0001628280-24-007207 | 10-K | XBRL Viewer | Howard Hughes Holdings INC

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Mortgages, Notes and Loans Payable, Net - Summary of Mortgages, Notes and Loans Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Unamortized deferred financing costs	$ (49,990)	$ (55,005)
Mortgages, notes, and loans payable, net	5,302,620	4,747,183
Senior Notes
Debt Instrument [Line Items]
Fixed-rate debt	2,050,000	2,050,000
Mortgages
Debt Instrument [Line Items]
Fixed-rate debt	1,485,494	1,500,841
Variable-rate debt	1,276,489	916,570
Bonds
Debt Instrument [Line Items]
Fixed-rate debt	65,627	59,777
Secured Debt
Debt Instrument [Line Items]
Variable-rate debt	$ 475,000	$ 275,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

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

1 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

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

Balance at the beginning of the period

$ 3,606,112

$ 3,710,670

$ 3,715,023

Other comprehensive income (loss) before reclassifications

3,809

25,657

5,300

(Gain) loss reclassified to net income

(13,131)

6,041

12,660

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

^[1]

(6,723)

Pension adjustment

^[2]

259

(183)

452

Share of investee’s other comprehensive income

^[3]

5,721

Net current-period other comprehensive income (loss)

(9,063)

24,792

24,133

Balance at the end of the period

3,058,924

3,606,112

3,710,670

Income (Loss) from equity method investments

55,708

14,549

9,852

Share of investee's other comprehensive income, tax expense

$ 1,900

1,912

1,627

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

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

AOCI, reclassification of cash flow hedge

6,700

Income (Loss) from equity method investments

$ 8,600

AOCI Attributable to Parent

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

Balance at the beginning of the period

10,335

(14,457)

(38,590)

Pension adjustment

259

(183)

452

Share of investee’s other comprehensive income

5,721

Balance at the end of the period

$ 1,272

$ 10,335

$ (14,457)

[1]	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.
[2]	The deferred tax impact was not meaningful for the years ended December 31, 2023, 2022, and 2021.
[3]	Amount is shown net of deferred tax expense of $1.6 million for the year ended December 31, 2021.

Investments in Unconsolidated Ventures - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investments in and Advances to Affiliates, Activity [Line Items]
Liabilities	$ 6,518,079	$ 5,997,351
Equity method investment, nonconsolidated investee or group of investees
Investments in and Advances to Affiliates, Activity [Line Items]
Liabilities	580,056	$ 505,643
Unconsolidated Properties
Investments in and Advances to Affiliates, Activity [Line Items]
Liabilities	273,100
Unconsolidated Properties \| Equity method investment, nonconsolidated investee or group of investees \| Howard Hughes Corporation’s
Investments in and Advances to Affiliates, Activity [Line Items]
Liabilities	$ 134,900

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

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+ Details

Presentation of Financial Statements and Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Presentation of Financial Statements and Significant Accounting Policies


1. Presentation of Financial Statements and Significant Accounting Policies

General On July 17, 2023, The Howard Hughes Corporation (HHC) announced that its Board of Directors authorized the creation of a holding company structure. On August 11, 2023, upon the consummation of the transaction, Howard Hughes Holdings Inc. (HHH or the Company), the new holding company, replaced HHC as the public company trading on the New York Stock Exchange. Existing shares of common stock of HHC were automatically converted, on a one-for-one basis, into shares of common stock of HHH, with the same designations, rights, powers, and preferences, and the same qualifications, limitations, and restrictions, as the shares of HHC common stock immediately prior to the reorganization. HHH became the successor issuer to HHC pursuant to Rule 12g-3 (a) under the Exchange Act and replaced HHC as the public company trading on the New York Stock Exchange under the ticker symbol "HHH." The holding company reorganization is intended to be a tax-free transaction for U.S. federal income tax purposes for the Company stockholders. The Board and the executive officers of HHC now hold their same roles at HHH. The Company believes that the reorganization will promote the growth of its businesses by providing additional flexibility to fund future investment opportunities and to segregate assets and related liabilities in separate subsidiaries.

References to HHH, the Company, we, us, and our refer to Howard Hughes Holdings Inc. and its consolidated subsidiaries, which includes The Howard Hughes Corporation, unless otherwise specifically stated. References to HHC refer to The Howard Hughes Corporation and its consolidated subsidiaries unless otherwise specifically stated. Together with its subsidiaries, HHH develops Master Planned Communities (MPC), invests in other strategic real estate opportunities in the form of entitled and unentitled land and other development rights (Strategic Developments) and owns, manages, and operates real estate assets currently generating revenues (Operating Assets), which may be redeveloped or repositioned from time to time.

Seaport Entertainment On October 5, 2023, HHH announced the intent to form a new division, Seaport Entertainment, that is expected to include the Company’s entertainment-related assets in New York and Las Vegas, including the Seaport in Lower Manhattan and the Las Vegas Aviators Triple-A Minor League Baseball team, as well as the Company’s ownership stake in Jean-Georges Restaurants and other partnerships and its 80% interest in the air rights above the Fashion Show Mall in Las Vegas.

HHH is establishing Seaport Entertainment with the intention of completing its spinoff as an independent, publicly traded company in 2024, but there can be no assurance regarding the ultimate timing of the spinoff or that the spinoff will ultimately occur. The planned separation of Seaport Entertainment will refine the identity of HHH as a pure-play real estate company focused solely on its portfolio of master planned communities and allow the new company, Seaport Entertainment, to operate independently as an entertainment-focused enterprise.

Principles of Consolidation and Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP). The consolidated financial statements include the accounts of Howard Hughes Holdings Inc. and its subsidiaries after elimination of intercompany balances and transactions. The Company also consolidates certain variable interest entities (VIEs) in accordance with Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) 810 Consolidation (ASC 810). The outside equity interests in certain entities controlled by the Company are reflected in the Consolidated Financial Statements as noncontrolling interests.

Certain amounts in the 2022 Consolidated Balance Sheet have been reclassified to conform to the current presentation. Specifically, the Company reclassified Net investment in lease receivable and Notes receivable, net to Other assets, net within Total assets.

Certain amounts in the 2022 and 2021 Consolidated Statements of Cash Flows have been reclassified to conform to the current balance sheet presentation. Specifically, the Company reclassified the Notes receivable, net from the Accounts receivable, net to Other assets, net within cash flows from operating activities.

Certain amounts in the 2021 Consolidated Statement of Operations have been reclassified to conform to the current presentation. Specifically, the Company reclassified Demolition costs and Development-related marketing costs to Other within Total expenses.

Management has evaluated for disclosure or recognition all material events occurring subsequent to the date of the Consolidated Financial Statements up to the date and time this Annual Report was filed.

Variable Interest Entities The Company has interests in various legal entities that represent a variable interest entity. A VIE is an entity: (a) that has total equity at risk that is not sufficient to permit the entity to finance its activities without additional subordinated financial support from other entities; (b) where the group of equity holders does not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, or the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual return, or both (i.e., lack the characteristics of a controlling financial interest); or (c) where the voting rights of the equity holders are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights.

The Company determines if a legal entity is a VIE by performing a qualitative analysis that requires certain subjective decisions, taking into consideration the design of the entity, the variability that the entity was designed to create and pass along to its interest holders, the rights of the parties and the purpose of the arrangement. Upon the occurrence of certain reconsideration events, the Company reassesses its initial determination as to whether the entity is a VIE.

The Company also performs a qualitative assessment of each VIE to determine if it is the primary beneficiary. The Company is the primary beneficiary and would consolidate the VIE if it has a controlling financial interest where it has both (a) the power to direct the economically significant activities of the entity and (b) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. This assessment requires certain subjective decisions, taking into consideration the contractual agreements that define the ownership structure, the design of the entity, distribution of profits and losses, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties. Management’s assessment of whether the Company is the primary beneficiary of a VIE is continuously performed.

Upon initial consolidation of a VIE, the Company records the assets, liabilities, and noncontrolling interests at fair value and recognizes a gain or loss for the difference between (i) the fair value of the consideration paid, the fair value of noncontrolling interests and the reported amount of any previously held interests and (ii) the net amount of the fair value of the assets and liabilities.

If the Company determines it is no longer the primary beneficiary of a VIE, it will deconsolidate the entity and measure the initial cost basis for any retained interests that are recorded upon the deconsolidation at fair value. The Company will recognize a gain or loss for the difference between the fair value and the previous carrying amount of HHH’s investment in the VIE.

Investments in Unconsolidated Ventures The Company’s investments in unconsolidated ventures are accounted for under the equity method to the extent that, based on contractual rights associated with the investments, the Company can exert significant influence over a venture’s operations. Under the equity method, the Company’s investment in the venture is recorded at cost and is subsequently adjusted to recognize the Company’s allocable share of the earnings or losses of the venture. Dividends and distributions received by the Company are recognized as a reduction in the carrying amount of the investment. Generally, joint venture operating agreements provide that assets, liabilities, funding obligations, profits and losses, and cash flows are shared in accordance with ownership percentages. For certain equity method investments, various provisions in the joint venture operating agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses, and preferred returns may result in the Company’s economic interest differing from its stated ownership or if applicable, the Company’s final profit-sharing interest after receipt of any preferred returns based on the venture’s distribution priorities. For these investments, the Company recognizes income or loss based on the joint venture’s distribution priorities, which could fluctuate over time and may be different from its stated ownership or final profit-sharing percentage.

The Company periodically assesses the appropriateness of the carrying amount of its equity method investments, as events or changes in circumstance may indicate that a decrease in value has occurred which is other‑than‑temporary. In addition to the property‑specific impairment analysis performed on the underlying assets of the investment, the Company also considers the ownership, distribution preferences, limitations and rights to sell and repurchase its ownership interests. If a decrease in value of an investment is deemed to be other‑than‑temporary, the investment is reduced to its estimated fair value, and an impairment-related loss is recognized in the Consolidated Statements of Operations as a component of Equity in earnings (losses) from investments in unconsolidated ventures.

For investments in ventures where the Company has virtually no influence over operations and the investments do not have a readily determinable fair value, the Company has elected the measurement alternative to carry the securities at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the issuer. Equity securities not accounted for under the equity method, or where the measurement alternative has not been elected, are required to be reported at fair value with unrealized gains and losses reported in the Consolidated Statements of Comprehensive Income (Loss) as Net unrealized gains (losses) on instruments measured at fair value through earnings.

Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. The estimates and assumptions include, but are not limited to, capitalization of development costs, provision for income taxes, recoverable amounts of receivables and deferred tax assets, initial valuations of tangible and intangible assets acquired, and the related useful lives of assets upon which depreciation and amortization is based. Estimates and assumptions have also been made with respect to future revenues and costs, and the fair value of warrants, debt, and options granted. MPC cost of sales estimates are highly judgmental as they are sensitive to cost escalation, sales price escalation, and lot absorption, which are subject to judgment and affected by expectations about future market or economic conditions. Additionally, the future cash flow estimates and fair values used for impairment analysis are highly judgmental and reflect current and projected trends in rental, occupancy, pricing, development costs, sales pace, capitalization rates, selling costs, and estimated holding periods for the applicable assets. Both MPC cost of sale estimates and estimates used in impairment analysis are affected by expectations about future market or economic conditions. Actual results could differ from these and other estimates.

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

Net Investment in Real Estate

Master Planned Community Assets, Buildings and Equipment and Land Real estate assets are stated at cost less any provisions for impairments and depreciation as applicable. Expenditures for significant improvements to the Company’s assets are capitalized. Tenant improvements relating to the Company’s operating assets are capitalized and depreciated over the shorter of their economic lives or the lease term. Maintenance and repair costs are charged to expense when incurred.

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


Asset Type	Years	Balance Sheet Location
Buildings and improvements	7 - 40	Buildings and Equipment
Equipment and fixtures	5 - 20	Buildings and Equipment
Computer hardware and software, and vehicles	3 - 5	Buildings and Equipment
Tenant improvements	Related lease term	Buildings and Equipment
Leasing costs	Related lease term	Other assets, net

From time to time, the Company may reassess the development strategies for certain buildings and improvements which results in changes to the Company’s estimate of their remaining useful lives. The Company did not recognize additional depreciation expense of significance for the years ended December 31, 2023, 2022, and 2021.

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

Developments consist of the following categories as of December 31:


thousands	2023		2022
Land and improvements	$	238,921	$	339,540
Development costs	1,033,524		785,487

Total Developments	$	1,272,445	$	1,125,027

Acquisitions of Properties The Company accounts for the acquisition of real estate properties in accordance with ASC 805 Business Combinations (ASC 805). This methodology requires that assets acquired and liabilities assumed be recorded at their fair values on the date of acquisition for business combinations and at relative fair values for asset acquisitions. Acquisition costs related to the acquisition of a business are expensed as incurred. Costs directly related to asset acquisitions are considered additions to the purchase price and increase the cost basis of such assets.

The fair value of tangible assets of an acquired property (which includes land, buildings and improvements) is determined by valuing the property as if it were vacant, and the as-if-vacant value is then allocated to land, buildings and improvements based on management’s determination of the fair value of these assets. The as-if-vacant values are derived from several sources which incorporate significant unobservable inputs that are classified as Level 3 inputs in the fair value hierarchy and primarily include a discounted cash flow analysis using discount and capitalization rates based on recent comparable market transactions, where available.

The fair value of acquired intangible assets consisting of in-place, above-market, and below-market leases is recorded based on a variety of considerations, some of which incorporate significant unobservable inputs that are classified as Level 3 inputs in the fair value hierarchy. In-place lease considerations include, but are not necessarily limited to: (1) the value associated with avoiding the cost of originating the acquired in-place leases (i.e., the market cost to execute a lease, including leasing commissions and tenant improvements); (2) the value associated with lost revenue related to tenant reimbursable operating costs incurred during the assumed lease-up period (i.e., real estate taxes, insurance, and certain other operating expenses); and (3) the value associated with lost rental revenue from existing leases during the assumed lease-up period. Above-market and below-market leases are valued at the present value, using a discount rate that reflects the risks associated with the leases acquired, of the difference between (1) the contractual amounts to be paid pursuant to the in-place lease; and (2) management’s estimate of current market lease rates, measured over the remaining non-cancelable lease term, including any below-market renewal option periods.

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

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

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

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

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

Cash and Cash Equivalents Cash and cash equivalents consist of highly-liquid investments with maturities at date of purchase of three months or less and include registered money market mutual funds which are invested in United States Treasury bills that are valued at the net asset value of the underlying shares in the funds as of the close of business at the end of each period as well as deposits with major banks throughout the United States. Such deposits are in excess of FDIC limits and are placed with high-quality institutions in order to minimize concentration of counterparty credit risk.

Restricted Cash Restricted cash reflects amounts segregated in escrow accounts in the name of the Company, primarily related to escrowed condominium deposits from buyers and other amounts related to legally restricted deposits, escrowed taxes, insurance, and leasing costs.

Accounts Receivable, net Accounts receivable includes straight-line rent receivables, tenant receivables, and other receivables. On a quarterly basis, management reviews straight-line rent receivables and tenant receivables for collectability. As required under ASC 842 Leases, this analysis includes a review of past due accounts and considers factors such as the credit quality of tenants, current economic conditions, and changes in customer payment trends. When full collection of a lease receivable or future lease payment is not probable, a reserve for the receivable balance is charged against rental revenue and future rental revenue is recognized on a cash basis. The Company also records reserves for estimated losses under ASC 450 Contingencies if the estimated losses are probable and can be reasonably estimated.

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


thousands	2023		2022
Straight-line rent receivables	$	87,669	$	84,145
Tenant receivables	4,780		12,044
Other receivables	22,596		7,248
Accounts receivable, net (a)	$	115,045	$	103,437

(a)As of December 31, 2023, the total reserve balance for amounts considered uncollectible was $15.0 million, comprised of $12.6 million related to ASC 842 and $2.4 million related to ASC 450. As of December 31, 2022, the total reserve balance was $8.9 million, comprised of $3.4 million related to ASC 842 and $5.5 million related to ASC 450.

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


thousands	Statements of Operations Location	2023		2022		2021
ASC 842 reserve	Rental revenue	$	11,272	$	(3,715)	$	(1,562)
ASC 450 reserve	Provision for (recovery of) doubtful accounts	(2,561)		1,959		(459)



Total (income) expense impact (a)		$	8,711	$	(1,756)	$	(2,021)

(a)Total expense recognized for the year ended December 31, 2023, is primarily comprised of reserves for two retail tenants in Ward Village and an office tenant with leases in both The Woodlands and Summerlin. The ASC 450 recovery amount for the year ended December 31, 2023, primarily relates to the reclassification of the reserve for the two Ward Village tenants to an ASC 842 reserve as full collection is not considered probable.

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

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

Other Assets, net The major components of Other assets, net include security, escrow, and other deposits; Special Improvement District (SID) receivables; in-place leases; intangibles; Tax increment financing (TIF) receivables; prepaid expenses related to the Company’s properties; condominium inventory; and various other assets.

SID receivables are amounts due from SID bonds related to the Company’s Summerlin MPC. Proceeds from SID bonds are held in escrow by a third-party and are used to reimburse the Company for a portion of the development costs incurred in Summerlin.

The Company’s intangibles include in-place lease assets and above-market lease assets where HHH is the lessor, trademark and trade name intangibles related to MPCs, and other intangibles relating to the Company’s Las Vegas Aviators Triple-A professional baseball team. The Company amortizes finite-lived intangible assets less any residual value, if applicable, on a straight-line basis over the term of the related lease or the estimated useful life of the asset.

TIF receivables are amounts which the Company has submitted for reimbursement from Howard County, Maryland, in conjunction with development costs expended on key roads and infrastructure work within the Merriweather District of Downtown Columbia specified per the terms of the county’s TIF legislation, Special Obligation Bonds issued in October 2017, and Grant Disbursement Agreement executed in April 2023.

Notes receivable, net includes non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Subsequent to initial recognition, they are recorded at amortized cost less any provision for impairment as required under ASC 326 - Financial Instruments - Credit Losses.

Condominium inventory includes available for sale units at HHH’s completed condominium towers and is stated at the lower of cost or fair value less selling costs. Condominium inventory includes land acquisition and development costs, construction costs, and interest and real estate taxes that are capitalized during the development period. HHH evaluates condominium inventory for impairment when potential indicators exist. An impairment loss is recognized if the carrying amount of condominium inventory exceeds the fair value less selling costs, which is based on comparable sales in the normal course of business under existing and anticipated market conditions.

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

The amortized cost basis of financing receivables, consisting primarily of MUD and SID receivables, totaled $632.8 million as of December 31, 2023, and $545.4 million as of December 31, 2022. The MUD receivable balance includes accrued interest of $35.8 million at December 31, 2023, and $36.4 million at December 31, 2022. The allowance for credit losses for financing receivables was not material as of December 31, 2023 and 2022, and there was no material activity related to the allowance for credit losses for the years ended December 31, 2023, 2022, and 2021.

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

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

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

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

Deferred Expenses, net Deferred expenses consist principally of leasing costs. Deferred leasing costs are amortized to amortization expense using the straight‑line method over the related lease term. Deferred expenses are shown net of accumulated amortization of $60.4 million as of December 31, 2023, and $53.8 million as of December 31, 2022.

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

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

Derivative Instruments and Hedging Activities Derivative instruments and hedging activities require management to make judgments on the nature of its derivatives and their effectiveness as hedges. These judgments determine if the changes in fair value of the derivative instruments are reported as a component of Net Income in the Consolidated Statements of Operations or as a component of Comprehensive Income in the Equity on the Consolidated Balance Sheets. While management believes its judgments are reasonable, a change in a derivative’s effectiveness as a hedge could materially affect expenses, net income, and equity. The Company accounts for the changes in the fair value of an effective hedge in other comprehensive income (loss) and subsequently reclassifies the balance from other comprehensive income (loss) to earnings over the term that the hedged transaction affects earnings. The Company accounts for the changes in the fair value of an ineffective hedge directly in earnings.

Stock-Based Compensation The Company maintains two equity incentive plans, which include stock options and restricted stock. In 2023, pursuant to the holding company reorganization discussed above, each outstanding share of HHC’s common stock was automatically converted into one share of HHH common stock. HHH assumed all obligations under the equity incentive plans. All stock options and restricted stock outstanding will be settled in HHH stock. The Company applies the provisions of ASC 718 Stock Compensation which requires all share‑based payments to be recognized in the Consolidated Statements of Operations based on their fair values. The fair value of stock option awards is determined using the Black-Scholes option-pricing model. Restricted stock awards are valued using the market price of the Company’s common stock on the grant date. For restricted stock awards with market conditions or performance conditions, the award is valued using a Monte Carlo simulation. The Company records compensation cost for stock-based compensation awards over the requisite service period. If the requisite service period is satisfied, compensation cost is not adjusted unless the award contains a performance condition. If an award contains a performance condition, expense is recognized only for those shares that ultimately vest using the per-share fair value measured at the grant date. The Company recognizes forfeitures as they occur. See Note 11 - Stock-Based Compensation Plans for additional information.

Revenue Recognition and Related Matters

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 HHH 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 HHH’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 HHH’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 HHH’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 HHH’s performance obligation and transfer of title to the buyer. Real estate project costs directly associated with a condominium project, which are HHH’s costs to fulfill contracts with condominium buyers, are capitalized while all other costs are expensed as incurred. Total estimated project costs include direct costs such as the carrying value of the land, site planning, architectural, construction, and financing costs, as well as indirect cost allocations. The allocations include costs which clearly relate to the specific project, including certain infrastructure and amenity costs which benefit the project as well as others, and are based upon the relative sales value of the units. Furthermore, incremental costs incurred to obtain a contract to sell condominium units are evaluated for capitalization in accordance with ASC 340-40, with incremental costs to fulfill a contract only being capitalized if the costs relate directly to a specifically identified contract, enhance resources to satisfy performance obligations in the future, and are expected to be recovered.

Master Planned Communities Land Sales Revenues from land sales are recognized at a point in time when the land sale closing process is complete. The transaction price generally has both fixed and variable components, with the fixed price stipulated in the contract and representative of a single performance obligation. See Builder Price Participation (BPP) below for a discussion of the variable component. The fixed transaction price, which is the amount of consideration received in full upon transfer of the land title to the buyer, is allocated to this single obligation and is received at closing of the land sale less any amounts previously paid on deposit.

The Company receives cash payments in the form of land purchase deposits from homebuilders or other commercial buyers who have contracted to purchase land within the Company’s MPCs, and HHH 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 HHH’s performance obligation relating to the enhancement of the land is still unsatisfied, revenue related to HHH’s obligation is recognized over time. The Company recognizes only the portion of the improved land sale where the improvements are fully satisfied based on a cost input method. The aggregate amount of the transaction price allocated to the unsatisfied obligation is recorded as deferred land sales and is presented in Accounts payable and other liabilities. The Company measures HHH’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 HHH 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 HHH 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 HHH’s influence such as unemployment and interest rates

–the time between the sale of land to a homebuilder and closing on a completed home can take up to three years

–there is significant variability in home pricing from period to period

The Company evaluates contracts with homebuilders with respect to BPP at each reporting period to determine whether a change in facts and circumstances has eliminated the constraint and will record an estimate of BPP revenue, if applicable.

For Condominium rights and unit sales, Master planned communities land sales, and Builder price participation the Company elected the practical expedient to not adjust promised amount of consideration for the effects of a significant financing component when the expected period between transfer of the promised asset and payment is one year or less.

Rental Revenues Revenue associated with the Company’s operating assets includes minimum rent, percentage rent in lieu of fixed minimum rent, tenant recoveries, and overage rent.

Minimum rent revenues are recognized on a straight‑line basis over the terms of the related leases when collectability is reasonably assured and the tenant has taken possession of, or controls, the physical use of the leased asset. Percentage rent in lieu of fixed minimum rent is recognized as sales are reported from tenants. Minimum rent revenues also include amortization related to above and below‑market tenant leases on acquired properties.

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

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

If the lease provides for tenant improvements, the Company determines whether the tenant improvements are owned by the tenant or by HHH. When HHH 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 HHH’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 HHH 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 HHH’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 HHH generally recognizes the related revenue on a straight-line basis over time, as time elapses.

Noncontrolling Interests As of December 31, 2023, Noncontrolling interests is primarily related to the 12% noncontrolling interest in Teravalis and the noncontrolling interest in the Ward Village Homeowners’ Associations (HOAs). All revenues and expenses related to the HOAs are attributable to noncontrolling interests and do not impact net income attributable to common stockholders. Refer to Note 3 - Acquisitions and Dispositions for additional information on Teravalis.

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. During the transition, the Company 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 preserved the presentation of derivatives consistent with past presentation. As of December 31, 2023, the Company had no remaining contracts or hedging relationships that referenced LIBOR.

