0001628280-24-021667 | 10-Q | XBRL Viewer | Howard Hughes Holdings INC

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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)	56,714,750	56,495,791
Common stock, shares outstanding (in shares)	50,243,739	50,038,014
Treasury stock (in shares)	6,471,011	6,457,777

Other Assets and Liabilities

3 Months Ended

Mar. 31, 2024

OTHER ASSETS AND LIABILITIES [Abstract]

Other Assets and Liabilities


5. Other Assets and Liabilities

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


thousands	March 31, 2024		December 31, 2023
Security, escrow, and other deposits	$	83,708	$	81,891
Special Improvement District receivable, net	75,447		74,899
In-place leases, net	34,447		35,490
Intangibles, net	21,076		21,894
Other	20,271		19,248
Interest rate derivative assets	14,856		10,318
Prepaid expenses	13,789		16,984
Tenant incentives and other receivables, net	11,301		10,840
TIF receivable, net	3,807		6,371
Net investment in lease receivable	2,823		2,883
Notes receivable, net	1,088		1,558
Condominium inventory	562		671








Other assets, net	$	283,175	$	283,047

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


thousands	March 31, 2024		December 31, 2023
Condominium deposit liabilities	$	528,536	$	478,870
Construction payables	297,086		257,227
Deferred income	112,608		118,432
Tenant and other deposits	45,165		29,976
Accounts payable and accrued expenses	35,930		49,363
Accrued interest	30,305		54,301
Accrued real estate taxes	23,477		30,096
Other	19,533		24,461
Accrued payroll and other employee liabilities	15,491		33,314











Accounts payable and other liabilities	$	1,108,131	$	1,076,040

Mortgages, Notes and Loans Payable, Net - Schedule of Secured Mortgages Payable (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Weighted-average Interest Rate	8.04%	7.98%
Mortgages
Debt Instrument [Line Items]
Fixed rate	$ 1,482,958	$ 1,485,494
Variable rate	1,365,049	1,276,489
Secured mortgages payable	$ 2,848,007	$ 2,761,983
Fixed interest, weighted average interest rate	4.46%	4.46%
Variable interest, weighted average interest rate	8.75%	8.73%
Weighted-average Interest Rate	6.52%	6.44%
Fixed interest, weighted-average years to maturity	7 years	7 years 2 months 12 days
Variable interest, weighted-average years to maturity	1 year 10 months 24 days	2 years 2 months 12 days
Weighted-average Years to Maturity	4 years 6 months	4 years 10 months 24 days
Mortgages \| Minimum
Debt Instrument [Line Items]
Fixed weighted-average interest rate	3.13%	3.13%
Variable weighted-average interest rate	7.07%	7.08%
Range of Interest Rates	3.13%	3.13%
Mortgages \| Maximum
Debt Instrument [Line Items]
Fixed weighted-average interest rate	8.67%	8.67%
Variable weighted-average interest rate	10.41%	10.48%
Range of Interest Rates	10.41%	10.48%

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes


10. Income Taxes


	Three Months Ended March 31,
thousands except percentages		2024			2023
Income tax expense (benefit)		$	(17,195)		$	(1,278)
Income (loss) before income taxes		(69,662)			(23,905)
Effective tax rate		24.7		%	5.3		%

The Company’s tax provision for interim periods is determined using an estimate of its annual current and deferred effective tax rates, adjusted for discrete items. The Company’s effective tax rate is typically impacted by non-deductible executive compensation and other permanent differences as well as state income taxes, which cause the Company’s effective tax rate to deviate from the federal statutory rate.

- 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

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+ Details

Derivative Instruments and Hedging Activities - Summary of the Notional Amount and Fair Value of Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Fair value of derivative instruments
Total fair value derivative assets	$ 14,856		$ 10,318
Derivative instruments not designated as hedging instruments
Fair value of derivative instruments
Other Income	(2,200)	$ (4,200)
Derivative instruments designated as hedging instruments: \| Minimum
Fair value of derivative instruments
Other Income	175,000
Derivative instruments designated as hedging instruments: \| Maximum
Fair value of derivative instruments
Other Income	200,000
Fixed Interest Rate 2.50 Percent, Maturing September 2025, Notional 75Million \| Interest rate cap \| Derivative instruments not designated as hedging instruments \| Other assets, net
Fair value of derivative instruments
Notional amount, asset	$ 75,000
Derivative, fixed interest rate	2.50%
Total fair value derivative assets	$ 2,404		2,274
Fixed Interest Rate 2.50 Percent, Maturing September 2025, Notional 59.5 Million \| Interest rate cap \| Derivative instruments not designated as hedging instruments \| Other assets, net
Fair value of derivative instruments
Notional amount, asset	$ 59,500
Derivative, fixed interest rate	2.50%
Total fair value derivative assets	$ 1,907		1,804
Fixed Interest Rate 2.00 To 4.50 Percent, Maturing June 2025, Notional 1 \| Interest rate collar \| Derivative instruments not designated as hedging instruments \| Other assets, net
Fair value of derivative instruments
Notional amount, asset	55,615
Total fair value derivative assets	$ 770		417
Fixed Interest Rate 2.00 To 4.50 Percent, Maturing June 2025, Notional 1 \| Interest rate collar \| Derivative instruments not designated as hedging instruments \| Other assets, net \| Minimum
Fair value of derivative instruments
Derivative, fixed interest rate	2.00%
Fixed Interest Rate 2.00 To 4.50 Percent, Maturing June 2025, Notional 1 \| Interest rate collar \| Derivative instruments not designated as hedging instruments \| Other assets, net \| 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 \| Other assets, net
Fair value of derivative instruments
Notional amount, asset	$ 63,031
Total fair value derivative assets	$ 903		440
Fixed Interest Rate 2.00 To 4.50 Percent, Maturing June 2025, Notional 2 \| Interest rate collar \| Derivative instruments not designated as hedging instruments \| Other assets, net \| Minimum
Fair value of derivative instruments
Derivative, fixed interest rate	2.00%
Fixed Interest Rate 2.00 To 4.50 Percent, Maturing June 2025, Notional 2 \| Interest rate collar \| Derivative instruments not designated as hedging instruments \| Other assets, net \| Maximum
Fair value of derivative instruments
Derivative, fixed interest rate	4.50%
Fixed Interest Rate 3.69 Maturing January 2027 \| Interest Rate Swap [Member] \| Derivative instruments designated as hedging instruments: \| Accounts payable and other liabilities
Fair value of derivative instruments
Notional amount, liability	$ 175,000
Derivative, fixed interest rate	3.69%
Total fair value derivative liabilities	$ 2,500		117
Fixed Interest Rate 5.50%, Maturing November 2024 \| Interest rate cap \| Derivative instruments designated as hedging instruments: \| Other assets, net
Fair value of derivative instruments
Notional amount, liability	$ 127,000
Derivative, fixed interest rate	5.50%
Total fair value derivative assets	$ 14		28
Fixed Interest Rate 5.00 Maturing December 2025 \| Interest rate cap \| Derivative instruments designated as hedging instruments: \| Other assets, net
Fair value of derivative instruments
Notional amount, liability	$ 73,900
Derivative, fixed interest rate	5.00%
Total fair value derivative assets	$ 242		223
Fixed Interest Rate 1.68 Maturing February 2027 \| Interest Rate Swap [Member] \| Derivative instruments designated as hedging instruments: \| Accounts payable and other liabilities
Fair value of derivative instruments
Notional amount, liability	$ 40,800
Derivative, fixed interest rate	1.68%
Total fair value derivative liabilities	$ 2,878		2,496
Fixed Interest Rate 4.89 Maturing January 2032 \| Interest Rate Swap [Member] \| Derivative instruments designated as hedging instruments: \| Accounts payable and other liabilities
Fair value of derivative instruments
Notional amount, liability	$ 34,744
Derivative, fixed interest rate	4.89%
Total fair value derivative liabilities	$ 3,238		$ 2,519

Mortgages, Notes and Loans Payable, Net - Summary of Mortgages, Notes and Loans Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Unamortized deferred financing costs	$ (46,692)	$ (49,990)
Mortgages, notes, and loans payable, net	5,391,243	5,302,620
Senior Notes
Debt Instrument [Line Items]
Fixed-rate debt	2,050,000	2,050,000
Mortgages
Debt Instrument [Line Items]
Fixed-rate debt	1,482,958	1,485,494
Variable-rate debt	1,365,049	1,276,489
Bonds
Debt Instrument [Line Items]
Fixed-rate debt	64,928	65,627
Secured Debt
Debt Instrument [Line Items]
Variable-rate debt	$ 475,000	$ 475,000

- 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

Fair Value - Assets Measured on a Recurring Basis (Details) - Interest Rate Swap - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative assets	$ 14,856	$ 10,318
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative assets	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative assets	14,856	10,318
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative assets	$ 0	$ 0

Commitments and Contingencies (Details) $ in Millions		1 Months Ended	3 Months Ended
Commitments and Contingencies (Details) $ in Millions	Jun. 14, 2018 individualOrEntity party	Oct. 31, 2022 USD ($)	Mar. 31, 2024 USD ($) tower	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Damages award			$ 17.0
Number of individuals or entities on petition \| individualOrEntity	500
Number of unaffiliated parties \| party	2
Loss contingency accrual for estimated repair costs					$ 0.2
Outstanding letters of credit			3.9		3.9
Amount of outstanding surety bonds			461.6		$ 470.4
Contractual rent expense			$ 1.8	$ 1.3
Guarantor obligations, reserved percentage of residential units			20.00%
Guarantor obligations, number of towers reserved \| tower			4
Bond Financing
Loss Contingencies [Line Items]
Face amount		$ 165.0
Long-term debt outstanding			$ 96.1
Debt instrument, loan-to-value ratio threshold		50.00%
Cash collateral for borrowed securities		$ 50.0
Proceeds from issuance of debt		$ 5.0
Floreo \| Bond Financing
Loss Contingencies [Line Items]
Ownership Interest		50.00%
Waiea
Loss Contingencies [Line Items]
Remediation cost			158.4
Additional anticipated costs			3.0
Loss contingency accrual for estimated repair costs			$ 2.6

Investments in Unconsolidated Ventures (Tables)

3 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Summary of equity of investments in real estate and other affiliates

Investments in unconsolidated ventures consist of the following:


	Ownership Interest (a)				Carrying Value					Share of Earnings/Dividends
	March 31,		December 31,		March 31,		December 31,		Three Months Ended March 31,
thousands except percentages	2024		2023		2024		2023			2024		2023
Equity Method Investments
Operating Assets:

The Metropolitan (b)	50	%	50	%	$	—	$	—		$	1,078	$	(325)
Stewart Title of Montgomery County, TX	50	%	50	%	3,711		3,785			(75)		(35)
Woodlands Sarofim	20	%	20	%	2,991		2,990			2		13
TEN.m.flats (c)	50	%	50	%	—		—			1,570		(781)
Master Planned Communities:
The Summit (d)	50	%	50	%	43,189		59,112			(15,923)		4,630
Floreo (e)	50	%	50	%	57,092		55,880			1,212		(522)
Seaport:

The Lawn Club (d)	50	%	50	%	3,926		1,266			(453)		—
Ssäm Bar (d)(e)	50	%	50	%	—		—			—		(398)
Tin Building by Jean-Georges (d)(e)	65	%	65	%	13,583		11,658			(9,661)		(10,208)
Jean-Georges Restaurants	25	%	25	%	14,370		14,535			(166)		(214)
Strategic Developments:

HHMK Development	50	%	50	%	10		10			—		—
KR Holdings	50	%	50	%	491		486			5		—

West End Alexandria (d)	58	%	58	%	60,291		56,757			34		5

					199,654		206,479			(22,377)		(7,835)
Other equity investments (f)					13,779		13,779			3,242		3,033
Investments in unconsolidated ventures					$	213,433	$	220,258		$	(19,135)	$	(4,802)

(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 $10.5 million at March 31, 2024, and $10.9 million at December 31, 2023, and presented in Accounts payable and other liabilities in the Condensed Consolidated Balance Sheets.

(c)TEN.m.flats was in a deficit position of $4.0 million at March 31, 2024, and $4.7 million at December 31, 2023, and presented in Accounts payable and other liabilities in the Condensed Consolidated Balance Sheets.

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

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

(f)Other equity investments represent investments not accounted for under the equity method. The Company elected the measurement alternative as these investments do not have readily determinable fair values. There were no impairments, or upward or downward adjustments to the carrying amounts of these securities either during current year or cumulatively. As of March 31, 2024, Other equity investments primarily includes $10.0 million of warrants, which represents cash paid by the Company for the option to acquire additional ownership interest in Jean-Georges Restaurants. Refer to discussion below for additional detail.

