0001628280-23-005243 | 10-K | XBRL Viewer

Income (Loss) from equity method investments

^[4]

6,723

14,549

9,852

(271,099)

Share of investee's other comprehensive income, tax expense

1,912

1,627

285

Disposal Group, Disposed of by Sale, Not Discontinued Operations | 110 North Wacker

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

Income (Loss) from equity method investments

$ 6,700

$ (8,600)

AOCI Attributable to Parent

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

Balance at the beginning of the period

(14,457)

(38,590)

(29,372)

Pension adjustment

(183)

452

(84)

Share of investee’s other comprehensive income

5,721

1,002

Balance at the end of the period

10,335

$ (14,457)

$ (38,590)

Acquisitions And Dispositions [Abstract]

^[4]

$ 6,723

[1]	The deferred tax impact was not meaningful for the years ended December 31, 2022, 2021 and 2020.
[2]	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.
[3]	In March 2022, the Company completed the sale of its ownership interest in 110 North Wacker and released a net of $6.7 million from Accumulated other comprehensive income (loss), representing the Company’s $8.6 million share of previously deferred gains associated with the Venture’s derivative instruments net of tax expense of $1.9 million. See Note 2 - Investments in Unconsolidated Ventures for additional information.
[4]	In March 2022, the Company completed the sale of its ownership interest in 110 North Wacker and released a net of $6.7 million from Accumulated other comprehensive income (loss), representing the Company’s $8.6 million share of previously deferred gains associated with the Venture’s derivative instruments net of tax expense of $1.9 million. See Note 2 - Investments in Unconsolidated Ventures for additional information.

Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2022

Acquisitions and Dispositions


3. Acquisitions and Dispositions

Acquisitions On March 1, 2022, the Company acquired a 25% interest in Jean-Georges Restaurants for $45.0 million and paid $10.0 million for the option to acquire up to an additional 20% interest in Jean-Georges Restaurants through March 2026. Jean-Georges Restaurants currently has over 40 hospitality offerings and a pipeline of new concepts. See Note 2 - Investments in Unconsolidated Ventures for additional information.

Teravalis (formerly named Douglas Ranch) In October 2021, the Company acquired Teravalis, a new large-scale master planned community in the West Valley of Phoenix, Arizona. The Company closed on the all-cash purchase of approximately 33,810 acres (Teravalis Property) for a purchase price of $541.0 million. Pursuant to the purchase and sale agreement, $33.8 million of the purchase price was held in escrow related to a six-month option for the seller, or permitted assignee, to repurchase up to 50% interest in the Teravalis Property. The total repurchase price payable pursuant to the option was $270.5 million, which consisted of a payment of $236.7 million and the $33.8 million withheld at the initial closing, plus 50% of any costs incurred to manage and maintain the Teravalis Property from the time of the original closing through the date that the option is exercised.

On April 13, 2022, the purchase and sale agreement was amended to extend the term of the option to June 17, 2022, and grant a minimum purchase of a 9.24% interest in the Teravalis Property for $50.0 million and up to a maximum purchase of a 50% interest for $270.5 million. On June 17, 2022, the seller’s assignee, JDM Member, exercised the minimum purchase option and purchased a 9.24% interest in the Teravalis Property for $50.0 million, inclusive of the $33.8 million previously held in escrow.

Immediately following the execution of the minimum purchase option, the Company entered into a Limited Liability Company Agreement (LLC Agreement) with JDM Member to form Douglas Ranch Development Holding Company (Teravalis). The Company and JDM Member then contributed their interests in the Teravalis Property to Teravalis in exchange for an equity interest, resulting in member equity interest of 90.76% for the Company and 9.24% for JDM Member. Teravalis was determined to be a VIE, and as the Company has the power to direct the activities that most significantly impact its economic performance, the Company is considered the primary beneficiary and HHC continued to consolidate Teravalis. Also in conjunction with the execution of the minimum purchase option, JDM Member paid $10.0 million for the option to repurchase up to the remaining 40.76% interest in Teravalis for $220.5 million on or before August 18, 2022.

On August 18, 2022, JDM Member partially exercised the option and purchased an additional 2.78% interest in the Teravalis Property for $15.0 million, inclusive of the $10.0 million deposit previously received. JDM Member contributed their interest in the Teravalis Property to Teravalis in exchange for equity interest, resulting in member equity interest of 88.0% for the Company and 12.0% for JDM Member. As the exercise of this option did not change the rights of either the Company or JDM Member under LLC agreement, the Company will continue to consolidate Teravalis. The remaining purchase option expired upon partial purchase of this additional ownership interest.

Under the terms of the LLC agreement, cash distributions and the recognition of income-producing activities will be pro rata based on economic ownership interest. As of December 31, 2022, the Company’s Consolidated Balance Sheets include $541.2 million of Master Planned Community assets and $65.0 million of Noncontrolling interest related to Teravalis.

Floreo Simultaneous with the Teravalis land acquisition, the Company closed on the acquisition of a 50% interest in Trillium Development Holding Company, LLC (Floreo), for $59.0 million. Floreo owns approximately 3,029 acres of land in the greater Phoenix, Arizona area. See Note 2 - Investments in Unconsolidated Ventures for additional information.

Dispositions

Operating Assets On December 30, 2022, the Company completed the sale of Creekside Village Green, a 74,670-square-foot retail property in The Woodlands, Texas, for $28.4 million resulting in a gain of $13.4 million. The gain on sale is included in Gain (loss) on sale or disposal of real estate and other assets, net in the Consolidated Statements of Operations.

On December 21, 2022, the Company completed the sale of Lake Woodlands Crossing, a 60,261-square-foot retail property in The Woodlands, Texas, for $22.5 million resulting in a gain of $12.2 million. The gain on sale is included in Gain (loss) on sale or disposal of real estate and other assets, net in the Consolidated Statements of Operations. The Company retained the underlying land and simultaneously with the sale executed a 99-year ground lease with the buyer, which is classified as an operating lease.

On June 16, 2022, the Company completed the sale of the Outlet Collection at Riverwalk, a 264,080-square-foot outlet center located in downtown New Orleans, Louisiana, for $34.0 million resulting in a gain on sale of $4.0 million, inclusive of $0.5 million in related transaction costs. The gain on sale is included in Gain (loss) on sale or disposal of real estate and other assets, net in the Consolidated Statements of Operations.

On March 30, 2022, the Company completed the sale of its ownership interest in 110 North Wacker for $208.6 million. See Note 2 - Investments in Unconsolidated Ventures for additional information.

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 resulting in a gain on sale of $39.1 million, inclusive of approximately $2.9 million in related transaction costs. The gain on sale is included in Gain (loss) on sale or disposal of real estate and other assets, net in the Consolidated Statements of Operations. Additionally, as part of the sale, the Company repaid $132.3 million of debt directly associated with the properties sold.

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, 2020.

Strategic Developments 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 resulting in a loss on sale of $7.4 million, inclusive of approximately $0.4 million in related transaction costs. The loss on sale is included in Gain (loss) on sale or disposal of real estate and other assets, net in the Consolidated Statements of Operations. This asset was previously impaired during the second quarter of 2021.

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, resulting in a gain on sale of $21.3 million, inclusive of approximately $1.5 million in related transaction costs. The gain on sale is included in Gain (loss) on sale or disposal of real estate and other assets, net in the Consolidated Statements of Operations.

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 unconsolidated ventures 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 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 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, 2020.

Seaport 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 Unconsolidated Ventures and Note 4 - Impairment for additional information.

Impairment - Narrative (Details)	12 Months Ended
Impairment - Narrative (Details)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jul. 16, 2020	Mar. 31, 2020
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment, long-lived asset	$ 0
Impairment charge for real estate	$ 0	$ 13,068,000	$ 48,738,000
Condominium Inventory
Impaired Long-Lived Assets Held and Used [Line Items]
Other asset impairment charge		2,268,000	7,644,000
Mr. C Seaport
Impaired Long-Lived Assets Held and Used [Line Items]
Equity method investment, impairment		$ 0	$ 6,000,000
Equity method investment, ownership percentage			35.00%	35.00%
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
Century Park
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment charge for real estate		$ 13,068,000	$ 0
Outlet Collection at Riverwalk
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment charge for real estate		0	$ 48,738,000
110 North Wacker
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment charge for real estate		$ 17,700,000

Revenues

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenues


16. Revenues

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

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


thousands	2022		2021		2020
Revenues from contracts with customers
Recognized at a point in time
Condominium rights and unit sales	$	677,078	$	514,597	$	1,143
Master Planned Communities land sales	316,065		346,217		233,044
Builder price participation	71,761		45,138		37,072
Total	1,064,904		905,952		271,259

Recognized at a point in time or over time
Other land, rental and property revenues	144,481		152,619		105,048


Rental and lease-related revenues
Rental revenue	399,103		369,330		323,182
Total revenues	$	1,608,488	$	1,427,901	$	699,489

Revenues by segment
Operating Assets revenues	$	431,834	$	442,698	$	372,057
Master Planned Communities revenues	408,365		409,746		283,953
Seaport revenues	88,468		55,008		23,814
Strategic Developments revenues	679,763		520,109		19,407
Corporate revenues	58		340		258
Total revenues	$	1,608,488	$	1,427,901	$	699,489

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, 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
Consideration earned during the period	(799,401)
Consideration received during the period	826,055
Balance as of December 31, 2022	$	457,831

Remaining Unsatisfied Performance Obligations The Company’s remaining unsatisfied performance obligations represent a measure of the total dollar value of work to be performed on contracts executed and in progress. These performance obligations primarily relate to the completion of condominium construction and transfer of control to a buyer, as well as the completion of contracted MPC land sales and related land improvements. These obligations are associated with contracts that generally are non-cancelable by the customer after 30 days; however, purchasers of condominium units have the right to cancel the contract should the Company elect not to construct the condominium unit within a certain period of time or materially change the design of the condominium unit. The aggregate amount of the transaction price allocated to the Company’s remaining unsatisfied performance obligations as of December 31, 2022, is $2.5 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		$	82,078	$	788,845		$	1,650,684

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Share-Based Payment Arrangement [Abstract]

Summary of Significant Accounting Policies - Summary of Asset Useful Lives, by Type (Details)	12 Months Ended
	Dec. 31, 2022
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

Stock-Based Compensation Plans

12 Months Ended

Dec. 31, 2022

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, 2022, there were a maximum of 948,606 shares available for future grants 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	2022		2021		2020
Stock Options (a)(b)	$	250	$	227	$	(1,892)
Restricted Stock (c)	6,860		7,332		6,520
Pre-tax stock-based compensation expense	$	7,110	$	7,559	$	4,628
Income tax benefit	$	636	$	882	$	167

(a)Amounts shown are net of an immaterial amount capitalized to development projects in 2022, $0.1 million capitalized to development projects in 2021 and $0.2 million capitalized to development projects in 2020.

(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 $4.8 million capitalized to development projects in 2022, $2.2 million capitalized to development projects in 2021 and $0.9 million capitalized to development projects in 2020.

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, 2021	270,487	$	112.61
Granted	13,000	$	65.99
Exercised (a)	(4,500)	68.61
Forfeited	(11,900)	126.67
Expired	(8,100)	118.70
Stock options outstanding at December 31, 2022	258,987	$	110.20	4.2	$	240,858

Stock options vested and expected to vest at December 31, 2022	257,062	$	110.45	4.2	$	231,823
Stock options exercisable at December 31, 2022	179,150	$	118.90	2.8	$	—

(a)The total intrinsic value of stock options exercised was $0.1 million during 2022, $2.6 million during 2021, and $2.4 million during 2020, based on the difference between the market price at the exercise date and the exercise price.

Cash received from stock option exercises was $0.3 million in 2022, $4.1 million in 2021, and $4.6 million in 2020. The tax benefit from these exercises was immaterial.

The fair value of stock option awards is determined using the Black-Scholes option-pricing model with the following assumptions:

–Expected life—Based on the average of the time to vesting and full term of an option

–Risk-free interest rates—Based on the U.S. Treasury rate over the expected life of an option

–Expected volatility—Based on the average of implied and historical volatilities as of each of the grant dates

The fair value on the grant date and the significant assumptions used in the Black‑Scholes option‑pricing model are as follows:


	2022			2021			2020
Weighted-average grant date fair value	$	37.70		$	41.52		$	32.10
Assumptions
Expected life of options (in years)	7.5			7.5			7.5
Risk-free interest rate	3.4		%	1.2		%	0.7		%
Expected volatility	50.3		%	36.5		%	40.4		%
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, 2022, is $1.4 million, which is expected to be recognized over a weighted‑average period of 3.3 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, 2021	405,966	$	72.20
Granted	154,599	88.19
Vested	(101,000)	103.48
Forfeited	(106,102)	55.96
Restricted stock outstanding at December 31, 2022	353,463	$	75.14

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 $83.91 during 2021 and $71.48 during 2020. The fair value of restricted stock that vested was $8.0 million during 2022, $6.9 million during 2021, and $5.6 million during 2020, based on the market price at the vesting date.

The balance of unamortized restricted stock expense as of December 31, 2022, was $16.2 million, which is expected to be recognized over a weighted‑average period of 2.2 years.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Statement of Comprehensive Income [Abstract]

Net income (loss)

$ 184,636

$ 48,924

$ (3,173)

Other comprehensive income (loss)

Interest rate caps and swaps

^[1]

31,698

17,960

(23,070)

Pension adjustment

^[2]

(183)

452

(84)

Reclassification of the Company's share of previously deferred derivative gains to net income

^[3]

(6,723)

Deconsolidation of 110 North Wacker

^[4]

12,934

Share of investee’s other comprehensive income

^[5]

5,721

1,002

Other comprehensive income (loss)

24,792

24,133

(9,218)

Comprehensive income (loss)

209,428

73,057

(12,391)

Comprehensive (income) loss attributable to noncontrolling interests

(103)

7,176

(22,981)

Comprehensive income (loss) attributable to common stockholders

$ 209,325

$ 80,233

$ (35,372)

[1]	Amounts are shown net of deferred tax expense of $9.5 million for the year ended December 31, 2022, deferred tax expense of $5.1 million for the year ended December 31, 2021, and deferred tax benefit of $5.3 million for the year ended December 31, 2020.
[2]	The deferred tax impact was not meaningful for the years ended December 31, 2022, 2021 and 2020.
[3]	In March 2022, the Company completed the sale of its ownership interest in 110 North Wacker and released a net of $6.7 million from Accumulated other comprehensive income (loss), representing the Company’s $8.6 million share of previously deferred gains associated with the Venture’s derivative instruments net of tax expense of $1.9 million. See Note 2 - Investments in Unconsolidated Ventures for additional information.
[4]	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.
[5]	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.

Stock-Based Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	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	$ 345	$ 4,078	$ 4,638
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Unamortized stock option expense	$ 1,400
Weighted-average period for recognition of unamortized expense	3 years 3 months 18 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period for recognition of unamortized expense	2 years 2 months 12 days
Weighted-average grant date fair value (in dollars per share)	$ 88.19	$ 83.91	$ 71.48
Fair value of restricted stock vested	$ 8,000	$ 6,900	$ 5,600
Unamortized restricted stock expense	$ 16,200
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum shares available for future grant (in shares)	948,606
Maximum \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
Minimum \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercisable period	5 years
Minimum \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years

Commitments and Contingencies - Narrative (Details)		1 Months Ended	12 Months Ended
Commitments and Contingencies - Narrative (Details)	Jun. 14, 2018 entity party	Oct. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) extension	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Operating Leased Assets [Line Items]
Number of individuals or entities on petition \| entity	500
Number of unaffiliated parties \| party	2
Letters of credit outstanding			$ 2,100,000	$ 5,100,000
Surety bonds outstanding			346,300,000	331,000,000
Contractual rental expense			5,600,000	7,200,000	$ 7,200,000
Long-term debt outstanding			$ 4,747,183,000
Guarantor obligations, reserved percentage of residential units			20.00%
Guarantor obligations, number of open condominium towers \| extension			4
Bond Financing
Operating Leased Assets [Line Items]
Face amount		$ 165,000,000
Long-term debt outstanding		$ 57,500,000
Debt instrument, loan-to-value ratio threshold		50.00%
Cash collateral for borrowed securities		$ 50,000,000
Proceeds from issuance of debt		5,000,000
Bond Financing \| Floreo
Operating Leased Assets [Line Items]
Noncontrolling interest in joint ventures		$ 0.50
Waiea
Operating Leased Assets [Line Items]
Charge for repairs and remediation on alleged construction defects			$ 2,700,000	$ 21,000,000	$ 99,200,000
Reserve for uncollectible amounts under ASC 450			$ 35,200,000

Warrants

12 Months Ended

Dec. 31, 2022

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 the warrant, Mr. O’Reilly could 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 became exercisable on April 6, 2022, and expired on October 2, 2022, without being exercised.

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, were credited to Additional paid-in capital.

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, 2022.

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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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Property, Plant and Equipment [Abstract]

Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of business segments \| segment	4
Amortized cost basis of financing receivables	$ 545.4	$ 484.7
Accrued interest on financing receivables	$ 36.4	18.2
Financing receivable threshold period past due	30 days
Deferred leasing costs, accumulated amortization	$ 53.8	$ 49.9
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

Mortgages, Notes and Loans Payable, Net - Contractual Obligations Based on Extended Maturity Dates (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Long-Term Debt, Fiscal Year Maturity [Abstract]
2023	$ 166,062
2024	62,150
2025	386,314
2026	556,475
2027	298,458
Thereafter	3,332,729
Total principal payments	4,802,188
Unamortized deferred financing costs	(55,005)
Mortgages, notes and loans payable	$ 4,747,183

Impairment (Tables)

12 Months Ended

Dec. 31, 2022

Summary of asset impairment charges

The following table summarizes the pre-tax impacts of the items mentioned above on the Consolidated Statements of Operations for the years ended December 31, 2021, and 2020. There were no impairments in 2022.



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 unconsolidated ventures	17,673		—
Mr. C Seaport	Equity in earnings (losses) from unconsolidated ventures	—		6,000
Other Assets:
Condominium Inventory	Condominium rights and unit sales	2,268		7,644

Fair Value (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

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

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


	December 31, 2022								December 31, 2021
	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	$	30,860	$	—	$	30,860	$	—	$	1,257	$	—	$	1,257	$	—
Liabilities:
Interest rate derivative liabilities	$	—	$	—	$	—	$	—	$	26,452	$	—	$	26,452	$	—

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, 2022				December 31, 2021
thousands	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Cash and Restricted cash	Level 1	$	1,098,937	$	1,098,937	$	1,216,637	$	1,216,637
Accounts receivable, net (a)	Level 3	103,437		103,437		86,388		86,388
Notes receivable, net (b)	Level 3	3,339		3,339		7,561		7,561

Liabilities:
Fixed-rate debt (c)	Level 2	3,610,618		3,298,859		3,125,559		3,186,139
Variable-rate debt (c)	Level 2	1,191,570		1,191,570		1,513,857		1,513,857

(a)Accounts receivable, net is shown net of an allowance of $8.9 million at December 31, 2022, and $16.5 million at December 31, 2021. 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 $0.1 million at December 31, 2022, and $0.2 million at December 31, 2021.

(c)Excludes related unamortized financing costs.

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

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


				Fair Value Measurements Using
thousands	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

(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.

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0	$ 0	$ 0
Interest expense and penalties related to unrecognized tax benefits	$ 0	$ 0	$ 0

Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2022

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	2022		2021		2020
Stock Options (a)(b)	$	250	$	227	$	(1,892)
Restricted Stock (c)	6,860		7,332		6,520
Pre-tax stock-based compensation expense	$	7,110	$	7,559	$	4,628
Income tax benefit	$	636	$	882	$	167

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

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, 2021	270,487	$	112.61
Granted	13,000	$	65.99
Exercised (a)	(4,500)	68.61
Forfeited	(11,900)	126.67
Expired	(8,100)	118.70
Stock options outstanding at December 31, 2022	258,987	$	110.20	4.2	$	240,858

Stock options vested and expected to vest at December 31, 2022	257,062	$	110.45	4.2	$	231,823
Stock options exercisable at December 31, 2022	179,150	$	118.90	2.8	$	—

Summary of significant assumptions used in Black-Scholes option-pricing model

The fair value on the grant date and the significant assumptions used in the Black‑Scholes option‑pricing model are as follows:


	2022			2021			2020
Weighted-average grant date fair value	$	37.70		$	41.52		$	32.10
Assumptions
Expected life of options (in years)	7.5			7.5			7.5
Risk-free interest rate	3.4		%	1.2		%	0.7		%
Expected volatility	50.3		%	36.5		%	40.4		%
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, 2021	405,966	$	72.20
Granted	154,599	88.19
Vested	(101,000)	103.48
Forfeited	(106,102)	55.96
Restricted stock outstanding at December 31, 2022	353,463	$	75.14

Fair Value

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value


8. Fair Value

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

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


	December 31, 2022								December 31, 2021
	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	$	30,860	$	—	$	30,860	$	—	$	1,257	$	—	$	1,257	$	—
Liabilities:
Interest rate derivative liabilities	$	—	$	—	$	—	$	—	$	26,452	$	—	$	26,452	$	—

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, 2022				December 31, 2021
thousands	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Cash and Restricted cash	Level 1	$	1,098,937	$	1,098,937	$	1,216,637	$	1,216,637
Accounts receivable, net (a)	Level 3	103,437		103,437		86,388		86,388
Notes receivable, net (b)	Level 3	3,339		3,339		7,561		7,561

Liabilities:
Fixed-rate debt (c)	Level 2	3,610,618		3,298,859		3,125,559		3,186,139
Variable-rate debt (c)	Level 2	1,191,570		1,191,570		1,513,857		1,513,857

(b)Notes receivable, net is shown net of an allowance of $0.1 million at December 31, 2022, and $0.2 million at December 31, 2021.

(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 property 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

(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.

