0001628280-26-009710 | 10-K | XBRL Viewer | Howard Hughes Holdings INC

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Investments in Unconsolidated Ventures - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Investments in and Advances to Affiliates, Activity [Line Items]
Liabilities	$ 6,797,215	$ 6,369,462
Equity method investment, nonconsolidated investee or group of investees
Investments in and Advances to Affiliates, Activity [Line Items]
Liabilities	599,167	$ 526,320
Unconsolidated Properties
Investments in and Advances to Affiliates, Activity [Line Items]
Liabilities	434,000
Unconsolidated Properties \| Equity method investment, nonconsolidated investee or group of investees \| Howard Hughes Corporation’s
Investments in and Advances to Affiliates, Activity [Line Items]
Liabilities	$ 215,500

- Definition

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

+ References

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+ Details

- Definition

Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others.

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+ Details

Presentation of Financial Statements and Significant Accounting Policies - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Buildings and equipment	$ 4,028,862	$ 3,841,872
Business Combination [Line Items]
Buildings and equipment	4,028,862	3,841,872
Less: accumulated depreciation	(1,082,124)	(949,533)
Developments	1,477,615	1,341,029
Net investment in real estate	7,367,055	7,047,476
Cash and cash equivalents	1,468,507	596,083	$ 629,714
Restricted cash	628,651	402,420
Accounts receivable, net	134,122	105,185
Deferred expenses, net	160,966	139,350
Other assets, net	245,078	281,551
Total assets	10,639,461	9,211,236
Accounts payable and other liabilities	1,518,047	1,094,437
Total liabilities	6,797,215	6,369,462
Variable Interest Entity, Primary Beneficiary \| Ilima Acquisition
Accounting Policies [Abstract]
Buildings and equipment	7,161	698
Business Combination [Line Items]
Buildings and equipment	7,161	698
Less: accumulated depreciation	(1,354)	(19)
Developments	14,684	7,747
Net investment in real estate	20,491	8,426
Cash and cash equivalents	21,690	271
Restricted cash	136,418	0
Accounts receivable, net	65	0
Deferred expenses, net	13,571	0
Other assets, net	565	0
Total assets	192,800	8,697
Accounts payable and other liabilities	153,430	159
Total liabilities	$ 153,430	$ 159

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2025

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

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2025


					Initial Cost (b)				Costs Capitalized Subsequent to Acquisition (c)				Gross Amounts at Which Carried at Close of Period (d)
Name of Center thousands	Location	Center Type	Encumbrances (a)		Land		Buildings and Improvements		Land (e)		Buildings and Improvements (e)		Land		Buildings and Improvements		Total		Accumulated Depreciation (f)		Date of Construction	Date Acquired / Completed
Bridgeland
Bridgeland	Cypress, TX	MPC	$	85,000	$	260,223	$	—	$	262,010	$	1,633	$	522,233	$	1,633	$	523,866	$	(899)		2004
Bridgeland Predevelopment	Cypress, TX	Development	—		—		3,004		—		—		—		3,004		3,004		—
Houston Ground Leases - Bridgeland	Cypress, TX	Other	—		4,281		—		—		—		4,281		—		4,281		—			Various
Lakeside Row	Cypress, TX	Multifamily	35,500		812		42,875		—		563		812		43,438		44,250		(10,574)		2018	2019
Memorial Hermann Medical Office	Cypress, TX	Development	3,735		—		9,339		—		—		—		9,339		9,339		—		2025
One Bridgeland Green	Cypress, TX	Office	—		1,118		33,482		—		—		1,118		33,482		34,600		(316)		2024	2025
Starling at Bridgeland	Cypress, TX	Multifamily	37,976		1,511		57,505		—		701		1,511		58,206		59,717		(7,169)		2021	2022
Village Green at Bridgeland Central	Cypress, TX	Retail	13,793		1,428		15,323		—		—		1,428		15,323		16,751		(519)		2024	2024
Wingspan	Cypress, TX	Multifamily	32,400		1,214		72,042		—		38		1,214		72,080		73,294		(6,384)		2022	2023
Columbia
Color Burst Park Retail	Columbia, MD	Retail	—		337		6,945		10		2,107		347		9,052		9,399		(1,550)		2019	2020
Columbia Ground Leases	Columbia, MD	Other	—		—		1,271		—		—		—		1,271		1,271		(71)			2024
Columbia Office Properties	Columbia, MD	Office	—		1,175		14,394		—		(1,108)		1,175		13,286		14,461		(7,615)			2004 / 2007
Columbia Parking Garages	Columbia, MD	Other	—		—		42,940		—		(40)		—		42,900		42,900		(7,939)		Various	Various
Columbia Predevelopment	Columbia, MD	Development	—		—		36,713		—		—		—		36,713		36,713		—
Juniper	Columbia, MD	Multifamily	116,876		3,923		112,435		—		9,327		3,923		121,762		125,685		(26,311)		2018	2020
10285 Lakefront Medical Office	Columbia, MD	Office	17,983		—		48,156		—		—		—		48,156		48,156		(2,220)		2022	2024
One Mall North	Columbia, MD	Office	—		7,822		10,818		—		3,817		7,822		14,635		22,457		(12,681)			2016
Marlow	Columbia, MD	Multifamily	75,159		4,088		130,083		—		3,978		4,088		134,061		138,149		(15,566)		2021	2022
6100 Merriweather	Columbia, MD	Office	65,800		2,550		86,867		—		12,519		2,550		99,386		101,936		(19,935)		2018	2019
One Merriweather	Columbia, MD	Office	49,800		1,433		56,125		—		1,082		1,433		57,207		58,640		(18,762)		2015	2017
Two Merriweather	Columbia, MD	Office	25,600		1,019		33,016		—		5,201		1,019		38,217		39,236		(9,352)		2016	2017
Merriweather District (g)	Columbia, MD	Development	—		400		156,861		(400)		(39,356)		—		117,505		117,505		—			Various
Merriweather Row	Columbia, MD	Office	58,927		24,685		94,824		—		62,754		24,685		157,578		182,263		(48,418)			2012/2014
Rouse Building	Columbia, MD	Retail	21,837		—		28,865		—		1,905		—		30,770		30,770		(9,995)		2013	2014
Summerlin
Aristocrat	Las Vegas, NV	Office	31,718		5,004		34,588		—		152		5,004		34,740		39,744		(9,425)		2017	2018
Constellation	Las Vegas, NV	Multifamily	24,200		3,069		39,759		—		2,681		3,069		42,440		45,509		(12,535)			2017
Downtown Summerlin (h)(i)	Las Vegas, NV	Retail/Office	1,297		30,855		364,100		—		30,537		30,855		394,637		425,492		(150,337)		2013	2014 / 2015
Hockey Ground Lease (h)	Las Vegas, NV	Other	121		6,705		2,198		—		—		6,705		2,198		8,903		(458)			2017
Meridian	Las Vegas, NV	Office	16,690		4,509		42,242		—		—		4,509		42,242		46,751		(2,149)		2022	2024
1700 Pavilion (h)	Las Vegas, NV	Office	75,045		1,700		101,760		—		11,020		1,700		112,780		114,480		(11,902)		2021	2022
Two Summerlin (h)	Las Vegas, NV	Office	40,849		3,037		47,104		—		1,924		3,037		49,028		52,065		(13,916)		2017	2018
Summerlin (h)	Las Vegas, NV	MPC	78,535		990,179		—		266,875		1,298		1,257,054		1,298		1,258,352		(856)			2004
Summerlin Grocery Anchored Center (h)	Las Vegas, NV	Retail	14,986		4,073		43,050		—		—		4,073		43,050		47,123		(1,506)		2023	2024
Summerlin Predevelopment	Las Vegas, NV	Development	—		—		25,540		—		—		—		25,540		25,540		—
Tanager (h)	Las Vegas, NV	Multifamily	58,599		7,331		53,978		—		1,002		7,331		54,980		62,311		(13,743)		2017	2019
Tanager Echo (h)	Las Vegas, NV	Multifamily	70,032		2,302		86,013		—		96		2,302		86,109		88,411		(8,825)		2021	2023