Fair Value - Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Assets:
Cash and Restricted cash	$ 891,830	$ 1,053,057	$ 889,172	$ 1,098,937
Liabilities:
Allowance for accounts receivable	15,700	15,000
Level 1 \| Carrying Amount
Assets:
Cash and Restricted cash	891,830	1,053,057
Level 1 \| Estimated Fair Value
Assets:
Cash and Restricted cash	891,830	1,053,057
Level 3 \| Carrying Amount
Assets:
Accounts receivable, net	111,117	115,045
Notes receivable, net	1,088	1,558
Level 3 \| Estimated Fair Value
Assets:
Accounts receivable, net	111,117	115,045
Notes receivable, net	1,088	1,558
Level 2 \| Carrying Amount
Liabilities:
Fixed-rate debt	3,597,886	3,601,121
Variable-rate debt	1,840,049	1,751,489
Level 2 \| Estimated Fair Value
Liabilities:
Fixed-rate debt	3,264,288	3,294,431
Variable-rate debt	$ 1,840,049	$ 1,751,489

Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Summary of AOCI

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


thousands



















Balance at December 31, 2023	$	1,272
Derivative instruments:
Other comprehensive income (loss) before reclassifications	3,830
(Gain) loss reclassified to net income	(1,205)


Net current-period other comprehensive Income (loss)	2,625
Balance at March 31, 2024	$	3,897

Balance at December 31, 2022	$	10,335
Derivative instruments:
Other comprehensive income (loss) before reclassifications	(2,651)
(Gain) loss reclassified to net income	(2,679)


Net current-period other comprehensive income (loss)	(5,330)
Balance at March 31, 2023	$	5,005

Summary of the amounts reclassified out of AOCI

The following table summarizes the amounts reclassified out of AOCI:


Accumulated Other Comprehensive Income (Loss) Components		Amounts reclassified from Accumulated other comprehensive income (loss)
	Three Months Ended March 31,			Affected line items in the Statements of Operations
thousands		2024					2023
(Gains) losses on cash flow hedges		$	(1,561)		$	(3,462)	Interest expense

Income tax expense (benefit)		356			783		Income tax expense (benefit)
Total reclassifications of (income) loss, net of tax		$	(1,205)		$	(2,679)

Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of the notional and fair value of derivative financial instruments

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


						Fair Value Asset (Liability)
thousands	Notional Amount	Fixed Interest Rate (a)		Effective Date	Maturity Date	March 31, 2024		December 31, 2023
Derivative instruments not designated as hedging instruments: (b)
Interest rate cap	75,000	2.50	%	10/12/2021	9/29/2025	$	2,404	$	2,274
Interest rate cap	59,500	2.50	%	10/12/2021	9/29/2025	1,907		1,804
Interest rate collar	55,615	2.00% - 4.50%		6/1/2023	6/1/2025	770		417
Interest rate collar	63,031	2.00% - 4.50%		6/1/2023	6/1/2025	903		440

Derivative instruments designated as hedging instruments:
Interest rate swap (c)	175,000	3.69	%	1/3/2023	1/1/2027	2,500		117
Interest rate cap	127,000	5.50	%	11/10/2022	11/7/2024	14		28
Interest rate cap	73,900	5.00	%	12/22/2022	12/21/2025	242		223
Interest rate swap	40,800	1.68	%	3/1/2022	2/18/2027	2,878		2,496
Interest rate swap	34,744	4.89	%	11/1/2019	1/1/2032	3,238		2,519

Total fair value derivative assets						$	14,856	$	10,318

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

(b)Interest income related to these contracts was $2.2 million for the three months ended March 31, 2024, and $4.2 million for the three months ended March 31, 2023.

(c)In the first quarter of 2024, the Company terminated a portion of this swap, reducing the notional amount from $200.0 million to $175.0 million.

Summary of effect of derivative financial instruments on the condensed consolidated statements of operations

The tables below present the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023:


	Amount of Gain (Loss) Recognized in AOCI on Derivatives
Derivatives in Cash Flow Hedging Relationships	Three Months Ended March 31,
thousands	2024		2023
Interest rate derivatives	$	3,830	$	(2,651)


Location of Gain (Loss) Reclassified from AOCI into Statements of Operations	Amount of Gain (Loss) Reclassified from AOCI into Statements of Operations
	Three Months Ended March 31,
thousands	2024		2023
Interest expense	$	1,205	$	2,679

Presentation of Financial Statements and Significant Accounting Policies - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 111,117	$ 115,045
Reserve for uncollectible amounts	15,700	15,000
Reserve for uncollectible amounts under ASC 842	14,800	14,800
Reserve for uncollectible amounts under ASC 450		200
Collectibility of receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reserve for uncollectible amounts under ASC 450	900
Straight-line rent receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	89,761	87,669
Tenant receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	3,770	4,780
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 17,586	$ 22,596

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies


9. Commitments and Contingencies

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

Columbia The Company is currently developing certain property it owns in the Lakefront neighborhood of Downtown Columbia, which is subject to certain recorded documents, covenants, and restrictions (Covenants). Under the Covenants, HHH is the master developer of the Lakefront neighborhood. In 2017, IMH Columbia, LLC (IMH) purchased the site of a former Sheraton Hotel (Hotel Lot) subject to the Covenants. IMH has made demands that HHH accede to IMH’s development plans for the Hotel Lot and HHH has exercised its right under the Covenants to object to IMH’s plans for the Hotel Lot. IMH filed a complaint seeking (1) a declaration that the Covenants’ limitations on changes in use and onsite parking were consented to by HHH, or are otherwise obsolete and unenforceable, (2) damages reimbursing the costs and expenses IMH claims to have incurred in reliance on HHH's alleged consent to IMH’s proposed development, (3) damages related to the expectation of lost profits, which IMH alleged were caused by HHH breaching the Covenants by prohibiting IMH from proceeding with their proposed development, and (4) declarations finding that HHH had breached the shared parking related Covenants relating to HHH’s own property. The jury trial concluded in April 2024, and the jury found partially in favor of IMH and awarded damages of $17.0 million. HHH plans to file a notice of appeal and motion to reduce the damage award. 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.

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 $158.4 million, inclusive of $3.0 million of additional costs recognized in the first quarter of 2024. The sixth and final amendment of resolution of disputes and release agreement was executed during the first quarter of 2024, thereby releasing the Company from any further claims or demands from the Waiea homeowners association arising from or relating to the construction or repair of the condominium project. As of March 31, 2024, $2.6 million remains in Construction payables for the estimated repair costs related to this matter, which is included in Accounts payable and other liabilities in the accompanying Condensed Consolidated Balance Sheets.

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

The Company has prevailed in various lawsuits filed in 2021 and 2022 challenging the development approvals in order to prevent construction of this project. 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 March 31, 2024, the Company had outstanding letters of credit totaling $3.9 million and surety bonds totaling $461.6 million. As of December 31, 2023, the Company had outstanding letters of credit totaling $3.9 million and surety bonds totaling $470.4 million. These letters of credit and surety bonds were issued primarily in connection with insurance requirements, special real estate assessments, and construction obligations.

Operating Leases The Company leases land or buildings at certain properties from third parties, which are recorded in Operating lease right-of-use assets and Operating lease obligations on the Condensed Consolidated Balance Sheets. See Note 14 - Leases for further discussion. Contractual rental expense, including participation rent, was $1.8 million for the three months ended March 31, 2024, compared to $1.3 million for the three months ended March 31, 2023. 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 March 31, 2024, and December 31, 2023, there were no events requiring financial performance under these guarantees.

Floreo In October 2022, Floreo, the Company’s 50%-owned joint venture in Teravalis, closed on a $165 million bond financing. Outstanding borrowings as of March 31, 2024, were $96.1 million. A wholly owned subsidiary of the Company (HHC Member) provided a guarantee for the bond in the form of a collateral maintenance commitment under which it will post refundable cash collateral if the Loan-to-Value (LTV) ratio exceeds 50%. A separate wholly owned subsidiary of the Company also provided a backstop guarantee of up to $50 million of the cash collateral commitment in the event HHC Member fails to make necessary payments when due. The cash collateral becomes nonrefundable if Floreo defaults on the bond obligation. The Company received a fee of $5.0 million in exchange for providing this guarantee, which was recognized in Accounts payable and other liabilities on the Condensed Consolidated Balance Sheets as of March 31, 2024, and December 31, 2023. This liability amount will be recognized in Other income (loss), net in a manner that corresponds to the bond repayment by Floreo. The Company’s maximum exposure under this guarantee is equal to the cash collateral that the Company may be obligated to post. As of March 31, 2024, the Company has not posted any cash collateral. Given the existence of other collateral including the undeveloped land owned by Floreo, the entity’s extensive and discretionary development plan, and its eligibility for reimbursement of a significant part of the development costs from the Community Facility District in Arizona, the Company does not expect to have to post collateral.

Downtown Columbia The Company’s wholly owned subsidiaries agreed to complete defined public improvements and to indemnify Howard County, Maryland, for certain matters as part of the Downtown Columbia Redevelopment District TIF bonds. To the extent that increases in taxes do not cover debt service payments on the TIF bonds, the Company’s wholly owned subsidiary is obligated to pay special taxes. Management has concluded that, as of March 31, 2024, any obligations to pay special taxes are not probable.

Ward Village As part of the Company’s development permits with the Hawai‘i Community Development Authority for the condominium towers at Ward Village, the Company entered into a 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.

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (17,195)	$ (1,278)
Income (loss) before income taxes	$ (69,662)	$ (23,905)
Effective tax rate	24.70%	5.30%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: 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 5: http://www.xbrl.org/2003/role/exampleRef
-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 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

- Definition

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

+ References + Details

Leases - Lease Liability Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Remainder of 2024	$ 3,575
2025	5,117
2026	4,093
2027	3,360
2028	3,424
Thereafter	240,646
Total lease payments	260,215
Less: imputed interest	(207,150)
Present value of lease liabilities	$ 53,065	$ 51,584

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUES
Rental revenue	$ 107,751	$ 97,864
Total revenues	171,138	196,289
EXPENSES
Operating costs	74,289	72,387
Rental property real estate taxes	14,695	15,419
Provision for (recovery of) doubtful accounts	834	(2,420)
General and administrative	30,902	23,553
Depreciation and amortization	52,247	52,009
Other	3,818	3,571
Total expenses	193,550	191,058
OTHER
Gain (loss) on sale or disposal of real estate and other assets, net	4,794	4,730
Other income (loss), net	891	4,981
Total other	5,685	9,711
Operating income (loss)	(16,727)	14,942
Interest income	8,118	4,092
Interest expense	(41,918)	(38,137)
Equity in earnings (losses) from unconsolidated ventures	(19,135)	(4,802)
Income (loss) before income taxes	(69,662)	(23,905)
Income tax expense (benefit)	(17,195)	(1,278)
Net income (loss)	(52,467)	(22,627)
Net (income) loss attributable to noncontrolling interests	(10)	(118)
Net income (loss) attributable to common stockholders, basic	(52,477)	(22,745)
Net income (loss) attributable to common stockholders, diluted	$ (52,477)	$ (22,745)
Basic income (loss) per share (in dollars per share)	$ (1.06)	$ (0.46)
Diluted income (loss) per share (in dollars per share)	$ (1.06)	$ (0.46)
Condominium rights and unit sales
REVENUES
Revenues from contracts with customers	$ 23	$ 6,087
EXPENSES
Cost of sales	3,861	4,536
Master Planned Communities land sales
REVENUES
Revenues from contracts with customers	32,415	59,361
EXPENSES
Cost of sales	12,904	22,003
Other land, rental, and property revenues
REVENUES
Revenues from contracts with customers	18,383	18,968
Builder price participation
REVENUES
Revenues from contracts with customers	$ 12,566	$ 14,009

Presentation of Financial Statements and Significant Accounting Policies - Impacts of the ASC 842 and ASC 450 Reserves (Details) - Collectibility of receivables - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Rental revenue	$ 960	$ 2,893
Provision for (recovery of) doubtful accounts	834	(2,420)
Total (income) expense impact	$ 1,794	$ 473

Other Assets and Liabilities - Other Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Assets and Liabilities [Line Items]
Security, escrow, and other deposits	$ 83,708	$ 81,891
Special Improvement District receivable, net	75,447	74,899
Intangibles, net	21,076	21,894
Other	20,271	19,248
Interest rate derivative assets	14,856	10,318
Prepaid expenses	13,789	16,984
Tenant incentives and other receivables, net	11,301	10,840
TIF receivable, net	3,807	6,371
Net investment in lease receivable	2,823	2,883
Notes receivable, net	1,088	1,558
Condominium inventory	562	671
Other assets, net	283,175	283,047
In-place leases, net
Other Assets and Liabilities [Line Items]
In-place leases, net	$ 34,447	$ 35,490

Mortgages, Notes and Loans Payable, Net

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Mortgages, Notes and Loans Payable, Net


6. Mortgages, Notes, and Loans Payable, Net

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


thousands	March 31, 2024		December 31, 2023
Fixed-rate debt
Senior unsecured notes	$	2,050,000	$	2,050,000
Secured mortgages payable	1,482,958		1,485,494
Special Improvement District bonds	64,928		65,627
Variable-rate debt (a)
Secured Bridgeland Notes	475,000		475,000

Secured mortgages payable	1,365,049		1,276,489

Unamortized deferred financing costs (b)	(46,692)		(49,990)
Mortgages, notes, and loans payable, net	$	5,391,243	$	5,302,620

(a)The Company has entered into derivative instruments to manage the variable interest rate exposure. See Note 8 - Derivative Instruments and Hedging Activities for additional information.

