,637	$	1,242,997	$	1,242,997
Accounts receivable, net (a)	Level 3	86,388		86,388		66,726		66,726
Notes receivable, net (b)	Level 3	7,561		7,561		622		622

Liabilities:
Fixed-rate debt (c)	Level 2	3,125,559		3,186,139		2,374,822		2,461,155
Variable-rate debt (c)	Level 2	1,513,857		1,513,857		1,945,344		1,945,344

(a)Accounts receivable, net is shown net of an allowance of $16.5 million at December 31, 2021, and $33.0 million at December 31, 2020. Refer to Note 1 - Summary of Significant Accounting Policies for additional information on the allowance.

(b)Notes receivable, net is shown net of an allowance of $0.2 million at December 31, 2021, and $0.2 million at December 31, 2020. Refer to Note 1 - Summary of Significant Accounting Policies for additional information on the allowance.

(c)Excludes related unamortized financing costs.

The carrying amounts of Cash and Restricted cash, Accounts receivable, net and Notes receivable, net approximate fair value because of the short‑term maturity of these instruments.

The fair value of the Company’s Senior Notes, included in fixed-rate debt in the table above, is based upon the trade price closest to the end of the period presented. The fair value of other fixed-rate debt in the table above was estimated based on a discounted future cash payment model, which includes risk premiums and risk-free rates derived from the current LIBOR or U.S. Treasury obligation interest rates. Refer to Note 7 - Mortgages, Notes and Loans Payable, Net for additional information. The discount rates reflect the Company’s judgment as to what the approximate current lending rates for loans or groups of loans with similar maturities and credit quality would be if credit markets were operating efficiently and assuming that the debt is outstanding through maturity.

The carrying amounts for the Company’s variable-rate debt approximate fair value given that the interest rates are variable and adjust with current market rates for instruments with similar risks and maturities.

The below table includes a non-financial asset that was measured at fair value on a non-recurring basis resulting in the properties being impaired:


				Fair Value Measurements Using
thousands	Segment	Total Fair Value Measurement		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
2021
Century Park (a)	Strategic Developments	$	32,000	$	—	$	—	$	32,000
2020
Outlet Collection at Riverwalk (b)	Operating Assets	46,794		—		—		46,794

(a)The fair value was measured using weighted income and market valuation techniques as of the impairment date in the second quarter of 2021. Refer to Note 4 - Impairment for additional information.

(b)The fair value was measured as of the impairment date in 2020 based on a discounted cash flow analysis using a capitalization rate of 10.0% and is shown net of transaction costs. Refer to Note 4 - Impairment for additional information.

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities


9. Derivative Instruments and Hedging Activities

The Company is exposed to interest rate risk related to its variable interest rate debt, and it manages this risk by utilizing interest rate derivatives. The Company uses interest rate swaps, collars and caps to add stability to interest costs by reducing the Company’s exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company’s fixed‑rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up‑front premium. The Company’s interest rate cap is not currently designated as a hedge, and therefore, any gain or loss is recognized in current-period earnings. 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 (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. The Company evaluates counterparty credit risk through monitoring the creditworthiness of counterparties, which includes review of debt ratings and financial performance. To mitigate its credit risk, the Company enters into agreements with counterparties that are considered credit-worthy, such as large financial institutions with favorable credit ratings. There were no events of default as of December 31, 2021 and 2020.

If the derivative contracts are terminated prior to their maturity, the amounts previously recorded in AOCI are recognized into earnings over the period that the hedged transaction impacts earnings. If the hedging relationship is discontinued because it is probable that the forecasted transaction will not occur in accordance with the original strategy, any related amounts previously recorded in AOCI are recognized in earnings immediately. During the years ended December 31, 2021 and 2020, there were no termination events. During the year ended December 31, 2021, the Company recorded $2.4 million reduction in Interest expense related to the amortization of terminated swaps. The Company has deferred the effective portion of the fair value change of an interest rate swap agreement in Accumulated other comprehensive loss on the accompanying Consolidated Balance Sheet for the year ended December 31, 2021, and will recognize the impact as a component of Interest expense over the next six years , which is what remains of the original forecasted period. During the years ended December 31, 2021 and 2020, the Company did not settle any derivatives.

Amounts reported in AOCI related to derivatives will be reclassified to Interest expense as interest payments are made on the Company’s variable‑rate debt. Over the next 12 months, HHC estimates that an additional $15.2 million of net loss 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:


				Fixed			Fair Value Asset (Liability)
			Notional	Interest	Effective	Maturity	December 31,		December 31,
thousands		Balance Sheet Location	Amount	Rate (a)	Date	Date	2021		2020
Derivative instruments not designated as hedging instruments: (b)
Interest rate cap	(c)	Prepaid expenses and other assets, net	285,000	2.00%	3/12/2021	9/15/2023	$	300	$	—
Interest rate cap	(c)	Prepaid expenses and other assets, net	83,200	2.00%	3/12/2021	9/15/2023	87		—
Interest rate cap		Prepaid expenses and other assets, net	75,000	5.00%	8/31/2020	10/17/2022	—		—
Interest rate cap	(d)	Prepaid expenses and other assets, net	75,000	2.50%	10/12/2021	9/29/2025	485		—
Interest rate cap	(e)	Prepaid expenses and other assets, net	59,500	2.50%	10/12/2021	9/29/2025	385		—
Total fair value derivative assets							$	1,257	$	—

Derivative instruments designated as hedging instruments:
Interest rate swap	(f)	Accounts payable and accrued expenses	615,000	2.96%	9/21/2018	9/18/2023	$	(23,477)	$	(46,613)
Interest rate swap	(g)	Accounts payable and accrued expenses	35,485	4.89%	11/1/2019	1/1/2032	(2,975)		(5,307)
Total fair value derivative liabilities							(26,452)		(51,920)
Total fair value derivatives, net							$	(25,195)	$	(51,920)

(a)These rates represent the strike rate on HHC’s interest swaps and caps.

(b)Interest expense included in the Consolidated Statements of Operations for the year ended December 31, 2021 and 2020, related to these contracts was not material.

(c)Concurrent with the closing of the $368.2 million construction loan for Victoria Place in 2021, the Company entered into two new LIBOR interest rate caps.

(d)Concurrent with the closing of the $75.0 million construction loan for 1700 Pavilion in 2021, the Company entered into this interest rate cap.

(e)Concurrent with the closing of the $59.5 million construction loan for Tanager Echo in 2021, the Company entered into this interest rate cap.

(f)Concurrent with the funding of the $615.0 million Term Loan in September 2018, the Company entered into this interest rate swap which is designated as a cash flow hedge. In conjunction with the sale of The Westin at The Woodlands and Embassy Suites at Hughes Landing in September 2021, $181.8 million was repaid on the Term Loan. This swap covers the outstanding balance on the Term Loan in addition to other LIBOR-based debt held by the Company.

(g)Concurrent with the closing of the $35.5 million construction loan for 8770 New Trails in 2019, the Company entered into this interest rate swap which is designated as a cash flow hedge.

The tables below present the effect of the Company’s derivative financial instruments on the 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	2021		2020		2019
Interest rate derivatives	$	5,300	$	(34,906)	$	(19,245)


Location of Gain (Loss) Reclassified from AOCI into Operations	Amount of Gain (Loss) Reclassified from AOCI into Operations
thousands	2021		2020		2019
Interest expense	$	(12,660)	$	(11,836)	$	1,939


Interest Expense Presented in Results of Operations	Total Interest Expense Presented in the Results of Operations in which the Effects of Cash Flow Hedges are Recorded
thousands	2021		2020		2019
Interest expense	$	130,036	$	132,257	$	105,374

Credit-risk-related Contingent Features The Company has agreements with certain derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has agreements with certain derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness.

The fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $28.5 million as of December 31, 2021, and $54.6 million as of December 31, 2020. If the Company had breached any of these provisions at December 31, 2021, it could have been required to settle its obligations under the agreements at their termination value of $28.5 million.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies


10. Commitments and Contingencies

In the normal course of business, from time to time, the Company is involved in legal proceedings relating to the ownership and operations of its properties. In management’s opinion, the liabilities, if any, that may ultimately result from normal course of business legal actions or The Woodlands legal proceeding discussed below, are not expected to have a material effect on the Company’s consolidated financial position, results of operations or liquidity.

Litigation On June 14, 2018, the Company was served with a petition involving approximately 500 individuals or entities who claim that their properties, located in the Timarron Park neighborhood of The Woodlands, were damaged by flood waters that resulted from the unprecedented rainfall that occurred throughout Harris County and surrounding areas during Hurricane Harvey in August 2017. The complaint was filed in State Court in Harris County of the State of Texas. In general, the plaintiffs allege negligence in the development of Timarron Park and violations of Texas’ Deceptive Trade Practices Act and name as defendants The Howard Hughes Corporation, The Woodlands Land Development Company and two unaffiliated parties involved in the planning and engineering of Timarron Park. The plaintiffs are seeking restitution for damages to their property and diminution of their property values. The Company intends to vigorously defend the matter as it believes that these claims are without merit and that it has substantial legal and factual defenses to the claims and allegations contained in the complaint. Based upon the present status of this matter, the Company does not believe it is probable that a loss will be incurred. Accordingly, the Company has not recorded a charge as a result of this action.

The Company entered into a settlement agreement with the Waiea homeowners association related to certain construction defects at the condominium tower. Pursuant to the settlement agreement, the Company will pay for the repair of the defects. The Company believes that the general contractor is ultimately responsible for the defects and expects to recover all the repair costs from the general contractor, other responsible parties and insurance proceeds; however, the Company can provide no assurances that all or any portion of the costs will be recovered. The Company recorded total expenses of $99.2 million for the estimated repair costs related to this matter during 2020. An additional $21.0 million was charged during the year ended December 31, 2021, related to additional anticipated costs. These amounts were included in Condominium rights and unit cost of sales in the accompanying Consolidated Statements of Operations. As of December 31, 2021, a total of $96.6 million remains in Construction payables for the estimated repair costs related to this matter, which is included in Accounts payable and accrued expenses in the accompanying Consolidated Balance Sheet.

Environmental Matters The Company purchased its 250 Water Street property in the Seaport in June 2018. The site is currently used as a parking lot while the Company continues to move forward with redevelopment planning. The Company engaged a third-party specialist to perform a Phase I Environmental Site Assessment (ESA), and the ESA identified, among other findings, the existence of mercury in the soil at levels above New York State regulatory criteria. The site is in the State Brownfield Cleanup Program and will be remediated under this program. The normal operations of the parking lot do not require the property to be remediated, and the Company had not started any redevelopment activities as of December 31, 2021. As a result, the potential remediation had no financial impact for the year ended December 31, 2021.

Letters of Credit and Surety Bonds As of December 31, 2021, the Company had outstanding letters of credit totaling $5.1 million and surety bonds totaling $331.0 million. As of December 31, 2020, the Company had outstanding letters of credit totaling $5.2 million and surety bonds totaling $272.4 million. These letters of credit and bonds were issued primarily in connection with insurance requirements, special real estate assessments and construction obligations.

Operating Leases The Company leases land or buildings at certain properties from third parties, which are recorded in Operating lease right-of-use assets, net and Operating lease obligations on the Consolidated Balance Sheets. See Note 17 - Leases for further discussion. Contractual rental expense, including participation rent, was $7.2 million for the year ended December 31, 2021, $7.2 million for the year ended December 31, 2020, and $8.5 million for the year ended December 31, 2019. The amortization of above and below‑market ground leases and straight‑line rents included in the contractual rent amount was not significant.

Guarantee Agreements The Company has entered into guarantee agreements as part of certain development projects. In conjunction with the execution of the ground lease for the Seaport, the Company executed a completion guarantee for the redevelopment of Pier 17 and the Tin Building. The Company satisfied its completion guarantee for Pier 17 in the second quarter of 2019. The completion guaranty for the Tin Building is for the core and shell construction, which is now complete. The Company is working with the New York City Economic Development Corporation to receive the completion certificate necessary to relinquish the guarantee.

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. The Company’s guarantee of the performance of its subsidiaries under the funding agreement for up to a maximum of $1.0 million expired on October 31, 2020. Furthermore, to the extent that increases in taxes do not cover debt service payments on the TIF bonds, the Company’s wholly owned subsidiary is obligated to pay special taxes. Management has concluded that as of December 31, 2021, any obligations to pay special taxes are not probable.

As part of the Company’s development permits with the Hawai‘i Community Development Authority for the condominium towers at Ward Village, the Company entered into a guarantee whereby it is required to reserve 20% of the residential units for local residents who meet certain maximum income and net worth requirements. This guarantee, which is triggered once the necessary permits are granted and construction commences, was satisfied for the Company’s three condominium towers, Waiea, Anaha and Ae‘o, with the opening of Ke Kilohana, which is a workforce tower fully earmarked to fulfill this obligation. The reserved units for ‘A‘ali‘i tower are included in the tower. Units for Kō'ula and Victoria Place, the two towers under construction, will be satisfied with the construction of Ulana Ward Village, which is a second workforce tower fully earmarked to fulfill the remaining obligation. As a result of this guarantee, the Company expects reserved housing towers will be delivered on a break-even basis.

The Company evaluates the likelihood of future performance under these guarantees and did not record an obligation as of December 31, 2021, and December 31, 2020.

Stock-Based Compensation Plans

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation Plans


11. Stock-Based Compensation Plans

On May 14, 2020, the Company’s shareholders approved The Howard Hughes Corporation 2020 Equity Incentive Plan (the 2020 Equity Plan). Pursuant to the 2020 Equity Plan, 1,350,000 shares of the Company’s common stock were reserved for issuance. The 2020 Equity Plan provides for grants of options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards (collectively, the Awards). Employees, directors and consultants of the Company are eligible for Awards. The 2020 Equity Incentive Plan is administered by the Compensation Committee of the Board of Directors.

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, 2021, there were a maximum of 1,102,470 shares available for future grant under the Company’s 2020 Equity Plan.

The following summarizes stock-based compensation expense, net of amounts capitalized to development projects, for the years ended December 31:


thousands	2021		2020		2019
Stock Options (a)(b)	$	227	$	(1,892)	$	1,411
Restricted Stock (c)(d)	7,332		6,520		16,682
Pre-tax stock-based compensation expense	$	7,559	$	4,628	$	18,093
Income tax benefit	$	882	$	167	$	3,699

(a)Amounts shown are net of $0.1 million capitalized to development projects in 2021, $0.2 million capitalized to development projects in 2020 and $0.4 million capitalized to development projects in 2019.

(b)The credit position for the year ended December 31, 2020, was due to significant forfeitures which exceeded the expense.

(c)Amounts shown are net of $2.2 million capitalized to development projects in 2021, $0.9 million capitalized to development projects in 2020 and $1.0 million capitalized to development projects in 2019.

(d)The higher compensation expense for the year ended December 31, 2019, was generally in connection with the Company’s restructuring in 2019.

Stock Options 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, 2020	372,736	$	100.49
Granted	6,000	$	100.74
Exercised (a)	(82,225)	59.17
Forfeited	(25,000)	104.81
Expired	(1,024)	111.35
Stock options outstanding at December 31, 2021	270,487	$	112.61	4.9	$	1,196,041

Stock options vested and expected to vest at December 31, 2021	268,289	$	112.80	4.9	$	1,156,748
Stock options exercisable at December 31, 2021	182,750	$	117.56	3.6	$	172,806

(a)The total intrinsic value of stock options exercised was $2.6 million during 2021, $2.4 million during 2020, and $2.4 million during 2019, based on the difference between the market price at the exercise date and the exercise price.

Cash received from stock option exercises was $4.1 million in 2021, $4.6 million in 2020, and $3.5 million in 2019 and the tax benefit from these exercises was $0.6 million in 2021, $0.5 million in 2020, and $0.5 million in 2019.

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:


	2021			2020			2019
Weighted-average grant date fair value	$	41.52		$	32.10		$	32.51
Assumptions
Expected life of options (in years)	7.5			7.5			7.5
Risk-free interest rate	1.2		%	0.7		%	2.2		%
Expected volatility	36.5		%	40.4		%	22.6		%
Expected annual dividend per share	—			—			—

Generally, options granted vest over requisite service periods, expire ten years after the grant date and generally do not become exercisable until their restrictions on exercise lapse after the five-year anniversary of the grant date.

The balance of unamortized stock option expense as of December 31, 2021, is $1.7 million, which is expected to be recognized over a weighted‑average period of 3.1 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 Committee. In addition to the granting of restricted stock to certain members of management, the Company awards restricted stock to non‑employee directors as part of their annual retainer. The management awards generally vest over a range of three to five years, and the restriction on the non‑employee director shares generally lapses on the date of the Company’s following annual meeting of shareholders, or June 1st of the year following the award year, whichever is earlier, in each case generally subject to continued service.

The following table summarizes restricted stock activity:


	Restricted Stock	Weighted-average Grant Date Fair Value
Restricted stock outstanding at December 31, 2020	409,110	$	69.21
Granted	102,410	83.91
Vested	(67,673)	85.39
Forfeited	(37,881)	47.98
Restricted stock outstanding at December 31, 2021	405,966	$	72.20

The grant date fair value of restricted stock is based on the closing sales price of common stock on the grant date. For restricted stock awards that vest based on shareholder returns, the grant date fair values are calculated using a Monte-Carlo approach which simulates the Company’s stock price on the corresponding vesting dates and are reflected at the target level of performance in the table above.

The weighted-average grant-date fair value per share of restricted stock granted was $71.48 during 2020 and $98.78 during 2019. The fair value of restricted stock that vested was $6.9 million during 2021, $5.6 million during 2020, and $14.9 million during 2019, based on the market price at the vesting date.

The balance of unamortized restricted stock expense as of December 31, 2021, was $16.2 million, which is expected to be recognized over a weighted‑average period of 3.0 years.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes


12. Income Taxes

Deferred income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax basis of assets and liabilities using enacted tax rates currently in effect. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards.

The following summarizes income tax expense (benefit) for the years ended December 31:


thousands	2021		2020		2019
Current	$	4,797	$	826	$	1,427
Deferred	10,356		10,827		27,818
Total	$	15,153	$	11,653	$	29,245

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	2021			2020			2019
Income (loss) before income taxes	$	64,077		$	8,480		$	103,540
U.S. federal statutory tax rate	21.0		%	21.0		%	21.0		%
Tax computed at the U.S. federal statutory rate	$	13,456		$	1,781		$	21,743
Increase (decrease) in valuation allowance, net	2,378			11,822			4,419
State income taxes, net of federal income tax expense (benefit)	(3,182)			(2,608)			417

Tax expense (benefit) from other change in rates, prior period adjustments and other permanent differences	(181)			2,271			(138)

Tax expense on compensation disallowance	1,570			1,553			2,804
Net (income) loss attributable to noncontrolling interests (a)	1,507			(4,826)			—
Tax expense (benefit) on tax credits	(395)			1,660			—



Income tax expense (benefit)	$	15,153		$	11,653		$	29,245
Effective tax rate	23.6		%	137.4		%	28.2		%

(a)The Company deconsolidated 110 North Wacker in the third quarter of 2020. Refer to Note 2 - Investments in Real Estate and Other Affiliates for additional information.

As of December 31, 2021, the amounts and expiration dates of operating loss, capital loss and charitable contribution carryforwards for tax purposes are as follows:


thousands	Amount		Expiration Date

Net operating loss carryforwards - Federal	$	384,813	n/a
Net operating loss carryforwards - State (a)	346,139		2022-2041
Net operating loss carryforwards - State (a)	252,222		n/a
Capital loss carryforwards - Federal	6,042		2025
Charitable contribution carryforwards - Federal	1,956		2025

(a)A valuation allowance has been recorded against the deferred tax benefit related to a majority of the state net operating loss carryforwards.

The following summarizes tax effects of temporary differences and carryforwards included in the net deferred tax liabilities as of December 31:


thousands	2021		2020
Deferred tax assets:
Operating and Strategic Developments properties, primarily differences in basis of assets and liabilities	$	60,933	$	51,580

Operating loss and tax carryforwards	119,884		161,701
Total deferred tax assets	180,817		213,281
Valuation allowance	(40,477)		(38,065)
Total net deferred tax assets	$	140,340	$	175,216
Deferred tax liabilities:
Property associated with MPCs, primarily differences in the tax basis of land assets and treatment of interest and other costs	$	(176,904)	$	(163,836)
Operating and Strategic Developments properties, primarily differences in basis of assets and liabilities	(88,297)		(100,564)
Deferred income	(79,976)		(98,455)
Total deferred tax liabilities	(345,177)		(362,855)
Total net deferred tax liabilities	$	(204,837)	$	(187,639)

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, 2018 through 2021. 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, 2021, 2020 or 2019, and therefore did not recognize any interest expense or penalties on unrecognized tax benefits.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Warrants

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Warrants


13. Warrants

On October 7, 2016, the Company entered into a warrant agreement with David R. O’Reilly, (O’Reilly Warrant) prior to his appointment to his previous position of Chief Financial Officer. Upon exercise of his warrant, Mr. O’Reilly may acquire 50,125 shares of common stock at an exercise price of $112.08 per share. The O’Reilly Warrant was issued at fair value in exchange for a $1.0 million payment in cash from Mr. O’Reilly. The O’Reilly Warrant becomes exercisable on April 6, 2022, subject to earlier exercise upon certain change in control, separation and termination provisions, and will expire on October 2, 2022.

On June 16, 2017, and October 4, 2017, the Company entered into warrant agreements with its Chief Executive Officer, David R. Weinreb, (Weinreb Warrant) and President, Grant Herlitz, (Herlitz Warrant) to acquire 1,965,409 shares and 87,951 shares of common stock for the purchase price of $50.0 million and $2.0 million, respectively. The Weinreb Warrant would have become exercisable on June 15, 2022, at an exercise price of $124.64 per share, and the Herlitz Warrant would have become exercisable on October 3, 2022, at an exercise price of $117.01 per share, subject in each case to earlier exercise upon certain change in control, separation and termination provisions. The Weinreb Warrant expires June 15, 2023, and the Herlitz Warrant expires October 3, 2023. The purchase prices paid by the respective executives for the O’Reilly Warrant, the Weinreb Warrant and the Herlitz Warrant, which qualify as equity instruments, are included within Additional paid-in capital in the Consolidated Balance Sheets at December 31, 2021 and 2020.

On October 21, 2019, Mr. Weinreb and Mr. Herlitz stepped down from their roles as Chief Executive Officer and President of the Company, respectively. The Company and each of Mr. Weinreb and Mr. Herlitz have agreed to treat their terminations of employment as terminations without cause under their respective employment and warrant agreements with the Company. Thus, effective October 21, 2019, the Weinreb Warrant and Herlitz Warrant became exercisable by the terms of their respective warrant agreements in connection with their respective terminations of employment. The warrant expiration dates remain unchanged. Neither of these warrants have been exercised as of December 31, 2021.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income

12 Months Ended

Dec. 31, 2021

Accumulated Other Comprehensive Income


14. Accumulated Other Comprehensive Income

The following tables summarize changes in AOCI by component, all of which are presented net of tax:


thousands
Balance as of December 31, 2018	$	(8,126)
Other comprehensive income (loss) before reclassifications	(19,318)
(Gain) loss reclassified from accumulated other comprehensive loss to net income	(1,939)
Pension adjustment	11
Net current-period other comprehensive income (loss)	(21,246)
Balance as of December 31, 2019	(29,372)

Other comprehensive income (loss) before reclassifications	(34,906)
(Gain) loss reclassified from accumulated other comprehensive loss to net income	11,836
Pension adjustment	(84)
Share of investee's other comprehensive income	1,002
Deconsolidation of 110 North Wacker	12,934
Net current-period other comprehensive income (loss)	(9,218)
Balance as of December 31, 2020	(38,590)
Other comprehensive income (loss) before reclassifications	5,300
(Gain) loss reclassified from accumulated other comprehensive loss to net income	12,660
Pension adjustment	452
Share of investee's other comprehensive income	5,721

Net current-period other comprehensive income (loss)	24,133
Balance as of December 31, 2021	$	(14,457)

The following table summarizes the amounts reclassified out of AOCI:


Accumulated Other Comprehensive Income (Loss) Components thousands	Amounts reclassified from Accumulated Other Comprehensive Income (Loss)
	For the Year Ended				Affected line items in the Statements of Operations
	2021		2020
(Gains) losses on cash flow hedges	$	16,221	$	14,602	Interest expense
Income taxes on (gains) losses on cash flow hedges	(3,561)		(2,766)		Income tax expense (benefit)
Total reclassifications of (income) loss for the period	$	12,660	$	11,836

Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share


15. Earnings Per Share

Basic earnings (loss) per share (EPS) is computed by dividing net income (loss) available to common stockholders by the weighted‑average number of common shares outstanding. Diluted EPS is computed after adjusting the numerator and denominator of the basic EPS computation for the effects of all potentially dilutive common shares. The dilutive effect of options and non-vested stock issued under stock‑based compensation plans is computed using the treasury stock method. The dilutive effect of the warrants is computed using the if-converted method.