				Initial Cost (b)		Costs Capitalized Subsequent to Acquisition (c)		Gross Amounts at Which Carried at Close of Period (d)
Name of Center thousands	Location	Center Type	Encumbrances (a)	Land	Buildings and Improvements	Land (e)	Buildings and Improvements (e)	Land	Buildings and Improvements	Total	Accumulated Depreciation (f)	Date of Construction	Date Acquired / Completed
Teravalis
Teravalis	Phoenix, AZ	MPC	—	544,546	312	2,663	20	547,209	332	547,541	(144)		2021
The Woodlands
Creekside Park	The Woodlands, TX	Multifamily	36,179	729	40,116	—	713	729	40,829	41,558	(11,202)	2017	2018
Creekside Park The Grove	The Woodlands, TX	Multifamily	57,000	1,876	52,382	—	352	1,876	52,734	54,610	(9,747)	2019	2021
Creekside Park West	The Woodlands, TX	Retail	15,366	1,228	17,922	(121)	1,094	1,107	19,016	20,123	(3,862)	2018	2019
Grogan's Mill Retail	The Woodlands, TX	Retail	—	3,711	5,928	—	—	3,711	5,928	9,639	(384)	2024	2025
Houston Ground Leases - The Woodlands	The Woodlands, TX	Other	—	13,324	2,582	—	—	13,324	2,582	15,906	(644)		Various
One Hughes Landing	The Woodlands, TX	Office	44,063	1,678	34,761	—	507	1,678	35,268	36,946	(12,784)	2012	2013
Two Hughes Landing	The Woodlands, TX	Office	43,554	1,269	34,950	—	(2,416)	1,269	32,534	33,803	(12,483)	2013	2014
Three Hughes Landing	The Woodlands, TX	Office	70,000	2,626	46,372	—	32,687	2,626	79,059	81,685	(27,104)	2014	2016
1725 Hughes Landing Boulevard	The Woodlands, TX	Office	67,050	1,351	36,764	—	26,207	1,351	62,971	64,322	(16,184)	2013	2015
1735 Hughes Landing Boulevard	The Woodlands, TX	Office	58,793	3,709	97,651	—	(264)	3,709	97,387	101,096	(43,156)	2013	2015
Hughes Landing Daycare	The Woodlands, TX	Other	—	138	—	—	—	138	—	138	—	2018	2019
Hughes Landing Retail	The Woodlands, TX	Retail	30,594	5,184	32,562	—	136	5,184	32,698	37,882	(11,848)	2013	2015
1701 Lake Robbins	The Woodlands, TX	Retail	—	1,663	3,725	—	856	1,663	4,581	6,244	(1,515)		2014
2201 Lake Woodlands Drive	The Woodlands, TX	Office	—	3,755	—	—	1,220	3,755	1,220	4,975	(1,178)		2011
Lakefront North	The Woodlands, TX	Office	50,000	10,260	39,357	—	17,657	10,260	57,014	67,274	(16,348)		2018
One Lakes Edge	The Woodlands, TX	Multifamily	63,884	1,057	81,768	—	1,227	1,057	82,995	84,052	(29,256)	2013	2015
Two Lakes Edge	The Woodlands, TX	Multifamily	105,000	1,870	96,349	—	1,375	1,870	97,724	99,594	(22,241)	2018	2020
Millennium Six Pines	The Woodlands, TX	Multifamily	40,569	4,000	54,624	7,225	1,047	11,225	55,671	66,896	(19,471)		2016
Millennium Waterway	The Woodlands, TX	Multifamily	51,000	15,917	56,002	—	1,789	15,917	57,791	73,708	(28,700)		2012
8770 New Trails	The Woodlands, TX	Office	33,894	2,204	35,033	—	80	2,204	35,113	37,317	(9,614)	2019	2020
9303 New Trails	The Woodlands, TX	Office	7,025	1,929	11,915	—	2,321	1,929	14,236	16,165	(5,391)		2011
1 Riva Row	The Woodlands, TX	Multifamily	89,153	3,226	140,726	—	—	3,226	140,726	143,952	(309)	2023	2025
3831 Technology Forest Drive	The Woodlands, TX	Office	16,000	514	14,194	—	3,770	514	17,964	18,478	(8,411)	2014	2014
The Lane at Waterway	The Woodlands, TX	Multifamily	37,500	2,029	40,033	—	475	2,029	40,508	42,537	(8,571)	2019	2020
The Ritz-Carlton Residences	The Woodlands, TX	Development	110,127	—	156,083	—	—	—	156,083	156,083	(2,729)	2024
The Woodlands	The Woodlands, TX	MPC	—	269,411	9,814	(82,097)	(9,744)	187,314	70	187,384	(70)		2011
The Woodlands Parking Garages	The Woodlands, TX	Other	—	6,885	3,600	2,497	15,140	9,382	18,740	28,122	(4,840)		Various
The Woodlands Predevelopment	The Woodlands, TX	Development	—	—	50,481	—	—	—	50,481	50,481	(2,153)
The Woodlands Towers at the Waterway (j)	The Woodlands, TX	Office	378,340	11,044	437,561	—	51,340	11,044	488,901	499,945	(99,312)		2019
The Woodlands Warehouse	The Woodlands, TX	Other	13,700	4,480	4,389	—	120	4,480	4,509	8,989	(1,085)		2019
3 Waterway Square	The Woodlands, TX	Office	38,217	748	42,214	—	5,899	748	48,113	48,861	(19,134)	2012	2013
4 Waterway Square	The Woodlands, TX	Office	20,574	1,430	51,553	—	11,690	1,430	63,243	64,673	(25,718)		2011
6 Waterway (k)	The Woodlands, TX	Office	9,663	841	10,279	—	1,394	841	11,673	12,514	(1,473)		2024
7 Waterway	The Woodlands, TX	Development	—	—	16,377	—	—	—	16,377	16,377	—	2025
20/25 Waterway Avenue	The Woodlands, TX	Retail	14,339	2,346	8,871	—	756	2,346	9,627	11,973	(3,335)		2011
Waterway Square Retail	The Woodlands, TX	Retail	—	1,341	4,255	—	1,314	1,341	5,569	6,910	(2,209)		2011
1400 Woodloch Forest	The Woodlands, TX	Office	—	1,570	13,023	—	6,098	1,570	19,121	20,691	(9,008)		2011
The Woodlands Hills
The Woodlands Hills	Conroe, TX	MPC	—	99,284	—	21,983	12	121,267	12	121,279	(8)		2014