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

As of March 31, 2024, land, buildings and equipment, developments, and other collateral with a net book value of $4.9 billion have been pledged as collateral for the Company’s mortgages, notes, and loans payable.

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


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

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

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


	March 31, 2024						December 31, 2023
$ in thousands	Principal		Range of Interest Rates	Weighted-average Interest Rate		Weighted-average Years to Maturity	Principal		Range of Interest Rates	Weighted-average Interest Rate		Weighted-average Years to Maturity
Fixed rate (a)	$	1,482,958	3.13% - 8.67%	4.46	%	7.0	$	1,485,494	3.13% - 8.67%	4.46	%	7.2
Variable rate (b)	1,365,049		7.07% - 10.41%	8.75	%	1.9	1,276,489		7.08% - 10.48%	8.73	%	2.2
Secured mortgages payable	$	2,848,007	3.13% - 10.41%	6.52	%	4.5	$	2,761,983	3.13% - 10.48%	6.44	%	4.9

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

(b)Interest rates presented are based on the applicable reference interest rates as of March 31, 2024, and December 31, 2023, excluding the effects of interest rate derivatives.

The Company has entered into derivative instruments to manage its variable interest rate exposure. The weighted-average interest rate of the Company’s variable-rate mortgages payable, inclusive of interest rate derivatives, was 8.04% as of March 31, 2024, and 7.98% as of December 31, 2023. See Note 8 - Derivative Instruments and Hedging Activities for additional information.

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

During 2024, the Company’s mortgage activity included draws on existing mortgages of $89.0 million and repayments of $3.7 million. As of March 31, 2024, 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 March 31, 2024. During the three months ended March 31, 2024, no obligations were assumed by buyers and no SID bonds were issued.

Secured Bridgeland Notes In September 2021, the Company closed on a $275.0 million financing with maturity in 2026. This financing is secured by MUD receivables and land in Bridgeland. The loan required a $27.5 million fully refundable deposit and has an interest rate of 7.62%. In December 2022, the borrowing capacity of this obligation was expanded from $275.0 million to $475.0 million. An additional $67.0 million was drawn in the second quarter of 2023 and $133.0 million was drawn in the third quarter of 2023, bringing outstanding borrowings to $475.0 million as of March 31, 2024.

Debt Compliance As of March 31, 2024, the Company was in compliance with all property-level debt covenants with the exception of six 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.

- 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
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-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

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Summary of leased assets and liabilities

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


thousands	March 31, 2024		December 31, 2023
Operating lease right-of-use assets	$	45,649	$	44,897
Operating lease obligations	53,065		51,584

Summary of components of lease expense and other information

The components of lease cost are as follows:


	Three Months Ended March 31,
thousands	2024		2023
Operating lease cost	$	1,729	$	1,708
Variable lease cost	663		392

Total lease cost	$	2,392	$	2,100

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


Supplemental Condensed Consolidated Statements of Cash Flows Information	Three Months Ended March 31,
thousands	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows on operating leases	$	1,482	$	1,097


Other Information	March 31, 2024		March 31, 2023
Weighted-average remaining lease term (years)
Operating leases	42.8		43.9
Weighted-average discount rate
Operating leases	7.7	%	7.8	%

Summary of future minimum lease payments

Future minimum lease payments as of March 31, 2024, are as follows:


thousands	Operating Leases
Remainder of 2024	$	3,575
2025	5,117
2026	4,093
2027	3,360
2028	3,424
Thereafter	240,646
Total lease payments	260,215
Less: imputed interest	(207,150)
Present value of lease liabilities	$	53,065

Summary of minimum rentals

Minimum rent revenues related to operating leases are as follows:


	Three Months Ended March 31,
thousands	2024		2023
Total minimum rent payments	$	61,756	$	57,797

Total future minimum rents associated with operating leases are as follows as of March 31, 2024:


thousands	Total Minimum Rent
Remainder of 2024	$	191,134
2025	247,340
2026	233,614
2027	222,423
2028	200,565
Thereafter	848,934
Total	$	1,944,010

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

Total

Total Stockholders’ Equity

Common Stock

Additional Paid-in Capital

Retained Earnings (Accumulated Deficit)

Accumulated Other Comprehensive Income (Loss)

Treasury Stock

Noncontrolling Interests

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

56,226,273

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

$ 3,606,112

$ 3,540,499

$ 564

$ 3,972,561

$ 168,077

$ 10,335

$ (611,038)

$ 65,613

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

(6,424,276)

Increase (Decrease) in Stockholders' Equity

Net income (loss)

(22,627)

(22,745)

118

Interest rate swaps, net of tax

(5,330)

^[1]

(5,330)

Teravalis noncontrolling interest

Stock plan activity (in shares)

201,655

(7,166)

Stock plan activity

4,334

$ 2

4,953

$ (621)

Other

(22)

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

56,427,928

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

$ 3,582,523

3,516,758

$ 566

3,977,514

145,332

5,005

$ (611,659)

65,765

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

(6,431,442)

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

50,038,014

56,495,791

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

(6,457,777)

Increase (Decrease) in Stockholders' Equity

Net income (loss)

$ (52,467)

(52,477)

Interest rate swaps, net of tax

2,625

^[1]

2,625

Teravalis noncontrolling interest

Stock plan activity (in shares)

218,959

(13,234)

Stock plan activity

$ 3,606

3,606

$ 2

4,656

$ (1,052)

Balance at the end of the period (in shares) at Mar. 31, 2024

50,243,739

56,714,750

Balance at the end of the period at Mar. 31, 2024

$ 3,012,755

$ 2,946,625

$ 567

$ 3,993,152

$ (436,173)

$ 3,897

$ (614,818)

$ 66,130

Balance at the end of the period (in shares) at Mar. 31, 2024

(6,471,011)

[1]	Amounts are shown net of tax expense of $0.8 million for the three months ended March 31, 2024, and tax benefit of $1.6 million for the three months ended March 31, 2023.

Investments in Unconsolidated Ventures - The Summit (Details) usdPerAcre in Thousands, $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Jul. 31, 2022 USD ($) a customHomeSite	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2015 USD ($) usdPerAcre
Schedule of Investments [Line Items]
Equity in earnings (losses) from unconsolidated ventures		$ (19,135)	$ (4,802)
The Summit
Schedule of Investments [Line Items]
Contribution of property				$ 13,400
SID bonds transferred to joint venture				1,300
Transaction value of land contributed to joint venture				$ 125,400
Transactional value per acre of land contributed to joint venture \| usdPerAcre				226
Maximum contribution required to joint venture by co-venturer				$ 30,000
Amount contributed on maximum contribution required to joint venture by co-venture				$ 3,800
Area of land \| a	54
Fair value of property contributed	$ 21,500
Equity in earnings (losses) from unconsolidated ventures	$ 13,500
Number of custom home sites \| customHomeSite	28

Revenues

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenues


13. Revenues

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

The following presents the Company’s revenues disaggregated by revenue source:


	Three Months Ended March 31,
thousands		2024		2023
Revenues from contracts with customers
Recognized at a point in time:
Condominium rights and unit sales		$	23	$	6,087
Master Planned Communities land sales		32,415		59,361
Builder price participation		12,566		14,009
Total		45,004		79,457

Recognized at a point in time or over time:
Other land, rental, and property revenues		18,383		18,968


Rental and lease-related revenues
Rental revenue		107,751		97,864
Total revenues		$	171,138	$	196,289

Revenues by segment
Operating Assets revenues		$	110,152	$	100,925
Master Planned Communities revenues		48,875		77,013
Seaport revenues		11,502		11,897
Strategic Developments revenues		593		6,440
Corporate revenues		16		14
Total revenues		$	171,138	$	196,289

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, 2023	$	579,328
Consideration earned during the period	(16,762)
Consideration received during the period	74,674
Balance at March 31, 2024	$	637,240

Balance at December 31, 2022	$	457,831
Consideration earned during the period	(16,919)
Consideration received during the period	78,366
Balance at March 31, 2023	$	519,278

Remaining Unsatisfied Performance Obligations The Company’s remaining unsatisfied performance obligations represent a measure of the total dollar value of work to be performed on contracts executed and in progress. These performance obligations primarily relate to the completion of condominium construction and transfer of control to a buyer, as well as the completion of contracted MPC land sales and related land improvements. These obligations are associated with contracts that generally are non-cancelable by the customer after 30 days for all Ward Village condominiums and after 6 days for The Ritz-Carlton Residences; however, purchasers of condominium units have the right to cancel the contract should the Company elect not to construct the condominium unit within a certain period of time or materially change the design of the condominium unit. The aggregate amount of the transaction price allocated to the Company’s remaining unsatisfied performance obligations as of March 31, 2024, is $3.5 billion. The Company expects to recognize this amount as revenue over the following periods:


thousands	Less than 1 year			1-2 years		3 years and thereafter
Total remaining unsatisfied performance obligations		$	1,060,125	$	1,087,244		$	1,316,260

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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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

Mortgages, Notes and Loans Payable, Net (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Summary and activity for mortgages, notes and loans payable

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


thousands	March 31, 2024		December 31, 2023
Fixed-rate debt
Senior unsecured notes	$	2,050,000	$	2,050,000
Secured mortgages payable	1,482,958		1,485,494
Special Improvement District bonds	64,928		65,627
Variable-rate debt (a)
Secured Bridgeland Notes	475,000		475,000

Secured mortgages payable	1,365,049		1,276,489

Unamortized deferred financing costs (b)	(46,692)		(49,990)
Mortgages, notes, and loans payable, net	$	5,391,243	$	5,302,620

(a)The Company has entered into derivative instruments to manage the variable interest rate exposure. See Note 8 - Derivative Instruments and Hedging Activities for additional information.

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:


	March 31, 2024						December 31, 2023
$ in thousands	Principal		Range of Interest Rates	Weighted-average Interest Rate		Weighted-average Years to Maturity	Principal		Range of Interest Rates	Weighted-average Interest Rate		Weighted-average Years to Maturity
Fixed rate (a)	$	1,482,958	3.13% - 8.67%	4.46	%	7.0	$	1,485,494	3.13% - 8.67%	4.46	%	7.2
Variable rate (b)	1,365,049		7.07% - 10.41%	8.75	%	1.9	1,276,489		7.08% - 10.48%	8.73	%	2.2
Secured mortgages payable	$	2,848,007	3.13% - 10.41%	6.52	%	4.5	$	2,761,983	3.13% - 10.48%	6.44	%	4.9

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

(b)Interest rates presented are based on the applicable reference interest rates as of March 31, 2024, and December 31, 2023, excluding the effects of interest rate derivatives.