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

Earnings Per Share - Information Related to EPS Calculation (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net income (loss)
Net income (loss)	$ (551,530)	$ 184,636	$ 48,924
Net (income) loss attributable to noncontrolling interests	(243)	(103)	7,176
Net income (loss) attributable to common stockholders, basic	(551,773)	184,533	56,100
Net income (loss) attributable to common stockholders, diluted	$ (551,773)	$ 184,533	$ 56,100
Shares
Weighted-average common shares outstanding - basic (in shares)	49,568,000	50,513,000	54,596,000
Restricted stock and stock options (in shares)	0	45,000	53,000
Weighted-average common shares outstanding - diluted (in shares)	49,568,000	50,558,000	54,649,000
Net income (loss) per common share
Basic income (loss) per share (in dollars per share)	$ (11.13)	$ 3.65	$ 1.03
Diluted income (loss) per share (in dollars per share)	$ (11.13)	$ 3.65	$ 1.03
Restricted stock and stock options
Anti-dilutive shares excluded from diluted EPS
Anti-dilutive shares excluded from diluted EPS (in shares)	528,000	531,000	555,000
Warrants
Anti-dilutive shares excluded from diluted EPS
Anti-dilutive shares excluded from diluted EPS (in shares)	0	2,053,000	2,103,000

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

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

Commitments and Contingencies (Details) $ in Thousands		1 Months Ended	12 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Jun. 14, 2018 entity party	Oct. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) tower	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Operating Leased Assets [Line Items]
Number of individuals or entities on petition \| entity	500
Number of unaffiliated parties \| party	2
Letters of credit outstanding			$ 3,900	$ 2,100
Surety bonds outstanding			470,400	346,300
Contractual rental expense			5,300	$ 5,600	$ 7,200
Long-term debt outstanding			$ 5,302,620
Guarantor obligations, reserved percentage of residential units			20.00%
Guarantor obligations, number of open condominium towers \| tower			4
Bond Financing
Operating Leased Assets [Line Items]
Face amount		$ 165,000
Long-term debt outstanding		$ 78,300
Debt instrument, loan-to-value ratio threshold		50.00%
Cash collateral for borrowed securities		$ 50,000
Proceeds from issuance of debt		$ 5,000
Bond Financing \| Floreo
Operating Leased Assets [Line Items]
Equity method investment, ownership percentage		50.00%
Waiea
Operating Leased Assets [Line Items]
Total estimated repair costs			$ 155,400
Charge for repairs and remediation on alleged construction defects			16,100
Reserve for uncollectible amounts under ASC 450			$ 8,700

Income Taxes - Summary of Tax Effects and Temporary Differences Included in Net Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Operating and Strategic Developments properties and fixed assets	$ 204,228	$ 22,447
Investments in unconsolidated ventures	11,577	6,698
Accrued expenses	6,924	6,282
Prepaid expenses	2,020	1,972
Other	1,845	0
Operating loss and tax carryforwards	52,433	65,829
Total deferred tax assets	279,027	103,228
Valuation allowance	(62,921)	(39,478)
Total net deferred tax assets	216,106	63,750
Deferred tax liabilities:
Master Planned Communities properties	(208,347)	(214,046)
Deferred income	(76,908)	(86,104)
Accounts receivable	(18,686)	(17,761)
Other	0	(175)
Total deferred tax liabilities	(303,941)	(318,086)
Total net deferred tax liabilities	$ (87,835)	$ (254,336)

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

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2023

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

Accumulated Other Comprehensive Income (Loss)


14. Accumulated Other Comprehensive Income (Loss)

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


thousands
Balance at December 31, 2020	$	(38,590)
Derivative instruments:
Other comprehensive income (loss) before reclassifications	5,300
(Gain) loss reclassified to net income	12,660
Pension adjustment	452
Share of investee’s other comprehensive income	5,721
Net current-period other comprehensive income (loss)	24,133
Balance at December 31, 2021	$	(14,457)
Derivative instruments:
Other comprehensive income (loss) before reclassifications	25,657
(Gain) loss reclassified to net income	6,041
Reclassification of the Company's share of previously deferred derivative gains to net income (a)	(6,723)
Pension adjustment	(183)


Net current-period other comprehensive income (loss)	24,792
Balance at December 31, 2022	$	10,335
Derivative instruments:
Other comprehensive income (loss) before reclassifications	3,809
(Gain) loss reclassified to net income	(13,131)
Pension adjustment	259



Net current-period other comprehensive income (loss)	(9,063)
Balance at December 31, 2023	$	1,272

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

The following table summarizes the amounts reclassified out of AOCI for the years ended December 31:


Accumulated Other Comprehensive Income (Loss) Components thousands					Affected line items in the Statements of Operations
	2023		2022
(Gains) losses on cash flow hedges	$	(16,970)	$	7,778	Interest expense
Company's share of previously deferred derivative gains	—		(8,636)		Equity in earnings (losses) from unconsolidated ventures
Income taxes on (gains) losses on cash flow hedges	3,839		176		Income tax expense (benefit)
Total reclassifications of (income) loss for the period	$	(13,131)	$	(682)

Investments in Unconsolidated Ventures - West End Alexandria (Details) $ in Millions	3 Months Ended
	Dec. 31, 2021 USD ($) a
Central Plaza \| Development Plans
Investments in and Advances to Affiliates, Activity [Line Items]
Area of land	41
Area of real estate property (in sqft)	4,000,000
West End Alexandria \| Landmark Land Holdings
Investments in and Advances to Affiliates, Activity [Line Items]
Area of land	52
West End Alexandria \| Alexandria
Investments in and Advances to Affiliates, Activity [Line Items]
Area of land	11
Fougler Pratt Development, LLC \| Landmark Mall Property
Investments in and Advances to Affiliates, Activity [Line Items]
Area of land	33
Fair value of property contributed \| $	$ 56.0
Fair value of property contributed, additional \| $	$ 10.0
Seritage \| Landmark Mall Property
Investments in and Advances to Affiliates, Activity [Line Items]
Area of land	19
Fair value of property contributed \| $	$ 30.0

Other Assets and Liabilities - Accounts Payable and other liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
OTHER ASSETS AND LIABILITIES
Condominium deposit liabilities	$ 478,870	$ 390,253
Construction payables	257,227	260,257
Deferred income	118,432	85,006
Accrued interest	54,301	49,156
Accounts payable and accrued expenses	49,363	36,174
Accrued payroll and other employee liabilities	33,314	30,874
Accrued real estate taxes	30,096	37,835
Tenant and other deposits	29,976	26,100
Other	24,461	28,856
Accounts payable and other liabilities	$ 1,076,040	$ 944,511

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

Investments in Unconsolidated Ventures - The Lawn Club (Details) - a	1 Months Ended	3 Months Ended
	Oct. 31, 2023	Dec. 31, 2023	Jan. 19, 2021
Fulton Market Building
Investments in and Advances to Affiliates, Activity [Line Items]
Area of real estate property (in sqft)			20,000
The Lawn Club NYC, LLC
Investments in and Advances to Affiliates, Activity [Line Items]
Joint venture real estate, percentage funded	90.00%	80.00%
The Lawn Club NYC, LLC \| Endorphin Ventures
Investments in and Advances to Affiliates, Activity [Line Items]
Joint venture real estate, percentage funded	10.00%	20.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

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

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

Investments in Unconsolidated Ventures - Summarized Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated Balance Sheets
Total Assets	$ 9,577,003	$ 9,603,463
Total Liabilities	6,518,079	5,997,351
Total Equity	3,058,924	3,606,112	$ 3,710,670	$ 3,715,023
Consolidated Statements of Operations
Revenues	1,024,102	1,608,488	1,427,901
Operating Income	(528,212)	369,135	241,872
Net income (loss)	(551,530)	184,636	48,924
Equity method investment, nonconsolidated investee or group of investees
Consolidated Balance Sheets
Total Assets	990,138	878,546
Total Liabilities	580,056	505,643
Total Equity	410,082	372,903
Consolidated Statements of Operations
Revenues	465,758	232,786	377,837
Operating Income	35,903	9,815	145,471
Net income (loss)	$ 11,788	$ (2,646)	$ 69,904

- Definition

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.

+ References

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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 39: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 40: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 43: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of stock-based compensation expense, net of amounts capitalized

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


thousands	2023		2022		2021
Stock Options (a)	$	336	$	250	$	227
Restricted Stock (b)	11,389		6,860		7,332
Pre-tax stock-based compensation expense	$	11,725	$	7,110	$	7,559
Income tax benefit	$	1,001	$	636	$	882

(a)Amounts shown are net of immaterial amounts capitalized to development projects.

(b)Amounts shown are net of $4.6 million capitalized to development projects in 2023, $4.8 million capitalized to development projects in 2022, and $2.2 million capitalized to development projects in 2021.

Summary of stock option plan activity

The following table summarizes stock option activity:


	Stock Options	Weighted-average Exercise Price		Weighted-average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Stock options outstanding at December 31, 2022	258,987	$	110.20


Forfeited	(8,000)	106.83
Expired	(116,650)	112.09
Stock options outstanding at December 31, 2023	134,337	$	108.76	4.4	$	663,915

Stock options vested and expected to vest at December 31, 2023	133,096	$	109.08	4.4	$	647,298
Stock options exercisable at December 31, 2023	79,500	$	131.19	2.4	$	—

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

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


	2022			2021
Weighted-average grant date fair value	$	37.70		$	41.52
Assumptions
Expected life of options (in years)	7.5			7.5
Risk-free interest rate	3.4		%	1.2		%
Expected volatility	50.3		%	36.5		%
Expected annual dividend per share	—			—

Schedule of restricted stock activity

The following table summarizes restricted stock activity:


	Restricted Stock	Weighted-average Grant Date Fair Value
Restricted stock outstanding at December 31, 2022	353,463	$	75.14
Granted	267,820	83.85
Vested	(119,744)	84.42
Forfeited	(107,841)	68.92
Restricted stock outstanding at December 31, 2023	393,698	$	79.94

Derivative Instruments and Hedging Activities - Summary of the Notional Amount and Fair Value of Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair value of derivative instruments
Total fair value derivative assets	$ 10,318	$ 30,860
Total fair value derivative liabilities	0	0
Total fair value derivatives asset (liability), net	10,318	30,860
Derivative instruments not designated as hedging instruments
Fair value of derivative instruments
Other income	(500)	(13,000)
Fixed Interest Rate 2.00 Percent, Maturing September 2023, Notional 285 Million \| Interest rate cap \| Derivative instruments not designated as hedging instruments \| Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, asset	$ 285,000
Derivative, fixed interest rate	2.00%
Total fair value derivative assets	$ 0	5,748
Fixed Interest Rate 2.00%, Maturing September 2023 \| Interest rate cap \| Derivative instruments not designated as hedging instruments \| Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, asset	$ 83,200
Derivative, fixed interest rate	2.00%
Total fair value derivative assets	$ 0	1,677
Fixed Interest Rate 2.50 Percent, Maturing September 2025, Notional 75 Million \| Interest rate cap \| Derivative instruments not designated as hedging instruments \| Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, asset	$ 75,000
Derivative, fixed interest rate	2.50%
Total fair value derivative assets	$ 2,274	3,791
Fixed Interest Rate 2.50 Percent, Maturing September 2025, Notional 59.5 Million \| Interest rate cap \| Derivative instruments not designated as hedging instruments \| Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, asset	$ 59,500
Derivative, fixed interest rate	2.50%
Total fair value derivative assets	$ 1,804	3,007
Fixed Interest Rate 2.00 To 4.50 Percent, Maturing June 2025, Notional 1 \| Interest rate collar \| Derivative instruments not designated as hedging instruments \| Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, asset	53,272
Total fair value derivative assets	$ 417	0
Fixed Interest Rate 2.00 To 4.50 Percent, Maturing June 2025, Notional 1 \| Interest rate collar \| Derivative instruments not designated as hedging instruments \| Prepaid Expenses and Other Current Assets \| Minimum
Fair value of derivative instruments
Derivative, fixed interest rate	2.00%
Fixed Interest Rate 2.00 To 4.50 Percent, Maturing June 2025, Notional 1 \| Interest rate collar \| Derivative instruments not designated as hedging instruments \| Prepaid Expenses and Other Current Assets \| Maximum
Fair value of derivative instruments
Derivative, fixed interest rate	4.50%
Fixed Interest Rate 2.00 To 4.50 Percent, Maturing June 2025, Notional 2 \| Interest rate collar \| Derivative instruments not designated as hedging instruments \| Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, asset	$ 33,260
Total fair value derivative assets	$ 440	0
Fixed Interest Rate 2.00 To 4.50 Percent, Maturing June 2025, Notional 2 \| Interest rate collar \| Derivative instruments not designated as hedging instruments \| Prepaid Expenses and Other Current Assets \| Minimum
Fair value of derivative instruments
Derivative, fixed interest rate	2.00%
Fixed Interest Rate 2.00 To 4.50 Percent, Maturing June 2025, Notional 2 \| Interest rate collar \| Derivative instruments not designated as hedging instruments \| Prepaid Expenses and Other Current Assets \| Maximum
Fair value of derivative instruments
Derivative, fixed interest rate	4.50%
Fixed Interest Rate 2.96%, Maturing September 2023 \| Interest rate swap \| Derivative instruments designated as hedging instruments: \| Accounts Payable and Accrued Liabilities
Fair value of derivative instruments
Notional amount, liability	$ 615,000
Derivative, fixed interest rate	2.98%
Total fair value derivative liabilities	$ 0	8,262
Fixed Interest Rate 3.69 Maturing January 2027 \| Interest rate swap \| Derivative instruments designated as hedging instruments: \| Accounts Payable and Accrued Liabilities
Fair value of derivative instruments
Notional amount, liability	$ 200,000
Derivative, fixed interest rate	3.69%
Total fair value derivative liabilities	$ 117	978
Fixed Interest Rate 5.50%, Maturing November 2024 \| Interest rate cap \| Derivative instruments designated as hedging instruments: \| Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, liability	$ 127,000
Derivative, fixed interest rate	5.50%
Total fair value derivative assets	$ 28	378
Fixed Interest Rate 5.00 Maturing December 2025 \| Interest rate cap \| Derivative instruments designated as hedging instruments: \| Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, liability	$ 74,120
Derivative, fixed interest rate	5.00%
Total fair value derivative assets	$ 223	655
Fixed Interest Rate 1.68 Maturing February 2027 \| Interest rate swap \| Derivative instruments designated as hedging instruments: \| Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, liability	$ 40,800
Derivative, fixed interest rate	1.68%
Total fair value derivative liabilities	$ 2,496	3,321
Fixed Interest Rate 4.89%, Maturing January 2032 \| Interest rate swap \| Derivative instruments designated as hedging instruments: \| Accounts Payable and Accrued Liabilities
Fair value of derivative instruments
Notional amount, liability	$ 34,857
Derivative, fixed interest rate	4.89%
Total fair value derivative liabilities	$ 2,519	$ 3,043

Investments in Unconsolidated Ventures - Tin Building by Jean-Georges (Details) a in Thousands, $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($) a	Dec. 31, 2023 USD ($) a	Dec. 31, 2022 USD ($)	Mar. 31, 2022	Mar. 01, 2022	Dec. 31, 2015 ft²
Jean-Georges Restaurants
Investments in and Advances to Affiliates, Activity [Line Items]
Acquisition interest				25.00%	25.00%
Equity method investment, impairment	$ 30.8
Seaport Segment
Investments in and Advances to Affiliates, Activity [Line Items]
Area of real estate property (in sqft) \| a	472	472
The Tin Building by Jean-Georges
Investments in and Advances to Affiliates, Activity [Line Items]
Ownership interest		100.00%
Joint venture real estate, leased		100.00%
Joint venture real estate, percentage funded		100.00%
The Tin Building by Jean-Georges \| Seaport Segment
Investments in and Advances to Affiliates, Activity [Line Items]
Area of real estate property (in sqft) \| ft²						53,783
Carrying value of equity method investments	$ 11.7	$ 11.7
Contributions made by the company		48.1	$ 43.1
Equity method investment, impairment		$ 1.2

Intangibles (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of intangible assets and liabilities

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


	As of December 31, 2023						As of December 31, 2022
	Gross Asset (Liability)		Accumulated (Amortization)/ Accretion		Net Carrying Amount		Gross Asset (Liability)		Accumulated (Amortization)/ Accretion		Net Carrying Amount

thousands
Intangible Assets:
Other intangibles (a)	$	34,123	$	(12,386)	$	21,737	$	34,123	$	(9,110)	$	25,013

Indefinite lived intangibles	157		—		157		157		—		157

Tenant leases:
In-place value	54,180		(18,690)		35,490		57,087		(17,391)		39,696
Above-market	292		(261)		31		500		(446)		54
Below-market	(4,255)		3,940		(315)		(4,255)		3,512		(743)



Total indefinite lived intangibles					$	157					$	157
Total amortizing intangibles					$	56,943					$	64,020

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

Schedule of future net amortization and accretion expense

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


thousands	2024		2025		2026		2027		2028
Net amortization and accretion expense	$	7,080	$	7,242	$	7,208	$	6,933	$	6,881

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

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

Segments (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Summary of segment operating results

Segment operating results are as follows:


thousands	Operating Assets Segment (a)		MPC Segment		Seaport Segment		Strategic Developments Segment		Total
Year Ended December 31, 2023
Total revenues	$	443,632	$	448,452	$	81,971	$	49,987	$	1,024,042
Total operating expenses	(210,166)		(193,470)		(103,466)		(80,472)		(587,574)
Segment operating income (loss)	233,466		254,982		(21,495)		(30,485)		436,468
Depreciation and amortization	(170,731)		(418)		(37,791)		(3,963)		(212,903)
Interest income (expense), net	(127,388)		64,291		3,065		16,074		(43,958)
Other income (loss), net	1,843		(102)		(1,290)		690		1,141
Equity in earnings (losses) from unconsolidated ventures	2,969		22,666		(81,485)		142		(55,708)
Gain (loss) on sale or disposal of real estate and other assets, net	23,926		—		—		236		24,162


Gain (loss) on extinguishment of debt	(96)		—		(48)		—		(144)
Provision for impairment	—		—		(672,492)		—		(672,492)
Segment EBT	$	(36,011)	$	341,419	$	(811,536)	$	(17,306)	$	(523,434)
Corporate income, expenses, and other items									(28,096)
Net income (loss)									(551,530)
Net (income) loss attributable to noncontrolling interests									(243)
Net income (loss) attributable to common stockholders									$	(551,773)

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

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

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

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

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


thousands	2023		2022
Operating Assets	$	3,577,694	$	3,448,823
Master Planned Communities	3,358,821		3,272,655
Seaport (a)	485,898		1,166,950
Strategic Developments	1,638,955		1,359,180
Total segment assets	9,061,368		9,247,608
Corporate	515,635		355,855
Total assets	$	9,577,003	$	9,603,463

(a)In 2023, the Company recorded a $709.5 million impairment charge related to the Seaport segment. Refer to Note 4 - Impairment for additional information.

Revenues

12 Months Ended

Dec. 31, 2023

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	2023		2022		2021
Revenues from contracts with customers
Recognized at a point in time:
Condominium rights and unit sales	$	47,707	$	677,078	$	514,597
Master Planned Communities land sales	370,185		316,065		346,217
Builder price participation	60,989		71,761		45,138
Total	478,881		1,064,904		905,952

Recognized at a point in time or over time:
Other land, rental, and property revenues	139,858		144,481		152,619


Rental and lease-related revenues
Rental revenue	405,363		399,103		369,330
Total revenues	$	1,024,102	$	1,608,488	$	1,427,901

Revenues by segment
Operating Assets revenues	$	443,632	$	431,834	$	442,698
Master Planned Communities revenues	448,452		408,365		409,746
Seaport revenues	81,971		88,468		55,008
Strategic Developments revenues	49,987		679,763		520,109
Corporate revenues	60		58		340
Total revenues	$	1,024,102	$	1,608,488	$	1,427,901

Contract Assets and Liabilities Contract assets are the Company’s right to consideration in exchange for goods or services that have been transferred to a customer, excluding any amounts presented as a receivable. Contract liabilities are the Company’s obligation to transfer goods or services to a customer for which the Company has received consideration.

There were no contract assets for the periods presented. The contract liabilities primarily relate to escrowed condominium deposits, MPC land sales deposits, and deferred MPC land sales related to unsatisfied land improvements. The beginning and ending balances of contract liabilities and significant activity during the periods presented are as follows:


thousands	Contract Liabilities
Balance at December 31, 2021	$	431,177
Consideration earned during the period	(799,401)
Consideration received during the period	826,055
Balance at December 31, 2022	$	457,831
Consideration earned during the period	(151,225)
Consideration received during the period	272,722
Balance at December 31, 2023	$	579,328

Remaining Unsatisfied Performance Obligations The Company’s remaining unsatisfied performance obligations represent a measure of the total dollar value of work to be performed on contracts executed and in progress. These performance obligations primarily relate to the completion of condominium construction and transfer of control to a buyer, as well as the completion of contracted MPC land sales and related land improvements. These obligations are associated with contracts that generally are non-cancelable by the customer after 30 days; however, purchasers of condominium units have the right to cancel the contract should the Company elect not to construct the condominium unit within a certain period of time or materially change the design of the condominium unit. The aggregate amount of the transaction price allocated to the Company’s remaining unsatisfied performance obligations as of December 31, 2023, is $2.8 billion. The Company expects to recognize this amount as revenue over the following periods:


thousands	Less than 1 year			1-2 years		3 years and thereafter
Total remaining unsatisfied performance obligations		$	924,789	$	411,598		$	1,432,456

The Company’s remaining performance obligations are adjusted to reflect any known project cancellations, revisions to project scope and cost, and deferrals, as appropriate. These amounts exclude estimated amounts of variable consideration which are constrained, such as builder price participation.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

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

Total

Ward Village Homeowners Associations

Total Stockholders' Equity

Common Stock

Additional Paid-In Capital

Retained Earnings (Accumulated Deficit)

Accumulated Other Comprehensive Income (Loss)

Treasury Stock

Noncontrolling Interests

Ward Village Homeowners Associations

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

56,042,814

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

$ 3,715,023

$ 3,714,603

$ 562

$ 3,947,278

$ (72,556)

$ (38,590)

$ (122,091)

$ 420

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

(1,070,558)

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

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

56,355

56,100

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 (in shares)

Issuance of common shares

(5)

$ 0

(5)

Repurchase of common shares (in shares)

(1,023,284)

Repurchase of common shares

(96,620)

$ (96,620)

Stock plan activity (in shares)

130,462

(13,773)

Stock plan activity

11,784

$ 1

13,145

$ (1,362)

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

56,173,276

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)

Teravalis noncontrolling interest

65,046

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

^[4]

(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)

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

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

$ (551,530)

(551,773)

243

Interest rate swaps, net of tax

(9,322)

^[1]

(9,322)

Pension adjustment, net of tax

259

^[2]

259

Teravalis noncontrolling interest

219

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

^[3]

Stock plan activity (in shares)

269,518

(33,501)

Stock plan activity

13,208

$ 1

15,935

$ (2,728)

Other

$ (22)

(22)

Balance at the end of the period (in shares) at Dec. 31, 2023

50,038,014

56,495,791

Balance at the end of the period at Dec. 31, 2023

$ 3,058,924

$ 2,992,871

$ 565

$ 3,988,496

$ (383,696)

$ 1,272

$ (613,766)

$ 66,053

Balance at the end of the period (in shares) at Dec. 31, 2023

(6,457,777)

[1]	Amounts are shown net of deferred tax benefit of $2.7 million for the year ended December 31, 2023, deferred tax expense of $9.5 million for the year ended December 31, 2022, and deferred tax expense of $5.1 million for the year ended December 31, 2021.
[2]	The deferred tax impact was not meaningful for the years ended December 31, 2023, 2022, and 2021.
[3]	Amount is shown net of deferred tax expense of $1.6 million for the year ended December 31, 2021.
[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.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	56,495,791	56,226,273
Common stock, shares outstanding (in shares)	50,038,014	49,801,997
Treasury stock (in shares)	6,457,777	6,424,276

Derivative Instruments and Hedging Activities - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) derivative	Dec. 31, 2022 USD ($) derivative
Derivative [Line Items]
Agreements settled \| derivative	0	0
Fair value derivative liabilities	$ 0	$ 0
Interest rate swap \| Derivative instruments designated as hedging instruments:
Derivative [Line Items]
Gain on derivative expected amount to be reclassified	(4,600,000)
Credit Risk Contract
Derivative [Line Items]
Fair value derivative liabilities	$ 0

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

Segments

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segments


18. Segments

The Company has four business segments that offer different products and services. HHH’s four segments are managed separately because each requires different operating strategies or management expertise and are reflective of management’s operating philosophies and methods. Because the Company’s four segments, Operating Assets, MPC, Seaport, and Strategic Developments, are managed separately, the Company uses different operating measures to assess operating results and allocate resources among them. The one common operating measure used to assess operating results for the Company’s business segments is earnings before tax (EBT). EBT, as it relates to each business segment, includes the revenues and expenses of each segment, as shown below. EBT excludes corporate expenses and other items that are not allocable to the segments. The Company presents EBT for each segment because the Company use this measure, among others, internally to assess the core operating performance of the Company’s assets. The Company’s segments or assets within such segments could change in the future as development of certain properties commences or other operational or management changes occur. All operations are within the United States. The Company’s reportable segments are as follows:

–Operating Assets – consists of developed or acquired retail, office, and multi-family properties along with other real estate investments. These properties are currently generating revenues and may be redeveloped, repositioned, or sold to improve segment performance or to recycle capital.