Information related to the Company’s EPS calculations is summarized for the years ended December 31 as follows:


thousands except per share amounts	2021		2020		2019
Net income (loss)
Net income (loss)	$	48,924	$	(3,173)	$	74,295
Net (income) loss attributable to noncontrolling interests	7,176		(22,981)		(339)
Net income (loss) attributable to common stockholders	$	56,100	$	(26,154)	$	73,956

Shares
Weighted-average common shares outstanding - basic	54,596		52,522		43,136
Restricted stock and stock options	53		—		168
Warrants	—		—		4
Weighted-average common shares outstanding - diluted	54,649		52,522		43,308

Net income (loss) per common share
Basic income (loss) per share	$	1.03	$	(0.50)	$	1.71
Diluted income (loss) per share	$	1.03	$	(0.50)	$	1.71

The diluted EPS computation excludes 255,987 shares of stock options as of December 31, 2021, 372,736 shares as of December 31, 2020, and 488,108 shares as of December 31, 2019, because their effect is anti-dilutive. The diluted EPS computation also excludes 299,506 shares of restricted stock as of December 31, 2021, 409,110 shares as of December 31, 2020, and 291,485 shares as of December 31, 2019, because their effect is anti-dilutive.

Common Stock Offering On March 27, 2020, the Company offered 2,000,000 shares of common stock to the public at $50.00 per share and granted the underwriters an option to purchase up to an additional 300,000 shares of common stock at the same price. The underwriters exercised most of their option and purchased an additional 270,900 shares. Concurrently, the Company entered into a share purchase agreement with a related party, Pershing Square Capital Management, L.P., acting as investment advisor to funds that it manages, to issue and sell 10,000,000 shares of common stock in a private placement at $50.00 per share. The total issuance of 12,270,900 shares closed on March 31, 2020, and the Company received $593.6 million in net proceeds. The Company used the net proceeds for general corporate purposes including strengthening the Company’s balance sheet and enhancing liquidity.

Common Stock Repurchase In October 2021, the board of directors of The Howard Hughes Corporation, authorized a share repurchase program, pursuant to which the Company may, from time to time, purchase up to $250.0 million of its common stock through open market transactions. The date and time of such repurchases will depend upon market conditions. All repurchases will be made in compliance with, and at such times as permitted by, federal securities laws and may be suspended or discontinued at any time. The new program replaces the Company’s prior share repurchase program adopted in October 2019, which authorized the repurchase of up to $100.0 million of its common stock. Under the 2019 program, the Company had repurchased 496,000 shares of its common stock with an aggregate value of $53.9 million. Under the new program, during the fourth quarter of 2021, the Company repurchased 1,023,284 shares of its common stock, par value $0.01 per share, for $96.6 million, or approximately $94.42 per share. During the first quarter of 2022, the Company repurchased an additional 1,579,646 shares of its common stock, for $153.4 million, or approximately $97.10 per share, thereby completing all authorized purchases under the plan. All purchases were funded with cash on hand.

Revenues

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenues


16. Revenues

The core principle of ASC 606, Revenues from Contracts with Customers, is that revenues from contracts with customers (excluding lease-related revenues) are recognized when control of the promised goods or services is transferred to the Company’s customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Under ASC 606, revenue and cost of sales for condominium units sold are not recognized until the construction is complete, the sale closes and the title to the property has transferred to the buyer (point in time). Additionally, certain real estate selling costs, such as the costs related to the Company’s condominium model units, are either expensed immediately or capitalized as property and equipment and depreciated over their estimated useful life.

The following presents the Company’s revenues disaggregated by revenue source for the years ended December 31:


thousands	2021		2020		2019
Revenues from contracts with customers
Recognized at a point in time
Condominium rights and unit sales	$	514,597	$	1,143	$	448,940
Master Planned Communities land sales	346,217		233,044		330,146
Builder price participation	45,138		37,072		35,681
Total	905,952		271,259		814,767

Recognized at a point in time or over time
Other land, rental and property revenues	152,619		105,048		206,966


Rental and lease-related revenues
Rental revenue	369,330		323,182		278,806
Total revenues	$	1,427,901	$	699,489	$	1,300,539

Revenues by segment
Operating Assets revenues	$	442,698	$	372,057	$	400,131
Master Planned Communities revenues	409,746		283,953		386,781
Seaport revenues	55,008		23,814		55,645
Strategic Developments revenues	520,109		19,407		457,948
Corporate revenues	340		258		34
Total revenues	$	1,427,901	$	699,489	$	1,300,539

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 as of December 31, 2019	$	246,010
Consideration earned during the period	(55,696)
Consideration received during the period	170,102
Balance as of December 31, 2020	360,416
Consideration earned during the period	(584,115)
Consideration received during the period	654,876
Balance as of December 31, 2021	$	431,177

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 noncancelable by the customer after 30 days; however, purchasers of condominium units have the right to cancel the contract should the Company elect not to construct the condominium unit within a certain period of time or materially change the design of the condominium unit. The aggregate amount of the transaction price allocated to the Company’s remaining unsatisfied performance obligations as of December 31, 2021, is $2.2 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		$	767,333	$	21,309		$	1,371,526

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.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases


17. Leases

Lessee Arrangements The Company determines whether an arrangement is a lease at inception. Operating leases are included in Operating lease right-of-use assets, net and Operating lease obligations on the Consolidated Balance Sheets. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of future minimum lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses an estimate of the incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future lease payments. The Operating lease right-of-use asset also includes any lease payments made, less any lease incentives and initial direct costs incurred. The Company does not have any finance leases as of December 31, 2021.

The Company’s lessee agreements consist of operating leases primarily for ground leases and other real estate. The majority of the Company’s leases have remaining lease terms of approximately 25 years and one lease with a remaining lease term of 52 years, excluding extension options. Most leases include one or more options to renew, with renewal terms that can extend the lease term from two to 48 years, and some of which may include options to terminate the leases within one year. The Company considers its strategic plan and the life of associated agreements in determining when options to extend or terminate lease terms are reasonably certain of being exercised. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Certain of the Company’s lease agreements include variable lease payments based on a percentage of income generated through subleases, changes in price indices and market rates, and other costs arising from operating, maintenance, and taxes. The Company’s lease agreements do not contain residual value guarantees or restrictive covenants. The Company leases certain buildings and office space constructed on its ground leases to third parties.

The Company’s leased assets and liabilities are as follows:


thousands	2021		2020
Assets


Operating lease right-of-use assets, net	$	57,022	$	56,255

Liabilities
Operating lease obligations	$	69,363	$	68,929

The components of lease expense for the years ended December 31 are as follows:


thousands	2021		2020
Operating lease cost	$	8,495	$	8,720
Variable lease costs	823		958

Net lease cost	$	9,318	$	9,678

Future minimum lease payments as of December 31, 2021, are as follows:


thousands	Operating Leases
2022	$	6,228
2023	6,348
2024	6,315
2025	4,925
2026	4,695
Thereafter	275,530
Total lease payments	304,041
Less: imputed interest	(234,678)
Present value of lease liabilities	$	69,363

Other information related to the Company’s lessee agreements is as follows:


Supplemental Consolidated Statements of Cash Flows Information	Year ended December 31,
thousands	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows on operating leases	$	6,930	$	7,235


Other Information	2021		2020
Weighted-average remaining lease term (years)
Operating leases	38.7		37.1
Weighted-average discount rate
Operating leases	7.7	%	7.8	%

Lessor Arrangements The Company receives rental income from the leasing of retail, office, multi-family and other space under operating leases, as well as certain variable tenant recoveries. Such operating leases are with a variety of tenants and have a remaining average term of approximately four years. Lease terms generally vary among tenants and may include early termination options, extension options and fixed rental rate increases or rental rate increases based on an index. The minimum rentals based on operating leases of the consolidated properties held as of December 31, 2021, are as follows:


	Year ended December 31,
thousands	2021		2020
Total Minimum Rent Payments	$	223,138	$	213,072

Total future minimum rents associated with operating leases are as follows:


thousands	Total Minimum Rent
2022	$	224,055
2023	215,186
2024	205,402
2025	176,897
2026	155,797
Thereafter	666,754
Total	$	1,644,091

In response to the COVID-19 pandemic, the Company granted rent deferrals to certain tenants. Under the accounting elections provided by the FASB in response to the COVID-19 pandemic, the Company has elected to not assess whether COVID-19 related deferrals are lease modifications and will account for the deferrals as if contemplated in the original lease. Rent deferrals are treated as variable lease payments resulting in a decrease in straight-line rent revenue during the deferral period and additional revenue upon payment in subsequent periods. COVID-19 related rent deferrals, net of subsequent collections was $1.0 million as of December 31, 2021, and $4.8 million as of December 31, 2020.

In 2020, the Company sold 100 Fellowship Drive, the Company’s only material sales-type lease.

Segments

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segments


18. Segments

The Company has four business segments that offer different products and services. HHC’s four segments are managed separately because each requires different operating strategies or management expertise and are reflective of management’s operating philosophies and methods. As further discussed in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, one common operating measure used to assess operating results for the Company’s business segments is earnings before taxes (EBT). The Company’s segments or assets within such segments could change in the future as development of certain properties commences or other operational or management changes occur. All operations are within the United States. The Company’s reportable segments are as follows:

–Operating Assets – consists of developed or acquired retail, office and multi-family properties along with other real estate investments. These properties are currently generating revenues and may be redeveloped, repositioned or sold to improve segment performance or to recycle capital. This segment also included hospitality properties prior to the sale of The Woodlands Resort, The Westin at The Woodlands and Embassy Suites at Hughes Landing in the third quarter of 2021. Refer to Note 3 - Acquisitions and Dispositions for additional information.

–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; Phoenix, Arizona; and Columbia, Maryland.

–Seaport – consists of approximately 461,000 square feet of restaurant, retail and entertainment properties situated in three primary locations in New York, New York: Pier 17, Historic Area/Uplands and Tin Building as well as the 250 Water Street parking lot. While the Tin Building is still under development and will comprise about 53,783 square feet when completed, the two operating locations consist of third-party tenants, tenants either directly or jointly owned and operated by the Company and businesses owned and operated by the Company under licensing agreements.

–Strategic Developments – consists of residential condominium and commercial property projects currently under development and all other properties held for development which have no substantial operations.

Segment operating results are as follows:


thousands	Operating Assets Segment (a)		MPC Segment		Seaport Segment		Strategic Developments Segment		Total
Year ended December 31, 2021
Total revenues	$	442,698	$	409,746	$	55,008	$	520,109	$	1,427,561
Total operating expenses	(209,020)		(193,851)		(77,198)		(436,698)		(916,767)
Segment operating income (loss)	233,678		215,895		(22,190)		83,411		510,794
Depreciation and amortization	(163,031)		(366)		(30,867)		(6,512)		(200,776)
Interest income (expense), net	(75,391)		42,683		357		3,701		(28,650)
Other income (loss), net	(10,746)		—		(3,730)		2,536		(11,940)
Equity in earnings (losses) from real estate and other affiliates	(67,042)		59,399		(1,988)		(221)		(9,852)
Gain (loss) on sale or disposal of real estate and other assets, net	39,168		—		—		13,911		53,079


Gain (loss) on extinguishment of debt	(1,926)		(1,004)		—		—		(2,930)
Provision for impairment	—		—		—		(13,068)		(13,068)
Segment EBT	$	(45,290)	$	316,607	$	(58,418)	$	83,758	$	296,657
Corporate income, expenses and other items									(247,733)
Net income (loss)									48,924
Net (income) loss attributable to noncontrolling interests									7,176
Net income (loss) attributable to common stockholders									$	56,100


thousands	Operating Assets Segment (a)		MPC Segment		Seaport Segment		Strategic Developments Segment		Total
Year Ended December 31, 2020
Total revenues	$	372,057	$	283,953	$	23,814	$	19,407	$	699,231
Total operating expenses	(185,480)		(128,597)		(46,112)		(135,160)		(495,349)
Segment operating income (loss)	186,577		155,356		(22,298)		(115,753)		203,882
Depreciation and amortization	(162,324)		(365)		(41,602)		(6,545)		(210,836)
Interest income (expense), net	(91,411)		36,587		(12,512)		6,312		(61,024)
Other income (loss), net	540		—		(2,616)		2,165		89
Equity in earnings (losses) from real estate and other affiliates	(7,366)		17,845		(9,292)		269,912		271,099
Gain (loss) on sale or disposal of real estate and other assets, net	38,232		—		—		21,710		59,942


Gain (loss) on extinguishment of debt	(1,521)		—		(11,648)		—		(13,169)
Provision for impairment	(48,738)		—		—		—		(48,738)
Segment EBT	$	(86,011)	$	209,423	$	(99,968)	$	177,801	$	201,245
Corporate income, expenses and other items									(204,418)
Net income (loss)									(3,173)
Net (income) loss attributable to noncontrolling interests									(22,981)
Net income (loss) attributable to common stockholders									$	(26,154)

Year Ended December 31, 2019
Total revenues	$	400,131	$	386,781	$	55,645	$	457,948	$	1,300,505
Total operating expenses	(187,322)		(183,472)		(77,872)		(391,848)		(840,514)
Segment operating income (loss)	212,809		203,309		(22,227)		66,100		459,991
Depreciation and amortization	(115,499)		(424)		(26,381)		(5,473)		(147,777)
Interest income (expense), net	(81,029)		32,019		(12,865)		11,321		(50,554)
Other income (loss), net	1,142		601		(22)		831		2,552
Equity in earnings (losses) from real estate and other affiliates	3,672		28,336		(2,592)		1,213		30,629
Gain (loss) on sale or disposal of real estate and other assets, net	—		—		(6)		27,119		27,113

Selling profit from sales-type leases	13,537		—		—		—		13,537
Gain (loss) on extinguishment of debt	—		—		4,851		—		4,851

Segment EBT	$	34,632	$	263,841	$	(59,242)	$	101,111	$	340,342
Corporate income, expenses and other items									(266,047)
Net income (loss)									74,295
Net (income) loss attributable to noncontrolling interests									(339)
Net income (loss) attributable to common stockholders									$	73,956

(a)Total revenues includes hospitality revenues of $35.6 million for the year ended December 31, 2021, $35.2 million for the year ended December 31, 2020, and $87.9 million for the year ended December 31, 2019. Total operating expenses includes hospitality operating costs of $30.5 million for the year ended December 31, 2021, $32.3 million for the year ended December 31, 2020, and $60.2 million for the year ended December 31, 2019. In September 2021, the Company completed the sale of its three hospitality properties.

The following represents assets by segment and the reconciliation of total segment assets to the total assets in the Consolidated Balance Sheets as of December 31:


thousands	2021		2020
Operating Assets	$	3,607,718	$	3,936,119
Master Planned Communities	3,056,240		2,285,896
Seaport	1,046,992		924,245
Strategic Developments	1,193,549		1,132,231
Total segment assets	8,904,499		8,278,491
Corporate	677,195		861,841
Total assets	$	9,581,694	$	9,140,332

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2021

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2021


					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)(f)		Land		Buildings and Improvements (f)		Total		Accumulated Depreciation (g)		Date of Construction	Date Acquired / Completed
Bridgeland
Bridgeland	Cypress, TX	MPC	$	275,000	$	260,223	$	—	$	259,931	$	1,498	$	520,154	$	1,498	$	521,652	$	(640)		2004
Bridgeland Predevelopment	Cypress, TX	Development	—		—		—		—		2,061		—		2,061		2,061		—
Lakeland Village Center at Bridgeland (h)	Cypress, TX	Retail	8,484		2,404		11,135		—		3,165		2,404		14,300		16,704		(2,364)		2015	2016
Lakeside Row	Cypress, TX	Multi-family	35,500		812		42,875		—		167		812		43,042		43,854		(3,773)		2018	2019
Starling at Bridgeland	Cypress, TX	Development	3,960		—		—		—		26,974		—		26,974		26,974		—		2021
Columbia
Columbia	Columbia, MD	MPC	—		457,552		—		(440,927)		—		16,625		—		16,625		—			2004
Columbia Predevelopment	Columbia, MD	Development	—		—		—		—		3,133		—		3,133		3,133		—
10 - 70 Columbia Corporate Center (h)	Columbia, MD	Office	96,607		24,685		94,824		—		32,975		24,685		127,799		152,484		(29,478)			2012/2014
Columbia Office Properties	Columbia, MD	Office	—		1,175		14,913		—		(1,463)		1,175		13,450		14,625		(5,927)			2004 / 2007
Columbia Regional Building	Columbia, MD	Retail	23,805		—		28,865		—		2,345		—		31,210		31,210		(7,084)		2013	2014
Juniper Apartments	Columbia, MD	Multi-family	72,762		3,923		112,435		—		—		3,923		112,435		116,358		(7,247)		2018	2020
Lakefront District (i)	Columbia, MD	Development	—		400		80,053		(400)		(53,068)		—		26,985		26,985		—			Various
Marlow	Columbia, MD	Development	—		—		—		—		52,538		—		52,538		52,538		—		2021
Merriweather District	Columbia, MD	Development	—		—		—		—		84,211		—		84,211		84,211		—			2015
Merriweather District Area 3 Standalone Restaurant	Columbia, MD	Retail	—		337		6,945		—		—		337		6,945		7,282		(117)		2019	2020
One Mall North (h)	Columbia, MD	Office	12,102		7,822		10,818		—		1,671		7,822		12,489		20,311		(1,885)			2016
One Merriweather (h)	Columbia, MD	Office	42,008		1,433		58,936		—		15,427		1,433		74,363		75,796		(11,824)		2015	2017
Two Merriweather	Columbia, MD	Office	—		1,019		4,931		—		33,812		1,019		38,743		39,762		(5,558)		2016	2017
6100 Merriweather	Columbia, MD	Office	66,345		2,550		112,669		—		1,147		2,550		113,816		116,366		(7,780)		2018	2019
Douglas Ranch
Douglas Ranch	Phoenix, AZ	MPC	—		—		—		510,541		—		510,541		—		510,541		—			2021
Seaport
85 South Street	New York, NY	Multi-family	—		15,913		8,137		—		3,464		15,913		11,601		27,514		(4,733)			2014
Seaport Predevelopment	New York, NY	Development	—		—		7,641		—		3,553		—		11,194		11,194		—		2013
Tin Building	New York, NY	Development	—		—		8,290		—		162,669		—		170,959		170,959		—		2017
Pier 17	New York, NY	Retail	—		—		468,476		—		24,731		—		493,207		493,207		(65,885)		2013	2018
Historic District Area / Uplands	New York, NY	Retail	—		—		7,884		—		116,746		—		124,630		124,630		(22,380)		2013	2016
250 Water Street	New York, NY	Development	100,000		—		179,471		—		23,550		—		203,021		203,021		—			2018
Summerlin
1700 Pavilion (j)	Las Vegas, NV	Development	64		—		—		—		48,381		—		48,381		48,381		—		2021
Aristocrat (j)	Las Vegas, NV	Office	36,095		5,004		34,588		—		159		5,004		34,747		39,751		(4,178)		2017	2018
Constellation Apartments	Las Vegas, NV	Multi-family	24,200		3,069		39,759		—		39		3,069		39,798		42,867		(6,222)			2017
Downtown Summerlin (j)(k)	Las Vegas, NV	Retail/Office	1,936		30,855		364,100		—		22,858		30,855		386,958		417,813		(96,978)		2013	2014 / 2015
Hockey Ground Lease (j)	Las Vegas, NV	Other	198		—		—		6,705		2,198		6,705		2,198		8,903		(238)			2017
Las Vegas Ballpark (j)(l)	Las Vegas, NV	Other	46,712		—		179		5,318		124,664		5,318		124,843		130,161		(17,899)		2018	2019
Two Summerlin (j)	Las Vegas, NV	Office	80		3,037		47,104		—		1,908		3,037		49,012		52,049		(6,166)		2017	2018
Summerlin	Las Vegas, NV	MPC	66,492		990,179		—		(58,457)		799		931,722		799		932,521		(461)			2004
Summerlin Predevelopment	Las Vegas, NV	Development	—		—		—		—		3,173		—		3,173		3,173		—


				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)(f)	Land	Buildings and Improvements (f)	Total	Accumulated Depreciation (g)	Date of Construction	Date Acquired / Completed
Tanager Apartments (j)	Las Vegas, NV	Multi-family	58,604	9,633	55,858	(2,302)	(1,869)	7,331	53,989	61,320	(5,002)	2017	2019
Tanager Echo (j)	Las Vegas, NV	Development	75	—	—	—	27,617	—	27,617	27,617	—	2021
The Woodlands
Creekside Park Apartments	The Woodlands, TX	Multi-family	37,730	729	40,116	—	192	729	40,308	41,037	(4,908)	2017	2018
Creekside Park Medical Plaza	The Woodlands, TX	Development	—	—	—	—	829	—	829	829	—
Creekside Park The Grove	The Woodlands, TX	Multi-family	39,503	—	—	1,876	51,685	1,876	51,685	53,561	(1,303)	2019	2021
Creekside Park West	The Woodlands, TX	Retail	15,497	1,228	17,922	—	332	1,228	18,254	19,482	(1,296)	2018	2019
Creekside Village Green (h)	The Woodlands, TX	Retail	10,234	2,551	33,822	(1,228)	(18,193)	1,323	15,629	16,952	(3,338)	2013	2015
HHC 242 Self-Storage	The Woodlands, TX	Other	—	878	6,802	—	1,114	878	7,916	8,794	(1,020)	2015	2017
HHC 2978 Self-Storage	The Woodlands, TX	Other	—	124	5,498	—	2,063	124	7,561	7,685	(939)	2016	2017
One Hughes Landing	The Woodlands, TX	Office	49,578	1,678	34,761	—	617	1,678	35,378	37,056	(12,176)	2012	2013
Two Hughes Landing	The Woodlands, TX	Office	47,184	1,269	34,950	—	(4,072)	1,269	30,878	32,147	(9,024)	2013	2014
Three Hughes Landing	The Woodlands, TX	Office	70,000	2,626	46,372	—	32,290	2,626	78,662	81,288	(16,135)	2014	2016
1725 Hughes Landing Boulevard	The Woodlands, TX	Office	61,207	1,351	36,764	—	38,374	1,351	75,138	76,489	(22,793)	2013	2015
1735 Hughes Landing Boulevard	The Woodlands, TX	Office	58,793	3,709	97,651	—	(330)	3,709	97,321	101,030	(26,286)	2013	2015
Hughes Landing Daycare	The Woodlands, TX	Other	—	138	—	—	—	138	—	138	—	2018	2019
Hughes Landing Retail	The Woodlands, TX	Retail	33,633	5,184	—	—	32,290	5,184	32,290	37,474	(8,293)	2013	2015
1701 Lake Robbins (h)	The Woodlands, TX	Retail	2,195	1,663	3,725	—	459	1,663	4,184	5,847	(853)		2014
Lake Woodlands Crossing Retail	The Woodlands, TX	Retail	12,329	5,122	11,440	—	10	5,122	11,450	16,572	(1,391)	2017	2018
2201 Lake Woodlands Drive	The Woodlands, TX	Office	—	3,755	—	—	1,210	3,755	1,210	4,965	(410)		2011
Lakefront North	The Woodlands, TX	Office	—	10,260	39,357	—	12,303	10,260	51,660	61,920	(5,586)		2018
Memorial Hermann Health System Build-to-Suit	The Woodlands, TX	Development	—	—	—	—	1,058	—	1,058	1,058	—	2021
One Lakes Edge	The Woodlands, TX	Multi-family	68,648	1,057	81,768	—	613	1,057	82,381	83,438	(16,713)	2013	2015
Two Lakes Edge	The Woodlands, TX	Multi-family	68,806	1,870	96,349	—	—	1,870	96,349	98,219	(6,670)	2018	2020
Millennium Six Pines Apartments	The Woodlands, TX	Multi-family	42,500	4,000	54,624	7,225	675	11,225	55,299	66,524	(11,193)		2016
Millennium Waterway Apartments	The Woodlands, TX	Multi-family	50,813	15,917	56,002	—	3,620	15,917	59,622	75,539	(22,453)		2012
The Lane at Waterway	The Woodlands, TX	Multi-family	27,279	2,029	40,033	—	—	2,029	40,033	42,062	(1,795)	2019	2020
8770 New Trails	The Woodlands, TX	Office	35,482	2,204	35,033	—	—	2,204	35,033	37,237	(3,104)	2019	2020
9303 New Trails	The Woodlands, TX	Office	10,308	1,929	11,915	—	1,405	1,929	13,320	15,249	(3,665)		2011
3831 Technology Forest Drive	The Woodlands, TX	Office	20,210	514	14,194	—	1,813	514	16,007	16,521	(5,635)	2014	2014
20/25 Waterway Avenue	The Woodlands, TX	Retail	12,564	2,346	8,871	—	(74)	2,346	8,797	11,143	(2,573)		2011
Waterway Garage Retail	The Woodlands, TX	Retail	—	1,341	4,255	—	853	1,341	5,108	6,449	(1,447)		2011
3 Waterway Square	The Woodlands, TX	Office	44,747	748	—	—	38,967	748	38,967	39,715	(13,142)	2012	2013
4 Waterway Square	The Woodlands, TX	Office	30,185	1,430	51,553	—	6,257	1,430	57,810	59,240	(19,830)		2011
The Woodlands	The Woodlands, TX	MPC	—	269,411	9,814	(81,992)	(9,744)	187,419	70	187,489	(58)		2011
The Woodlands Predevelopment	The Woodlands, TX	Development	—	—	—	—	28,876	—	28,876	28,876	(427)
The Woodlands Ground Leases	The Woodlands, TX	Other	—	1,770	—	3,659	—	5,429	—	5,429	—		Various
The Woodlands Parking Garages	The Woodlands, TX	Other	—	5,857	—	2,497	14,776	8,354	14,776	23,130	(2,958)		2011 / 2013
2000 Woodlands Parkway	The Woodlands, TX	Retail	—	—	—	—	655	—	655	655	(172)		2016
The Woodlands Towers at the Waterway	The Woodlands, TX	Office	333,820	11,044	437,561	—	16,929	11,044	454,490	465,534	(29,379)		2019
The Woodlands Warehouse	The Woodlands, TX	Other	13,700	4,480	4,389	—	—	4,480	4,389	8,869	(359)		2019
1400 Woodloch Forest	The Woodlands, TX	Office	—	—	—	1,570	16,025	1,570	16,025	17,595	(5,764)		2011