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Earnings Per Share - Narrative (Details) - USD ($)	12 Months Ended
Earnings Per Share - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022	Oct. 31, 2021
2021 Share Repurchase Program
Antidilutive securities excluded from computation of diluted earnings per share
Shares repurchased, value	$ 153,400,000	$ 96,600,000
2021 Share Repurchase Program \| Common Stock
Antidilutive securities excluded from computation of diluted earnings per share
Stock repurchase program, authorized amount				$ 250,000,000
2022 Share Repurchase Program
Antidilutive securities excluded from computation of diluted earnings per share
Stock repurchase program, authorized amount			$ 250,000,000
Shares repurchased, value	$ 235,000,000

Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Accumulated Other Comprehensive Income (Loss)


11. Accumulated Other Comprehensive Income (Loss)

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


thousands



















Balance at December 31, 2023	$	1,272
Derivative instruments:
Other comprehensive income (loss) before reclassifications	3,830
(Gain) loss reclassified to net income	(1,205)


Net current-period other comprehensive Income (loss)	2,625
Balance at March 31, 2024	$	3,897

Balance at December 31, 2022	$	10,335
Derivative instruments:
Other comprehensive income (loss) before reclassifications	(2,651)
(Gain) loss reclassified to net income	(2,679)


Net current-period other comprehensive income (loss)	(5,330)
Balance at March 31, 2023	$	5,005

The following table summarizes the amounts reclassified out of AOCI:


Accumulated Other Comprehensive Income (Loss) Components		Amounts reclassified from Accumulated other comprehensive income (loss)
	Three Months Ended March 31,			Affected line items in the Statements of Operations
thousands		2024					2023
(Gains) losses on cash flow hedges		$	(1,561)		$	(3,462)	Interest expense

Income tax expense (benefit)		356			783		Income tax expense (benefit)
Total reclassifications of (income) loss, net of tax		$	(1,205)		$	(2,679)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (52,467)	$ (22,627)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Depreciation	45,827	46,941
Amortization	5,518	4,148
Amortization of deferred financing costs	3,256	2,937
Amortization of intangibles other than in-place leases	819	819
Straight-line rent amortization	(2,231)	(1,499)
Deferred income taxes	(17,913)	(1,885)
Restricted stock and stock option amortization	4,657	4,954
Net gain on sale of properties	(4,794)	(4,731)
Equity in (earnings) losses from unconsolidated ventures, net of distributions and impairment charges	23,877	7,835
Provision for doubtful accounts	1,644	471
Master Planned Community development expenditures	(77,098)	(89,345)
Master Planned Community cost of sales	12,904	22,003
Condominium development expenditures	(110,095)	(124,515)
Condominium rights and units cost of sales	3,861	4,300
Net Changes:
Accounts receivable, net	(2,632)	(1,836)
Other assets, net	(4,106)	18,307
Condominium deposits received, net	49,666	63,494
Deferred expenses, net	(7,849)	(7,089)
Accounts payable and other liabilities	(44,083)	(66,952)
Cash provided by (used in) operating activities	(171,239)	(144,270)
CASH FLOWS FROM INVESTING ACTIVITIES
Property and equipment expenditures	(462)	(1,272)
Operating property improvements	(10,795)	(9,555)
Property development and redevelopment	(60,921)	(74,584)
Proceeds from sales of properties, net	13,175	905
Reimbursements under tax increment financings and grants	3,567	0
Distributions from unconsolidated ventures	0	2,200
Investments in unconsolidated ventures, net	(18,200)	(11,790)
Cash provided by (used in) investing activities	(73,636)	(94,096)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from mortgages, notes, and loans payable	89,028	32,072
Principal payments on mortgages, notes, and loans payable	(3,703)	(3,285)
Special Improvement District bond funds released from (held in) escrow	249	1,364
Deferred financing costs and bond issuance costs, net	3	(82)
Taxes paid on stock options exercised and restricted stock vested	(1,996)	(1,524)
Contributions from Teravalis noncontrolling interest owner	67	56
Cash provided by (used in) financing activities	83,648	28,601
Net change in cash, cash equivalents, and restricted cash	(161,227)	(209,765)
Cash, cash equivalents, and restricted cash at beginning of period	1,053,057	1,098,937
Cash, cash equivalents, and restricted cash at end of period	891,830	889,172
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents	462,700	417,746
Restricted cash	429,130	471,426
Cash, cash equivalents, and restricted cash at end of period	891,830	889,172
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid, net	100,158	81,242
Interest capitalized	36,315	24,964
NON-CASH TRANSACTIONS
Accrued property improvements, developments, and redevelopments	(4,954)	7,115
Non-cash consideration from sale of properties	0	5,250
Capitalized stock compensation	1,476	860
Reassessment of operating lease right-of-use asset, net	1,454	0
Reassessment of operating lease obligation	$ 1,952	$ 0

Fair Value

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value


7. Fair Value

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

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


	March 31, 2024											December 31, 2023
	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	$	14,856		$	—		$	14,856		$	—	$	10,318		$	—		$	10,318		$	—

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

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


		March 31, 2024				December 31, 2023
thousands	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Cash and Restricted cash	Level 1	$	891,830	$	891,830	$	1,053,057	$	1,053,057
Accounts receivable, net (a)	Level 3	111,117		111,117		115,045		115,045
Notes receivable, net (b)	Level 3	1,088		1,088		1,558		1,558

Liabilities:
Fixed-rate debt (c)	Level 2	3,597,886		3,264,288		3,601,121		3,294,431
Variable-rate debt (c)	Level 2	1,840,049		1,840,049		1,751,489		1,751,489

(a)Accounts receivable, net is shown net of an allowance of $15.7 million at March 31, 2024, and $15.0 million at December 31, 2023. Refer to Note 1 - Presentation of Financial Statements and Significant Accounting Policies for additional information on the allowance.

(b)Notes receivable, net is shown net of an immaterial allowance at March 31, 2024, and December 31, 2023.

(c)Excludes related unamortized financing costs.

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

The fair value of the Company’s Senior Notes, included in fixed-rate debt in the table above, is based upon the trade price closest to the end of the period presented. The fair value of other fixed-rate debt in the table above was estimated based on a discounted future cash payment model, which includes risk premiums and risk-free rates derived from the Secured Overnight Financing Rate (SOFR) or U.S. Treasury obligation interest rates as of March 31, 2024. Refer to Note 6 - Mortgages, Notes, and Loans Payable, Net for additional information. The discount rates reflect the Company’s judgment as to what the approximate current lending rates for loans or groups of loans with similar maturities and credit quality would be if credit markets were operating efficiently and assuming that the debt is outstanding through maturity.

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

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


			Fair Value Measurements Using
thousands	Total Fair Value Measurement (a)		Quoted Prices in Active Markets for Identical Assets (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

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.

- 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

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases


14. Leases

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

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

The Company’s lessee agreements consist of operating leases primarily for ground leases and other real estate. The Company’s leases have remaining lease terms of approximately 2 years to approximately 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	March 31, 2024		December 31, 2023
Operating lease right-of-use assets	$	45,649	$	44,897
Operating lease obligations	53,065		51,584

The components of lease cost are as follows:


	Three Months Ended March 31,
thousands	2024		2023
Operating lease cost	$	1,729	$	1,708
Variable lease cost	663		392

Total lease cost	$	2,392	$	2,100

Future minimum lease payments as of March 31, 2024, are as follows:


thousands	Operating Leases
Remainder of 2024	$	3,575
2025	5,117
2026	4,093
2027	3,360
2028	3,424
Thereafter	240,646
Total lease payments	260,215
Less: imputed interest	(207,150)
Present value of lease liabilities	$	53,065

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


Supplemental Condensed Consolidated Statements of Cash Flows Information	Three Months Ended March 31,
thousands	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows on operating leases	$	1,482	$	1,097


Other Information	March 31, 2024		March 31, 2023
Weighted-average remaining lease term (years)
Operating leases	42.8		43.9
Weighted-average discount rate
Operating leases	7.7	%	7.8	%

Lessor Arrangements The Company receives rental income from the leasing of retail, office, multi-family, and other space under operating leases, as well as certain variable tenant recoveries. Operating leases for retail, office, and other properties are with a variety of tenants and have a remaining average term of approximately five years. Lease terms generally vary among tenants and may include early termination options, extension options, and fixed rental rate increases or rental rate increases based on an index. Multi-family leases generally have a term of 12 months or less. Minimum rent revenues related to operating leases are as follows:


	Three Months Ended March 31,
thousands	2024		2023
Total minimum rent payments	$	61,756	$	57,797

Total future minimum rents associated with operating leases are as follows as of March 31, 2024:


thousands	Total Minimum Rent
Remainder of 2024	$	191,134
2025	247,340
2026	233,614
2027	222,423
2028	200,565
Thereafter	848,934
Total	$	1,944,010

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

Mortgages, Notes and Loans Payable, Net - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) debtInstrument	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Other assets, net	$ 283,175		$ 283,047
Term of contract	5 years
Weighted-average Interest Rate	8.04%		7.98%
Repayments	$ 3,703	$ 3,285
Refundable deposit	$ 27,500
Derivative asset, number of instruments held \| debtInstrument	6
Secured Bridgeland Notes
Debt Instrument [Line Items]
Face amount				$ 133,000	$ 67,000	$ 475,000		$ 275,000
Outstanding borrowings	$ 475,000
Number of debt instruments	7.62%
Senior Notes
Debt Instrument [Line Items]
Face amount	$ 2,050,000						$ 2,100,000		$ 2,100,000
Mortgages
Debt Instrument [Line Items]
Weighted-average Interest Rate	6.52%		6.44%
Outstanding borrowings	$ 89,000
Repayments	3,700
Long term debt, undrawn lender commitment	$ 1,000,000
Mortgages \| Minimum
Debt Instrument [Line Items]
Range of Interest Rates	3.13%		3.13%
Mortgages \| Maximum
Debt Instrument [Line Items]
Range of Interest Rates	10.41%		10.48%
Bonds
Debt Instrument [Line Items]
Special Improvement District bond transfers associated with land sales	$ 0
Special improvement district bond issued	$ 0
Bonds \| Minimum \| MPC Segment
Debt Instrument [Line Items]
Range of Interest Rates	4.13%
Bonds \| Maximum \| MPC Segment
Debt Instrument [Line Items]
Range of Interest Rates	7.00%
Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Other assets, net	$ 4,900,000

Accumulated Other Comprehensive Income (Loss) - Summary of Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative instruments:
Balance at the beginning of the period	$ 3,058,924	$ 3,606,112
Other comprehensive income (loss) before reclassifications	3,830	(2,651)
(Gain) loss reclassified from accumulated other comprehensive income (loss) to net income	(1,205)	(2,679)
Net current-period other comprehensive Income (loss)	2,625	(5,330)
Balance at the end of the period	3,012,755	3,582,523
AOCI Attributable to Parent
Derivative instruments:
Balance at the beginning of the period	1,272	10,335
Balance at the end of the period	$ 3,897	$ 5,005

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483421/250-10-45-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 45
-Paragraph 23
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483421/250-10-45-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 5
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147483421/250-10-45-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 5
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
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-Section 65
-Paragraph 6
-Subparagraph (e)
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-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
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-URI https://asc.fasb.org//1943274/2147479343/105-10-65-6

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases - Minimum Rent Payments Received (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Total minimum rent payments	$ 61,756	$ 57,797
Remainder of 2024	191,134
2025	247,340
2026	233,614
2027	222,423
2028	200,565
Thereafter	848,934
Total	$ 1,944,010

Acquisitions and Dispositions

3 Months Ended

Mar. 31, 2024

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.

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

Operating Assets In February 2024, the Company completed the sale of Creekside Park Medical Plaza, a 32,689 square-foot medical office building in The Woodlands, Texas, for $14.0 million, resulting in a gain of $4.8 million.

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

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

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

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
Schedule of Investments [Line Items]
Area of real estate property (in sqft)			20,000
The Lawn Club NYC, LLC
Schedule of Investments [Line Items]
Joint venture real estate, percentage funded	90.00%	80.00%
The Lawn Club NYC, LLC \| Endorphin Ventures
Schedule of Investments [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.

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+ Details

Mortgages, Notes and Loans Payable, Net - Schedule of Senior Unsecured Note (Details) - Senior Notes - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Principal	$ 2,050,000	$ 2,100,000	$ 2,100,000
Unsecured Senior Notes Due 2028
Debt Instrument [Line Items]
Principal	$ 750,000
Interest Rate	5.375%
Unsecured Senior Notes Due 2029
Debt Instrument [Line Items]
Principal	$ 650,000
Interest Rate	4.125%
Unsecured Senior Notes Due 2031
Debt Instrument [Line Items]
Principal	$ 650,000
Interest Rate	4.375%

- 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

Accumulated Other Comprehensive Income (Loss) - Summary of Amounts Reclassified Out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reclassifications out of accumulated other comprehensive income (loss)
(Gains) losses on cash flow hedges	$ 41,918	$ 38,137
Income tax expense (benefit)	(17,195)	(1,278)
Total reclassifications of (income) loss, net of tax	52,467	22,627
Amounts reclassified from Accumulated other comprehensive income (loss)
Reclassifications out of accumulated other comprehensive income (loss)
Total reclassifications of (income) loss, net of tax	(1,205)	(2,679)
Accumulated Other Comprehensive Income (Loss) Components \| Amounts reclassified from Accumulated other comprehensive income (loss)
Reclassifications out of accumulated other comprehensive income (loss)
(Gains) losses on cash flow hedges	(1,561)	(3,462)
Income tax expense (benefit)	$ 356	$ 783

- 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

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+ Details

Segments (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Summary of segment operating results

Segment operating results are as follows:


thousands	Operating Assets Segment		MPC Segment		Seaport Segment		Strategic Developments Segment		Total
Three Months Ended March 31, 2024
Total revenues	$	110,152	$	48,875	$	11,502	$	593	$	171,122
Total operating expenses	(51,395)		(25,049)		(21,485)		(8,654)		(106,583)
Segment operating income (loss)	58,757		23,826		(9,983)		(8,061)		64,539
Depreciation and amortization	(44,156)		(110)		(5,757)		(1,419)		(51,442)
Interest income (expense), net	(33,476)		15,246		(2,012)		4,024		(16,218)
Other income (loss), net	408		—		—		3		411
Equity in earnings (losses) from unconsolidated ventures	5,817		(14,711)		(10,280)		39		(19,135)
Gain (loss) on sale or disposal of real estate and other assets, net	4,794		—		—		—		4,794