					Initial Cost (b)				Costs Capitalized Subsequent to Acquisition (c)				Gross Amounts at Which Carried at Close of Period (d)
Name of Center thousands	Location	Center Type	Encumbrances (a)		Land		Buildings and Improvements		Land (e)		Buildings and Improvements (e)		Land		Buildings and Improvements		Total		Accumulated Depreciation (f)		Date of Construction	Date Acquired / Completed
Ward Village
‘A‘ali‘i	Honolulu, HI	Condominium	—		—		714		—		161		—		875		875		(91)		2018	2021
Ae`o	Honolulu, HI	Condominium	—		—		1,162		—		—		—		1,162		1,162		(204)		2016	2018
Anaha	Honolulu, HI	Condominium	—		—		1,097		—		—		—		1,097		1,097		(222)		2014	2017
Kalae	Honolulu, HI	Development	74,074		—		216,451		—		—		—		216,451		216,451		—		2024
Ke Kilohana	Honolulu, HI	Condominium	—		—		656		—		—		—		656		656		(109)		2016	2019
Kewalo Basin Harbor	Honolulu, HI	Other	10,489		—		24,116		—		(773)		—		23,343		23,343		(8,292)		2017	2019
Kō‘ula	Honolulu, HI	Condominium	—		—		1,184		—		74		—		1,258		1,258		(107)		2019	2022
The Park Ward Village	Honolulu, HI	Development	269,930		—		528,262		—		—		—		528,262		528,262		—		2022
Ulana Ward Village	Honolulu, HI	Condominium	—		—		15,315		—		—		—		15,315		15,315		(2)		2023	2025
Victoria Place	Honolulu, HI	Condominium	—		—		1,396		—		—		—		1,396		1,396		(359)		2021	2024
Waiea	Honolulu, HI	Condominium	—		—		1,206		—		414		—		1,620		1,620		(336)		2014	2016
Ward Predevelopment	Honolulu, HI	Development	24,029		—		260,109		—		—		—		260,109		260,109		(6,476)
Ward Village Parking Garages	Honolulu, HI	Other	—		4,448		—		257		140,353		4,705		140,353		145,058		(42,705)		2011 / 2016	2013 / 2018
Ward Village Retail	Honolulu, HI	Retail	161,650		159,559		89,321		(108,164)		204,651		51,395		293,972		345,367		(114,673)		Various	Various
Total excluding Corporate and Deferred financing costs			3,094,214		2,569,963		4,859,732		372,738		633,583		2,942,701		5,493,315		8,436,016		(1,077,125)
Corporate	Various		2,050,000		885		1,027		(885)		12,136		—		13,163		13,163		(4,999)

Deferred financing costs	N/A		(34,386)
		Total	$	5,109,828	$	2,570,848	$	4,860,759	$	371,853	$	645,719	$	2,942,701	$	5,506,478	$	8,449,179	$	(1,082,124)

(a)Refer to Note 9 - Mortgages, Notes, and Loans Payable, Net for additional information.

(b)The initial cost for developed projects includes costs incurred through the end of the first complete calendar year after the asset is placed in service; for projects undergoing development or redevelopment, it includes all costs incurred up to the end of the reporting period; for acquired properties not in need of redevelopment, it represents the acquisition cost.

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

(d)The aggregate cost of land, buildings, and improvements for federal income tax purposes is approximately $6.2 billion.

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

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

(g)Includes amounts from the Lakefront District development that is now considered a part of Merriweather District following rebranding efforts for the area.

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

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

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

(k)In 2025, the Company rebranded 6 Waterway (formerly Waterway Plaza II).


Reconciliation of Real Estate
thousands	2025		2024		2023
Balance at January 1	$	7,997,009	$	7,558,809	$	6,854,826

Additions	1,226,214		1,431,478		1,160,786

Dispositions, write-offs, and land and condominium costs of sales	(774,044)		(993,278)		(456,803)
Balance at December 31	$	8,449,179	$	7,997,009	$	7,558,809


Reconciliation of Accumulated Depreciation
thousands	2025		2024		2023
Balance at January 1	$	949,533	$	829,018	$	717,270
Depreciation Expense	164,031		160,638		151,881
Dispositions and write-offs	(31,440)		(40,123)		(40,133)
Balance at December 31	$	1,082,124	$	949,533	$	829,018

Presentation of Financial Statements and Significant Accounting Policies - Narrative (Details) $ in Thousands		1 Months Ended			3 Months Ended			12 Months Ended
	May 05, 2025 USD ($) shares	Dec. 31, 2025 USD ($)	May 31, 2025 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total assets		$ 10,639,461				$ 9,211,236		$ 10,639,461	$ 9,211,236
Noncontrolling interests		66,790				65,548		$ 66,790	65,548
Number of business segments \| segment								3
Number of reportable segments \| segment								3
Settlement amount			$ 147,000	$ 186,000			$ 186,000
Related accrued interest			14,100	9,300			9,300
Future MUD receivables			95,900	40,000			40,000
Total cash consideration			180,000	176,700			176,700
Cash consideration allocated to sale of existing MUD receivables			112,800	146,700			146,700
Cash consideration allocated to future receivables			67,200	$ 30,000
Loss on sale			$ (48,200)			(48,700)	$ (51,500)
Transfer of financial assets		64,400						$ 64,400
Debt instrument, unamortized discount		12,800						12,800
Amortization of debt discount (premium)								21,800
Amortized cost basis of financing receivables		560,300				569,100		560,300	569,100
Accrued interest on financing receivables		$ 48,200				44,000		$ 48,200	44,000
Financing receivable threshold period past due		30 days						30 days
Deferred leasing costs, accumulated amortization		$ 68,100				69,100		$ 68,100	69,100
Accounts payable and other liabilities		1,518,047				1,094,437		$ 1,518,047	$ 1,094,437
Floreo Joint Venture
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase (decrease) in accounts receivable					$ 6,000
Share Purchase Agreement
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Sale of stock, consideration received on transaction	$ 900,000
Share Purchase Agreement
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of shares issued (in shares) \| shares	9,000,000
Vantage Group Holdings Ltd.
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Sale of stock, consideration received on transaction		$ 1,000,000
Acquisition interest		100.00%						100.00%
Payment for acquisition		$ 2,100,000
Teravalis Acquisition
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership interest								88.00%	88.00%
Percentage of minimum required contributions								12.00%	12.00%
Total assets		543,900				542,100		$ 543,900	$ 542,100
Noncontrolling interests		$ 65,200				$ 65,100		$ 65,200	$ 65,100
Ilima Acquisition
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Variable interest entity								1
Contribution amount								$ 5,000
Minimum \| Master Planned Communities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life of MPC assets		20 years						20 years
Maximum \| Master Planned Communities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life of MPC assets		40 years						40 years
Ilima \| Ilima Acquisition
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Variable interest entity, qualitative								100.00%	100.00%