Mortgages, Notes and Loans Payable, Net

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

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 184,636	$ 48,924	$ (3,173)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Depreciation	180,201	185,418	198,556
Amortization	16,834	16,891	18,200
Amortization of deferred financing costs	10,754	10,301	13,301
Amortization of intangibles other than in-place leases	3,275	2,843	680
Straight-line rent amortization	(8,468)	(9,278)	(14,204)
Deferred income taxes	42,022	10,356	10,827
Restricted stock and stock option amortization	11,895	9,885	5,983
Net gain on sale of properties	(29,687)	(53,057)	(13,710)
Net gain on sale of equity method investments	(5,016)	0	(1,076)
Net gain on sale of lease receivable	0	0	(38,124)
Proceeds from the sale of lease receivable	0	0	64,155
(Gain) loss on extinguishment of debt	2,377	38,014	9,604
Impairment charges	0	15,335	62,384
Equity in (earnings) losses from unconsolidated ventures, net of distributions and impairment charges	28,081	52,390	(264,416)
Provision for doubtful accounts	(2,235)	(2,027)	21,403
Master Planned Community land acquisitions	0	(574,253)	0
Master Planned Community development expenditures	(396,125)	(322,255)	(228,402)
Master Planned Community cost of sales	111,723	144,933	91,383
Condominium development expenditures	(340,793)	(345,289)	(244,642)
Condominium rights and units cost of sales	465,711	394,427	100,584
Net Changes:
Accounts and notes receivable	87,665	23,738	78,647
Prepaid expenses and other assets	(37,300)	(10,284)	(31,467)
Condominium deposits received, net	21,273	59,108	115,090
Deferred expenses	(30,441)	(22,903)	(23,289)
Accounts payable and accrued expenses	8,872	42,825	(1,164)
Cash provided by (used in) operating activities	325,254	(283,958)	(72,870)
CASH FLOWS FROM INVESTING ACTIVITIES
Property and equipment expenditures	(2,004)	(1,814)	(1,611)
Operating property improvements	(54,715)	(35,915)	(39,863)
Property development and redevelopment	(353,098)	(274,742)	(430,498)
Proceeds from sales of properties, net	81,720	322,451	24,373
Reimbursements under tax increment financings	127	667	6,703
Distributions from unconsolidated ventures	207,685	92,060	16,232
Investments in unconsolidated ventures, net	(100,410)	(1,249)	(3,882)
Cash provided by (used in) investing activities	(220,695)	101,458	(428,546)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from mortgages, notes and loans payable	1,235,895	2,422,862	1,403,923
Principal payments on mortgages, notes and loans payable	(1,065,348)	(2,140,340)	(867,935)
Proceeds from issuance of common stock	0	0	593,574
Repurchases of common shares	(403,863)	(81,127)	0
Debt extinguishment costs	(60)	(29,793)	0
Special Improvement District bond funds released from (held in) escrow	23,148	11,477	10,151
Deferred financing costs and bond issuance costs, net	(18,515)	(28,517)	(17,844)
Taxes paid on stock options exercised and restricted stock vested	(3,011)	(2,500)	(2,229)
Stock options exercised	345	4,078	4,638
Issuance of Teravalis noncontrolling interest	31,234	0	0
Distribution to noncontrolling interest upon sale of 110 North Wacker	(22,084)	0	0
Cash provided by (used in) financing activities	(222,259)	156,140	1,124,278
Net change in cash, cash equivalents and restricted cash	(117,700)	(26,360)	622,862
Cash, cash equivalents and restricted cash at beginning of period	1,216,637	1,242,997	620,135
Cash, cash equivalents and restricted cash at end of period	1,098,937	1,216,637	1,242,997
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents	626,653	843,212	1,014,686
Restricted cash	472,284	373,425	228,311
Cash, cash equivalents and restricted cash at end of period	1,098,937	1,216,637	1,242,997
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid, net	214,583	182,654	179,355
Interest capitalized	100,607	71,798	70,258
Income taxes paid (refunded), net	24,974	1,789	(2,409)
NON-CASH TRANSACTIONS
Issuance of Teravalis noncontrolling interest	33,810	0	0
MPC land contributed to unconsolidated venture	21,450	0	0
Accrued property improvements, developments, and redevelopments	131	16,885	(92,383)
Special Improvement District bond transfers associated with land sales	7,774	8,697	10,122
Special Improvement District bonds held in third-party escrow	0	45,425	0
Capitalized stock compensation	4,785	2,326	1,158
Initial recognition of ASC 842 operating lease ROU asset	1,488	6,189	493
Initial recognition of ASC 842 operating lease obligation	1,621	6,189	493
Accrued repurchase of common shares	0	15,492	0
Accrued interest on construction loan borrowing	$ 0	$ 0	$ 9,743

Leases - Lease Liability Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2023	$ 4,834
2024	4,878
2025	3,493
2026	3,269
2027	3,336
Thereafter	241,294
Total lease payments	261,104
Less: imputed interest	(209,783)
Present value of lease liabilities	$ 51,321	$ 69,363

Mortgages, Notes and Loans Payable, Net

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]


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	2022		2021
Fixed-rate debt
Senior unsecured notes	$	2,050,000	$	2,050,000
Secured mortgages payable	1,500,841		1,006,428
Special Improvement District bonds	59,777		69,131
Variable-rate debt (a)
Secured Bridgeland Notes	275,000		275,000
Senior Secured Credit Facility	—		316,656
Secured mortgages payable	916,570		922,201

Unamortized deferred financing costs (b)	(55,005)		(48,259)
Mortgages, notes and loans payable, net	$	4,747,183	$	4,591,157

(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 costs are amortized to interest expense over the initial contractual term of the respective financing agreements using the effective interest method (or other methods which approximate the effective interest method).

As of December 31, 2022, land, buildings and equipment, developments and other collateral with an aggregate net book value of $4.4 billion have been pledged as collateral for HHC’s debt obligations. HHC’s senior notes totaling $2.1 billion and $87.6 million of Secured mortgages payable are recourse to the Company.

Senior Unsecured Notes During 2020 and 2021, the Company issued $2.1 billion of aggregate principal of senior unsecured notes. These notes have fixed rates of interest that are payable semi-annually and are interest only until maturity. These debt obligations are redeemable prior to the maturity date subject to a “make-whole” premium which decreases annually until 2026 at which time the redemption make-whole premium is no longer applicable. The following table summarizes the Company’s senior unsecured notes by issuance date:


$ in thousands	Principal		Maturity Date	Interest Rate
August 2020	$	750,000	August 2028	5.375%
February 2021	650,000		February 2029	4.125%
February 2021	650,000		February 2031	4.375%
Senior unsecured notes	$	2,050,000

Secured Mortgages Payable The Company’s outstanding mortgages are collateralized by certain of the Company’s real estate assets. Certain of the Company’s loans contain provisions that grant the lender a security interest in the operating cash flow of the property that represents the collateral for the loan. Certain mortgage notes may be prepaid subject to a prepayment penalty equal to a yield maintenance premium, defeasance, or a percentage of the loan balance. Construction loans related to the Company’s development properties are generally variable-rate, interest-only, and have maturities of 5 years or less. Debt obligations related to the Company’s operating properties generally require monthly installments of principal and interest over its contractual life.

The following table summarizes the Company’s Secured mortgages payable:


	December 31, 2022						December 31, 2021
$ in thousands	Principal		Range of Interest Rates	Weighted-average Interest Rate		Weighted-average Years to Maturity	Principal		Range of Interest Rates	Weighted-average Interest Rate		Weighted-average Years to Maturity
Fixed rate (a)	$	1,500,841	3.13% - 7.67%	4.39	%	7.4	$	1,006,428	3.13% - 4.92%	3.92	%	8.7
Variable rate (b)	916,570		6.05% - 9.39%	7.36	%	2.6	922,201		1.70% - 5.10%	2.99	%	1.9
Secured mortgages payable	$	2,417,411	3.13% - 9.39%	5.51	%	5.6	$	1,928,629	1.70% - 5.10%	3.48	%	5.5

(a)Interest rates presented are based upon the coupon rates of the Company’s fixed-rate debt obligations.

(b)Interest rates presented are based on the applicable reference interest rates as of December 31, 2022 and 2021, excluding the effects of interest rate derivatives.

The Company has entered into derivative instruments to manage a portion of the Company’s variable interest rate exposure. The weighted-average interest rate of the Company’s variable-rate mortgages payable, inclusive of interest rate hedges, was 5.91% as of December 31, 2022, and 3.71% as of December 31, 2021. See Note 9 - Derivative Instruments and Hedging Activities for additional information.

The Company’s secured mortgages mature over various terms through December 2039. On certain of its debt obligations, the Company has the option to exercise extension options, subject to certain terms, which may include minimum debt service coverage, minimum occupancy levels or condominium sales levels, as applicable, and other performance criteria. In certain cases, due to property performance not meeting identified covenants, the Company may be required to pay down a portion of the loan to exercise the extension option.

During 2022, the Company’s mortgage activity included new borrowings of $899.2 million (excluding undrawn amounts on new construction loans), draws on existing mortgages of $336.7 million, and repayments of $790.7 million. As of December 31, 2022, the Company’s secured mortgage loans had $934.1 million of undrawn lender commitment available to be drawn for property development, subject to certain restrictions.

Special Improvement District Bonds The Summerlin MPC uses SID bonds to finance certain common infrastructure improvements. These bonds are issued by the municipalities and are secured by the assessments on the land. The majority of proceeds from each bond issued is held in a construction escrow and disbursed to the Company as infrastructure projects are completed, inspected by the municipalities and approved for reimbursement. Accordingly, the SID bonds have been classified as debt, and the Summerlin MPC pays the debt service on the bonds semi‑annually. As Summerlin sells land, the buyers assume a proportionate share of the bond obligation at closing, and the residential sales contracts provide for the reimbursement of the principal amounts that the Company previously paid with respect to such proportionate share of the bond. These bonds bear interest at fixed rates ranging from 4.13% to 6.05% with maturities ranging from 2025 to 2051 as of December 31, 2022, and fixed rates ranging from 4.00% to 6.05% with maturities ranging from 2025 to 2051 as of December 31, 2021. For the year ended December 31, 2022, obligations of $7.8 million were assumed by buyers and no SID bonds were issued.

Secured Bridgeland Notes In September 2021, the Company closed on a $275.0 million financing with maturity in 2026. This financing is secured by MUD receivables and land in Bridgeland. The loan required a $27.5 million fully refundable deposit and has a net effective interest rate of 6.60%, based on the Secured Overnight Financing Rate (SOFR) of 4.30% at December 31, 2022. In December 2022, the borrowing capacity of this obligation was expanded from $275.0 million to $475.0 million, resulting in available capacity of $200.0 million as of December 31, 2022.

Senior Secured Credit Facility 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). There were no outstanding borrowings under the Revolver Loan in 2022. In the fourth quarter of 2022, the Company fully repaid the outstanding borrowings under the Term Loan and retired the Senior Secured Credit Facility. Prior to the repayment, any outstanding balances were swapped to a fixed interest rate of 4.61%.

Debt Compliance As of December 31, 2022, the Company was in compliance with all debt covenants with the exception of the debt service coverage ratios for three property-level debt instruments. As a result, the excess net cash flow after debt service from the underlying properties became restricted. While the restricted cash could not be used for general corporate purposes, it could be used to fund operations of the underlying assets and did not have a material impact on the Company’s liquidity or its ability to operate these assets.

Scheduled Maturities The following table summarizes the contractual obligations relating to the Company’s mortgages, notes and loans payable as of December 31, 2022:


thousands	Mortgages, notes and loans payable principal payments
2023		$	166,062
2024		62,150
2025		386,314
2026		556,475
2027		298,458
Thereafter		3,332,729
Total principal payments		4,802,188
Unamortized deferred financing costs		(55,005)
Mortgages, notes and loans payable		$	4,747,183

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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Paragraph 1B
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 470
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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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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Summary of the significant components of prepaid expenses and other assets

Revenues - Schedule of Contract with Customer, Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Contract Liabilities
Beginning balance	$ 431,177	$ 360,416
Consideration earned during the period	(799,401)	(584,115)
Consideration received during the period	826,055	654,876
Ending balance	$ 457,831	$ 431,177

Segments - Summary of Segment Operating Results (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2021 property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Segments reporting
Total revenues		$ 1,608,488	$ 1,427,901	$ 699,489
Depreciation and amortization		(200,361)	(205,100)	(217,467)
Other income (loss), net		1,909	(11,515)	130
Equity in earnings (losses) from unconsolidated ventures		(14,549)	(9,852)	271,099
Gain (loss) on sale or disposal of real estate and other assets, net		29,678	53,079	59,942
Gain (loss) on extinguishment of debt		(2,377)	(38,014)	(13,169)
Provision for impairment		0	(13,068)	(48,738)
Income (loss) before income taxes		245,136	64,077	8,480
Net income (loss)		184,636	48,924	(3,173)
Net (income) loss attributable to noncontrolling interests		(103)	7,176	(22,981)
Net income (loss) attributable to common stockholders		184,533	56,100	(26,154)
Number of properties sold \| property	3
Operating Segments
Segments reporting
Total revenues		1,608,430	1,427,561	699,231
Total operating expenses		(976,830)	(916,767)	(495,349)
Segment operating income (loss)		631,600	510,794	203,882
Depreciation and amortization		(196,677)	(200,776)	(210,836)
Interest income (expense), net		(18,679)	(28,650)	(61,024)
Other income (loss), net		927	(11,940)	89
Equity in earnings (losses) from unconsolidated ventures		(14,549)	(9,852)	271,099
Gain (loss) on sale or disposal of real estate and other assets, net		29,678	53,079	59,942
Gain (loss) on extinguishment of debt		(2,230)	(2,930)	(13,169)
Provision for impairment			(13,068)	(48,738)
Income (loss) before income taxes		430,070	296,657	201,245
Corporate
Segments reporting
Corporate income, expenses and other items		(245,434)	(247,733)	(204,418)
Operating Assets
Segments reporting
Total revenues		431,834	442,698	372,057
Operating Assets \| Operating Segments
Segments reporting
Total revenues		431,834	442,698	372,057
Total operating expenses		(194,496)	(209,020)	(185,480)
Segment operating income (loss)		237,338	233,678	186,577
Depreciation and amortization		(154,626)	(163,031)	(162,324)
Interest income (expense), net		(89,959)	(75,391)	(91,411)
Other income (loss), net		(1,140)	(10,746)	540
Equity in earnings (losses) from unconsolidated ventures		22,263	(67,042)	(7,366)
Gain (loss) on sale or disposal of real estate and other assets, net		29,588	39,168	38,232
Gain (loss) on extinguishment of debt		(2,230)	(1,926)	(1,521)
Provision for impairment			0	(48,738)
Income (loss) before income taxes		41,234	(45,290)	(86,011)
Operating Assets \| Operating Segments \| Hospitality revenues
Segments reporting
Total revenues			35,600	35,200
Total operating expenses			(30,500)	(32,300)
MPC Segment
Segments reporting
Total revenues		408,365	409,746	283,953
MPC Segment \| Operating Segments
Segments reporting
Total revenues		408,365	409,746	283,953
Total operating expenses		(173,905)	(193,851)	(128,597)
Segment operating income (loss)		234,460	215,895	155,356
Depreciation and amortization		(394)	(366)	(365)
Interest income (expense), net		50,305	42,683	36,587
Other income (loss), net		23	0	0
Equity in earnings (losses) from unconsolidated ventures		(1,407)	59,399	17,845
Gain (loss) on sale or disposal of real estate and other assets, net		0	0	0
Gain (loss) on extinguishment of debt		0	(1,004)	0
Provision for impairment			0	0
Income (loss) before income taxes		282,987	316,607	209,423
Seaport Segment
Segments reporting
Total revenues		88,468	55,008	23,814
Seaport Segment \| Operating Segments
Segments reporting
Total revenues		88,468	55,008	23,814
Total operating expenses		(104,393)	(77,198)	(46,112)
Segment operating income (loss)		(15,925)	(22,190)	(22,298)
Depreciation and amortization		(36,338)	(30,867)	(41,602)
Interest income (expense), net		3,902	357	(12,512)
Other income (loss), net		245	(3,730)	(2,616)
Equity in earnings (losses) from unconsolidated ventures		(36,273)	(1,988)	(9,292)
Gain (loss) on sale or disposal of real estate and other assets, net		0	0	0
Gain (loss) on extinguishment of debt		0	0	(11,648)
Provision for impairment			0	0
Income (loss) before income taxes		(84,389)	(58,418)	(99,968)
Strategic Developments Segment
Segments reporting
Total revenues		679,763	520,109	19,407
Strategic Developments Segment \| Operating Segments
Segments reporting
Total revenues		679,763	520,109	19,407
Total operating expenses		(504,036)	(436,698)	(135,160)
Segment operating income (loss)		175,727	83,411	(115,753)
Depreciation and amortization		(5,319)	(6,512)	(6,545)
Interest income (expense), net		17,073	3,701	6,312
Other income (loss), net		1,799	2,536	2,165
Equity in earnings (losses) from unconsolidated ventures		868	(221)	269,912
Gain (loss) on sale or disposal of real estate and other assets, net		90	13,911	21,710
Gain (loss) on extinguishment of debt		0	0	0
Provision for impairment			(13,068)	0
Income (loss) before income taxes		$ 190,238	$ 83,758	$ 177,801

Other Assets and Liabilities - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
OTHER ASSETS AND LIABILITIES
Condominium deposit liabilities	$ 390,253	$ 368,997
Construction payables	260,257	284,384
Deferred income	85,006	71,902
Accrued interest	49,156	47,738
Accrued real estate taxes	37,835	26,965
Accounts payable and accrued expenses	36,174	72,828
Accrued payroll and other employee liabilities	30,874	29,648
Other	28,856	23,310
Tenant and other deposits	26,100	30,943
Interest rate derivative liabilities	0	26,452
Accounts payable and accrued expenses	$ 944,511	$ 983,167

Other Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

OTHER ASSETS AND LIABILITIES

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


thousands	2022		2021
Special Improvement District receivable	$	64,091	$	86,165
Security, escrow and other deposits	48,578		45,546
In-place leases	39,696		44,225
Interest rate derivative assets	30,860		1,257
Intangibles	25,170		29,752
Condominium inventory	22,452		57,507
Prepaid expenses	18,806		21,370
Other	11,683		6,617
Tenant incentives and other receivables	8,252		6,623
TIF receivable	1,893		855
Food and beverage and lifestyle inventory	872		1,039









Prepaid expenses and other assets, net	$	272,353	$	300,956

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	2022		2021
Condominium deposit liabilities	$	390,253	$	368,997
Construction payables	260,257		284,384
Deferred income	85,006		71,902
Accrued interest	49,156		47,738
Accrued real estate taxes	37,835		26,965
Accounts payable and accrued expenses	36,174		72,828
Accrued payroll and other employee liabilities	30,874		29,648
Other	28,856		23,310
Tenant and other deposits	26,100		30,943
Interest rate derivative liabilities	—		26,452










Accounts payable and accrued expenses	$	944,511	$	983,167

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Real Estate
Balance as of January 1	$ 7,776,555	$ 7,319,133	$ 7,268,288
Change in land	396,125	896,508	228,402
Additions	750,610	657,760	716,614
Impairments	0	(13,068)	(48,738)
Dispositions and write-offs and land and condominium costs of sales	(828,118)	(1,083,778)	(845,433)
Balance as of December 31	8,095,172	7,776,555	7,319,133
Reconciliation of Accumulated Depreciation
Balance as of January 1	743,311	634,064	507,933
Depreciation Expense	180,201	185,418	198,556
Dispositions and write-offs	(55,812)	(76,171)	(72,425)
Balance as of December 31	$ 867,700	$ 743,311	$ 634,064

Income Taxes - Summary of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Provision for (benefit from) income taxes
Current	$ 18,478	$ 4,797	$ 826
Deferred	42,022	10,356	10,827
Income tax expense (benefit)	$ 60,500	$ 15,153	$ 11,653

Summary of mortgages, notes and loans payable

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

+ References + Details

Income Taxes - Summary of Tax Effects and Temporary Differences Included in Net Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Operating and Strategic Developments properties, primarily differences in basis of assets and liabilities	$ 24,141	$ 0
Operating loss and tax carryforwards	65,829	119,884
Total deferred tax assets	89,970	119,884
Valuation allowance	(39,478)	(40,477)
Total net deferred tax assets	50,492	79,407
Deferred tax liabilities:
Property associated with MPCs, primarily differences in the tax basis of land assets and treatment of interest and other costs	(214,045)	(176,904)
Operating and Strategic Developments properties, primarily differences in basis of assets and liabilities	0	(27,364)
Deferred income	(90,783)	(79,976)
Total deferred tax liabilities	(304,828)	(284,244)
Total net deferred tax liabilities	$ (254,336)	$ (204,837)

Income Taxes - Summary of Amounts and Expiration Dates of Operating Loss, Charitable Contribution and Tax Credit Carryforwards (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 327,200
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	132,736
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	606,681
Net operating loss carryforwards	$ 279,500

Mortgages, Notes and Loans Payable, Net (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

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


	December 31,
thousands	2022		2021
Fixed-rate debt
Senior unsecured notes	$	2,050,000	$	2,050,000
Secured mortgages payable	1,500,841		1,006,428
Special Improvement District bonds	59,777		69,131
Variable-rate debt (a)
Secured Bridgeland Notes	275,000		275,000
Senior Secured Credit Facility	—		316,656
Secured mortgages payable	916,570		922,201

Unamortized deferred financing costs (b)	(55,005)		(48,259)
Mortgages, notes and loans payable, net	$	4,747,183	$	4,591,157

Schedule of senior unsecured note

The following table summarizes the Company’s senior unsecured notes by issuance date:


$ in thousands	Principal		Maturity Date	Interest Rate
August 2020	$	750,000	August 2028	5.375%
February 2021	650,000		February 2029	4.125%
February 2021	650,000		February 2031	4.375%
Senior unsecured notes	$	2,050,000

Schedule of secured mortgages payable

The following table summarizes the Company’s Secured mortgages payable:


	December 31, 2022						December 31, 2021
$ in thousands	Principal		Range of Interest Rates	Weighted-average Interest Rate		Weighted-average Years to Maturity	Principal		Range of Interest Rates	Weighted-average Interest Rate		Weighted-average Years to Maturity
Fixed rate (a)	$	1,500,841	3.13% - 7.67%	4.39	%	7.4	$	1,006,428	3.13% - 4.92%	3.92	%	8.7
Variable rate (b)	916,570		6.05% - 9.39%	7.36	%	2.6	922,201		1.70% - 5.10%	2.99	%	1.9
Secured mortgages payable	$	2,417,411	3.13% - 9.39%	5.51	%	5.6	$	1,928,629	1.70% - 5.10%	3.48	%	5.5

(a)Interest rates presented are based upon the coupon rates of the Company’s fixed-rate debt obligations.