					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)(f)		Land		Buildings and Improvements (f)		Total		Accumulated Depreciation (g)		Date of Construction	Date Acquired / Completed
The Woodlands Hills
The Woodlands Hills	Conroe, TX	MPC	—		99,284		—		17,022		39		116,306		39		116,345		(8)			2014
Ward Village
‘A‘ali‘i	Honolulu, HI	Condominium	—		—		—		—		12,148		—		12,148		12,148		(3,890)		2018	2021
Ae‘o	Honolulu, HI	Condominium	—		9,795		85,046		(9,795)		(83,884)		—		1,162		1,162		(87)		2016	2018
Anaha	Honolulu, HI	Condominium	—		5,546		47,450		(5,546)		(46,353)		—		1,097		1,097		(112)		2014	2017
Ke Kilohana	Honolulu, HI	Condominium	—		152		12,842		(152)		(12,186)		—		656		656		(44)		2016	2019
Kewalo Basin Harbor	Honolulu, HI	Other	11,479		—		24,116		—		10		—		24,126		24,126		(3,628)		2017	2019
Kō'ula	Honolulu, HI	Development	150,183		—		—		—		305,602		—		305,602		305,602		(3,961)		2019
Victoria Place	Honolulu, HI	Development	49,000		—		—		—		90,085		—		90,085		90,085		(4,426)		2021
Waiea	Honolulu, HI	Condominium	—		—		20,812		—		(19,249)		—		1,563		1,563		(171)		2014	2017
Ward Predevelopment	Honolulu, HI	Development	—		—		24,069		—		82,154		—		106,223		106,223		(4,934)		2013
Ward Village Retail (h)	Honolulu, HI	Retail	184,038		164,007		89,321		(81,359)		297,778		82,648		387,099		469,747		(112,972)			Various
Other
Outlet Collection at Riverwalk	New Orleans, LA	Retail	26,742		—		94,513		—		(35,573)		—		58,940		58,940		(19,462)		2013	2014
Total excluding Corporate, Deferred financing costs and Unamortized bond issuance costs			2,589,416		2,471,021		3,514,596		134,186		1,635,681		2,605,207		5,150,277		7,755,484		(730,602)
Corporate	Various		2,050,000		885		1,027		(885)		20,044		—		21,071		21,071		(12,709)
Unamortized bond issuance costs	N/A		—		—		—		—		—		—		—		—		—
Deferred financing costs	N/A		(48,259)		—		—		—		—		—		—		—		—
		Total	$	4,591,157	$	2,471,906	$	3,515,623	$	133,301	$	1,655,725	$	2,605,207	$	5,171,348	$	7,776,555	$	(743,311)

(a)See description of Encumbrances in Note 7 - Mortgages, Notes and Loans Payable, Net in the Notes to Consolidated Financial Statements under Item 8 of this Form 10-K.

(b)Initial cost for projects undergoing development or redevelopment is cost at end of first complete calendar year subsequent to opening.

(c)For retail and other properties, costs capitalized subsequent to acquisitions is net of cost of disposals or other property write‑downs. For MPCs, costs capitalized subsequent to acquisitions are net of the cost of land sales.

(d)The aggregate cost of land, building and improvements for federal income tax purposes is approximately $6.5 billion.

(e)Reductions in Land reflect transfers to Buildings and Improvements for projects which the Company is internally developing.

(f)Includes all amounts related to Developments.

(g)Depreciation is computed based upon the useful lives in Note 1 - Summary of Significant Accounting Policies in the Notes to Consolidated Financial Statements under Item 8 of this Form 10-K.

(h)Property is collateral for the Senior Secured Credit Facility. See Note 7 - Mortgages, Notes and Loans Payable, Net in the Notes to Consolidated Financial Statements under Item 8 of this Form 10-K for additional information. The Ward Village Retail line includes $29.9 million related to Ae’o Retail and $9.1 million related to Ke Kilohana retail that are not collateral for the Senior Secured Credit Facility.

(i)Lakefront District includes American City Building acquired in 2016, Ridgley Building acquired in 2017 and Sterrett Place acquired in 2018, all of which have been demolished and now represent future development rights.

(j)Encumbrances balance either represents or is inclusive of SIDs. See Note 7 - Mortgages, Notes and Loans Payable, Net in the Notes to Consolidated Financial Statements under Item 8 of this Form 10-K for additional information.

(k)Downtown Summerlin includes the One Summerlin office property, which was placed in service in 2015.

(l)Includes the Las Vegas Aviators.


Reconciliation of Real Estate
thousands	2021		2020		2019
Balance as of January 1,	$	7,319,133	$	7,268,288	$	6,163,287
Change in land	896,508		228,402		239,558
Additions	657,760		716,614		1,513,888
Impairments	(13,068)		(48,738)		—
Dispositions and write-offs and land and condominium costs of sales	(1,083,778)		(845,433)		(648,445)
Balance as of December 31,	$	7,776,555	$	7,319,133	$	7,268,288


Reconciliation of Accumulated Depreciation
thousands	2021		2020		2019
Balance as of January 1,	$	634,064	$	507,933	$	380,892
Depreciation Expense	185,418		198,556		143,698
Dispositions and write-offs	(76,171)		(72,425)		(16,657)
Balance as of December 31,	$	743,311	$	634,064	$	507,933

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Principles of Consolidation and Basis of Presentation

Use of Estimates

Segments

Investment in Real Estate


Asset Type	Years	Balance Sheet Location
Buildings and improvements	7 - 40	Buildings and Equipment
Equipment and fixtures	5 - 20	Buildings and Equipment
Computer hardware and software, and vehicles	3 - 5	Buildings and Equipment
Tenant improvements	Lesser of lease term or useful life	Buildings and Equipment
Leasing costs	Related lease term	Prepaid expenses and other assets, net

Investments in Real Estate and Other Affiliates

Acquisition of Properties

Impairment

Cash and Cash Equivalents

Restricted Cash

Accounts Receivable, net, Notes Receivable, net, and Municipal Utility District Receivables, net

Prepaid Expenses and Other Assets, net

Income Taxes

Deferred Expenses, net

Marketing and Advertising

Fair Value of Financial Instruments

Derivative Instruments and Hedging Activities

Stock-Based Compensation

Revenue Recognition and Related Matters

–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

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.

Noncontrolling Interests

Noncontrolling Interests As of December 31, 2021 and 2020, Noncontrolling interests is primarily related to the Ward Village Homeowners’ Associations (HOAs). All revenues and expenses related to the HOAs are attributable to noncontrolling interests and do not impact net income attributable to common stockholders.Redeemable Noncontrolling Interest As of December 31, 2021 and 2020, Redeemable noncontrolling interest relates to a local developer’s interest in the 110 North Wacker project. This noncontrolling interest holder has the right to require the Company to purchase its interest if 110 North Wacker has not been sold or refinanced (with distributions made to the local developer and Company sufficient to repay all capital contributions) by a certain date. As exercise of this put right is outside of the Company’s control, the noncontrolling interest is presented as redeemable noncontrolling interest outside of stockholders’ equity on the Consolidated Balance Sheets.

Financial Instruments - Credit Losses

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.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of estimated useful lives

Depreciation or amortization expense is computed using the straight‑line method based upon the following estimated useful lives:


Asset Type	Years	Balance Sheet Location
Buildings and improvements	7 - 40	Buildings and Equipment
Equipment and fixtures	5 - 20	Buildings and Equipment
Computer hardware and software, and vehicles	3 - 5	Buildings and Equipment
Tenant improvements	Lesser of lease term or useful life	Buildings and Equipment
Leasing costs	Related lease term	Prepaid expenses and other assets, net

Categories of developments

Developments consist of the following categories as of December 31:


thousands	2021		2020
Land and improvements	$	360,957	$	407,926
Development costs	847,950		744,748

Total Developments	$	1,208,907	$	1,152,674

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	2021		2020
Straight-line rent receivables	$	72,461	$	59,288
Tenant receivables	8,647		4,339
Other receivables	5,280		3,099
Accounts receivable, net (a)	$	86,388	$	66,726

Schedule of impacts of the ASC 842 and ASC 450 reserves in the accompanying condensed consolidated statement of operations

The following table summarizes the impacts of the ASC 842 and ASC 450 reserves in the accompanying Consolidated Statements of Operations for the years ended December 31:


thousands	Income Statement Location	2021		2020		2019
ASC 842 reserve	Rental revenue	$	(1,562)	$	21,825	$	6,295
ASC 450 reserve	Provision for (recovery of) doubtful accounts	(789)		6,009		(414)



Total impact		$	(2,351)	$	27,834	$	5,881

Investments in Real Estate and Other Affiliates (Tables)

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Summary of investments in real estate and other affiliates

Investments in real estate and other affiliates are reported as follows:


	Economic/Legal Ownership				Carrying Value				Share of Earnings/Dividends
	December 31,		December 31		December 31,		December 31		Year Ended Year Ended December 31,
thousands except percentages	2021		2020		2021		2020		2021		2020		2019
Equity Method Investments
Operating Assets
110 North Wacker (a)(b)	see below		see below		$	194,999	$	261,143	$	(74,309)	$	(13,896)	$	—
The Metropolitan Downtown Columbia (c)	50.0	%	50.0	%	—		—		582		765		694
Stewart Title of Montgomery County, TX	50.0	%	50.0	%	4,185		3,924		1,860		1,250		1,105
Woodlands Sarofim #1	20.0	%	20.0	%	3,215		3,120		96		125		125
m.flats/TEN.M (d)	50.0	%	50.0	%	—		1,247		974		666		(1,875)
Master Planned Communities
The Summit (e)	see below		see below		41,536		96,300		59,407		17,845		28,336
Trillium (e)	50.0	%	—	%	59,080		—		(8)		—		—
Seaport
Mr. C Seaport (f)	—	%	—	%	—		—		—		(6,900)		(1,980)
The Lawn Club (e)	see below		see below		447		—		—		—		—
Ssäm Bar (Momofuku) (e)	see below		see below		5,852		7,101		(1,988)		(2,392)		(612)
Strategic Developments
Circle T Ranch and Power Center (g)	—	%	—	%	—		—		—		2,463		950
HHMK Development	50.0	%	50.0	%	10		10		—		—		—
KR Holdings	50.0	%	50.0	%	127		347		(221)		(69)		263
West End Alexandria (e)	see below		see below		56,546		—		—		—		—
110 North Wacker (a)	see below		see below		—		—		—		267,518		—
					365,997		373,192		(13,607)		267,375		27,006
Other equity investments (h)					3,952		3,953		3,755		3,724		3,623
Investments in real estate and other affiliates					$	369,949	$	377,145	$	(9,852)	$	271,099	$	30,629

(b)During the fourth quarter of 2021, the Company recognized a $17.7 million impairment related to its investment in 110 North Wacker. See Note 4 - Impairment for additional information.

(e)Refer to the discussion below for details on the ownership structure.

(f)During the third quarter of 2020, the Company completed the sale of its 35% equity investment in Mr. C Seaport.

(g)During the fourth quarter of 2020, the Company completed the sale of its 50% equity investment in Circle T Ranch and Power Center.

Changes in redeemable noncontrolling interest

The following table presents changes in Redeemable noncontrolling interest:


thousands	Redeemable Noncontrolling Interest
Balance as of December 31, 2019	$	—
Reclassification of redeemable noncontrolling interest to temporary equity	6,091
Net income (loss) attributable to noncontrolling interest	22,881
Share of investee's other comprehensive income	142
Balance as of December 31, 2020	$	29,114

Net income (loss) attributable to noncontrolling interest	(7,431)
Share of investee's other comprehensive income	817
Balance as of December 31, 2021	$	22,500

Summarized financial information

The following tables include relevant summarized financial statement information for all equity method investments:


thousands	The Summit (a)(b)(c)			110 North Wacker (d)			Other Investments (e)
Balance Sheet
December 31, 2021
Total Assets		$	225,133		$	707,005		$	510,756
Total Liabilities		169,814			515,665			233,368
Total Equity		55,319			191,340			277,388

December 31, 2020
Total Assets		$	310,855		$	634,274		$	247,742
Total Liabilities		209,968			415,452			166,418
Total Equity		100,887			218,822			81,324

Income Statement
Year ended December 31, 2021
Revenues		$	302,174		$	38,699		$	36,964
Gross Margin		116,641			n/a			n/a
Operating Income		n/a			8,525			20,305
Net income (loss)		95,604			(36,556)			10,856

Year Ended December 31, 2020
Revenues		$	148,822		$	5,333		$	36,450
Gross Margin		29,012			n/a			n/a
Operating Income		n/a			(3,148)			17,100
Net income (loss)		21,924			(8,236)			11,220

Year Ended December 31, 2019
Revenues		$	120,337		$	—		$	42,778
Gross Margin		32,205			n/a			n/a
Operating Income		n/a			—			16,085
Net income (loss)		26,298			—			5,162

(b)The decrease in Total Equity for The Summit is primarily the result of distributions made in the second quarter of 2021.

Impairment (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Summary of asset impairment charges

The following table summarizes the pre-tax impacts of the items mentioned above to the Consolidated Statements of Operations for the years ended December 31:



thousands	Statements of Operations Line Item	2021		2020
Operating assets:
Outlet Collection at Riverwalk	Provision for impairment	$	—	$	48,738
Century Park	Provision for impairment	13,068		—
Equity Investments:
110 North Wacker	Equity in earnings (losses) from real estate and other affiliates	17,673		—
Mr. C Seaport	Equity in earnings (losses) from real estate and other affiliates	—		6,000
Other Assets:
Condominium Inventory	Condominium rights and unit sales	2,268		7,644

Other Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

OTHER ASSETS AND LIABILITIES

Summary of the significant components of prepaid expenses and other assets

The following table summarizes the significant components of Prepaid expenses and other assets as of December 31:


thousands	2021		2020		Change
Special Improvement District receivable (a)	$	86,165	$	54,770	$	31,395
Condominium inventory (b)	57,507		55,883		1,624
Security, escrow and other deposits (c)	45,546		48,576		(3,030)
In-place leases (d)	44,225		49,161		(4,936)
Intangibles	29,752		32,595		(2,843)
Prepaid expenses	21,370		17,455		3,915
Other	7,874		12,096		(4,222)
Tenant incentives and other receivables	6,623		9,612		(2,989)
Food and beverage and lifestyle inventory	1,039		1,060		(21)
TIF receivable	855		893		(38)










Prepaid expenses and other assets, net	$	300,956	$	282,101	$	18,855

(b)The increase in Condominium inventory is attributable to the addition of inventory units at the newly completed ‘A‘ali‘i, partially offset by closing on inventory units at Waiea and Anaha.

(d)The decrease in In-place leases is primarily attributable to routine amortization.

Summary of the significant components of accounts payable and accrued expenses

The following table summarizes the significant components of Accounts payable and accrued expenses as of December 31:


thousands	2021		2020		Change
Condominium deposit liabilities (a)	$	368,997	$	309,884	$	59,113
Construction payables (b)	284,384		253,626		30,758
Accounts payable and accrued expenses (c)	72,828		28,589		44,239
Deferred income	71,902		66,656		5,246
Accrued interest (d)	47,738		37,007		10,731
Tenant and other deposits	30,943		25,801		5,142
Accrued payroll and other employee liabilities	29,648		27,419		2,229
Accrued real estate taxes (e)	26,965		38,863		(11,898)
Interest rate swap liabilities (f)	26,452		51,920		(25,468)
Other	23,310		12,493		10,817










Accounts payable and accrued expenses	$	983,167	$	852,258	$	130,909

(c)The increase in Accounts Payable and accrued expenses is primarily attributable to repurchases of common stock executed in December 2021.

(e)The decrease in Accrued real estate taxes is primarily related to annual tax payments being made at year-end 2021.

(f)The decrease in Interest rate swap liabilities is due to an increase of the one-month London Interbank Offered Rate (LIBOR) forward curve for the periods presented.

Intangibles (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021						As of December 31, 2020
	Gross Asset (Liability)		Accumulated (Amortization)/ Accretion		Net Carrying Amount		Gross Asset (Liability)		Accumulated (Amortization)/ Accretion		Net Carrying Amount

thousands
Intangible Assets:
Other intangibles (a)	$	34,123	$	(5,834)	$	28,289	$	9,251	$	(2,991)	$	6,260
Goodwill	1,307		—		1,307		1,307		—		1,307
Indefinite lived intangibles (a)	157		—		157		25,028		—		25,028

Tenant leases:
In-place value	63,249		(19,024)		44,225		63,584		(14,423)		49,161
Above-market	1,951		(1,790)		161		1,985		(1,670)		315
Below-market	(4,729)		3,539		(1,190)		(4,839)		3,198		(1,641)



Total indefinite lived intangibles					$	1,464					$	26,335
Total amortizing intangibles					$	71,485					$	54,095

Schedule of future net amortization and accretion expense

Future net amortization and accretion expense is estimated for each of the five succeeding years as shown below:


thousands	2022		2023		2024		2025		2026
Net amortization and accretion expense	$	7,464	$	7,076	$	7,080	$	7,240	$	7,212

Mortgages, Notes and Loans Payable, Net (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Summary of mortgages, notes and loans payable

Mortgages, notes and loans payable, net are summarized as follows:


	December 31,
thousands	2021		2020
Fixed-rate debt
Unsecured 5.375% Senior Notes due 2025	$	—	$	1,000,000
Unsecured 5.375% Senior Notes due 2028	750,000		750,000
Unsecured 4.125% Senior Notes due 2029	650,000		—
Unsecured 4.375% Senior Notes due 2031	650,000		—
Secured mortgages, notes and loans payable	1,006,428		590,517
Special Improvement District bonds	69,131		34,305
Variable-rate debt (a)
Secured Bridgeland Notes due 2026	275,000		—
Mortgages, notes and loans payable (a)	1,238,857		1,945,344
Unamortized bond issuance costs	—		(4,355)
Unamortized deferred financing costs (b)	(48,259)		(28,442)
Total mortgages, notes and loans payable, net	$	4,591,157	$	4,287,369

The Company’s borrowing activity is summarized as follows:

thousands

Initial / Extended Maturity (a)

Interest Rate

Carrying Value

Balance at December 31, 2020

4,287,369

Issuances:

Senior Notes due 2029

February 2029

4.13%

(c)

650,000

Senior Notes due 2031

February 2031

4.38%

(c)

650,000

Bridgeland Notes due 2026

September 2026

2.40%

(b),(d)

275,000

Special Improvement District bonds

April 2051

4.13%

45,425

Borrowings:

Victoria Place

September 2024 / September 2026

5.25%

(b),(e)

42,718

1725 Hughes Landing

January 2027 / January 2030

4.10%

(b),(f)

61,207

1735 Hughes Landing

January 2027 / January 2030

4.10%

(b),(f)

58,793

Tanager Apartments

May 2031

3.13%

(g)

58,500

Lakeside Row

September 2031

3.15%

(i)

35,500

1201 Lake Robbins

October 2031

3.83%

(j)

250,000

Three Hughes Landing

December 2031

3.55%

(k)

70,000

The Woodlands Warehouse

January 2032

3.65%

13,700

Draws on existing mortgages, notes and loans payable

257,444

Repayments:

1201 Lake Robbins

June 2021

2.49%

(b),(l)

(273,070)

The Woodlands Warehouse

June 2021

2.49%

(b),(l)

(7,230)

Tanager Apartments

October 2021 / October 2024

2.50%

(b),(g)

(39,992)

‘A‘ali‘i

June 2022 / June 2023

4.10%

(b),(h)

(249,744)

Lakeside Row

July 2022 / July 2023

2.39%

(b),(i)

(31,940)

Senior Secured Credit Facility

September 2023

4.61%

(f),(m)

(298,344)

The Woodlands Resort

December 2021 / December 2023

3.00%

(b),(m)

(62,500)

The Woodlands Master Credit Facility

October 2022 / October 2024

2.64%

(b),(d)

(75,000)

Bridgeland Credit Facility

October 2022 / October 2024

2.64%

(b),(d)

(75,000)

Repayments on existing mortgages, notes and loans payable

(27,519)

Redemptions

Senior Notes due 2025

March 2025

5.38%

(l)

(1,000,000)

Other:

Special Improvement District bond assumptions

April 2049

4.00%

(8,697)

Deferred financing costs, net

(15,463)

Balance at December 31, 2021

4,591,157

(g)In April 2021, the Company closed on a $58.5 million loan to replace the existing construction loan for Tanager Apartments in Downtown Summerlin.

(h)In November 2021, the Company paid off the $249.7 million outstanding loan balance relating to ‘A‘ali‘i using proceeds from condo sales.

(i)In July 2021, the Company closed on a $35.5 million loan to replace the existing construction loan for Lakeside Row in Bridgeland.

(j)In October 2021, the Company closed on a $250.0 million non-recourse, interest-only loan for 1201 Lake Robbins.

HHC’s mortgages, notes and loans payable are secured by the properties listed in the table above and are non-recourse except for the following:


thousands	Recourse %		Amount
Recourse to HHC
Senior Notes due 2028	100	%	$	750,000
Senior Notes due 2029	100	%	650,000
Senior Notes due 2031	100	%	650,000
Kō‘ula	25	%	37,546
250 Water Street	35	%	35,000
Juniper Apartments	25	%	18,190
6100 Merriweather	25	%	16,586
Outlet Collection at Riverwalk	50	%	13,371
Total recourse to HHC			2,170,693
Recourse to The Woodlands Land Development Company (TWLDC) (a)
Two Lake's Edge	25	%	17,202
9950 Woodloch Forest	20	%	16,764
Creekside Park The Grove	25	%	9,876
The Lane at Waterway	35	%	9,547
Lake Woodlands Crossing Retail	50	%	6,165
Creekside Park West	25	%	3,874
Total recourse to TWLDC			63,428
Total			$	2,234,121

(a)This debt is partially recourse to The Woodlands Land Development Company which is a wholly owned subsidiary of HHC.