Derivative Instruments and Hedging Activities - Notional Amount and Fair Value of Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair value of derivative instruments
Total fair value derivative assets	$ 3,113	$ 9,082
Total fair value derivative liabilities	(689)	0
Total fair value derivatives asset (liability), net	2,424	9,082
Derivative instruments not designated as hedging instruments
Fair value of derivative instruments
Other income	400	1,400
Fixed Interest Rate 2.00 to 4.50% Maturing June 2025, Notional 1 \| Interest rate collar \| Derivative instruments not designated as hedging instruments \| Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, asset	219,080
Total fair value derivative assets	$ 0	35
Fixed Interest Rate 2.00 to 4.50% Maturing June 2025, Notional 1 \| Interest rate collar \| Derivative instruments not designated as hedging instruments \| Prepaid Expenses and Other Current Assets \| Minimum
Fair value of derivative instruments
Derivative, fixed interest rate	2.00%
Fixed Interest Rate 2.00 to 4.50% Maturing June 2025, Notional 1 \| Interest rate collar \| Derivative instruments not designated as hedging instruments \| Prepaid Expenses and Other Current Assets \| Maximum
Fair value of derivative instruments
Derivative, fixed interest rate	4.50%
Fixed Interest Rate 2.00 to 4.50% Maturing June 2025, Notional 2 \| Interest rate collar \| Derivative instruments not designated as hedging instruments \| Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, asset	$ 234,364
Total fair value derivative assets	$ 0	34
Fixed Interest Rate 2.00 to 4.50% Maturing June 2025, Notional 2 \| Interest rate collar \| Derivative instruments not designated as hedging instruments \| Prepaid Expenses and Other Current Assets \| Minimum
Fair value of derivative instruments
Derivative, fixed interest rate	2.00%
Fixed Interest Rate 2.00 to 4.50% Maturing June 2025, Notional 2 \| Interest rate collar \| Derivative instruments not designated as hedging instruments \| Prepaid Expenses and Other Current Assets \| Maximum
Fair value of derivative instruments
Derivative, fixed interest rate	4.50%
Fixed Interest Rate 2.50% Maturing September 2025, Notional 1 \| Interest rate cap \| Derivative instruments not designated as hedging instruments \| Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, asset	$ 75,000
Derivative, fixed interest rate	2.50%
Total fair value derivative assets	$ 0	919
Fixed Interest Rate 2.50% Maturing September 2025, Notional 2 \| Interest rate cap \| Derivative instruments not designated as hedging instruments \| Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, asset	$ 59,500
Derivative, fixed interest rate	2.50%
Total fair value derivative assets	$ 0	729
Fixed Interest Rate 4.50% Percent, Maturing July 2026 \| Interest rate cap \| Derivative instruments not designated as hedging instruments \| Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, asset	$ 250,000
Derivative, fixed interest rate	4.50%
Total fair value derivative assets	$ 1	0
Fixed Interest Rate 6.00% Maturing July 2026, Notional 1 \| Interest rate cap \| Derivative instruments not designated as hedging instruments \| Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, asset	$ 69,712
Derivative, fixed interest rate	6.00%
Total fair value derivative assets	$ 0	30
Fixed Interest Rate 6.00% Maturing July 2026, Notional 2 \| Interest rate cap \| Derivative instruments not designated as hedging instruments \| Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, asset	$ 8,890
Derivative, fixed interest rate	6.00%
Total fair value derivative assets	$ 0	4
Fixed Interest Rate 5.25% Maturing December 2026, Notional 242 Million \| Interest rate cap \| Derivative instruments not designated as hedging instruments \| Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, asset	$ 133,467
Derivative, fixed interest rate	5.25%
Total fair value derivative assets	$ 1	297
Fixed Interest Rate 5.50% Maturing November 2024 \| Interest rate cap \| Derivative instruments designated as hedging instruments: \| Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, liability	$ 127,000
Derivative, fixed interest rate	3.50%
Total fair value derivative assets	$ 0	725
Fixed Interest Rate 3.50% Maturing July 2025 \| Interest rate cap \| Derivative instruments designated as hedging instruments: \| Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, liability	$ 72,581
Derivative, fixed interest rate	5.00%
Total fair value derivative assets	$ 0	15
Fixed Interest Rate 5.00% Maturing December 2025 \| Interest rate swap \| Derivative instruments designated as hedging instruments: \| Accounts payable and other liabilities
Fair value of derivative instruments
Notional amount, liability	$ 79,444
Derivative, fixed interest rate	3.97%
Total fair value derivative liabilities	$ (59)	0
Fixed Interest Rate 3.97 Percent Maturing April 2026 \| Interest rate swap \| Derivative instruments designated as hedging instruments: \| Accounts payable and other liabilities
Fair value of derivative instruments
Notional amount, liability	$ 32,400
Derivative, fixed interest rate	3.98%
Total fair value derivative liabilities	$ (88)	0
Fixed Interest Rate 3.98 Percent Maturing Augest 2026 \| Interest rate swap \| Derivative instruments designated as hedging instruments: \| Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Total fair value derivative assets		1,062
Fixed Interest Rate 3.98 Percent Maturing Augest 2026 \| Interest rate swap \| Derivative instruments designated as hedging instruments: \| Accounts payable and other liabilities
Fair value of derivative instruments
Notional amount, liability	$ 175,000
Derivative, fixed interest rate	3.69%
Total fair value derivative liabilities	$ (542)
Fixed Interest Rate 3.69% Maturing January 2027 \| Interest rate swap \| Derivative instruments designated as hedging instruments: \| Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, liability	$ 40,800
Derivative, fixed interest rate	1.68%
Total fair value derivative assets	$ 792	1,979
Fixed Interest Rate 1.68% Maturing February 2027 \| Interest rate cap \| Derivative instruments designated as hedging instruments: \| Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, liability	$ 127,000
Derivative, fixed interest rate	3.50%
Total fair value derivative assets	$ 145	0
Fixed Interest Rate 4.15% Percent Maturing December 2028 \| Interest rate cap \| Derivative instruments designated as hedging instruments: \| Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, liability	$ 59,000
Derivative, fixed interest rate	4.15%
Total fair value derivative assets	$ 183	0
Fixed Interest Rate 4.89% Maturing January 2032 \| Interest rate swap \| Derivative instruments designated as hedging instruments: \| Prepaid Expenses and Other Current Assets
Fair value of derivative instruments
Notional amount, liability	$ 33,894
Derivative, fixed interest rate	4.89%
Total fair value derivative assets	$ 1,991	$ 3,253

Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

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

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


thousands	2025		2024		2023
Stock Options (a)	$	270	$	195	$	336
Restricted Stock (b)	16,345		11,875		11,389
Pre-tax stock-based compensation expense	$	16,615	$	12,070	$	11,725
Income tax benefit	$	1,116	$	1,077	$	1,001

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

(b)Amounts shown are net of $3.2 million capitalized to development projects in 2025, $3.9 million capitalized to development projects in 2024, and $4.6 million capitalized to development projects in 2023.

Summary of stock option plan activity

The following table summarizes stock option activity:


	Stock Options	Weighted-average Exercise Price		Weighted-average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Stock options outstanding at December 31, 2024	91,402	$	91.90

Exercised (a)	(1,615)	63.36

Expired	(21,547)	123.44
Stock options outstanding at December 31, 2025	68,240	$	82.62	2.9	$	575,760

Stock options vested and expected to vest at December 31, 2025	68,240	$	82.62	2.9	$	575,760
Stock options exercisable at December 31, 2025	59,621	$	83.16	2.5	$	505,949

(a)The total intrinsic value of stock options exercised was immaterial during 2025, based on the difference between the market price at the exercise date and the exercise price. There were no stock options exercised during 2024 or 2023.

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

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

2025

2024

2023

Weighted-average grant date fair value

N/A

$11.16

N/A

Assumptions

Expected life of options (in years)

N/A

3.3

N/A

Risk-free interest rate

N/A

4.3%

N/A

Expected volatility

N/A

30.6%

N/A

Expected annual dividend per share

—

N/A

Summary of restricted stock activity

The following table summarizes restricted stock activity:


	Restricted Stock	Weighted-average Grant Date Fair Value
Restricted stock outstanding at December 31, 2024	371,955	$	56.43
Granted	376,989	76.68
Vested	(171,887)	69.37
Forfeited	(77,582)	66.81
Restricted stock outstanding at December 31, 2025	499,475	$	65.66

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
REVENUES
Rental revenue	$ 441,446	$ 422,100	$ 383,617
Total revenues	1,474,892	1,750,689	908,753
EXPENSES
Operating costs	213,449	208,578	205,453
Rental property real estate taxes	60,768	58,395	55,649
Provision for (recovery of) doubtful accounts	232	504	(2,762)
General and administrative	122,240	91,752	86,671
Depreciation and amortization	183,232	179,799	168,734
Other	19,146	15,002	13,302
Total expenses	1,157,179	1,305,795	722,514
OTHER
Gain (loss) on sale or disposal of real estate and other assets, net	29,825	22,907	24,162
Other income (loss), net	(16,023)	92,120	5,823
Total other	13,802	115,027	29,985
Operating income (loss)	331,515	559,921	216,224
Interest income	46,998	25,349	25,500
Interest expense	(169,931)	(164,926)	(157,575)
Gain (loss) on extinguishment of debt	(698)	(465)	(97)
Gain (loss) on sale of MUD receivables	(48,197)	(48,651)	0
Equity in earnings (losses) from unconsolidated ventures	1,772	(5,829)	25,776
Income (loss) from continuing operations before income taxes	161,459	365,399	109,828
Income tax expense (benefit)	37,616	80,184	26,418
Net income (loss) from continuing operations	123,843	285,215	83,410
Net income (loss) from discontinued operations, net of tax	0	(88,223)	(634,940)
Net income (loss)	123,843	196,992	(551,530)
Net (income) loss attributable to noncontrolling interests	54	711	(243)
Net income (loss) attributable to common stockholders	$ 123,897	$ 197,703	$ (551,773)
Net income (loss) per common share
Basic income (loss) per share — continuing operations (in dollars per share)	$ 2.22	$ 5.75	$ 1.68
Basic income (loss) per share — discontinued operations (in dollars per share)	0	(1.78)	(12.81)
Basic income (loss) per share attributable to common stockholders (in dollars per share)	2.22	3.98	(11.13)
Earnings Per Share, Diluted
Diluted income (loss) per share — continuing operations (in dollars per share)	2.21	5.73	1.68
Diluted income (loss) per share — discontinued operations (in dollars per share)	0	(1.77)	(12.80)
Diluted income (loss) per share attributable to common stockholders (in dollars per share)	$ 2.21	$ 3.96	$ (11.12)
Condominium rights and unit sales
REVENUES
Revenue	$ 370,156	$ 778,616	$ 47,707
EXPENSES
Cost of sales	369,408	582,574	55,417
Master Planned Communities land sales
REVENUES
Revenue	562,586	453,195	370,185
EXPENSES
Cost of sales	188,704	169,191	140,050
Other land, rental, and property revenues
REVENUES
Revenue	48,363	44,755	46,255
Builder price participation
REVENUES
Revenue	$ 52,341	$ 52,023	$ 60,989

Pershing Square

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Pershing Square


2. Pershing Square

Common Share Issuance to Pershing Square On May 5, 2025, the Company entered into a Share Purchase Agreement (Purchase Agreement), by and between the Company and Pershing Square Holdco, L.P. (PS Holdco), pursuant to which the Company sold to PS Holdco 9,000,000 newly issued shares of the Company’s common stock at a purchase price of $100 per share, for an aggregate purchase price of $900 million (the Pershing Square Issuance). In connection with the Purchase Agreement, the Company also entered into several other agreements, dated May 5, 2025, with PS Holdco and Pershing Square Capital Management, L.P. (together, Pershing Square), including a Services Agreement, a Shareholder Agreement, a Standstill Agreement, and a Registration Rights Agreement.

As of December 31, 2025, Pershing Square beneficially owned approximately 46.9% of the Company’s outstanding shares of common stock. The Company expects to use the proceeds from the transaction to acquire or make investments in operating companies as part of the Company’s new strategy of becoming a diversified holding company.