(b)Interest rates presented are based on the applicable reference interest rates as of December 31, 2022 and 2021, excluding the effects of interest rate derivatives.

Summary of contractual obligations relating to mortgages, notes, and loans payable

The following table summarizes the contractual obligations relating to the Company’s mortgages, notes and loans payable as of December 31, 2022:


thousands	Mortgages, notes and loans payable principal payments
2023		$	166,062
2024		62,150
2025		386,314
2026		556,475
2027		298,458
Thereafter		3,332,729
Total principal payments		4,802,188
Unamortized deferred financing costs		(55,005)
Mortgages, notes and loans payable		$	4,747,183

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.

Derivative Instruments and Hedging Activities - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) derivative	Dec. 31, 2021 USD ($) derivative
Derivative [Line Items]
Agreements settled \| derivative	0	0
Fair value derivative liabilities	$ 0	$ 26,452,000
Interest rate swap \| Derivative instruments designated as hedging instruments:
Derivative [Line Items]
Gain on derivative expected amount to be reclassified	13,300,000
Credit Risk Contract
Derivative [Line Items]
Fair value derivative liabilities	$ 0

Derivative Instruments and Hedging Activities - Summary of the Notional Amount and Fair Value of Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair value of derivative instruments
Total fair value derivative assets	$ 30,860	$ 1,257
Total fair value derivative liabilities	0	(26,452)
Total fair value derivatives asset (liability), net	30,860	(25,195)
Derivative instruments not designated as hedging instruments
Fair value of derivative instruments
Other income	13,000	0
Fixed Interest Rate 2.00 Percent, Maturing September 2023, Notional 285 Million \| Interest rate cap \| Derivative instruments not designated as hedging instruments \| Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, asset	$ 285,000
Derivative, fixed interest rate	2.00%
Total fair value derivative assets	$ 5,748	300
Fixed Interest Rate 2.00%, Maturing September 2023 \| Interest rate cap \| Derivative instruments not designated as hedging instruments \| Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, asset	$ 83,200
Derivative, fixed interest rate	2.00%
Total fair value derivative assets	$ 1,677	87
Fixed Interest Rate 2.50 Percent, Maturing September 2025, Notional 75 Million \| Interest rate cap \| Derivative instruments not designated as hedging instruments \| Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, asset	$ 75,000
Derivative, fixed interest rate	2.50%
Total fair value derivative assets	$ 3,791	485
Fixed Interest Rate 2.50 Percent, Maturing September 2025, Notional 59.5 Million \| Interest rate cap \| Derivative instruments not designated as hedging instruments \| Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, asset	$ 59,500
Derivative, fixed interest rate	2.50%
Total fair value derivative assets	$ 3,007	385
Fixed Interest Rate 2.96%, Maturing September 2023 \| Interest rate swap \| Derivative instruments designated as hedging instruments: \| Accounts Payable and Accrued Liabilities
Fair value of derivative instruments
Notional amount, liability	$ 615,000
Derivative, fixed interest rate	2.96%
Total fair value derivative liabilities	$ 8,262	(23,477)
Fixed Interest Rate 3.69 Maturing January 2027 \| Interest rate swap \| Derivative instruments designated as hedging instruments: \| Accounts Payable and Accrued Liabilities
Fair value of derivative instruments
Notional amount, liability	$ 200,000
Derivative, fixed interest rate	3.69%
Total fair value derivative liabilities	$ 978	0
Fixed Interest Rate 5.50%, Maturing November 2024 \| Interest rate cap \| Derivative instruments designated as hedging instruments: \| Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, liability	$ 127,000
Derivative, fixed interest rate	5.50%
Total fair value derivative assets	$ 378
Total fair value derivative liabilities		0
Fixed Interest Rate 5.00 Maturing December 2025 \| Interest rate cap \| Derivative instruments designated as hedging instruments: \| Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, liability	$ 75,000
Derivative, fixed interest rate	5.00%
Total fair value derivative assets	$ 655
Total fair value derivative liabilities		0
Fixed Interest Rate 1.68 Maturing February 2027 \| Interest rate swap \| Derivative instruments designated as hedging instruments: \| Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, liability	$ 40,800
Derivative, fixed interest rate	1.68%
Total fair value derivative assets	$ 3,321
Total fair value derivative liabilities		0
Fixed Interest Rate 4.89%, Maturing January 2032 \| Interest rate swap \| Derivative instruments designated as hedging instruments: \| Accounts Payable and Accrued Liabilities
Fair value of derivative instruments
Notional amount, liability	$ 35,296
Derivative, fixed interest rate	4.89%
Total fair value derivative liabilities	$ 3,043	$ (2,975)

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP). The consolidated financial statements include the accounts of the Company and those entities in which the Company has a controlling financial interest. All intercompany transactions and balances are eliminated in consolidation. The Company also consolidates certain variable interest entities (VIEs) in accordance with Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) 810 Consolidation (ASC 810). The outside equity interests in certain entities controlled by the Company are reflected in the Consolidated Financial Statements as noncontrolling interests.
Variable Interest Entities	Variable Interest Entities The Company has interests in various legal entities that represent a variable interest entity. A VIE is an entity: (a) that has total equity at risk that is not sufficient to permit the entity to finance its activities without additional subordinated financial support from other entities; (b) where the group of equity holders does not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, or the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual return, or both (i.e., lack the characteristics of a controlling financial interest); or (c) where the voting rights of the equity holders are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. The Company determines if a legal entity is a VIE by performing a qualitative analysis that requires certain subjective decisions, taking into consideration the design of the entity, the variability that the entity was designed to create and pass along to its interest holders, the rights of the parties and the purpose of the arrangement. Upon the occurrence of certain reconsideration events, the Company reassesses its initial determination as to whether the entity is a VIE. The Company also performs a qualitative assessment of each VIE to determine if it is the primary beneficiary. The Company is the primary beneficiary and would consolidate the VIE if it has a controlling financial interest where it has both (a) the power to direct the economically significant activities of the entity and (b) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. This assessment requires certain subjective decisions, taking into consideration the contractual agreements that define the ownership structure, the design of the entity, distribution of profits and losses, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties. Management’s assessment of whether the Company is the primary beneficiary of a VIE is continuously performed. Upon initial consolidation of a VIE, the Company records the assets, liabilities and noncontrolling interests at fair value and recognizes a gain or loss for the difference between (i) the fair value of the consideration paid, the fair value of noncontrolling interests and the reported amount of any previously held interests and (ii) the net amount of the fair value of the assets and liabilities. If the Company determines it is no longer the primary beneficiary of a VIE, it will deconsolidate the entity and measure the initial cost basis for any retained interests that are recorded upon the deconsolidation at fair value. The Company will recognize a gain or loss for the difference between the fair value and the previous carrying amount of HHC’s investment in the VIE
Investments in Unconsolidated Ventures	Investments in Unconsolidated Ventures The Company’s investments in unconsolidated ventures are accounted for under the equity method to the extent that, based on contractual rights associated with the investments, the Company can exert significant influence over a venture’s operations. Under the equity method, the Company’s investment in the venture is recorded at cost and is subsequently adjusted to recognize the Company’s allocable share of the earnings or losses of the venture. Dividends and distributions received by the Company are recognized as a reduction in the carrying amount of the investment. Generally, joint venture operating agreements provide that assets, liabilities, funding obligations, profits and losses, and cash flows are shared in accordance with ownership percentages. For certain equity method investments, various provisions in the joint venture operating agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and preferred returns may result in the Company’s economic interest differing from its stated ownership or if applicable, the Company’s final profit-sharing interest after receipt of any preferred returns based on the venture’s distribution priorities. For these investments, the Company recognizes income or loss based on the joint venture’s distribution priorities, which could fluctuate over time and may be different from its stated ownership or final profit-sharing percentage. The Company periodically assesses the appropriateness of the carrying amount of its equity method investments, as events or changes in circumstance may indicate that a decrease in value has occurred which is other‑than‑temporary. In addition to the property‑specific impairment analysis performed on the underlying assets of the investment, the Company also considers the ownership, distribution preferences, limitations and rights to sell and repurchase its ownership interests. If a decrease in value of an investment is deemed to be other‑than‑temporary, the investment is reduced to its estimated fair value and an impairment-related loss is recognized in the Consolidated Statements of Operations as a component of Equity in earnings (losses) from investments in unconsolidated ventures. For investments in ventures where the Company has virtually no influence over operations and the investments do not have a readily determinable fair value, the Company has elected the measurement alternative to carry the securities at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the issuer. Equity securities not accounted for under the equity method, or where the measurement alternative has not been elected, are required to be reported at fair value with unrealized gains and losses reported in the Consolidated Statements of Comprehensive Income (Loss) as Net unrealized gains (losses) on instruments measured at fair value through earnings.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The estimates and assumptions include, but are not limited to, capitalization of development costs, provision for income taxes, 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	Segments Segment information is prepared on the same basis that management reviews information for operational decision-making purposes. Management evaluates the performance of each of HHC’s real estate assets or investments individually and aggregates such properties into segments based on their economic characteristics and types of revenue streams. The Company operates in four business segments: (i) Operating Assets; (ii) MPC; (iii) Seaport and (iv) Strategic Developments.
Net Investment in Real Estate	Net Investment in Real Estate Master Planned Community Assets, Buildings and Equipment and Land Real estate assets are stated at cost less any provisions for impairments and depreciation as applicable. Expenditures for significant improvements to the Company’s assets are capitalized. Tenant improvements relating to the Company’s operating assets are capitalized and depreciated over the shorter of their economic lives or the lease term. Maintenance and repair costs are charged to expense when incurred. Depreciation The Company periodically reviews the estimated useful lives of properties. 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, 2022, 2021 and 2020. Developments Development costs, which primarily include direct costs related to placing the asset in service associated with specific development properties, are capitalized as part of the property being developed. Construction and improvement costs incurred in connection with the development of new properties or the redevelopment of existing properties are capitalized before they are placed into service. Costs include planning, engineering, design, direct material, labor and subcontract costs. Real estate taxes, utilities, direct legal and professional fees related to the sale of a specific unit, interest, insurance costs and certain employee costs incurred during construction periods are also capitalized. Capitalization commences when the development activities begin and cease when a project is completed, put on hold or at the date that the Company decides not to move forward with a project. Capitalized costs related to a project where HHC has determined not to move forward are expensed if they are not deemed recoverable. Capitalized interest costs are based on qualified expenditures and interest rates in place during the construction period. Demolition costs associated with redevelopments are expensed as incurred unless the demolition was included in the Company’s development plans and imminent as of the acquisition date of an asset. Once the assets are placed into service, they are depreciated in accordance with 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.
Acquisition of Properties	Acquisitions of Properties The Company accounts for the acquisition of real estate properties in accordance with ASC 805 Business Combinations (ASC 805). This methodology requires that assets acquired and liabilities assumed be recorded at their fair values on the date of acquisition for business combinations and at relative fair values for asset acquisitions. Acquisition costs related to the acquisition of a business are expensed as incurred. Costs directly related to asset acquisitions are considered additions to the purchase price and increase the cost basis of such assets. The fair value of tangible assets of an acquired property (which includes land, buildings and improvements) is determined by valuing the property as if it were vacant, and the as-if-vacant value is then allocated to land, buildings and improvements based on management’s determination of the fair value of these assets. The as-if-vacant values are derived from several sources which incorporate significant unobservable inputs that are classified as Level 3 inputs in the fair value hierarchy and primarily include a discounted cash flow analysis using discount and capitalization rates based on recent comparable market transactions, where available. The fair value of acquired intangible assets consisting of in-place, above-market and below-market leases is recorded based on a variety of considerations, some of which incorporate significant unobservable inputs that are classified as Level 3 inputs in the fair value hierarchy. In-place lease considerations include, but are not necessarily limited to: (1) the value associated with avoiding the cost of originating the acquired in-place leases (i.e., the market cost to execute a lease, including leasing commissions and tenant improvements); (2) the value associated with lost revenue related to tenant reimbursable operating costs incurred during the assumed lease-up period (i.e., real estate taxes, insurance and certain other operating expenses); and (3) the value associated with lost rental revenue from existing leases during the assumed lease-up period. Above-market and below-market leases are valued at the present value, using a discount rate that reflects the risks associated with the leases acquired, of the difference between (1) the contractual amounts to be paid pursuant to the in-place lease; and (2) management’s estimate of current market lease rates, measured over the remaining non-cancelable lease term, including any below-market renewal option periods.
Impairment	Impairment HHC reviews its long-lived assets (including those held by its unconsolidated ventures) for potential impairment indicators whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized if the carrying amount of an asset is not recoverable and exceeds its fair value. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future economic conditions, such as occupancy, rental rates, capital requirements and sales values that could differ materially from actual results in future periods. If impairment indicators exist and it is expected that undiscounted cash flows generated by the asset are less than its carrying amount, an impairment provision is recorded to write down the carrying amount of the asset to its fair value. Impairment indicators for HHC’s assets or projects within MPCs are assessed separately and include, but are not limited to, significant decreases in sales pace or average selling prices, significant increases in expected land development and construction costs or cancellation rates, and projected losses on expected future sales. MPC assets have extended life cycles that may last 20 to 40 years, or longer, and have few long‑term contractual cash flows. Further, MPC assets generally have minimal to no residual values because of their liquidating characteristics. MPC development periods often occur through several economic cycles. Subjective factors such as the expected timing of property development and sales, optimal development density and sales strategy impact the timing and amount of expected future cash flows and fair value. Impairment indicators for Operating Assets are assessed for each property and include, but are not limited to, significant decreases in net operating income, significant decreases in occupancy, ongoing low occupancy and significant net operating losses. Impairment indicators for Seaport include, but are not limited to, significant changes in projected completion 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.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of highly-liquid investments with maturities at date of purchase of three months or less and include registered money market mutual funds which are invested in United States Treasury bills that are valued at the net asset value of the underlying shares in the funds as of the close of business at the end of each period as well as deposits with major banks throughout the United States. Such deposits are in excess of FDIC limits and are placed with high-quality institutions in order to minimize concentration of counterparty credit risk.
Restricted Cash	Restricted Cash Restricted cash reflects amounts segregated in escrow accounts in the name of the Company, primarily related to escrowed condominium deposits by buyers and other amounts related to taxes, insurance and legally restricted security deposits and leasing costs.
Accounts Receivable, net, Municipal Utility District Receivables, net, and Notes Receivable, net	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. The Company also records reserves for estimated losses under ASC 450 - Contingencies if the estimated losses are probable and can be reasonably estimated. Municipal Utility District Receivables, net In Houston, Texas, certain development costs are reimbursable through the creation of a Municipal Utility District (MUD), also known as Water Control and Improvement Districts, which are separate political subdivisions authorized by Article 16, Section 59 of the Texas Constitution and governed by the Texas Commission on Environmental Quality (TCEQ). MUDs are formed to provide municipal water, wastewater, drainage services, recreational facilities and roads to those areas where they are currently unavailable through the regular city services. Typically, the developer advances funds for the creation of the facilities, which must be designed, bid and constructed in accordance with the City of Houston’s and TCEQ requirements. The MUD Board of Directors authorizes and approves all MUD development contracts, and MUD bond sale proceeds are used to reimburse the developer for its construction costs, including interest. At the date the expenditures occur, the Company determines the costs it believes will be eligible for reimbursement and recognizes that as MUD receivables. These expenditures are subject to review by the MUD engineers for eligibility in accordance with the development contracts as part of the process for reimbursement. MUD receivables are pledged as security to creditors under the debt facilities relating to Bridgeland. 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.
Prepaid Expenses and Other Assets, net	Prepaid Expenses and Other Assets, net The major components of Prepaid expenses and other assets, net include Special Improvement District (SID) receivables, condominium inventory, interest rate derivative assets, 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. Condominium inventory includes available for sale units at HHC’s completed condominium towers and is stated at the lower of cost or fair value less selling costs. Condominium inventory includes land acquisition and development costs, construction costs, and interest and real estate taxes, which are capitalized during the development period. HHC evaluates condominium inventory for impairment when potential indicators exist. An impairment loss is recognized if the carrying amount of condominium inventory exceeds the fair value less selling costs, which is based on comparable sales in the normal course of business under existing and anticipated market conditions. 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. The Company’s intangibles include in-place lease assets and above-market lease assets where HHC is the lessor, trademark and tradename intangibles related to MPCs, and other intangibles relating to the Company’s Las Vegas Aviators Triple-A professional baseball team. The Company amortizes finite-lived intangible assets less any residual value, if applicable, on a straight-line basis over the term of the related lease or the estimated useful life of the asset.
Financial Instruments - Credit Losses	Financial Instruments - Credit Losses The Company is exposed to credit losses through the sale of goods and services to the Company’s customers. Receivables held by the Company primarily relate to short-term trade receivables and financing receivables, which include MUD receivables, SID bonds, TIF receivables, net investments in lease receivables, and notes receivable. The Company assesses its exposure to credit loss based on historical collection experience and future expectations by portfolio segment. Historical collection experience is evaluated on a quarterly basis by the Company. The amortized cost basis of financing receivables, consisting primarily of MUD and SID receivables, totaled $545.4 million as of December 31, 2022, and $484.7 million as of December 31, 2021. The MUD receivable balance includes accrued interest of $36.4 million at December 31, 2022 and $18.2 million at December 31, 2021. The allowance for credit losses for financing receivables was not material as of December 31, 2022 and 2021, and there was no material activity related to the allowance for credit losses for the years ended December 31, 2022, 2021 and 2020. Financing receivables are considered to be past due once they are 30 days contractually past due under the terms of the agreement. The Company currently does not have significant financing receivables that are past due or on nonaccrual status. There have been no significant write-offs or recoveries of amounts previously written-off during the current period for financing receivables.
Income Taxes	Income Taxes 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, 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.
Marketing and Advertising	Marketing and Advertising Each of the Company’s segments incur various marketing and advertising costs as part of their development, branding, leasing or sales initiatives. These costs include special events, broadcasts, direct mail and online digital and social media programs, and they are expensed as incurred.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying values of cash and cash equivalents, escrows, receivables, accounts payable, accrued expenses and other assets and liabilities are reasonable estimates of their fair values because of the short maturities of these instruments.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities Derivative instruments and hedging activities require management to make judgments on the nature of its derivatives and their effectiveness as hedges. These judgments determine if the changes in fair value of the derivative instruments are reported as a component of Net Income in the Consolidated Statements of Operations or as a component of Comprehensive Income in the Equity on the Consolidated Balance Sheets. While management believes its judgments are reasonable, a change in a derivative’s effectiveness as a hedge could materially affect expenses, net income and equity. The Company accounts for the changes in the fair value of an effective hedge in other comprehensive income (loss) and subsequently reclassifies the balance from other comprehensive income (loss) to earnings over the term that the hedged transaction affects earnings. The Company accounts for the changes in the fair value of an ineffective hedge directly in earnings.
Stock-Based Compensation	Stock-Based Compensation 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	Revenue Recognition and Related Matters Condominium Rights and Unit Sales Revenue from the sale of an individual unit in a condominium project is recognized at a point in time (i.e., the closing) when HHC satisfies the single performance obligation to construct a condominium project and transfer control of a completed unit to a buyer. The transaction price, which is the amount of consideration the Company receives upon delivery of the completed condominium unit to the buyer, is allocated to this single obligation and is received at closing less any amounts previously paid on deposit. The Company receives cash payments in the form of escrowed condominium deposits from customers who have contracted to purchase a condominium unit based on billing schedules established in HHC’s condominium purchase agreement contracts. The amounts are recorded in Restricted cash until released from escrow in accordance with the escrow agreement and on approval of HHC’s lender to fund construction costs of a project. A corresponding condominium contract deposit liability is established at the date of receipt, representing a portion of HHC’s unsatisfied performance obligation at each reporting date. These deposits, along with the balance of the contract value, are recognized at closing upon satisfaction of HHC’s performance obligation and transfer of title to the buyer. Real estate project costs directly associated with a condominium project, which are HHC’s costs to fulfill contracts with condominium buyers, are capitalized while all other costs are expensed as incurred. Total estimated project costs include direct costs such as the carrying value of the land, site planning, architectural, construction and financing costs, as well as indirect cost allocations. The allocations include costs which clearly relate to the specific project, including certain infrastructure and amenity costs which benefit the project as well as others, and are based upon the relative sales value of the units. Furthermore, incremental costs incurred to obtain a contract to sell condominium units are evaluated for capitalization in accordance with ASC 340-40, with incremental costs to fulfill a contract only being capitalized if the costs relate directly to a specifically identified contract, enhance resources to satisfy performance obligations in the future and are expected to be recovered. Master Planned 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 HHC’s unsatisfied obligation based on the costs remaining relative to the total cost at the date of closing. When residential or commercial land is sold, the cost of sales includes actual costs incurred and estimates of future development costs benefiting the property sold. In accordance with ASC 970-360-30-1, when land is sold, costs are allocated to each sold superpad or lot based upon the relative sales value. For purposes of allocating development costs, estimates of future revenues and development costs are re-evaluated throughout the year, with adjustments being allocated prospectively to the remaining parcels available for sale. For certain parcels of land, including acquired parcels that the Company does not intend to develop or for which development was complete at the date of acquisition, the specific identification method is used to determine the cost of sales. Builder Price Participation BPP is the variable component of the transaction price for certain Master Planned Communities Land Sales. BPP is earned when a developer that acquired land from HHC develops and sells a home to an end user at a price higher than a predetermined breakpoint. The excess over the breakpoint is shared between HHC and the developer at the time of closing on the sale of the home based on a previously agreed-upon percentage. Generally, BPP is constrained, and accordingly, the Company does not recognize an estimate of variable consideration. The Company’s conclusion is based on the following factors: –BPP is highly susceptible to factors outside HHC’s influence such as unemployment and interest rates –the time between the sale of land to a homebuilder and closing on a completed home can take up to three years –there is significant variability in home pricing from period to period The Company evaluates contracts with homebuilders with respect to BPP at each reporting period to determine whether a change in facts and circumstances has eliminated the constraint and will record an estimate of BPP revenue, if applicable. For Condominium Rights and Unit Sales, Master Planned 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 expected period between transfer of the promised asset and payment is one year or less. Rental Revenues Revenue associated with the Company’s operating assets includes minimum rent, percentage rent in lieu of fixed minimum rent, tenant recoveries and overage rent. Minimum rent revenues are recognized on a straight‑line basis over the terms of the related leases when collectability is reasonably assured and the tenant has taken possession of, or controls, the physical use of the leased asset. Percentage rent in lieu of fixed minimum rent is recognized as sales are reported from tenants. Minimum rent revenues 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. Baseball-related and other sponsorships generally cover a season or contractual period of time, and the related revenue is generally recognized on a straight-line basis over time, as time elapses, unless a specific performance obligation exists within the sponsorship contract where point-in-time delivery occurs and recognition at a specific performance or delivery date is more appropriate. Advertising and sponsorship agreements that allow third parties to display their advertising and products at HHC’s venues for a certain amount of time relate to a single performance obligation, consideration terms for these services are fixed in each respective agreement, and HHC generally recognizes the related revenue on a straight-line basis over time, as time elapses.
Noncontrolling Interests	Noncontrolling Interests As of December 31, 2022, Noncontrolling interests is primarily related to noncontrolling interest in Teravalis and the Ward Village Homeowners’ Associations (HOAs). See Note 3 - Acquisitions and Dispositions for additional information on Teravalis. As of December 31, 2021, Noncontrolling interest is primarily related to the 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, Redeemable noncontrolling interest related to a local developer’s interest in 110 North Wacker. This noncontrolling interest holder had the put right to require the Company to purchase its interest if 110 North Wacker had not been sold or refinanced by a certain date. Upon sale of 110 North Wacker in 2022, the local developer’s put right lapsed and the local developer’s share of the sales proceeds were distributed resulting in no remaining Redeemable noncontrolling interest as of December 31, 2022.
Recently Issued Accounting Standards	Recently Issued Accounting Standards The following is a summary of recently issued and other notable accounting pronouncements which relate to the Company’s business.ASU 2020-04, Reference Rate Reform The amendments in this Update provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform when certain criteria are met. The amendments in this Update apply only to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, for which an entity has applied certain optional expedients, that are retained through the end of the hedging relationship. The amendments in this Update are effective as of March 12, 2020, through December 31, 2022. On December 21, 2022, the FASB issued Accounting Standards Update (ASU) 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which extends the period of time entities can utilize the reference rate reform relief guidance under ASU 2020-04, from December 31, 2022, to December 31, 2024. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedge transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur through the effective date of December 31, 2024, as extended by ASU 2022-6.