Segment EBT	$	(7,856)	$	24,251	$	(28,032)	$	(5,414)	$	(17,051)
Corporate income, expenses, and other items									(35,416)
Net income (loss)									(52,467)
Net (income) loss attributable to noncontrolling interests									(10)
Net income (loss) attributable to common stockholders									$	(52,477)

Three Months Ended March 31, 2023
Total revenues	$	100,925	$	77,013	$	11,897	$	6,440	$	196,275
Total operating expenses	(47,599)		(34,351)		(18,916)		(11,059)		(111,925)
Segment operating income (loss)	53,326		42,662		(7,019)		(4,619)		84,350
Depreciation and amortization	(39,632)		(107)		(10,527)		(943)		(51,209)
Interest income (expense), net	(28,911)		15,812		1,186		2,063		(9,850)
Other income (loss), net	2,282		(103)		1		94		2,274
Equity in earnings (losses) from unconsolidated ventures	1,905		4,108		(10,820)		5		(4,802)
Gain (loss) on sale or disposal of real estate and other assets, net	4,730		—		—		—		4,730



Segment EBT	$	(6,300)	$	62,372	$	(27,179)	$	(3,400)	$	25,493
Corporate income, expenses, and other items									(48,120)
Net income (loss)									(22,627)
Net (income) loss attributable to noncontrolling interests									(118)
Net income (loss) attributable to common stockholders									$	(22,745)

Summary of assets by segment and the reconciliation of total segment assets to the total assets in the condensed consolidated balance sheets

The assets by segment and the reconciliation of total segment assets to Total assets in the Condensed Consolidated Balance Sheets are summarized as follows:


thousands	March 31, 2024		December 31, 2023
Operating Assets	$	3,561,321	$	3,577,694
Master Planned Communities	3,435,883		3,358,821
Seaport	486,713		485,898
Strategic Developments	1,840,743		1,638,955
Total segment assets	9,324,660		9,061,368
Corporate	311,231		515,635
Total assets	$	9,635,891	$	9,577,003

Investments in Unconsolidated Ventures - Jean-Georges Restaurants (Details) - Jean-Georges Restaurants $ in Millions	1 Months Ended
	Mar. 31, 2022 USD ($) hospitality
Schedule of Investments [Line Items]
Acquisition interest	25.00%
Purchase price	$ 45.0
Number of hospitality \| hospitality	40
Purchase price	$ 10.0
Additional 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

Other Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

OTHER ASSETS AND LIABILITIES [Abstract]

Summary of the significant components of other assets

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


thousands	March 31, 2024		December 31, 2023
Security, escrow, and other deposits	$	83,708	$	81,891
Special Improvement District receivable, net	75,447		74,899
In-place leases, net	34,447		35,490
Intangibles, net	21,076		21,894
Other	20,271		19,248
Interest rate derivative assets	14,856		10,318
Prepaid expenses	13,789		16,984
Tenant incentives and other receivables, net	11,301		10,840
TIF receivable, net	3,807		6,371
Net investment in lease receivable	2,823		2,883
Notes receivable, net	1,088		1,558
Condominium inventory	562		671








Other assets, net	$	283,175	$	283,047

Summary of the significant components of accounts payable and other liabilities

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


thousands	March 31, 2024		December 31, 2023
Condominium deposit liabilities	$	528,536	$	478,870
Construction payables	297,086		257,227
Deferred income	112,608		118,432
Tenant and other deposits	45,165		29,976
Accounts payable and accrued expenses	35,930		49,363
Accrued interest	30,305		54,301
Accrued real estate taxes	23,477		30,096
Other	19,533		24,461
Accrued payroll and other employee liabilities	15,491		33,314











Accounts payable and other liabilities	$	1,108,131	$	1,076,040

Segments

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segments


15. 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 uses this measure, among others, internally to assess the core operating performance of the Company’s assets. The Company’s segments or assets within such segments could change in the future as development of certain properties commences or other operational or management changes occur. All operations are within the United States. The Company’s reportable segments are as follows:

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

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

–Seaport – consists of 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		MPC Segment		Seaport Segment		Strategic Developments Segment		Total
Three Months Ended March 31, 2024
Total revenues	$	110,152	$	48,875	$	11,502	$	593	$	171,122
Total operating expenses	(51,395)		(25,049)		(21,485)		(8,654)		(106,583)
Segment operating income (loss)	58,757		23,826		(9,983)		(8,061)		64,539
Depreciation and amortization	(44,156)		(110)		(5,757)		(1,419)		(51,442)
Interest income (expense), net	(33,476)		15,246		(2,012)		4,024		(16,218)
Other income (loss), net	408		—		—		3		411
Equity in earnings (losses) from unconsolidated ventures	5,817		(14,711)		(10,280)		39		(19,135)
Gain (loss) on sale or disposal of real estate and other assets, net	4,794		—		—		—		4,794



Segment EBT	$	(7,856)	$	24,251	$	(28,032)	$	(5,414)	$	(17,051)
Corporate income, expenses, and other items									(35,416)
Net income (loss)									(52,467)
Net (income) loss attributable to noncontrolling interests									(10)
Net income (loss) attributable to common stockholders									$	(52,477)

Three Months Ended March 31, 2023
Total revenues	$	100,925	$	77,013	$	11,897	$	6,440	$	196,275
Total operating expenses	(47,599)		(34,351)		(18,916)		(11,059)		(111,925)
Segment operating income (loss)	53,326		42,662		(7,019)		(4,619)		84,350
Depreciation and amortization	(39,632)		(107)		(10,527)		(943)		(51,209)
Interest income (expense), net	(28,911)		15,812		1,186		2,063		(9,850)
Other income (loss), net	2,282		(103)		1		94		2,274
Equity in earnings (losses) from unconsolidated ventures	1,905		4,108		(10,820)		5		(4,802)
Gain (loss) on sale or disposal of real estate and other assets, net	4,730		—		—		—		4,730



Segment EBT	$	(6,300)	$	62,372	$	(27,179)	$	(3,400)	$	25,493
Corporate income, expenses, and other items									(48,120)
Net income (loss)									(22,627)
Net (income) loss attributable to noncontrolling interests									(118)
Net income (loss) attributable to common stockholders									$	(22,745)

The assets by segment and the reconciliation of total segment assets to Total assets in the Condensed Consolidated Balance Sheets are summarized as follows:


thousands	March 31, 2024		December 31, 2023
Operating Assets	$	3,561,321	$	3,577,694
Master Planned Communities	3,435,883		3,358,821
Seaport	486,713		485,898
Strategic Developments	1,840,743		1,638,955
Total segment assets	9,324,660		9,061,368
Corporate	311,231		515,635
Total assets	$	9,635,891	$	9,577,003

- 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
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-Paragraph 32
-Subparagraph (f)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

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-Subparagraph (a)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share


12. 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, which expired without being exercised in 2023, were computed using the if-converted method.

Information related to the Company’s EPS calculations is summarized as follows:


	Three Months Ended March 31,
thousands except per share amounts		2024		2023
Net income (loss)
Net income (loss)		$	(52,467)	$	(22,627)
Net (income) loss attributable to noncontrolling interests		(10)		(118)
Net income (loss) attributable to common stockholders		$	(52,477)	$	(22,745)

Shares
Weighted-average common shares outstanding - basic		49,663		49,455


Weighted-average common shares outstanding - diluted		49,663		49,455

Net income (loss) per common share
Basic income (loss) per share		$	(1.06)	$	(0.46)
Diluted income (loss) per share		$	(1.06)	$	(0.46)

Anti-dilutive shares excluded from diluted EPS
Restricted stock and stock options		688		790
Warrants		—		2,053

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. The Company repurchased $96.6 million in 2021 and $153.4 million in 2022, thereby completing all authorized purchases under the October 2021 program.

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. In 2022, the Company repurchased approximately $235.0 million. The date and time of any repurchases will depend upon market conditions and the program may be suspended or discontinued at any time.

Derivative Instruments and Hedging Activities - Impact of Financial Instruments on Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest expense
Effect of the Company's derivative financial instruments on the income statement
Amount of Gain (Loss) Reclassified from AOCI into Statements of Operations	$ 1,205	$ 2,679
Interest Rate Swap
Effect of the Company's derivative financial instruments on the income statement
Amount of Gain (Loss) Recognized in AOCI on Derivatives	$ 3,830	$ (2,651)

Impairment

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Impairment


4. Impairment

The Company reviews its long-lived assets for potential impairment indicators when events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment or disposal of long‑lived assets in accordance with ASC 360 requires that if impairment indicators exist and expected undiscounted cash flows generated by the asset over an anticipated holding period are less than its carrying amount, an impairment provision should be recorded to write down the carrying amount of the asset to its fair value. The impairment analysis does not consider the timing of future cash flows and whether the asset is expected to earn an above- or below-market rate of return. No impairment charges were recorded during the three months ended March 31, 2024 and 2023.

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

The Company evaluates each investment in an unconsolidated venture discussed in Note 2 - Investments in Unconsolidated Ventures periodically for recoverability and valuation declines that are other-than-temporary. If the decrease in value of an investment is deemed to be other-than-temporary, the investment is reduced to its estimated fair value. No impairment charges were recorded during the three months ended March 31, 2024 and 2023.

Leases - Leased Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease right-of-use assets	$ 45,649	$ 44,897
Operating lease obligations	$ 53,065	$ 51,584

Earnings Per Share - Information Related to EPS Calculation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net income (loss)
Net income (loss)	$ (52,467)	$ (22,627)
Net (income) loss attributable to noncontrolling interests	(10)	(118)
Net income (loss) attributable to common stockholders, basic	(52,477)	(22,745)
Net income (loss) attributable to common stockholders, diluted	$ (52,477)	$ (22,745)
Shares
Weighted-average common shares outstanding - basic (in shares)	49,663,000	49,455,000
Weighted-average common shares outstanding - diluted (in shares)	49,663,000	49,455,000
Net income (loss) per common share
Basic income (loss) per share (in dollars per share)	$ (1.06)	$ (0.46)
Diluted income (loss) per share (in dollars per share)	$ (1.06)	$ (0.46)
Restricted stock and stock options
Anti-dilutive shares excluded from diluted EPS
Anti-dilutive shares excluded from diluted EPS (in shares)	688,000	790,000
Warrants
Anti-dilutive shares excluded from diluted EPS
Anti-dilutive shares excluded from diluted EPS (in shares)	0	2,053,000

Revenues - Schedule of Contract with Customer, Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Contract Liabilities
Beginning balance	$ 579,328	$ 457,831
Consideration earned during the period	(16,762)	(16,919)
Consideration received during the period	74,674	78,366
Ending balance	$ 637,240	$ 519,278

Investments in Unconsolidated Ventures - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Total liabilities	$ 6,623,136	$ 6,518,079
Unconsolidated Properties
Schedule of Investments [Line Items]
Total liabilities	291,100
Unconsolidated Properties \| Equity Method Investment, Nonconsolidated Investee or Group of Investees \| HHC
Schedule of Investments [Line Items]
Total liabilities	$ 144,200

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 2: 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 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- 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

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Summary of effective income tax rate reconciliation


	Three Months Ended March 31,
thousands except percentages		2024			2023
Income tax expense (benefit)		$	(17,195)		$	(1,278)
Income (loss) before income taxes		(69,662)			(23,905)
Effective tax rate		24.7		%	5.3		%

Leases - Other Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows on operating leases	$ 1,482	$ 1,097
Weighted-average remaining lease term (years)
Operating leases	42 years 9 months 18 days	43 years 10 months 24 days
Weighted-average discount rate
Operating leases	7.70%	7.80%

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Interest rate swaps, tax expense (benefit)	$ 775	$ (1,559)

Investments in Unconsolidated Ventures

3 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Ventures


2. Investments in Unconsolidated Ventures

In the ordinary course of business, the Company enters into partnerships and ventures with an emphasis on investments associated with the development and operation of real estate assets. As of March 31, 2024, the Company does not consolidate the investments below as it does not have a controlling financial interest in these investments. As such, the Company primarily reports its interests in accordance with the equity method. As of March 31, 2024, these ventures had debt totaling $291.1 million, with the Company’s proportionate share of this debt totaling $144.2 million. All of this indebtedness is without recourse to the Company, with the exception of the collateral maintenance obligation for Floreo. See Note 9 - Commitments and Contingencies for additional information related to the Company’s collateral maintenance obligation.