Transaction Costs The Company incurred $38.3 million in costs directly attributable to the Pershing Square Issuance. As required by the Purchase Agreement, these transaction costs included the reimbursement of $25.0 million of reasonable and documented expenses incurred by Pershing Square in connection with the negotiation and execution of the transaction. These reimbursement costs were treated as a reduction of the proceeds and recorded directly in Additional paid-in capital on the Consolidated Balance Sheets. The remaining $13.3 million of costs were incurred directly by the Company and included $12.2 million of costs attributable to the sale of common stock recognized in Additional paid-in capital and $1.1 million of costs which were expensed as incurred as General and administrative expenses in the Consolidated Statements of Operations.

Services Agreement Pursuant to the terms of the Services Agreement, Pershing Square will support the Company’s new diversified holding company strategy by providing services to the Company, such as (i) investment advisory services, (ii) making recommendations with respect to hedging, balance sheet optimization and capital allocation, (iii) executing transactions, (iv) assisting the Company with business and corporate development functions, (v) making voting recommendations for the Company’s investments, (vi) assisting with and advising on fundraising, (vii) monitoring operations of the Company and its investments, subject to the day-to-day authority and responsibility of management of the Company, (viii) providing recommendations for persons to serve as designees or deputies of the Chief Investment Officer, (ix) engaging and supervising third-party service providers, (x) making dividend payment recommendations, and (xi) providing other services as may be agreed upon. The Services Agreement will have an initial ten-year term and will have successive renewal terms of ten years.

The Company will pay Pershing Square a quarterly base advisory fee of $3.75 million and a quarterly variable advisory fee equal to 0.375% of the excess value of the quarter-end stock price of the Company’s common stock minus the reference price of $66.15, multiplied by the existing share count as of the transaction date, which will not increase with the issuance of new shares of common stock. The base fee and the reference share price are subject to annual adjustment based on the Core Personal Consumption Expenditures (PCE) Price Index. The total advisory fee recognized in General and administrative expenses in the Consolidated Statements of Operations was $17.1 million for the year ended December 31, 2025. As of December 31, 2025, the Consolidated Balance Sheets reflect accounts payable of $3.3 million due to Pershing Square with respect to the advisory fees.

Potential Preferred Share Issuance to Pershing Square In December 2025, in association with the pending acquisition of Vantage, the Company entered into an equity commitment letter with Pershing Square Holdings, Ltd. under which Pershing Square committed to purchase up to $1.0 billion of the Company’s preferred stock, prior to and contingent upon the closing of the Vantage acquisition. The preferred stock will be perpetual, non‑voting (subject to customary protective rights), and will become convertible into the common stock of Vantage if not redeemed by the end of the seventh fiscal year post-transaction. The Company will have the right, but not the obligation, to repurchase the preferred stock during specified periods and upon certain triggering events. The Company is evaluating the accounting implications of the potential preferred stock issuance and will provide further disclosures upon execution of the transaction.

Segments (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Summary of segment operating results

Segment EBT is as follows for the years ended December 31:


thousands	Operating Assets Segment		MPC Segment		Strategic Developments Segment
Year Ended December 31, 2025
Total revenues	$	465,568	$	634,856	$	374,363
Condominium rights and unit cost of sales	—		—		(369,408)
Master Planned Communities cost of sales	—		(188,704)		—
Operating costs	(145,464)		(45,298)		(22,490)
Rental property real estate taxes	(58,577)		—		(2,191)
(Provision for) recovery of doubtful accounts	(232)		—		—
Segment operating income (loss)	261,295		400,854		(19,726)
Depreciation and amortization	(172,835)		(408)		(6,579)
Interest income (expense), net	(136,637)		75,160		18,851
Other income (loss), net	2,266		120		(18,487)
Equity in earnings (losses) from unconsolidated ventures	4,829		(3,374)		317
Gain (loss) on sale or disposal of real estate and other assets, net	14,354		3,750		11,721


Gain (loss) on extinguishment of debt	(698)		—		—

Segment EBT	$	(27,426)	$	476,102	$	(13,903)

Year Ended December 31, 2024
Total revenues	$	444,300	$	522,925	$	783,396
Condominium rights and unit cost of sales	—		—		(582,574)
Master Planned Communities cost of sales	—		(169,191)		—
Operating costs	(138,172)		(52,736)		(17,670)
Rental property real estate taxes	(55,915)		—		(2,480)
(Provision for) recovery of doubtful accounts	(504)		—		—
Segment operating income (loss)	249,709		300,998		180,672
Depreciation and amortization	(169,040)		(438)		(7,255)
Interest income (expense), net	(138,207)		60,473		18,603
Other income (loss), net	822		—		90,534
Equity in earnings (losses) from unconsolidated ventures	5,819		(11,899)		251
Gain (loss) on sale or disposal of real estate and other assets, net	22,907		—		—


Gain (loss) on extinguishment of debt	(465)		—		—

Segment EBT	$	(28,455)	$	349,134	$	282,805

Year Ended December 31, 2023
Total revenues	$	410,254	$	448,452	$	49,987
Condominium rights and unit cost of sales	—		—		(55,417)
Master Planned Communities cost of sales	—		(140,050)		—
Operating costs	(130,125)		(53,420)		(21,908)
Rental property real estate taxes	(52,502)		—		(3,147)
(Provision for) recovery of doubtful accounts	2,762		—		—
Segment operating income (loss)	230,389		254,982		(30,485)
Depreciation and amortization	(161,138)		(418)		(3,963)
Interest income (expense), net	(125,197)		64,291		16,074
Other income (loss), net	2,092		(102)		690
Equity in earnings (losses) from unconsolidated ventures	2,968		22,666		142
Gain (loss) on sale or disposal of real estate and other assets, net	23,926		—		236


Gain (loss) on extinguishment of debt	(97)		—		—

Segment EBT	$	(27,057)	$	341,419	$	(17,306)

The following represents capital expenditures by segment for the years ended December 31:


thousands	2025		2024
Operating Assets	$	45,333	$	63,781
Master Planned Communities	184		232
Strategic Developments	176,689		239,472

Summary of reconciliation of operating income (loss) from segments to consolidated statements of operations

The following represents the reconciliation of segment EBT to Net income (loss) from continuing operations before income taxes in the Consolidated Statements of Operations for the years ended December 31:


thousands	2025		2024		2023
Operating Assets EBT	$	(27,426)	$	(28,455)	$	(27,057)
MPC EBT	476,102		349,134		341,419
Strategic Developments EBT	(13,903)		282,805		(17,306)
General and administrative expenses	(122,240)		(91,752)		(86,671)
Gain (loss) on sale of MUD receivables	(48,197)		(48,651)		—
Corporate interest expense, net	(80,307)		(80,446)		(87,243)
Corporate income, expenses, and other items	(22,570)		(17,236)		(13,314)
Net income (loss) from continuing operations before income taxes	$	161,459	$	365,399	$	109,828