–MPC – consists of the development and sale of land in large‑scale, long‑term community development projects in and around Las Vegas, Nevada; Houston, Texas; and Phoenix, Arizona.

–Seaport – consists of approximately 472,000 square feet of restaurant, retail, and entertainment properties situated in three primary locations in New York City: Pier 17, Historic Area/Uplands, and Tin Building as well as the 250 Water Street development, and equity interest in Jean-Georges Restaurants.

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

Segment operating results are as follows:


thousands	Operating Assets Segment (a)		MPC Segment		Seaport Segment		Strategic Developments Segment		Total
Year Ended December 31, 2023
Total revenues	$	443,632	$	448,452	$	81,971	$	49,987	$	1,024,042
Total operating expenses	(210,166)		(193,470)		(103,466)		(80,472)		(587,574)
Segment operating income (loss)	233,466		254,982		(21,495)		(30,485)		436,468
Depreciation and amortization	(170,731)		(418)		(37,791)		(3,963)		(212,903)
Interest income (expense), net	(127,388)		64,291		3,065		16,074		(43,958)
Other income (loss), net	1,843		(102)		(1,290)		690		1,141
Equity in earnings (losses) from unconsolidated ventures	2,969		22,666		(81,485)		142		(55,708)
Gain (loss) on sale or disposal of real estate and other assets, net	23,926		—		—		236		24,162


Gain (loss) on extinguishment of debt	(96)		—		(48)		—		(144)
Provision for impairment	—		—		(672,492)		—		(672,492)
Segment EBT	$	(36,011)	$	341,419	$	(811,536)	$	(17,306)	$	(523,434)
Corporate income, expenses, and other items									(28,096)
Net income (loss)									(551,530)
Net (income) loss attributable to noncontrolling interests									(243)
Net income (loss) attributable to common stockholders									$	(551,773)

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

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

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


thousands	2023		2022
Operating Assets	$	3,577,694	$	3,448,823
Master Planned Communities	3,358,821		3,272,655
Seaport (a)	485,898		1,166,950
Strategic Developments	1,638,955		1,359,180
Total segment assets	9,061,368		9,247,608
Corporate	515,635		355,855
Total assets	$	9,577,003	$	9,603,463

(a)In 2023, the Company recorded a $709.5 million impairment charge related to the Seaport segment. Refer to Note 4 - Impairment for additional information.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 21
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

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

Acquisitions and Dispositions - Acquisitions Narrative (Details) $ in Thousands	1 Months Ended					3 Months Ended	12 Months Ended
	May 31, 2023 USD ($) a	Aug. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($) hospitality	Oct. 31, 2021 USD ($) a	Dec. 31, 2021 USD ($) a	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 01, 2022
Asset Acquisition [Line Items]
Assets							$ 9,577,003	$ 9,603,463
Accounts payable and other liabilities							1,076,040	944,511
Noncontrolling interests							$ 66,053	$ 65,613
Phoenix, Arizona \| Floreo
Asset Acquisition [Line Items]
Area of land \| a						3,029
Jean-Georges Restaurants
Asset Acquisition [Line Items]
Acquisition interest				25.00%					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
Percentage of additional voting interests acquired		2.78%
Option for seller to reacquire interest					50.00%
Percentage of minimum required contributions			9.24%				12.00%
Minimum required contributions			$ 50,000
Ownership interest							88.00%
Assets							$ 541,600
Accounts payable and other liabilities							600
Noncontrolling interests							$ 65,000
Teravalis Acquisition \| Phoenix, Arizona
Asset Acquisition [Line Items]
Area of land \| a					33,810
Purchase price of acquisition					$ 541,000
Floreo Development Holding Company, LLC
Asset Acquisition [Line Items]
Acquisition interest						50.00%
Purchase price of acquisition						$ 59,000
Mill Village Center And Related Anchor Site
Asset Acquisition [Line Items]
Area of land \| a	8.7
Payments to acquire real estate	$ 5,900

Other Assets and Liabilities

12 Months Ended

Dec. 31, 2023

OTHER ASSETS AND LIABILITIES

Other Assets and Liabilities


5. Other Assets and Liabilities

Other Assets, Net The following table summarizes the significant components of Other assets, net as of December 31:


thousands	2023		2022
Security, escrow, and other deposits	$	81,891	$	48,578
Special Improvement District receivable, net	74,899		64,091
In-place leases, net	35,490		39,696
Intangibles, net	21,894		25,170
Other	19,248		12,555
Prepaid expenses	16,984		18,806
Tenant incentives and other receivables, net	10,840		8,252
Interest rate derivative assets	10,318		30,860
TIF receivable, net	6,371		1,893
Net investment in lease receivable	2,883		2,895
Notes receivable, net	1,558		3,339
Condominium inventory	671		22,452








Other assets, net	$	283,047	$	278,587

Accounts Payable and Other Liabilities The following table summarizes the significant components of Accounts payable and other liabilities as of December 31:


thousands	2023		2022
Condominium deposit liabilities	$	478,870	$	390,253
Construction payables	257,227		260,257
Deferred income	118,432		85,006
Accrued interest	54,301		49,156
Accounts payable and accrued expenses	49,363		36,174
Accrued payroll and other employee liabilities	33,314		30,874
Accrued real estate taxes	30,096		37,835
Tenant and other deposits	29,976		26,100
Other	24,461		28,856











Accounts payable and other liabilities	$	1,076,040	$	944,511

Warrants (Details) - Management Warrants - USD ($) $ / shares in Units, $ in Millions	Oct. 31, 2019	Dec. 31, 2017
Chief Executive Officer
Sponsors and Management Warrants
Number of shares called by warrants (in shares)		1,965,409
Total warrant price		$ 50.0
Exercise price (in dollars per share)	$ 124.64
President
Sponsors and Management Warrants
Number of shares called by warrants (in shares)		87,951
Total warrant price		$ 2.0
Exercise price (in dollars per share)	$ 117.01

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2023

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

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2023


					Initial Cost (b)				Costs Capitalized Subsequent to Acquisition (c)				Gross Amounts at Which Carried at Close of Period (d)
Name of Center thousands	Location	Center Type	Encumbrances (a)		Land		Buildings and Improvements		Land (e)		Buildings and Improvements (e)		Land		Buildings and Improvements (f)		Total		Accumulated Depreciation (f)		Date of Construction	Date Acquired / Completed
Bridgeland
Bridgeland	Cypress, TX	MPC	$	475,000	$	260,223	$	—	$	272,809	$	1,720	$	533,032	$	1,720	$	534,752	$	(860)		2004
Bridgeland Predevelopment	Cypress, TX	Development	—		—		10,904		—		—		—		10,904		10,904		—
Houston Ground Leases - Bridgeland	Cypress, TX	Other	—		3,935		—		—		—		3,935		—		3,935		—			Various
Lakeland Village Center at Bridgeland	Cypress, TX	Retail	—		2,404		11,135		—		3,489		2,404		14,624		17,028		(3,258)		2015	2016
Lakeside Row	Cypress, TX	Multi-family	35,500		812		42,875		—		703		812		43,578		44,390		(7,496)		2018	2019
Starling at Bridgeland	Cypress, TX	Multi-family	37,946		1,511		57,505		—		—		1,511		57,505		59,016		(2,459)		2021	2022
Wingspan	Cypress, TX	Multi-family	27,827		1,214		63,680		—		—		1,214		63,680		64,894		(368)		2022	2023
Columbia (g)
Color Burst Park Retail (h)	Columbia, MD	Retail	—		337		6,945		10		2,157		347		9,102		9,449		(832)		2019	2020
Columbia Office Properties (i)	Columbia, MD	Office	—		1,175		14,394		—		(1,294)		1,175		13,100		14,275		(6,730)			2004 / 2007
Columbia Parking Garages (i)	Columbia, MD	Other	—		—		42,940		—		(157)		—		42,783		42,783		(5,794)		Various	Various
Columbia Predevelopment	Columbia, MD	Development	—		—		36,236		—		—		—		36,236		36,236		—
Juniper	Columbia, MD	Multi-family	117,000		3,923		112,435		—		7,124		3,923		119,559		123,482		(16,230)		2018	2020
10285 Lakefront Medical Office (h)	Columbia, MD	Development	4,400		—		27,195		—		—		—		27,195		27,195		—		2022
Lakefront District	Columbia, MD	Development	—		400		80,053		(400)		(45,892)		—		34,161		34,161		—			Various
One Mall North	Columbia, MD	Office	6,855		7,822		10,818		—		2,035		7,822		12,853		20,675		(5,860)			2016
Marlow	Columbia, MD	Multi-family	72,823		4,088		130,083		—		—		4,088		130,083		134,171		(5,048)		2021	2022
6100 Merriweather (i)	Columbia, MD	Office	76,000		2,550		86,867		—		2,762		2,550		89,629		92,179		(12,987)		2018	2019
One Merriweather (i)	Columbia, MD	Office	49,800		1,433		56,125		—		1,617		1,433		57,742		59,175		(14,592)		2015	2017
Two Merriweather	Columbia, MD	Office	25,600		1,019		33,016		—		5,302		1,019		38,318		39,337		(7,877)		2016	2017
Merriweather District	Columbia, MD	Development	—		—		76,808		—		8,492		—		85,300		85,300		—			2015
Merriweather Row (h)	Columbia, MD	Office	67,265		24,685		94,824		—		51,706		24,685		146,530		171,215		(38,982)			2012/2014
Rouse Building (h)	Columbia, MD	Retail	22,865		—		28,865		—		3,063		—		31,928		31,928		(9,198)		2013	2014
Teravalis
Teravalis	Phoenix, AZ	MPC	—		544,546		312		278		4		544,824		316		545,140		(58)			2021
Seaport
Historic District Area / Uplands	New York, NY	Retail	—		—		7,884		—		66,012		—		73,896		73,896		(30,799)		2013	2016
Pier 17	New York, NY	Retail	—		—		468,476		—		(218,115)		—		250,361		250,361		(109,036)		2013	2018
85 South Street	New York, NY	Multi-family	—		15,913		8,137		(11,735)		(563)		4,178		7,574		11,752		(6,248)			2014
Tin Building	New York, NY	Retail	—		—		61,872		—		—		—		61,872		61,872		(13,963)		2017	2022
250 Water Street	New York, NY	Development	115,000		—		179,471		—		(83,450)		—		96,021		96,021		—			2018
199 Water Street, 28th Floor (j)	New York, NY	Lease	—		—		14,054		—		782		—		14,836		14,836		(12,563)		Various	Various
Summerlin
Aristocrat	Las Vegas, NV	Office	33,987		5,004		34,588		—		152		5,004		34,740		39,744		(6,801)		2017	2018
Constellation	Las Vegas, NV	Multi-family	24,200		3,069		39,759		—		2,264		3,069		42,023		45,092		(9,339)			2017
Downtown Summerlin (k)(l)	Las Vegas, NV	Retail/Office	1,732		30,855		364,100		—		30,257		30,855		394,357		425,212		(128,533)		2013	2014 / 2015
Hockey Ground Lease (k)	Las Vegas, NV	Other	161		—		—		6,705		2,198		6,705		2,198		8,903		(348)			2017
Las Vegas Ballpark (m)	Las Vegas, NV	Other	42,990		5,318		124,391		—		2,222		5,318		126,613		131,931		(30,599)		2018	2019
Meridian (h)	Las Vegas, NV	Development	—		—		37,533		—		—		—		37,533		37,533		—		2022
1700 Pavilion (k)	Las Vegas, NV	Office	57,460		1,700		101,760		—		—		1,700		101,760		103,460		(3,149)		2021	2022


				Initial Cost (b)		Costs Capitalized Subsequent to Acquisition (c)		Gross Amounts at Which Carried at Close of Period (d)
Name of Center thousands	Location	Center Type	Encumbrances (a)	Land	Buildings and Improvements	Land (e)	Buildings and Improvements (e)	Land	Buildings and Improvements (f)	Total	Accumulated Depreciation (f)	Date of Construction	Date Acquired / Completed
Two Summerlin (k)	Las Vegas, NV	Office	40,865	3,037	47,104	—	1,999	3,037	49,103	52,140	(10,810)	2017	2018
Summerlin (k)	Las Vegas, NV	MPC	63,322	990,179	—	89,747	1,076	1,079,926	1,076	1,081,002	(619)		2004
Summerlin Grocery Anchored Center (k)	Las Vegas, NV	Development	114	—	10,460	—	—	—	10,460	10,460	—	2023
Summerlin Predevelopment	Las Vegas, NV	Development	—	—	12,796	—	—	—	12,796	12,796	—
Tanager (k)	Las Vegas, NV	Multi-family	58,633	7,331	53,978	—	351	7,331	54,329	61,660	(9,422)	2017	2019
Tanager Echo (k)	Las Vegas, NV	Multi-family	59,007	2,302	85,329	—	—	2,302	85,329	87,631	(1,750)	2021	2023
The Woodlands
Creekside Park	The Woodlands, TX	Multi-family	37,615	729	40,116	—	891	729	41,007	41,736	(8,400)	2017	2018
Creekside Park Medical Plaza (n)	The Woodlands, TX	Office	—	306	8,361	—	—	306	8,361	8,667	(241)	2022	2022
Creekside Park The Grove	The Woodlands, TX	Multi-family	57,000	1,876	52,382	—	213	1,876	52,595	54,471	(5,518)	2019	2021
Creekside Park West	The Woodlands, TX	Retail	15,969	1,228	17,922	—	1,122	1,228	19,044	20,272	(2,603)	2018	2019
Houston Ground Leases - The Woodlands	The Woodlands, TX	Other	—	14,582	2,582	—	—	14,582	2,582	17,164	(275)		Various
One Hughes Landing	The Woodlands, TX	Office	46,938	1,678	34,761	—	(3,193)	1,678	31,568	33,246	(10,614)	2012	2013
Two Hughes Landing	The Woodlands, TX	Office	45,445	1,269	34,950	—	(2,692)	1,269	32,258	33,527	(11,483)	2013	2014
Three Hughes Landing	The Woodlands, TX	Office	70,000	2,626	46,372	—	32,342	2,626	78,714	81,340	(23,027)	2014	2016
1725 Hughes Landing Boulevard	The Woodlands, TX	Office	61,221	1,351	36,764	—	24,841	1,351	61,605	62,956	(16,959)	2013	2015
1735 Hughes Landing Boulevard	The Woodlands, TX	Office	59,134	3,709	97,651	—	(305)	3,709	97,346	101,055	(34,797)	2013	2015
Hughes Landing Daycare	The Woodlands, TX	Other	—	138	—	—	—	138	—	138	—	2018	2019
Hughes Landing Retail	The Woodlands, TX	Retail	32,166	5,184	32,562	—	803	5,184	33,365	38,549	(11,027)	2013	2015
1701 Lake Robbins	The Woodlands, TX	Retail	—	1,663	3,725	—	856	1,663	4,581	6,244	(1,139)		2014
2201 Lake Woodlands Drive	The Woodlands, TX	Office	—	3,755	—	—	1,210	3,755	1,210	4,965	(658)		2011
Lakefront North	The Woodlands, TX	Office	50,000	10,260	39,357	—	17,535	10,260	56,892	67,152	(10,798)		2018
One Lakes Edge	The Woodlands, TX	Multi-family	66,370	1,057	81,768	—	901	1,057	82,669	83,726	(22,839)	2013	2015
Two Lakes Edge	The Woodlands, TX	Multi-family	105,000	1,870	96,349	—	962	1,870	97,311	99,181	(14,517)	2018	2020
Millennium Six Pines	The Woodlands, TX	Multi-family	42,234	4,000	54,624	7,225	1,024	11,225	55,648	66,873	(15,426)		2016
Millennium Waterway	The Woodlands, TX	Multi-family	51,000	15,917	56,002	—	2,494	15,917	58,496	74,413	(25,240)		2012
8770 New Trails	The Woodlands, TX	Office	34,857	2,204	35,033	—	80	2,204	35,113	37,317	(6,358)	2019	2020
9303 New Trails	The Woodlands, TX	Office	7,352	1,929	11,915	—	1,618	1,929	13,533	15,462	(4,340)		2011
1 Riva Row	The Woodlands, TX	Development	1	—	18,385	—	—	—	18,385	18,385	—	2023
3831 Technology Forest Drive	The Woodlands, TX	Office	19,192	514	14,194	—	1,813	514	16,007	16,521	(7,258)	2014	2014
The Lane at Waterway	The Woodlands, TX	Multi-family	37,500	2,029	40,033	—	456	2,029	40,489	42,518	(5,186)	2019	2020
The Woodlands	The Woodlands, TX	MPC	—	269,411	9,814	(96,758)	(9,744)	172,653	70	172,723	(70)		2011
The Woodlands Parking Garages	The Woodlands, TX	Other	—	5,857	—	2,497	15,066	8,354	15,066	23,420	(3,832)		2011 / 2013
The Woodlands Predevelopment	The Woodlands, TX	Development	—	—	49,643	—	—	—	49,643	49,643	(1,193)
The Woodlands Towers at the Waterway (o)	The Woodlands, TX	Office	362,537	11,044	437,561	—	38,140	11,044	475,701	486,745	(62,368)		2019
The Woodlands Warehouse	The Woodlands, TX	Other	13,700	4,480	4,389	—	103	4,480	4,492	8,972	(718)		2019
20/25 Waterway Avenue	The Woodlands, TX	Retail	14,500	2,346	8,871	—	575	2,346	9,446	11,792	(3,088)		2011
3 Waterway Square	The Woodlands, TX	Office	41,610	748	42,214	—	(2,758)	748	39,456	40,204	(16,477)	2012	2013
4 Waterway Square	The Woodlands, TX	Office	21,530	1,430	51,553	—	7,610	1,430	59,163	60,593	(22,918)		2011
Waterway Square Retail (h)	The Woodlands, TX	Retail	—	1,341	4,255	—	1,314	1,341	5,569	6,910	(1,802)		2011
1400 Woodloch Forest	The Woodlands, TX	Office	—	1,570	13,023	—	5,538	1,570	18,561	20,131	(7,171)		2011
The Woodlands Hills
The Woodlands Hills	Conroe, TX	MPC	—	99,284	—	15,955	43	115,239	43	115,282	(23)		2014


					Initial Cost (b)				Costs Capitalized Subsequent to Acquisition (c)				Gross Amounts at Which Carried at Close of Period (d)
Name of Center thousands	Location	Center Type	Encumbrances (a)		Land		Buildings and Improvements		Land (e)		Buildings and Improvements (e)		Land		Buildings and Improvements (f)		Total		Accumulated Depreciation (f)		Date of Construction	Date Acquired / Completed
Ward Village
‘A‘ali‘i	Honolulu, HI	Condominium	—		—		714		—		1,188		—		1,902		1,902		(47)		2018	2021
Ae‘o	Honolulu, HI	Condominium	—		—		1,162		—		—		—		1,162		1,162		(146)		2016	2018
Anaha	Honolulu, HI	Condominium	—		—		1,097		—		—		—		1,097		1,097		(167)		2014	2017
Ke Kilohana	Honolulu, HI	Condominium	—		—		656		—		—		—		656		656		(77)		2016	2019
Kewalo Basin Harbor	Honolulu, HI	Other	10,984		—		24,116		—		(786)		—		23,330		23,330		(5,960)		2017	2019
Kō‘ula	Honolulu, HI	Condominium	—		—		1,184		—		—		—		1,184		1,184		(43)		2019	2022
The Park Ward Village	Honolulu, HI	Development	41,242		—		156,957		—		—		—		156,957		156,957		(3,427)		2022
Ulana Ward Village	Honolulu, HI	Development	31,527		—		115,061		—		—		—		115,061		115,061		(594)		2023
Victoria Place	Honolulu, HI	Development	197,017		—		373,729		—		—		—		373,729		373,729		(6,210)		2021
Waiea	Honolulu, HI	Condominium	—		—		1,206		—		417		—		1,623		1,623		(253)		2014	2017
Ward Predevelopment	Honolulu, HI	Development	37,617		—		193,023		—		—		—		193,023		193,023		(7,771)		2013
Ward Village Retail	Honolulu, HI	Retail	175,000		164,548		138,723		(105,692)		289,422		58,856		428,145		487,001		(132,829)			Various
Total excluding Corporate and Deferred financing costs			3,302,610		2,568,718		5,160,466		180,641		277,115		2,749,359		5,437,581		8,186,940		(1,028,495)
Corporate	Various		2,050,000		885		1,027		(885)		11,513		—		12,540		12,540		(3,731)

Deferred financing costs	N/A		(49,990)
		Total	$	5,302,620	$	2,569,603	$	5,161,493	$	179,756	$	288,628	$	2,749,359	$	5,450,121	$	8,199,480	$	(1,032,226)

(a)Refer to Note 7 - Mortgages, Notes, and Loans Payable, Net for additional information.

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

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

(d)The aggregate cost of land, building, and improvements for federal income tax purposes is approximately $7.3 billion.

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

(f)Depreciation is based upon the useful lives in Note 1 - Presentation of Financial Statements and Significant Accounting Policies.

(g)Columbia MPC land development is complete, and the sale of remaining land or development of additional commercial assets will occur as the market dictates. As such, the remaining Columbia land was transferred to the Strategic Developments segment in the first quarter of 2023.

(h)In 2023, the Company rebranded Color Burst Park Retail (formerly Merriweather District Area 3 Retail), 10285 Lakefront Medical Office (formerly South Lake Medical Office Building), Merriweather Row (formerly 10 - 70 Columbia Corporate Center), Rouse Building (formerly Columbia Regional Building), Meridian (formerly Summerlin South Office), and Waterway Square Retail (formerly Waterway Garage Retail).

(i)In 2023, the Company reclassed the freestanding Columbia Parking Garages from Columbia Office Properties, 6100 Merriweather, and One Merriweather to Columbia Parking Garages.

(j)The 199 Water Street, 28th Floor line relates to tenant improvement for the Seaport office lease.

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

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

(m)Includes the Las Vegas Aviators.

(n)Subsequent to period end, in February 2024, the Company completed the sale of Creekside Park Medical Plaza, a 32,689 square-foot medical office building in The Woodlands, Texas, for $14.0 million.

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


Reconciliation of Real Estate
thousands	2023		2022		2021
Balance at January 1	$	8,095,172	$	7,776,555	$	7,319,133
Change in land	403,633		396,125		896,508
Additions	817,308		750,610		657,760
Impairments	(672,492)		—		(13,068)
Dispositions, write-offs, and land and condominium costs of sales	(444,141)		(828,118)		(1,083,778)
Balance at December 31	$	8,199,480	$	8,095,172	$	7,776,555


Reconciliation of Accumulated Depreciation
thousands	2023		2022		2021
Balance at January 1	$	867,700	$	743,311	$	634,064
Depreciation Expense	195,630		180,201		185,418
Dispositions and write-offs	(31,104)		(55,812)		(76,171)
Balance at December 31	$	1,032,226	$	867,700	$	743,311

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

Other Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

OTHER ASSETS AND LIABILITIES

Summary of the significant components of other assets, net

The following table summarizes the significant components of Other assets, net as of December 31:


thousands	2023		2022
Security, escrow, and other deposits	$	81,891	$	48,578
Special Improvement District receivable, net	74,899		64,091
In-place leases, net	35,490		39,696
Intangibles, net	21,894		25,170
Other	19,248		12,555
Prepaid expenses	16,984		18,806
Tenant incentives and other receivables, net	10,840		8,252
Interest rate derivative assets	10,318		30,860
TIF receivable, net	6,371		1,893
Net investment in lease receivable	2,883		2,895
Notes receivable, net	1,558		3,339
Condominium inventory	671		22,452








Other assets, net	$	283,047	$	278,587

Summary of the significant components of accounts payable and other liabilities

The following table summarizes the significant components of Accounts payable and other liabilities as of December 31:


thousands	2023		2022
Condominium deposit liabilities	$	478,870	$	390,253
Construction payables	257,227		260,257
Deferred income	118,432		85,006
Accrued interest	54,301		49,156
Accounts payable and accrued expenses	49,363		36,174
Accrued payroll and other employee liabilities	33,314		30,874
Accrued real estate taxes	30,096		37,835
Tenant and other deposits	29,976		26,100
Other	24,461		28,856











Accounts payable and other liabilities	$	1,076,040	$	944,511

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

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

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

Fair Value

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value


8. Fair Value

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

The following table presents the fair value measurement hierarchy levels required under ASC 820 for the Company’s assets that are measured at fair value on a recurring basis. The Company does not have any liabilities that are measured at a fair value on a recurring basis for the periods presented.