Schedule of mortgages, notes and loans payable by property

The following table presents the Company’s mortgages, notes and loans payable by property, presented within each segment in order of extended maturity date:


					Carrying Value December 31,
thousands	Initial / Extended Maturity (a)	Interest Rate			2021	2020
Operating Assets
20/25 Waterway Avenue	May 2022	4.79	%		12,564	12,855
Millennium Waterway Apartments	June 2022	3.75	%		50,813	51,946
Lake Woodlands Crossing Retail	January 2023	4.61	%	(b),(c)	12,329	12,329
Senior Secured Credit Facility	September 2023	4.61	%	(b),(c)	316,656	615,000
Two Lakes Edge	October 2022 / October 2023	2.40	%	(b)	68,806	66,198
Outlet Collection at Riverwalk	October 2022 / October 2023	3.50	%	(b)	26,742	28,679
The Woodlands Resort	December 2021 / December 2023	3.00	%	(b)	—	62,500
9303 New Trails	December 2023	4.88	%		10,308	10,763
4 Waterway Square	December 2023	4.88	%		30,185	31,519
Creekside Park West	March 2023 / March 2024	4.61	%	(b),(c)	15,497	14,719
The Lane at Waterway	August 2023 / August 2024	1.85	%	(b)	27,279	22,167
6100 Merriweather	September 2022 / September 2024	2.85	%	(b)	66,345	62,040
Juniper Apartments	September 2022 / September 2024	2.85	%	(b)	72,762	65,808
Creekside Park The Grove	January 2024 / January 2025	4.61	%	(b),(c)	39,503	16,468
9950 Woodloch Forest	March 2025	2.05	%	(b)	83,820	71,106
Ae‘o Retail	October 2025	2.90	%	(b)	29,883	30,532
Ke Kilohana Retail	October 2025	2.90	%	(b)	9,129	9,327
3831 Technology Forest Drive	March 2026	4.50	%		20,210	20,686
Kewalo Basin Harbor	September 2027	2.85	%	(b)	11,479	11,562
Millennium Six Pines Apartments	August 2028	3.39	%		42,500	42,500
3 Waterway Square	August 2028	3.94	%		44,747	46,224
One Lakes Edge	March 2029	4.50	%		68,648	69,440
Aristocrat	September 2029	3.67	%		36,095	37,093
Creekside Park Apartments	October 2029	3.52	%		37,730	37,730
1725 Hughes Landing Boulevard	January 2027 / January 2030	4.10	%	(b)	61,207	—
1735 Hughes Landing Boulevard	January 2027 / January 2030	4.10	%	(b)	58,793	—
One Hughes Landing	December 2029	4.30	%		49,578	50,815
Two Hughes Landing	December 2030	4.20	%		47,184	48,000
Other SID Bonds	December 2030	6.05	%	(d)	2,639	2,785
Tanager Apartments	May 2031	3.13	%		58,500	39,744
Lakeside Row	September 2031	3.15	%		35,500	31,566
1201 Lake Robbins	October 2031	3.83	%		250,000	273,070
Three Hughes Landing	December 2031	3.55	%		70,000	—
The Woodlands Warehouse	January 2032	3.65	%		13,700	7,230
8770 New Trails	January 2032	4.89	%	(e)	35,482	35,417
Constellation Apartments	January 2033	4.07	%		24,200	24,200


					Carrying Value December 31,
thousands	Initial / Extended Maturity (a)	Interest Rate			2021		2020
Hughes Landing Retail	December 2036	3.50	%		33,633		34,328
Columbia Regional Building	February 2037	4.48	%		23,805		24,244
Las Vegas Ballpark	December 2039	4.92	%		46,528		48,173
Operating Assets Total					1,944,779		2,068,763

Master Planned Communities
The Woodlands Master Credit Facility	October 2022 / October 2024	2.64	%	(b)	—		75,000
Bridgeland Credit Facility	October 2022 / October 2024	2.64	%	(b)	—		75,000
Bridgeland Notes due 2026	September 2026	2.40	%	(b)	275,000		—
Summerlin South SID Bonds	June 2025 - April 2051	4.00% - 6.05%		(f)	66,492		31,520
Master Planned Communities Total					341,492		181,520

Seaport
250 Water Street	November 2022 / November 2023	4.61	%	(b),(c)	100,000		100,000
Seaport Total					100,000		100,000

Strategic Developments
‘A‘ali‘i	June 2022 / June 2023	4.10	%	(b)	—		154,601
Kō‘ula	March 2023 / March 2024	4.61	%	(b),(c)	150,183		65,282
Victoria Place	September 2024 / September 2026	5.25	%	(b),(g)	49,000		—
Starling at Bridgeland	April 2026 / April 2027	3.75	%	(b)	3,960		—
Tanager Echo	September 2025 / September 2027	3.00	%	(b),(h)	1		—
1700 Pavillion	September 2025 / September 2027	3.90	%	(b),(i)	1		—
Strategic Developments Total					203,145		219,883


Senior Notes due 2025	March 2025	5.38	%		—		1,000,000
Senior Notes due 2028	August 2028	5.38	%		750,000		750,000
Senior Notes due 2029	February 2029	4.13	%		650,000		—
Senior Notes due 2031	February 2031	4.38	%		650,000		—
Unamortized bond issuance costs					—		(4,355)
Unamortized deferred financing costs					(48,259)		(28,442)
Total mortgages, notes and loans payable,net					$	4,591,157	$	4,287,369

(a)Maturity dates presented represent initial maturity dates and the extended or final maturity dates as contractually stated. HHC has the option to exercise extension periods at the initial maturity date, 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 covenants, HHC may have to pay down a portion of the loan to obtain the extension.

(c)$615 million of outstanding debt has been swapped to a fixed rate equal to 4.61%.

(d)Includes SID bonds related to Downtown Summerlin, Hockey Ground Lease, Las Vegas Ballpark, Tanager Apartments, Two Summerlin, Tanager Echo and 1700 Pavillion.

(f)Includes SID bonds with various maturity dates ranging from June 2025 to April 2051 and interest rates ranging from 4.00% to 6.05%.

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, 2021, based on extended maturity dates:


thousands	Mortgages, notes and loans payable principal payments
2022		$	103,022
2023		547,744
2024		343,950
2025		172,275
2026		359,603
Thereafter		3,112,822
Total principal payments		4,639,416
Unamortized deferred financing and bond issuance costs		(48,259)
Total mortgages, notes and loans payable		$	4,591,157

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Summary of assets and liabilities measured at fair value on a recurring basis

Fair Value (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

The following table presents the fair value measurement hierarchy levels required under ASC 820 for the Company’s liabilities that are measured at fair value on a recurring basis:


	December 31, 2021								December 31, 2020
	Fair Value Measurements Using								Fair Value Measurements Using
thousands	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:

Interest rate derivative assets	$	1,257	$	—	$	1,257	$	—	$	—	$	—	$	—	$	—
Liabilities:
Interest rate derivative liabilities	$	26,452	$	—	$	26,452	$	—	$	51,920	$	—	$	51,920	$	—

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, 2021				December 31, 2020
thousands	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Cash and Restricted cash	Level 1	$	1,216,637	$	1,216,637	$	1,242,997	$	1,242,997
Accounts receivable, net (a)	Level 3	86,388		86,388		66,726		66,726
Notes receivable, net (b)	Level 3	7,561		7,561		622		622

Liabilities:
Fixed-rate debt (c)	Level 2	3,125,559		3,186,139		2,374,822		2,461,155
Variable-rate debt (c)	Level 2	1,513,857		1,513,857		1,945,344		1,945,344

(c)Excludes related unamortized financing costs.

Summary of non-financial assets measured at fair value on a non-recurring basis

The below table includes a non-financial asset that was measured at fair value on a non-recurring basis resulting in the properties being impaired:


				Fair Value Measurements Using
thousands	Segment	Total Fair Value Measurement		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
2021
Century Park (a)	Strategic Developments	$	32,000	$	—	$	—	$	32,000
2020
Outlet Collection at Riverwalk (b)	Operating Assets	46,794		—		—		46,794

(a)The fair value was measured using weighted income and market valuation techniques as of the impairment date in the second quarter of 2021. Refer to Note 4 - Impairment for additional information.

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2021

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:


				Fixed			Fair Value Asset (Liability)
			Notional	Interest	Effective	Maturity	December 31,		December 31,
thousands		Balance Sheet Location	Amount	Rate (a)	Date	Date	2021		2020
Derivative instruments not designated as hedging instruments: (b)
Interest rate cap	(c)	Prepaid expenses and other assets, net	285,000	2.00%	3/12/2021	9/15/2023	$	300	$	—
Interest rate cap	(c)	Prepaid expenses and other assets, net	83,200	2.00%	3/12/2021	9/15/2023	87		—
Interest rate cap		Prepaid expenses and other assets, net	75,000	5.00%	8/31/2020	10/17/2022	—		—
Interest rate cap	(d)	Prepaid expenses and other assets, net	75,000	2.50%	10/12/2021	9/29/2025	485		—
Interest rate cap	(e)	Prepaid expenses and other assets, net	59,500	2.50%	10/12/2021	9/29/2025	385		—
Total fair value derivative assets							$	1,257	$	—

Derivative instruments designated as hedging instruments:
Interest rate swap	(f)	Accounts payable and accrued expenses	615,000	2.96%	9/21/2018	9/18/2023	$	(23,477)	$	(46,613)
Interest rate swap	(g)	Accounts payable and accrued expenses	35,485	4.89%	11/1/2019	1/1/2032	(2,975)		(5,307)
Total fair value derivative liabilities							(26,452)		(51,920)
Total fair value derivatives, net							$	(25,195)	$	(51,920)

(a)These rates represent the strike rate on HHC’s interest swaps and caps.

(b)Interest expense included in the Consolidated Statements of Operations for the year ended December 31, 2021 and 2020, related to these contracts was not material.

(c)Concurrent with the closing of the $368.2 million construction loan for Victoria Place in 2021, the Company entered into two new LIBOR interest rate caps.

(d)Concurrent with the closing of the $75.0 million construction loan for 1700 Pavilion in 2021, the Company entered into this interest rate cap.

(e)Concurrent with the closing of the $59.5 million construction loan for Tanager Echo in 2021, the Company entered into this interest rate cap.

(g)Concurrent with the closing of the $35.5 million construction loan for 8770 New Trails in 2019, the Company entered into this interest rate swap which is designated as a cash flow hedge.

Summary of effect of derivative financial instruments on the 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	2021		2020		2019
Interest rate derivatives	$	5,300	$	(34,906)	$	(19,245)


Location of Gain (Loss) Reclassified from AOCI into Operations	Amount of Gain (Loss) Reclassified from AOCI into Operations
thousands	2021		2020		2019
Interest expense	$	(12,660)	$	(11,836)	$	1,939


Interest Expense Presented in Results of Operations	Total Interest Expense Presented in the Results of Operations in which the Effects of Cash Flow Hedges are Recorded
thousands	2021		2020		2019
Interest expense	$	130,036	$	132,257	$	105,374

Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2021

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	2021		2020		2019
Stock Options (a)(b)	$	227	$	(1,892)	$	1,411
Restricted Stock (c)(d)	7,332		6,520		16,682
Pre-tax stock-based compensation expense	$	7,559	$	4,628	$	18,093
Income tax benefit	$	882	$	167	$	3,699

(b)The credit position for the year ended December 31, 2020, was due to significant forfeitures which exceeded the expense.

(d)The higher compensation expense for the year ended December 31, 2019, was generally in connection with the Company’s restructuring in 2019.

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, 2020	372,736	$	100.49
Granted	6,000	$	100.74
Exercised (a)	(82,225)	59.17
Forfeited	(25,000)	104.81
Expired	(1,024)	111.35
Stock options outstanding at December 31, 2021	270,487	$	112.61	4.9	$	1,196,041

Stock options vested and expected to vest at December 31, 2021	268,289	$	112.80	4.9	$	1,156,748
Stock options exercisable at December 31, 2021	182,750	$	117.56	3.6	$	172,806

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:


	2021			2020			2019
Weighted-average grant date fair value	$	41.52		$	32.10		$	32.51
Assumptions
Expected life of options (in years)	7.5			7.5			7.5
Risk-free interest rate	1.2		%	0.7		%	2.2		%
Expected volatility	36.5		%	40.4		%	22.6		%
Expected annual dividend per share	—			—			—

Schedule of restricted stock activity

The following table summarizes restricted stock activity:


	Restricted Stock	Weighted-average Grant Date Fair Value
Restricted stock outstanding at December 31, 2020	409,110	$	69.21
Granted	102,410	83.91
Vested	(67,673)	85.39
Forfeited	(37,881)	47.98
Restricted stock outstanding at December 31, 2021	405,966	$	72.20

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of income tax expense

The following summarizes income tax expense (benefit) for the years ended December 31:


thousands	2021		2020		2019
Current	$	4,797	$	826	$	1,427
Deferred	10,356		10,827		27,818
Total	$	15,153	$	11,653	$	29,245

Schedule of reconciliation of income tax expense (benefit) computed by applying the Federal corporate tax rate to the provision (benefit) for income taxes


thousands except percentages	2021			2020			2019
Income (loss) before income taxes	$	64,077		$	8,480		$	103,540
U.S. federal statutory tax rate	21.0		%	21.0		%	21.0		%
Tax computed at the U.S. federal statutory rate	$	13,456		$	1,781		$	21,743
Increase (decrease) in valuation allowance, net	2,378			11,822			4,419
State income taxes, net of federal income tax expense (benefit)	(3,182)			(2,608)			417

Tax expense (benefit) from other change in rates, prior period adjustments and other permanent differences	(181)			2,271			(138)

Tax expense on compensation disallowance	1,570			1,553			2,804
Net (income) loss attributable to noncontrolling interests (a)	1,507			(4,826)			—
Tax expense (benefit) on tax credits	(395)			1,660			—



Income tax expense (benefit)	$	15,153		$	11,653		$	29,245
Effective tax rate	23.6		%	137.4		%	28.2		%

(a)The Company deconsolidated 110 North Wacker in the third quarter of 2020. Refer to Note 2 - Investments in Real Estate and Other Affiliates for additional information.

Schedule of amounts and expiration dates of operating loss, charitable contribution and tax credit carryforwards

As of December 31, 2021, the amounts and expiration dates of operating loss, capital loss and charitable contribution carryforwards for tax purposes are as follows:


thousands	Amount		Expiration Date

Net operating loss carryforwards - Federal	$	384,813	n/a
Net operating loss carryforwards - State (a)	346,139		2022-2041
Net operating loss carryforwards - State (a)	252,222		n/a
Capital loss carryforwards - Federal	6,042		2025
Charitable contribution carryforwards - Federal	1,956		2025

(a)A valuation allowance has been recorded against the deferred tax benefit related to a majority of the state net operating loss carryforwards.

Summary of tax effects of temporary differences and carryforwards included in net deferred tax liabilities

The following summarizes tax effects of temporary differences and carryforwards included in the net deferred tax liabilities as of December 31:


thousands	2021		2020
Deferred tax assets:
Operating and Strategic Developments properties, primarily differences in basis of assets and liabilities	$	60,933	$	51,580

Operating loss and tax carryforwards	119,884		161,701
Total deferred tax assets	180,817		213,281
Valuation allowance	(40,477)		(38,065)
Total net deferred tax assets	$	140,340	$	175,216
Deferred tax liabilities:
Property associated with MPCs, primarily differences in the tax basis of land assets and treatment of interest and other costs	$	(176,904)	$	(163,836)
Operating and Strategic Developments properties, primarily differences in basis of assets and liabilities	(88,297)		(100,564)
Deferred income	(79,976)		(98,455)
Total deferred tax liabilities	(345,177)		(362,855)
Total net deferred tax liabilities	$	(204,837)	$	(187,639)

Accumulated Other Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2021

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Summary of AOCI

The following tables summarize changes in AOCI by component, all of which are presented net of tax:


thousands
Balance as of December 31, 2018	$	(8,126)
Other comprehensive income (loss) before reclassifications	(19,318)
(Gain) loss reclassified from accumulated other comprehensive loss to net income	(1,939)
Pension adjustment	11
Net current-period other comprehensive income (loss)	(21,246)
Balance as of December 31, 2019	(29,372)

Other comprehensive income (loss) before reclassifications	(34,906)
(Gain) loss reclassified from accumulated other comprehensive loss to net income	11,836
Pension adjustment	(84)
Share of investee's other comprehensive income	1,002
Deconsolidation of 110 North Wacker	12,934
Net current-period other comprehensive income (loss)	(9,218)
Balance as of December 31, 2020	(38,590)
Other comprehensive income (loss) before reclassifications	5,300
(Gain) loss reclassified from accumulated other comprehensive loss to net income	12,660
Pension adjustment	452
Share of investee's other comprehensive income	5,721

Net current-period other comprehensive income (loss)	24,133
Balance as of December 31, 2021	$	(14,457)

Summary of the amounts reclassified out of AOCI

The following table summarizes the amounts reclassified out of AOCI:


Accumulated Other Comprehensive Income (Loss) Components thousands	Amounts reclassified from Accumulated Other Comprehensive Income (Loss)
	For the Year Ended				Affected line items in the Statements of Operations
	2021		2020
(Gains) losses on cash flow hedges	$	16,221	$	14,602	Interest expense
Income taxes on (gains) losses on cash flow hedges	(3,561)		(2,766)		Income tax expense (benefit)
Total reclassifications of (income) loss for the period	$	12,660	$	11,836

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Summary of EPS calculations

Information related to the Company’s EPS calculations is summarized for the years ended December 31 as follows:


thousands except per share amounts	2021		2020		2019
Net income (loss)
Net income (loss)	$	48,924	$	(3,173)	$	74,295
Net (income) loss attributable to noncontrolling interests	7,176		(22,981)		(339)
Net income (loss) attributable to common stockholders	$	56,100	$	(26,154)	$	73,956

Shares
Weighted-average common shares outstanding - basic	54,596		52,522		43,136
Restricted stock and stock options	53		—		168
Warrants	—		—		4
Weighted-average common shares outstanding - diluted	54,649		52,522		43,308

Net income (loss) per common share
Basic income (loss) per share	$	1.03	$	(0.50)	$	1.71
Diluted income (loss) per share	$	1.03	$	(0.50)	$	1.71

Revenues (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue disaggregated by revenue source

The following presents the Company’s revenues disaggregated by revenue source for the years ended December 31:


thousands	2021		2020		2019
Revenues from contracts with customers
Recognized at a point in time
Condominium rights and unit sales	$	514,597	$	1,143	$	448,940
Master Planned Communities land sales	346,217		233,044		330,146
Builder price participation	45,138		37,072		35,681
Total	905,952		271,259		814,767

Recognized at a point in time or over time
Other land, rental and property revenues	152,619		105,048		206,966


Rental and lease-related revenues
Rental revenue	369,330		323,182		278,806
Total revenues	$	1,427,901	$	699,489	$	1,300,539

Revenues by segment
Operating Assets revenues	$	442,698	$	372,057	$	400,131
Master Planned Communities revenues	409,746		283,953		386,781
Seaport revenues	55,008		23,814		55,645
Strategic Developments revenues	520,109		19,407		457,948
Corporate revenues	340		258		34
Total revenues	$	1,427,901	$	699,489	$	1,300,539

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 as of December 31, 2019	$	246,010
Consideration earned during the period	(55,696)
Consideration received during the period	170,102
Balance as of December 31, 2020	360,416
Consideration earned during the period	(584,115)
Consideration received during the period	654,876
Balance as of December 31, 2021	$	431,177

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		$	767,333	$	21,309		$	1,371,526

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Summary of leased assets and liabilities


thousands	2021		2020
Assets


Operating lease right-of-use assets, net	$	57,022	$	56,255

Liabilities
Operating lease obligations	$	69,363	$	68,929

Components of lease expense and other information

The components of lease expense for the years ended December 31 are as follows:


thousands	2021		2020
Operating lease cost	$	8,495	$	8,720
Variable lease costs	823		958

Net lease cost	$	9,318	$	9,678

Other information related to the Company’s lessee agreements is as follows:


Supplemental Consolidated Statements of Cash Flows Information	Year ended December 31,
thousands	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows on operating leases	$	6,930	$	7,235


Other Information	2021		2020
Weighted-average remaining lease term (years)
Operating leases	38.7		37.1
Weighted-average discount rate
Operating leases	7.7	%	7.8	%

Schedule of future minimum lease payments

Future minimum lease payments as of December 31, 2021, are as follows:


thousands	Operating Leases
2022	$	6,228
2023	6,348
2024	6,315
2025	4,925
2026	4,695
Thereafter	275,530
Total lease payments	304,041
Less: imputed interest	(234,678)
Present value of lease liabilities	$	69,363

Schedule of minimum rentals based on operating leases of the consolidated properties

The minimum rentals based on operating leases of the consolidated properties held as of December 31, 2021, are as follows:


	Year ended December 31,
thousands	2021		2020
Total Minimum Rent Payments	$	223,138	$	213,072

Total future minimum rents associated with operating leases are as follows:


thousands	Total Minimum Rent
2022	$	224,055
2023	215,186
2024	205,402
2025	176,897
2026	155,797
Thereafter	666,754
Total	$	1,644,091

Segments (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Summary of segment operating results

Segment operating results are as follows:


thousands	Operating Assets Segment (a)		MPC Segment		Seaport Segment		Strategic Developments Segment		Total
Year ended December 31, 2021
Total revenues	$	442,698	$	409,746	$	55,008	$	520,109	$	1,427,561
Total operating expenses	(209,020)		(193,851)		(77,198)		(436,698)		(916,767)
Segment operating income (loss)	233,678		215,895		(22,190)		83,411		510,794
Depreciation and amortization	(163,031)		(366)		(30,867)		(6,512)		(200,776)
Interest income (expense), net	(75,391)		42,683		357		3,701		(28,650)
Other income (loss), net	(10,746)		—		(3,730)		2,536		(11,940)
Equity in earnings (losses) from real estate and other affiliates	(67,042)		59,399		(1,988)		(221)		(9,852)
Gain (loss) on sale or disposal of real estate and other assets, net	39,168		—		—		13,911		53,079


Gain (loss) on extinguishment of debt	(1,926)		(1,004)		—		—		(2,930)
Provision for impairment	—		—		—		(13,068)		(13,068)
Segment EBT	$	(45,290)	$	316,607	$	(58,418)	$	83,758	$	296,657
Corporate income, expenses and other items									(247,733)
Net income (loss)									48,924
Net (income) loss attributable to noncontrolling interests									7,176
Net income (loss) attributable to common stockholders									$	56,100


thousands	Operating Assets Segment (a)		MPC Segment		Seaport Segment		Strategic Developments Segment		Total
Year Ended December 31, 2020
Total revenues	$	372,057	$	283,953	$	23,814	$	19,407	$	699,231
Total operating expenses	(185,480)		(128,597)		(46,112)		(135,160)		(495,349)
Segment operating income (loss)	186,577		155,356		(22,298)		(115,753)		203,882
Depreciation and amortization	(162,324)		(365)		(41,602)		(6,545)		(210,836)
Interest income (expense), net	(91,411)		36,587		(12,512)		6,312		(61,024)
Other income (loss), net	540		—		(2,616)		2,165		89
Equity in earnings (losses) from real estate and other affiliates	(7,366)		17,845		(9,292)		269,912		271,099
Gain (loss) on sale or disposal of real estate and other assets, net	38,232		—		—		21,710		59,942


Gain (loss) on extinguishment of debt	(1,521)		—		(11,648)		—		(13,169)
Provision for impairment	(48,738)		—		—		—		(48,738)
Segment EBT	$	(86,011)	$	209,423	$	(99,968)	$	177,801	$	201,245
Corporate income, expenses and other items									(204,418)
Net income (loss)									(3,173)
Net (income) loss attributable to noncontrolling interests									(22,981)
Net income (loss) attributable to common stockholders									$	(26,154)

Year Ended December 31, 2019
Total revenues	$	400,131	$	386,781	$	55,645	$	457,948	$	1,300,505
Total operating expenses	(187,322)		(183,472)		(77,872)		(391,848)		(840,514)
Segment operating income (loss)	212,809		203,309		(22,227)		66,100		459,991
Depreciation and amortization	(115,499)		(424)		(26,381)		(5,473)		(147,777)
Interest income (expense), net	(81,029)		32,019		(12,865)		11,321		(50,554)
Other income (loss), net	1,142		601		(22)		831		2,552
Equity in earnings (losses) from real estate and other affiliates	3,672		28,336		(2,592)		1,213		30,629
Gain (loss) on sale or disposal of real estate and other assets, net	—		—		(6)		27,119		27,113