Summary of reconciliation of revenue from segments to consolidated statements of operations

The following represents the reconciliation of segment revenue to Total revenues in the Consolidated Statements of Operations for the years ended December 31:


thousands	2025		2024		2023
Operating Assets revenue	$	465,568	$	444,300	$	410,254
MPC revenue	634,856		522,925		448,452
Strategic Developments revenue	374,363		783,396		49,987
Corporate income	105		68		60
Total revenues	$	1,474,892	$	1,750,689	$	908,753

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

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


thousands	2025		2024
Operating Assets	$	3,606,214	$	3,548,162
Master Planned Communities	3,487,301		3,373,827
Strategic Developments	2,378,762		1,836,791
Corporate	1,167,184		452,456

Total assets	$	10,639,461	$	9,211,236

Stock-Based Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2025
2025 Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)				2,000,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			0
Expiration period	10 years
Unamortized stock option expense	$ 0.1
Weighted-average period for recognition of unamortized expense	1 year 3 months 18 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period for recognition of unamortized expense	2 years 1 month 6 days
Vesting period	1 year
Weighted-average grant date fair value (in dollars per share)	$ 76.68	$ 66.16	$ 83.85
Fair value of restricted stock vested	$ 12.9	$ 10.3	$ 9.6
Unamortized restricted stock expense	$ 20.9
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum shares available for future grant (in shares)	1,939,450
Maximum \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
Minimum \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercisable period	5 years
Minimum \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Rental revenue					$ 441,446	$ 422,100	$ 383,617
Total revenues	$ 983,590	$ 327,147	$ 283,468	$ 156,484	1,474,892	1,750,689	908,753
Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers					985,083	1,283,834	478,881
Condominium rights and unit sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers					370,156	778,616	47,707
Condominium rights and unit sales \| Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers					370,156	778,616	47,707
Master Planned Communities land sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers					562,586	453,195	370,185
Master Planned Communities land sales \| Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers					562,586	453,195	370,185
Builder price participation
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers					52,341	52,023	60,989
Builder price participation \| Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers					52,341	52,023	60,989
Other land, rental, and property revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers					48,363	44,755	46,255
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					$ 48,363	$ 44,755	$ 46,255

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
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)	65,910,640	56,610,009
Common stock, shares outstanding (in shares)	59,370,353	50,116,150
Treasury stock (in shares)	6,540,287	6,493,859

Stock-Based Compensation Plans

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Plans


13. Stock-Based Compensation Plans

In September 2025, the Company’s stockholders approved the Howard Hughes Holdings Inc. 2025 Equity Incentive Plan (the 2025 Equity Plan). Pursuant to the 2025 Equity Plan, 2,000,000 shares of the Company’s common stock were reserved for issuance. The 2025 Equity Plan provides for grants of stock options, stock appreciation rights, restricted stock, restricted stock units, and other stock-based awards. Employees, directors, and consultants of the Company are eligible for Awards. The 2025 Equity Incentive Plan is administered by the Compensation Committee of the Board of Directors (Compensation Committee).

Prior to the adoption of the 2025 Equity Plan, equity awards were issued under The Howard Hughes Corporation 2020 Equity Incentive Plan (the 2020 Equity Plan) and The Howard Hughes Corporation Amended and Restated 2010 Equity Incentive Plan (the 2010 Equity Plan). The adoption of the 2025 Equity Plan did not impact the administration of Awards issued under previous plans but following adoption of the 2025 Equity Plan, equity awards will no longer be granted under previous plans.

As of December 31, 2025, there were a maximum of 1,939,450 HHH shares available for future grants under the 2025 Equity Plan.

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


thousands	2025		2024		2023
Stock Options (a)	$	270	$	195	$	336
Restricted Stock (b)	16,345		11,875		11,389
Pre-tax stock-based compensation expense	$	16,615	$	12,070	$	11,725
Income tax benefit	$	1,116	$	1,077	$	1,001

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

Stock Options There were no grants of stock options in 2025. The following table summarizes stock option activity:


	Stock Options	Weighted-average Exercise Price		Weighted-average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Stock options outstanding at December 31, 2024	91,402	$	91.90

Exercised (a)	(1,615)	63.36

Expired	(21,547)	123.44
Stock options outstanding at December 31, 2025	68,240	$	82.62	2.9	$	575,760

Stock options vested and expected to vest at December 31, 2025	68,240	$	82.62	2.9	$	575,760
Stock options exercisable at December 31, 2025	59,621	$	83.16	2.5	$	505,949

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

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

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

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

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

2025

2024

2023

Weighted-average grant date fair value

N/A

$11.16

N/A

Assumptions

Expected life of options (in years)

N/A

3.3

N/A

Risk-free interest rate

N/A

4.3%

N/A

Expected volatility

N/A

30.6%

N/A

Expected annual dividend per share

—

N/A

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

The balance of unamortized stock option expense as of December 31, 2025, was $0.1 million, which is expected to be recognized over a weighted‑average period of 1.3 years.

Restricted Stock Restricted stock awards may not be sold or otherwise transferred until restrictions have lapsed as established by the Compensation Committee. In addition to the granting of restricted stock to employees, the Company awards restricted stock to non‑employee directors as part of their annual retainer. The employee awards generally vest over a range of three to five years, and non‑employee director awards generally vest in approximately one year.

The following table summarizes restricted stock activity:


	Restricted Stock	Weighted-average Grant Date Fair Value
Restricted stock outstanding at December 31, 2024	371,955	$	56.43
Granted	376,989	76.68
Vested	(171,887)	69.37
Forfeited	(77,582)	66.81
Restricted stock outstanding at December 31, 2025	499,475	$	65.66

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

The weighted-average grant-date fair value per share of restricted stock granted was $66.16 during 2024 and $83.85 during 2023. The fair value of restricted stock that vested was $12.9 million during 2025, $10.3 million during 2024, and $9.6 million during 2023, based on the HHH market price at the vesting date.

The balance of unamortized restricted stock expense as of December 31, 2025, was $20.9 million, which is expected to be recognized over a weighted‑average period of 2.1 years.