	December 31, 2023								December 31, 2022
	Fair Value Measurements Using								Fair Value Measurements Using
thousands	Total		Quoted Prices in Active Markets for Identical Assets (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)


Interest rate derivative assets	$	10,318	$	—	$	10,318	$	—	$	30,860	$	—	$	30,860	$	—

The fair values of interest rate derivatives are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates derived from observable market interest rate curves.

The estimated fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis are as follows:


		December 31, 2023				December 31, 2022
thousands	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Cash and restricted cash	Level 1	$	1,053,057	$	1,053,057	$	1,098,937	$	1,098,937
Accounts receivable, net (a)	Level 3	115,045		115,045		103,437		103,437
Notes receivable, net (b)	Level 3	1,558		1,558		3,339		3,339

Liabilities:
Fixed-rate debt (c)	Level 2	3,601,121		3,294,431		3,610,618		3,298,859
Variable-rate debt (c)	Level 2	1,751,489		1,751,489		1,191,570		1,191,570

(a)Accounts receivable, net is shown net of an allowance of $15.0 million at December 31, 2023, and $8.9 million at December 31, 2022. Refer to Note 1 - Presentation of Financial Statements and Significant Accounting Policies for additional information on the allowance.

(b)Notes receivable, net is shown net of an immaterial allowance at December 31, 2023, and December 31, 2022.

(c)Excludes related unamortized financing costs.

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

The fair value of the Company’s Senior Notes, included in fixed-rate debt in the table above, is based upon the trade price closest to the end of the period presented. The fair value of other fixed-rate debt in the table above was estimated based on a discounted future cash payment model, which includes risk premiums and risk-free rates derived from the Secured Overnight Financing Rate (SOFR) or U.S. Treasury obligation interest rates as of December 31, 2023. Refer to Note 7 - Mortgages, Notes, and Loans Payable, Net for additional information. The discount rates reflect the Company’s judgment as to what the approximate current lending rates for loans or groups of loans with similar maturities and credit quality would be if credit markets were operating efficiently and assuming that the debt is outstanding through maturity.

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

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


			Fair Value Measurements Using
thousands	Total Fair Value Measurement (a)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
2023
Seaport Net investment in real estate	$	321,180	$	—	$	—	$	321,180
Seaport Investments in unconsolidated ventures	40,225		—		—		40,225

(a)The fair value was measured as of the impairment date in the third quarter of 2023 using a discounted cash flow analysis to determine fair value, with capitalization rates ranging from 5.5% to 6.75%, discount rates ranging from 8.5% to 13.3%, and restaurant multiples ranging from 8.3 to 11.8. Refer to Note 4 - Impairment for additional information.

- Definition

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

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases


17. Leases

The Company has lease agreements with lease and non-lease components and has elected to aggregate these components into a single component for all classes of underlying assets. Certain of the Company’s lease agreements include non-lease components such as fixed common area maintenance charges.

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

The Company’s lessee agreements consist of operating leases primarily for ground leases and other real estate. The Company’s leases have remaining lease terms of less than 2 years to approximately 50 years, excluding extension options. The Company considers its strategic plan and the life of associated agreements in determining when options to extend or terminate lease terms are reasonably certain of being exercised. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Certain of the Company’s lease agreements include variable lease payments based on a percentage of income generated through subleases, changes in price indices and market rates, and other costs arising from operating, maintenance, and taxes. The Company’s lease agreements do not contain residual value guarantees or restrictive covenants. The Company leases certain buildings and office space constructed on its ground leases to third parties. The Company’s operating leases primarily relate to the Seaport ground leases.

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


thousands	2023		2022
Operating lease right-of-use assets	$	44,897	$	46,926
Operating lease obligations	$	51,584	$	51,321

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


thousands	2023		2022
Operating lease cost	$	6,829	$	7,449
Variable lease cost	975		904

Total lease cost	$	7,804	$	8,353

Future minimum lease payments as of December 31, 2023, are as follows:


thousands	Operating Leases
2024	$	5,057
2025	3,668
2026	3,368
2027	3,360
2028	3,424
Thereafter	240,646
Total lease payments	259,523
Less: imputed interest	(207,939)
Present value of lease liabilities	$	51,584

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


Supplemental Consolidated Statements of Cash Flows Information	Year ended December 31,
thousands	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows on operating leases	$	4,634	$	5,718


Other Information	2023		2022
Weighted-average remaining lease term (years)
Operating leases	44.1		43.8
Weighted-average discount rate
Operating leases	7.8	%	7.7	%

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


	Year ended December 31,
thousands	2023		2022
Total minimum rent payments	$	236,350	$	229,302

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


thousands	Total Minimum Rent
2024	$	254,076
2025	245,775
2026	227,398
2027	214,671
2028	191,548
Thereafter	822,354
Total	$	1,955,822

Minimum rent revenues are recognized on a straight‑line basis over the terms of the related leases when collectability is reasonably assured and the tenant has taken possession of, or controls, the physical use of the leased asset. Percentage rent in lieu of fixed minimum rent is recognized as sales are reported from tenants. Minimum rent revenues reported on the Consolidated Statements of Operations also include amortization related to above and below‑market tenant leases on acquired properties.

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

Stock-Based Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	May 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)				1,350,000
Intrinsic value of stock options exercised		$ 100	$ 2,600
Cash received from stock options exercised	$ 0	$ 345	$ 4,078
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Unamortized stock option expense	$ 900
Weighted-average period for recognition of unamortized expense	2 years 7 months 6 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period for recognition of unamortized expense	1 year 10 months 24 days
Vesting period	1 year
Weighted-average grant date fair value (in dollars per share)	$ 83.85	$ 88.19	$ 83.91
Fair value of restricted stock vested	$ 9,600	$ 8,000	$ 6,900
Unamortized restricted stock expense	$ 21,200
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum shares available for future grant (in shares)	727,758,000
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

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

Warrants

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Warrants


13. Warrants

In 2017, the Company entered into warrant agreements with its then Chief Executive Officer, David R. Weinreb, (Weinreb Warrant) and then 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 purchase prices paid by the respective executives for the Weinreb Warrant and the Herlitz Warrant, which qualify as equity instruments, were credited to Additional paid-in capital. In October 2019, in connection with their respective terminations of employment, the Weinreb Warrant became exercisable at an exercise price of $124.64 per share, and the Herlitz Warrant became exercisable at an exercise price of 117.01 per share. Both warrants expired in 2023 without being exercised.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Mortgages, Notes and Loans Payable, Net - Schedule of Senior Unsecured Note (Details) - Senior Notes - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Principal	$ 2,050,000	$ 2,100,000	$ 2,100,000
Unsecured Senior Notes Due 2028
Debt Instrument [Line Items]
Principal	$ 750,000
Interest Rate	5.375%
Unsecured Senior Notes Due 2029
Debt Instrument [Line Items]
Principal	$ 650,000
Interest Rate	4.125%
Unsecured Senior Notes Due 2031
Debt Instrument [Line Items]
Principal	$ 650,000
Interest Rate	4.375%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Intangibles

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles


6. Intangibles

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


	As of December 31, 2023						As of December 31, 2022
	Gross Asset (Liability)		Accumulated (Amortization)/ Accretion		Net Carrying Amount		Gross Asset (Liability)		Accumulated (Amortization)/ Accretion		Net Carrying Amount

thousands
Intangible Assets:
Other intangibles (a)	$	34,123	$	(12,386)	$	21,737	$	34,123	$	(9,110)	$	25,013

Indefinite lived intangibles	157		—		157		157		—		157

Tenant leases:
In-place value	54,180		(18,690)		35,490		57,087		(17,391)		39,696
Above-market	292		(261)		31		500		(446)		54
Below-market	(4,255)		3,940		(315)		(4,255)		3,512		(743)



Total indefinite lived intangibles					$	157					$	157
Total amortizing intangibles					$	56,943					$	64,020

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

The tenant in-place, above-market, and below-market lease intangible assets resulted from real estate acquisitions. The in‑place value and above-market value of tenant leases are included in Other assets, net and are amortized over periods that approximate the related lease terms. The below‑market tenant leases are included in Accounts payable and other liabilities and are amortized over the remaining non-cancelable terms of the respective leases. See Note 5 - Other Assets and Liabilities for additional information regarding Other assets, net and Accounts payable and other liabilities.

Net amortization and accretion expense for these intangible assets and liabilities was $7.1 million in 2023, $7.5 million in 2022, and $7.5 million in 2021.

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


thousands	2024		2025		2026		2027		2028
Net amortization and accretion expense	$	7,080	$	7,242	$	7,208	$	6,933	$	6,881

Income Taxes - Summary of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Provision for (benefit from) income taxes
Current	$ 108	$ 18,478	$ 4,797
Deferred	(163,843)	42,022	10,356
Income tax expense (benefit)	$ (163,735)	$ 60,500	$ 15,153

- Definition

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

+ References + Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of income tax expense

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


thousands	2023		2022		2021
Current	$	108	$	18,478	$	4,797
Deferred	(163,843)		42,022		10,356
Total	$	(163,735)	$	60,500	$	15,153

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

Reconciliation of the Income tax expense (benefit) if computed at the U.S. federal statutory income tax rate to the Company’s reported Income tax expense (benefit) for the years ended December 31 is as follows:


thousands except percentages	2023			2022			2021
Income (loss) before income taxes	$	(715,265)		$	245,136		$	64,077
U.S. federal statutory tax rate	21.0		%	21.0		%	21.0		%
Tax computed at the U.S. federal statutory rate	$	(150,206)		$	51,479		$	13,456
Increase (decrease) in valuation allowance, net	25,401			1,065			2,378
State income tax expense (benefit), net of federal income tax	(32,041)			5,483			(3,182)

Tax expense (benefit) from other change in rates, prior period adjustments, and other permanent differences	2,014			315			(181)

Tax expense on compensation disallowance	2,604			2,180			1,570
Net (income) loss attributable to noncontrolling interests	(51)			(22)			1,507
Tax expense (benefit) on tax credits	(11,456)			—			(395)



Income tax expense (benefit)	$	(163,735)		$	60,500		$	15,153
Effective tax rate	22.9		%	24.7		%	23.6		%

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

As of December 31, 2023, the amounts and expiration dates of operating loss carryforwards for tax purposes are as follows:


thousands	Amount

Net operating loss carryforwards - Federal (a)	$	51,731
Net operating loss carryforwards - State (b)	587,852

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

(b)State net operating loss carryforwards of $272.1 million have an indefinite carryforward period. The remaining $315.8 million of carryforwards have varying carryforward periods through 2043. A valuation allowance has been recorded against the deferred tax benefit related to a majority of the state net operating loss carryforwards.

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

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


thousands	2023		2022
Deferred tax assets:
Operating and Strategic Developments properties and fixed assets	$	204,228	$	22,447
Investments in unconsolidated ventures	11,577		6,698
Accrued expenses	6,924		6,282
Prepaid expenses	2,020		1,972
Other	1,845		—

Operating loss and tax carryforwards	52,433		65,829
Total deferred tax assets	279,027		103,228
Valuation allowance	(62,921)		(39,478)
Total net deferred tax assets	$	216,106	$	63,750
Deferred tax liabilities:
Master Planned Communities properties	$	(208,347)	$	(214,046)

Deferred income	(76,908)		(86,104)
Accounts receivable	(18,686)		(17,761)
Other	—		(175)
Total deferred tax liabilities	(303,941)		(318,086)
Total net deferred tax liabilities	$	(87,835)	$	(254,336)

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Statement of Comprehensive Income [Abstract]

Net income (loss)

$ (551,530)

$ 184,636

$ 48,924

Other comprehensive income (loss)

Interest rate caps and swaps

^[1]

(9,322)

31,698

17,960

Pension adjustment

^[2]

259

(183)

452

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

^[3]

(6,723)

Share of investee’s other comprehensive income

^[4]

5,721

Other comprehensive income (loss)

(9,063)

24,792

24,133

Comprehensive income (loss)

(560,593)

209,428

73,057

Comprehensive (income) loss attributable to noncontrolling interests

(243)

(103)

7,176

Comprehensive income (loss) attributable to common stockholders

$ (560,836)

$ 209,325

$ 80,233

[1]	Amounts are shown net of deferred tax benefit of $2.7 million for the year ended December 31, 2023, deferred tax expense of $9.5 million for the year ended December 31, 2022, and deferred tax expense of $5.1 million for the year ended December 31, 2021.
[2]	The deferred tax impact was not meaningful for the years ended December 31, 2023, 2022, and 2021.
[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]	Amount is shown net of deferred tax expense of $1.6 million for the year ended December 31, 2021.

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUES
Rental revenue	$ 405,363	$ 399,103	$ 369,330
Total revenues	1,024,102	1,608,488	1,427,901
EXPENSES
Operating costs	337,018	317,389	293,999
Rental property real estate taxes	57,650	54,033	55,398
Provision for (recovery of) doubtful accounts	(2,561)	1,959	(459)
General and administrative	91,193	81,772	81,990
Depreciation and amortization	216,118	200,361	205,100
Other	13,383	11,977	10,668
Total expenses	908,268	1,270,940	1,214,525
OTHER
Provision for impairment	(672,492)	0	(13,068)
Gain (loss) on sale or disposal of real estate and other assets, net	24,162	29,678	53,079
Other income (loss), net	4,284	1,909	(11,515)
Total other	(644,046)	31,587	28,496
Operating income (loss)	(528,212)	369,135	241,872
Interest income	25,750	3,818	107
Interest expense	(156,951)	(110,891)	(130,036)
Gain (loss) on extinguishment of debt	(144)	(2,377)	(38,014)
Equity in earnings (losses) from unconsolidated ventures	(55,708)	(14,549)	(9,852)
Income (loss) before income taxes	(715,265)	245,136	64,077
Income tax expense (benefit)	(163,735)	60,500	15,153
Net income (loss)	(551,530)	184,636	48,924
Net (income) loss attributable to noncontrolling interests	(243)	(103)	7,176
Net income (loss) attributable to common stockholders, basic	(551,773)	184,533	56,100
Net income (loss) attributable to common stockholders, diluted	$ (551,773)	$ 184,533	$ 56,100
Basic income (loss) per share (in dollars per share)	$ (11.13)	$ 3.65	$ 1.03
Diluted income (loss) per share (in dollars per share)	$ (11.13)	$ 3.65	$ 1.03
Condominium rights and unit sales
REVENUES
Revenue	$ 47,707	$ 677,078	$ 514,597
EXPENSES
Cost of sales	55,417	483,983	414,199
Master Planned Communities land sales
REVENUES
Revenue	370,185	316,065	346,217
EXPENSES
Cost of sales	140,050	119,466	153,630
Other land, rental, and property revenues
REVENUES
Revenue	139,858	144,481	152,619
Builder price participation
REVENUES
Revenue	$ 60,989	$ 71,761	$ 45,138

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

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Master Planned Communities assets	$ 2,445,673	$ 2,411,526
Buildings and equipment	4,177,677	4,246,389
Less: accumulated depreciation	(1,032,226)	(867,700)
Land	303,685	312,230
Developments	1,272,445	1,125,027
Net investment in real estate	7,167,254	7,227,472
Investments in unconsolidated ventures	220,258	246,171
Cash and cash equivalents	631,548	626,653
Restricted cash	421,509	472,284
Accounts receivable, net	115,045	103,437
Municipal Utility District receivables, net	550,884	473,068
Deferred expenses, net	142,561	128,865
Operating lease right-of-use assets	44,897	46,926
Other assets, net	283,047	278,587
Total assets	9,577,003	9,603,463
LIABILITIES
Mortgages, notes, and loans payable, net	5,302,620	4,747,183
Operating lease obligations	51,584	51,321
Deferred tax liabilities, net	87,835	254,336
Accounts payable and other liabilities	1,076,040	944,511
Total liabilities	6,518,079	5,997,351
Commitments and Contingencies (see Note 10)
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, 56,495,791 issued, and 50,038,014 outstanding as of December 31, 2023, and 56,226,273 shares issued and 49,801,997 outstanding as of December 31, 2022	565	564
Additional paid-in capital	3,988,496	3,972,561
Retained earnings (accumulated deficit)	(383,696)	168,077
Accumulated other comprehensive income (loss)	1,272	10,335
Treasury stock, at cost, 6,457,777 shares as of December 31, 2023, and 6,424,276 shares as of December 31, 2022	(613,766)	(611,038)
Total stockholders' equity	2,992,871	3,540,499
Noncontrolling interests	66,053	65,613
Total equity	3,058,924	3,606,112
Total liabilities and equity	$ 9,577,003	$ 9,603,463

Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2023

Acquisitions And Dispositions [Abstract]

Acquisitions and Dispositions


3. Acquisitions and Dispositions

Acquisitions In May 2023, the Company acquired the Grogan’s Mill Village Center and related anchor site, a retail property in The Woodlands, Texas consisting of approximately 8.7 acres for $5.9 million in an asset acquisition. The property is being held in the Strategic Developments segment.

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

Teravalis In October 2021, the Company acquired Teravalis, a new large-scale master planned community in the West Valley of Phoenix, Arizona. The Company closed on the all-cash purchase of approximately 33,810 acres (Teravalis Property) for a purchase price of $541.0 million. The executed purchase and sale agreement included a repurchase option that allowed the seller, or permitted assignee, to repurchase up to 50% interest in the Teravalis Property within a set term. In June 2022, the seller’s assignee, JDM Member, exercised a minimum purchase option and purchased a 9.24% interest in the Teravalis Property for $50.0 million. Additionally, in August 2022, JDM Member purchased an additional 2.78% interest in the Teravalis Property for $15.0 million, after which the remaining repurchase option expired.

Following the execution of the minimum purchase option, the Company entered into a Limited Liability Company Agreement (LLC Agreement) with JDM Member to form Douglas Ranch Development Holding Company (Teravalis). The Company and JDM Member then contributed their interests in the Teravalis Property to Teravalis in exchange for an equity interest. At December 31, 2023, the Company holds 88.0% of the Teravalis interests, and JDM Member holds the remaining 12.0%. Teravalis was determined to be a VIE, and as the Company has the power to direct the activities that most significantly impact its economic performance, the Company is considered the primary beneficiary and continues to consolidate Teravalis.

Under the terms of the LLC agreement, cash distributions and the recognition of income-producing activities will be pro rata based on economic ownership interest. As of December 31, 2023, the Company’s Consolidated Balance Sheets include $541.6 million of Master Planned Community assets, $0.6 million of Accounts Payable and other liabilities, and $65.0 million of Noncontrolling interest related to Teravalis.

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

Dispositions Gains and losses on asset dispositions are recorded to Gain (loss) on sale or disposal of real estate and other assets, net in the Consolidated Statements of Operations, unless otherwise noted.

Operating Assets Subsequent to period end, in February 2024, the Company completed the sale of Creekside Park Medical Plaza, a 32,689 square-foot medical office building in The Woodlands, Texas, for $14.0 million.

In December 2023, the Company completed the sale of Memorial Hermann Medical Office, a 20,000 square-foot medical office building in The Woodlands, Texas, for $9.6 million resulting in a gain of $3.2 million.

In July 2023, the Company completed the sale of two self-storage facilities with a total of 1,370 storage units in The Woodlands, Texas, for $30.5 million resulting in a gain of $16.1 million.

In March 2023, the Company completed the sale of two land parcels in Honolulu, Hawai‘i, including an 11,929-square-foot building at the Ward Village Retail property, for total consideration of $6.3 million, resulting in a gain of $4.7 million.

In December 2022, the Company completed the sale of Creekside Village Green, a 74,670-square-foot retail property in The Woodlands, Texas, for $28.4 million resulting in a gain of $13.4 million.

In December 2022, the Company completed the sale of Lake Woodlands Crossing, a 60,261-square-foot retail property in The Woodlands, Texas, for $22.5 million resulting in a gain of $12.2 million. The Company retained the underlying land and simultaneously with the sale executed a 99-year ground lease with the buyer, which is classified as an operating lease.

In June 2022, the Company completed the sale of the Outlet Collection at Riverwalk, a 264,080-square-foot outlet center located in downtown New Orleans, Louisiana, for $34.0 million resulting in a gain on sale of $4.0 million, inclusive of $0.5 million in related transaction costs.

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

In September 2021, the Company completed the sale of The Woodlands Resort, The Westin at The Woodlands, and Embassy Suites at Hughes Landing for $252.0 million resulting in a gain on sale of $39.1 million, inclusive of approximately $2.9 million in related transaction costs. Additionally, as part of the sale, the Company repaid $132.3 million of debt directly associated with the properties sold.

Strategic Developments In December 2021, the Company completed the sale of Century Park, a 63-acre, 1,302,597-square-foot campus with 17 office buildings in the West Houston Energy Corridor, for $25.0 million resulting in a loss on sale of $7.4 million, inclusive of approximately $0.4 million in related transaction costs.

In May 2021, the Company completed the sale of Monarch City, a property that comprised approximately 229 acres of undeveloped land in Collin County, Texas, for $51.4 million, resulting in a gain on sale of $21.3 million, inclusive of approximately $1.5 million in related transaction costs.

Stock-Based Compensation Plans

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Plans


11. Stock-Based Compensation Plans

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

Prior to the adoption of the 2020 Equity Plan, equity awards were issued under The Howard Hughes Corporation Amended and Restated 2010 Equity Incentive Plan (the 2010 Equity Plan). The adoption of the 2020 Equity Plan did not impact the administration of Awards issued under the 2010 Equity Plan but following adoption of the 2020 Equity Plan, equity awards will no longer be granted under the 2010 Equity Plan.

As of December 31, 2023, there were a maximum of 727,758 HHH shares available for future grants under the 2020 Equity Plan.

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


thousands	2023		2022		2021
Stock Options (a)	$	336	$	250	$	227
Restricted Stock (b)	11,389		6,860		7,332
Pre-tax stock-based compensation expense	$	11,725	$	7,110	$	7,559
Income tax benefit	$	1,001	$	636	$	882

(a)Amounts shown are net of immaterial amounts capitalized to development projects.

Stock Options There were no grants or exercises of stock options in 2023. The following table summarizes stock option activity:


	Stock Options	Weighted-average Exercise Price		Weighted-average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Stock options outstanding at December 31, 2022	258,987	$	110.20


Forfeited	(8,000)	106.83
Expired	(116,650)	112.09
Stock options outstanding at December 31, 2023	134,337	$	108.76	4.4	$	663,915

Stock options vested and expected to vest at December 31, 2023	133,096	$	109.08	4.4	$	647,298
Stock options exercisable at December 31, 2023	79,500	$	131.19	2.4	$	—

The total intrinsic value of stock options exercised was $0.1 million during 2022 and $2.6 million during 2021, based on the difference between the market price at the exercise date and the exercise price. Cash received from stock option exercises was $0.3 million in 2022 and $4.1 million in 2021. The tax benefit from these exercises was immaterial.

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

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

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

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

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


	2022			2021
Weighted-average grant date fair value	$	37.70		$	41.52
Assumptions
Expected life of options (in years)	7.5			7.5
Risk-free interest rate	3.4		%	1.2		%
Expected volatility	50.3		%	36.5		%
Expected annual dividend per share	—			—

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

The balance of unamortized stock option expense as of December 31, 2023, is $0.9 million, which is expected to be recognized over a weighted‑average period of 2.6 years.

Restricted Stock Restricted stock awards issued under the 2020 Equity Plan provide that shares awarded may not be sold or otherwise transferred until restrictions have lapsed as established by the Compensation Committee. 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 non‑employee director awards generally vest in approximately one year.

The following table summarizes restricted stock activity:


	Restricted Stock	Weighted-average Grant Date Fair Value
Restricted stock outstanding at December 31, 2022	353,463	$	75.14
Granted	267,820	83.85
Vested	(119,744)	84.42
Forfeited	(107,841)	68.92
Restricted stock outstanding at December 31, 2023	393,698	$	79.94

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

The weighted-average grant-date fair value per share of restricted stock granted was $88.19 during 2022 and $83.91 during 2021. The fair value of restricted stock that vested was $9.6 million during 2023, $8.0 million during 2022, and $6.9 million during 2021, based on the HHH market price at the vesting date.

The balance of unamortized restricted stock expense as of December 31, 2023, was $21.2 million, which is expected to be recognized over a weighted‑average period of 1.9 years.