Investments in unconsolidated ventures consist of the following:


	Ownership Interest (a)				Carrying Value					Share of Earnings/Dividends
	March 31,		December 31,		March 31,		December 31,		Three Months Ended March 31,
thousands except percentages	2024		2023		2024		2023			2024		2023
Equity Method Investments
Operating Assets:

The Metropolitan (b)	50	%	50	%	$	—	$	—		$	1,078	$	(325)
Stewart Title of Montgomery County, TX	50	%	50	%	3,711		3,785			(75)		(35)
Woodlands Sarofim	20	%	20	%	2,991		2,990			2		13
TEN.m.flats (c)	50	%	50	%	—		—			1,570		(781)
Master Planned Communities:
The Summit (d)	50	%	50	%	43,189		59,112			(15,923)		4,630
Floreo (e)	50	%	50	%	57,092		55,880			1,212		(522)
Seaport:

The Lawn Club (d)	50	%	50	%	3,926		1,266			(453)		—
Ssäm Bar (d)(e)	50	%	50	%	—		—			—		(398)
Tin Building by Jean-Georges (d)(e)	65	%	65	%	13,583		11,658			(9,661)		(10,208)
Jean-Georges Restaurants	25	%	25	%	14,370		14,535			(166)		(214)
Strategic Developments:

HHMK Development	50	%	50	%	10		10			—		—
KR Holdings	50	%	50	%	491		486			5		—

West End Alexandria (d)	58	%	58	%	60,291		56,757			34		5

					199,654		206,479			(22,377)		(7,835)
Other equity investments (f)					13,779		13,779			3,242		3,033
Investments in unconsolidated ventures					$	213,433	$	220,258		$	(19,135)	$	(4,802)

(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.

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

The Company will recognize its share of income or loss based on the joint venture distribution priorities, as amended, which could fluctuate over time. Upon return of each member’s contributed capital and a preferred return to 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 recognized 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.

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

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

As of March 31, 2024, the Tin Building by Jean-Georges is classified as a VIE because the equity holders, as a group, lack the characteristics of a controlling financial interest. The Company further concluded that it is not the primary beneficiary of the VIE as it does not have the power to direct the restaurant-related activities that most significantly impact its economic performance. As the Company is unable to quantify the amount of additional capital contributions that may be funded in the future associated with this investment, the Company’s maximum exposure to loss as of March 31, 2024, is equal to the $13.6 million carrying value of the investment as of that date. The Company funded capital contributions of $11.6 million for the three months ended March 31, 2024, and $48.1 million for the year ended December 31, 2023.

Jean-Georges Restaurants In March 2022, the Company acquired a 25% interest in JG Restaurant HoldCo LLC (Jean-Georges Restaurants) 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. Under the terms of the agreement, all cash distributions and the recognition of income-producing activities will be pro rata based on stated ownership interest.

Concurrent with the Company’s acquisition of the 25% interest in Jean-Georges Restaurants, the Company entered into a warrant agreement with Jean-Georges. The Company paid $10.0 million for the option to acquire up to an additional 20% interest in Jean-Georges Restaurants at a fixed exercise price per share subject to certain anti-dilution provisions. Should the warrant agreement be exercised by the Company, the $10.0 million will be credited against the aggregate exercise price of the warrants. Per the agreement, the $10.0 million is to be used for working capital of Jean-Georges Restaurants. The warrant became exercisable on March 2, 2022, subject to automatic exercise in the event of dissolution or liquidation, and will expire on March 2, 2026. As of March 31, 2024, this warrant had not been exercised. The Company elected the measurement alternative for this purchase option as the equity security does not have a readily determinable fair value. As such, the investment is measured at cost, less any identified impairment charges.

Creative Culinary Management Company, LLC (CCMC), a wholly owned subsidiary of Jean-Georges Restaurants, provides management services for certain retail and food and beverage businesses that the Company owns, either wholly or through partnerships with third parties. The Company’s businesses managed by CCMC include the Tin Building by Jean-Georges, The Fulton, and Malibu Farm. Additionally, in October 2023, the Lawn Club venture executed a management agreement with CCMC. Pursuant to the various management agreements, CCMC is responsible for employment and supervision of all employees providing services for the food and beverage operations and restaurant as well as the day-to-day operations and accounting for the food and beverage operations.

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

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

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

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

In October 2022, Floreo closed on a $165.0 million financing, with outstanding borrowings of $96.1 million as of March 31, 2024. The Company provided a guarantee on this financing in the form of a collateral maintenance obligation and received a guarantee fee of $5.0 million. The financing and related guarantee provided by the Company triggered a reconsideration event and as of December 31, 2022, Floreo was classified as a VIE. Due to rights held by other members, the Company does not have a controlling financial interest in Floreo and is not the primary beneficiary. As of March 31, 2024, the Company’s maximum exposure to loss on this investment is limited to the $57.1 million aggregate carrying value as the Company has not made any other firm commitments to fund amounts on behalf of this VIE, and cash collateral that the Company may be obligated to post related to its collateral maintenance obligation. See Note 9 - Commitments and Contingencies for additional information related to the Company’s collateral maintenance obligation.

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

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

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

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Interest rate swaps, tax expense (benefit)	$ 775	$ (1,559)

Presentation of Financial Statements and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation and Basis of Presentation 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. The outside equity interests in certain entities controlled by the Company are reflected in the Condensed Consolidated Financial Statements as noncontrolling interests.
Restricted Cash	Restricted Cash Restricted cash reflects amounts segregated in escrow accounts in the name of the Company, primarily related to escrowed condominium deposits by buyers and other amounts related to taxes, insurance, and legally restricted security deposits and leasing costs
Accounts Receivable, net	Accounts Receivable, net Accounts receivable, net includes straight-line rent receivables, tenant receivables, and other receivables. On a quarterly basis, management reviews the lease-related receivables, including straight-line rent receivables and tenant receivables, for collectability. This analysis includes a review of past due accounts and considers factors such as the credit quality of tenants, current economic conditions, and changes in customer payment trends. When full collection of a lease-related receivable or future lease payment is deemed to be not probable, a reserve for the receivable balance is charged against rental revenue and future rental revenue is recognized on a cash basis. The Company also records reserves for estimated losses if the estimated loss amount is probable and can be reasonably estimated. Other receivables are primarily related to short-term trade receivables. The Company is exposed to credit losses through the sale of goods and services to customers and assesses its exposure to credit loss related to these receivables on a quarterly basis based on historical collection experience and future expectations by portfolio. The Company records an allowance for credit losses if the estimated loss amount is probable.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. The estimates and assumptions include, but are not limited to, the future cash flows used in impairment analysis and fair value used in impairment calculations, allocation of capitalized development costs, provision for income taxes, recoverable amounts of receivables and deferred tax assets, initial valuations of tangible and intangible assets acquired, and the related useful lives of assets upon which depreciation and amortization is based. Estimates and assumptions have also been made with respect to future revenues and costs, and the fair value of warrants, debt, and options granted. In particular, Master Planned Communities (MPC) cost of sales estimates are highly judgmental as they are sensitive to cost escalation, sales price escalation, and lot absorption, which are subject to judgment and affected by expectations about future market or economic conditions. Actual results could differ from these and other estimates.
Noncontrolling Interests	Noncontrolling Interests As of March 31, 2024, and December 31, 2023, noncontrolling interests related to the 12.0% noncontrolling interest in Teravalis and the noncontrolling interest in the Ward Village Homeowners’ Associations (HOAs). All revenues and expenses related to the HOAs are attributable to noncontrolling interests and do not impact net income attributable to common stockholders.
Financing Receivable Credit Losses	Financing Receivable Credit Losses The Company is exposed to credit losses through the sale of goods and services to the Company’s customers. Receivables held by the Company primarily relate to short-term trade receivables, discussed above, and financing receivables, which include Municipal Utility District (MUD) receivables, Special Improvement District (SID) bonds, Tax Increment Financing (TIF) receivables, net investments in lease receivables, and notes receivable. The Company assesses its exposure to credit loss based on historical collection experience and future expectations by portfolio segment. Historical collection experience is evaluated on a quarterly basis by the Company. The amortized cost basis of financing receivables, consisting primarily of MUD receivables, totaled $663.5 million as of March 31, 2024, and $632.8 million as of December 31, 2023. The MUD receivable balance included accrued interest of $43.0 million as of March 31, 2024, and $35.8 million as of December 31, 2023. There has been no material activity in the allowance for credit losses for financing receivables for the three months ended March 31, 2024 and 2023. Financing receivables are considered to be past due once they are 30 days contractually past due under the terms of the agreement. The Company does not have significant receivables that are past due or on nonaccrual status. There have been no significant write-offs or recoveries of amounts previously written off during the current period for financing receivables.

- Definition

Disclosure of accounting policy for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security. Includes, but is not limited to, methodology used to estimate allowance for credit loss, how writeoff of uncollectible amount is recognized, and determination of past due status and nonaccrual status.

+ References

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+ Details

Presentation of Financial Statements and Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Summary of accounts receivable, net

The following table represents the components of Accounts receivable, net of amounts considered uncollectible, in the accompanying Condensed Consolidated Balance Sheets:


thousands	March 31, 2024		December 31, 2023
Straight-line rent receivables	$	89,761	$	87,669
Tenant receivables	3,770		4,780
Other receivables	17,586		22,596
Accounts receivable, net (a)	$	111,117	$	115,045

(a)As of March 31, 2024, the total reserve balance for amounts considered uncollectible was $15.7 million, comprised of $14.8 million attributable to lease-related receivables and $0.9 million attributable to the allowance for credit losses related to other accounts receivables. As of December 31, 2023, the total reserve balance was $15.0 million, comprised of $14.8 million attributable to lease-related receivables $0.2 million attributable to the allowance for credit losses related to other accounts receivables.

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

The following table summarizes the impacts of the collectability reserves in the accompanying Condensed Consolidated Statements of Operations:


thousands	Three Months Ended March 31,
Income Statement Location		2024		2023
Rental revenue		$	960	$	2,893
Provision for (recovery of) doubtful accounts		834		(2,420)



Total (income) expense impact		$	1,794	$	473

Revenues (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Summary of revenue disaggregated by revenue source

The following presents the Company’s revenues disaggregated by revenue source:


	Three Months Ended March 31,
thousands		2024		2023
Revenues from contracts with customers
Recognized at a point in time:
Condominium rights and unit sales		$	23	$	6,087
Master Planned Communities land sales		32,415		59,361
Builder price participation		12,566		14,009
Total		45,004		79,457

Recognized at a point in time or over time:
Other land, rental, and property revenues		18,383		18,968


Rental and lease-related revenues
Rental revenue		107,751		97,864
Total revenues		$	171,138	$	196,289

Revenues by segment
Operating Assets revenues		$	110,152	$	100,925
Master Planned Communities revenues		48,875		77,013
Seaport revenues		11,502		11,897
Strategic Developments revenues		593		6,440
Corporate revenues		16		14
Total revenues		$	171,138	$	196,289

Summary of contract with customer, assets and liabilities

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


thousands	Contract Liabilities
Balance at December 31, 2023	$	579,328
Consideration earned during the period	(16,762)
Consideration received during the period	74,674
Balance at March 31, 2024	$	637,240

Balance at December 31, 2022	$	457,831
Consideration earned during the period	(16,919)
Consideration received during the period	78,366
Balance at March 31, 2023	$	519,278

Summary of remaining performance obligation, expected timing of satisfaction

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


thousands	Less than 1 year			1-2 years		3 years and thereafter
Total remaining unsatisfied performance obligations		$	1,060,125	$	1,087,244		$	1,316,260

Presentation of Financial Statements and Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Oct. 05, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total assets	$ 9,635,891	$ 9,577,003
Accounts payable and other liabilities	1,108,131	1,076,040
Noncontrolling interests	66,130	66,053
Amortized cost basis of financing receivables	663,500	632,800
Accrued interest on financing receivables	$ 43,000	$ 35,800
Financing receivable threshold period past due	30 days
Teravalis Acquisition
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ownership interest	88.00%
Percentage of minimum required capital contribution	12.00%	12.00%
Total assets	$ 541,700
Accounts payable and other liabilities	400
Noncontrolling interests	$ 65,000
Seaport Entertainment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of air rights			80.00%

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

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Statement of Comprehensive Income [Abstract]

Net income (loss)

$ (52,467)

$ (22,627)

Other comprehensive income (loss):

Interest rate caps and swaps

^[1]

2,625

(5,330)

Other comprehensive income (loss)

2,625

(5,330)

Comprehensive income (loss)

(49,842)

(27,957)

Comprehensive (income) loss attributable to noncontrolling interests

(10)

(118)

Comprehensive income (loss) attributable to common stockholders

$ (49,852)

$ (28,075)

[1]	Amounts are shown net of tax expense of $0.8 million for the three months ended March 31, 2024, and tax benefit of $1.6 million for the three months ended March 31, 2023.