Stock-Based Compensation Plans - Summary of Stock Option Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock Options
Outstanding at beginning of year (in shares)	270,487
Granted (in shares)	13,000
Exercised (in shares)	(4,500)
Forfeited (in shares)	(11,900)
Expired (in shares)	(8,100)
Outstanding at end of year (in shares)	258,987	270,487
Weighted-average Exercise Price
Outstanding at beginning of year (in dollars per share)	$ 112.61
Granted (in dollars per share)	65.99
Exercised (in dollars per share)	68.61
Forfeited (in dollars per share)	126.67
Expired (in dollars per share)	118.70
Outstanding at end of year (in dollars per share)	$ 110.20	$ 112.61
Stock Options, Additional Disclosures
Weighted average remaining contractual term of stock options outstanding	4 years 2 months 12 days
Aggregate intrinsic value	$ 240,858
Stock options vested and expected to vest (in shares)	257,062
Stock options vested and expected to vest, weighted average exercise price (in dollars per share)	$ 110.45
Weighted average remaining contractual term of stock options expected to vest	4 years 2 months 12 days
Aggregate intrinsic value of stock options expected to vest	$ 231,823
Stock options exercisable at the end of the period (in shares)	179,150
Stock options exercisable at the end of the period, weighted average exercise price (in dollars per share)	$ 118.90
Weighted average remaining contractual term of stock options exercisable	2 years 9 months 18 days
Aggregate intrinsic value of stock options exercisable	$ 0
Intrinsic value of stock options exercised	$ 100,000	$ 2,600,000	$ 2,400,000

Investments in Unconsolidated Ventures - Summarized Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Balance Sheet
Total Assets	$ 9,603,463	$ 9,581,694
Total Liabilities	5,997,351	5,848,524
Total Equity	3,606,112	3,710,670	$ 3,715,023	$ 3,332,988
Income Statement
Revenues	1,608,488	1,427,901	699,489
Operating Income	369,135	241,872	(119,561)
Net income (loss)	184,636	48,924	(3,173)
Equity method investment, nonconsolidated investee or group of investees
Balance Sheet
Total Assets	878,546	1,442,894
Total Liabilities	505,643	918,847
Total Equity	372,903	524,047
Income Statement
Revenues	232,786	377,837	190,605
Operating Income	9,815	145,471	42,964
Net income (loss)	$ (2,646)	$ 69,904	$ 24,908

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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Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Ventures

12 Months Ended

Dec. 31, 2022

Investments in Unconsolidated Ventures


2. Investments in Unconsolidated Ventures

In the normal course of business, the Company enters into partnerships and ventures with an emphasis on investments associated with the development and operation of real estate assets. As of December 31, 2022, the Company does not consolidate the investments below as it does not have a controlling financial interest in these ventures. As such, the Company primarily reports its interests in accordance with the equity method. As of December 31, 2022, these ventures had mortgage financing totaling $249.9 million, with the Company’s proportionate share of this debt totaling $125.2 million. All of this indebtedness is without recourse to the Company, with the exception of the collateral maintenance obligation for Floreo. See Note 10 - Commitments and Contingencies for additional information related to the Company’s collateral maintenance obligation.

Investments in unconsolidated ventures consist of the following:


	Ownership Interest (a)				Carrying Value				Share of Earnings/Dividends
	December 31,		December 31,		December 31,		December 31,		Year Ended December 31,
thousands except percentages	2022		2021		2022		2021		2022		2021		2020
Equity Method Investments
Operating Assets
110 North Wacker	—	%	23.0	%	$	—	$	194,999	$	4,910	$	(74,309)	$	(13,896)
The Metropolitan Downtown Columbia (b)	50.0	%	50.0	%	—		—		4,556		582		765
Stewart Title of Montgomery County, TX	50.0	%	50.0	%	4,217		4,185		1,294		1,860		1,250
Woodlands Sarofim #1	20.0	%	20.0	%	3,029		3,215		(13)		96		125
m.flats/TEN.M (c)	50.0	%	50.0	%	—		—		6,878		974		666
Master Planned Communities
The Summit (d)	50.0	%	50.0	%	49,368		41,536		(30)		59,407		17,845
Floreo (e)	50.0	%	50.0	%	58,001		59,080		(1,377)		(8)		—
Seaport
Mr. C Seaport	—	%	—	%	—		—		—		—		(6,900)
The Lawn Club (d)	50.0	%	50.0	%	2,553		447		—		—		—
Ssäm Bar (Momofuku) (d)(e)	50.0	%	50.0	%	5,551		5,852		(783)		(1,988)		(2,392)
Tin Building by Jean-Georges (d)(e)	65.0	%	65.0	%	6,935		—		(36,182)		—		—
Jean-Georges Restaurants	25.0	%	—	%	45,626		—		692		—		—
Strategic Developments
Circle T Ranch and Power Center	—	%	—	%	—		—		—		—		2,463
HHMK Development	50.0	%	50.0	%	10		10		—		—		—
KR Holdings	50.0	%	50.0	%	485		127		797		(221)		(69)
West End Alexandria (d)	58.3	%	58.3	%	56,617		56,546		71		—		—
110 North Wacker	—		23.0	%	—		—		—		—		267,518
					232,392		365,997		(19,187)		(13,607)		267,375
Other equity investments (f)					13,779		3,952		4,638		3,755		3,724
Investments in unconsolidated ventures					$	246,171	$	369,949	$	(14,549)	$	(9,852)	$	271,099

(a)Ownership interests presented reflect the Company’s stated ownership interest or if applicable, the Company’s final profit-sharing interest after receipt of any preferred returns based on the venture’s distribution priorities.

(b)The Metropolitan Downtown Columbia was in a deficit position of $9.0 million at December 31, 2022, and $11.3 million at December 31, 2021. These deficit balances are presented in Accounts payable and accrued expenses at December 31, 2022 and 2021.

(c)M.flats/TEN.M was in a deficit position of $1.8 million at December 31, 2022, and $6.0 million at December 31, 2021. The deficit balance is presented in Accounts payable and accrued expenses at December 31, 2022.

(d)For these equity method investments, various provisions in the venture operating agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and preferred returns may result in the Company’s economic interest differing from its stated interest or final profit-sharing interest. For these investments, the Company recognizes income or loss based on the venture’s distribution priorities, which could fluctuate over time and may be different from its stated ownership or final profit-sharing interest.

(e)Classified as a VIE; however, the Company is not the primary beneficiary and accounts for its investment in accordance with the equity method. Refer to discussion below for additional information.

(f)Other equity investments represent investments not accounted for under the equity method. The Company elected the measurement alternative as these investments do not have readily determinable fair values. There were no impairments, or upward or downward adjustments to the carrying amounts of these securities either during 2022, or cumulatively. As of December 31, 2022, Other equity investments primarily includes $10.0 million of warrants, which represents cash paid by the Company for the option to acquire additional ownership interest in Jean-Georges Restaurants. Refer to discussion below for additional details.

110 North Wacker The Company formed a partnership with a local developer (the Partnership) 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 through a separate legal entity (the Venture).

The Partnership was determined to be a VIE, and as the Company had the power to direct the activities of the Partnership that most significantly impact its economic performance, the Company was considered the primary beneficiary and consolidated the Partnership. Additionally, the local developer had the right to require the Company to purchase its interest in the Partnership if the Venture had not been sold or refinanced (with distributions made to the local developer and Company sufficient to repay all capital contributions) within a specified time period. Therefore, the local developer’s redeemable noncontrolling interest in the Partnership was presented as temporary equity as of December 31, 2021, on the Consolidated Balance Sheets.

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, and thus consolidated the venture; however, upon the building’s completion in the third quarter of 2020, the Company concluded it was no longer the primary beneficiary, resulting in the deconsolidation of the Venture. As of September 30, 2020, the Company derecognized all assets, liabilities and noncontrolling interest related to the Venture, recognized an equity method investment based on the fair value of its interest in 110 North Wacker in the Operating Assets segment and recognized a gain on deconsolidation of $267.5 million in Equity in earnings (losses) from unconsolidated ventures in the Strategic Developments segment. In 2021, the Company recorded a $17.7 million impairment of its equity investment in the Venture due to a change in the anticipated holding period as it entered into a plan to sell the Partnership’s interest in the Venture.

On March 30, 2022, the Partnership completed the sale of its ownership interest in the Venture for a gross sales price of $208.6 million. Upon sale, the Company recognized income of $5.0 million in Equity in earnings (losses) from unconsolidated ventures in the Consolidated Statements of Operations. The amount recognized represents: (i) the difference between the sales price less related transaction costs of $17.6 million and the $195.0 million carrying value of the equity investment; (ii) a $0.4 million adjustment to the carrying value of the noncontrolling interest to reflect actual cash proceeds and (iii) $8.6 million of net fair value gains that were reclassed out of Accumulated other comprehensive income (loss) associated with the Venture’s derivative instruments. Based upon the Partnership’s waterfall, $168.9 million of the net sales proceeds were allocated to the Company with the remaining $22.1 million allocated to the local developer.

Upon the sale of the equity interest in the Venture, the local developer’s put right that could require the Company to purchase its interest in the Partnership lapsed. Therefore, the local developer’s redeemable noncontrolling interest in the Partnership, which represented its share of the sales proceeds was distributed in April 2022, and presented as cash outflows from financing activities on the Consolidated Statements of Cash Flows.

The following table presents changes in Redeemable noncontrolling interest:


thousands	Redeemable Noncontrolling Interest
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

Net income (loss) attributable to noncontrolling interest	—
Share of investee's other comprehensive income	(407)
Disposition of noncontrolling interest related to 110 North Wacker	(22,093)
Balance as of December 31, 2022	$	—

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 2023. Under the terms of the agreement, the Company will fund 80% of the cost to construct the restaurant, and Endorphin Ventures will contribute the remaining 20%. The Company will recognize its share of income or loss based on the joint venture distribution priorities, which could fluctuate over time. Upon return of each member’s contributed capital and a preferred return to HHC, distributions and recognition of income or loss will be allocated to the Company based on its final profit-sharing interest. The Company also entered into a lease agreement with HHC Lawn Games, LLC to lease 20,000 square feet of the Fulton Market Building for this venture.

Ssäm Bar In 2016, the Company formed Pier 17 Restaurant C101, LLC (Ssäm Bar) with MomoPier, LLC (Momofuku) to construct and operate a restaurant and bar at Pier 17 in the Seaport, which opened in 2019. The Company recognizes its share of income or loss based on the joint venture’s distribution priorities, which could fluctuate over time. As of December 31, 2022 and 2021, Ssäm Bar is classified as a VIE because the equity holders, as a group, lack the characteristics of a controlling financial interest; however, the Company is not the primary beneficiary. As of December 31, 2022, the Company’s maximum exposure to loss as a result of this investment is limited to the $5.6 million aggregate carrying value of this investment as the Company has not provided any guarantees or otherwise made firm commitments to fund amounts on behalf of this VIE.

Tin Building by Jean-Georges In 2015, the Company, together with VS-Fulton Seafood Market, LLC (Fulton Partner), formed Fulton Seafood Market, LLC (Tin Building by Jean-Georges) to operate a 53,783 square foot culinary marketplace in the historic Tin Building. The Fulton Partner is a wholly owned subsidiary of Jean-Georges Restaurants. The Company purchased a 25% interest in Jean-George Restaurants in March 2022 as discussed below.

The Company owns 100% of the Tin Building and leased 100% of the space to the Tin Building by Jean-Georges joint venture. Throughout this report, references to the Tin Building relate to the Company’s 100% owned landlord operations and references to the Tin Building by Jean-Georges refer to the managed business in which the Company has an equity ownership interest. The Company, as landlord, funded 100% of the development and construction of the Tin Building. Under the terms of the Tin Building by Jean-Georges LLC agreement, the Company contributes the cash necessary to fund pre-opening, opening and operating costs of Fulton Seafood Market LLC. The Fulton Partner is not required to make any capital contributions. The Tin Building was completed and placed in service during the third quarter of 2022 and the Tin Building by Jean-Georges culinary marketplace began operations in the third quarter of 2022. Based on capital contribution and distribution provisions for the Tin Building by Jean-Georges, HHC currently receives substantially all of the economic interest in the venture. Upon return of HHC’s contributed capital and a preferred return to HHC, distribution and recognition of income or loss will be allocated to the Company based on its final profit-sharing interest.

As of December 31, 2022, the Tin Building by Jean-Georges is classified as a VIE because the equity holders, as a group, lack the characteristics of a controlling financial interest. The Company further concluded that it is not the primary beneficiary of the VIE as it does not have the power to direct the restaurant-related activities that most significantly impact its economic performance. Because the Company is unable to quantify the maximum amount of additional capital contributions that may be funded in the future associated with this investment, the Company’s maximum exposure related to loss as a result of this investment is based upon the carrying value of the investment. The carrying value of the Tin Building by Jean-Georges as of December 31, 2022, is $6.9 million, which is comprised of $43.1 million of contributions made by the Company, partially offset by $36.2 million of equity losses for the year ended December 31, 2022, primarily related to pre-opening and start-up expenses.

Jean-Georges Restaurants On March 1, 2022, the Company acquired a 25% interest in JG Restaurant HoldCo LLC (Jean-Georges Restaurants) for $45.0 million from JG TopCo LLC (Jean-Georges). Jean-Georges Restaurants currently has over 40 hospitality offerings and a pipeline of new concepts. The Company accounts for its ownership interest in accordance with the equity method and recorded its initial investment at cost, inclusive of legal fees and transaction costs. Under the terms of the agreement, all cash distributions and the recognition of income-producing activities will be pro rata based on stated ownership interest.

Concurrent with the Company’s acquisition of the 25% interest in Jean-Georges Restaurants, the Company entered into a warrant agreement with Jean-Georges. The Company paid $10.0 million for the option to acquire up to an additional 20% interest in Jean-Georges Restaurants at a fixed exercise price per share subject to certain anti-dilution provisions. Should the warrant agreement be exercised by the Company, the $10.0 million will be credited against the aggregate exercise price of the warrants. Per the agreement, the $10.0 million is to be used for working capital of Jean-Georges Restaurants. The warrant became exercisable on March 2, 2022, subject to automatic exercise in the event of dissolution or liquidation, and will expire on March 2, 2026. As of December 31, 2022, this warrant has not been exercised. The Company elected the measurement alternative for this purchase option as the equity security does not have a readily determinable fair value. As such, the investment is measured at cost, less any identified impairment charges.

Creative Culinary Management Company, LLC (CCMC), a wholly owned subsidiary of Jean-Georges Restaurants, provides management services for certain retail and food and beverage businesses that HHC owns, either wholly or through partnerships with third parties. The Company’s businesses managed by CCMC include The Tin Building by Jean-Georges, The Fulton and Malibu Farm. Pursuant to the various management agreements, CCMC is responsible for employment and supervision of all employees providing services for the food and beverage operations and restaurant as well as the day-to-day operations and accounting for the food and beverage operations.

The Summit During the first quarter of 2015, the Company formed DLV/HHPI Summerlin, LLC (The Summit) with Discovery Land Company (Discovery) to develop a custom home community in Summerlin.

Phase I The Company contributed land with a carrying value of $13.4 million and transferred SID bonds related to such land with a carrying value of $1.3 million to The Summit at the agreed upon capital contribution value of $125.4 million, or $226,000 per acre and has no further capital obligations. Discovery is required to fund up to a maximum of $30.0 million of cash as their capital contribution, of which $3.8 million has been contributed. The gains on the contributed land are recognized in Equity in earnings (losses) from unconsolidated ventures as The Summit sells lots. As of December 31, 2022, HHC has received its preferred return distributions and recognizes its share of income or loss for Phase I based on its final profit-sharing interest.

Phase II In July 2022, the Company contributed an additional 54 acres to The Summit (Phase II land) with a fair value of $21.5 million. The Company recognized an incremental equity method investment at the fair value of $21.5 million and recognized a gain of $13.5 million recorded in Equity in earnings (losses) from unconsolidated ventures. This gain is the result of marking the cost basis of the land contributed to its estimated fair value at the time of contribution. The Phase II land is adjacent to the existing Summit development and is currently planned for approximately 28 custom home sites that will be added to The Summit community. The Company will receive distributions and recognize its share of income or loss for Phase II based on the joint venture’s distribution priorities in the amended Summit LLC agreement, which could fluctuate over time. Upon receipt of preferred returns to HHC, distributions and recognition of income or loss will be allocated to the company based on its final profit-sharing interest.

Floreo (formerly named Trillium) In the fourth quarter of 2021, simultaneous with the Teravalis land acquisition, the Company closed on the acquisition of a 50% interest in Trillium Development Holding Company, LLC (Floreo), for $59.0 million and entered into a Limited Liability Company Agreement (LLC Agreement) with JDM Partners and El Dorado Holdings to develop the first village within the new Teravalis MPC on 3,029 acres of land in the greater Phoenix, Arizona area. The first Floreo land sales are expected to occur in the second half of 2023 subject to market conditions.

On October 25, 2022, Floreo closed on a $165.0 million financing, and at initial closing, outstanding borrowings were $57.5 million. The Company provided a guarantee on this financing in the form of a collateral maintenance obligation and received a guarantee fee of $5.0 million. The financing and related guarantee provided by the Company triggered a reconsideration event and as of December 31, 2022, Floreo is classified as a VIE. Due to rights held by other members, the Company does not have a controlling financial interest in Floreo and is not the primary beneficiary. As of December 31, 2022, the Company’s maximum exposure to loss as a result of this investment is limited to the $58.0 million aggregate carrying value as the Company has not made any other firm commitments to fund amounts on behalf of this VIE. See Note 10 - Commitments and Contingencies for additional information related to the Company’s collateral maintenance obligation.

West End Alexandria In the fourth quarter of 2021, the Company entered into an Asset Contribution Agreement with Landmark Land Holdings, LLC (West End Alexandria) to redevelop a 52-acre site previously known as Landmark Mall. Other equity owners include Foulger-Pratt Development, LLC (Foulger-Pratt) and Seritage SRC Finance (Seritage). The Company conveyed its 33-acre Landmark Mall property with an agreed upon fair value of $56.0 million and Seritage conveyed an additional 19 acres of land with an agreed upon fair value of $30 million to West End Alexandria in exchange for equity interest. Additionally, Foulger-Pratt agreed to contribute $10 million to West End Alexandria. Also in the fourth quarter of 2021, West End Alexandria executed a Purchase and Sale Agreement with the City of Alexandria to sell approximately 11 acres to the City of Alexandria. The City will lease this land to Inova Health Care Services for construction of a new hospital.