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

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

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2023	Feb. 20, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-41779
Entity Registrant Name	HOWARD HUGHES HOLDINGS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	93-1869991
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	HHH
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
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 2.5
Entity Common Stock, Shares Outstanding		50,256,371
Documents Incorporated by Reference	Portions of the registrant’s Proxy Statement for its 2024 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, 2023.
Entity Central Index Key	0001981792
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY

Earnings Per Share - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
Earnings Per Share - Narrative (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	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
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
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
Shares repurchased, value			$ 235,000,000
Average cost per share (in dollars per share)			$ 86.90
Common Stock \| 2021 Share Repurchase Program
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Authorized repurchase amount					$ 250,000,000

Investments in Unconsolidated Ventures - Summary of Investments in Real Estate and Other Affiliates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments in and Advances to Affiliates [Line Items]
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures	$ 220,258	$ 246,171
Income (Loss) from Equity Method Investments	(55,708)	(14,549)	$ (9,852)
Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Equity Method Investments	206,479	232,392
Income (Loss) from Equity Method Investments	(58,741)	(19,187)	(13,607)
Other equity Investments
Investments in and Advances to Affiliates [Line Items]
Other equity investments	13,779	13,779
Income (Loss) from Equity Method Investments	3,033	4,638	3,755
The Metropolitan \| Accounts Payable and Accrued Liabilities
Investments in and Advances to Affiliates [Line Items]
Investment deficit position	10,900	9,000
TEN.m.flats
Investments in and Advances to Affiliates [Line Items]
Investment deficit position	$ 4,700	$ 1,800
Operating Assets \| 110 North Wacker \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	0.00%	0.00%
Equity Method Investments	$ 0	$ 0
Income (Loss) from Equity Method Investments	$ 0	$ 4,910	(74,309)
Operating Assets \| The Metropolitan \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50.00%	50.00%
Equity Method Investments	$ 0	$ 0
Income (Loss) from Equity Method Investments	$ 33	$ 4,556	582
Operating Assets \| Stewart Title of Montgomery County, TX \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50.00%	50.00%
Equity Method Investments	$ 3,785	$ 4,217
Income (Loss) from Equity Method Investments	$ 168	$ 1,294	1,860
Operating Assets \| Woodlands Sarofim \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	20.00%	20.00%
Equity Method Investments	$ 2,990	$ 3,029
Income (Loss) from Equity Method Investments	$ (40)	$ (13)	96
Operating Assets \| TEN.m.flats \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50.00%	50.00%
Equity Method Investments	$ 0	$ 0
Income (Loss) from Equity Method Investments	$ (225)	$ 6,878	974
Master Planned Communities \| The Summit \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50.00%	50.00%
Equity Method Investments	$ 59,112	$ 49,368
Income (Loss) from Equity Method Investments	$ 24,787	$ (30)	59,407
Master Planned Communities \| Floreo \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50.00%	50.00%
Equity Method Investments	$ 55,880	$ 58,001
Income (Loss) from Equity Method Investments	$ (2,121)	$ (1,377)	(8)
Seaport Segment \| The Lawn Club \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50.00%	50.00%
Equity Method Investments	$ 1,266	$ 2,553
Income (Loss) from Equity Method Investments	$ (1,287)	$ 0	0
Seaport Segment \| Ssäm Bar \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50.00%	50.00%
Equity Method Investments	$ 0	$ 5,551
Income (Loss) from Equity Method Investments	$ (5,981)	$ (783)	(1,988)
Seaport Segment \| Tin Building by Jean-Georges \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	65.00%	65.00%
Equity Method Investments	$ 11,658	$ 6,935
Income (Loss) from Equity Method Investments	$ (43,330)	$ (36,182)	0
Seaport Segment \| Jean-Georges Restaurants \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	25.00%	25.00%
Equity Method Investments	$ 14,535	$ 45,626
Income (Loss) from Equity Method Investments	(30,887)	$ 692	0
Seaport Segment \| Jean-Georges Restaurants \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Other equity investments	$ 10,000
Strategic Developments \| HHMK Development \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50.00%	50.00%
Equity Method Investments	$ 10	$ 10
Income (Loss) from Equity Method Investments	$ 0	$ 0	0
Strategic Developments \| KR Holdings \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50.00%	50.00%
Equity Method Investments	$ 486	$ 485
Income (Loss) from Equity Method Investments	$ 2	$ 797	(221)
Strategic Developments \| West End Alexandria \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	58.30%	58.30%
Equity Method Investments	$ 56,757	$ 56,617
Income (Loss) from Equity Method Investments	$ 140	$ 71	$ 0

Other Assets and Liabilities - Other Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Assets and Liabilities [Line Items]
Security, escrow, and other deposits	$ 81,891	$ 48,578
Special Improvement District receivable, net	74,899	64,091
Intangibles, net	21,894	25,170
Other	19,248	12,555
Prepaid expenses	16,984	18,806
Tenant incentives and other receivables, net	10,840	8,252
Interest rate derivative assets	10,318	30,860
TIF receivable, net	6,371	1,893
Net investment in lease receivable	2,883	2,895
Notes receivable, net	1,558	3,339
Condominium inventory	671	22,452
Other Assets, Total	283,047	278,587
In-place leases, net
Other Assets and Liabilities [Line Items]
In-place leases, net	$ 35,490	$ 39,696

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Summary of EPS calculations

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


thousands except per share amounts	2023		2022		2021
Net income (loss)
Net income (loss)	$	(551,530)	$	184,636	$	48,924
Net (income) loss attributable to noncontrolling interests	(243)		(103)		7,176
Net income (loss) attributable to common stockholders	$	(551,773)	$	184,533	$	56,100

Shares
Weighted-average common shares outstanding - basic	49,568		50,513		54,596
Restricted stock and stock options	—		45		53

Weighted-average common shares outstanding - diluted	49,568		50,558		54,649

Net income (loss) per common share
Basic income (loss) per share	$	(11.13)	$	3.65	$	1.03
Diluted income (loss) per share	$	(11.13)	$	3.65	$	1.03

Anti-dilutive shares excluded from diluted EPS
Restricted stock and stock options	528		531		555
Warrants	—		2,053		2,103

Fair Value - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Interest rate swap - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative assets	$ 10,318	$ 30,860
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative assets	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative assets	10,318	30,860
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative assets	$ 0	$ 0

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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of fair value of the derivative financial instruments

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


					Fair Value Asset (Liability)
	Notional	Fixed Interest	Effective	Maturity	December 31,		December 31,
thousands	Amount	Rate (a)	Date	Date	2023		2022
Derivative instruments not designated as hedging instruments: (b)
Interest rate cap	285,000	2.00%	3/12/2021	9/15/2023	$	—	$	5,748
Interest rate cap	83,200	2.00%	3/12/2021	9/15/2023	—		1,677
Interest rate cap	75,000	2.50%	10/12/2021	9/29/2025	2,274		3,791
Interest rate cap	59,500	2.50%	10/12/2021	9/29/2025	1,804		3,007
Interest rate collar	53,272	2.00% - 4.50%	6/1/2023	6/1/2025	417		—
Interest rate collar	33,260	2.00% - 4.50%	6/1/2023	6/1/2025	440		—

Derivative instruments designated as hedging instruments:
Interest rate swap	615,000	2.98%	9/21/2018	9/18/2023	$	—	$	8,262
Interest rate swap	200,000	3.69%	1/3/2023	1/1/2027	117		978
Interest rate cap	127,000	5.50%	11/10/2022	11/7/2024	28		378
Interest rate cap	74,120	5.00%	12/22/2022	12/21/2025	223		655
Interest rate swap	40,800	1.68%	3/1/2022	2/18/2027	2,496		3,321
Interest rate swap	34,857	4.89%	11/1/2019	1/1/2032	2,519		3,043

Total fair value derivative assets					$	10,318	$	30,860
Total fair value derivative liabilities					—		—
Total fair value derivatives asset (liability), net					$	10,318	$	30,860

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

(b)Interest income related to these contracts was $0.5 million in 2023 and $13.0 million in 2022.

Summary of effect of derivative financial instruments on the Consolidated Statements of Operations

The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31:


Derivatives in Cash Flow Hedging Relationships	Amount of Gain (Loss) Recognized in AOCI on Derivatives
thousands	2023		2022		2021
Interest rate derivatives	$	3,809	$	25,657	$	5,300


Location of Gain (Loss) Reclassified from AOCI into Statements of Operations	Amount of Gain (Loss) Reclassified from AOCI into Statements of Operations
thousands	2023		2022		2021
Interest expense	$	13,131	$	(6,041)	$	(12,660)

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Summary of leased assets and liabilities

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


thousands	2023		2022
Operating lease right-of-use assets	$	44,897	$	46,926
Operating lease obligations	$	51,584	$	51,321

Components of lease expense and other information

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


thousands	2023		2022
Operating lease cost	$	6,829	$	7,449
Variable lease cost	975		904

Total lease cost	$	7,804	$	8,353

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


Supplemental Consolidated Statements of Cash Flows Information	Year ended December 31,
thousands	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows on operating leases	$	4,634	$	5,718


Other Information	2023		2022
Weighted-average remaining lease term (years)
Operating leases	44.1		43.8
Weighted-average discount rate
Operating leases	7.8	%	7.7	%

Schedule of future minimum lease payments

Future minimum lease payments as of December 31, 2023, are as follows:


thousands	Operating Leases
2024	$	5,057
2025	3,668
2026	3,368
2027	3,360
2028	3,424
Thereafter	240,646
Total lease payments	259,523
Less: imputed interest	(207,939)
Present value of lease liabilities	$	51,584

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


	Year ended December 31,
thousands	2023		2022
Total minimum rent payments	$	236,350	$	229,302

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


thousands	Total Minimum Rent
2024	$	254,076
2025	245,775
2026	227,398
2027	214,671
2028	191,548
Thereafter	822,354
Total	$	1,955,822

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

Impairment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Summary of asset impairment charges

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



thousands	Statements of Operations Line Item	2023		2022		2021
Seaport
Buildings and equipment (a)	Provision for impairment	$	445,818	$	—	$	—
Land (a)	Provision for impairment	11,734		—		—
Developments (a)	Provision for impairment	214,940		—		—
Net investment in real estate		672,492		—		—




Investments in unconsolidated ventures (b)	Equity in earnings (losses) from unconsolidated ventures	37,001		—		—
Total Seaport		$	709,493	$	—	$	—

Operating Assets
Buildings and equipment (c)	Provision for impairment	$	—	$	—	$	13,068
Investments in unconsolidated ventures (d)	Equity in earnings (losses) from unconsolidated ventures	—		—		17,673
Total Operating Assets		$	—	$	—	$	30,741

(a)The above table represents the final balance sheet impacts of the 2023 Seaport impairment. Due to an adjustment to the allocation of the impairment between properties, this differs slightly from what was initially reported in the third quarter of 2023. The adjustment did not have an impact on the total impairment amount.

(b)Impairment charges relate to the Company’s investments in Jean-Georges Restaurants, Ssäm Bar, and Tin Building unconsolidated ventures. See Note 2 - Investments in Unconsolidated Ventures for additional information.

(c)Impairment charges related to Century Park as discussed above.

(d)Impairment charges related to the Company’s investment in 110 North Wacker as discussed above.

Presentation of Financial Statements and Significant Accounting Policies - Narrative (Details) $ in Millions	1 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2023 USD ($) segment	Oct. 05, 2023	Aug. 11, 2023	Dec. 31, 2022 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Common stock conversion ratio				1
Number of business segments \| segment		4
Amortized cost basis of financing receivables		$ 632.8			$ 545.4
Accrued interest on financing receivables		$ 35.8			36.4
Financing receivable threshold period past due		30 days
Deferred leasing costs, accumulated amortization		$ 60.4			$ 53.8
Teravalis Acquisition
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of minimum required contributions	9.24%	12.00%
Minimum \| Master Planned Communities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life of MPC assets		20 years
Maximum \| Master Planned Communities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life of MPC assets		40 years
Seaport Entertainment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of air rights owned by parent			80.00%

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

Mortgages, Notes and Loans Payable, Net

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Mortgages, Notes and Loans Payable, Net


7. Mortgages, Notes, and Loans Payable, Net

Mortgages, Notes, and Loans Payable All mortgages, notes, and loans payable of HHH are held by HHC and its subsidiaries.


	December 31,
thousands	2023		2022
Fixed-rate debt
Senior unsecured notes	$	2,050,000	$	2,050,000
Secured mortgages payable	1,485,494		1,500,841
Special Improvement District bonds	65,627		59,777
Variable-rate debt (a)
Secured Bridgeland Notes	475,000		275,000

Secured mortgages payable	1,276,489		916,570

Unamortized deferred financing costs (b)	(49,990)		(55,005)
Mortgages, notes, and loans payable, net	$	5,302,620	$	4,747,183

(a)The Company has entered into derivative instruments to manage the variable interest rate exposure. The Company had an interest rate swap and two interest rate caps that expired in the third quarter of 2023. See Note 9 - Derivative Instruments and Hedging Activities for additional information.

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

As of December 31, 2023, land, buildings and equipment, developments, and other collateral with an aggregate net book value of $4.7 billion have been pledged as collateral for the Company’s debt obligations. Senior notes totaling $2.1 billion and $68.4 million of Secured mortgages payable are recourse to the Company.

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


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

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

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


	December 31, 2023						December 31, 2022
$ in thousands	Principal		Range of Interest Rates	Weighted-average Interest Rate		Weighted-average Years to Maturity	Principal		Range of Interest Rates	Weighted-average Interest Rate		Weighted-average Years to Maturity
Fixed rate (a)	$	1,485,494	3.13% - 8.67%	4.46	%	7.2	$	1,500,841	3.13% - 7.67%	4.39	%	7.4
Variable rate (b)	1,276,489		7.08% - 10.48%	8.73	%	2.2	916,570		6.05% - 9.39%	7.36	%	2.6
Secured mortgages payable	$	2,761,983	3.13% - 10.48%	6.44	%	4.9	$	2,417,411	3.13% - 9.39%	5.51	%	5.6

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

(b)Interest rates presented are based on the applicable reference interest rates as of December 31, 2023 and 2022, excluding the effects of interest rate derivatives.

The Company has entered into derivative instruments to manage its variable interest rate exposure. The weighted-average interest rate of the Company’s variable-rate mortgages payable, inclusive of interest rate derivatives, was 7.98% as of December 31, 2023, and 5.91% as of December 31, 2022. See Note 9 - Derivative Instruments and Hedging Activities for additional information.

The Company’s secured mortgages mature over various terms through September 2052. On certain of its debt obligations, the Company has the option to exercise extension options, subject to certain terms, which may include minimum debt service coverage, minimum occupancy levels or condominium sales levels, as applicable, and other performance criteria. In certain cases, due to property performance not meeting identified covenants, the Company may be required to pay down a portion of the loan to exercise the extension option.

During 2023, the Company’s mortgage activity included draws on existing mortgages of $384.4 million, refinancings of $161.0 million, and repayments of $48.4 million. As of December 31, 2023, the Company’s secured mortgage loans had $1.0 billion of undrawn lender commitment available to be drawn for property development, subject to certain restrictions.

Special Improvement District Bonds The Summerlin MPC uses SID bonds to finance certain common infrastructure improvements. These bonds are issued by the municipalities and are secured by the assessments on the land. The majority of proceeds from each bond issued is held in a construction escrow and disbursed to the Company as infrastructure projects are completed, inspected by the municipalities, and approved for reimbursement. Accordingly, the SID bonds have been classified as debt, and the Summerlin MPC pays the debt service on the bonds semi‑annually. As Summerlin sells land, the buyers assume a proportionate share of the bond obligation at closing, and the residential sales contracts provide for the reimbursement of the principal amounts that the Company previously paid with respect to such proportionate share of the bond. These bonds bear interest at fixed rates ranging from 4.13% to 7.00% with maturities ranging from 2025 to 2053 as of December 31, 2023, and fixed rates ranging from 4.13% to 6.05% with maturities ranging from 2025 to 2051 as of December 31, 2022. For the year ended December 31, 2023, $21.3 million in SID bonds were issued and obligations of $13.9 million were assumed by buyers.

Secured Bridgeland Notes In September 2021, the Company closed on a $275.0 million financing with maturity in 2026. This financing is secured by MUD receivables and land in Bridgeland. The loan required a $27.5 million fully refundable deposit and has an interest rate of 7.64% at December 31, 2023, and 6.60% at December 31, 2022. Due to the maturity of one of the Company’s interest rate swaps in September 2023, this financing was not covered by an interest rate derivative at December 31, 2023. The interest rate inclusive of interest rate derivatives was 5.28% at December 31, 2022. In December 2022, the borrowing capacity of this obligation was expanded from $275.0 million to $475.0 million. An additional $200.0 million was drawn in 2023, bringing outstanding borrowings to $475.0 million as of December 31, 2023.

Debt Compliance As of December 31, 2023, the Company was in compliance with all property-level debt covenants with the exception of five property-level debt instruments. As a result, the excess net cash flow after debt service from the underlying properties became restricted. While the restricted cash could not be used for general corporate purposes, it could be used to fund operations of the underlying assets and did not have a material impact on the Company’s liquidity or its ability to operate these assets. Additionally, one property-level debt instrument that was not in compliance as of September 30, 2023, is in compliance as of December 31, 2023, but requires two consecutive quarters of compliance to remove the cash flow restriction.

Scheduled Maturities The following table summarizes the contractual obligations relating to the Company’s mortgages, notes, and loans payable as of December 31, 2023:


thousands	Mortgages, notes, and loans payable principal payments
2024		$	214,526
2025		527,478
2026		968,964
2027		298,601
2028		835,522
Thereafter		2,507,519
Total principal payments		5,352,610
Unamortized deferred financing costs		(49,990)
Mortgages, notes, and loans payable		$	5,302,620