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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-Name Accounting Standards Codification
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+ Details

- Definition

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

+ References

+ Details

Fair Value (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Summary of assets measured at fair value on a recurring basis


	March 31, 2024											December 31, 2023
	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	$	14,856		$	—		$	14,856		$	—	$	10,318		$	—		$	10,318		$	—

Summary of assets and liabilities not measured at fair value on a recurring basis

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


		March 31, 2024				December 31, 2023
thousands	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Cash and Restricted cash	Level 1	$	891,830	$	891,830	$	1,053,057	$	1,053,057
Accounts receivable, net (a)	Level 3	111,117		111,117		115,045		115,045
Notes receivable, net (b)	Level 3	1,088		1,088		1,558		1,558

Liabilities:
Fixed-rate debt (c)	Level 2	3,597,886		3,264,288		3,601,121		3,294,431
Variable-rate debt (c)	Level 2	1,840,049		1,840,049		1,751,489		1,751,489

(b)Notes receivable, net is shown net of an immaterial allowance at March 31, 2024, and December 31, 2023.

(c)Excludes related unamortized financing costs.

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

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


			Fair Value Measurements Using
thousands	Total Fair Value Measurement (a)		Quoted Prices in Active Markets for Identical Assets (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

Derivative Instruments and Hedging Activities

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities


8. Derivative Instruments and Hedging Activities

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

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

The Company is exposed to credit risk in the event of non-performance by its derivative counterparties. To mitigate its credit risk, the Company reviews the creditworthiness of counterparties and enters into agreements with those that are considered credit-worthy, such as large financial institutions with favorable credit ratings. There were no derivative counterparty defaults as of March 31, 2024, or as of December 31, 2023.

If the derivative contracts are terminated prior to their maturity, the amounts previously recorded in AOCI are recognized in earnings over the period that the hedged transaction impacts earnings. The Company recorded an immaterial reduction in interest expense in 2023 and 2024 related to the amortization of terminated swaps.

Amounts reported in AOCI related to derivatives will be reclassified to Interest expense as interest payments are made on the Company’s variable‑rate debt. Over the next 12 months, the Company estimates that $4.3 million of net gain will be reclassified to Interest expense including amounts related to the amortization of terminated swaps.


						Fair Value Asset (Liability)
thousands	Notional Amount	Fixed Interest Rate (a)		Effective Date	Maturity Date	March 31, 2024		December 31, 2023
Derivative instruments not designated as hedging instruments: (b)
Interest rate cap	75,000	2.50	%	10/12/2021	9/29/2025	$	2,404	$	2,274
Interest rate cap	59,500	2.50	%	10/12/2021	9/29/2025	1,907		1,804
Interest rate collar	55,615	2.00% - 4.50%		6/1/2023	6/1/2025	770		417
Interest rate collar	63,031	2.00% - 4.50%		6/1/2023	6/1/2025	903		440

Derivative instruments designated as hedging instruments:
Interest rate swap (c)	175,000	3.69	%	1/3/2023	1/1/2027	2,500		117
Interest rate cap	127,000	5.50	%	11/10/2022	11/7/2024	14		28
Interest rate cap	73,900	5.00	%	12/22/2022	12/21/2025	242		223
Interest rate swap	40,800	1.68	%	3/1/2022	2/18/2027	2,878		2,496
Interest rate swap	34,744	4.89	%	11/1/2019	1/1/2032	3,238		2,519

Total fair value derivative assets						$	14,856	$	10,318

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

(b)Interest income related to these contracts was $2.2 million for the three months ended March 31, 2024, and $4.2 million for the three months ended March 31, 2023.

(c)In the first quarter of 2024, the Company terminated a portion of this swap, reducing the notional amount from $200.0 million to $175.0 million.

The tables below present the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023:


	Amount of Gain (Loss) Recognized in AOCI on Derivatives
Derivatives in Cash Flow Hedging Relationships	Three Months Ended March 31,
thousands	2024		2023
Interest rate derivatives	$	3,830	$	(2,651)


Location of Gain (Loss) Reclassified from AOCI into Statements of Operations	Amount of Gain (Loss) Reclassified from AOCI into Statements of Operations
	Three Months Ended March 31,
thousands	2024		2023
Interest expense	$	1,205	$	2,679

Credit-risk-related Contingent Features The Company has agreements at the property level with certain derivative counterparties that contain a provision where if the Company defaults on the related property level indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its related derivative obligations. The Company also has agreements at the property level with certain derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. None of the Company’s derivatives which contain credit-risk-related features were in a net liability position as of March 31, 2024.

Derivative Instruments and Hedging Activities - Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($)
Interest Rate Swap \| Derivative instruments designated as hedging instruments:
Derivative [Line Items]
Gain on derivative expected amount to be reclassified	$ 4.3
Credit Risk Contract
Derivative [Line Items]
Derivative liability fair value gross	$ 0.0

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

Leases - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
Leases - Lease Costs (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease cost	$ 1,729	$ 1,708
Variable lease cost	663	392
Total lease cost	$ 2,392	$ 2,100

Leases - Narrative (Details)	3 Months Ended
Leases - Narrative (Details)	Mar. 31, 2024
Lessee, Lease, Description [Line Items]
Lessee, remaining lease term	2 years
Lessor, average remaining lease term	5 years
One Lease
Lessee, Lease, Description [Line Items]
Lessee, remaining lease term	50 years

Investments in Unconsolidated Ventures - Summary of Equity Investments in Real Estate and Other Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Investments in and Advances to Affiliates [Line Items]
Investments in unconsolidated ventures	$ 213,433		$ 220,258
Share of Earnings/Dividends	(19,135)	$ (4,802)
Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Equity Method Investments	199,654		206,479
Share of Earnings/Dividends	(22,377)	(7,835)
Other equity investments
Investments in and Advances to Affiliates [Line Items]
Other equity investments	13,779		13,779
Share of Earnings/Dividends	3,242	3,033
The Metropolitan Downtown Columbia \| Accounts Payable and Accrued Liabilities
Investments in and Advances to Affiliates [Line Items]
Investment deficit position	10,500		10,900
m.flats/TEN.M
Investments in and Advances to Affiliates [Line Items]
Investment deficit position	$ 4,000		$ 4,700
Operating Assets Segment \| The Metropolitan Downtown Columbia \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50.00%		50.00%
Equity Method Investments	$ 0		$ 0
Share of Earnings/Dividends	$ 1,078	(325)
Operating Assets Segment \| 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	$ 3,711		$ 3,785
Share of Earnings/Dividends	$ (75)	(35)
Operating Assets Segment \| Woodlands Sarofim \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	20.00%		20.00%
Equity Method Investments	$ 2,991		$ 2,990
Share of Earnings/Dividends	$ 2	13
Operating Assets Segment \| m.flats/TEN.M \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50.00%		50.00%
Equity Method Investments	$ 0		$ 0
Share of Earnings/Dividends	$ 1,570	(781)
MPC Segment \| The Summit \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50.00%		50.00%
Equity Method Investments	$ 43,189		$ 59,112
Share of Earnings/Dividends	$ (15,923)	4,630
MPC Segment \| Floreo \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50.00%		50.00%
Equity Method Investments	$ 57,092		$ 55,880
Share of Earnings/Dividends	$ 1,212	(522)
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	$ 3,926		$ 1,266
Share of Earnings/Dividends	$ (453)	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		$ 0
Share of Earnings/Dividends	0	(398)
Seaport Segment \| Tin Building by Jean-Georges
Investments in and Advances to Affiliates [Line Items]
Equity Method Investments	$ 13,600
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	$ 13,583		$ 11,658
Share of Earnings/Dividends	$ (9,661)	(10,208)
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	$ 14,370		$ 14,535
Other equity investments	10,000
Share of Earnings/Dividends	$ (166)	(214)
Strategic Developments Segment \| HHMK Development \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50.00%		50.00%
Equity Method Investments	$ 10		$ 10
Share of Earnings/Dividends	$ 0	0
Strategic Developments Segment \| KR Holdings \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50.00%		50.00%
Equity Method Investments	$ 491		$ 486
Share of Earnings/Dividends	$ 5	0
Strategic Developments Segment \| West End Alexandria \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	58.00%		58.00%
Equity Method Investments	$ 60,291		$ 56,757
Share of Earnings/Dividends	$ 34	$ 5

Presentation of Financial Statements and Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Presentation of Financial Statements and Significant Accounting Policies


1. Presentation of Financial Statements and Significant Accounting Policies

Seaport Entertainment On October 5, 2023, Howard Hughes Holdings Inc. (HHH or the Company) 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 an interest in and to 80% of 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 from Howard Hughes will refine the identity of HHH as a pure-play real estate company focused solely on its portfolio of acclaimed master planned communities and allow the new company, Seaport Entertainment, to operate independently as an entertainment-focused enterprise.

General These unaudited Condensed Consolidated Financial Statements have been prepared by Howard Hughes Holdings Inc. in accordance with accounting principles generally accepted in the United States of America (GAAP). 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 (HHC), unless otherwise specifically stated. References to HHC refer to The Howard Hughes Corporation and its consolidated subsidiaries unless otherwise specifically stated.

In accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as issued by the Securities and Exchange Commission (the SEC), these Condensed Consolidated Financial Statements do not include all of the information and disclosures required by GAAP for complete financial statements. Readers of this quarterly report on Form 10-Q (Quarterly Report) should refer to the Howard Hughes Holdings Inc. audited Consolidated Financial Statements, which are included in its annual report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 27, 2024 (the Annual Report). In the opinion of management, all normal recurring adjustments necessary for a fair presentation of the financial position, results of operations, comprehensive income, cash flows, and equity for the interim periods have been included. The results for the three months ended March 31, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, and future fiscal years.

Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of 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. The outside equity interests in certain entities controlled by the Company are reflected in the Condensed Consolidated Financial Statements as noncontrolling interests.

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

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

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

Other receivables are primarily related to short-term trade receivables. The Company is exposed to credit losses through the sale of goods and services to customers and assesses its exposure to credit loss related to these receivables on a quarterly basis based on historical collection experience and future expectations by portfolio. The Company records an allowance for credit losses if the estimated loss amount is probable.

The following table represents the components of Accounts receivable, net of amounts considered uncollectible, in the accompanying Condensed Consolidated Balance Sheets:


thousands	March 31, 2024		December 31, 2023
Straight-line rent receivables	$	89,761	$	87,669
Tenant receivables	3,770		4,780
Other receivables	17,586		22,596
Accounts receivable, net (a)	$	111,117	$	115,045

The following table summarizes the impacts of the collectability reserves in the accompanying Condensed Consolidated Statements of Operations:


thousands	Three Months Ended March 31,
Income Statement Location		2024		2023
Rental revenue		$	960	$	2,893
Provision for (recovery of) doubtful accounts		834		(2,420)



Total (income) expense impact		$	1,794	$	473

Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. The estimates and assumptions include, but are not limited to, the future cash flows used in impairment analysis and fair value used in impairment calculations, allocation of capitalized development costs, provision for income taxes, recoverable amounts of receivables and deferred tax assets, initial valuations of tangible and intangible assets acquired, and the related useful lives of assets upon which depreciation and amortization is based. Estimates and assumptions have also been made with respect to future revenues and costs, and the fair value of warrants, debt, and options granted. In particular, Master Planned Communities (MPC) cost of sales estimates are highly judgmental as they are sensitive to cost escalation, sales price escalation, and lot absorption, which are subject to judgment and affected by expectations about future market or economic conditions. Actual results could differ from these and other estimates.

Consolidated Variable Interest Entity At March 31, 2024, the Company holds an 88.0% interest in Teravalis, our newest large-scale master planned community in the West Valley of Phoenix, Arizona, and a third party 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 consolidates Teravalis.

Under the terms of the LLC agreement, cash distributions and the recognition of income-producing activities will be pro rata based on economic ownership interest. As of March 31, 2024, the Company’s Condensed Consolidated Balance Sheets include $541.7 million of Master Planned Community assets, $0.4 million of Accounts Payable and other liabilities, and $65.0 million of Noncontrolling interest related to Teravalis.

Noncontrolling Interests As of March 31, 2024, and December 31, 2023, noncontrolling interests related to the 12.0% noncontrolling interest in Teravalis and the noncontrolling interest in the Ward Village Homeowners’ Associations (HOAs). All revenues and expenses related to the HOAs are attributable to noncontrolling interests and do not impact net income attributable to common stockholders.

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

The amortized cost basis of financing receivables, consisting primarily of MUD receivables, totaled $663.5 million as of March 31, 2024, and $632.8 million as of December 31, 2023. The MUD receivable balance included accrued interest of $43.0 million as of March 31, 2024, and $35.8 million as of December 31, 2023. There has been no material activity in the allowance for credit losses for financing receivables for the three months ended March 31, 2024 and 2023.