Development plans for the remaining 41-acre property include approximately four million square feet of residential, retail, commercial, and entertainment offerings integrated into a cohesive neighborhood with a central plaza, a network of parks and public transportation. Foulger-Pratt manages construction of the development. Demolition began in the second quarter of 2022, with completion of the first buildings expected in 2025.

The Company does not have the ability to control the activities that most impact the economic performance of the venture as Foulger-Pratt is the managing member and manages all development activities. As such, the Company accounts for its ownership interest in accordance with the equity method.

Summarized Financial Information The following tables provide combined summarized financial statement information for the Company’s unconsolidated ventures. Financial statement information is included for each investment for all periods in which the Company’s ownership interest was accounted for as an equity method investment. Fluctuations in the amounts presented below are primarily related to 2022 activity, including the sale of the Company’s ownership interest in 110 North Wacker, partially offset by the Company’s acquisition of an ownership interest in Jean-Georges Restaurants and the additional contribution of Phase II land to The Summit.


thousands	December 31, 2022		December 31, 2021
Balance Sheet
Total Assets	$	878,546	$	1,442,894
Total Liabilities	505,643		918,847
Total Equity	372,903		524,047


	Year Ended December 31,
thousands	2022		2021		2020
Income Statement
Revenues	$	232,786	$	377,837	$	190,605
Operating Income	9,815		145,471		42,964
Net income (loss)	(2,646)		69,904		24,908

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($)
$ in Thousands

1 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Interest rate swaps, tax expense (benefit)

$ 9,460

$ 5,080

$ (5,260)

Equity in earnings (losses) from unconsolidated ventures

^[1]

6,723

(14,549)

(9,852)

271,099

Share of investee's other comprehensive income, tax expense

$ 1,912

$ 1,627

285

Deconsolidation of 110 North Wacker, tax expense

$ 951

Disposal Group, Disposed of by Sale, Not Discontinued Operations | 110 North Wacker

Equity in earnings (losses) from unconsolidated ventures

$ 6,700

$ 8,600

[1]

In March 2022, the Company completed the sale of its ownership interest in 110 North Wacker and released a net of $6.7 million from Accumulated other comprehensive income (loss), representing the Company’s $8.6 million share of previously deferred gains associated with the Venture’s derivative instruments net of tax expense of $1.9 million. See Note 2 - Investments in Unconsolidated Ventures for additional information.

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of fair value of the derivative financial instruments

The following table summarizes certain terms of the Company’s derivative contracts. The Company reports derivative assets in Prepaid expenses and other assets, net and derivative liabilities in Accounts payable and accrued expenses.


					Fair Value Asset (Liability)
	Notional	Fixed Interest	Effective	Maturity	December 31,		December 31,
thousands	Amount	Rate (a)	Date	Date	2022		2021
Derivative instruments not designated as hedging instruments: (b)
Interest rate cap	285,000	2.00%	3/12/2021	9/15/2023	$	5,748	$	300
Interest rate cap	83,200	2.00%	3/12/2021	9/15/2023	1,677		87
Interest rate cap	75,000	2.50%	10/12/2021	9/29/2025	3,791		485
Interest rate cap	59,500	2.50%	10/12/2021	9/29/2025	3,007		385

Derivative instruments designated as hedging instruments:
Interest rate swap	615,000	2.96%	9/21/2018	9/18/2023	$	8,262	$	(23,477)
Interest rate swap	200,000	3.69%	1/3/2023	1/1/2027	978		—
Interest rate cap	127,000	5.50%	11/10/2022	11/7/2024	378		—
Interest rate cap	75,000	5.00%	12/22/2022	12/21/2025	655		—
Interest rate swap	40,800	1.68%	3/1/2022	2/18/2027	3,321		—
Interest rate swap	35,296	4.89%	11/1/2019	1/1/2032	3,043		(2,975)

Total fair value derivative assets					$	30,860	$	1,257
Total fair value derivative liabilities					—		(26,452)
Total fair value derivatives asset (liability), net					$	30,860	$	(25,195)

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

(b)Interest income related to these contracts was $13.0 million for the year ended December 31, 2022, and was not material in 2021.

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	2022		2021		2020
Interest rate derivatives	$	25,657	$	5,300	$	(34,906)


Location of Gain (Loss) Reclassified from AOCI into Statements of Operations	Amount of Gain (Loss) Reclassified from AOCI into Statements of Operations
thousands	2022		2021		2020
Interest expense	$	(6,041)	$	(12,660)	$	(11,836)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Master Planned Communities assets	$ 2,411,526	$ 2,282,768
Buildings and equipment	4,246,389	3,962,441
Less: accumulated depreciation	(867,700)	(743,311)
Land	312,230	322,439
Developments	1,125,027	1,208,907
Net investment in real estate	7,227,472	7,033,244
Investments in unconsolidated ventures	246,171	369,949
Net investment in lease receivable	2,895	2,913
Cash and cash equivalents	626,653	843,212
Restricted cash	472,284	373,425
Accounts receivable, net	103,437	86,388
Municipal Utility District receivables, net	473,068	387,199
Notes receivable, net	3,339	7,561
Deferred expenses, net	128,865	119,825
Operating lease right-of-use assets, net	46,926	57,022
Prepaid expenses and other assets, net	272,353	300,956
Total assets	9,603,463	9,581,694
LIABILITIES
Mortgages, notes and loans payable, net	4,747,183	4,591,157
Operating lease obligations	51,321	69,363
Deferred tax liabilities, net	254,336	204,837
Accounts payable and accrued expenses	944,511	983,167
Total liabilities	5,997,351	5,848,524
Commitments and Contingencies (see Note 10)
Redeemable noncontrolling interest	0	22,500
EQUITY
Preferred stock: $0.01 par value; 50,000,000 shares authorized, none issued	0	0
Common stock: $0.01 par value; 150,000,000 shares authorized, 56,226,273 issued and 49,801,997 outstanding as of December 31, 2022, and 56,173,276 shares issued and 54,065,661 outstanding as of December 31, 2021	564	563
Additional paid-in capital	3,972,561	3,960,418
Retained earnings (accumulated deficit)	168,077	(16,456)
Accumulated other comprehensive income (loss)	10,335	(14,457)
Treasury stock, at cost, 6,424,276 shares as of December 31, 2022, and 2,107,615 shares as of December 31, 2021	(611,038)	(220,073)
Total stockholders' equity	3,540,499	3,709,995
Noncontrolling interests	65,613	675
Total equity	3,606,112	3,710,670
Total liabilities and equity	$ 9,603,463	$ 9,581,694

Leases - Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows on operating leases	$ 5,718	$ 6,930
Weighted-average remaining lease term (years)
Operating leases	43 years 9 months 18 days	38 years 8 months 12 days
Weighted-average discount rate
Operating leases	7.70%	7.70%

Income Taxes

12 Months Ended

Dec. 31, 2022

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	2022		2021		2020
Current	$	18,478	$	4,797	$	826
Deferred	42,022		10,356		10,827
Total	$	60,500	$	15,153	$	11,653

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	2022			2021			2020
Income (loss) before income taxes	$	245,136		$	64,077		$	8,480
U.S. federal statutory tax rate	21.0		%	21.0		%	21.0		%
Tax computed at the U.S. federal statutory rate	$	51,479		$	13,456		$	1,781
Increase (decrease) in valuation allowance, net	1,065			2,378			11,822
State income tax expense (benefit), net of federal income tax	5,483			(3,182)			(2,608)

Tax expense (benefit) from other change in rates, prior period adjustments and other permanent differences	315			(181)			2,271

Tax expense on compensation disallowance	2,180			1,570			1,553
Net (income) loss attributable to noncontrolling interests (a)	(22)			1,507			(4,826)
Tax expense (benefit) on tax credits	—			(395)			1,660



Income tax expense (benefit)	$	60,500		$	15,153		$	11,653
Effective tax rate	24.7		%	23.6		%	137.4		%

(a)The Company deconsolidated 110 North Wacker in the third quarter of 2020. Refer to Note 2 - Investments in Unconsolidated Ventures for additional information.

As of December 31, 2022, the amounts and expiration dates of operating loss carryforwards for tax purposes are as follows:


thousands	Amount

Net operating loss carryforwards - Federal (a)	$	132,736
Net operating loss carryforwards - State (b)	606,681

(a)Federal net operating loss carryforwards have an indefinite carryforward period.

(b)State net operating loss carryforwards of $279.5 million have an indefinite carryforward period. The remaining $327.2 million of carryforwards have varying carryforward periods through 2042. 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	2022		2021
Deferred tax assets:
Operating and Strategic Developments properties, primarily differences in basis of assets and liabilities	$	24,141	$	—

Operating loss and tax carryforwards	65,829		119,884
Total deferred tax assets	89,970		119,884
Valuation allowance	(39,478)		(40,477)
Total net deferred tax assets	$	50,492	$	79,407
Deferred tax liabilities:
Property associated with MPCs, primarily differences in the tax basis of land assets and treatment of interest and other costs	$	(214,045)	$	(176,904)
Operating and Strategic Developments properties, primarily differences in basis of assets and liabilities	—		(27,364)
Deferred income	(90,783)		(79,976)
Total deferred tax liabilities	(304,828)		(284,244)
Total net deferred tax liabilities	$	(254,336)	$	(204,837)

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, 2019 through 2022. 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, 2022, 2021 or 2020, 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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 740
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-Section S99
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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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-Paragraph 17
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 740
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Section 50
-Paragraph 2
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Summary of EPS calculations

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

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


thousands except per share amounts	2022		2021		2020
Net income (loss)
Net income (loss)	$	184,636	$	48,924	$	(3,173)
Net (income) loss attributable to noncontrolling interests	(103)		7,176		(22,981)
Net income (loss) attributable to common stockholders	$	184,533	$	56,100	$	(26,154)

Shares
Weighted-average common shares outstanding - basic	50,513		54,596		52,522
Restricted stock and stock options	45		53		—

Weighted-average common shares outstanding - diluted	50,558		54,649		52,522

Net income (loss) per common share
Basic income (loss) per share	$	3.65	$	1.03	$	(0.50)
Diluted income (loss) per share	$	3.65	$	1.03	$	(0.50)

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

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Net income (loss) attributable to noncontrolling interest

$ 0

$ (7,431)

$ 22,881

Interest rate swaps, tax expense (benefit)

9,460

5,080

(5,260)

Pension adjustment, tax (expense) benefit

(71)

(136)

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

1,912

1,627

285

Deconsolidation of 110 North Wacker, tax expense

951

Equity in earnings (losses) from unconsolidated ventures

^[1]

6,723

$ (14,549)

$ (9,852)

$ 271,099

[1]

Investments in Unconsolidated Ventures - Narrative (Details) $ in Thousands						1 Months Ended			3 Months Ended			12 Months Ended
	Oct. 25, 2022 USD ($)	Mar. 31, 2022 USD ($)	Mar. 30, 2022 USD ($)	Mar. 01, 2022 USD ($) hospitality	Jan. 19, 2021 a	Jul. 31, 2022 USD ($) a customHomeSite	Apr. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) a	Sep. 30, 2020 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2022 USD ($) a	Dec. 31, 2021 USD ($) a	Dec. 31, 2020 USD ($)	Dec. 31, 2015 ft²
Schedule of Investments [Line Items]
Liabilities									$ 5,848,524			$ 5,997,351	$ 5,848,524
Equity in earnings (losses) from unconsolidated ventures												(14,549)	(9,852)	$ 271,099
Carrying value of the asset									$ 7,033,244			7,227,472	7,033,244
Net income (loss) attributable to noncontrolling interest												0	$ (7,431)	22,881
Carrying value												4,802,188
Jean-Georges Restaurants
Schedule of Investments [Line Items]
Acquisition interest				25.00%
Purchase price of acquisition				$ 45,000
Number of hospitality acquired \| hospitality				40
Additional consideration transferred				$ 10,000
Percentage of additional voting interests acquired				20.00%
Floreo Development Holding Company, LLC
Schedule of Investments [Line Items]
Acquisition interest									50.00%				50.00%
Purchase price of acquisition									$ 59,000
Equity Method Investments
Schedule of Investments [Line Items]
Equity in earnings (losses) from unconsolidated ventures												(19,187)	$ (13,607)	267,375
Carrying value of equity method investments									$ 365,997			$ 232,392	$ 365,997
Fulton Market Building
Schedule of Investments [Line Items]
Area of real estate property (in sqft) \| a					20,000
Phoenix, Arizona \| Floreo Development Holding Company, LLC
Schedule of Investments [Line Items]
Area of land \| a									3,029				3,029
Floreo Development Holding Company, LLC
Schedule of Investments [Line Items]
Face amount	$ 165,000
Carrying value	57,500
Guarantee fee	5,000
Floreo Development Holding Company, LLC \| Equity Method Investments
Schedule of Investments [Line Items]
Investment in real estate and other affiliates	$ 58,000
West End Alexandria \| Landmark Land Holdings
Schedule of Investments [Line Items]
Area of land \| a									52				52
West End Alexandria \| Alexandria
Schedule of Investments [Line Items]
Area of land \| a									11				11
Fougler Pratt Development, LLC \| Landmark Mall Property
Schedule of Investments [Line Items]
Area of land \| a									33				33
Fair value of property contributed									$ 56,000
Fair value of property contributed, additional									$ 10,000
Seritage \| Landmark Mall Property
Schedule of Investments [Line Items]
Area of land \| a									19				19
Fair value of property contributed									$ 30,000
Over-Allotment Option
Schedule of Investments [Line Items]
Sale of stock, consideration received on transaction		$ 168,900					$ 22,100
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 110 North Wacker
Schedule of Investments [Line Items]
Equity in earnings (losses) from unconsolidated ventures								$ 8,600
Consideration received			$ 208,600
Gain (loss) on disposal			5,000
Transaction costs on sales of investments real estate			17,600
Carrying value of the asset			195,000
Net income (loss) attributable to noncontrolling interest			$ (400)
Seaport
Schedule of Investments [Line Items]
Area of real estate property (in sqft) \| a												473,000
Seaport \| The Tin Building by Jean-Georges
Schedule of Investments [Line Items]
Area of real estate property (in sqft) \| ft²															53,783
Development Plans \| Central Plaza
Schedule of Investments [Line Items]
Area of real estate property (in sqft) \| a									4,000,000				4,000,000
Area of land \| a									41				41
110 North Wacker
Schedule of Investments [Line Items]
Equity method investment, impairment													$ 17,673	0
110 North Wacker \| Strategic Developments
Schedule of Investments [Line Items]
Equity in earnings (losses) from unconsolidated ventures										$ 267,500
110 North Wacker \| Strategic Developments \| Equity Method Investments
Schedule of Investments [Line Items]
Equity in earnings (losses) from unconsolidated ventures												$ 0	0	267,518
Carrying value of equity method investments									$ 0			0	0
The Lawn Club NYC, LLC
Schedule of Investments [Line Items]
Joint venture real estate, percentage funded					80.00%
The Lawn Club NYC, LLC \| Endorphin Ventures
Schedule of Investments [Line Items]
Joint venture real estate, percentage funded					20.00%
Ssam Bar \| Seaport \| Equity Method Investments
Schedule of Investments [Line Items]
Equity in earnings (losses) from unconsolidated ventures												(783)	(1,988)	$ (2,392)
Investment in real estate and other affiliates												5,600
Carrying value of equity method investments									5,852			$ 5,551	5,852
The Tin Building by Jean-Georges
Schedule of Investments [Line Items]
Joint venture real estate, percentage funded												100.00%
Ownership interest												100.00%
Joint venture real estate, leased												100.00%
The Tin Building by Jean-Georges \| Seaport \| Equity Method Investments
Schedule of Investments [Line Items]
Equity in earnings (losses) from unconsolidated ventures												$ (36,200)
Carrying value of equity method investments												6,900
Contributions made by the company												43,100
The Summit \| Equity Method Investments
Schedule of Investments [Line Items]
Equity in earnings (losses) from unconsolidated ventures						$ 13,500
Contribution of property											$ 13,400
SID bonds transferred to a joint venture											1,300
Transaction value of the land contributed to joint venture											125,400
Transactional value per acre of land contributed to joint venture											226
Maximum capital contribution required											30,000
Amount contributed on maximum contribution											$ 3,800
Area of land \| a						54
Fair value of property contributed						$ 21,500
Number of custom home sites \| customHomeSite						28
Equity method investment, nonconsolidated investee or group of investees
Schedule of Investments [Line Items]
Liabilities									$ 918,847			505,643	$ 918,847
Unconsolidated Properties
Schedule of Investments [Line Items]
Liabilities												249,900
Unconsolidated Properties \| Equity method investment, nonconsolidated investee or group of investees \| Howard Hughes Corporation’s
Schedule of Investments [Line Items]
Liabilities												$ 125,200

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2022	Feb. 20, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-34856
Entity Registrant Name	THE HOWARD HUGHES CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4673192
Entity Address, Address Line One	9950 Woodloch Forest Drive
Entity Address, Address Line Two	Suite 1100
Entity Address, City or Town	The Woodlands
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77380
City Area Code	(281)
Local Phone Number	719-6100
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	HHC
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 2.2
Entity Common Stock, Shares Outstanding		49,801,858
Documents Incorporated by Reference	Portions of the registrant’s Proxy Statement for its 2022 Annual Meeting of Stockholders are incorporated by reference in Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K. The registrant intends to file its Proxy Statement with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2022.
Entity Central Index Key	0001498828
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY

Acquisitions and Dispositions - Dispositions Narrative (Details) $ in Thousands													1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 30, 2022 USD ($) a	Dec. 21, 2022 USD ($) a	Jun. 16, 2022 USD ($) a	Mar. 30, 2022 USD ($)	Dec. 22, 2021 USD ($) a building	Sep. 16, 2021 USD ($)	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	Mar. 31, 2022 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Nov. 30, 2019 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]																Gain (loss) on sale or disposal of real estate and other assets, net
Proceeds from sales of properties, net															$ 81,720	$ 322,451	$ 24,373
Gain (loss) on sale or disposal of real estate and other assets, net															29,678	53,079	59,942
Net investment in lease receivable															2,895	2,913
Proceeds from the sale of lease receivable															0	0	64,155
Equity in earnings (losses) from unconsolidated ventures															(14,549)	(9,852)	271,099
Carrying value of the asset															7,227,472	7,033,244
Equity Method Investments
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Carrying value of equity method investments															232,392	365,997
Equity in earnings (losses) from unconsolidated ventures															$ (19,187)	$ (13,607)	$ 267,375
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%
Equity method investment, proceeds from sale								$ 13,000
Carrying value of equity method investments								11,900
Equity in earnings (losses) from unconsolidated ventures								$ 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
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
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
Gain (loss) on disposal						39,100
Transaction costs						2,900
Repayments of debt						$ 132,300
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 110 North Wacker
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received				$ 208,600
Gain (loss) on disposal				5,000
Transaction costs on sales of investments real estate				17,600
Equity in earnings (losses) from unconsolidated ventures													$ 8,600
Carrying value of the asset				$ 195,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Monarch City Collection, Texas
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received							$ 51,400
Gain (loss) on disposal							21,300
Transaction costs on sales of investments real estate							$ 1,500
Area of land sold \| a							229
Creekside Village Green \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of real estate property (in sqft) \| a	74,670
Consideration received	$ 28,400
Gain (loss) on disposal	$ 13,400
Lake Woodlands Crossing \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of real estate property (in sqft) \| a		60,261
Consideration received		$ 22,500
Gain (loss) on disposal		$ 12,200
Outlet Collection at Riverwalk \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of real estate property (in sqft) \| a			264,080
Consideration received			$ 34,000
Gain (loss) on disposal			4,000
Transaction costs on sales of investments real estate			$ 500
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
Number of parking spaces \| space												550
Proceeds from sales of properties, net												$ 115,000					$ 115,000
Gain (loss) on sale or disposal of real estate and other assets, net														$ 38,300
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
Century Park \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received					$ 25,000
Gain (loss) on disposal					(7,400)
Transaction costs on sales of investments real estate					$ 400
Area of land sold \| a					63
Area of real estate property sold \| a					1,302,597
Number of buildings \| building					17
Elk Grove
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of land sold \| a									64
Proceeds from sales of properties, net									$ 24,600
Gain (loss) on sale or disposal of real estate and other assets, net									13,700
Carrying value of the asset									$ 10,800
West Windsor
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale or disposal of real estate and other assets, net											$ 8,000

Leases - Minimum Rent Payments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Total minimum rent payments	$ 229,302	$ 223,138
2023	236,188
2024	239,414
2025	218,399
2026	198,114
2027	185,526
Thereafter	802,060
Total	$ 1,879,701

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
REVENUES
Rental revenue	$ 399,103	$ 369,330	$ 323,182
Total revenues	1,608,488	1,427,901	699,489
EXPENSES
Operating costs	317,389	293,999	226,791
Rental property real estate taxes	54,033	55,398	52,815
Provision for (recovery of) doubtful accounts	1,959	(459)	6,009
General and administrative	81,772	81,990	109,402
Depreciation and amortization	200,361	205,100	217,467
Other	11,977	10,668	8,166
Total expenses	1,270,940	1,214,525	830,384
OTHER
Provision for impairment	0	(13,068)	(48,738)
Gain (loss) on sale or disposal of real estate and other assets, net	29,678	53,079	59,942
Other income (loss), net	1,909	(11,515)	130
Total other	31,587	28,496	11,334
Operating income (loss)	369,135	241,872	(119,561)
Interest income	3,818	107	2,368
Interest expense	(110,891)	(130,036)	(132,257)
Gain (loss) on extinguishment of debt	(2,377)	(38,014)	(13,169)
Equity in earnings (losses) from unconsolidated ventures	(14,549)	(9,852)	271,099
Income (loss) before income taxes	245,136	64,077	8,480
Income tax expense (benefit)	60,500	15,153	11,653
Net income (loss)	184,636	48,924	(3,173)
Net (income) loss attributable to noncontrolling interests	(103)	7,176	(22,981)
Net income (loss) attributable to common stockholders, basic	184,533	56,100	(26,154)
Net income (loss) attributable to common stockholders, diluted	$ 184,533	$ 56,100	$ (26,154)
Basic income (loss) per share (in dollars per share)	$ 3.65	$ 1.03	$ (0.50)
Diluted income (loss) per share (in dollars per share)	$ 3.65	$ 1.03	$ (0.50)
Condominium rights and unit sales
REVENUES
Revenue	$ 677,078	$ 514,597	$ 1,143
EXPENSES
Cost of sales	483,983	414,199	108,229
Master Planned Communities land sales
REVENUES
Revenue	316,065	346,217	233,044
EXPENSES
Cost of sales	119,466	153,630	101,505
Other land, rental and property revenues
REVENUES
Revenue	144,481	152,619	105,048
Builder price participation
REVENUES
Revenue	$ 71,761	$ 45,138	$ 37,072

Segments (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022
Total revenues	$	431,834	$	408,365	$	88,468	$	679,763	$	1,608,430
Total operating expenses	(194,496)		(173,905)		(104,393)		(504,036)		(976,830)
Segment operating income (loss)	237,338		234,460		(15,925)		175,727		631,600
Depreciation and amortization	(154,626)		(394)		(36,338)		(5,319)		(196,677)
Interest income (expense), net	(89,959)		50,305		3,902		17,073		(18,679)
Other income (loss), net	(1,140)		23		245		1,799		927
Equity in earnings (losses) from unconsolidated ventures	22,263		(1,407)		(36,273)		868		(14,549)
Gain (loss) on sale or disposal of real estate and other assets, net	29,588		—		—		90		29,678


Gain (loss) on extinguishment of debt	(2,230)		—		—		—		(2,230)

Segment EBT	$	41,234	$	282,987	$	(84,389)	$	190,238	$	430,070
Corporate income, expenses and other items									(245,434)
Net income (loss)									184,636
Net (income) loss attributable to noncontrolling interests									(103)
Net income (loss) attributable to common stockholders									$	184,533


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 unconsolidated ventures	(67,042)		59,399		(1,988)		(221)		(9,852)
Gain (loss) on sale or disposal of real estate and other assets, net	39,168		—		—		13,911		53,079


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

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 unconsolidated ventures	(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)

(a)Total revenues includes hospitality revenues of $35.6 million for the year ended December 31, 2021, and $35.2 million for the year ended December 31, 2020. Total operating expenses includes hospitality operating costs of $30.5 million for the year ended December 31, 2021, and $32.3 million for the year ended December 31, 2020. In September 2021, the Company completed the sale of its three hospitality properties. Refer to Note 3 - Acquisitions and Dispositions for additional information.