Selling profit from sales-type leases	13,537		—		—		—		13,537
Gain (loss) on extinguishment of debt	—		—		4,851		—		4,851

Segment EBT	$	34,632	$	263,841	$	(59,242)	$	101,111	$	340,342
Corporate income, expenses and other items									(266,047)
Net income (loss)									74,295
Net (income) loss attributable to noncontrolling interests									(339)
Net income (loss) attributable to common stockholders									$	73,956

Summary of assets by segment and the reconciliation of total segment assets to the total assets in the Condensed Consolidated Balance Sheets

The following represents assets by segment and the reconciliation of total segment assets to the total assets in the Consolidated Balance Sheets as of December 31:


thousands	2021		2020
Operating Assets	$	3,607,718	$	3,936,119
Master Planned Communities	3,056,240		2,285,896
Seaport	1,046,992		924,245
Strategic Developments	1,193,549		1,132,231
Total segment assets	8,904,499		8,278,491
Corporate	677,195		861,841
Total assets	$	9,581,694	$	9,140,332

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2021 property	Dec. 31, 2021 USD ($) segment	Dec. 31, 2020 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of business segments \| segment		4
Special Improvement District receivable		$ 86,165	$ 54,770
TIF receivable		855	893
Deferred leasing costs, accumulated amortization		49,900	39,700
Number of properties sold \| property	3
Amortized cost basis of financing receivables		484,700	374,200
Accrued interest on financing receivables		$ 18,200	$ 15,700
Financing receivable threshold period past due		30 days
Minimum \| Master Planned Communities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life of MPC assets		20 years
Maximum \| Master Planned Communities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life of MPC assets		40 years

Summary of Significant Accounting Policies - Summary of Asset Useful Lives, by Type (Details)	12 Months Ended
	Dec. 31, 2021
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	40 years
Equipment and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Equipment and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Computer hardware and software, and vehicles \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Computer hardware and software, and vehicles \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years

Summary of Significant Accounting Policies - Summary of Developments by Category (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Land and improvements	$ 360,957	$ 407,926
Development costs	847,950	744,748
Total Developments	$ 1,208,907	$ 1,152,674

Summary of Significant Accounting Policies - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 86,388	$ 66,726
Reserve for uncollectible amounts	16,500	33,000
Reserve for uncollectible amounts under ASC 842	11,500	27,300
Write-offs	14,500
Collectibility of receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reserve for uncollectible amounts under ASC 450	5,000	5,700
Tenant receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	8,647	4,339
Straight-line rent receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	72,461	59,288
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 5,280	$ 3,099

Summary of Significant Accounting Policies - Impacts of the ASC 842 and ASC 450 Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Line Items]
ASC 842 reserve, rental revenue	$ (1,562)	$ 21,825	$ 6,295
Total impact	(2,351)	27,834	5,881
Collectibility of receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
ASC 450 reserve, provision for (recovery of) doubtful accounts	$ (789)	$ 6,009	$ (414)

Investments in Real Estate and Other Affiliates - Narrative (Details)			1 Months Ended	3 Months Ended					12 Months Ended
	Jan. 19, 2021 a $ / ft²	May 23, 2019 USD ($)	Oct. 31, 2021 USD ($) a	Dec. 31, 2021 USD ($) a ft²	Sep. 30, 2020 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2016	Mar. 31, 2015 USD ($)	Dec. 31, 2021 USD ($) a ft² time	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Investments in and Advances to Affiliates [Line Items]
Liabilities				$ 5,848,524,000					$ 5,848,524,000	$ 5,396,195,000
Equity in earnings (losses) from real estate and other affiliates									$ (9,852,000)	271,099,000	$ 30,629,000
Equity method investment, ownership percentage				50.00%					50.00%
Proceeds from equity method investment, distribution, return of capital									$ 27,000,000
Carrying value of the asset				$ 7,033,244,000					$ 7,033,244,000	6,685,069,000
Trillium
Investments in and Advances to Affiliates [Line Items]
Ownership interest				50.00%
Trillium
Investments in and Advances to Affiliates [Line Items]
Ownership interest (as a percent)			50.00%	50.00%					50.00%
Purchase price of acquisition			$ 59,000,000	$ 59,000,000
JDM Partners
Investments in and Advances to Affiliates [Line Items]
Ownership interest (as a percent)				50.00%					50.00%
El Dorado Holdings
Investments in and Advances to Affiliates [Line Items]
Ownership interest (as a percent)				50.00%					50.00%
Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Carrying value of equity method investments				$ 365,997,000					$ 365,997,000	373,192,000
Equity in earnings (losses) from real estate and other affiliates									(13,607,000)	267,375,000	27,006,000
Other land, rental and property revenues
Investments in and Advances to Affiliates [Line Items]
Revenue									$ 152,619,000	105,048,000	206,966,000
Seaport
Investments in and Advances to Affiliates [Line Items]
Area of real estate property (in sqft) \| a				461,000					461,000
Discovery Land Company
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage				50.00%					50.00%
JDM Partners
Investments in and Advances to Affiliates [Line Items]
Ownership interest				42.50%
El Dorado Holdings
Investments in and Advances to Affiliates [Line Items]
Ownership interest				7.50%
Fougler Pratt Development, LLC
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage				100.00%					100.00%
West End Alexandria
Investments in and Advances to Affiliates [Line Items]
Preferred internal rate of return on capital contribution									15.00%
USAA Joint Venture
Investments in and Advances to Affiliates [Line Items]
Contribution of property						$ 33,600,000
Fair value of property contributed						85,000,000
Capital contribution to joint venture												$ 9,800,000
Joint venture, preferred return on capital									9.00%
Ownership interest									90.00%
USAA Joint Venture \| Local developer
Investments in and Advances to Affiliates [Line Items]
Capital contribution to joint venture						5,000,000						$ 1,100,000
USAA Joint Venture \| USAA
Investments in and Advances to Affiliates [Line Items]
Capital contribution to joint venture		$ 178,400,000				64,000,000
Joint venture capital obligations		$ 8,800,000				$ 105,600,000
Joint venture, preferred return on capital									9.00%
Joint venture, preferred return on capital, percent of cash distributions									11.11%
Ownership interest									10.00%
110 North Wacker
Investments in and Advances to Affiliates [Line Items]
Carrying value of equity method investments					$ 273,600,000
110 North Wacker \| Strategic Developments
Investments in and Advances to Affiliates [Line Items]
Equity in earnings (losses) from real estate and other affiliates					267,500,000
110 North Wacker \| Strategic Developments \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Carrying value of equity method investments				$ 0					$ 0	0
Equity in earnings (losses) from real estate and other affiliates									$ 0	267,518,000	0
110 North Wacker \| Strategic Developments \| Other land, rental and property revenues \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Revenue					$ 15,400,000
The Lawn Club NYC, LLC
Investments in and Advances to Affiliates [Line Items]
Joint venture, preferred return on capital, percent of cash distributions	80.00%
Joint venture real estate, percentage funded	80.00%
Joint venture real estate, percentage funded, distribution	60.00%
Proceeds from lease agreement per square foot on annual basis \| $ / ft²	100
The Lawn Club NYC, LLC \| Endorphin Ventures
Investments in and Advances to Affiliates [Line Items]
Joint venture, preferred return on capital, percent of cash distributions	20.00%
Joint venture real estate, percentage funded	20.00%
Joint venture real estate, percentage funded, distribution	40.00%
Ssam Bar
Investments in and Advances to Affiliates [Line Items]
Joint venture, preferred return on capital, percent of cash distributions									25.00%
Joint venture real estate, percentage funded							10.25%
Preferred return, on capital (as a percent)									10.00%
Joint venture real estate, remaining cash distribution percentage									50.00%
Ssam Bar \| Seaport \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Carrying value of equity method investments				5,852,000					$ 5,852,000	7,101,000
Equity in earnings (losses) from real estate and other affiliates									(1,988,000)	$ (2,392,000)	$ (612,000)
Investment in real estate and other affiliates				$ 5,900,000					$ 5,900,000
The Summit
Investments in and Advances to Affiliates [Line Items]
Preferred return, on capital (as a percent)									5.00%
Entitlement of distribution by joint venture (in times) \| time									2
The Summit \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Contribution of property								$ 13,400,000
SID bonds transferred to a joint venture								1,300,000
Transaction value of the land contributed to joint venture									$ 125,400,000
Value of land contributed to joint venture (price per acre)								226,000
Maximum capital contribution required								30,000,000
Amount contributed on maximum contribution								$ 3,800,000
West End Alexandria
Investments in and Advances to Affiliates [Line Items]
Preferred return, on capital (as a percent)									10.00%
Equity method investment, ownership percentage				58.33%					58.33%
West End Alexandria \| Fougler Pratt Development, LLC
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage				10.42%					10.42%
Preferred return on capital, percent of capital contribution									20.00%
Preferred unreturned on capital, percent of capital contribution									30.00%
West End Alexandria \| Seritage
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage				31.25%					31.25%
West End Alexandria \| West End Alexandria
Investments in and Advances to Affiliates [Line Items]
Preferred return on capital, percent of capital contribution									80.00%
Preferred unreturned on capital, percent of capital contribution									70.00%
110 North Wacker
Investments in and Advances to Affiliates [Line Items]
Recourse amount				$ 100,600,000					$ 100,600,000
Area of real estate property (in sqft) \| ft²				1,491,651					1,491,651
Fulton Market Building
Investments in and Advances to Affiliates [Line Items]
Area of real estate property (in sqft) \| a	20,000
Phoenix, Arizona \| Trillium
Investments in and Advances to Affiliates [Line Items]
Area of land \| a			3,029	3,029					3,029
Phoenix, Arizona \| JDM Partners
Investments in and Advances to Affiliates [Line Items]
Area of land \| a				2,579					2,579
Phoenix, Arizona \| El Dorado Holdings
Investments in and Advances to Affiliates [Line Items]
Area of land \| a				450					450
Landmark Mall Property \| Fougler Pratt Development, LLC
Investments in and Advances to Affiliates [Line Items]
Fair value of property contributed				$ 56,000,000
Area of land \| a				33					33
Fair value of property contributed, additional				$ 10,000,000
Landmark Mall Property \| Seritage
Investments in and Advances to Affiliates [Line Items]
Fair value of property contributed				$ 30,000,000
Area of land \| a				19					19
Alexandria \| West End Alexandria
Investments in and Advances to Affiliates [Line Items]
Area of land \| a				11					11
Carrying value of the asset				$ 54,000,000					$ 54,000,000
Central Plaza \| Development Plans
Investments in and Advances to Affiliates [Line Items]
Area of real estate property (in sqft) \| a				4,000,000					4,000,000
Area of land \| a				41					41
Unconsolidated Properties
Investments in and Advances to Affiliates [Line Items]
Liabilities				$ 671,500,000					$ 671,500,000
Unconsolidated Properties \| Equity method investment, nonconsolidated investee or group of investees
Investments in and Advances to Affiliates [Line Items]
Liabilities				$ 295,500,000					$ 295,500,000

Investments in Real Estate and Other Affiliates - Summary of Investments in Real Estate and Other Affiliates (Details) - USD ($) $ in Thousands		3 Months Ended			12 Months Ended
	Dec. 18, 2020	Dec. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jul. 16, 2020
Investments in and Advances to Affiliates [Line Items]
Economic/Legal Ownership		50.00%			50.00%
Investment in real estate and other affiliates		$ 369,949			$ 369,949	$ 377,145
Share of Earnings/Dividends					(9,852)	271,099	$ 30,629
Impairment charge for real estate					13,068	$ 48,738	0
110 North Wacker
Investments in and Advances to Affiliates [Line Items]
Equity Method Investments				$ 273,600
The Metropolitan Downtown Columbia \| Accumulated Deficit
Investments in and Advances to Affiliates [Line Items]
Decrease in investment, distribution			$ 5,000
m.flats/TEN.M (d)
Investments in and Advances to Affiliates [Line Items]
Investment deficit position		6,000			6,000
Mr. C Seaport
Investments in and Advances to Affiliates [Line Items]
Economic/Legal Ownership						35.00%		35.00%
Circle T Ranch and Power Center
Investments in and Advances to Affiliates [Line Items]
Economic/Legal Ownership	50.00%					50.00%
Equity Method Investments	$ 11,900
Share of Earnings/Dividends	$ 1,100
Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Equity Method Investments		365,997			365,997	$ 373,192
Share of Earnings/Dividends					(13,607)	267,375	27,006
Other equity Investments
Investments in and Advances to Affiliates [Line Items]
Other Equity Investments		3,952			3,952	3,953
Share of Earnings/Dividends					3,755	3,724	3,623
110 North Wacker
Investments in and Advances to Affiliates [Line Items]
Impairment charge for real estate		17,700
Operating Assets \| Equity Method Investments \| 110 North Wacker
Investments in and Advances to Affiliates [Line Items]
Equity Method Investments		$ 194,999			194,999	261,143
Share of Earnings/Dividends					$ (74,309)	$ (13,896)	0
Operating Assets \| Equity Method Investments \| The Metropolitan Downtown Columbia
Investments in and Advances to Affiliates [Line Items]
Economic/Legal Ownership		50.00%			50.00%	50.00%
Equity Method Investments		$ 0			$ 0	$ 0
Share of Earnings/Dividends					$ 582	$ 765	694
Operating Assets \| Equity Method Investments \| Stewart Title of Montgomery County, TX
Investments in and Advances to Affiliates [Line Items]
Economic/Legal Ownership		50.00%			50.00%	50.00%
Equity Method Investments		$ 4,185			$ 4,185	$ 3,924
Share of Earnings/Dividends					$ 1,860	$ 1,250	1,105
Operating Assets \| Equity Method Investments \| Woodlands Sarofim #1
Investments in and Advances to Affiliates [Line Items]
Economic/Legal Ownership		20.00%			20.00%	20.00%
Equity Method Investments		$ 3,215			$ 3,215	$ 3,120
Share of Earnings/Dividends					$ 96	$ 125	125
Operating Assets \| Equity Method Investments \| m.flats/TEN.M (d)
Investments in and Advances to Affiliates [Line Items]
Economic/Legal Ownership		50.00%			50.00%	50.00%
Equity Method Investments		$ 0			$ 0	$ 1,247
Share of Earnings/Dividends					974	666	(1,875)
Master Planned Communities \| Equity Method Investments \| The Summit
Investments in and Advances to Affiliates [Line Items]
Equity Method Investments		$ 41,536			41,536	96,300
Share of Earnings/Dividends					$ 59,407	$ 17,845	28,336
Master Planned Communities \| Equity Method Investments \| Trillium
Investments in and Advances to Affiliates [Line Items]
Economic/Legal Ownership		50.00%			50.00%	0.00%
Equity Method Investments		$ 59,080			$ 59,080	$ 0
Share of Earnings/Dividends					(8)	0	0
Seaport \| Mr. C Seaport
Investments in and Advances to Affiliates [Line Items]
Economic/Legal Ownership				35.00%
Seaport \| The Lawn Club
Investments in and Advances to Affiliates [Line Items]
Equity Method Investments		$ 447			447	0
Share of Earnings/Dividends					$ 0	$ 0	0
Seaport \| Equity Method Investments \| Mr. C Seaport
Investments in and Advances to Affiliates [Line Items]
Economic/Legal Ownership		0.00%			0.00%	0.00%
Equity Method Investments		$ 0			$ 0	$ 0
Share of Earnings/Dividends					0	(6,900)	(1,980)
Seaport \| Equity Method Investments \| Ssäm Bar (Momofuku)
Investments in and Advances to Affiliates [Line Items]
Equity Method Investments		5,852			5,852	7,101
Share of Earnings/Dividends					(1,988)	(2,392)	(612)
Strategic Developments \| 110 North Wacker
Investments in and Advances to Affiliates [Line Items]
Share of Earnings/Dividends				$ 267,500
Strategic Developments \| Equity Method Investments \| 110 North Wacker
Investments in and Advances to Affiliates [Line Items]
Equity Method Investments		$ 0			0	0
Share of Earnings/Dividends					$ 0	$ 267,518	0
Strategic Developments \| Equity Method Investments \| Circle T Ranch and Power Center
Investments in and Advances to Affiliates [Line Items]
Economic/Legal Ownership		0.00%			0.00%	0.00%
Equity Method Investments		$ 0			$ 0	$ 0
Share of Earnings/Dividends					$ 0	$ 2,463	950
Strategic Developments \| Equity Method Investments \| HHMK Development
Investments in and Advances to Affiliates [Line Items]
Economic/Legal Ownership		50.00%			50.00%	50.00%
Equity Method Investments		$ 10			$ 10	$ 10
Share of Earnings/Dividends					$ 0	$ 0	0
Strategic Developments \| Equity Method Investments \| KR Holdings
Investments in and Advances to Affiliates [Line Items]
Economic/Legal Ownership		50.00%			50.00%	50.00%
Equity Method Investments		$ 127			$ 127	$ 347
Share of Earnings/Dividends					(221)	(69)	263
Strategic Developments \| Equity Method Investments \| Landmark
Investments in and Advances to Affiliates [Line Items]
Equity Method Investments		56,546			56,546	0
Share of Earnings/Dividends					0	0	$ 0
Accounts payable and accrued expenses \| The Metropolitan Downtown Columbia
Investments in and Advances to Affiliates [Line Items]
Investment deficit position		$ 11,300			$ 11,300	$ 5,000

Investments in Real Estate and Other Affiliates - Changes in Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at beginning of year	$ 29,114	$ 0
Reclassification of redeemable noncontrolling interest to temporary equity		6,091
Net income (loss) attributable to noncontrolling interest	(7,431)	22,881
Share of investee's other comprehensive income	817	142
Balance at end of year	$ 22,500	$ 29,114

Investments in Real Estate and Other Affiliates - Summarized Financial Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) condominium	Dec. 31, 2020 USD ($) condominium	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Balance Sheet
Total Assets	$ 9,581,694	$ 9,140,332
Total Liabilities	5,848,524	5,396,195
Total Equity	3,710,670	3,715,023	$ 3,332,988	$ 3,238,126
Income Statement
Revenues	1,427,901	699,489	1,300,539
Operating Income	241,872	(119,561)	150,310
Net income (loss)	48,924	(3,173)	74,295
The Summit
Balance Sheet
Total Assets	225,133	310,855
Total Liabilities	169,814	209,968
Total Equity	55,319	100,887
Income Statement
Revenues	302,174	148,822	120,337
Gross Margin	116,641	29,012	32,205
Net income (loss)	$ 95,604	$ 21,924	26,298
Number of units closed \| condominium	46	29
110 North Wacker
Balance Sheet
Total Assets	$ 707,005	$ 634,274
Total Liabilities	515,665	415,452
Total Equity	191,340	218,822
Income Statement
Revenues	38,699	5,333	0
Operating Income	8,525	(3,148)	0
Net income (loss)	(36,556)	(8,236)	0
Other Investments
Balance Sheet
Total Assets	510,756	247,742
Total Liabilities	233,368	166,418
Total Equity	277,388	81,324
Income Statement
Revenues	36,964	36,450	42,778
Operating Income	20,305	17,100	16,085
Net income (loss)	$ 10,856	$ 11,220	$ 5,162

Acquisitions and Dispositions - Acquisitions Narrative (Details) ft² in Millions, $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Oct. 31, 2021 USD ($) a ft² home	Dec. 31, 2021 USD ($) a	Dec. 31, 2020 asset
Asset Acquisition [Line Items]
Number of asset acquired \| asset			0
Douglas Ranch Acquisition
Asset Acquisition [Line Items]
Area of land \| a	37,000
Option for seller to reacquire interest	50.00%
Option for seller to reacquire interest, value	$ 33.8
Capital contribution	$ 270.6
Number of Homes \| home	100,000
Area of Real Estate Property \| ft²	55
Douglas Ranch Acquisition \| Phoenix, Arizona
Asset Acquisition [Line Items]
Area of land \| a	33,810
Purchase price of acquisition	$ 541.0
Trillium
Asset Acquisition [Line Items]
Purchase price of acquisition	$ 59.0	$ 59.0
Ownership interest (as a percent)	50.00%	50.00%
Trillium \| Phoenix, Arizona
Asset Acquisition [Line Items]
Area of land \| a	3,029	3,029
JDM Partners \| Phoenix, Arizona
Asset Acquisition [Line Items]
Area of land \| a		2,579
JDM Partners \| Douglas Ranch Acquisition
Asset Acquisition [Line Items]
Asset acquisition, property for an additional amount	$ 236.8
JDM Partners \| Douglas Ranch Acquisition \| Maximum
Asset Acquisition [Line Items]
Acquisition option period	6 months

Acquisitions and Dispositions - Dispositions Narrative (Details) $ in Thousands												3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 22, 2021 USD ($) a building	Sep. 16, 2021 USD ($) room	May 07, 2021 USD ($) a	Dec. 18, 2020 USD ($)	Nov. 20, 2020 USD ($) a	Jul. 16, 2020 USD ($) room	Jun. 29, 2020 USD ($)	Mar. 13, 2020 USD ($) a ft² space	Dec. 20, 2019 USD ($)	Oct. 29, 2019 USD ($) a	Sep. 16, 2019 USD ($) a ft²	Jun. 30, 2021 building	Mar. 31, 2020 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) room	Dec. 31, 2019 USD ($)	Nov. 30, 2019 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Carrying value of the asset																$ 7,033,244	$ 6,685,069
Operating Losses																$ (241,872)	119,561	$ (150,310)
Equity method investment, ownership percentage																50.00%
Equity in earnings (losses) from real estate and other affiliates																$ (9,852)	271,099	30,629
Proceeds from sales of properties																322,451	24,373	67,110
Gain (loss) on sale or disposal of real estate and other assets, net																53,079	59,942	22,362
Selling profit from sales-type leases																0	0	13,537
Net investment in lease receivable																2,913	2,926
Proceeds from the sale of lease receivable																0	64,155	0
Pre-tax net loss since the acquisition date																64,077	8,480	103,540
Equity Method Investments
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of buildings \| building												17
Carrying value of equity method investments																365,997	373,192
Equity in earnings (losses) from real estate and other affiliates																(13,607)	$ 267,375	27,006
Circle T Ranch and Power Center
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investment, ownership percentage				50.00%													50.00%
Equity method investment, proceeds from sale				$ 13,000
Carrying value of equity method investments				11,900
Equity in earnings (losses) from real estate and other affiliates				$ 1,100
Mr. C Seaport
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investment, ownership percentage						35.00%											35.00%
Equity method investment, proceeds from sale						$ 800											$ 800
Mr. C Seaport \| Equity Method Investments
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of hotel rooms \| room						66											66
Bridges at Mint Hill
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investment, ownership percentage									90.50%
Equity in earnings (losses) from real estate and other affiliates									$ 9,500
Gain (loss) on sale or disposal of real estate and other assets, net									(8,800)
Assets divested from deconsolidation									22,000
Pre-tax net loss since the acquisition date									$ 3,800
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Monarch City Collection, Texas
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of land sold \| a			229
Consideration received			$ 51,400
Carrying value of the asset			28,700
Gain (loss) on disposal			21,300
Transaction costs on sales of investments real estate			$ 1,500
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received		$ 252,000
Carrying value of the asset		210,000
Gain (loss) on disposal		$ 39,100
Number of hotel rooms \| room		909
Transaction costs		$ 2,900
Repayments of debt		$ 132,300
Operating Losses														$ 6,400	$ 12,500
Century Park \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of land sold \| a	63
Area of real estate property sold \| a	1,302,597
Number of buildings \| building	17
Consideration received	$ 25,000
Carrying value of the asset	32,000
Gain (loss) on disposal	(7,400)
Transaction costs on sales of investments real estate	$ 400
Elk Grove
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of land sold \| a					64
Carrying value of the asset					$ 10,800
Proceeds from sales of properties					24,600
Gain (loss) on sale or disposal of real estate and other assets, net					$ 13,700
West Windsor
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of land sold \| a										658
Gain (loss) on sale or disposal of real estate and other assets, net							$ 8,000			$ 12,000
Assets divested from deconsolidation										27,500
Proceeds from sale										$ 40,000
Fellowship Drive100
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of land sold \| a								13.5
Area of real estate property sold \| ft²								203,257
Proceeds from sales of properties								$ 115,000								115,000
Gain (loss) on sale or disposal of real estate and other assets, net													$ 38,300
Number of parking spaces \| space								550
Selling profit from sales-type leases																		$ 13,500
Amount derecognized from developments for sales-type leases																			$ 63,700
Net investment in lease receivable																76,100			$ 75,900
Transaction costs on sales of investments real estate																200
Payments to acquire real estate																600
Proceeds from the sale of lease receivable																$ 64,200
Cottonwood Mall
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sales of properties																	$ 10,000
Gain (loss) on sale or disposal of real estate and other assets, net											$ 24,100
Assets divested from deconsolidation											21,500
Proceeds from sale											$ 46,000
Square footage of building \| ft²											196,975
Note receivable																	$ 36,000
Land Parcel in Holladay, Utah
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of land sold \| a											54