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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Name	William A. Ackman
Title	Chairman of our Board of Directors
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Termination Date	January 4, 2024
William A. Ackman [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	William A. Ackman, Chairman of our Board of Directors, is the Chief Executive Officer of Pershing Square Capital Management, L.P., a Delaware limited partnership (Pershing Square) and the managing member of PS Management GP, LLC (“PS Management” and, together with Mr. Ackman and Pershing Square, the “Pershing Reporting Persons”). Pershing Square serves as the investment adviser to certain affiliated funds, including Pershing Square, L.P., a Delaware limited partnership (PS), Pershing Square International, Ltd., a Cayman Islands exempted company (PS International), and Pershing Square Holdings, Ltd., a limited liability company incorporated in Guernsey (“PSH” and together with PS and PS International, the “Pershing Square Funds”). The Pershing Square Funds previously entered into a Rule 10b5-1 Purchase Plan (the Pershing 10b5-1 Plan) to purchase additional shares of Common Stock to bring the Reporting Persons’ beneficial ownership to approximately 39% of the outstanding Common Stock of the Company, which would be under the 40% threshold for which they have a waiver under Section 203 of the Delaware General Corporation Law from our Board of Directors. On January 4, 2024, the Pershing Square Funds terminated the Pershing 10b5-1 Plan by notice to its broker.
Rule 10b5-1 Arrangement Terminated	true

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	May 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	HHH
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding (in shares)		50,259,345
Entity Central Index Key	0001981792
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024

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

Segments - Summary of Assets by Segment and Reconciliation of Segment Assets to Total Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Reconciliation of total segment assets to total assets
Assets	$ 9,635,891	$ 9,577,003
Operating segments
Reconciliation of total segment assets to total assets
Assets	9,324,660	9,061,368
Operating segments \| Operating Assets Segment
Reconciliation of total segment assets to total assets
Assets	3,561,321	3,577,694
Operating segments \| MPC Segment
Reconciliation of total segment assets to total assets
Assets	3,435,883	3,358,821
Operating segments \| Seaport Segment
Reconciliation of total segment assets to total assets
Assets	486,713	485,898
Operating segments \| Strategic Developments Segment
Reconciliation of total segment assets to total assets
Assets	1,840,743	1,638,955
Corporate
Reconciliation of total segment assets to total assets
Assets	$ 311,231	$ 515,635

- 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

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 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Revenues - Schedule of Remaining Unsatisfied Performance Obligations (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, cancellation period	30 days
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 3,500,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1,060,125
Remaining performance obligation, expected timing of satisfaction period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1,087,244
Remaining performance obligation, expected timing of satisfaction period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1,316,260
Remaining performance obligation, expected timing of satisfaction period

Segments - Narrative (Details) a in Thousands	3 Months Ended
Segments - Narrative (Details) a in Thousands	Mar. 31, 2024 a segment location
Segments reporting
Number of reportable segments \| segment	4
Seaport Segment
Segments reporting
Area of real estate property (in sqft) \| a	472
Number of primary locations \| location	3

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

Segments - Summary of Segment Operating Results (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segments reporting
Total revenues	$ 171,138	$ 196,289
Depreciation and amortization	(52,247)	(52,009)
Other income (loss), net	891	4,981
Equity in earnings (losses) from unconsolidated ventures	(19,135)	(4,802)
Gain (loss) on sale or disposal of real estate and other assets, net	4,794	4,730
Income (loss) before income taxes	(69,662)	(23,905)
Net income (loss)	(52,467)	(22,627)
Net (income) loss attributable to noncontrolling interests	(10)	(118)
Net income (loss) attributable to common stockholders	(52,477)	(22,745)
Operating segments
Segments reporting
Total revenues	171,122	196,275
Total operating expenses	(106,583)	(111,925)
Segment operating income (loss)	64,539	84,350
Depreciation and amortization	(51,442)	(51,209)
Interest income (expense), net	(16,218)	(9,850)
Other income (loss), net	411	2,274
Equity in earnings (losses) from unconsolidated ventures	(19,135)	(4,802)
Gain (loss) on sale or disposal of real estate and other assets, net	4,794	4,730
Income (loss) before income taxes	(17,051)	25,493
Corporate
Segments reporting
Corporate income, expenses, and other items	(35,416)	(48,120)
Operating Assets Segment
Segments reporting
Total revenues	110,152	100,925
Operating Assets Segment \| Operating segments
Segments reporting
Total revenues	110,152	100,925
Total operating expenses	(51,395)	(47,599)
Segment operating income (loss)	58,757	53,326
Depreciation and amortization	(44,156)	(39,632)
Interest income (expense), net	(33,476)	(28,911)
Other income (loss), net	408	2,282
Equity in earnings (losses) from unconsolidated ventures	5,817	1,905
Gain (loss) on sale or disposal of real estate and other assets, net	4,794	4,730
Income (loss) before income taxes	(7,856)	(6,300)
MPC Segment
Segments reporting
Total revenues	48,875	77,013
MPC Segment \| Operating segments
Segments reporting
Total revenues	48,875	77,013
Total operating expenses	(25,049)	(34,351)
Segment operating income (loss)	23,826	42,662
Depreciation and amortization	(110)	(107)
Interest income (expense), net	15,246	15,812
Other income (loss), net	0	(103)
Equity in earnings (losses) from unconsolidated ventures	(14,711)	4,108
Gain (loss) on sale or disposal of real estate and other assets, net	0	0
Income (loss) before income taxes	24,251	62,372
Seaport Segment
Segments reporting
Total revenues	11,502	11,897
Seaport Segment \| Operating segments
Segments reporting
Total revenues	11,502	11,897
Total operating expenses	(21,485)	(18,916)
Segment operating income (loss)	(9,983)	(7,019)
Depreciation and amortization	(5,757)	(10,527)
Interest income (expense), net	(2,012)	1,186
Other income (loss), net	0	1
Equity in earnings (losses) from unconsolidated ventures	(10,280)	(10,820)
Gain (loss) on sale or disposal of real estate and other assets, net	0	0
Income (loss) before income taxes	(28,032)	(27,179)
Strategic Developments Segment
Segments reporting
Total revenues	593	6,440
Strategic Developments Segment \| Operating segments
Segments reporting
Total revenues	593	6,440
Total operating expenses	(8,654)	(11,059)
Segment operating income (loss)	(8,061)	(4,619)
Depreciation and amortization	(1,419)	(943)
Interest income (expense), net	4,024	2,063
Other income (loss), net	3	94
Equity in earnings (losses) from unconsolidated ventures	39	5
Gain (loss) on sale or disposal of real estate and other assets, net	0	0
Income (loss) before income taxes	$ (5,414)	$ (3,400)

Other Assets and Liabilities - Accounts Payable and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
OTHER ASSETS AND LIABILITIES [Abstract]
Condominium deposit liabilities	$ 528,536	$ 478,870
Construction payables	297,086	257,227
Deferred income	112,608	118,432
Tenant and other deposits	45,165	29,976
Accounts payable and accrued expenses	35,930	49,363
Accrued interest	30,305	54,301
Accrued real estate taxes	23,477	30,096
Other	19,533	24,461
Accrued payroll and other employee liabilities	15,491	33,314
Accounts payable and other liabilities	$ 1,108,131	$ 1,076,040

Investments in Unconsolidated Ventures - Floreo (Details) $ in Millions	1 Months Ended	3 Months Ended
	Oct. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2022 a
Floreo Development Holding Company, LLC
Schedule of Investments [Line Items]
Acquisition interest				50.00%
Purchase price		$ 59.0
Floreo
Schedule of Investments [Line Items]
Face amount	$ 165.0
Outstanding borrowings			$ 96.1
Guarantee fee	$ 5.0
Investment in real estate and other affiliates			$ 57.1
Floreo \| Phoenix, Arizona
Schedule of Investments [Line Items]
Area of land \| a				3,029

Revenues - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Rental revenue	$ 107,751	$ 97,864
Total revenues	171,138	196,289
Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	45,004	79,457
Operating Assets revenues
Disaggregation of Revenue [Line Items]
Total revenues	110,152	100,925
Master Planned Communities revenues
Disaggregation of Revenue [Line Items]
Total revenues	48,875	77,013
Seaport revenues
Disaggregation of Revenue [Line Items]
Total revenues	11,502	11,897
Strategic Developments revenues
Disaggregation of Revenue [Line Items]
Total revenues	593	6,440
Corporate revenues
Disaggregation of Revenue [Line Items]
Total revenues	16	14
Condominium rights and unit sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	23	6,087
Condominium rights and unit sales \| Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	23	6,087
Master Planned Communities land sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	32,415	59,361
Master Planned Communities land sales \| Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	32,415	59,361
Builder price participation
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	12,566	14,009
Builder price participation \| Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	12,566	14,009
Other land, rental, and property revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	18,383	18,968
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	$ 18,383	$ 18,968

Investments in Unconsolidated Ventures - Tin Building by Jean-Georges (Details) a in Thousands, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) a	Dec. 31, 2023 USD ($)	Mar. 31, 2022	Dec. 31, 2015 ft²
Jean-Georges Restaurants
Schedule of Investments [Line Items]
Acquisition interest			25.00%
Seaport Segment
Schedule of Investments [Line Items]
Area of real estate property (in sqft) \| a	472
Tin Building by Jean-Georges
Schedule of Investments [Line Items]
Ownership interest	100.00%
Joint venture real estate, leased	100.00%
Joint venture real estate, percentage funded	100.00%
Tin Building by Jean-Georges \| Seaport Segment
Schedule of Investments [Line Items]
Area of real estate property (in sqft) \| ft²				53,783
Equity Method Investments	$ 13.6
Contributions made by the company	$ 11.6	$ 48.1

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Summary of EPS calculations

Information related to the Company’s EPS calculations is summarized as follows:


	Three Months Ended March 31,
thousands except per share amounts		2024		2023
Net income (loss)
Net income (loss)		$	(52,467)	$	(22,627)
Net (income) loss attributable to noncontrolling interests		(10)		(118)
Net income (loss) attributable to common stockholders		$	(52,477)	$	(22,745)

Shares
Weighted-average common shares outstanding - basic		49,663		49,455


Weighted-average common shares outstanding - diluted		49,663		49,455

Net income (loss) per common share
Basic income (loss) per share		$	(1.06)	$	(0.46)
Diluted income (loss) per share		$	(1.06)	$	(0.46)

Anti-dilutive shares excluded from diluted EPS
Restricted stock and stock options		688		790
Warrants		—		2,053

Acquisitions and Dispositions - Dispositions Narrative (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations $ in Millions		1 Months Ended
	Mar. 31, 2023 USD ($) a landParcel	Feb. 29, 2024 USD ($) ft²	Dec. 31, 2023 USD ($) ft²	Jul. 31, 2023 USD ($) storageFacility storageUnit
Creekside Park Medical Plaza
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of real estate property (in sqft) \| ft²		32,689
Consideration received		$ 14.0
Gain on disposal		$ 4.8
Memorial Hermann Medical Office
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of real estate property (in sqft) \| ft²			20,000
Consideration received			$ 9.6
Gain on disposal			$ 3.2
The Woodlands, Texas
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received				$ 30.5
Gain on disposal				$ 16.1
Number of operating self storage facilities \| storageFacility				2
Number of storage units \| storageUnit				1,370
Honolulu, Hawai'i
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of real estate property (in sqft) \| a	11,929
Consideration received	$ 6.3
Gain on disposal	$ 4.7
Land parcels sold \| landParcel	2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Master Planned Communities assets	$ 2,481,538	$ 2,445,673
Buildings and equipment	4,207,900	4,177,677
Less: accumulated depreciation	(1,071,110)	(1,032,226)
Land	303,380	303,685
Developments	1,438,924	1,272,445
Net investment in real estate	7,360,632	7,167,254
Investments in unconsolidated ventures	213,433	220,258
Cash and cash equivalents	462,700	631,548
Restricted cash	429,130	421,509
Accounts receivable, net	111,117	115,045
Municipal Utility District receivables, net	584,222	550,884
Deferred expenses, net	145,833	142,561
Operating lease right-of-use assets	45,649	44,897
Other assets, net	283,175	283,047
Total assets	9,635,891	9,577,003
LIABILITIES
Mortgages, notes, and loans payable, net	5,391,243	5,302,620
Operating lease obligations	53,065	51,584
Deferred tax liabilities, net	70,697	87,835
Accounts payable and other liabilities	1,108,131	1,076,040
Total liabilities	6,623,136	6,518,079
Commitments and Contingencies (see Note 9)
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, 56,714,750 issued, and 50,243,739 outstanding as of March 31, 2024, 56,495,791 shares issued, and 50,038,014 outstanding as of December 31, 2023	567	565
Additional paid-in capital	3,993,152	3,988,496
Retained earnings (accumulated deficit)	(436,173)	(383,696)
Accumulated other comprehensive income (loss)	3,897	1,272
Treasury stock, at cost, 6,471,011 shares as of March 31, 2024, and 6,457,777 shares as of December 31, 2023	(614,818)	(613,766)
Total stockholders' equity	2,946,625	2,992,871
Noncontrolling interests	66,130	66,053
Total equity	3,012,755	3,058,924
Total liabilities and equity	$ 9,635,891	$ 9,577,003