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: 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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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Presentation of Financial Statements and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP). The consolidated financial statements include the accounts of Howard Hughes Holdings Inc. and its subsidiaries after elimination of intercompany balances and transactions. The Company also consolidates certain variable interest entities (VIEs) in accordance with Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) 810 Consolidation (ASC 810). The outside equity interests in certain entities controlled by the Company are reflected in the Consolidated Financial Statements as noncontrolling interests.
Variable Interest Entities	Variable Interest Entities The Company has interests in various legal entities that represent a variable interest entity. A VIE is an entity: (a) that has total equity at risk that is not sufficient to permit the entity to finance its activities without additional subordinated financial support from other entities; (b) where the group of equity holders does not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, or the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual return, or both (i.e., lack the characteristics of a controlling financial interest); or (c) where the voting rights of the equity holders are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. The Company determines if a legal entity is a VIE by performing a qualitative analysis that requires certain subjective decisions, taking into consideration the design of the entity, the variability that the entity was designed to create and pass along to its interest holders, the rights of the parties and the purpose of the arrangement. Upon the occurrence of certain reconsideration events, the Company reassesses its initial determination as to whether the entity is a VIE. The Company also performs a qualitative assessment of each VIE to determine if it is the primary beneficiary. The Company is the primary beneficiary and would consolidate the VIE if it has a controlling financial interest where it has both (a) the power to direct the economically significant activities of the entity and (b) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. This assessment requires certain subjective decisions, taking into consideration the contractual agreements that define the ownership structure, the design of the entity, distribution of profits and losses, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties. Management’s assessment of whether the Company is the primary beneficiary of a VIE is continuously performed. Upon initial consolidation of a VIE, the Company records the assets, liabilities, and noncontrolling interests at fair value and recognizes a gain or loss for the difference between (i) the fair value of the consideration paid, the fair value of noncontrolling interests and the reported amount of any previously held interests and (ii) the net amount of the fair value of the assets and liabilities. 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 HHH’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, recoverable amounts of receivables and deferred tax assets, initial valuations of tangible and intangible assets acquired, and the related useful lives of assets upon which depreciation and amortization is based. Estimates and assumptions have also been made with respect to future revenues and costs, and the fair value of warrants, debt, and options granted. MPC cost of sales estimates are highly judgmental as they are sensitive to cost escalation, sales price escalation, and lot absorption, which are subject to judgment and affected by expectations about future market or economic conditions. Additionally, the future cash flow estimates and fair values used for impairment analysis are highly judgmental and reflect current and projected trends in rental, occupancy, pricing, development costs, sales pace, capitalization rates, selling costs, and estimated holding periods for the applicable assets. Both MPC cost of sale estimates and estimates used in impairment analysis are affected by expectations about future market or economic conditions. Actual results could differ from these and other estimates.
Segments	Segments Segment information is prepared on the same basis that management reviews information for operational decision-making purposes. Management evaluates the performance of each of HHH’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, 2023, 2022, and 2021. Developments Development costs, which primarily include direct costs related to placing the asset in service associated with specific development properties, are capitalized as part of the property being developed. Construction and improvement costs incurred in connection with the development of new properties or the redevelopment of existing properties are capitalized before they are placed into service. Costs include planning, engineering, design, direct material, labor, and subcontract costs. Real estate taxes, utilities, direct legal and professional fees related to the sale of a specific unit, interest, insurance costs, and certain employee costs incurred during construction periods are also capitalized. Capitalization commences when the development activities begin and cease when a project is completed, put on hold, or at the date that the Company decides not to move forward with a project. Capitalized costs related to a project where HHH has determined not to move forward are expensed if they are not deemed recoverable. Capitalized interest costs are based on qualified expenditures and interest rates in place during the construction period. Demolition costs associated with redevelopments are expensed as incurred unless the demolition was included in the Company’s development plans and imminent as of the acquisition date of an asset. Once the assets are placed into service, they are depreciated in accordance with the Company’s policy. In the event that management no longer has the ability or intent to complete a development, the costs previously capitalized are evaluated for impairment.
Acquisition of Properties	Acquisitions of Properties The Company accounts for the acquisition of real estate properties in accordance with ASC 805 Business Combinations (ASC 805). This methodology requires that assets acquired and liabilities assumed be recorded at their fair values on the date of acquisition for business combinations and at relative fair values for asset acquisitions. Acquisition costs related to the acquisition of a business are expensed as incurred. Costs directly related to asset acquisitions are considered additions to the purchase price and increase the cost basis of such assets. The fair value of tangible assets of an acquired property (which includes land, buildings and improvements) is determined by valuing the property as if it were vacant, and the as-if-vacant value is then allocated to land, buildings and improvements based on management’s determination of the fair value of these assets. The as-if-vacant values are derived from several sources which incorporate significant unobservable inputs that are classified as Level 3 inputs in the fair value hierarchy and primarily include a discounted cash flow analysis using discount and capitalization rates based on recent comparable market transactions, where available. The fair value of acquired intangible assets consisting of in-place, above-market, and below-market leases is recorded based on a variety of considerations, some of which incorporate significant unobservable inputs that are classified as Level 3 inputs in the fair value hierarchy. In-place lease considerations include, but are not necessarily limited to: (1) the value associated with avoiding the cost of originating the acquired in-place leases (i.e., the market cost to execute a lease, including leasing commissions and tenant improvements); (2) the value associated with lost revenue related to tenant reimbursable operating costs incurred during the assumed lease-up period (i.e., real estate taxes, insurance, and certain other operating expenses); and (3) the value associated with lost rental revenue from existing leases during the assumed lease-up period. Above-market and below-market leases are valued at the present value, using a discount rate that reflects the risks associated with the leases acquired, of the difference between (1) the contractual amounts to be paid pursuant to the in-place lease; and (2) management’s estimate of current market lease rates, measured over the remaining non-cancelable lease term, including any below-market renewal option periods.
Impairment	Impairment HHH 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 HHH’s assets or projects within MPCs are assessed separately and include, but are not limited to, significant decreases in sales pace or average selling prices, significant increases in expected land development and construction costs or cancellation rates, and projected losses on expected future sales. MPC assets have extended life cycles that may last 20 to 40 years, or longer, and have few long‑term contractual cash flows. Further, MPC assets generally have minimal to no residual values because of their liquidating characteristics. MPC development periods often occur through several economic cycles. Subjective factors such as the expected timing of property development and sales, optimal development density, and sales strategy impact the timing and amount of expected future cash flows and fair value. Impairment indicators for Operating Assets are assessed for each property and include, but are not limited to, significant decreases in net operating income, significant decreases in occupancy, ongoing low occupancy, and significant net operating losses. Impairment indicators for Seaport include, but are not limited to, significant changes in projected completion or stabilization dates, operating revenues or cash flows, development costs, ongoing low occupancy, and market factors. Impairment indicators for assets in the Strategic Developments are assessed by project and include, but are not limited to, significant changes in projected completion dates, revenues or cash flows, development costs, market factors, significant decreases in comparable property sale prices, and feasibility. The cash flow estimates used for determining recoverability and estimating fair value are inherently judgmental and reflect current and projected trends in rental rates, occupancy, pricing, development costs, sales pace, capitalization rates, and estimated holding periods for the applicable assets. Although the estimated fair value of certain assets may be exceeded by the carrying amount, a real estate asset is only considered to be impaired when its carrying amount is not expected to be recovered through estimated future undiscounted cash flows. To the extent an impairment provision is necessary, the excess of the carrying amount of the asset over its estimated fair value is expensed to operations. In addition, the impairment provision is allocated proportionately to adjust the carrying amount of the asset. The adjusted carrying amount, which represents the new cost basis of the asset, is depreciated over the remaining useful life of the asset or, for MPCs, is expensed as a cost of sales when land is sold. Assets that have been impaired will in the future have lower depreciation and cost of sale expenses. The impairment will have no impact on cash flow.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of highly-liquid investments with maturities at date of purchase of three months or less and include registered money market mutual funds which are invested in United States Treasury bills that are valued at the net asset value of the underlying shares in the funds as of the close of business at the end of each period as well as deposits with major banks throughout the United States. Such deposits are in excess of FDIC limits and are placed with high-quality institutions in order to minimize concentration of counterparty credit risk.
Restricted Cash	Restricted Cash Restricted cash reflects amounts segregated in escrow accounts in the name of the Company, primarily related to escrowed condominium deposits from buyers and other amounts related to legally restricted deposits, escrowed taxes, insurance, and leasing costs.
Accounts Receivable, net and Municipal Utility District Receivables, net	Accounts Receivable, net Accounts receivable includes straight-line rent receivables, tenant receivables, and other receivables. On a quarterly basis, management reviews straight-line rent receivables and tenant receivables for collectability. As required under ASC 842 Leases, this analysis includes a review of past due accounts and considers factors such as the credit quality of tenants, current economic conditions, and changes in customer payment trends. When full collection of a lease receivable or future lease payment is not probable, a reserve for the receivable balance is charged against rental revenue and future rental revenue is recognized on a cash basis. The Company also records reserves for estimated losses under ASC 450 Contingencies if the estimated losses are probable and can be reasonably estimated. Municipal Utility District Receivables, net In Houston, Texas, certain development costs are reimbursable through the creation of a Municipal Utility District (MUD), also known as Water Control and Improvement Districts, which are separate political subdivisions authorized by Article 16, Section 59 of the Texas Constitution and governed by the Texas Commission on Environmental Quality (TCEQ). MUDs are formed to provide municipal water, wastewater, drainage services, recreational facilities, and roads to those areas where they are currently unavailable through the regular city services. Typically, the developer advances funds for the creation of the facilities, which must be designed, bid, and constructed in accordance with the City of Houston’s and TCEQ requirements. The MUD Board of Directors authorizes and approves all MUD development contracts, and MUD bond sale proceeds are used to reimburse the developer for its construction costs, including interest. At the date the expenditures occur, the Company determines the costs it believes will be eligible for reimbursement and recognizes that as MUD receivables. These expenditures are subject to review by the MUD engineers for eligibility in accordance with the development contracts as part of the process for reimbursement. MUD receivables are pledged as security to creditors under the debt facilities relating to Bridgeland.
Other Assets, net	Other Assets, net The major components of Other assets, net include security, escrow, and other deposits; Special Improvement District (SID) receivables; in-place leases; intangibles; Tax increment financing (TIF) receivables; prepaid expenses related to the Company’s properties; condominium inventory; and various other assets. SID receivables are amounts due from SID bonds related to the Company’s Summerlin MPC. Proceeds from SID bonds are held in escrow by a third-party and are used to reimburse the Company for a portion of the development costs incurred in Summerlin. The Company’s intangibles include in-place lease assets and above-market lease assets where HHH is the lessor, trademark and trade name intangibles related to MPCs, and other intangibles relating to the Company’s Las Vegas Aviators Triple-A professional baseball team. The Company amortizes finite-lived intangible assets less any residual value, if applicable, on a straight-line basis over the term of the related lease or the estimated useful life of the asset. TIF receivables are amounts which the Company has submitted for reimbursement from Howard County, Maryland, in conjunction with development costs expended on key roads and infrastructure work within the Merriweather District of Downtown Columbia specified per the terms of the county’s TIF legislation, Special Obligation Bonds issued in October 2017, and Grant Disbursement Agreement executed in April 2023. Notes receivable, net includes non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Subsequent to initial recognition, they are recorded at amortized cost less any provision for impairment as required under ASC 326 - Financial Instruments - Credit Losses. Condominium inventory includes available for sale units at HHH’s completed condominium towers and is stated at the lower of cost or fair value less selling costs. Condominium inventory includes land acquisition and development costs, construction costs, and interest and real estate taxes that are capitalized during the development period. HHH evaluates condominium inventory for impairment when potential indicators exist. An impairment loss is recognized if the carrying amount of condominium inventory exceeds the fair value less selling costs, which is based on comparable sales in the normal course of business under existing and anticipated market conditions.
Financial Instruments - Credit Losses	Financial Instruments - Credit Losses The Company is exposed to credit losses through the sale of goods and services to the Company’s customers. Receivables held by the Company primarily relate to short-term trade receivables and financing receivables, which include MUD receivables, SID bonds, TIF receivables, net investments in lease receivables, and notes receivable. The Company assesses its exposure to credit loss based on historical collection experience and future expectations by portfolio segment. Historical collection experience is evaluated on a quarterly basis by the Company. The amortized cost basis of financing receivables, consisting primarily of MUD and SID receivables, totaled $632.8 million as of December 31, 2023, and $545.4 million as of December 31, 2022. The MUD receivable balance includes accrued interest of $35.8 million at December 31, 2023, and $36.4 million at December 31, 2022. The allowance for credit losses for financing receivables was not material as of December 31, 2023 and 2022, and there was no material activity related to the allowance for credit losses for the years ended December 31, 2023, 2022, and 2021. Financing receivables are considered to be past due once they are 30 days contractually past due under the terms of the agreement. The Company currently does not have significant financing receivables that are past due or on nonaccrual status. There have been no significant write-offs or recoveries of amounts previously written-off during the current period for financing receivables.
Income Taxes	Income Taxes 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 maintains two equity incentive plans, which include stock options and restricted stock. In 2023, pursuant to the holding company reorganization discussed above, each outstanding share of HHC’s common stock was automatically converted into one share of HHH common stock. HHH assumed all obligations under the equity incentive plans. All stock options and restricted stock outstanding will be settled in HHH stock. The Company applies the provisions of ASC 718 Stock Compensation which requires all share‑based payments to be recognized in the Consolidated Statements of Operations based on their fair values. The fair value of stock option awards is determined using the Black-Scholes option-pricing model. Restricted stock awards are valued using the market price of the Company’s common stock on the grant date. For restricted stock awards with market conditions or performance conditions, the award is valued using a Monte Carlo simulation. The Company records compensation cost for stock-based compensation awards over the requisite service period. If the requisite service period is satisfied, compensation cost is not adjusted unless the award contains a performance condition. If an award contains a performance condition, expense is recognized only for those shares that ultimately vest using the per-share fair value measured at the grant date. The Company recognizes forfeitures as they occur. See Note 11 - Stock-Based Compensation Plans for additional information.
Revenue Recognition and Related Matters	Revenue Recognition and Related Matters Condominium Rights and Unit Sales Revenue from the sale of an individual unit in a condominium project is recognized at a point in time (i.e., the closing) when HHH 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 HHH’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 HHH’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 HHH’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 HHH’s performance obligation and transfer of title to the buyer. Real estate project costs directly associated with a condominium project, which are HHH’s costs to fulfill contracts with condominium buyers, are capitalized while all other costs are expensed as incurred. Total estimated project costs include direct costs such as the carrying value of the land, site planning, architectural, construction, and financing costs, as well as indirect cost allocations. The allocations include costs which clearly relate to the specific project, including certain infrastructure and amenity costs which benefit the project as well as others, and are based upon the relative sales value of the units. Furthermore, incremental costs incurred to obtain a contract to sell condominium units are evaluated for capitalization in accordance with ASC 340-40, with incremental costs to fulfill a contract only being capitalized if the costs relate directly to a specifically identified contract, enhance resources to satisfy performance obligations in the future, and are expected to be recovered. Master Planned Communities Land Sales Revenues from land sales are recognized at a point in time when the land sale closing process is complete. The transaction price generally has both fixed and variable components, with the fixed price stipulated in the contract and representative of a single performance obligation. See Builder Price Participation (BPP) below for a discussion of the variable component. The fixed transaction price, which is the amount of consideration received in full upon transfer of the land title to the buyer, is allocated to this single obligation and is received at closing of the land sale less any amounts previously paid on deposit. The Company receives cash payments in the form of land purchase deposits from homebuilders or other commercial buyers who have contracted to purchase land within the Company’s MPCs, and HHH 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 HHH’s performance obligation relating to the enhancement of the land is still unsatisfied, revenue related to HHH’s obligation is recognized over time. The Company recognizes only the portion of the improved land sale where the improvements are fully satisfied based on a cost input method. The aggregate amount of the transaction price allocated to the unsatisfied obligation is recorded as deferred land sales and is presented in Accounts payable and other liabilities. The Company measures HHH’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 HHH 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 HHH 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 HHH’s influence such as unemployment and interest rates –the time between the sale of land to a homebuilder and closing on a completed home can take up to three years –there is significant variability in home pricing from period to period The Company evaluates contracts with homebuilders with respect to BPP at each reporting period to determine whether a change in facts and circumstances has eliminated the constraint and will record an estimate of BPP revenue, if applicable. For Condominium rights and unit sales, Master planned communities land sales, and Builder price participation the Company elected the practical expedient to not adjust promised amount of consideration for the effects of a significant financing component when the expected period between transfer of the promised asset and payment is one year or less. Rental Revenues Revenue associated with the Company’s operating assets includes minimum rent, percentage rent in lieu of fixed minimum rent, tenant recoveries, and overage rent. Minimum rent revenues are recognized on a straight‑line basis over the terms of the related leases when collectability is reasonably assured and the tenant has taken possession of, or controls, the physical use of the leased asset. Percentage rent in lieu of fixed minimum rent is recognized as sales are reported from tenants. Minimum rent revenues also include amortization related to above and below‑market tenant leases on acquired properties. Recoveries from tenants are stipulated in the leases, are generally computed based upon a formula related to real estate taxes, insurance, and other real estate operating expenses, and are generally recognized as revenues in the period the related costs are incurred. Overage rent is recognized on an accrual basis once tenant sales exceed contractual thresholds contained in the lease and is calculated by multiplying the tenant sales in excess of the minimum amount by a percentage defined in the lease. If the lease provides for tenant improvements, the Company determines whether the tenant improvements are owned by the tenant or by HHH. When HHH 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 HHH’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 HHH 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 HHH’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 HHH generally recognizes the related revenue on a straight-line basis over time, as time elapses.
Noncontrolling Interests	Noncontrolling Interests As of December 31, 2023, Noncontrolling interests is primarily related to the 12% noncontrolling interest in Teravalis and the noncontrolling interest in the Ward Village Homeowners’ Associations (HOAs). All revenues and expenses related to the HOAs are attributable to noncontrolling interests and do not impact net income attributable to common stockholders. Refer to Note 3 - Acquisitions and Dispositions for additional information on Teravalis.
Recently Issued Accounting Standards	Recently Issued Accounting Standards The following is a summary of recently issued and other notable accounting pronouncements which relate to the Company’s business. ASU 2020-04, Reference Rate Reform The amendments in this Update provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform when certain criteria are met. The amendments in this Update apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, for which an entity has applied certain optional expedients, that are retained through the end of the hedging relationship. The amendments in this Update are effective as of March 12, 2020, through December 31, 2022. On December 21, 2022, the FASB issued Accounting Standards Update (ASU) 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, 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. During the transition, the Company 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 preserved the presentation of derivatives consistent with past presentation. As of December 31, 2023, the Company had no remaining contracts or hedging relationships that referenced LIBOR.

Investments in Unconsolidated Ventures - Ssäm Bar (Details) $ in Millions	Dec. 31, 2023 USD ($)
Ssäm Bar (Formerly Bar Wayō) \| Seaport Segment
Investments in and Advances to Affiliates, Activity [Line Items]
Investment in real estate and other affiliates	$ 5.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

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

Impairment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Impairment


4. Impairment

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

The Company periodically evaluates strategic alternatives with respect to each property and may revise the strategy from time to time, including the intent to hold the asset on a long-term basis or the timing of potential asset dispositions. For example, the Company may decide to sell property that is held for use, and the sale price may be less than the carrying amount. As a result, changes in strategy could result in impairment charges in future periods.

The Company evaluates each investment in an unconsolidated venture discussed in Note 2 - Investments in Unconsolidated Ventures periodically for recoverability and valuation declines that are other-than-temporary. If the decrease in value of an investment is deemed to be other-than-temporary, the investment is reduced to its estimated fair value.

Seaport In 2023, the Company recorded a $709.5 million impairment charge related to the Seaport segment. The Company recognized the impairment due to decreases in estimated future cash flows due to significant uncertainty of future performance as stabilization and profitability are taking longer than expected, pressure on the current cost structure, decreased demand for office space, as well as an increase in the capitalization rate and a decrease in restaurant multiples used to evaluate future cash flows. The Company used a discounted cash flow analysis to determine fair value, with capitalization rates ranging from 5.5% to 6.75%, discount rates ranging from 8.5% to 13.3%, and restaurant multiples ranging from 8.3 to 11.8.

The assumptions and estimates included in the Company’s impairment analysis require significant judgment about future events, market conditions, and financial performance. Actual results may differ from these assumptions. There can be no assurance that these estimates and assumptions will prove to be an accurate prediction of the future.

Operating Assets In 2021, the Company recorded a $13.1 million impairment charge for Century Park, a non-core asset acquired as part of the acquisition of The Woodlands Towers at The Waterway. The Century Park asset included both building and land components. The impairment related to the building component, while the land component was not impaired. The Company recognized an impairment due to decreases in estimated future cash flows and as a result of the impact of a shorter-than-anticipated holding term. The Company used weighted market and income valuation techniques to estimate the fair value of Century Park. Market valuation was based on recent sales of similar commercial properties in and around Houston, Texas. For the income approach, the Company utilized a capitalization rate of 8.75%, probability-weighted scenarios assuming lease-up periods ranging from 24 months to 48 months, and management’s estimate of future lease income and carry costs. In December 2021, the Company completed the sale of Century Park.

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

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

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



thousands	Statements of Operations Line Item	2023		2022		2021
Seaport
Buildings and equipment (a)	Provision for impairment	$	445,818	$	—	$	—
Land (a)	Provision for impairment	11,734		—		—
Developments (a)	Provision for impairment	214,940		—		—
Net investment in real estate		672,492		—		—




Investments in unconsolidated ventures (b)	Equity in earnings (losses) from unconsolidated ventures	37,001		—		—
Total Seaport		$	709,493	$	—	$	—

Operating Assets
Buildings and equipment (c)	Provision for impairment	$	—	$	—	$	13,068
Investments in unconsolidated ventures (d)	Equity in earnings (losses) from unconsolidated ventures	—		—		17,673
Total Operating Assets		$	—	$	—	$	30,741

(c)Impairment charges related to Century Park as discussed above.

(d)Impairment charges related to the Company’s investment in 110 North Wacker as discussed above.

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

Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share


15. Earnings Per Share

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

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


thousands except per share amounts	2023		2022		2021
Net income (loss)
Net income (loss)	$	(551,530)	$	184,636	$	48,924
Net (income) loss attributable to noncontrolling interests	(243)		(103)		7,176
Net income (loss) attributable to common stockholders	$	(551,773)	$	184,533	$	56,100

Shares
Weighted-average common shares outstanding - basic	49,568		50,513		54,596
Restricted stock and stock options	—		45		53

Weighted-average common shares outstanding - diluted	49,568		50,558		54,649

Net income (loss) per common share
Basic income (loss) per share	$	(11.13)	$	3.65	$	1.03
Diluted income (loss) per share	$	(11.13)	$	3.65	$	1.03

Anti-dilutive shares excluded from diluted EPS
Restricted stock and stock options	528		531		555
Warrants	—		2,053		2,103

Common Stock Repurchases In October 2021, the Company’s board of directors (Board) authorized a share repurchase program, pursuant to which the Company was authorized to purchase up to $250.0 million of its common stock through open-market transactions. During the fourth quarter of 2021, the Company repurchased 1,023,284 shares of its common stock, par value $0.01 per share, for $96.6 million, or approximately $94.42 per share. During the first quarter of 2022, the Company repurchased an additional 1,579,646 shares of its common stock, for $153.4 million, or approximately $97.10 per share, thereby completing all authorized purchases under the October 2021 plan.

In March 2022, the Board authorized an additional share repurchase program, pursuant to which the Company may, from time to time, purchase up to $250.0 million of its common stock through open-market transactions. The date and time of such repurchases will depend upon market conditions, and the program may be suspended or discontinued at any time. During 2022, the Company repurchased 2,704,228 shares of its common stock under this program for approximately $235.0 million at an average price of $86.90 per share. All purchases were funded with cash on hand.

Investments in Unconsolidated Ventures - Jean-Georges Restaurants (Details) - Jean-Georges Restaurants $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2022 USD ($) hospitality	Dec. 31, 2023 USD ($)	Mar. 01, 2022
Investments in and Advances to Affiliates, Activity [Line Items]
Acquisition interest	25.00%		25.00%
Purchase price of acquisition	$ 45.0
Number of hospitality acquired \| hospitality	40
Equity method investment, impairment		$ 30.8
Additional consideration transferred	$ 10.0
Percentage of additional voting interests acquired	20.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Revenues - Schedule of Remaining Unsatisfied Performance Obligations (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, cancellation period	30 days
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 2,800,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 924,789
Remaining performance obligation, expected timing of satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 411,598
Remaining performance obligation, expected timing of satisfaction period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1,432,456
Remaining performance obligation, expected timing of satisfaction period

Mortgages, Notes and Loans Payable, Net (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Summary of mortgages, notes and loans payable

All mortgages, notes, and loans payable of HHH are held by HHC and its subsidiaries.


	December 31,
thousands	2023		2022
Fixed-rate debt
Senior unsecured notes	$	2,050,000	$	2,050,000
Secured mortgages payable	1,485,494		1,500,841
Special Improvement District bonds	65,627		59,777
Variable-rate debt (a)
Secured Bridgeland Notes	475,000		275,000

Secured mortgages payable	1,276,489		916,570

Unamortized deferred financing costs (b)	(49,990)		(55,005)
Mortgages, notes, and loans payable, net	$	5,302,620	$	4,747,183

Schedule of senior unsecured note

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


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

Schedule of secured mortgages payable

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


	December 31, 2023						December 31, 2022
$ in thousands	Principal		Range of Interest Rates	Weighted-average Interest Rate		Weighted-average Years to Maturity	Principal		Range of Interest Rates	Weighted-average Interest Rate		Weighted-average Years to Maturity
Fixed rate (a)	$	1,485,494	3.13% - 8.67%	4.46	%	7.2	$	1,500,841	3.13% - 7.67%	4.39	%	7.4
Variable rate (b)	1,276,489		7.08% - 10.48%	8.73	%	2.2	916,570		6.05% - 9.39%	7.36	%	2.6
Secured mortgages payable	$	2,761,983	3.13% - 10.48%	6.44	%	4.9	$	2,417,411	3.13% - 9.39%	5.51	%	5.6

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

(b)Interest rates presented are based on the applicable reference interest rates as of December 31, 2023 and 2022, excluding the effects of interest rate derivatives.

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

The following table summarizes the contractual obligations relating to the Company’s mortgages, notes, and loans payable as of December 31, 2023:


thousands	Mortgages, notes, and loans payable principal payments
2024		$	214,526
2025		527,478
2026		968,964
2027		298,601
2028		835,522
Thereafter		2,507,519
Total principal payments		5,352,610
Unamortized deferred financing costs		(49,990)
Mortgages, notes, and loans payable		$	5,302,620

- Definition

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.

+ References

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+ Details

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

Segments - Summary of Assets by Segment and Reconciliation of Segment Assets to Total Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of total segment assets to total assets
Assets	$ 9,577,003	$ 9,603,463
Total Seaport	0	0	$ 30,741
Seaport Segment
Reconciliation of total segment assets to total assets
Total Seaport	709,493	0	$ 0
Operating Segments
Reconciliation of total segment assets to total assets
Assets	9,061,368	9,247,608
Operating Segments \| Operating Assets
Reconciliation of total segment assets to total assets
Assets	3,577,694	3,448,823
Operating Segments \| Master Planned Communities
Reconciliation of total segment assets to total assets
Assets	3,358,821	3,272,655
Operating Segments \| Seaport Segment
Reconciliation of total segment assets to total assets
Assets	485,898	1,166,950
Operating Segments \| Strategic Developments
Reconciliation of total segment assets to total assets
Assets	1,638,955	1,359,180
Corporate
Reconciliation of total segment assets to total assets
Assets	$ 515,635	$ 355,855

Revenues (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue disaggregated by revenue source

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


thousands	2023		2022		2021
Revenues from contracts with customers
Recognized at a point in time:
Condominium rights and unit sales	$	47,707	$	677,078	$	514,597
Master Planned Communities land sales	370,185		316,065		346,217
Builder price participation	60,989		71,761		45,138
Total	478,881		1,064,904		905,952

Recognized at a point in time or over time:
Other land, rental, and property revenues	139,858		144,481		152,619


Rental and lease-related revenues
Rental revenue	405,363		399,103		369,330
Total revenues	$	1,024,102	$	1,608,488	$	1,427,901

Revenues by segment
Operating Assets revenues	$	443,632	$	431,834	$	442,698
Master Planned Communities revenues	448,452		408,365		409,746
Seaport revenues	81,971		88,468		55,008
Strategic Developments revenues	49,987		679,763		520,109
Corporate revenues	60		58		340
Total revenues	$	1,024,102	$	1,608,488	$	1,427,901

Contract with customer, assets and liabilities

The beginning and ending balances of contract liabilities and significant activity during the periods presented are as follows:


thousands	Contract Liabilities
Balance at December 31, 2021	$	431,177
Consideration earned during the period	(799,401)
Consideration received during the period	826,055
Balance at December 31, 2022	$	457,831
Consideration earned during the period	(151,225)
Consideration received during the period	272,722
Balance at December 31, 2023	$	579,328

Remaining performance obligation, expected timing of satisfaction

The Company expects to recognize this amount as revenue over the following periods:


thousands	Less than 1 year			1-2 years		3 years and thereafter
Total remaining unsatisfied performance obligations		$	924,789	$	411,598		$	1,432,456

Fair Value (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

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


	December 31, 2023								December 31, 2022
	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)


Interest rate derivative assets	$	10,318	$	—	$	10,318	$	—	$	30,860	$	—	$	30,860	$	—

Summary of financial instruments not measured at fair value on recurring basis

The estimated fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis are as follows:


		December 31, 2023				December 31, 2022
thousands	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Cash and restricted cash	Level 1	$	1,053,057	$	1,053,057	$	1,098,937	$	1,098,937
Accounts receivable, net (a)	Level 3	115,045		115,045		103,437		103,437
Notes receivable, net (b)	Level 3	1,558		1,558		3,339		3,339

Liabilities:
Fixed-rate debt (c)	Level 2	3,601,121		3,294,431		3,610,618		3,298,859
Variable-rate debt (c)	Level 2	1,751,489		1,751,489		1,191,570		1,191,570

(b)Notes receivable, net is shown net of an immaterial allowance at December 31, 2023, and December 31, 2022.

(c)Excludes related unamortized financing costs.