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

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


thousands	2022		2021
Operating Assets	$	3,448,823	$	3,607,718
Master Planned Communities	3,272,655		3,056,240
Seaport	1,166,950		1,046,992
Strategic Developments	1,359,180		1,193,549
Total segment assets	9,247,608		8,904,499
Corporate	355,855		677,195
Total assets	$	9,603,463	$	9,581,694

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2022

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

Accumulated Other Comprehensive Income (Loss)


14. Accumulated Other Comprehensive Income (Loss)

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


thousands
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 at 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 at December 31, 2021	$	(14,457)
Other comprehensive income (loss) before reclassifications	25,657
(Gain) loss reclassified from accumulated other comprehensive loss to net income	6,041
Pension adjustment	(183)
Reclassification of the Company's share of previously deferred derivative gains to net income (a)	(6,723)


Net current-period other comprehensive income (loss)	24,792
Balance at December 31, 2022	$	10,335

(a)In March 2022, the Company completed the sale of its ownership interest in 110 North Wacker and released a net of $6.7 million from Accumulated other comprehensive income (loss), representing the Company’s $8.6 million share of previously deferred gains associated with the Venture’s derivative instruments net of tax expense of $1.9 million. See Note 2 - Investments in Unconsolidated Ventures for additional information.

The following table summarizes the amounts reclassified out of AOCI:


Accumulated Other Comprehensive Income (Loss) Components thousands	Amounts reclassified from Accumulated other comprehensive income (loss)
	For the Year Ended				Affected line items in the Statements of Operations
	2022		2021
(Gains) losses on cash flow hedges	$	7,778	$	16,221	Interest expense
Company's share of previously deferred derivative gains	(8,636)		—		Equity in earnings (losses) from unconsolidated ventures
Income taxes on (gains) losses on cash flow hedges	176		(3,561)		Income tax expense (benefit)
Total reclassifications of (income) loss for the period	$	(682)	$	12,660

Acquisitions and Dispositions - Acquisitions Narrative (Details) $ in Thousands					1 Months Ended	3 Months Ended
	Aug. 18, 2022 USD ($)	Jun. 17, 2022 USD ($)	Apr. 13, 2022 USD ($)	Mar. 01, 2022 USD ($) hospitality	Oct. 31, 2021 USD ($) a	Dec. 31, 2021 USD ($) a	Dec. 31, 2022 USD ($)
Asset Acquisition [Line Items]
Assets						$ 9,581,694	$ 9,603,463
Noncontrolling interests						$ 675	65,613
JDM Partners
Asset Acquisition [Line Items]
Additional consideration transferred	$ 10,000
Option for seller to reacquire interest	40.76%
Capital contribution	$ 220,500
Jean-Georges Restaurants
Asset Acquisition [Line Items]
Acquisition interest				25.00%
Purchase price of acquisition				$ 45,000
Additional consideration transferred				$ 10,000
Percentage of additional voting interests acquired				20.00%
Number of hospitality acquired \| hospitality				40
Teravalis Acquisition
Asset Acquisition [Line Items]
Purchase price of acquisition	$ 15,000	$ 50,000
Percentage of additional voting interests acquired	2.78%
Option for seller to reacquire interest, value			$ 33,800		$ 33,800
Option for seller to reacquire interest			50.00%		50.00%
Capital contribution			$ 270,500		$ 270,500
Percentage of option exercised to seller					50.00%
Percentage of minimum required contributions	12.00%	9.24%	9.24%
Minimum required contributions			$ 50,000
Ownership interest	88.00%		90.76%
Assets							541,200
Noncontrolling interests							$ 65,000
Teravalis Acquisition \| JDM Partners
Asset Acquisition [Line Items]
Asset acquisition, property for an additional amount					$ 236,700
Teravalis Acquisition \| JDM Partners \| Maximum
Asset Acquisition [Line Items]
Acquisition option period					6 months
Teravalis Acquisition \| Phoenix, Arizona
Asset Acquisition [Line Items]
Purchase price of acquisition					$ 541,000
Area of land \| a					33,810
Floreo Development Holding Company, LLC
Asset Acquisition [Line Items]
Acquisition interest						50.00%
Purchase price of acquisition						$ 59,000
Floreo Development Holding Company, LLC \| Phoenix, Arizona
Asset Acquisition [Line Items]
Area of land \| a						3,029

Fair Value - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest Rate Derivative Liabilities, at Fair Value	$ 0	$ 26,452
Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative assets	30,860	1,257
Interest Rate Derivative Liabilities, at Fair Value	0	26,452
Interest rate swap \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative assets	0	0
Interest Rate Derivative Liabilities, at Fair Value	0	0
Interest rate swap \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative assets	30,860	1,257
Interest Rate Derivative Liabilities, at Fair Value	0	26,452
Interest rate swap \| Significant Unobservable Inputs (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, at Fair Value	$ 0	$ 0

Leases - Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 7,449	$ 8,495
Variable lease costs	904	823
Total lease cost	$ 8,353	$ 9,318

Other Assets and Liabilities - Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other Assets and Liabilities [Line Items]
Special Improvement District receivable	$ 64,091	$ 86,165
Security, escrow and other deposits	48,578	45,546
Interest rate derivative assets	30,860	1,257
Intangibles	25,170	29,752
Condominium inventory	22,452	57,507
Prepaid expenses	18,806	21,370
Other	11,683	6,617
Tenant incentives and other receivables	8,252	6,623
TIF receivable	1,893	855
Food and beverage and lifestyle inventory	872	1,039
Prepaid expenses and other assets, net	272,353	300,956
In-place leases
Other Assets and Liabilities [Line Items]
In-place leases	$ 39,696	$ 44,225

Earnings Per Share - Narrative (Details) - USD ($)	3 Months Ended			12 Months Ended
Earnings Per Share - Narrative (Details) - USD ($)	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Oct. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, par value (in dollars per share)			$ 0.01	$ 0.01	$ 0.01
Stock repurchase program, remaining authorized repurchase amount		$ 235,000,000
Shares issued, price per share (in dollars per share)		$ 86.90
2021 Share Repurchase Program
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Treasury stock, shares, acquired (in shares)		1,579,646	1,023,284
Common stock, par value (in dollars per share)			$ 0.01		$ 0.01
Shares repurchased, value		$ 153,400,000	$ 96,600,000
Average cost per share (in dollars per share)		$ 97.10	$ 94.42
2022 Share Repurchase Program
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Authorized repurchase amount		$ 250,000,000
Treasury stock, shares, acquired (in shares)	2,704,228
Common Stock \| 2021 Share Repurchase Program
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Authorized repurchase amount							$ 250,000,000
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)				253,987	255,987	372,736
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)				277,295	299,506	409,110

Stock-Based Compensation Plans - Summary of Restricted Stock Activity (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted Stock
Outstanding at beginning of year (in shares)	405,966
Granted (in shares)	154,599
Vested (in shares)	(101,000)
Forfeited (in shares)	(106,102)
Outstanding at end of year (in shares)	353,463	405,966
Weighted-average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share)	$ 72.20
Granted (in dollars per share)	88.19	$ 83.91	$ 71.48
Vested (in dollars per share)	103.48
Forfeited (in dollars per share)	55.96
Outstanding at end of year (in dollars per share)	$ 75.14	$ 72.20

Intangibles - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Intangibles - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization/accretion of intangible assets/liabilities	$ 7.5	$ 7.5	$ 5.8

Impairment - Summary of Impairments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Impaired Long-Lived Assets Held and Used [Line Items]
Provision for impairment	$ 0	$ 13,068	$ 48,738
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 unconsolidated ventures		17,673	0
Mr. C Seaport
Impaired Long-Lived Assets Held and Used [Line Items]
Equity in earnings (losses) from unconsolidated ventures		0	6,000
Outlet Collection at Riverwalk
Impaired Long-Lived Assets Held and Used [Line Items]
Provision for impairment		0	48,738
Century Park
Impaired Long-Lived Assets Held and Used [Line Items]
Provision for impairment		$ 13,068	$ 0

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Summary of leased assets and liabilities

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


thousands	2022		2021
Assets


Operating lease right-of-use assets, net	$	46,926	$	57,022

Liabilities
Operating lease obligations	$	51,321	$	69,363

Components of lease expense and other information

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


thousands	2022		2021
Operating lease cost	$	7,449	$	8,495
Variable lease costs	904		823

Total lease cost	$	8,353	$	9,318

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


Supplemental Consolidated Statements of Cash Flows Information	Year ended December 31,
thousands	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows on operating leases	$	5,718	$	6,930


Other Information	2022		2021
Weighted-average remaining lease term (years)
Operating leases	43.8		38.7
Weighted-average discount rate
Operating leases	7.7	%	7.7	%

Schedule of future minimum lease payments

Future minimum lease payments as of December 31, 2022, are as follows:


thousands	Operating Leases
2023	$	4,834
2024	4,878
2025	3,493
2026	3,269
2027	3,336
Thereafter	241,294
Total lease payments	261,104
Less: imputed interest	(209,783)
Present value of lease liabilities	$	51,321

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, 2022, are as follows:


	Year ended December 31,
thousands	2022		2021
Total minimum rent payments	$	229,302	$	223,138

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


thousands	Total Minimum Rent
2023	$	236,188
2024	239,414
2025	218,399
2026	198,114
2027	185,526
Thereafter	802,060
Total	$	1,879,701

Intangibles (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022						As of December 31, 2021
	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	$	(9,110)	$	25,013	$	34,123	$	(5,834)	$	28,289
Goodwill	—		—		—		1,307		—		1,307
Indefinite lived intangibles	157		—		157		157		—		157

Tenant leases:
In-place value	57,087		(17,391)		39,696		63,249		(19,024)		44,225
Above-market	500		(446)		54		1,951		(1,790)		161
Below-market	(4,255)		3,512		(743)		(4,729)		3,539		(1,190)



Total indefinite lived intangibles					$	157					$	1,464
Total amortizing intangibles					$	64,020					$	71,485

(a)Primarily associated with the Company’s Las Vegas Aviators Triple-A professional baseball team

Schedule of future net amortization and accretion expense

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


thousands	2023		2024		2025		2026		2027
Net amortization and accretion expense	$	7,076	$	7,080	$	7,240	$	7,212	$	6,933

Impairment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Impairment


4. Impairment

The Company reviews its long-lived assets for potential impairment indicators whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. No impairment charges were recorded during the year ended December 31, 2022.

In 2021, the Company recorded a $13.1 million impairment charge for Century Park, a non-core asset acquired as part of the acquisition of The Woodlands Towers at The Waterway. The Century Park asset included both building and land components. The impairment related to the building component, while the land component was not impaired. The Company recognized an impairment due to decreases in estimated future cash flows and as a result of the impact of a shorter-than-anticipated holding term. The Company used weighted market and income valuation techniques to estimate the fair value of Century Park. Market valuation was based on recent sales of similar commercial properties in and around Houston, Texas. For the income approach, the Company utilized a capitalization rate of 8.75%, 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.

In 2020, the Company recorded a $48.7 million impairment charge for Outlet Collection at Riverwalk. 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 Company used a discounted cash flow analysis using a capitalization rate of 10% to determine fair value. In June 2022, the Company completed the sale of the Outlet Collection at Riverwalk.

Each investment in an unconsolidated venture discussed in Note 2 - Investments in Unconsolidated Ventures is evaluated periodically for recoverability and valuation declines that are other-than-temporary. If the decrease in value of an investment is deemed to be other-than-temporary, the investment is reduced to its estimated fair value. No impairment charges were recorded during the year ended December 31, 2022.

In 2021, the Company recorded a $17.7 million impairment of its equity investment in 110 North Wacker. The Company recognized the impairment due to a change in the anticipated holding period as the Company entered into a plan to sell its interest in 110 North Wacker. In March 2022, the Company completed the sale of its ownership interest in 110 North Wacker.

In 2020, the Company recorded a $6.0 million impairment of its equity investment in Mr. C 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. In July 2020, the Company completed the sale of its interest in Mr. C Seaport.

For information regarding the asset sales discussed above, see Note 3 - Acquisitions and Dispositions.

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.



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 unconsolidated ventures	17,673		—
Mr. C Seaport	Equity in earnings (losses) from unconsolidated ventures	—		6,000
Other Assets:
Condominium Inventory	Condominium rights and unit sales	2,268		7,644

Intangibles - Summary of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 0	$ 1,307
Indefinite lived intangibles	157	157
Total indefinite lived intangibles	157	1,464
Total amortizing intangibles	64,020	71,485
Other intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Asset	34,123	34,123
Accumulated (Amortization)	(9,110)	(5,834)
Net Carrying Amount	25,013	28,289
Tenant Leases in-place value
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Asset	57,087	63,249
Accumulated (Amortization)	(17,391)	(19,024)
Net Carrying Amount	39,696	44,225
Tenant Leases above Market
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Asset	500	1,951
Accumulated (Amortization)	(446)	(1,790)
Net Carrying Amount	54	161
Tenant Leases below Market
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Liability	(4,255)	(4,729)
Accumulated Accretion	3,512	3,539
Net Carrying Amount	$ (743)	$ (1,190)

Income Taxes - Computation of Income Tax Expense by Applying Federal Corporate Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ 245,136	$ 64,077	$ 8,480
U.S. federal statutory tax rate	21.00%	21.00%	21.00%
Tax computed at the U.S. federal statutory rate	$ 51,479	$ 13,456	$ 1,781
Increase (decrease) in valuation allowance, net	1,065	2,378	11,822
State income tax expense (benefit), net of federal income tax	5,483	(3,182)	(2,608)
Tax expense (benefit) from other change in rates, prior period adjustments and other permanent differences	315	(181)	2,271
Tax expense on compensation disallowance	2,180	1,570	1,553
Net (income) loss attributable to noncontrolling interests	(22)	1,507	(4,826)
Tax expense (benefit) on tax credits	0	(395)	1,660
Income tax expense (benefit)	$ 60,500	$ 15,153	$ 11,653
Effective tax rate	24.70%	23.60%	137.40%

Leases - Narrative (Details)	12 Months Ended
Leases - Narrative (Details)	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Operating lease remaining lease term	1 year
Average remaining term of lease	5 years
One Lease
Lessee, Lease, Description [Line Items]
Operating lease remaining lease term	50 years

Fair Value - Non-financial Assets Measured at Fair Value on a Non-recurring Basis (Details) - Century Park - Fair Value, Nonrecurring - Strategic Developments $ in Thousands	Dec. 31, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure	$ 32,000
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure	$ 32,000