Impairment - Narrative (Details) $ in Thousands		3 Months Ended		12 Months Ended
Impairment - Narrative (Details) $ in Thousands	Jul. 16, 2020 USD ($) room	Jun. 30, 2021 USD ($) a ft² building	Mar. 31, 2020 USD ($) ft²	Dec. 31, 2021 USD ($) ft²	Dec. 31, 2020 USD ($) room	Dec. 31, 2019 USD ($)
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment charge for real estate				$ 13,068	$ 48,738	$ 0
Carrying value of the asset				$ 7,033,244	6,685,069
Equity method investment, ownership percentage				50.00%
Condominium Inventory
Impaired Long-Lived Assets Held and Used [Line Items]
Other asset impairment charge				$ 2,268	7,644
Mr. C Seaport
Impaired Long-Lived Assets Held and Used [Line Items]
Equity method investment, impairment				0	$ 6,000
Equity method investment, ownership percentage	35.00%				35.00%
Equity method investment, proceeds from sale	$ 800				$ 800
Minimum
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted market scenarios, assumed lease-up period		24 months
Maximum
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted market scenarios, assumed lease-up period		48 months
Fair Value, Nonrecurring \| Measurement Input, Cap Rate \| Valuation, Income Approach
Impaired Long-Lived Assets Held and Used [Line Items]
Measurement input		0.0875
Fair Value, Nonrecurring \| Measurement Input, Cap Rate \| Discounted Cash Flow
Impaired Long-Lived Assets Held and Used [Line Items]
Measurement input			0.10		0.100
Equity Method Investments
Impaired Long-Lived Assets Held and Used [Line Items]
Number of buildings \| building		17
Equity Method Investments \| Mr. C Seaport
Impaired Long-Lived Assets Held and Used [Line Items]
Number of hotel rooms \| room	66				66
Century Park
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment charge for real estate		$ 13,100		13,068	$ 0
Area of land \| a		63
Area of real estate property (in sqft) \| ft²		1,300,000
Outlet Collection at Riverwalk
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment charge for real estate			$ 48,700	0	$ 48,738
Area of real estate property (in sqft) \| ft²			273,270
Carrying value of the asset			$ 46,800
110 North Wacker
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment charge for real estate				$ 17,700
Area of real estate property (in sqft) \| ft²				1,491,651

Impairment - Summary of Impairments (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2021	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Impaired Long-Lived Assets Held and Used [Line Items]
Provision for impairment			$ 13,068	$ 48,738	$ 0
Condominium Inventory
Impaired Long-Lived Assets Held and Used [Line Items]
Condominium rights and unit sales			2,268	7,644
110 North Wacker
Impaired Long-Lived Assets Held and Used [Line Items]
Equity in earnings (losses) from real estate and other affiliates			17,673	0
Mr. C Seaport
Impaired Long-Lived Assets Held and Used [Line Items]
Equity in earnings (losses) from real estate and other affiliates			0	6,000
Outlet Collection at Riverwalk
Impaired Long-Lived Assets Held and Used [Line Items]
Provision for impairment		$ 48,700	0	48,738
Century Park
Impaired Long-Lived Assets Held and Used [Line Items]
Provision for impairment	$ 13,100		$ 13,068	$ 0

Other Assets and Liabilities - Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2021	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Other Assets and Liabilities [Line Items]
Special Improvement District receivable		$ 86,165		$ 54,770
Special Improvement District receivable, Change		31,395
Condominium inventory		57,507		55,883
Condominium inventory, Change		1,624
Security, escrow and other deposits		45,546		48,576
Security, escrow and other deposits, Change		(3,030)
Intangibles		29,752		32,595
Intangibles, Change		(2,843)
Prepaid expenses		21,370		17,455
Prepaid Expenses, Change		3,915
Other		7,874		12,096
Other, Change		(4,222)
Tenant incentives and other receivables		6,623		9,612
Tenant incentives and other receivables, Change		(2,989)
Food and beverage and lifestyle inventory		1,039		1,060
Food and beverage and lifestyle inventory, Change		(21)
TIF receivable		855		893
TIF receivable, Change		(38)
Prepaid expenses and other assets, net		300,956		282,101
Prepaid expenses and other assets, net, Change		18,855
1201 Lake Robbins and The Woodlands Warehouse
Other Assets and Liabilities [Line Items]
Settlement of rate-lock agreement	$ 29,500
Bridgeland
Other Assets and Liabilities [Line Items]
Security, escrow and other deposits			$ 27,500
In-place leases
Other Assets and Liabilities [Line Items]
In-place leases		44,225		$ 49,161
In-place leases, Change		$ (4,936)

Other Assets and Liabilities - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Other Assets and Liabilities [Line Items]
Condominium deposit liabilities		$ 368,997	$ 309,884
Condominium deposit liabilities, Change		59,113
Construction payables		284,384	253,626
Construction payables, Change		30,758
Accounts payable and accrued expenses		72,828	28,589
Accounts payable and accrued expenses, Change		44,239
Deferred income		71,902	66,656
Deferred income, Change		5,246
Accrued interest		47,738	37,007
Accrued interest, Change		10,731
Tenant and other deposits		30,943	25,801
Tenant and other deposits, Change		5,142
Accrued payroll and other employee liabilities		29,648	27,419
Accrued payroll and other employee liabilities, Change		2,229
Accrued real estate taxes		26,965	38,863
Accrued real estate taxes, Change		(11,898)
Interest rate derivative liabilities		26,452	51,920
Interest rate swap liabilities, Change		(25,468)
Other		23,310	12,493
Other, Change		10,817
Accounts payable and accrued expenses		983,167	$ 852,258
Accounts payable and accrued expenses, Change		130,909
Ward Village Tin Building And The Summerlin And Bridgeland M P C Developments
Other Assets and Liabilities [Line Items]
Construction payables, Change		120,600
Waiea
Other Assets and Liabilities [Line Items]
Charge for repairs and remediation on alleged construction defects	$ 99,200	21,000
Various properties
Other Assets and Liabilities [Line Items]
Construction payables, Change		$ 89,900

Intangibles - Summary of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Indefinite lived intangibles	$ 157	$ 25,028
Goodwill	1,307	1,307
Acquired Finite-Lived Intangible Assets [Line Items]
Total indefinite lived intangibles	1,464	26,335
Total amortizing intangibles	71,485	54,095
Other intangibles (a)
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Asset	34,123	9,251
Accumulated (Amortization)	(5,834)	(2,991)
Net Carrying Amount	28,289	6,260
Tenant Leases in-place value
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Asset	63,249	63,584
Accumulated (Amortization)	(19,024)	(14,423)
Net Carrying Amount	44,225	49,161
Tenant Leases above Market
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Asset	1,951	1,985
Accumulated (Amortization)	(1,790)	(1,670)
Net Carrying Amount	161	315
Tenant Leases below Market
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Liability	(4,729)	(4,839)
Accumulated Accretion	3,539	3,198
Net Carrying Amount	$ (1,190)	$ (1,641)

Intangibles - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Intangibles - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization/accretion of intangible assets/liabilities	$ 7.5	$ 5.8	$ 2.1

Intangibles - Future Net Amortization and Accretion Expense (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 7,464
2023	7,076
2024	7,080
2025	7,240
2026	$ 7,212

Mortgages, Notes and Loans Payable, Net - Summary of Mortgages, Notes and Loans Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Variable-rate debt	$ 1,238,857	$ 1,945,344
Unamortized bond issuance costs	0	(4,355)
Unamortized deferred financing costs	(48,259)	(28,442)
Mortgages, notes and loans payable, net	4,591,157	4,287,369
Secured mortgages, notes and loans payable
Debt Instrument [Line Items]
Fixed-rate debt	$ 1,006,428	590,517
Special Improvement District bonds
Debt Instrument [Line Items]
Interest rate, stated	4.00%
Fixed-rate debt	$ 69,131	34,305
Unsecured 5.375% Senior Notes due 2025 \| Unsecured debt
Debt Instrument [Line Items]
Interest rate, stated	5.375%
Fixed-rate debt	$ 0	1,000,000
Unsecured 5.375% Senior Notes due 2028 \| Unsecured debt
Debt Instrument [Line Items]
Interest rate, stated	5.375%
Fixed-rate debt	$ 750,000	750,000
Unsecured 4.125% Senior Notes due 2029 \| Unsecured debt
Debt Instrument [Line Items]
Interest rate, stated	4.125%
Fixed-rate debt	$ 650,000	0
Unsecured 4.375% Senior Notes due 2031 \| Unsecured debt
Debt Instrument [Line Items]
Interest rate, stated	4.375%
Fixed-rate debt	$ 650,000	0
Secured Bridgeland Notes due 2026 \| Secured mortgages, notes and loans payable
Debt Instrument [Line Items]
Variable-rate debt	$ 275,000	$ 0

Mortgages, Notes and Loans Payable, Net - Credit Facilities (Details)	1 Months Ended	12 Months Ended
	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) extension	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)
Debt Instrument [Line Items]
Repayment of debt		$ 2,140,340,000	$ 867,935,000	$ 386,489,000
Carrying value		4,639,416,000
Mortgages, notes and loans payable		1,238,857,000	1,945,344,000
Term Loan
Debt Instrument [Line Items]
Repayment of debt	$ 181,800,000
Carrying value		316,700,000
Term Loan \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Debt Instrument [Line Items]
Repayment of debt		62,500,000
Proceeds from sale		$ 69,800,000			$ 69,800,000
$700 Million loan due 2023
Debt Instrument [Line Items]
Face amount					700,000,000
Number of options to increase line of credit \| extension		1
Option to increase borrowing capacity		$ 50,000,000
$700 Million loan due 2023 \| Revolving Credit Facility
Debt Instrument [Line Items]
Face amount					85,000,000
$700 Million loan due 2023 \| Term Loan
Debt Instrument [Line Items]
Face amount			615,000,000		615,000,000	$ 615,000,000.0
Repayment of debt					$ 181,800,000
$700 Million loan due 2023 \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Carrying value		0
The Bridgeland And Woodlands Credit Facility \| Term Loan
Debt Instrument [Line Items]
Face amount				100,000,000
Repayment of debt	100,000,000
The Bridgeland And Woodlands Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Facility amount	250,000,000			250,000,000
The Bridgeland And Woodlands Credit Facility \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Face amount				$ 150,000,000
Carrying value	$ 50,000,000
Secured Bridgeland Notes due 2026 \| Secured mortgages, notes and loans payable
Debt Instrument [Line Items]
Mortgages, notes and loans payable		$ 275,000,000	$ 0

Mortgages, Notes and Loans Payable, Net - Special Improvement District Bonds (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Special Improvement District bond transfers associated with land sales	$ 8,697	$ 10,122	$ 22,423
Special Improvement District bonds
Debt Instrument [Line Items]
Special Improvement District bond transfers associated with land sales	8,697
Summerlin \| Special Improvement District bonds
Debt Instrument [Line Items]
Special improvement district bond issued	45,400
Special Improvement District bond transfers associated with land sales	$ 8,800

Mortgages, Notes and Loans Payable, Net - Debt Compliance (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2018	Sep. 30, 2018
Debt Instrument [Line Items]
Restricted cash requirement	$ 43,000,000
$700 Million loan due 2023
Debt Instrument [Line Items]
Face amount			$ 700,000,000
$700 Million loan due 2023 \| Term Loan
Debt Instrument [Line Items]
Face amount		$ 615,000,000	$ 615,000,000	$ 615,000,000.0

Mortgages, Notes and Loans Payable, Net - Borrowings Activity (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Feb. 28, 2021
Notes And Loans Payable [Roll Forward]
Balance at December 31, 2020		$ 4,287,369
Issuances/Borrowings		2,422,862	$ 1,403,923	$ 1,292,083
Repayments		(2,140,340)	(867,935)	(386,489)
Special Improvement District bond assumptions		(8,697)	(10,122)	$ (22,423)
Deferred financing costs, net		(15,463)
Balance at December 31, 2021		$ 4,591,157	$ 4,287,369
Victoria Place
Debt Instrument [Line Items]
Interest rate, stated		5.25%
Notes And Loans Payable [Roll Forward]
Issuances/Borrowings		$ 42,718
1725 Hughes Landing
Debt Instrument [Line Items]
Interest rate, stated		4.10%
Notes And Loans Payable [Roll Forward]
Issuances/Borrowings		$ 61,207
1735 Hughes Landing
Debt Instrument [Line Items]
Interest rate, effective rate		4.10%
Notes And Loans Payable [Roll Forward]
Issuances/Borrowings		$ 58,793
Tanager Apartments
Debt Instrument [Line Items]
Interest rate, stated		3.13%
Notes And Loans Payable [Roll Forward]
Issuances/Borrowings		$ 58,500
Lakeside Row
Debt Instrument [Line Items]
Interest rate, stated		3.15%
Notes And Loans Payable [Roll Forward]
Issuances/Borrowings		$ 35,500
1201 Lake Robbins
Debt Instrument [Line Items]
Interest rate, stated		3.83%
Notes And Loans Payable [Roll Forward]
Issuances/Borrowings		$ 250,000
Three Hughes Landing
Debt Instrument [Line Items]
Interest rate, stated		3.55%
Notes And Loans Payable [Roll Forward]
Issuances/Borrowings		$ 70,000
The Woodlands Warehouse
Debt Instrument [Line Items]
Interest rate, stated		3.65%
Notes And Loans Payable [Roll Forward]
Issuances/Borrowings		$ 13,700
1201 Lake Robbins
Debt Instrument [Line Items]
Interest rate, stated		2.49%
Notes And Loans Payable [Roll Forward]
Repayments		$ (273,070)
The Woodlands Warehouse
Debt Instrument [Line Items]
Interest rate, stated		2.49%
Notes And Loans Payable [Roll Forward]
Repayments		$ (7,230)
Tanager Apartments
Debt Instrument [Line Items]
Interest rate, stated		2.50%
Notes And Loans Payable [Roll Forward]
Repayments		$ (39,992)
‘A‘ali‘i
Debt Instrument [Line Items]
Interest rate, stated		4.10%
Notes And Loans Payable [Roll Forward]
Repayments	$ (249,700)	$ (249,744)
Lakeside Row
Debt Instrument [Line Items]
Interest rate, stated		2.39%
Notes And Loans Payable [Roll Forward]
Repayments		$ (31,940)
The Woodlands Resort
Debt Instrument [Line Items]
Interest rate, stated		3.00%
Notes And Loans Payable [Roll Forward]
Repayments		$ (62,500)
The Woodlands Master Credit Facility
Debt Instrument [Line Items]
Interest rate, stated		2.64%
Notes And Loans Payable [Roll Forward]
Repayments		$ (75,000)
Bridgeland Credit Facility
Debt Instrument [Line Items]
Interest rate, stated		2.64%
Notes And Loans Payable [Roll Forward]
Repayments		$ (75,000)
Special Improvement District bonds
Debt Instrument [Line Items]
Interest rate, stated		4.00%
Notes And Loans Payable [Roll Forward]
Special Improvement District bond assumptions		$ (8,697)
Senior Notes due 2029 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated		4.13%			4.125%
Interest rate, effective rate		4.13%
Notes And Loans Payable [Roll Forward]
Issuances/Borrowings		$ 650,000
Senior Notes due 2031 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated		4.38%			4.375%
Interest rate, effective rate		4.38%
Notes And Loans Payable [Roll Forward]
Issuances/Borrowings		$ 650,000
Bridgeland Notes due 2026
Debt Instrument [Line Items]
Interest rate, stated		2.40%
Notes And Loans Payable [Roll Forward]
Issuances/Borrowings		$ 275,000
Special Improvement District bonds \| Special Improvement District bonds
Debt Instrument [Line Items]
Interest rate, stated		4.13%
Notes And Loans Payable [Roll Forward]
Issuances/Borrowings		$ 45,425
Draws on existing mortgages, notes and loans payable
Notes And Loans Payable [Roll Forward]
Issuances/Borrowings		257,444
Repayments		$ (27,519)
Senior Secured Credit Facility
Debt Instrument [Line Items]
Interest rate, stated		4.61%
Notes And Loans Payable [Roll Forward]
Repayments		$ (298,344)
Senior Notes due 2025 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated		5.38%
Interest rate, effective rate		5.38%
Notes And Loans Payable [Roll Forward]
Redemptions		$ (1,000,000)

Mortgages, Notes and Loans Payable, Net - Borrowing Activity, Footnotes (Details)	1 Months Ended				3 Months Ended	12 Months Ended
	Dec. 31, 2021 USD ($) extension	Nov. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)	Mar. 31, 2021 USD ($) extension	Mar. 31, 2021 USD ($) extension	Dec. 31, 2021 USD ($) extension	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Oct. 31, 2021 USD ($)	Jul. 31, 2021 USD ($)	Apr. 30, 2021 USD ($)	Feb. 28, 2021 USD ($)
Debt Instrument [Line Items]
Refundable deposit			$ 27,500,000
Derivative, fixed interest rate				2.00%	2.00%
Repayment of debt						$ 2,140,340,000	$ 867,935,000	$ 386,489,000
Loss on extinguishment of debt						$ 38,014,000	$ 13,169,000	(4,641,000)
Interest rate cap
Debt Instrument [Line Items]
Notional amount				$ 368,200,000	$ 368,200,000
Bridgeland
Debt Instrument [Line Items]
Face amount			275,000,000
Victoria Place
Debt Instrument [Line Items]
Interest rate, stated	5.25%					5.25%
1725 Hughes Landing
Debt Instrument [Line Items]
Face amount	$ 127,000,000					$ 127,000,000
Number of extension options \| extension	3					3
Term of extension option	1 year
Future cost						$ 7,000,000
Tanager Apartments
Debt Instrument [Line Items]
Interest rate, stated	3.13%					3.13%
‘A‘ali‘i
Debt Instrument [Line Items]
Interest rate, stated	4.10%					4.10%
Repayment of debt		$ 249,700,000				$ 249,744,000
Lakeside Row
Debt Instrument [Line Items]
Interest rate, stated	3.15%					3.15%
1201 Lake Robbins and The Woodlands Warehouse
Debt Instrument [Line Items]
Repayment of debt						$ 280,300,000
Loss on settlement of rate-lock agreement						10,000,000
Construction Loans \| Victoria Place
Debt Instrument [Line Items]
Interest rate margin					5.00%
Face amount				$ 368,200,000	$ 368,200,000
Number of extension options \| extension				2	2
Term of extension option				1 year
Construction Loans \| Tanager Apartments
Debt Instrument [Line Items]
Face amount												$ 58,500,000
Construction Loans \| Lakeside Row
Debt Instrument [Line Items]
Interest rate margin		3.55%
Face amount		$ 70,000,000								$ 250,000,000	$ 35,500,000
Term		10 years
Interest only period		4 years
Amortization period		30 years
Term Loan
Debt Instrument [Line Items]
Repayment of debt			181,800,000
Term Loan \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Debt Instrument [Line Items]
Repayment of debt						62,500,000
Proceeds from sale						$ 69,800,000			$ 69,800,000
Senior Notes due 2029 \| Senior Notes
Debt Instrument [Line Items]
Face amount													$ 650,000,000
Interest rate, stated	4.13%					4.13%							4.125%
Senior Notes due 2031 \| Senior Notes
Debt Instrument [Line Items]
Face amount													$ 650,000,000
Interest rate, stated	4.38%					4.38%							4.375%
The Bridgeland And Woodlands Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Facility amount			250,000,000					250,000,000
The Bridgeland And Woodlands Credit Facility \| Term Loan
Debt Instrument [Line Items]
Face amount								$ 100,000,000
Repayment of debt			$ 100,000,000
Bridgeland Notes due 2026
Debt Instrument [Line Items]
Interest rate, stated	2.40%					2.40%
Senior Notes due 2025 \| Senior Notes
Debt Instrument [Line Items]
Face amount	$ 1,000,000,000					$ 1,000,000,000
Interest rate, stated	5.38%					5.38%
Loss on extinguishment of debt						$ 35,100,000
One-month LIBOR
Debt Instrument [Line Items]
Interest rate margin						0.10%
SOFR
Debt Instrument [Line Items]
Interest rate margin						0.05%
SOFR \| Bridgeland Notes due 2026
Debt Instrument [Line Items]
Interest rate margin			2.30%
Variable rate floor			0.10%
LIBOR \| 1725 Hughes Landing
Debt Instrument [Line Items]
Interest rate margin	3.95%
Variable rate floor	0.15%
LIBOR \| Construction Loans \| Victoria Place
Debt Instrument [Line Items]
Interest rate margin				5.00%
Variable rate floor				0.25%

Mortgages, Notes and Loans Payable, Net - Additional Financing Activity (Details)	1 Months Ended				12 Months Ended
	Feb. 28, 2022 USD ($) extension	Oct. 31, 2021 USD ($)	Sep. 30, 2021 USD ($) extension	Apr. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Jan. 31, 2022 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Long-term debt outstanding					$ 4,591,157,000				$ 4,287,369,000
Derivative, cap interest rate		2.50%
Derivative, fixed interest rate								2.00%
SOFR
Debt Instrument [Line Items]
Interest rate margin					0.05%
Subsequent Event \| Senior Secured Credit Facility
Debt Instrument [Line Items]
Repayments of debt	$ 28,400,000
Marlow \| Construction Loans
Debt Instrument [Line Items]
Face amount				$ 82,600,000
Term of extension option				1 year
Long-term debt outstanding					$ 4,000,000
Marlow \| Construction Loans \| LIBOR
Debt Instrument [Line Items]
Interest rate margin				2.95%
Starling at Bridgeland \| Construction Loans
Debt Instrument [Line Items]
Face amount				$ 42,700,000
Term of extension option				1 year
Long-term debt outstanding					$ 0
Starling at Bridgeland \| Construction Loans \| Minimum
Debt Instrument [Line Items]
Interest rate, stated				3.75%
Starling at Bridgeland \| Construction Loans \| LIBOR
Debt Instrument [Line Items]
Interest rate margin				2.75%
8770 New Trails \| Construction Loans
Debt Instrument [Line Items]
Face amount							$ 35,500,000			$ 35,500,000
Interest rate, stated					4.89%
Tanager Echo \| Construction Loans
Debt Instrument [Line Items]
Face amount			$ 59,500,000
Term of extension option			1 year
Number of extension options \| extension			2
Tanager Echo \| Construction Loans \| LIBOR
Debt Instrument [Line Items]
Interest rate margin			2.90%
Variable rate floor			0.10%
1700 Pavillion \| Construction Loans
Debt Instrument [Line Items]
Face amount			$ 75,000,000
Term of extension option			1 year
Number of extension options \| extension			2
1700 Pavillion \| Construction Loans \| LIBOR
Debt Instrument [Line Items]
Interest rate margin			3.80%
Variable rate floor			0.10%
1201 Lake Robbins
Debt Instrument [Line Items]
Interest rate, stated					2.49%
1201 Lake Robbins \| Construction Loans
Debt Instrument [Line Items]
Derivative, cap interest rate		2.50%
Outlet Collection at Riverwalk \| Construction Loans
Debt Instrument [Line Items]
Face amount		$ 27,200,000
Interest rate margin		3.50%
Term of extension option		1 year
Outlet Collection at Riverwalk \| Construction Loans \| SOFR
Debt Instrument [Line Items]
Interest rate margin		3.00%
One Merriweather \| Subsequent Event
Debt Instrument [Line Items]
Face amount						$ 49,800,000
Interest rate, stated						3.525%
Two Merriweather \| Subsequent Event
Debt Instrument [Line Items]
Face amount						$ 25,600,000
Interest rate, stated						3.825%
Two Summerlin \| Subsequent Event
Debt Instrument [Line Items]
Face amount	$ 40,800,000
Term of extension option	1 year
Number of extension options \| extension	2
Two Summerlin \| Subsequent Event \| Interest rate swap
Debt Instrument [Line Items]
Derivative, fixed interest rate	3.425%
Two Summerlin \| Subsequent Event \| SOFR
Debt Instrument [Line Items]
Interest rate margin	1.75%