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

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


			Fair Value Measurements Using
thousands	Total Fair Value Measurement (a)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
2023
Seaport Net investment in real estate	$	321,180	$	—	$	—	$	321,180
Seaport Investments in unconsolidated ventures	40,225		—		—		40,225

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

Mortgages, Notes and Loans Payable, Net - Narrative (Details)	1 Months Ended	12 Months Ended
	Sep. 30, 2021 USD ($)	Dec. 31, 2023 USD ($) debtInstrument	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2023 debtInstrument	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Other assets, net		$ 283,047,000	$ 278,587,000
Carrying value		$ 5,352,610,000
Derivative, term of contract		5 years
Weighted-average Interest Rate		7.98%	5.91%
Repayment of debt		$ 249,435,000	$ 1,065,348,000	$ 2,140,340,000
Special Improvement District bond transfers associated with land sales		$ 13,883,000	7,774,000	8,697,000
Refundable deposit	$ 27,500,000
Derivative asset, number of instruments held \| debtInstrument		5			1
Secured Bridgeland Notes Due 2026
Debt Instrument [Line Items]
Carrying value		$ 475,000,000
Face amount	$ 275,000,000	$ 200,000,000	$ 475,000,000
Interest rate margin		7.64%	6.60%
Interest Rate Derivatives
Debt Instrument [Line Items]
Interest rate margin			5.28%
Senior Notes
Debt Instrument [Line Items]
Face amount		$ 2,050,000,000		$ 2,100,000,000		$ 2,100,000,000
Senior Notes \| Recourse
Debt Instrument [Line Items]
Carrying value		2,100,000,000
Secured Debt \| Recourse
Debt Instrument [Line Items]
Carrying value		68,400,000
Mortgages
Debt Instrument [Line Items]
Carrying value		$ 384,400,000
Weighted-average Interest Rate		6.44%	5.51%
Long-term debt, refinanced		$ 161,000,000
Repayment of debt		48,400,000
Long term debt, undrawn lender commitment		$ 1,000,000,000
Mortgages \| Minimum
Debt Instrument [Line Items]
Range of Interest Rates		3.13%	3.13%
Mortgages \| Maximum
Debt Instrument [Line Items]
Range of Interest Rates		10.48%	9.39%
Bonds
Debt Instrument [Line Items]
Special Improvement District bond transfers associated with land sales		$ 21,300,000
Special improvement district bond issued		$ 13,900,000
Bonds \| Minimum \| Master Planned Communities
Debt Instrument [Line Items]
Range of Interest Rates		4.13%	4.13%
Bonds \| Maximum \| Master Planned Communities
Debt Instrument [Line Items]
Range of Interest Rates		7.00%	6.05%
Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Other assets, net		$ 4,700,000,000

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

Segments - Summary of Segment Operating Results (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2021 property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segments reporting
Total revenues		$ 1,024,102	$ 1,608,488	$ 1,427,901
Depreciation and amortization		(216,118)	(200,361)	(205,100)
Other income (loss), net		4,284	1,909	(11,515)
Equity in earnings (losses) from unconsolidated ventures		(55,708)	(14,549)	(9,852)
Gain (loss) on sale or disposal of real estate and other assets, net		24,162	29,678	53,079
Gain (loss) on extinguishment of debt		(144)	(2,377)	(38,014)
Provision for impairment		(672,492)	0	(13,068)
Income (loss) before income taxes		(715,265)	245,136	64,077
Net income (loss)		(551,530)	184,636	48,924
Net (income) loss attributable to noncontrolling interests		(243)	(103)	7,176
Net income (loss) attributable to common stockholders		(551,773)	184,533	56,100
Number of properties sold \| property	3
Operating Segments
Segments reporting
Total revenues		1,024,042	1,608,430	1,427,561
Total operating expenses		(587,574)	(976,830)	(916,767)
Segment operating income (loss)		436,468	631,600	510,794
Depreciation and amortization		(212,903)	(196,677)	(200,776)
Interest income (expense), net		(43,958)	(18,679)	(28,650)
Other income (loss), net		1,141	927	(11,940)
Equity in earnings (losses) from unconsolidated ventures		(55,708)	(14,549)	(9,852)
Gain (loss) on sale or disposal of real estate and other assets, net		24,162	29,678	53,079
Gain (loss) on extinguishment of debt		(144)	(2,230)	(2,930)
Provision for impairment		(672,492)		(13,068)
Income (loss) before income taxes		(523,434)	430,070	296,657
Corporate
Segments reporting
Corporate income, expenses, and other items		(28,096)	(245,434)	(247,733)
Operating Assets
Segments reporting
Total revenues		443,632	431,834	442,698
Operating Assets \| Operating Segments
Segments reporting
Total revenues		443,632	431,834	442,698
Total operating expenses		(210,166)	(194,496)	(209,020)
Segment operating income (loss)		233,466	237,338	233,678
Depreciation and amortization		(170,731)	(154,626)	(163,031)
Interest income (expense), net		(127,388)	(89,959)	(75,391)
Other income (loss), net		1,843	(1,140)	(10,746)
Equity in earnings (losses) from unconsolidated ventures		2,969	22,263	(67,042)
Gain (loss) on sale or disposal of real estate and other assets, net		23,926	29,588	39,168
Gain (loss) on extinguishment of debt		(96)	(2,230)	(1,926)
Provision for impairment		0		0
Income (loss) before income taxes		(36,011)	41,234	(45,290)
Operating Assets \| Operating Segments \| Hospitality revenues
Segments reporting
Total revenues				35,600
Total operating expenses				(30,500)
MPC Segment
Segments reporting
Total revenues		448,452	408,365	409,746
MPC Segment \| Operating Segments
Segments reporting
Total revenues		448,452	408,365	409,746
Total operating expenses		(193,470)	(173,905)	(193,851)
Segment operating income (loss)		254,982	234,460	215,895
Depreciation and amortization		(418)	(394)	(366)
Interest income (expense), net		64,291	50,305	42,683
Other income (loss), net		(102)	23	0
Equity in earnings (losses) from unconsolidated ventures		22,666	(1,407)	59,399
Gain (loss) on sale or disposal of real estate and other assets, net		0	0	0
Gain (loss) on extinguishment of debt		0	0	(1,004)
Provision for impairment		0		0
Income (loss) before income taxes		341,419	282,987	316,607
Seaport Segment
Segments reporting
Total revenues		81,971	88,468	55,008
Seaport Segment \| Operating Segments
Segments reporting
Total revenues		81,971	88,468	55,008
Total operating expenses		(103,466)	(104,393)	(77,198)
Segment operating income (loss)		(21,495)	(15,925)	(22,190)
Depreciation and amortization		(37,791)	(36,338)	(30,867)
Interest income (expense), net		3,065	3,902	357
Other income (loss), net		(1,290)	245	(3,730)
Equity in earnings (losses) from unconsolidated ventures		(81,485)	(36,273)	(1,988)
Gain (loss) on sale or disposal of real estate and other assets, net		0	0	0
Gain (loss) on extinguishment of debt		(48)	0	0
Provision for impairment		(672,492)		0
Income (loss) before income taxes		(811,536)	(84,389)	(58,418)
Strategic Developments Segment
Segments reporting
Total revenues		49,987	679,763	520,109
Strategic Developments Segment \| Operating Segments
Segments reporting
Total revenues		49,987	679,763	520,109
Total operating expenses		(80,472)	(504,036)	(436,698)
Segment operating income (loss)		(30,485)	175,727	83,411
Depreciation and amortization		(3,963)	(5,319)	(6,512)
Interest income (expense), net		16,074	17,073	3,701
Other income (loss), net		690	1,799	2,536
Equity in earnings (losses) from unconsolidated ventures		142	868	(221)
Gain (loss) on sale or disposal of real estate and other assets, net		236	90	13,911
Gain (loss) on extinguishment of debt		0	0	0
Provision for impairment		0		(13,068)
Income (loss) before income taxes		$ (17,306)	$ 190,238	$ 83,758

Acquisitions and Dispositions - Dispositions Narrative (Details) $ in Millions	1 Months Ended
	Dec. 31, 2023 USD ($) storageUnit	Jul. 31, 2023 USD ($) storageUnit storageFacility	Mar. 31, 2023 USD ($) a landParcel	Dec. 31, 2022 USD ($) a	Jun. 30, 2022 USD ($) a	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) a building	Sep. 30, 2021 USD ($)	May 31, 2021 USD ($) a	Feb. 27, 2024 USD ($) storageUnit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group Not Discontinued Operation Gain Loss On Disposal Statement Of Income Extensible List Not Disclosed Flag								gain on sale
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received								$ 252.0
Gain (loss) on disposal								39.1
Transaction costs								2.9
Repayments of debt								$ 132.3
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 110 North Wacker Building
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received						$ 208.6
Gain (loss) on disposal						$ 5.0
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Monarch City Collection, Texas
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received									$ 51.4
Gain (loss) on disposal									21.3
Transaction costs on sales of investments real estate									$ 1.5
Area of land sold \| a									229
Creekside Park Medical Plaza \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of storage units \| storageUnit										32,689
Consideration received										$ 14.0
Memorial Hermann Medical Office \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of storage units \| storageUnit	20,000
Consideration received	$ 9.6
Gain (loss) on disposal	$ 3.2
The Woodlands, Texas \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of storage units \| storageUnit		1,370
Consideration received		$ 30.5
Gain (loss) on disposal		$ 16.1
Number of operating self storage facilities \| storageFacility		2
Honolulu, Hawai'i \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received			$ 6.3
Gain (loss) on disposal			$ 4.7
Land parcels sold \| landParcel			2
Area of real estate property (in sqft) \| a			11,929
Creekside Village Green \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received				$ 28.4
Gain (loss) on disposal				$ 13.4
Area of real estate property (in sqft) \| a				74,670
Lake Woodlands Crossing \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received				$ 22.5
Gain (loss) on disposal				$ 12.2
Area of real estate property (in sqft) \| a				60,261
Ground lease term				99 years
Outlet Collection at Riverwalk \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received					$ 34.0
Gain (loss) on disposal					$ 4.0
Area of real estate property (in sqft) \| a					264,080
Transaction costs on sales of investments real estate					$ 0.5
Century Park \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received							$ 25.0
Gain (loss) on disposal							7.4
Transaction costs on sales of investments real estate							$ 0.4
Area of land sold \| a							63
Area of real estate property sold \| a							1,302,597
Number of buildings \| building							17

Investments in Unconsolidated Ventures

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Ventures


2. Investments in Unconsolidated Ventures

In the normal course of business, the Company enters into partnerships and ventures with an emphasis on investments associated with the development and operation of real estate assets. As of December 31, 2023, the Company does not consolidate the investments below as it does not have a controlling financial interest in these ventures. As such, the Company primarily reports its interests in accordance with the equity method. As of December 31, 2023, these ventures had debt totaling $273.1 million, with the Company’s proportionate share of this debt totaling $134.9 million. All of this indebtedness is without recourse to the Company, with the exception of the collateral maintenance obligation for Floreo. See Note 10 - Commitments and Contingencies for additional information related to the Company’s collateral maintenance obligation.

Investments in unconsolidated ventures consist of the following:


	Ownership Interest (a)				Carrying Value				Share of Earnings/Dividends
	December 31,		December 31,		December 31,		December 31,			Year Ended December 31,
thousands except percentages	2023		2022		2023		2022			2023		2022		2021
Equity Method Investments
Operating Assets
110 North Wacker	—	%	—	%	$	—	$	—		$	—	$	4,910	$	(74,309)
The Metropolitan (b)	50.0	%	50.0	%	—		—			33		4,556		582
Stewart Title of Montgomery County, TX	50.0	%	50.0	%	3,785		4,217			168		1,294		1,860
Woodlands Sarofim	20.0	%	20.0	%	2,990		3,029			(40)		(13)		96
TEN.m.flats (c)	50.0	%	50.0	%	—		—			(225)		6,878		974
Master Planned Communities
The Summit (d)	50.0	%	50.0	%	59,112		49,368			24,787		(30)		59,407
Floreo (e)	50.0	%	50.0	%	55,880		58,001			(2,121)		(1,377)		(8)
Seaport

The Lawn Club (d)	50.0	%	50.0	%	1,266		2,553			(1,287)		—		—
Ssäm Bar (d)(e)(f)	50.0	%	50.0	%	—		5,551			(5,981)		(783)		(1,988)
Tin Building by Jean-Georges (d)(e)(f)	65.0	%	65.0	%	11,658		6,935			(43,330)		(36,182)		—
Jean-Georges Restaurants (f)	25.0	%	25.0	%	14,535		45,626			(30,887)		692		—
Strategic Developments

HHMK Development	50.0	%	50.0	%	10		10			—		—		—
KR Holdings	50.0	%	50.0	%	486		485			2		797		(221)
West End Alexandria (d)	58.3	%	58.3	%	56,757		56,617			140		71		—
					206,479		232,392			(58,741)		(19,187)		(13,607)
Other equity investments (g)					13,779		13,779			3,033		4,638		3,755
Investments in unconsolidated ventures					$	220,258	$	246,171		$	(55,708)	$	(14,549)	$	(9,852)

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

(b)The Metropolitan was in a deficit position of $10.9 million at December 31, 2023, and $9.0 million at December 31, 2022. These deficit balances are presented in Accounts payable and other liabilities at December 31, 2023 and 2022.

(c)TEN.m.flats was in a deficit position of $4.7 million at December 31, 2023, and $1.8 million at December 31, 2022. The deficit balance is presented in Accounts payable and other liabilities at December 31, 2023 and 2022.

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

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

(f)These investments were impaired as part of the Seaport impairment recognized in 2023. Refer to specific investment discussion below and Note 4 - Impairment for additional detail.

(g)Other equity investments represent investments not accounted for under the equity method. The Company elected the measurement alternative as these investments do not have readily determinable fair values. There were no impairments, or upward or downward adjustments to the carrying amounts of these securities either during 2023, or cumulatively. As of December 31, 2023, Other equity investments primarily includes $10.0 million of warrants, which represents cash paid by the Company for the option to acquire additional ownership interest in Jean-Georges Restaurants. Refer to discussion below for additional detail.

110 North Wacker The Company formed a partnership with a local developer (the Partnership) during the second quarter of 2017. During the second quarter of 2018, the Partnership executed an agreement with USAA to construct and operate the building at 110 North Wacker through a separate legal entity (the Venture). Construction was completed in the third quarter of 2020.

In 2021, the Company recorded a $17.7 million impairment of its equity investment in the Venture due to a change in the anticipated holding period as it entered into a plan to sell the Partnership’s interest in the Venture.

In March 2022, the Partnership completed the sale of its ownership interest in the Venture for a gross sales price of $208.6 million. Upon sale, the Company recognized income of $5.0 million in Equity in earnings (losses) from unconsolidated ventures in the Consolidated Statements of Operations. Based upon the Partnership’s waterfall, $168.9 million of the net sales proceeds were allocated to the Company with the remaining $22.1 million allocated to the local developer.

The Lawn Club In January 2021, the Company formed HHC Lawn Games, LLC with The Lawn Club NYC, LLC (Endorphin Ventures), to construct and operate an immersive indoor and outdoor restaurant that includes an extensive area of indoor grass, a stylish clubhouse bar, and a wide variety of lawn games. This concept opened in the fourth quarter of 2023. Under the terms of the initial agreement, the Company funded 80% of the cost to construct the restaurant, and Endorphin Ventures contributed the remaining 20%. In October 2023, the members executed an amended LLC agreement, in which the Company will fund 90% of any remaining capital requirements, and Endorphin Ventures will contribute the remaining 10%.

The Company recognizes its share of income or loss based on the joint venture distribution priorities, which could fluctuate over time. Upon return of each member’s contributed capital and a preferred return to HHH, distributions and recognition of income or loss will be allocated to the Company based on its final profit-sharing interest. The Company also entered into a lease agreement with HHC Lawn Games, LLC to lease 20,000 square feet of the Fulton Market Building for this venture.

Ssäm Bar In 2016, the Company formed Pier 17 Restaurant C101, LLC (Ssäm Bar) with MomoPier, LLC (Momofuku) to construct and operate a restaurant and bar at Pier 17 in the Seaport, which opened in 2019. The Company recognizes its share of income or loss based on the joint venture’s distribution priorities, which could fluctuate over time. During the third quarter of 2023, the Ssäm Bar restaurant closed, and the Company and Momofuku are in the process of dissolving the venture. Additionally, the Company recognized an impairment of $5.0 million related to this investment during the year ended December 31, 2023. See Note 4 - Impairment for additional detail.

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

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

As of December 31, 2023 and 2022, the Tin Building by Jean-Georges is classified as a VIE as the equity holders, as a group, lack the characteristics of a controlling financial interest. The Company is not the primary beneficiary of the VIE as it does not have the power to direct the restaurant-related activities that most significantly impact its economic performance. As the Company is unable to quantify the maximum amount of additional capital contributions that may be funded in the future associated with this investment, the Company’s maximum exposure to loss is currently equal to the $11.7 million carrying value of the investment as of December 31, 2023. The Company funded capital contributions of $48.1 million for the year ended December 31, 2023, and $43.1 million for the year ended December 31, 2022.

The Company recognized an impairment of $1.2 million related to this investment in the year ended December 31, 2023. See Note 4 - Impairment for additional detail.

Jean-Georges Restaurants In March 2022, the Company acquired a 25% interest in JG Restaurant HoldCo LLC (Jean-Georges Restaurants) for $45.0 million from JG TopCo LLC (Jean-Georges). Jean-Georges Restaurants currently has over 40 hospitality offerings and a pipeline of new concepts. The Company accounts for its ownership interest in accordance with the equity method and recorded its initial investment at cost, inclusive of legal fees and transaction costs. Under the terms of the agreement, all cash distributions and the recognition of income-producing activities will be pro rata based on stated ownership interest. The Company recognized an impairment of $30.8 million related to this investment in the year ended December 31, 2023. See Note 4 - Impairment for additional detail.

Concurrent with the Company’s acquisition of the 25% interest in Jean-Georges Restaurants, the Company entered into a warrant agreement with Jean-Georges. The Company paid $10.0 million for the option to acquire up to an additional 20% interest in Jean-Georges Restaurants at a fixed exercise price per share subject to certain anti-dilution provisions. Should the warrant agreement be exercised by the Company, the $10.0 million will be credited against the aggregate exercise price of the warrants. Per the agreement, the $10.0 million is to be used for working capital of Jean-Georges Restaurants. The warrant became exercisable on March 2, 2022, subject to automatic exercise in the event of dissolution or liquidation, and will expire on March 2, 2026. As of December 31, 2023, this warrant has not been exercised. The Company elected the measurement alternative for this purchase option as the equity security does not have a readily determinable fair value. As such, the investment is measured at cost, less any identified impairment charges.

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

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

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

Phase II In July 2022, the Company contributed an additional 54 acres to The Summit (Phase II land) with a fair value of $21.5 million. The Company recognized an incremental equity method investment at the fair value of $21.5 million and recognized a gain of $13.5 million recorded in Equity in earnings (losses) from unconsolidated ventures. This gain is the result of marking the cost basis of the land contributed to its estimated fair value at the time of contribution. The Phase II land is adjacent to the existing Summit development and includes approximately 28 custom home sites. The first lot sales closed in the first quarter of 2023. The Company will receive distributions and recognize its share of income or loss for Phase II based on the joint venture’s distribution priorities in the amended Summit LLC agreement, which could fluctuate over time. Upon receipt of preferred returns to HHH, distributions and recognition of income or loss will be allocated to the company based on its final profit-sharing interest.

Floreo In the fourth quarter of 2021, simultaneous with the Teravalis land acquisition, the Company closed on the acquisition of a 50% interest in Trillium Development Holding Company, LLC (Floreo), for $59.0 million and entered into a Limited Liability Company Agreement (LLC Agreement) with JDM Partners and El Dorado Holdings to develop the first village within the new Teravalis MPC on 3,029 acres of land in the greater Phoenix, Arizona area. The first Floreo land sales were contracted as of December 31, 2023, and are expected to close in the first quarter of 2024.

In October 2022, Floreo closed on a $165.0 million financing, with outstanding borrowings of $78.3 million as of December 31, 2023. The Company provided a guarantee on this financing in the form of a collateral maintenance obligation and received a guarantee fee of $5.0 million. The financing and related guarantee provided by the Company triggered a reconsideration event, and as of December 31, 2022, Floreo was classified as a VIE. Due to rights held by other members, the Company does not have a controlling financial interest in Floreo and is not the primary beneficiary. As of December 31, 2023, the Company’s maximum exposure to loss as a result of this investment is limited to the $55.9 million aggregate carrying value as the Company has not made any other firm commitments to fund amounts on behalf of this VIE, and cash collateral that the Company may be obligated to post related to its collateral maintenance obligation. See Note 10 - Commitments and Contingencies for additional information related to the Company’s collateral maintenance obligation.

West End Alexandria In the fourth quarter of 2021, the Company entered into an Asset Contribution Agreement with Landmark Land Holdings, LLC (West End Alexandria) to redevelop a 52-acre site previously known as Landmark Mall. Other equity owners include Foulger-Pratt Development, LLC (Foulger-Pratt) and Seritage SRC Finance (Seritage). The Company conveyed its 33-acre Landmark Mall property with an agreed upon fair value of $56.0 million and Seritage conveyed an additional 19 acres of land with an agreed upon fair value of $30.0 million to West End Alexandria in exchange for equity interest. Additionally, Foulger-Pratt agreed to contribute $10.0 million to West End Alexandria. Also in the fourth quarter of 2021, West End Alexandria executed a Purchase and Sale Agreement with the City of Alexandria to sell approximately 11 acres to the City of Alexandria. The city will lease this land to Inova Health Care Services for construction of a new hospital.

Development plans for the remaining 41-acre property include approximately four million square feet of residential, retail, commercial, and entertainment offerings integrated into a cohesive neighborhood with a central plaza and a network of parks and public transportation. Foulger-Pratt manages construction of the development. Demolition began in the second quarter of 2022 and was completed in 2023, with the completion of infrastructure work expected in 2025.

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

Summarized Financial Information The following tables provide combined summarized financial statement information for the Company’s unconsolidated ventures. Financial statement information is included for each investment for all periods in which the Company’s ownership interest was accounted for as an equity method investment.


thousands	December 31, 2023		December 31, 2022
Consolidated Balance Sheets
Total Assets	$	990,138	$	878,546
Total Liabilities	580,056		505,643
Total Equity	410,082		372,903


	Year Ended December 31,
thousands	2023		2022		2021
Consolidated Statements of Operations
Revenues	$	465,758	$	232,786	$	377,837
Operating Income	35,903		9,815		145,471
Net income (loss)	11,788		(2,646)		69,904

Accumulated Other Comprehensive Income (Loss) - Summary of Amounts Reclassified Out of AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reclassifications out of accumulated other comprehensive income (loss)
(Gains) losses on cash flow hedges	$ 156,951	$ 110,891	$ 130,036
Equity in earnings (losses) from unconsolidated ventures	(55,708)	(14,549)	(9,852)
Income taxes on (gains) losses on cash flow hedges	(163,735)	60,500	15,153
Total reclassifications of (income) loss for the period	551,530	(184,636)	$ (48,924)
Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of accumulated other comprehensive income (loss)
Total reclassifications of (income) loss for the period	(13,131)	(682)
Accumulated Other Comprehensive Income (Loss) Components \| Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of accumulated other comprehensive income (loss)
(Gains) losses on cash flow hedges	(16,970)	7,778
Equity in earnings (losses) from unconsolidated ventures	0	(8,636)
Income taxes on (gains) losses on cash flow hedges	$ 3,839	$ 176

- Definition

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

+ References + Details

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

- Definition

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

+ References

+ Details

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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies


10. Commitments and Contingencies

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

Timarron Park On June 14, 2018, the Company was served with a petition involving approximately 500 individuals or entities who claim that their properties, located in the Timarron Park neighborhood of The Woodlands, were damaged by flood waters that resulted from the unprecedented rainfall that occurred throughout Harris County and surrounding areas during Hurricane Harvey in August 2017. The complaint was filed in State Court in Harris County of the State of Texas. In general, the plaintiffs allege negligence in the development of Timarron Park and violations of Texas’ Deceptive Trade Practices Act and name as defendants The Howard Hughes Corporation, The Woodlands Land Development Company, and two unaffiliated parties involved in the planning and engineering of Timarron Park. The plaintiffs are seeking restitution for damages to their property and diminution of their property values. On August 9, 2022, the Court granted the Company’s summary judgment motions and dismissed the plaintiffs’ claims. On September 8, 2022, the plaintiffs filed a motion for a new trial. On October 21, 2022, the Court denied the motion for a new trial. On November 7, 2022, the Plaintiffs filed their notice of appeal. The Company will continue to vigorously defend the matter as it believes that these claims are without merit and that it has substantial legal and factual defenses to the claims and allegations contained in the complaint. Based upon the present status of this matter, the Company does not believe it is probable that a loss will be incurred. Accordingly, the Company has not recorded a charge as a result of this action.

Waiea The Company entered into a settlement agreement with the Waiea homeowners association related to certain construction defects at the condominium tower. Pursuant to the settlement agreement, the Company will pay for the repair of the defects. The Company believes that the general contractor is ultimately responsible for the defects and as such the Company should be entitled to recover all the repair costs from the general contractor, other responsible parties, and insurance proceeds; however, the Company can provide no assurances that all or any portion of the costs will be recovered. Total estimated cost related to the remediation is $155.4 million, inclusive of $16.1 million of additional anticipated costs recognized in 2023. As of December 31, 2023, a total of $8.7 million remains in Construction payables for the estimated repair costs related to this matter, which is included in Accounts payable and other liabilities in the accompanying Consolidated Balance Sheets.

250 Water Street In 2021, the Company received the necessary approvals for its 250 Water Street development project, which includes a mixed-use development with affordable and market-rate apartments, community-oriented spaces, and office space. In May 2021, the Company received approval from the New York City Landmarks Preservation Commission (LPC) on its proposed design for the 250 Water Street site. The Company received final approvals in December 2021 through the New York City Uniform Land Use Review Procedure known as ULURP, which allowed the necessary transfer of development rights to the parking lot site. The Company began initial foundation and voluntary site remediation work in the second quarter of 2022 and completed remediation work in December 2023.

The Company has prevailed in various lawsuits filed in 2021 and 2022 challenging the development approvals in order to prevent construction of this project. In September 2021, the New York State Supreme Court dismissed on procedural grounds a lawsuit challenging the LPC approval. In February 2022, an additional lawsuit was filed in New York State Supreme Court by opponents of the project challenging the land use approvals for 250 Water Street previously granted to the Company under the ULURP, and in August 2022 the Court ruled in the Company’s favor, denying all claims of the petitioners. The same petitioners subsequently filed a request to reargue and renew the case, which the Court rejected in January 2023.