SCHEDULE III - REAL ESTATE AND ACCUMLATED DEPRECIATION - Information by Property (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	$ 2,752,188
Encumbrances	4,747,183
Debt Issuance Costs, Net	(55,005)	$ (48,259)
Initial Cost
Land	3,021,046
Land	3,021,931
Buildings and Improvements	4,631,835
Buildings and Improvements	4,632,862
Costs Capitalized Subsequent to Acquisition
Land	(297,290)
Land	(298,175)
Buildings and Improvements	719,154
Building Improvements	738,554
Gross Amounts at Which Carried at Close of Period
Land	2,723,756
Land	2,723,756
Buildings and Improvements	5,350,989
Building Improvements	5,371,416
Total	8,074,745
Total	8,095,172	7,776,555	$ 7,319,133	$ 7,268,288
Accumulated Depreciation	(853,630)
Accumulated Depreciation	(867,700)	$ (743,311)	$ (634,064)	$ (507,933)
Aggregate cost of land, building and improvements for federal income tax purposes	7,200,000
Bridgeland
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	275,000
Initial Cost
Land	260,223
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition
Land	278,701
Buildings and Improvements	1,580
Gross Amounts at Which Carried at Close of Period
Land	538,924
Buildings and Improvements	1,580
Total	540,504
Accumulated Depreciation	(757)
Bridgeland Predevelopment
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	3,051
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	3,051
Total	3,051
Accumulated Depreciation	0
Lakeland Village Center at Bridgeland
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	2,404
Buildings and Improvements	11,135
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	3,456
Gross Amounts at Which Carried at Close of Period
Land	2,404
Buildings and Improvements	14,591
Total	16,995
Accumulated Depreciation	(2,814)
Lakeside Row
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	35,500
Initial Cost
Land	812
Buildings and Improvements	42,875
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	428
Gross Amounts at Which Carried at Close of Period
Land	812
Buildings and Improvements	43,303
Total	44,115
Accumulated Depreciation	(5,611)
Starling at Bridgeland
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	31,155
Initial Cost
Land	1,511
Buildings and Improvements	55,117
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	1,511
Buildings and Improvements	55,117
Total	56,628
Accumulated Depreciation	(271)
Wingspan
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	1
Initial Cost
Land	0
Buildings and Improvements	18,604
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	18,604
Total	18,604
Accumulated Depreciation	0
Columbia
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	457,552
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition
Land	(440,927)
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	16,625
Buildings and Improvements	0
Total	16,625
Accumulated Depreciation	0
Columbia Predevelopment
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	9,410
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	9,410
Total	9,410
Accumulated Depreciation	0
10 - 70 Columbia Corporate Center
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	58,941
Initial Cost
Land	24,685
Buildings and Improvements	94,824
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	46,813
Gross Amounts at Which Carried at Close of Period
Land	24,685
Buildings and Improvements	141,637
Total	166,322
Accumulated Depreciation	(35,027)
Columbia Office Properties
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	1,175
Buildings and Improvements	14,913
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	(1,403)
Gross Amounts at Which Carried at Close of Period
Land	1,175
Buildings and Improvements	13,510
Total	14,685
Accumulated Depreciation	(6,443)
Columbia Regional Building
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	23,345
Initial Cost
Land	0
Buildings and Improvements	28,865
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	2,977
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	31,842
Total	31,842
Accumulated Depreciation	(8,129)
Juniper Apartments
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	117,000
Initial Cost
Land	3,923
Buildings and Improvements	112,435
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	2,414
Gross Amounts at Which Carried at Close of Period
Land	3,923
Buildings and Improvements	114,849
Total	118,772
Accumulated Depreciation	(11,604)
Lakefront District
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	400
Buildings and Improvements	80,053
Costs Capitalized Subsequent to Acquisition
Land	(400)
Buildings and Improvements	(47,539)
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	32,514
Total	32,514
Accumulated Depreciation	0
Marlow
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	50,881
Initial Cost
Land	4,088
Buildings and Improvements	120,882
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	4,088
Buildings and Improvements	120,882
Total	124,970
Accumulated Depreciation	(154)
Merriweather District
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	76,808
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	546
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	77,354
Total	77,354
Accumulated Depreciation	0
Merriweather District Area 3 Retail
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	337
Buildings and Improvements	6,945
Costs Capitalized Subsequent to Acquisition
Land	10
Buildings and Improvements	2,028
Gross Amounts at Which Carried at Close of Period
Land	347
Buildings and Improvements	8,973
Total	9,320
Accumulated Depreciation	(449)
One Mall North
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	16,059
Initial Cost
Land	7,822
Buildings and Improvements	10,818
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	1,922
Gross Amounts at Which Carried at Close of Period
Land	7,822
Buildings and Improvements	12,740
Total	20,562
Accumulated Depreciation	(2,389)
One Merriweather
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	49,800
Initial Cost
Land	1,433
Buildings and Improvements	72,745
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	1,617
Gross Amounts at Which Carried at Close of Period
Land	1,433
Buildings and Improvements	74,362
Total	75,795
Accumulated Depreciation	(14,610)
Two Merriweather
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	25,600
Initial Cost
Land	1,019
Buildings and Improvements	33,016
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	5,838
Gross Amounts at Which Carried at Close of Period
Land	1,019
Buildings and Improvements	38,854
Total	39,873
Accumulated Depreciation	(7,171)
6100 Merriweather
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	76,000
Initial Cost
Land	2,550
Buildings and Improvements	112,669
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	2,059
Gross Amounts at Which Carried at Close of Period
Land	2,550
Buildings and Improvements	114,728
Total	117,278
Accumulated Depreciation	(11,741)
South Lake Medical Office Building
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	4,711
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	4,711
Total	4,711
Accumulated Depreciation	0
Teravalis
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	544,546
Buildings and Improvements	312
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	544,546
Buildings and Improvements	312
Total	544,858
Accumulated Depreciation	(17)
85 South Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	15,913
Buildings and Improvements	8,137
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	3,468
Gross Amounts at Which Carried at Close of Period
Land	15,913
Buildings and Improvements	11,605
Total	27,518
Accumulated Depreciation	(5,541)
Seaport Predevelopment
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	11,224
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	11,224
Total	11,224
Accumulated Depreciation	0
Tin Building
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	200,401
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	200,401
Total	200,401
Accumulated Depreciation	(4,315)
Pier 17
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	468,476
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	31,980
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	500,456
Total	500,456
Accumulated Depreciation	(89,988)
Historic District Area / Uplands
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	7,884
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	119,564
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	127,448
Total	127,448
Accumulated Depreciation	(26,425)
250 Water Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	100,000
Initial Cost
Land	0
Buildings and Improvements	179,471
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	63,055
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	242,526
Total	242,526
Accumulated Depreciation	0
1700 Pavilion
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	38,128
Initial Cost
Land	1,700
Buildings and Improvements	89,311
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	1,700
Buildings and Improvements	89,311
Total	91,011
Accumulated Depreciation	(215)
Aristocrat
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	35,060
Initial Cost
Land	5,004
Buildings and Improvements	34,588
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	152
Gross Amounts at Which Carried at Close of Period
Land	5,004
Buildings and Improvements	34,740
Total	39,744
Accumulated Depreciation	(5,489)
Constellation Apartments
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	24,200
Initial Cost
Land	3,069
Buildings and Improvements	39,759
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	1,691
Gross Amounts at Which Carried at Close of Period
Land	3,069
Buildings and Improvements	41,450
Total	44,519
Accumulated Depreciation	(7,784)
Downtown Summerlin
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	1,933
Initial Cost
Land	30,855
Buildings and Improvements	364,100
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	27,315
Gross Amounts at Which Carried at Close of Period
Land	30,855
Buildings and Improvements	391,415
Total	422,270
Accumulated Depreciation	(113,520)
Hockey Ground Lease
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	180
Initial Cost
Land	0
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition
Land	6,705
Buildings and Improvements	2,198
Gross Amounts at Which Carried at Close of Period
Land	6,705
Buildings and Improvements	2,198
Total	8,903
Accumulated Depreciation	(293)
Las Vegas Ballpark
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	44,802
Initial Cost
Land	5,318
Buildings and Improvements	124,391
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	1,064
Gross Amounts at Which Carried at Close of Period
Land	5,318
Buildings and Improvements	125,455
Total	130,773
Accumulated Depreciation	(24,161)
Summerlin South Office
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	10,386
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	10,386
Total	10,386
Accumulated Depreciation	0
Two Summerlin
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	40,873
Initial Cost
Land	3,037
Buildings and Improvements	47,104
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	1,908
Gross Amounts at Which Carried at Close of Period
Land	3,037
Buildings and Improvements	49,012
Total	52,049
Accumulated Depreciation	(8,488)
Summerlin
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	57,328
Initial Cost
Land	990,179
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition
Land	24,332
Buildings and Improvements	884
Gross Amounts at Which Carried at Close of Period
Land	1,014,511
Buildings and Improvements	884
Total	1,015,395
Accumulated Depreciation	(489)
Summerlin Predevelopment
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	10,697
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	10,697
Total	10,697
Accumulated Depreciation	0
Tanager Apartments
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	58,648
Initial Cost
Land	7,331
Buildings and Improvements	53,978
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	87
Gross Amounts at Which Carried at Close of Period
Land	7,331
Buildings and Improvements	54,065
Total	61,396
Accumulated Depreciation	(7,195)
Tanager Echo
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	31,552
Initial Cost
Land	0
Buildings and Improvements	68,341
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	68,341
Total	68,341
Accumulated Depreciation	0
Creekside Park Apartments
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	37,730
Initial Cost
Land	729
Buildings and Improvements	40,116
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	578
Gross Amounts at Which Carried at Close of Period
Land	729
Buildings and Improvements	40,694
Total	41,423
Accumulated Depreciation	(6,668)
Creekside Park Medical Plaza
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	2,845
Initial Cost
Land	306
Buildings and Improvements	6,912
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	306
Buildings and Improvements	6,912
Total	7,218
Accumulated Depreciation	(15)
Creekside Park The Grove
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	57,000
Initial Cost
Land	1,876
Buildings and Improvements	52,382
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	1,876
Buildings and Improvements	52,382
Total	54,258
Accumulated Depreciation	(3,399)
Creekside Park West
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	15,869
Initial Cost
Land	1,228
Buildings and Improvements	17,922
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	549
Gross Amounts at Which Carried at Close of Period
Land	1,228
Buildings and Improvements	18,471
Total	19,699
Accumulated Depreciation	(1,924)
HHC 242 Self-Storage
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	878
Buildings and Improvements	6,802
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	1,123
Gross Amounts at Which Carried at Close of Period
Land	878
Buildings and Improvements	7,925
Total	8,803
Accumulated Depreciation	(1,218)
HHC 2978 Self-Storage
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	124
Buildings and Improvements	5,498
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	2,065
Gross Amounts at Which Carried at Close of Period
Land	124
Buildings and Improvements	7,563
Total	7,687
Accumulated Depreciation	(1,130)
Houston Ground Leases
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	15,762
Buildings and Improvements	1,989
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	15,762
Buildings and Improvements	1,989
Total	17,751
Accumulated Depreciation	(125)
One Hughes Landing
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	48,286
Initial Cost
Land	1,678
Buildings and Improvements	34,761
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	(3,940)
Gross Amounts at Which Carried at Close of Period
Land	1,678
Buildings and Improvements	30,821
Total	32,499
Accumulated Depreciation	(9,880)
Two Hughes Landing
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	46,332
Initial Cost
Land	1,269
Buildings and Improvements	34,950
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	(3,618)
Gross Amounts at Which Carried at Close of Period
Land	1,269
Buildings and Improvements	31,332
Total	32,601
Accumulated Depreciation	(10,138)
Three Hughes Landing
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	70,000
Initial Cost
Land	2,626
Buildings and Improvements	46,372
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	32,701
Gross Amounts at Which Carried at Close of Period
Land	2,626
Buildings and Improvements	79,073
Total	81,699
Accumulated Depreciation	(19,843)
1725 Hughes Landing Boulevard
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	61,207
Initial Cost
Land	1,351
Buildings and Improvements	36,764
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	38,203
Gross Amounts at Which Carried at Close of Period
Land	1,351
Buildings and Improvements	74,967
Total	76,318
Accumulated Depreciation	(26,798)
1735 Hughes Landing Boulevard
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	59,006
Initial Cost
Land	3,709
Buildings and Improvements	97,651
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	(305)
Gross Amounts at Which Carried at Close of Period
Land	3,709
Buildings and Improvements	97,346
Total	101,055
Accumulated Depreciation	(30,541)
Hughes Landing Daycare
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	138
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	138
Buildings and Improvements	0
Total	138
Accumulated Depreciation	0
Hughes Landing Retail
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	32,912
Initial Cost
Land	5,184
Buildings and Improvements	32,562
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	(36)
Gross Amounts at Which Carried at Close of Period
Land	5,184
Buildings and Improvements	32,526
Total	37,710
Accumulated Depreciation	(9,643)
1701 Lake Robbins
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	1,663
Buildings and Improvements	3,725
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	459
Gross Amounts at Which Carried at Close of Period
Land	1,663
Buildings and Improvements	4,184
Total	5,847
Accumulated Depreciation	(996)
2201 Lake Woodlands Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	3,755
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	1,210
Gross Amounts at Which Carried at Close of Period
Land	3,755
Buildings and Improvements	1,210
Total	4,965
Accumulated Depreciation	(535)
Lakefront North
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	50,000
Initial Cost
Land	10,260
Buildings and Improvements	39,357
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	15,544
Gross Amounts at Which Carried at Close of Period
Land	10,260
Buildings and Improvements	54,901
Total	65,161
Accumulated Depreciation	(7,932)
One Lakes Edge
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	67,535
Initial Cost
Land	1,057
Buildings and Improvements	81,768
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	597
Gross Amounts at Which Carried at Close of Period
Land	1,057
Buildings and Improvements	82,365
Total	83,422
Accumulated Depreciation	(19,645)
Two Lakes Edge
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	105,000
Initial Cost
Land	1,870
Buildings and Improvements	96,349
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	460
Gross Amounts at Which Carried at Close of Period
Land	1,870
Buildings and Improvements	96,809
Total	98,679
Accumulated Depreciation	(10,560)
The Lane at Waterway
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	37,500
Initial Cost
Land	2,029
Buildings and Improvements	40,033
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	352
Gross Amounts at Which Carried at Close of Period
Land	2,029
Buildings and Improvements	40,385
Total	42,414
Accumulated Depreciation	(3,478)
Memorial Hermann Medical Office Building
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	2,769
Initial Cost
Land	586
Buildings and Improvements	4,091
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	586
Buildings and Improvements	4,091
Total	4,677
Accumulated Depreciation	(59)
Millennium Six Pines Apartments
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	42,500
Initial Cost
Land	4,000
Buildings and Improvements	54,624
Costs Capitalized Subsequent to Acquisition
Land	7,225
Buildings and Improvements	893
Gross Amounts at Which Carried at Close of Period
Land	11,225
Buildings and Improvements	55,517
Total	66,742
Accumulated Depreciation	(13,294)
Millennium Waterway Apartments
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	51,000
Initial Cost
Land	15,917
Buildings and Improvements	56,002
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	2,471
Gross Amounts at Which Carried at Close of Period
Land	15,917
Buildings and Improvements	58,473
Total	74,390
Accumulated Depreciation	(23,237)
8770 New Trails
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	35,296
Initial Cost
Land	2,204
Buildings and Improvements	35,033
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	80
Gross Amounts at Which Carried at Close of Period
Land	2,204
Buildings and Improvements	35,113
Total	37,317
Accumulated Depreciation	(4,731)
9303 New Trails
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	9,830
Initial Cost
Land	1,929
Buildings and Improvements	11,915
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	1,448
Gross Amounts at Which Carried at Close of Period
Land	1,929
Buildings and Improvements	13,363
Total	15,292
Accumulated Depreciation	(3,884)
3831 Technology Forest Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	19,712
Initial Cost
Land	514
Buildings and Improvements	14,194
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	1,813
Gross Amounts at Which Carried at Close of Period
Land	514
Buildings and Improvements	16,007
Total	16,521
Accumulated Depreciation	(6,447)
20/25 Waterway Avenue
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	14,500
Initial Cost
Land	2,346
Buildings and Improvements	8,871
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	65
Gross Amounts at Which Carried at Close of Period
Land	2,346
Buildings and Improvements	8,936
Total	11,282
Accumulated Depreciation	(2,826)
Waterway Garage Retail
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	1,341
Buildings and Improvements	4,255
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	1,284
Gross Amounts at Which Carried at Close of Period
Land	1,341
Buildings and Improvements	5,539
Total	6,880
Accumulated Depreciation	(1,599)
3 Waterway Square
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	43,209
Initial Cost
Land	748
Buildings and Improvements	42,214
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	(2,767)
Gross Amounts at Which Carried at Close of Period
Land	748
Buildings and Improvements	39,447
Total	40,195
Accumulated Depreciation	(14,907)
4 Waterway Square
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	28,786
Initial Cost
Land	1,430
Buildings and Improvements	51,553
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	7,199
Gross Amounts at Which Carried at Close of Period
Land	1,430
Buildings and Improvements	58,752
Total	60,182
Accumulated Depreciation	(21,529)
The Woodlands
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	269,411
Buildings and Improvements	9,814
Costs Capitalized Subsequent to Acquisition
Land	(84,054)
Buildings and Improvements	(9,744)
Gross Amounts at Which Carried at Close of Period
Land	185,357
Buildings and Improvements	70
Total	185,427
Accumulated Depreciation	(70)
The Woodlands Predevelopment
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	36,647
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	36,647
Total	36,647
Accumulated Depreciation	(611)
The Woodlands Parking Garages
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	5,857
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition
Land	2,496
Buildings and Improvements	14,967
Gross Amounts at Which Carried at Close of Period
Land	8,353
Buildings and Improvements	14,967
Total	23,320
Accumulated Depreciation	(3,391)
2000 Woodlands Parkway
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	655
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	655
Total	655
Accumulated Depreciation	(225)
The Woodlands Towers at the Waterway
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	347,446
Initial Cost
Land	11,044
Buildings and Improvements	437,561
Costs Capitalized Subsequent to Acquisition
Land	(1)
Buildings and Improvements	24,894
Gross Amounts at Which Carried at Close of Period
Land	11,043
Buildings and Improvements	462,455
Total	473,498
Accumulated Depreciation	(45,425)
The Woodlands Warehouse
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	13,700
Initial Cost
Land	4,480
Buildings and Improvements	4,389
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	4,480
Buildings and Improvements	4,389
Total	8,869
Accumulated Depreciation	(538)
1400 Woodloch Forest
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	1,570
Buildings and Improvements	13,023
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	4,962
Gross Amounts at Which Carried at Close of Period
Land	1,570
Buildings and Improvements	17,985
Total	19,555
Accumulated Depreciation	(6,311)
The Woodlands Hills
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	99,284
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition
Land	12,280
Buildings and Improvements	43
Gross Amounts at Which Carried at Close of Period
Land	111,564
Buildings and Improvements	43
Total	111,607
Accumulated Depreciation	(16)
‘A‘ali‘i
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	714
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	1,046
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	1,760
Total	1,760
Accumulated Depreciation	(26)
Ae‘o
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	1,162
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	1,162
Total	1,162
Accumulated Depreciation	(116)
Anaha
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	1,097
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	1,097
Total	1,097
Accumulated Depreciation	(139)
Ke Kilohana
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	656
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	656
Total	656
Accumulated Depreciation	(60)
Kewalo Basin Harbor
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	11,232
Initial Cost
Land	0
Buildings and Improvements	24,116
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	22
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	24,138
Total	24,138
Accumulated Depreciation	(4,794)
Kō‘ula
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	29,726
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	29,726
Total	29,726
Accumulated Depreciation	(10)
The Park Ward Village
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	52,066
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	52,066
Total	52,066
Accumulated Depreciation	(2,047)
Victoria Place
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	47,155
Initial Cost
Land	0
Buildings and Improvements	208,168
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	208,168
Total	208,168
Accumulated Depreciation	(6,208)
Waiea
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	1,206
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	365
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	1,571
Total	1,571
Accumulated Depreciation	(211)
Ward Predevelopment
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	1,845
Initial Cost
Land	0
Buildings and Improvements	135,068
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	135,068
Total	135,068
Accumulated Depreciation	(6,116)
Ward Village Retail
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	200,000
Initial Cost
Land	164,007
Buildings and Improvements	89,321
Costs Capitalized Subsequent to Acquisition
Land	(103,657)
Buildings and Improvements	307,414
Gross Amounts at Which Carried at Close of Period
Land	60,350
Buildings and Improvements	396,735
Total	457,085
Accumulated Depreciation	(119,245)
Corporate
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	2,050,000
Initial Cost
Land	885
Buildings and Improvements	1,027
Costs Capitalized Subsequent to Acquisition
Land	(885)
Building Improvements	19,400
Gross Amounts at Which Carried at Close of Period
Land	0
Building Improvements	20,427
Total	20,427
Accumulated Depreciation	$ (14,070)

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

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2022


					Initial Cost (b)				Costs Capitalized Subsequent to Acquisition (c)				Gross Amounts at Which Carried at Close of Period (d)
Name of Center thousands	Location	Center Type	Encumbrances (a)		Land		Buildings and Improvements		Land (e)		Buildings and Improvements (e)(f)		Land		Buildings and Improvements (f)		Total		Accumulated Depreciation (f)		Date of Construction	Date Acquired / Completed
Bridgeland
Bridgeland	Cypress, TX	MPC	$	275,000	$	260,223	$	—	$	278,701	$	1,580	$	538,924	$	1,580	$	540,504	$	(757)		2004
Bridgeland Predevelopment	Cypress, TX	Development	—		—		3,051		—		—		—		3,051		3,051		—
Lakeland Village Center at Bridgeland	Cypress, TX	Retail	—		2,404		11,135		—		3,456		2,404		14,591		16,995		(2,814)		2015	2016
Lakeside Row	Cypress, TX	Multi-family	35,500		812		42,875		—		428		812		43,303		44,115		(5,611)		2018	2019
Starling at Bridgeland	Cypress, TX	Multi-family	31,155		1,511		55,117		—		—		1,511		55,117		56,628		(271)		2021	2022
Wingspan	Cypress, TX	Development	1		—		18,604		—		—		—		18,604		18,604		—		2022
Columbia
Columbia	Columbia, MD	MPC	—		457,552		—		(440,927)		—		16,625		—		16,625		—			2004
Columbia Predevelopment	Columbia, MD	Development	—		—		9,410		—		—		—		9,410		9,410		—
10 - 70 Columbia Corporate Center	Columbia, MD	Office	58,941		24,685		94,824		—		46,813		24,685		141,637		166,322		(35,027)			2012 / 2014
Columbia Office Properties	Columbia, MD	Office	—		1,175		14,913		—		(1,403)		1,175		13,510		14,685		(6,443)			2004 / 2007
Columbia Regional Building	Columbia, MD	Retail	23,345		—		28,865		—		2,977		—		31,842		31,842		(8,129)		2013	2014
Juniper Apartments	Columbia, MD	Multi-family	117,000		3,923		112,435		—		2,414		3,923		114,849		118,772		(11,604)		2018	2020
Lakefront District	Columbia, MD	Development	—		400		80,053		(400)		(47,539)		—		32,514		32,514		—			Various
Marlow	Columbia, MD	Multi-family	50,881		4,088		120,882		—		—		4,088		120,882		124,970		(154)		2021	2022
Merriweather District	Columbia, MD	Development	—		—		76,808		—		546		—		77,354		77,354		—			2015
Merriweather District Area 3 Retail	Columbia, MD	Retail	—		337		6,945		10		2,028		347		8,973		9,320		(449)		2019	2020
One Mall North	Columbia, MD	Office	16,059		7,822		10,818		—		1,922		7,822		12,740		20,562		(2,389)			2016
One Merriweather	Columbia, MD	Office	49,800		1,433		72,745		—		1,617		1,433		74,362		75,795		(14,610)		2015	2017
Two Merriweather	Columbia, MD	Office	25,600		1,019		33,016		—		5,838		1,019		38,854		39,873		(7,171)		2016	2017
6100 Merriweather	Columbia, MD	Office	76,000		2,550		112,669		—		2,059		2,550		114,728		117,278		(11,741)		2018	2019
South Lake Medical Office Building	Columbia, MD	Development	—		—		4,711		—		—		—		4,711		4,711		—		2022
Teravalis
Teravalis	Phoenix, AZ	MPC	—		544,546		312		—		—		544,546		312		544,858		(17)			2021
Seaport
85 South Street	New York, NY	Multi-family	—		15,913		8,137		—		3,468		15,913		11,605		27,518		(5,541)			2014
Seaport Predevelopment	New York, NY	Development	—		—		11,224		—		—		—		11,224		11,224		—		2013
Tin Building	New York, NY	Retail	—		—		200,401		—		—		—		200,401		200,401		(4,315)		2017	2022
Pier 17	New York, NY	Retail	—		—		468,476		—		31,980		—		500,456		500,456		(89,988)		2013	2018
Historic District Area / Uplands	New York, NY	Retail	—		—		7,884		—		119,564		—		127,448		127,448		(26,425)		2013	2016
250 Water Street	New York, NY	Development	100,000		—		179,471		—		63,055		—		242,526		242,526		—			2018
Summerlin
1700 Pavilion (g)	Las Vegas, NV	Office	38,128		1,700		89,311		—		—		1,700		89,311		91,011		(215)		2021	2022
Aristocrat	Las Vegas, NV	Office	35,060		5,004		34,588		—		152		5,004		34,740		39,744		(5,489)		2017	2018
Constellation Apartments	Las Vegas, NV	Multi-family	24,200		3,069		39,759		—		1,691		3,069		41,450		44,519		(7,784)			2017
Downtown Summerlin (g)(h)	Las Vegas, NV	Retail/Office	1,933		30,855		364,100		—		27,315		30,855		391,415		422,270		(113,520)		2013	2014 / 2015
Hockey Ground Lease (g)	Las Vegas, NV	Other	180		—		—		6,705		2,198		6,705		2,198		8,903		(293)			2017
Las Vegas Ballpark (i)	Las Vegas, NV	Other	44,802		5,318		124,391		—		1,064		5,318		125,455		130,773		(24,161)		2018	2019
Summerlin South Office	Las Vegas, NV	Development	—		—		10,386		—		—		—		10,386		10,386		—		2022