Mortgages, Notes and Loans Payable, Net - Schedule of Debt by Property (Details) - USD ($)	1 Months Ended				3 Months Ended	12 Months Ended
	Oct. 31, 2021	Sep. 30, 2021	Apr. 30, 2021	Mar. 31, 2021	Mar. 31, 2021	Dec. 31, 2021	Jun. 30, 2021	Feb. 28, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Carrying value						$ 4,639,416,000
Unamortized bond issuance costs						0			$ (4,355,000)
Unamortized deferred financing costs						(48,259,000)			(28,442,000)
Total mortgages, notes and loans payable						$ 4,591,157,000			4,287,369,000
Derivative, fixed interest rate				2.00%	2.00%
Interest rate cap
Debt Instrument [Line Items]
Notional amount				$ 368,200,000	$ 368,200,000
One-month LIBOR
Debt Instrument [Line Items]
Interest rate margin						0.10%
SOFR
Debt Instrument [Line Items]
Interest rate margin						0.05%
Special Improvement District bonds
Debt Instrument [Line Items]
Interest rate, stated						4.00%
Term Loan
Debt Instrument [Line Items]
Carrying value						$ 316,700,000
Senior Secured Credit Facility
Debt Instrument [Line Items]
Interest rate, stated						4.61%
Bridgeland Notes due 2026
Debt Instrument [Line Items]
Interest rate, stated						2.40%
Bridgeland Notes due 2026 \| SOFR
Debt Instrument [Line Items]
Interest rate margin		2.30%
Senior Notes due 2025 \| Senior Notes
Debt Instrument [Line Items]
Interest Rate						5.38%
Carrying value						$ 0			1,000,000,000
Interest rate, stated						5.38%
Face amount						$ 1,000,000,000
Unsecured 5.375% Senior Notes due 2028 \| Senior Notes
Debt Instrument [Line Items]
Interest Rate						5.38%
Carrying value						$ 750,000,000			750,000,000
Senior Notes due 2029 \| Senior Notes
Debt Instrument [Line Items]
Interest Rate						4.13%
Carrying value						$ 650,000,000			0
Interest rate, stated						4.13%		4.125%
Face amount								$ 650,000,000
Senior Notes due 2031 \| Senior Notes
Debt Instrument [Line Items]
Interest Rate						4.38%
Carrying value						$ 650,000,000			0
Interest rate, stated						4.38%		4.375%
Face amount								$ 650,000,000
Outlet Collection at Riverwalk \| Construction Loans
Debt Instrument [Line Items]
Interest rate margin	3.50%
Face amount	$ 27,200,000
Outlet Collection at Riverwalk \| Construction Loans \| SOFR
Debt Instrument [Line Items]
Interest rate margin	3.00%
Ae‘o Retail
Debt Instrument [Line Items]
Carrying value						$ 29,900,000
Ke Kilohana Retail
Debt Instrument [Line Items]
Carrying value						$ 9,100,000
1725 Hughes Landing
Debt Instrument [Line Items]
Interest rate, stated						4.10%
1735 Hughes Landing
Debt Instrument [Line Items]
Interest Rate						4.10%
1201 Lake Robbins
Debt Instrument [Line Items]
Interest rate, stated						2.49%
Three Hughes Landing
Debt Instrument [Line Items]
Interest rate, stated						3.55%
The Woodlands Warehouse
Debt Instrument [Line Items]
Interest rate, stated						3.65%
8770 New Trails \| Construction Loans
Debt Instrument [Line Items]
Interest rate, stated						4.89%
Face amount							$ 35,500,000			$ 35,500,000
8770 New Trails \| Construction Loans \| One-month LIBOR
Debt Instrument [Line Items]
Interest rate margin						2.45%
‘A‘ali‘i
Debt Instrument [Line Items]
Interest rate, stated						4.10%
Victoria Place
Debt Instrument [Line Items]
Interest rate, stated						5.25%
Victoria Place \| Construction Loans
Debt Instrument [Line Items]
Interest rate margin					5.00%
Face amount				$ 368,200,000	$ 368,200,000
Victoria Place \| Construction Loans \| LIBOR
Debt Instrument [Line Items]
Interest rate margin				5.00%
Victoria Place \| Construction Loans \| Minimum \| LIBOR
Debt Instrument [Line Items]
Interest rate margin					0.25%
Starling at Bridgeland \| Construction Loans
Debt Instrument [Line Items]
Total mortgages, notes and loans payable						$ 0
Face amount			$ 42,700,000
Starling at Bridgeland \| Construction Loans \| LIBOR
Debt Instrument [Line Items]
Interest rate margin			2.75%
Starling at Bridgeland \| Construction Loans \| Minimum
Debt Instrument [Line Items]
Interest rate, stated			3.75%
Tanager Echo \| Construction Loans
Debt Instrument [Line Items]
Face amount		$ 59,500,000
Tanager Echo \| Construction Loans \| LIBOR
Debt Instrument [Line Items]
Interest rate margin		2.90%
1700 Pavillion \| Construction Loans
Debt Instrument [Line Items]
Face amount		$ 75,000,000
1700 Pavillion \| Construction Loans \| LIBOR
Debt Instrument [Line Items]
Interest rate margin		3.80%
Operating Assets
Debt Instrument [Line Items]
Carrying value						$ 1,944,779,000			2,068,763,000
Operating Assets \| Senior Secured Credit Facility \| Term Loan
Debt Instrument [Line Items]
Interest Rate						4.61%
Carrying value						$ 316,656,000			615,000,000
Interest rate, stated						4.61%
Operating Assets \| 4.61% Fixed Rate Debt \| Term Loan
Debt Instrument [Line Items]
Carrying value						$ 615,000,000
Operating Assets \| 20/25 Waterway Avenue
Debt Instrument [Line Items]
Interest Rate						4.79%
Carrying value						$ 12,564,000			12,855,000
Operating Assets \| Millennium Waterway Apartments
Debt Instrument [Line Items]
Interest Rate						3.75%
Carrying value						$ 50,813,000			51,946,000
Operating Assets \| Lake Woodlands Crossing Retail
Debt Instrument [Line Items]
Interest Rate						4.61%
Carrying value						$ 12,329,000			12,329,000
Operating Assets \| Two Lakes Edge
Debt Instrument [Line Items]
Interest Rate						2.40%
Carrying value						$ 68,806,000			66,198,000
Operating Assets \| Outlet Collection at Riverwalk
Debt Instrument [Line Items]
Interest Rate						3.50%
Carrying value						$ 26,742,000			28,679,000
Operating Assets \| The Woodlands Resort
Debt Instrument [Line Items]
Interest Rate						3.00%
Carrying value						$ 0			62,500,000
Operating Assets \| 9303 New Trails
Debt Instrument [Line Items]
Interest Rate						4.88%
Carrying value						$ 10,308,000			10,763,000
Operating Assets \| 4 Waterway Square
Debt Instrument [Line Items]
Interest Rate						4.88%
Carrying value						$ 30,185,000			31,519,000
Operating Assets \| Creekside Park West
Debt Instrument [Line Items]
Interest Rate						4.61%
Carrying value						$ 15,497,000			14,719,000
Operating Assets \| The Lane at Waterway
Debt Instrument [Line Items]
Interest Rate						1.85%
Carrying value						$ 27,279,000			22,167,000
Operating Assets \| 6100 Merriweather
Debt Instrument [Line Items]
Interest Rate						2.85%
Carrying value						$ 66,345,000			62,040,000
Operating Assets \| Juniper Apartments
Debt Instrument [Line Items]
Interest Rate						2.85%
Carrying value						$ 72,762,000			65,808,000
Operating Assets \| Creekside Park The Grove
Debt Instrument [Line Items]
Interest Rate						4.61%
Carrying value						$ 39,503,000			16,468,000
Operating Assets \| 9950 Woodloch Forest
Debt Instrument [Line Items]
Interest Rate						2.05%
Carrying value						$ 83,820,000			71,106,000
Operating Assets \| Ae‘o Retail
Debt Instrument [Line Items]
Interest Rate						2.90%
Carrying value						$ 29,883,000			30,532,000
Operating Assets \| Ke Kilohana Retail
Debt Instrument [Line Items]
Interest Rate						2.90%
Carrying value						$ 9,129,000			9,327,000
Operating Assets \| 3831 Technology Forest Drive
Debt Instrument [Line Items]
Interest Rate						4.50%
Carrying value						$ 20,210,000			20,686,000
Operating Assets \| Kewalo Basin Harbor
Debt Instrument [Line Items]
Interest Rate						2.85%
Carrying value						$ 11,479,000			11,562,000
Operating Assets \| Millennium Six Pines Apartments
Debt Instrument [Line Items]
Interest Rate						3.39%
Carrying value						$ 42,500,000			42,500,000
Operating Assets \| 3 Waterway Square
Debt Instrument [Line Items]
Interest Rate						3.94%
Carrying value						$ 44,747,000			46,224,000
Operating Assets \| One Lakes Edge
Debt Instrument [Line Items]
Interest Rate						4.50%
Carrying value						$ 68,648,000			69,440,000
Operating Assets \| Aristocrat
Debt Instrument [Line Items]
Interest Rate						3.67%
Carrying value						$ 36,095,000			37,093,000
Operating Assets \| Creekside Park Apartments
Debt Instrument [Line Items]
Interest Rate						3.52%
Carrying value						$ 37,730,000			37,730,000
Operating Assets \| 1725 Hughes Landing
Debt Instrument [Line Items]
Interest Rate						4.10%
Carrying value						$ 61,207,000			0
Operating Assets \| 1735 Hughes Landing
Debt Instrument [Line Items]
Interest Rate						4.10%
Carrying value						$ 58,793,000			0
Operating Assets \| One Hughes Landing
Debt Instrument [Line Items]
Interest Rate						4.30%
Carrying value						$ 49,578,000			50,815,000
Operating Assets \| Two Hughes Landing
Debt Instrument [Line Items]
Interest Rate						4.20%
Carrying value						$ 47,184,000			48,000,000
Operating Assets \| Other SID Bonds
Debt Instrument [Line Items]
Interest Rate						6.05%
Operating Assets \| Other SID Bonds \| Special Improvement District bonds
Debt Instrument [Line Items]
Carrying value						$ 2,639,000			2,785,000
Operating Assets \| Tanager Apartments
Debt Instrument [Line Items]
Interest Rate						3.13%
Carrying value						$ 58,500,000			39,744,000
Operating Assets \| Lakeside Row
Debt Instrument [Line Items]
Interest Rate						3.15%
Carrying value						$ 35,500,000			31,566,000
Operating Assets \| 1201 Lake Robbins
Debt Instrument [Line Items]
Interest Rate						3.83%
Carrying value						$ 250,000,000			273,070,000
Operating Assets \| Three Hughes Landing
Debt Instrument [Line Items]
Interest Rate						3.55%
Carrying value						$ 70,000,000			0
Operating Assets \| The Woodlands Warehouse
Debt Instrument [Line Items]
Interest Rate						3.65%
Carrying value						$ 13,700,000			7,230,000
Operating Assets \| 8770 New Trails
Debt Instrument [Line Items]
Interest Rate						4.89%
Carrying value						$ 35,482,000			35,417,000
Operating Assets \| Constellation Apartments
Debt Instrument [Line Items]
Interest Rate						4.07%
Carrying value						$ 24,200,000			24,200,000
Operating Assets \| Hughes Landing Retail
Debt Instrument [Line Items]
Interest Rate						3.50%
Carrying value						$ 33,633,000			34,328,000
Operating Assets \| Columbia Regional Building
Debt Instrument [Line Items]
Interest Rate						4.48%
Carrying value						$ 23,805,000			24,244,000
Operating Assets \| Las Vegas Ballpark
Debt Instrument [Line Items]
Interest Rate						4.92%
Carrying value						$ 46,528,000			48,173,000
Master Planned Communities
Debt Instrument [Line Items]
Carrying value						$ 341,492,000			181,520,000
Master Planned Communities \| The Woodlands Master Credit Facility
Debt Instrument [Line Items]
Interest Rate						2.64%
Carrying value						$ 0			75,000,000
Master Planned Communities \| Bridgeland Credit Facility
Debt Instrument [Line Items]
Interest Rate						2.64%
Carrying value						$ 0			75,000,000
Master Planned Communities \| Bridgeland Notes due 2026
Debt Instrument [Line Items]
Interest Rate						2.40%
Carrying value						$ 275,000,000			0
Master Planned Communities \| Summerlin South SID Bonds \| Special Improvement District bonds
Debt Instrument [Line Items]
Carrying value						$ 66,492,000			31,520,000
Master Planned Communities \| Summerlin South SID Bonds \| Special Improvement District bonds \| Minimum
Debt Instrument [Line Items]
Interest Rate						4.00%
Interest rate, stated						4.00%
Master Planned Communities \| Summerlin South SID Bonds \| Special Improvement District bonds \| Maximum
Debt Instrument [Line Items]
Interest Rate						6.05%
Interest rate, stated						6.05%
Seaport
Debt Instrument [Line Items]
Carrying value						$ 100,000,000			100,000,000
Seaport \| 250 Water Street
Debt Instrument [Line Items]
Interest Rate						4.61%
Carrying value						$ 100,000,000			100,000,000
Strategic Developments
Debt Instrument [Line Items]
Carrying value						$ 203,145,000			219,883,000
Strategic Developments \| ‘A‘ali‘i
Debt Instrument [Line Items]
Interest Rate						4.10%
Carrying value						$ 0			154,601,000
Strategic Developments \| Kō'ula
Debt Instrument [Line Items]
Interest Rate						4.61%
Carrying value						$ 150,183,000			65,282,000
Strategic Developments \| Victoria Place
Debt Instrument [Line Items]
Interest Rate						5.25%
Carrying value						$ 49,000,000			0
Strategic Developments \| Starling at Bridgeland
Debt Instrument [Line Items]
Interest Rate						3.75%
Carrying value						$ 3,960,000			0
Strategic Developments \| Tanager Echo
Debt Instrument [Line Items]
Interest Rate						3.00%
Carrying value						$ 1,000			0
Strategic Developments \| 1700 Pavillion
Debt Instrument [Line Items]
Interest Rate						3.90%
Carrying value						$ 1,000			$ 0

Mortgages, Notes and Loans Payable, Net - Mortgages, Notes, and Loans Payable Balances by Property Narrative (Details) - USD ($) $ in Billions	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Weighted average interest rate	4.17%	4.34%
Pledged assets, not separately reported	$ 4.2

Mortgages, Notes and Loans Payable, Net - Summary of Recourse Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Amount	$ 4,639,416
Kō'ula \| Total recourse to HHC
Debt Instrument [Line Items]
Recourse %	25.00%
250 Water Street \| Total recourse to HHC
Debt Instrument [Line Items]
Recourse %	35.00%
Juniper Apartments \| Total recourse to HHC
Debt Instrument [Line Items]
Recourse %	25.00%
6100 Merriweather \| Total recourse to HHC
Debt Instrument [Line Items]
Recourse %	25.00%
Two Lakes Edge \| Total recourse to TWLDC
Debt Instrument [Line Items]
Recourse %	25.00%
9950 Woodloch Forest \| Total recourse to TWLDC
Debt Instrument [Line Items]
Recourse %	20.00%
Creekside Park The Grove \| Total recourse to TWLDC
Debt Instrument [Line Items]
Recourse %	25.00%
The Lane at Waterway \| Total recourse to TWLDC
Debt Instrument [Line Items]
Recourse %	35.00%
Lake Woodlands Crossing Retail \| Total recourse to TWLDC
Debt Instrument [Line Items]
Recourse %	50.00%
Creekside Park West \| Total recourse to TWLDC
Debt Instrument [Line Items]
Recourse %	25.00%
Unsecured 5.375% Senior Notes due 2028 \| Senior Notes
Debt Instrument [Line Items]
Amount	$ 750,000	$ 750,000
Unsecured 5.375% Senior Notes due 2028 \| Senior Notes \| Total recourse to HHC
Debt Instrument [Line Items]
Recourse %	100.00%
Senior Notes due 2029 \| Senior Notes
Debt Instrument [Line Items]
Amount	$ 650,000	$ 0
Senior Notes due 2029 \| Senior Notes \| Total recourse to HHC
Debt Instrument [Line Items]
Recourse %	100.00%
Senior Notes due 2031 \| Senior Notes \| Total recourse to HHC
Debt Instrument [Line Items]
Recourse %	100.00%
Outlet Collection at Riverwalk \| Outlet Collection at Riverwalk \| Total recourse to HHC
Debt Instrument [Line Items]
Recourse %	50.00%
Recourse
Debt Instrument [Line Items]
Amount	$ 2,234,121
Recourse \| Total recourse to HHC
Debt Instrument [Line Items]
Amount	2,170,693
Recourse \| Total recourse to TWLDC
Debt Instrument [Line Items]
Amount	63,428
Recourse \| Kō'ula \| Total recourse to HHC
Debt Instrument [Line Items]
Amount	37,546
Recourse \| 250 Water Street \| Total recourse to HHC
Debt Instrument [Line Items]
Amount	35,000
Recourse \| Juniper Apartments \| Total recourse to HHC
Debt Instrument [Line Items]
Amount	18,190
Recourse \| 6100 Merriweather \| Total recourse to HHC
Debt Instrument [Line Items]
Amount	16,586
Recourse \| Two Lakes Edge \| Total recourse to TWLDC
Debt Instrument [Line Items]
Amount	17,202
Recourse \| 9950 Woodloch Forest \| Total recourse to TWLDC
Debt Instrument [Line Items]
Amount	16,764
Recourse \| Creekside Park The Grove \| Total recourse to TWLDC
Debt Instrument [Line Items]
Amount	9,876
Recourse \| The Lane at Waterway \| Total recourse to TWLDC
Debt Instrument [Line Items]
Amount	9,547
Recourse \| Lake Woodlands Crossing Retail \| Total recourse to TWLDC
Debt Instrument [Line Items]
Amount	6,165
Recourse \| Creekside Park West \| Total recourse to TWLDC
Debt Instrument [Line Items]
Amount	3,874
Recourse \| Unsecured 5.375% Senior Notes due 2028 \| Senior Notes \| Total recourse to HHC
Debt Instrument [Line Items]
Amount	750,000
Recourse \| Senior Notes due 2029 \| Senior Notes \| Total recourse to HHC
Debt Instrument [Line Items]
Amount	650,000
Recourse \| Senior Notes due 2031 \| Senior Notes \| Total recourse to HHC
Debt Instrument [Line Items]
Amount	650,000
Recourse \| Outlet Collection at Riverwalk \| Outlet Collection at Riverwalk \| Total recourse to HHC
Debt Instrument [Line Items]
Amount	$ 13,371

Mortgages, Notes and Loans Payable, Net - Contractual Obligations Based on Extended Maturity Dates (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Mortgages, notes and loans payable principal payments
2022	$ 103,022
2023	547,744
2024	343,950
2025	172,275
2026	359,603
Thereafter	3,112,822
Total principal payments	4,639,416
Unamortized deferred financing and bond issuance costs	(48,259)
Total mortgages, notes and loans payable	$ 4,591,157	$ 4,287,369

Fair Value - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative liabilities	$ 26,452	$ 51,920
Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative assets	1,257	0
Interest rate derivative liabilities	26,452	51,920
Interest rate swap \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative assets	0	0
Interest rate derivative liabilities	0	0
Interest rate swap \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative assets	1,257	0
Interest rate derivative liabilities	26,452	51,920
Interest rate swap \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative assets	0	0
Interest rate derivative liabilities	$ 0	$ 0

Fair Value - Assets and Liabilities Not Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets:
Cash and Restricted cash	$ 1,216,637	$ 1,242,997	$ 620,135	$ 724,215
Liabilities:
Mortgages, notes and loans payable	1,238,857	1,945,344
Allowance for accounts receivable	16,500	33,000
Notes Receivable
Liabilities:
Notes receivable, allowance	200	200
Level 1 \| Reported Value Measurement
Assets:
Cash and Restricted cash	1,216,637	1,242,997
Level 1 \| Estimate of Fair Value Measurement
Assets:
Cash and Restricted cash	1,216,637	1,242,997
Level 3 \| Reported Value Measurement
Assets:
Accounts receivable, net	86,388	66,726
Notes receivable, net	7,561	622
Level 3 \| Estimate of Fair Value Measurement
Assets:
Accounts receivable, net	86,388	66,726
Notes receivable, net	7,561	622
Level 2 \| Reported Value Measurement
Liabilities:
Fixed-rate debt	3,125,559	2,374,822
Mortgages, notes and loans payable	1,513,857	1,945,344
Level 2 \| Estimate of Fair Value Measurement
Liabilities:
Fixed-rate debt	3,186,139	2,461,155
Mortgages, notes and loans payable	$ 1,513,857	$ 1,945,344

Fair Value - Non-financial Assets Measured at Fair Value on a Non-recurring Basis (Details) - Fair Value, Nonrecurring $ in Thousands	Dec. 31, 2021 USD ($)	Dec. 31, 2020	Mar. 31, 2020
Measurement Input, Cap Rate \| Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		0.100	0.10
Century Park
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure	$ 32,000
Century Park \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure	0
Century Park \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure	0
Century Park \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure	32,000
Outlet Collection at Riverwalk
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure	46,794
Outlet Collection at Riverwalk \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure	0
Outlet Collection at Riverwalk \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure	0
Outlet Collection at Riverwalk \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure	$ 46,794

Derivative Instruments and Hedging Activities - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) derivative	Dec. 31, 2020 USD ($) derivative
Derivative [Line Items]
Agreements settled \| derivative	0	0
Fair value derivative liabilities	$ 26,452	$ 51,920
Interest rate swap
Derivative [Line Items]
Gain reclassification to interest expense	2,400
Interest rate swap \| Designated as Hedging Instrument
Derivative [Line Items]
Loss on derivative expected amount to be reclassified	$ 15,200
Interest rate swap \| Settled Interest Rate Swap, One \| Designated as Hedging Instrument
Derivative [Line Items]
Change in fair value, recognition period	6 years
Credit Risk Contract
Derivative [Line Items]
Fair value derivative liabilities	$ 28,500	$ 54,600

Derivative Instruments and Hedging Activities - Summary of the Notional Amount and Fair Value of Derivatives (Details) - USD ($)	1 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2018
Fair value of derivative instruments
Derivative, fixed interest rate							2.00%
Total fair value derivative assets		$ 1,257,000	$ 0
Total fair value derivative liabilities		(26,452,000)	(51,920,000)
Total fair value derivatives, net		(25,195,000)	(51,920,000)
Repayment of debt		2,140,340,000	867,935,000	$ 386,489,000
$700 Million loan due 2023
Fair value of derivative instruments
Face amount					$ 700,000,000
Term Loan
Fair value of derivative instruments
Repayment of debt	$ 181,800,000
Term Loan \| $700 Million loan due 2023
Fair value of derivative instruments
Face amount			615,000,000		615,000,000			$ 615,000,000.0
Repayment of debt					$ 181,800,000
Construction Loans \| 1700 Pavillion
Fair value of derivative instruments
Face amount		75,000,000
Construction Loans \| Tanager Echo
Fair value of derivative instruments
Face amount		59,500,000
Construction Loans \| 8770 New Trails
Fair value of derivative instruments
Face amount				$ 35,500,000		$ 35,500,000
Interest rate cap \| Not Designated as Hedging Instrument \| Fixed Interest Rate 2.00 Percent, Maturing September 2023, Notional 285 Million \| Prepaid expenses and other assets, net
Fair value of derivative instruments
Notional amount, asset		$ 285,000,000
Derivative, fixed interest rate		2.00%
Total fair value derivative assets		$ 300,000	0
Interest rate cap \| Not Designated as Hedging Instrument \| Fixed Interest Rate 2.00%, Maturing September 2023 \| Prepaid expenses and other assets, net
Fair value of derivative instruments
Notional amount, asset		$ 83,200,000
Derivative, fixed interest rate		2.00%
Total fair value derivative assets		$ 87,000	0
Interest rate cap \| Not Designated as Hedging Instrument \| Fixed Interest Rate 5.00%, Maturing October 2022 \| Prepaid expenses and other assets, net
Fair value of derivative instruments
Notional amount, asset		$ 75,000,000
Derivative, fixed interest rate		5.00%
Total fair value derivative assets		$ 0	0
Interest rate cap \| Not Designated as Hedging Instrument \| Fixed Interest Rate 2.50 Percent, Maturing September 2025, Notional 75 Million \| Prepaid expenses and other assets, net
Fair value of derivative instruments
Notional amount, asset		$ 75,000,000
Derivative, fixed interest rate		2.50%
Total fair value derivative assets		$ 485,000	0
Interest rate cap \| Not Designated as Hedging Instrument \| Fixed Interest Rate 2.50 Percent, Maturing September 2025, Notional 59.5 Million \| Prepaid expenses and other assets, net
Fair value of derivative instruments
Notional amount, asset		$ 59,500,000
Derivative, fixed interest rate		2.50%
Total fair value derivative assets		$ 385,000	0
Interest rate swap \| Designated as Hedging Instrument \| Fixed Interest Rate 2.96%, Maturing September 2023 \| Accounts payable and accrued expenses
Fair value of derivative instruments
Notional amount, liability		$ 615,000,000
Derivative, fixed interest rate		2.96%
Total fair value derivative liabilities		$ (23,477,000)	(46,613,000)
Interest rate swap \| Designated as Hedging Instrument \| Fixed Interest Rate 4.89%, Maturing January 2032 \| Accounts payable and accrued expenses
Fair value of derivative instruments
Notional amount, liability		$ 35,485,000
Derivative, fixed interest rate		4.89%
Total fair value derivative liabilities		$ (2,975,000)	$ (5,307,000)