A separate lawsuit was filed in July 2022 again challenging the Landmarks Preservation Commission approval. In January 2023, a Court ruled in favor of the petitioners vacating the Certificate of Appropriateness (COA) issued by the LPC. The Company immediately appealed this decision to the New York State Supreme Court’s Appellate Division, and on June 6, 2023, an Appellate Division panel of five judges unanimously reversed the lower Court’s decision, reinstating the COA. Subsequently, on June 29, 2023, petitioners filed a motion requesting reargument or, in the alternative, permission to appeal the decision of the Appellate Division to the New York State Court of Appeals. On August 31, 2023, the Appellate denied petitioners’ motion in full. Subsequently, petitioners filed a motion in the Court of Appeals for permission to appeal to that court. The decision on the motion by the Court of Appeals is pending. Although it is not possible to predict with certainty the outcome of petitioners’ motion, such requests are rarely granted and there is no further judicial recourse after the Court of Appeals. If the pending motion for permission to appeal were to be granted by the Court of Appeals, the Company believes the Appellate Division’s ruling will be upheld based on the substantial legal and factual arguments supporting its decision. The lawsuit is not seeking monetary damages as the petitioners are seeking to enjoin the Company from moving forward with the development of 250 Water Street. Because the Company believes that a potential loss is not probable or estimable, it has not recorded any reserves or contingencies related to this legal matter.

Letters of Credit and Surety Bonds As of December 31, 2023, the Company had outstanding letters of credit totaling $3.9 million and surety bonds totaling $470.4 million. As of December 31, 2022, the Company had outstanding letters of credit totaling $2.1 million and surety bonds totaling $346.3 million. These letters of credit and surety bonds were issued primarily in connection with insurance requirements, special real estate assessments, and construction obligations.

Operating Leases The Company leases land or buildings at certain properties from third parties, which are recorded in Operating lease right-of-use assets and Operating lease obligations on the Consolidated Balance Sheets. See Note 17 - Leases for further discussion. Contractual rental expense, including participation rent, was $5.3 million for the year ended December 31, 2023, $5.6 million for the year ended December 31, 2022, and $7.2 million for the year ended December 31, 2021. The amortization of above and below‑market ground leases and straight‑line rents included in the contractual rent amount was not significant.

Guarantee Agreements The Company evaluates the likelihood of future performance under the below guarantees and, as of December 31, 2023 and 2022, there were no events requiring financial performance under the following guarantees.

Floreo In October 2022, Floreo, the Company’s 50% owned joint venture in Teravalis, closed on a $165 million bond financing with Mizuho Capital Markets, LLC (Mizuho). Outstanding borrowings as of December 31, 2023, were $78.3 million. A wholly owned subsidiary of the Company (HHC Member) provided a guarantee for the bond in the form of a collateral maintenance commitment under which it will post refundable cash collateral if the Loan-to-Value (LTV) ratio exceeds 50%. A separate wholly owned subsidiary of the Company also provided a backstop guarantee of up to $50 million of the cash collateral commitment in the event HHC Member fails to make necessary payments when due. The cash collateral becomes nonrefundable if Floreo defaults on the bond obligation. The Company received a fee of $5.0 million in exchange for providing this guarantee, which was recognized in Accounts payable and other liabilities on the Consolidated Balance Sheets as of December 31, 2023. This liability amount will be recognized in Other income (loss), net in a manner that corresponds to the bond repayment by Floreo. The Company’s maximum exposure under this guarantee is equal to the cash collateral that the Company may be obligated to post. As of December 31, 2023, the Company has not posted any cash collateral. Given the existence of other collateral including the undeveloped land owned by Floreo, the entity’s extensive and discretionary development plan, and its eligibility for reimbursement of a significant part of the development costs from the Community Facility District in Arizona, the Company does not expect to have to post collateral.

Tin Building In conjunction with the execution of the ground lease for the Seaport, the Company executed a completion guarantee for the core and shell construction of the Tin Building. The core and shell construction was completed in the fourth quarter of 2021, and the remainder of construction was completed in the third quarter of 2022. The Company received the necessary approvals from the New York City Economic Development Corporation to relinquish the guarantee in early 2023.

Downtown Columbia The Company’s wholly owned subsidiaries agreed to complete defined public improvements and to indemnify Howard County, Maryland, for certain matters as part of the Downtown Columbia Redevelopment District TIF bonds. To the extent that increases in taxes do not cover debt service payments on the TIF bonds, the Company’s wholly owned subsidiary is obligated to pay special taxes. Management has concluded that, as of December 31, 2023, any obligations to pay special taxes are not probable.

Ward Village As part of the Company’s development permits with the Hawai‘i Community Development Authority for the condominium towers at Ward Village, the Company entered into a guarantee whereby it is required to reserve 20% of the residential units for local residents who meet certain maximum income and net worth requirements. This guarantee, which is triggered once the necessary permits are granted and construction commences, was satisfied for Waiea, Anaha, and Ae‘o, with the opening of Ke Kilohana, which is a workforce tower fully earmarked to fulfill this obligation for the first four towers. The reserved units for ‘A‘ali‘i tower are included in the ‘A‘ali‘i tower. Units for Kō‘ula, Victoria Place, and The Park Ward Village will be satisfied with the construction of Ulana Ward Village, which is a second workforce tower fully earmarked to fulfill the remaining reserved housing guarantee in the community. Ulana Ward Village began construction in early 2023.

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

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes


12. Income Taxes

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

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


thousands	2023		2022		2021
Current	$	108	$	18,478	$	4,797
Deferred	(163,843)		42,022		10,356
Total	$	(163,735)	$	60,500	$	15,153


thousands except percentages	2023			2022			2021
Income (loss) before income taxes	$	(715,265)		$	245,136		$	64,077
U.S. federal statutory tax rate	21.0		%	21.0		%	21.0		%
Tax computed at the U.S. federal statutory rate	$	(150,206)		$	51,479		$	13,456
Increase (decrease) in valuation allowance, net	25,401			1,065			2,378
State income tax expense (benefit), net of federal income tax	(32,041)			5,483			(3,182)

Tax expense (benefit) from other change in rates, prior period adjustments, and other permanent differences	2,014			315			(181)

Tax expense on compensation disallowance	2,604			2,180			1,570
Net (income) loss attributable to noncontrolling interests	(51)			(22)			1,507
Tax expense (benefit) on tax credits	(11,456)			—			(395)



Income tax expense (benefit)	$	(163,735)		$	60,500		$	15,153
Effective tax rate	22.9		%	24.7		%	23.6		%

As of December 31, 2023, the amounts and expiration dates of operating loss carryforwards for tax purposes are as follows:


thousands	Amount

Net operating loss carryforwards - Federal (a)	$	51,731
Net operating loss carryforwards - State (b)	587,852

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

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


thousands	2023		2022
Deferred tax assets:
Operating and Strategic Developments properties and fixed assets	$	204,228	$	22,447
Investments in unconsolidated ventures	11,577		6,698
Accrued expenses	6,924		6,282
Prepaid expenses	2,020		1,972
Other	1,845		—

Operating loss and tax carryforwards	52,433		65,829
Total deferred tax assets	279,027		103,228
Valuation allowance	(62,921)		(39,478)
Total net deferred tax assets	$	216,106	$	63,750
Deferred tax liabilities:
Master Planned Communities properties	$	(208,347)	$	(214,046)

Deferred income	(76,908)		(86,104)
Accounts receivable	(18,686)		(17,761)
Other	—		(175)
Total deferred tax liabilities	(303,941)		(318,086)
Total net deferred tax liabilities	$	(87,835)	$	(254,336)

The deferred tax liability associated with the Company’s MPCs is largely attributable to the difference between the basis and value determined as of the date of the acquisition by its predecessors adjusted for sales that have occurred since that time. The recognition of these deferred tax liabilities is dependent upon the timing and sales price of future land sales and the method of accounting used for income tax purposes. The deferred tax liability related to deferred income represents the difference between the income tax method of accounting and the financial statement method of accounting for prior sales of land in the Company’s MPCs.

Generally, the Company is currently open to audit under the statute of limitations by the Internal Revenue Service as well as state taxing authorities for the years ended December 31, 2020 through 2023. In the Company’s opinion, it has made adequate tax provisions for years subject to examination. However, the final determination of tax examinations and any related litigation could be different from what was reported on the returns.

The Company applies the generally accepted accounting principle related to accounting for uncertainty in income taxes, which prescribes a recognition threshold that a tax position is required to meet before recognition in the financial statements and provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure, and transition issues.

The Company recognizes and reports interest and penalties related to unrecognized tax benefits, if applicable, within the provision for income tax expense. The Company had no unrecognized tax benefits for the years ended December 31, 2023, 2022, or 2021, and therefore did not recognize any interest expense or penalties on unrecognized tax benefits.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Income Taxes - Computation of Income Tax Expense by Applying Federal Corporate Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ (715,265)	$ 245,136	$ 64,077
U.S. federal statutory tax rate	21.00%	21.00%	21.00%
Tax computed at the U.S. federal statutory rate	$ (150,206)	$ 51,479	$ 13,456
Increase (decrease) in valuation allowance, net	25,401	1,065	2,378
State income tax expense (benefit), net of federal income tax	(32,041)	5,483	(3,182)
Tax expense (benefit) from other change in rates, prior period adjustments, and other permanent differences	2,014	315	(181)
Tax expense on compensation disallowance	2,604	2,180	1,570
Net (income) loss attributable to noncontrolling interests	(51)	(22)	1,507
Tax expense (benefit) on tax credits	(11,456)	0	(395)
Income tax expense (benefit)	$ (163,735)	$ 60,500	$ 15,153
Effective tax rate	22.90%	24.70%	23.60%

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

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

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2023

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

Summary of AOCI

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


thousands
Balance at December 31, 2020	$	(38,590)
Derivative instruments:
Other comprehensive income (loss) before reclassifications	5,300
(Gain) loss reclassified to net income	12,660
Pension adjustment	452
Share of investee’s other comprehensive income	5,721
Net current-period other comprehensive income (loss)	24,133
Balance at December 31, 2021	$	(14,457)
Derivative instruments:
Other comprehensive income (loss) before reclassifications	25,657
(Gain) loss reclassified to net income	6,041
Reclassification of the Company's share of previously deferred derivative gains to net income (a)	(6,723)
Pension adjustment	(183)


Net current-period other comprehensive income (loss)	24,792
Balance at December 31, 2022	$	10,335
Derivative instruments:
Other comprehensive income (loss) before reclassifications	3,809
(Gain) loss reclassified to net income	(13,131)
Pension adjustment	259



Net current-period other comprehensive income (loss)	(9,063)
Balance at December 31, 2023	$	1,272

Summary of the amounts reclassified out of AOCI

The following table summarizes the amounts reclassified out of AOCI for the years ended December 31:


Accumulated Other Comprehensive Income (Loss) Components thousands					Affected line items in the Statements of Operations
	2023		2022
(Gains) losses on cash flow hedges	$	(16,970)	$	7,778	Interest expense
Company's share of previously deferred derivative gains	—		(8,636)		Equity in earnings (losses) from unconsolidated ventures
Income taxes on (gains) losses on cash flow hedges	3,839		176		Income tax expense (benefit)
Total reclassifications of (income) loss for the period	$	(13,131)	$	(682)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (551,530)	$ 184,636	$ 48,924
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Depreciation	195,630	180,201	185,418
Amortization	16,839	16,834	16,891
Amortization of deferred financing costs	12,303	10,754	10,301
Amortization of intangibles other than in-place leases	3,275	3,275	2,843
Straight-line rent amortization	(7,680)	(8,468)	(9,278)
Deferred income taxes	(163,843)	42,022	10,356
Restricted stock and stock option amortization	16,394	11,895	9,885
Net gain on sale of properties	(24,162)	(29,687)	(53,057)
Net gain on sale of unconsolidated ventures	0	(5,016)	0
(Gain) loss on extinguishment of debt	144	2,377	38,014
Impairment charges	672,492	0	15,335
Equity in (earnings) losses from unconsolidated ventures, net of distributions and impairment charges	66,676	28,081	52,390
Provision for doubtful accounts	8,601	(2,235)	(2,027)
Master Planned Community land acquisitions	0	0	(574,253)
Master Planned Community development expenditures	(403,633)	(396,125)	(322,255)
Master Planned Community cost of sales	126,167	111,723	144,933
Condominium development expenditures	(472,666)	(340,793)	(345,289)
Condominium rights and units cost of sales	53,156	465,711	394,427
Other	1,319	0	0
Net Changes:
Accounts receivable, net	112,048	83,443	30,594
Other assets, net	(19,615)	(33,078)	(17,140)
Condominium deposits received, net	88,595	21,273	59,108
Deferred expenses, net	(27,037)	(30,441)	(22,903)
Accounts payable and other liabilities	38,045	8,872	42,825
Cash provided by (used in) operating activities	(258,482)	325,254	(283,958)
CASH FLOWS FROM INVESTING ACTIVITIES
Property and equipment expenditures	(7,340)	(2,004)	(1,814)
Operating property improvements	(56,320)	(54,715)	(35,915)
Property development and redevelopment	(275,084)	(353,098)	(274,742)
Acquisition of assets	(5,898)	0	0
Proceeds from sales of properties, net	39,543	81,720	322,451
Reimbursements under tax increment financings	1,469	127	667
Distributions from unconsolidated ventures	13,014	207,685	92,060
Investments in unconsolidated ventures, net	(45,527)	(100,410)	(1,249)
Cash provided by (used in) investing activities	(336,143)	(220,695)	101,458
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from mortgages, notes, and loans payable	792,441	1,235,895	2,422,862
Principal payments on mortgages, notes, and loans payable	(249,435)	(1,065,348)	(2,140,340)
Repurchases of common shares	0	(403,863)	(81,127)
Debt extinguishment costs	0	(60)	(29,793)
Special Improvement District bond funds released from (held in) escrow	11,037	23,148	11,477
Deferred financing costs and bond issuance costs, net	(2,821)	(18,515)	(28,517)
Taxes paid on stock options exercised and restricted stock vested	(2,696)	(3,011)	(2,500)
Stock options exercised	0	345	4,078
Issuance of Teravalis noncontrolling interest	0	31,234	0
Distribution to noncontrolling interest upon sale of 110 North Wacker	0	(22,084)	0
Contributions from Teravalis noncontrolling interest owner	219	0	0
Cash provided by (used in) financing activities	548,745	(222,259)	156,140
Net change in cash, cash equivalents, and restricted cash	(45,880)	(117,700)	(26,360)
Cash, cash equivalents, and restricted cash at beginning of period	1,098,937	1,216,637	1,242,997
Cash, cash equivalents, and restricted cash at end of period	1,053,057	1,098,937	1,216,637
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents	631,548	626,653	843,212
Restricted cash	421,509	472,284	373,425
Cash, cash equivalents, and restricted cash at end of period	1,053,057	1,098,937	1,216,637
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid, net	249,702	214,583	182,654
Interest capitalized	120,667	100,607	71,798
Income taxes paid (refunded), net	10,608	24,974	1,789
NON-CASH TRANSACTIONS
Issuance of Teravalis noncontrolling interest	0	33,810	0
MPC land contributed to unconsolidated venture	0	21,450	0
Accrued property improvements, developments, and redevelopments	4,253	131	16,885
Non-cash consideration from sale of properties	5,250	0	0
Special Improvement District bond transfers associated with land sales	13,883	7,774	8,697
Special Improvement District bonds held in third-party escrow	21,290	0	45,425
Capitalized stock compensation	4,669	4,785	2,326
Initial recognition of ASC 842 operating lease ROU asset	0	1,488	6,189
Initial recognition of ASC 842 operating lease obligation	0	1,621	6,189
Accrued repurchase of common shares	$ 0	$ 0	$ 15,492

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

Investments in Unconsolidated Ventures (Tables)

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Summary of investments in real estate and other affiliates

Investments in unconsolidated ventures consist of the following:


	Ownership Interest (a)				Carrying Value				Share of Earnings/Dividends
	December 31,		December 31,		December 31,		December 31,			Year Ended December 31,
thousands except percentages	2023		2022		2023		2022			2023		2022		2021
Equity Method Investments
Operating Assets
110 North Wacker	—	%	—	%	$	—	$	—		$	—	$	4,910	$	(74,309)
The Metropolitan (b)	50.0	%	50.0	%	—		—			33		4,556		582
Stewart Title of Montgomery County, TX	50.0	%	50.0	%	3,785		4,217			168		1,294		1,860
Woodlands Sarofim	20.0	%	20.0	%	2,990		3,029			(40)		(13)		96
TEN.m.flats (c)	50.0	%	50.0	%	—		—			(225)		6,878		974
Master Planned Communities
The Summit (d)	50.0	%	50.0	%	59,112		49,368			24,787		(30)		59,407
Floreo (e)	50.0	%	50.0	%	55,880		58,001			(2,121)		(1,377)		(8)
Seaport

The Lawn Club (d)	50.0	%	50.0	%	1,266		2,553			(1,287)		—		—
Ssäm Bar (d)(e)(f)	50.0	%	50.0	%	—		5,551			(5,981)		(783)		(1,988)
Tin Building by Jean-Georges (d)(e)(f)	65.0	%	65.0	%	11,658		6,935			(43,330)		(36,182)		—
Jean-Georges Restaurants (f)	25.0	%	25.0	%	14,535		45,626			(30,887)		692		—
Strategic Developments

HHMK Development	50.0	%	50.0	%	10		10			—		—		—
KR Holdings	50.0	%	50.0	%	486		485			2		797		(221)
West End Alexandria (d)	58.3	%	58.3	%	56,757		56,617			140		71		—
					206,479		232,392			(58,741)		(19,187)		(13,607)
Other equity investments (g)					13,779		13,779			3,033		4,638		3,755
Investments in unconsolidated ventures					$	220,258	$	246,171		$	(55,708)	$	(14,549)	$	(9,852)

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

(f)These investments were impaired as part of the Seaport impairment recognized in 2023. Refer to specific investment discussion below and Note 4 - Impairment for additional detail.

Summarized financial information

The following tables provide combined summarized financial statement information for the Company’s unconsolidated ventures. Financial statement information is included for each investment for all periods in which the Company’s ownership interest was accounted for as an equity method investment.


thousands	December 31, 2023		December 31, 2022
Consolidated Balance Sheets
Total Assets	$	990,138	$	878,546
Total Liabilities	580,056		505,643
Total Equity	410,082		372,903


	Year Ended December 31,
thousands	2023		2022		2021
Consolidated Statements of Operations
Revenues	$	465,758	$	232,786	$	377,837
Operating Income	35,903		9,815		145,471
Net income (loss)	11,788		(2,646)		69,904

Investments in Unconsolidated Ventures - Floreo (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Oct. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) a	Dec. 31, 2023 USD ($)
Investments in and Advances to Affiliates, Activity [Line Items]
Carrying value			$ 5,352,610
Floreo
Investments in and Advances to Affiliates, Activity [Line Items]
Face amount	$ 165,000
Carrying value			$ 78,300
Guarantee fee	5,000
Investment in real estate and other affiliates	$ 55,900
Floreo \| Phoenix, Arizona
Investments in and Advances to Affiliates, Activity [Line Items]
Area of land \| a		3,029
Floreo Development Holding Company, LLC
Investments in and Advances to Affiliates, Activity [Line Items]
Acquisition interest		50.00%
Purchase price of acquisition		$ 59,000

Stock-Based Compensation Plans - Summary of stock-based compensation expense, net of amounts capitalized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Pre-tax stock-based compensation expense	$ 11,725	$ 7,110	$ 7,559
Income tax benefit	1,001	636	882
Stock Options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Pre-tax stock-based compensation expense	336	250	227
Restricted Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Pre-tax stock-based compensation expense	11,389	6,860	7,332
Share based compensation costs capitalized	$ 4,600	$ 4,800	$ 2,200

Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities


9. Derivative Instruments and Hedging Activities

The Company is exposed to interest rate risk related to its variable interest rate debt, and it manages this risk by utilizing interest rate derivatives. The Company uses interest rate swaps, collars, and caps to add stability to interest costs by reducing the Company’s exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company’s fixed‑rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate collars designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above an established ceiling rate and payment of variable amounts to a counterparty if interest rates fall below an established floor rate, in exchange for an upfront premium. No payments or receipts are exchanged on interest rate collar contracts unless interest rates rise above or fall below the established ceiling and floor rates. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an upfront premium. Certain of the Company’s interest rate caps are not currently designated as hedges, and therefore, any gains or losses are recognized in current-period earnings within Interest expense on the Consolidated Statements of Operations. These derivatives are recorded on a gross basis at fair value on the balance sheet.

Assessments of hedge effectiveness are performed quarterly using regression analysis. The change in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in Accumulated other comprehensive income (loss) (AOCI) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings within the same income statement line item being hedged. Derivatives accounted for as cash flow hedges are classified in the same category in the Consolidated Statements of Cash Flows as the items being hedged. Gains and losses from derivative financial instruments are reported in Cash provided by (used in) operating activities within the Consolidated Statements of Cash Flows.

The Company is exposed to credit risk in the event of non-performance by its derivative counterparties. To mitigate its credit risk, the Company reviews the creditworthiness of counterparties and enters into agreements with those that are considered credit-worthy, such as large financial institutions with favorable credit ratings. There were no derivative counterparty defaults as of December 31, 2023 and 2022.

If the derivative contracts are terminated prior to their maturity, the amounts previously recorded in AOCI are recognized in earnings over the period that the hedged transaction impacts earnings. During the years ended December 31, 2023 and 2022, there were no termination events. During the year ended December 31, 2023, the Company recorded an immaterial reduction in Interest expense related to the amortization of a previously terminated swap.

Amounts reported in AOCI related to derivatives will be reclassified to Interest expense as interest payments are made on the Company’s variable‑rate debt. Over the next 12 months, HHH estimates that $4.6 million of net gain will be reclassified to Interest expense including amounts related to the amortization of terminated swaps.


					Fair Value Asset (Liability)
	Notional	Fixed Interest	Effective	Maturity	December 31,		December 31,
thousands	Amount	Rate (a)	Date	Date	2023		2022
Derivative instruments not designated as hedging instruments: (b)
Interest rate cap	285,000	2.00%	3/12/2021	9/15/2023	$	—	$	5,748
Interest rate cap	83,200	2.00%	3/12/2021	9/15/2023	—		1,677
Interest rate cap	75,000	2.50%	10/12/2021	9/29/2025	2,274		3,791
Interest rate cap	59,500	2.50%	10/12/2021	9/29/2025	1,804		3,007
Interest rate collar	53,272	2.00% - 4.50%	6/1/2023	6/1/2025	417		—
Interest rate collar	33,260	2.00% - 4.50%	6/1/2023	6/1/2025	440		—

Derivative instruments designated as hedging instruments:
Interest rate swap	615,000	2.98%	9/21/2018	9/18/2023	$	—	$	8,262
Interest rate swap	200,000	3.69%	1/3/2023	1/1/2027	117		978
Interest rate cap	127,000	5.50%	11/10/2022	11/7/2024	28		378
Interest rate cap	74,120	5.00%	12/22/2022	12/21/2025	223		655
Interest rate swap	40,800	1.68%	3/1/2022	2/18/2027	2,496		3,321
Interest rate swap	34,857	4.89%	11/1/2019	1/1/2032	2,519		3,043

Total fair value derivative assets					$	10,318	$	30,860
Total fair value derivative liabilities					—		—
Total fair value derivatives asset (liability), net					$	10,318	$	30,860

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

(b)Interest income related to these contracts was $0.5 million in 2023 and $13.0 million in 2022.

The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31:


Derivatives in Cash Flow Hedging Relationships	Amount of Gain (Loss) Recognized in AOCI on Derivatives
thousands	2023		2022		2021
Interest rate derivatives	$	3,809	$	25,657	$	5,300


Location of Gain (Loss) Reclassified from AOCI into Statements of Operations	Amount of Gain (Loss) Reclassified from AOCI into Statements of Operations
thousands	2023		2022		2021
Interest expense	$	13,131	$	(6,041)	$	(12,660)

Credit-risk-related Contingent Features The Company has agreements with certain derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has agreements with certain derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. None of the Company’s derivatives which contain credit-risk-related features were in a net liability position as of December 31, 2023.

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

Presentation of Financial Statements and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of estimated useful lives

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


Asset Type	Years	Balance Sheet Location
Buildings and improvements	7 - 40	Buildings and Equipment
Equipment and fixtures	5 - 20	Buildings and Equipment
Computer hardware and software, and vehicles	3 - 5	Buildings and Equipment
Tenant improvements	Related lease term	Buildings and Equipment
Leasing costs	Related lease term	Other assets, net

Categories of developments

Developments consist of the following categories as of December 31:


thousands	2023		2022
Land and improvements	$	238,921	$	339,540
Development costs	1,033,524		785,487

Total Developments	$	1,272,445	$	1,125,027

Components of accounts receivable, net

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


thousands	2023		2022
Straight-line rent receivables	$	87,669	$	84,145
Tenant receivables	4,780		12,044
Other receivables	22,596		7,248
Accounts receivable, net (a)	$	115,045	$	103,437

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

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


thousands	Statements of Operations Location	2023		2022		2021
ASC 842 reserve	Rental revenue	$	11,272	$	(3,715)	$	(1,562)
ASC 450 reserve	Provision for (recovery of) doubtful accounts	(2,561)		1,959		(459)



Total (income) expense impact (a)		$	8,711	$	(1,756)	$	(2,021)