				Initial Cost (b)		Costs Capitalized Subsequent to Acquisition (c)		Gross Amounts at Which Carried at Close of Period (d)
Name of Center thousands	Location	Center Type	Encumbrances (a)	Land	Buildings and Improvements	Land (e)	Buildings and Improvements (e)(f)	Land	Buildings and Improvements (f)	Total	Accumulated Depreciation (f)	Date of Construction	Date Acquired / Completed
Two Summerlin (g)	Las Vegas, NV	Office	40,873	3,037	47,104	—	1,908	3,037	49,012	52,049	(8,488)	2017	2018
Summerlin (g)	Las Vegas, NV	MPC	57,328	990,179	—	24,332	884	1,014,511	884	1,015,395	(489)		2004
Summerlin Predevelopment	Las Vegas, NV	Development	—	—	10,697	—	—	—	10,697	10,697	—
Tanager Apartments (g)	Las Vegas, NV	Multi-family	58,648	7,331	53,978	—	87	7,331	54,065	61,396	(7,195)	2017	2019
Tanager Echo (g)	Las Vegas, NV	Development	31,552	—	68,341	—	—	—	68,341	68,341	—	2021
The Woodlands
Creekside Park Apartments	The Woodlands, TX	Multi-family	37,730	729	40,116	—	578	729	40,694	41,423	(6,668)	2017	2018
Creekside Park Medical Plaza	The Woodlands, TX	Office	2,845	306	6,912	—	—	306	6,912	7,218	(15)	2022	2022
Creekside Park The Grove	The Woodlands, TX	Multi-family	57,000	1,876	52,382	—	—	1,876	52,382	54,258	(3,399)	2019	2021
Creekside Park West	The Woodlands, TX	Retail	15,869	1,228	17,922	—	549	1,228	18,471	19,699	(1,924)	2018	2019
HHC 242 Self-Storage	The Woodlands, TX	Other	—	878	6,802	—	1,123	878	7,925	8,803	(1,218)	2015	2017
HHC 2978 Self-Storage	The Woodlands, TX	Other	—	124	5,498	—	2,065	124	7,563	7,687	(1,130)	2016	2017
Houston Ground Leases	The Woodlands, TX	Other	—	15,762	1,989	—	—	15,762	1,989	17,751	(125)		Various
One Hughes Landing	The Woodlands, TX	Office	48,286	1,678	34,761	—	(3,940)	1,678	30,821	32,499	(9,880)	2012	2013
Two Hughes Landing	The Woodlands, TX	Office	46,332	1,269	34,950	—	(3,618)	1,269	31,332	32,601	(10,138)	2013	2014
Three Hughes Landing	The Woodlands, TX	Office	70,000	2,626	46,372	—	32,701	2,626	79,073	81,699	(19,843)	2014	2016
1725 Hughes Landing Boulevard	The Woodlands, TX	Office	61,207	1,351	36,764	—	38,203	1,351	74,967	76,318	(26,798)	2013	2015
1735 Hughes Landing Boulevard	The Woodlands, TX	Office	59,006	3,709	97,651	—	(305)	3,709	97,346	101,055	(30,541)	2013	2015
Hughes Landing Daycare	The Woodlands, TX	Other	—	138	—	—	—	138	—	138	—	2018	2019
Hughes Landing Retail	The Woodlands, TX	Retail	32,912	5,184	32,562	—	(36)	5,184	32,526	37,710	(9,643)	2013	2015
1701 Lake Robbins	The Woodlands, TX	Retail	—	1,663	3,725	—	459	1,663	4,184	5,847	(996)		2014
2201 Lake Woodlands Drive	The Woodlands, TX	Office	—	3,755	—	—	1,210	3,755	1,210	4,965	(535)		2011
Lakefront North	The Woodlands, TX	Office	50,000	10,260	39,357	—	15,544	10,260	54,901	65,161	(7,932)		2018
One Lakes Edge	The Woodlands, TX	Multi-family	67,535	1,057	81,768	—	597	1,057	82,365	83,422	(19,645)	2013	2015
Two Lakes Edge	The Woodlands, TX	Multi-family	105,000	1,870	96,349	—	460	1,870	96,809	98,679	(10,560)	2018	2020
The Lane at Waterway	The Woodlands, TX	Multi-family	37,500	2,029	40,033	—	352	2,029	40,385	42,414	(3,478)	2019	2020
Memorial Hermann Medical Office Building	The Woodlands, TX	Office	2,769	586	4,091	—	—	586	4,091	4,677	(59)	2021	2022
Millennium Six Pines Apartments	The Woodlands, TX	Multi-family	42,500	4,000	54,624	7,225	893	11,225	55,517	66,742	(13,294)		2016
Millennium Waterway Apartments	The Woodlands, TX	Multi-family	51,000	15,917	56,002	—	2,471	15,917	58,473	74,390	(23,237)		2012
8770 New Trails	The Woodlands, TX	Office	35,296	2,204	35,033	—	80	2,204	35,113	37,317	(4,731)	2019	2020
9303 New Trails	The Woodlands, TX	Office	9,830	1,929	11,915	—	1,448	1,929	13,363	15,292	(3,884)		2011
3831 Technology Forest Drive	The Woodlands, TX	Office	19,712	514	14,194	—	1,813	514	16,007	16,521	(6,447)	2014	2014
20/25 Waterway Avenue	The Woodlands, TX	Retail	14,500	2,346	8,871	—	65	2,346	8,936	11,282	(2,826)		2011
Waterway Garage Retail	The Woodlands, TX	Retail	—	1,341	4,255	—	1,284	1,341	5,539	6,880	(1,599)		2011
3 Waterway Square	The Woodlands, TX	Office	43,209	748	42,214	—	(2,767)	748	39,447	40,195	(14,907)	2012	2013
4 Waterway Square	The Woodlands, TX	Office	28,786	1,430	51,553	—	7,199	1,430	58,752	60,182	(21,529)		2011
The Woodlands	The Woodlands, TX	MPC	—	269,411	9,814	(84,054)	(9,744)	185,357	70	185,427	(70)		2011
The Woodlands Predevelopment	The Woodlands, TX	Development	—	—	36,647	—	—	—	36,647	36,647	(611)
The Woodlands Parking Garages	The Woodlands, TX	Other	—	5,857	—	2,496	14,967	8,353	14,967	23,320	(3,391)		2011 / 2013
2000 Woodlands Parkway	The Woodlands, TX	Retail	—	—	—	—	655	—	655	655	(225)		2016
The Woodlands Towers at the Waterway (j)	The Woodlands, TX	Office	347,446	11,044	437,561	(1)	24,894	11,043	462,455	473,498	(45,425)		2019
The Woodlands Warehouse	The Woodlands, TX	Other	13,700	4,480	4,389	—	—	4,480	4,389	8,869	(538)		2019
1400 Woodloch Forest	The Woodlands, TX	Office	—	1,570	13,023	—	4,962	1,570	17,985	19,555	(6,311)		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)		Land		Buildings and Improvements		Total		Accumulated Depreciation (f)		Date of Construction	Date Acquired / Completed
The Woodlands Hills
The Woodlands Hills	Conroe, TX	MPC	—		99,284		—		12,280		43		111,564		43		111,607		(16)			2014
Ward Village
‘A‘ali‘i	Honolulu, HI	Condominium	—		—		714		—		1,046		—		1,760		1,760		(26)		2018	2021
Ae‘o	Honolulu, HI	Condominium	—		—		1,162		—		—		—		1,162		1,162		(116)		2016	2018
Anaha	Honolulu, HI	Condominium	—		—		1,097		—		—		—		1,097		1,097		(139)		2014	2017
Ke Kilohana	Honolulu, HI	Condominium	—		—		656		—		—		—		656		656		(60)		2016	2019
Kewalo Basin Harbor	Honolulu, HI	Other	11,232		—		24,116		—		22		—		24,138		24,138		(4,794)		2017	2019
Kō‘ula	Honolulu, HI	Condominium	—		—		29,726		—		—		—		29,726		29,726		(10)		2019	2022
The Park Ward Village	Honolulu, HI	Development	—		—		52,066		—		—		—		52,066		52,066		(2,047)		2022
Victoria Place	Honolulu, HI	Development	47,155		—		208,168		—		—		—		208,168		208,168		(6,208)		2021
Waiea	Honolulu, HI	Condominium	—		—		1,206		—		365		—		1,571		1,571		(211)		2014	2017
Ward Predevelopment	Honolulu, HI	Development	1,845		—		135,068		—		—		—		135,068		135,068		(6,116)		2013
Ward Village Retail	Honolulu, HI	Retail	200,000		164,007		89,321		(103,657)		307,414		60,350		396,735		457,085		(119,245)			Various


Total excluding Corporate and Deferred financing costs			2,752,188		3,021,046		4,631,835		(297,290)		719,154		2,723,756		5,350,989		8,074,745		(853,630)
Corporate	Various		2,050,000		885		1,027		(885)		19,400		—		20,427		20,427		(14,070)

Deferred financing costs	N/A		(55,005)		—		—		—		—						—
		Total	$	4,747,183	$	3,021,931	$	4,632,862	$	(298,175)	$	738,554	$	2,723,756	$	5,371,416	$	8,095,172	$	(867,700)

(a)Refer to 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.

(b)Initial cost for projects undergoing development or redevelopment is cost through the end of first complete calendar year subsequent to the asset being placed in service.

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

(d)The aggregate cost of land, building and improvements for federal income tax purposes is approximately $7.2 billion.

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

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

(g)Encumbrances balance either represents or is inclusive of SIDs.

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

(i)Includes the Las Vegas Aviators.

(j)The Woodlands Towers at the Waterway includes 1201 Lake Robbins and 9950 Woodloch Forest.


Reconciliation of Real Estate
thousands	2022		2021		2020
Balance as of January 1	$	7,776,555	$	7,319,133	$	7,268,288
Change in land	396,125		896,508		228,402
Additions	750,610		657,760		716,614
Impairments	—		(13,068)		(48,738)
Dispositions and write-offs and land and condominium costs of sales	(828,118)		(1,083,778)		(845,433)
Balance as of December 31	$	8,095,172	$	7,776,555	$	7,319,133


Reconciliation of Accumulated Depreciation
thousands	2022		2021		2020
Balance as of January 1	$	743,311	$	634,064	$	507,933
Depreciation Expense	180,201		185,418		198,556
Dispositions and write-offs	(55,812)		(76,171)		(72,425)
Balance as of December 31	$	867,700	$	743,311	$	634,064

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of income tax expense

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


thousands	2022		2021		2020
Current	$	18,478	$	4,797	$	826
Deferred	42,022		10,356		10,827
Total	$	60,500	$	15,153	$	11,653

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	2022			2021			2020
Income (loss) before income taxes	$	245,136		$	64,077		$	8,480
U.S. federal statutory tax rate	21.0		%	21.0		%	21.0		%
Tax computed at the U.S. federal statutory rate	$	51,479		$	13,456		$	1,781
Increase (decrease) in valuation allowance, net	1,065			2,378			11,822
State income tax expense (benefit), net of federal income tax	5,483			(3,182)			(2,608)

Tax expense (benefit) from other change in rates, prior period adjustments and other permanent differences	315			(181)			2,271

Tax expense on compensation disallowance	2,180			1,570			1,553
Net (income) loss attributable to noncontrolling interests (a)	(22)			1,507			(4,826)
Tax expense (benefit) on tax credits	—			(395)			1,660



Income tax expense (benefit)	$	60,500		$	15,153		$	11,653
Effective tax rate	24.7		%	23.6		%	137.4		%

(a)The Company deconsolidated 110 North Wacker in the third quarter of 2020. Refer to Note 2 - Investments in Unconsolidated Ventures for additional information.

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

As of December 31, 2022, the amounts and expiration dates of operating loss carryforwards for tax purposes are as follows:


thousands	Amount

Net operating loss carryforwards - Federal (a)	$	132,736
Net operating loss carryforwards - State (b)	606,681

(a)Federal net operating loss carryforwards have an indefinite carryforward period.

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	2022		2021
Deferred tax assets:
Operating and Strategic Developments properties, primarily differences in basis of assets and liabilities	$	24,141	$	—

Operating loss and tax carryforwards	65,829		119,884
Total deferred tax assets	89,970		119,884
Valuation allowance	(39,478)		(40,477)
Total net deferred tax assets	$	50,492	$	79,407
Deferred tax liabilities:
Property associated with MPCs, primarily differences in the tax basis of land assets and treatment of interest and other costs	$	(214,045)	$	(176,904)
Operating and Strategic Developments properties, primarily differences in basis of assets and liabilities	—		(27,364)
Deferred income	(90,783)		(79,976)
Total deferred tax liabilities	(304,828)		(284,244)
Total net deferred tax liabilities	$	(254,336)	$	(204,837)

Investments in Unconsolidated Ventures - Changes in Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at beginning of year	$ 22,500	$ 29,114
Net income (loss) attributable to noncontrolling interest	0	(7,431)	$ 22,881
Share of investee's other comprehensive income	(407)	817
Disposition of noncontrolling interest related to 110 North Wacker	(22,093)
Balance at end of year	$ 0	$ 22,500	$ 29,114

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

Total

Associations of Unit Owners

Cumulative Effect, Period of Adoption, Adjustment

^[5]

Total Stockholders' Equity

Cumulative Effect, Period of Adoption, Adjustment

^[5]

Common Stock

Additional Paid-In Capital

Retained Earnings (Accumulated Deficit)

Cumulative Effect, Period of Adoption, Adjustment

^[5]

Accumulated Other Comprehensive Income (Loss)

Treasury Stock

Noncontrolling Interests

Associations of Unit Owners

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

43,635,893

Balance at the beginning 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

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

(1,050,260)

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

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

(26,054)

(26,154)

100

Interest rate swaps, net of tax

(23,070)

^[1]

(23,070)

Pension adjustment, net of tax

(84)

^[2]

(84)

Reclassification of redeemable noncontrolling interest to temporary equity

(6,091)

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

1,002

^[3]

1,002

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

^[4]

$ (165,509)

12,935

12,934

(178,444)

Accounting Standards Update [Extensible Enumeration]

Accounting Standards Update 2016-13 [Member]

Issuance of common shares (in shares)

12,270,900

Issuance of common shares

$ 593,616

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

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

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

(1,070,558)

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

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

56,355

56,100

255

Interest rate swaps, net of tax

17,960

^[1]

17,960

Pension adjustment, net of tax

452

^[2]

452

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

5,721

^[3]

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

11,784

$ 1

13,145

$ (1,362)

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

54,065,661

56,173,276

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

$ 3,710,670

3,709,995

$ 563

3,960,418

(16,456)

(14,457)

$ (220,073)

675

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

(2,107,615)

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

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

$ 184,636

184,533

103

Interest rate swaps, net of tax

31,698

^[1]

31,698

Pension adjustment, net of tax

(183)

^[2]

(183)

Deconsolidation of Ward Village homeowners’ associations

$ (211)

Issuance of Teravalis noncontrolling interest

65,046

Reclassification of the Company’s share of previously deferred derivative gains, net of tax expense

^[6]

(6,723)

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

^[3]

Repurchase of common shares (in shares)

(4,283,874)

Repurchase of common shares

(388,372)

$ (388,372)

Stock plan activity (in shares)

52,997

(32,787)

Stock plan activity

$ 9,551

9,551

$ 1

12,143

$ (2,593)

Balance at the end of the period (in shares) at Dec. 31, 2022

49,801,997

56,226,273

Balance at the end of the period at Dec. 31, 2022

$ 3,606,112

$ 3,540,499

$ 564

$ 3,972,561

$ 168,077

$ 10,335

$ (611,038)

$ 65,613

Balance at the end of the period (in shares) at Dec. 31, 2022

(6,424,276)

[1]	Amounts are shown net of deferred tax expense of $9.5 million for the year ended December 31, 2022, deferred tax expense of $5.1 million for the year ended December 31, 2021, and deferred tax benefit of $5.3 million for the year ended December 31, 2020.
[2]	The deferred tax impact was not meaningful for the years ended December 31, 2022, 2021 and 2020.
[3]	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.
[4]	Related to deconsolidation of 110 North Wacker. Refer to Note 2 - Investments in Unconsolidated Ventures for additional information.
[5]	Related to the adoption of ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) and its related amendments.
[6]	In March 2022, the Company completed the sale of its ownership interest in 110 North Wacker and released a net of $6.7 million from Accumulated other comprehensive income (loss), representing the Company’s $8.6 million share of previously deferred gains associated with the Venture’s derivative instruments net of tax expense of $1.9 million. See Note 2 - Investments in Unconsolidated Ventures for additional information.

Accumulated Other Comprehensive Income (Loss) - Summary of Amounts Reclassified Out of AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reclassifications out of accumulated other comprehensive income (loss)
(Gains) losses on cash flow hedges	$ 110,891	$ 130,036	$ 132,257
Equity in earnings (losses) from unconsolidated ventures	(14,549)	(9,852)	271,099
Income taxes on (gains) losses on cash flow hedges	60,500	15,153	11,653
Total reclassifications of (income) loss for the period	(184,636)	(48,924)	$ 3,173
Amounts reclassified from Accumulated other comprehensive income (loss)
Reclassifications out of accumulated other comprehensive income (loss)
Total reclassifications of (income) loss for the period	(682)	12,660
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	7,778	16,221
Equity in earnings (losses) from unconsolidated ventures	(8,636)	0
Income taxes on (gains) losses on cash flow hedges	$ 176	$ (3,561)

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

+ References + Details

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

Leases - Leased Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Operating lease right-of-use assets, net	$ 46,926	$ 57,022
Liabilities
Operating lease obligations	$ 51,321	$ 69,363

Fair Value - Assets and Liabilities Not Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets:
Cash and Restricted cash	$ 1,098,937	$ 1,216,637	$ 1,242,997	$ 620,135
Liabilities:
Allowance for accounts receivable	8,900	16,500
Notes Receivable
Liabilities:
Notes receivable, allowance	100	200
Level 1 \| Carrying Amount
Assets:
Cash and Restricted cash	1,098,937	1,216,637
Level 1 \| Estimated Fair Value
Assets:
Cash and Restricted cash	1,098,937	1,216,637
Level 3 \| Carrying Amount
Assets:
Accounts receivable, net	103,437	86,388
Notes receivable, net	3,339	7,561
Level 3 \| Estimated Fair Value
Assets:
Accounts receivable, net	103,437	86,388
Notes receivable, net	3,339	7,561
Level 2 \| Carrying Amount
Liabilities:
Long-Term Debt, Percentage Bearing Fixed Interest, Amount	3,610,618	3,125,559
Variable-rate debt	1,191,570	1,513,857
Level 2 \| Estimated Fair Value
Liabilities:
Long-Term Debt, Percentage Bearing Fixed Interest, Amount	3,298,859	3,186,139
Variable-rate debt	$ 1,191,570	$ 1,513,857

Segments - Summary of Assets by Segment and Reconciliation of Segment Assets to Total Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of total segment assets to total assets
Assets	$ 9,603,463	$ 9,581,694
Operating Segments
Reconciliation of total segment assets to total assets
Assets	9,247,608	8,904,499
Operating Segments \| Operating Assets
Reconciliation of total segment assets to total assets
Assets	3,448,823	3,607,718
Operating Segments \| Master Planned Communities
Reconciliation of total segment assets to total assets
Assets	3,272,655	3,056,240
Operating Segments \| Seaport
Reconciliation of total segment assets to total assets
Assets	1,166,950	1,046,992
Operating Segments \| Strategic Developments
Reconciliation of total segment assets to total assets
Assets	1,359,180	1,193,549
Corporate
Reconciliation of total segment assets to total assets
Assets	$ 355,855	$ 677,195

Segments - Narrative (Details) a in Thousands	12 Months Ended
Segments - Narrative (Details) a in Thousands	Dec. 31, 2022 a segment location
Segments reporting
Number of business segments \| segment	4
Seaport
Segments reporting
Area of real estate property (in sqft) \| a	473
Number of primary locations \| location	3

Segments

12 Months Ended

Dec. 31, 2022

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.

–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 473,000 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 development, and equity interest in Jean-Georges Restaurants.

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

Segment operating results are as follows:


thousands	Operating Assets Segment (a)		MPC Segment		Seaport Segment		Strategic Developments Segment		Total
Year ended December 31, 2022
Total revenues	$	431,834	$	408,365	$	88,468	$	679,763	$	1,608,430
Total operating expenses	(194,496)		(173,905)		(104,393)		(504,036)		(976,830)
Segment operating income (loss)	237,338		234,460		(15,925)		175,727		631,600
Depreciation and amortization	(154,626)		(394)		(36,338)		(5,319)		(196,677)
Interest income (expense), net	(89,959)		50,305		3,902		17,073		(18,679)
Other income (loss), net	(1,140)		23		245		1,799		927
Equity in earnings (losses) from unconsolidated ventures	22,263		(1,407)		(36,273)		868		(14,549)
Gain (loss) on sale or disposal of real estate and other assets, net	29,588		—		—		90		29,678


Gain (loss) on extinguishment of debt	(2,230)		—		—		—		(2,230)

Segment EBT	$	41,234	$	282,987	$	(84,389)	$	190,238	$	430,070
Corporate income, expenses and other items									(245,434)
Net income (loss)									184,636
Net (income) loss attributable to noncontrolling interests									(103)
Net income (loss) attributable to common stockholders									$	184,533


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 unconsolidated ventures	(67,042)		59,399		(1,988)		(221)		(9,852)
Gain (loss) on sale or disposal of real estate and other assets, net	39,168		—		—		13,911		53,079


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

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 unconsolidated ventures	(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)

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	2022		2021
Operating Assets	$	3,448,823	$	3,607,718
Master Planned Communities	3,272,655		3,056,240
Seaport	1,166,950		1,046,992
Strategic Developments	1,359,180		1,193,549
Total segment assets	9,247,608		8,904,499
Corporate	355,855		677,195
Total assets	$	9,603,463	$	9,581,694

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.

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