Derivative Instruments and Hedging Activities - Impact of Financial Instruments on Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effect of the Company's derivative financial instruments on the income statement
Total Interest Expense Presented in the Results of Operations in which the Effects of Cash Flow Hedges are Recorded	$ 130,036	$ 132,257	$ 105,374
Interest Expense
Effect of the Company's derivative financial instruments on the income statement
Amount of Gain (Loss) Reclassified from AOCI into Operations	(12,660)	(11,836)	1,939
Interest rate swap
Effect of the Company's derivative financial instruments on the income statement
Amount of Gain (Loss) Recognized in AOCI on Derivatives	5,300	$ (34,906)	$ (19,245)
Amount of Gain (Loss) Reclassified from AOCI into Operations	$ 2,400

Commitments and Contingencies - Narrative (Details)		3 Months Ended	12 Months Ended
Commitments and Contingencies - Narrative (Details)	Jun. 14, 2018 entity party	Mar. 31, 2020 USD ($)	Dec. 31, 2021 USD ($) tower	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Oct. 31, 2020 USD ($)
Commitments
Number of individuals or entities on petition \| entity	500
Number of unaffiliated parties \| party	2
Letters of credit outstanding			$ 5,100,000	$ 5,200,000
Surety bonds outstanding			331,000,000	272,400,000
Contractual rental expense			$ 7,200,000	$ 7,200,000	$ 8,500,000
Guarantor obligations, reserved percentage of residential units			20.00%
Guarantor obligations, number of open condominium towers \| tower			3
Guarantor obligations, number of towers under construction \| tower			2
Waiea
Commitments
Charge for repairs and remediation on alleged construction defects		$ 99,200,000	$ 21,000,000
Reserve for uncollectible amounts under ASC 450			$ 96,600,000
Downtown columbia \| Guarantee Obligations
Commitments
Guarantee amount						$ 1,000,000

Stock-Based Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	May 14, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)				1,350,000
Cash received from stock options exercised	$ 4,078	$ 4,638	$ 3,535
Tax benefit from exercise of stock options	$ 600	$ 500	$ 500
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Unamortized stock option expense	$ 1,700
Weighted-average period for recognition of unamortized expense	3 years 1 month 6 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period for recognition of unamortized expense	3 years
Weighted-average grant date fair value (in dollars per share)	$ 83.91	$ 71.48	$ 98.78
Fair value of restricted stock vested	$ 6,900	$ 5,600	$ 14,900
Unamortized restricted stock expense	$ 16,200
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
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum shares available for future grant (in shares)	1,102,470
Maximum \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years

Stock-Based Compensation Plans - Summary of stock-based compensation expense, net of amounts capitalized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Pre-tax stock-based compensation expense	$ 7,559	$ 4,628	$ 18,093
Income tax benefit	882	167	3,699
Stock Options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Pre-tax stock-based compensation expense	227	(1,892)	1,411
Share based compensation costs capitalized	100	200	400
Restricted Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Pre-tax stock-based compensation expense	7,332	6,520	16,682
Share based compensation costs capitalized	$ 2,200	$ 900	$ 1,000

Stock-Based Compensation Plans - Summary of Stock Option Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock Options
Outstanding at beginning of year (in shares)	372,736
Granted (in shares)	6,000
Exercised (in shares)	(82,225)
Forfeited (in shares)	(25,000)
Expired (in shares)	(1,024)
Outstanding at end of year (in shares)	270,487	372,736
Weighted-average Exercise Price
Outstanding at beginning of year (in dollars per share)	$ 100.49
Granted (in dollars per share)	100.74
Exercised (in dollars per share)	59.17
Forfeited (in dollars per share)	104.81
Expired (in dollars per share)	111.35
Outstanding at end of year (in dollars per share)	$ 112.61	$ 100.49
Stock Options, Additional Disclosures
Weighted average remaining contractual term of stock options outstanding	4 years 10 months 24 days
Aggregate intrinsic value	$ 1,196,041
Stock options vested and expected to vest (in shares)	268,289
Stock options vested and expected to vest, weighted average exercise price (in dollars per share)	$ 112.80
Weighted average remaining contractual term of stock options expected to vest	4 years 10 months 24 days
Aggregate intrinsic value of stock options expected to vest	$ 1,156,748
Stock options exercisable at the end of the period (in shares)	182,750
Stock options exercisable at the end of the period, weighted average exercise price (in dollars per share)	$ 117.56
Weighted average remaining contractual term of stock options exercisable	3 years 7 months 6 days
Aggregate intrinsic value of stock options exercisable	$ 172,806
Intrinsic value of stock options exercised	$ 2,600,000	$ 2,400,000	$ 2,400,000

Stock-Based Compensation Plans - Significant Assumptions Used in Black-Scholes Option-pricing Model (Details) - Stock Options - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value (in dollars per share)	$ 41.52	$ 32.10	$ 32.51
Expected life of options (in years)	7 years 6 months	7 years 6 months	7 years 6 months
Risk-free interest rate	1.20%	0.70%	2.20%
Expected volatility	36.50%	40.40%	22.60%
Expected annual dividend per share	$ 0	$ 0	$ 0

Stock-Based Compensation Plans - Summary of Restricted Stock Activity (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Stock
Outstanding at beginning of year (in shares)	409,110
Granted (in shares)	102,410
Vested (in shares)	(67,673)
Forfeited (in shares)	(37,881)
Outstanding at end of year (in shares)	405,966	409,110
Weighted-average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share)	$ 69.21
Granted (in dollars per share)	83.91	$ 71.48	$ 98.78
Vested (in dollars per share)	85.39
Forfeited (in dollars per share)	47.98
Outstanding at end of year (in dollars per share)	$ 72.20	$ 69.21

Income Taxes - Summary of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Provision for (benefit from) income taxes
Current	$ 4,797	$ 826	$ 1,427
Deferred	10,356	10,827	27,818
Income tax expense (benefit)	$ 15,153	$ 11,653	$ 29,245

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Computation of Income Tax Expense by Applying Federal Corporate Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ 64,077	$ 8,480	$ 103,540
U.S. federal statutory tax rate	21.00%	21.00%	21.00%
Tax computed at the U.S. federal statutory rate	$ 13,456	$ 1,781	$ 21,743
Increase (decrease) in valuation allowance, net	2,378	11,822	4,419
State income taxes, net of federal income tax expense (benefit)	(3,182)	(2,608)	417
Tax expense (benefit) from other change in rates, prior period adjustments and other permanent differences	(181)	2,271	(138)
Tax expense on compensation disallowance	1,570	1,553	2,804
Net (income) loss attributable to noncontrolling interests	1,507	(4,826)	0
Tax expense (benefit) on tax credits	(395)	1,660	0
Income tax expense (benefit)	$ 15,153	$ 11,653	$ 29,245
Effective tax rate	23.60%	137.40%	28.20%

Income Taxes - Summary of Amounts and Expiration Dates of Operating Loss, Charitable Contribution and Tax Credit Carryforwards (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards, not subject to expiration	$ 384,813
Capital loss carryforwards - Federal	6,042
Charitable contribution carryforwards - Federal	1,956
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards, subject to expiration	346,139
Net operating loss carryforwards, not subject to expiration	$ 252,222

Income Taxes - Summary of Tax Effects and Temporary Differences Included in Net Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Operating and Strategic Developments properties, primarily differences in basis of assets and liabilities	$ 60,933	$ 51,580
Operating loss and tax carryforwards	119,884	161,701
Total deferred tax assets	180,817	213,281
Valuation allowance	(40,477)	(38,065)
Total net deferred tax assets	140,340	175,216
Deferred tax liabilities:
Property associated with MPCs, primarily differences in the tax basis of land assets and treatment of interest and other costs	(176,904)	(163,836)
Operating and Strategic Developments properties, primarily differences in basis of assets and liabilities	(88,297)	(100,564)
Deferred income	(79,976)	(98,455)
Total deferred tax liabilities	(345,177)	(362,855)
Total net deferred tax liabilities	$ (204,837)	$ (187,639)

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0	$ 0	$ 0
Interest expense and penalties related to unrecognized tax benefits	$ 0	$ 0	$ 0

Warrants (Details) - Management Warrants - USD ($) $ / shares in Units, $ in Millions	Oct. 07, 2016	Oct. 04, 2017	Jun. 16, 2017
Chief Financial Officer
Sponsors and Management Warrants
Number of shares called by warrants (in shares)	50,125
Exercise price (in dollars per share)	$ 112.08
Proceeds from issuance of management warrants	$ 1.0
Chief Executive Officer
Sponsors and Management Warrants
Number of shares called by warrants (in shares)			1,965,409
Exercise price (in dollars per share)			$ 124.64
Total warrant price			$ 50.0
President
Sponsors and Management Warrants
Number of shares called by warrants (in shares)		87,951
Exercise price (in dollars per share)		$ 117.01
Total warrant price		$ 2.0

Accumulated Other Comprehensive Income - Summary of Changes in Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Balance at the beginning of the period

$ 3,715,023

$ 3,332,988

$ 3,238,126

Other comprehensive income (loss) before reclassifications

5,300

(34,906)

(19,318)

(Gain) loss reclassified from accumulated other comprehensive loss to net income

12,660

11,836

(1,939)

Pension adjustment

452

(84)

Share of investee's other comprehensive income

^[1]

5,721

1,002

Deconsolidation of 110 North Wacker

12,934

Net current-period other comprehensive income (loss)

24,133

(9,218)

(21,246)

Balance at the end of the period

3,710,670

3,715,023

3,332,988

AOCI Attributable to Parent

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Balance at the beginning of the period

(38,590)

(29,372)

(8,126)

Pension adjustment

452

(84)

Share of investee's other comprehensive income

5,721

1,002

Balance at the end of the period

$ (14,457)

$ (38,590)

$ (29,372)

[1]	Amounts are shown net of deferred tax expense of $1.6 million for the year ended December 31, 2021, and $0.3 million for the year ended December 31, 2020.

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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Accumulated Other Comprehensive Income - Summary of Amounts Reclassified Out of AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reclassifications out of accumulated other comprehensive income (loss)
(Gains) losses on cash flow hedges	$ 130,036	$ 132,257	$ 105,374
Income taxes on (gains) losses on cash flow hedges	15,153	11,653	29,245
Total reclassifications of (income) loss for the period	(48,924)	3,173	$ (74,295)
Amounts reclassified from Accumulated Other Comprehensive Income (Loss)
Reclassifications out of accumulated other comprehensive income (loss)
Total reclassifications of (income) loss for the period	12,660	11,836
Accumulated Other Comprehensive Income (Loss) Components \| Amounts reclassified from Accumulated Other Comprehensive Income (Loss)
Reclassifications out of accumulated other comprehensive income (loss)
(Gains) losses on cash flow hedges	16,221	14,602
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Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

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Earnings Per Share - Information Related to EPS Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net income (loss)
Net income (loss)	$ 48,924	$ (3,173)	$ 74,295
Net (income) loss attributable to noncontrolling interests	7,176	(22,981)	(339)
Net income (loss) attributable to common stockholders, basic	56,100	(26,154)	73,956
Net income (loss) attributable to common stockholders, diluted	$ 56,100	$ (26,154)	$ 73,956
Shares
Weighted-average common shares outstanding - basic (in shares)	54,596	52,522	43,136
Restricted stock and stock options (in shares)	53	0	168
Warrants (in shares)	0	0	4
Weighted-average common shares outstanding - diluted (in shares)	54,649	52,522	43,308
Net income (loss) per common share
Basic income (loss) per share (in dollars per share)	$ 1.03	$ (0.50)	$ 1.71
Diluted income (loss) per share (in dollars per share)	$ 1.03	$ (0.50)	$ 1.71

Earnings Per Share - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions				3 Months Ended			9 Months Ended	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2020	Mar. 27, 2020	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2019	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Oct. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		12,270,900	2,000,000
Share price (in dollars per share)			$ 50.00
Sale of stock, consideration received on transaction	$ 593.6
Shares repurchased (in shares)					1,023,284	496,000
Treasury stock activity					$ 96.6
Common stock, par value (in dollars per share)					$ 0.01			$ 0.01	$ 0.01
Treasury stock acquired (in dollars per share)					$ 94.42
Subsequent Event
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares repurchased (in shares)				1,579,646
Treasury stock activity				$ 153.4
Treasury stock acquired (in dollars per share)				$ 97.10
Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Authorized repurchase amount					$ 100.0			$ 100.0			$ 250.0
Treasury stock activity							$ 53.9
Over-Allotment Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Sale of stock, number of shares issued in transaction (in shares)			300,000
Additional Over-Allotment Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Sale of stock, number of shares issued in transaction (in shares)			270,900
Private Placement
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Sale of stock, number of shares issued in transaction (in shares)			10,000,000
Share price (in dollars per share)			$ 50.00
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (in shares)								255,987	372,736	488,108
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (in shares)								299,506	409,110	291,485

Revenues - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Rental revenue	$ 369,330	$ 323,182	$ 278,806
Total revenues	1,427,901	699,489	1,300,539
Recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	905,952	271,259	814,767
Operating Assets revenues
Disaggregation of Revenue [Line Items]
Total revenues	442,698	372,057	400,131
Master Planned Communities revenues
Disaggregation of Revenue [Line Items]
Total revenues	409,746	283,953	386,781
Seaport revenues
Disaggregation of Revenue [Line Items]
Total revenues	55,008	23,814	55,645
Strategic Developments revenues
Disaggregation of Revenue [Line Items]
Total revenues	520,109	19,407	457,948
Corporate revenues
Disaggregation of Revenue [Line Items]
Total revenues	340	258	34
Condominium rights and unit sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	514,597	1,143	448,940
Condominium rights and unit sales \| Recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	514,597	1,143	448,940
Master Planned Communities land sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	346,217	233,044	330,146
Master Planned Communities land sales \| Recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	346,217	233,044	330,146
Builder price participation
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	45,138	37,072	35,681
Builder price participation \| Recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	45,138	37,072	35,681
Other land, rental and property revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	152,619	105,048	206,966
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	$ 152,619	$ 105,048	$ 206,966

Revenues - Schedule of Contract with Customer, Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Contract Liabilities
Beginning balance	$ 360,416	$ 246,010
Consideration earned during the period	(584,115)	(55,696)
Consideration received during the period	654,876	170,102
Ending balance	$ 431,177	$ 360,416

Revenues - Schedule of Remaining Unsatisfied Performance Obligations (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, cancellation period	30 days
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 2,200,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 767,333
Remaining performance obligation, expected timing of satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 21,309
Remaining performance obligation, expected timing of satisfaction period	2 years
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	$ 1,371,526
Remaining performance obligation, expected timing of satisfaction period

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Lease termination period	1 year
Average remaining term of lease	4 years
COVID-19 related rent deferrals	$ 1.0	$ 4.8
Majority Of Leases
Lessee, Lease, Description [Line Items]
Operating lease remaining lease term	25 years
One Lease
Lessee, Lease, Description [Line Items]
Operating lease remaining lease term	52 years
Minimum
Lessee, Lease, Description [Line Items]
Lease renewal term	2 years
Maximum
Lessee, Lease, Description [Line Items]
Lease renewal term	48 years

Leases - Leased Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Operating lease right-of-use assets, net	$ 57,022	$ 56,255
Liabilities
Operating lease obligations	$ 69,363	$ 68,929

Leases - Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease cost	$ 8,495	$ 8,720
Variable lease costs	823	958
Net lease cost	$ 9,318	$ 9,678

Leases - Lease Liability Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
2022	$ 6,228
2023	6,348
2024	6,315
2025	4,925
2026	4,695
Thereafter	275,530
Total lease payments	304,041
Less: imputed interest	(234,678)
Present value of lease liabilities	$ 69,363	$ 68,929

Leases - Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows on operating leases	$ 6,930	$ 7,235
Weighted-average remaining lease term (years)
Operating leases	38 years 8 months 12 days	37 years 1 month 6 days
Weighted-average discount rate
Operating leases	7.70%	7.80%

Leases - Minimum Rent Payments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Total Minimum Rent Payments	$ 223,138	$ 213,072
2022	224,055
2023	215,186
2024	205,402
2025	176,897
2026	155,797
Thereafter	666,754
Total	$ 1,644,091

Segments - Narrative (Details) a in Thousands	12 Months Ended
Segments - Narrative (Details) a in Thousands	Dec. 31, 2021 a ft² segment location
Segments reporting
Number of business segments \| segment	4
Seaport
Segments reporting
Area of real estate property (in sqft) \| a	461
Number of primary locations	3
Number of operating locations	2
Seaport \| Tin Building
Segments reporting
Area of real estate property (in sqft) \| ft²	53,783

Segments - Summary of Segment Operating Results (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2021 property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Segments reporting
Total revenues		$ 1,427,901	$ 699,489	$ 1,300,539
Depreciation and amortization		(205,100)	(217,467)	(155,798)
Other income (loss), net		(11,515)	130	12,179
Equity in earnings (losses) from real estate and other affiliates		(9,852)	271,099	30,629
Gain (loss) on sale or disposal of real estate and other assets, net		53,079	59,942	22,362
Selling profit from sales-type leases		0	0	13,537
Gain (loss) on extinguishment of debt		(38,014)	(13,169)	4,641
Provision for impairment		(13,068)	(48,738)	0
Income (loss) before income taxes		64,077	8,480	103,540
Net income (loss)		48,924	(3,173)	74,295
Net (income) loss attributable to noncontrolling interests		7,176	(22,981)	(339)
Net income (loss) attributable to common stockholders		56,100	(26,154)	73,956
Number of properties sold \| property	3
Operating Segments
Segments reporting
Total revenues		1,427,561	699,231	1,300,505
Total operating expenses		(916,767)	(495,349)	(840,514)
Segment operating income (loss)		510,794	203,882	459,991
Depreciation and amortization		(200,776)	(210,836)	(147,777)
Interest income (expense), net		(28,650)	(61,024)	(50,554)
Other income (loss), net		(11,940)	89	2,552
Equity in earnings (losses) from real estate and other affiliates		(9,852)	271,099	30,629
Gain (loss) on sale or disposal of real estate and other assets, net		53,079	59,942	27,113
Selling profit from sales-type leases				13,537
Gain (loss) on extinguishment of debt		(2,930)	(13,169)	4,851
Provision for impairment		(13,068)	(48,738)
Income (loss) before income taxes		296,657	201,245	340,342
Corporate
Segments reporting
Corporate income, expenses and other items		(247,733)	(204,418)	(266,047)
Operating Assets
Segments reporting
Total revenues		442,698	372,057	400,131
Operating Assets \| Operating Segments
Segments reporting
Total revenues		442,698	372,057	400,131
Total operating expenses		(209,020)	(185,480)	(187,322)
Segment operating income (loss)		233,678	186,577	212,809
Depreciation and amortization		(163,031)	(162,324)	(115,499)
Interest income (expense), net		(75,391)	(91,411)	(81,029)
Other income (loss), net		(10,746)	540	1,142
Equity in earnings (losses) from real estate and other affiliates		(67,042)	(7,366)	3,672
Gain (loss) on sale or disposal of real estate and other assets, net		39,168	38,232	0
Selling profit from sales-type leases				13,537
Gain (loss) on extinguishment of debt		(1,926)	(1,521)	0
Provision for impairment		0	(48,738)
Income (loss) before income taxes		(45,290)	(86,011)	34,632
Operating Assets \| Operating Segments \| Hospitality revenues
Segments reporting
Total revenues		35,600	35,200	87,900
Total operating expenses		(30,500)	(32,300)	(60,200)
MPC Segment
Segments reporting
Total revenues		409,746	283,953	386,781
MPC Segment \| Operating Segments
Segments reporting
Total revenues		409,746	283,953	386,781
Total operating expenses		(193,851)	(128,597)	(183,472)
Segment operating income (loss)		215,895	155,356	203,309
Depreciation and amortization		(366)	(365)	(424)
Interest income (expense), net		42,683	36,587	32,019
Other income (loss), net		0	0	601
Equity in earnings (losses) from real estate and other affiliates		59,399	17,845	28,336
Gain (loss) on sale or disposal of real estate and other assets, net		0	0	0
Selling profit from sales-type leases				0
Gain (loss) on extinguishment of debt		(1,004)	0	0
Provision for impairment		0	0
Income (loss) before income taxes		316,607	209,423	263,841
Seaport Segment
Segments reporting
Total revenues		55,008	23,814	55,645
Seaport Segment \| Operating Segments
Segments reporting
Total revenues		55,008	23,814	55,645
Total operating expenses		(77,198)	(46,112)	(77,872)
Segment operating income (loss)		(22,190)	(22,298)	(22,227)
Depreciation and amortization		(30,867)	(41,602)	(26,381)
Interest income (expense), net		357	(12,512)	(12,865)
Other income (loss), net		(3,730)	(2,616)	(22)
Equity in earnings (losses) from real estate and other affiliates		(1,988)	(9,292)	(2,592)
Gain (loss) on sale or disposal of real estate and other assets, net		0	0	(6)
Selling profit from sales-type leases				0
Gain (loss) on extinguishment of debt		0	(11,648)	4,851
Provision for impairment		0	0
Income (loss) before income taxes		(58,418)	(99,968)	(59,242)
Strategic Developments Segment
Segments reporting
Total revenues		520,109	19,407	457,948
Strategic Developments Segment \| Operating Segments
Segments reporting
Total revenues		520,109	19,407	457,948
Total operating expenses		(436,698)	(135,160)	(391,848)
Segment operating income (loss)		83,411	(115,753)	66,100
Depreciation and amortization		(6,512)	(6,545)	(5,473)
Interest income (expense), net		3,701	6,312	11,321
Other income (loss), net		2,536	2,165	831
Equity in earnings (losses) from real estate and other affiliates		(221)	269,912	1,213
Gain (loss) on sale or disposal of real estate and other assets, net		13,911	21,710	27,119
Selling profit from sales-type leases				0
Gain (loss) on extinguishment of debt		0	0	0
Provision for impairment		(13,068)	0
Income (loss) before income taxes		$ 83,758	$ 177,801	$ 101,111

Segments - Summary of Assets by Segment and Reconciliation of Segment Assets to Total Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of total segment assets to total assets
Assets	$ 9,581,694	$ 9,140,332
Operating Segments
Reconciliation of total segment assets to total assets
Assets	8,904,499	8,278,491
Operating Segments \| Operating Assets
Reconciliation of total segment assets to total assets
Assets	3,607,718	3,936,119
Operating Segments \| Master Planned Communities
Reconciliation of total segment assets to total assets
Assets	3,056,240	2,285,896
Operating Segments \| Seaport
Reconciliation of total segment assets to total assets
Assets	1,046,992	924,245
Operating Segments \| Strategic Developments
Reconciliation of total segment assets to total assets
Assets	1,193,549	1,132,231
Corporate
Reconciliation of total segment assets to total assets
Assets	$ 677,195	$ 861,841

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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