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

Total

Associations of Unit Owners

Total Stockholders' Equity

Common Stock

Additional Paid-In Capital

Retained Earnings (Accumulated Deficit)

Accumulated Other Comprehensive Income (Loss)

Treasury Stock

Noncontrolling Interests

Associations of Unit Owners

Balance at the beginning of the period (in shares) at Dec. 31, 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 [Roll Forward]

Net income (loss)

(551,530)

(551,773)

243

Interest rate swaps, net of tax expense (benefit)

(9,322)

^[1]

(9,322)

Pension adjustment, net of tax expense (benefit)

259

^[2]

259

Teravalis noncontrolling interest

219

Other

(22)

Stock plan activity (in shares)

269,518

(33,501)

Stock plan activity

13,208

$ 1

15,935

$ (2,728)

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

56,495,791

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

3,058,924

2,992,871

$ 565

3,988,496

(383,696)

1,272

$ (613,766)

66,053

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

(6,457,777)

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

Net income (loss)

196,992

197,703

(711)

Interest rate swaps, net of tax expense (benefit)

321

^[1]

321

Pension adjustment, net of tax expense (benefit)

375

^[2]

375

Teravalis noncontrolling interest

206

Distribution of Seaport Entertainment Group Inc. to stockholders

428,229

Stock plan activity (in shares)

114,218

(36,082)

Stock plan activity

$ 13,185

13,185

$ 1

16,007

$ (2,823)

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

50,116,150

56,610,009

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

$ 2,841,774

2,776,226

$ 566

3,576,274

(185,993)

1,968

$ (616,589)

65,548

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

(6,493,859)

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

Net income (loss)

$ 123,843

123,897

(54)

Interest rate swaps, net of tax expense (benefit)

(3,885)

^[1]

(3,885)

Pension adjustment, net of tax expense (benefit)

^[2]

Deconsolidation of Associations of Unit Owners

$ 979

Teravalis noncontrolling interest

317

Issuance of common shares (in shares)

9,000,000

Issuance of common shares, net

862,789

$ 90

862,699

Stock plan activity (in shares)

300,631

(46,428)

Stock plan activity

$ 16,339

16,339

$ 3

19,865

$ (3,529)

Balance at the end of the period (in shares) at Dec. 31, 2025

59,370,353

65,910,640

Balance at the end of the period at Dec. 31, 2025

$ 3,842,246

$ 3,775,456

$ 659

$ 4,458,838

$ (62,096)

$ (1,827)

$ (620,118)

$ 66,790

Balance at the end of the period (in shares) at Dec. 31, 2025

(6,540,287)

[1]	Amounts are shown net of deferred tax benefit of $1.2 million for the year ended December 31, 2025, deferred tax expense of $0.1 million for the year ended December 31, 2024, and deferred tax benefit of $2.7 million for the year ended December 31, 2023.
[2]	The deferred tax impact was not meaningful for the years ended December 31, 2025, 2024, and 2023.

Segments - Segment Operating Results (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segments reporting
Total revenues	$ 983,590	$ 327,147	$ 283,468	$ 156,484	$ 1,474,892	$ 1,750,689	$ 908,753
Operating costs					(213,449)	(208,578)	(205,453)
Rental property real estate taxes					(60,768)	(58,395)	(55,649)
(Provision for) recovery of doubtful accounts					(232)	(504)	2,762
Depreciation and amortization					(183,232)	(179,799)	(168,734)
Other income (loss), net					(16,023)	92,120	5,823
Equity in earnings (losses) from unconsolidated ventures					1,772	(5,829)	25,776
Gain (loss) on sale or disposal of real estate and other assets, net					29,825	22,907	24,162
(Gain) loss on extinguishment of debt					(698)	(465)	(97)
Income (loss) from continuing operations before income taxes					161,459	365,399	109,828
Condominium rights and unit sales
Segments reporting
Cost of sales					(369,408)	(582,574)	(55,417)
Master Planned Communities land sales
Segments reporting
Cost of sales					(188,704)	(169,191)	(140,050)
Operating Assets \| Operating Segments
Segments reporting
Total revenues					465,568	444,300	410,254
Operating costs					(145,464)	(138,172)	(130,125)
Rental property real estate taxes					(58,577)	(55,915)	(52,502)
(Provision for) recovery of doubtful accounts					(232)	(504)	2,762
Segment operating income (loss)					261,295	249,709	230,389
Depreciation and amortization					(172,835)	(169,040)	(161,138)
Interest income (expense), net					(136,637)	(138,207)	(125,197)
Other income (loss), net					2,266	822	2,092
Equity in earnings (losses) from unconsolidated ventures					4,829	5,819	2,968
Gain (loss) on sale or disposal of real estate and other assets, net					14,354	22,907	23,926
(Gain) loss on extinguishment of debt					(698)	(465)	(97)
Income (loss) from continuing operations before income taxes					(27,426)	(28,455)	(27,057)
Operating Assets \| Operating Segments \| Condominium rights and unit sales
Segments reporting
Cost of sales					0	0	0
Operating Assets \| Operating Segments \| Master Planned Communities land sales
Segments reporting
Cost of sales					0	0	0
MPC Segment \| Operating Segments
Segments reporting
Total revenues					634,856	522,925	448,452
Operating costs					(45,298)	(52,736)	(53,420)
Rental property real estate taxes					0	0	0
(Provision for) recovery of doubtful accounts					0	0	0
Segment operating income (loss)					400,854	300,998	254,982
Depreciation and amortization					(408)	(438)	(418)
Interest income (expense), net					75,160	60,473	64,291
Other income (loss), net					120	0	(102)
Equity in earnings (losses) from unconsolidated ventures					(3,374)	(11,899)	22,666
Gain (loss) on sale or disposal of real estate and other assets, net					3,750	0	0
(Gain) loss on extinguishment of debt					0	0	0
Income (loss) from continuing operations before income taxes					476,102	349,134	341,419
MPC Segment \| Operating Segments \| Condominium rights and unit sales
Segments reporting
Cost of sales					0	0	0
MPC Segment \| Operating Segments \| Master Planned Communities land sales
Segments reporting
Cost of sales					(188,704)	(169,191)	(140,050)
Strategic Developments Segment \| Operating Segments
Segments reporting
Total revenues					374,363	783,396	49,987
Operating costs					(22,490)	(17,670)	(21,908)
Rental property real estate taxes					(2,191)	(2,480)	(3,147)
(Provision for) recovery of doubtful accounts					0	0	0
Segment operating income (loss)					(19,726)	180,672	(30,485)
Depreciation and amortization					(6,579)	(7,255)	(3,963)
Interest income (expense), net					18,851	18,603	16,074
Other income (loss), net					(18,487)	90,534	690
Equity in earnings (losses) from unconsolidated ventures					317	251	142
Gain (loss) on sale or disposal of real estate and other assets, net					11,721	0	236
(Gain) loss on extinguishment of debt					0	0	0
Income (loss) from continuing operations before income taxes					(13,903)	282,805	(17,306)
Strategic Developments Segment \| Operating Segments \| Condominium rights and unit sales
Segments reporting
Cost of sales					(369,408)	(582,574)	(55,417)
Strategic Developments Segment \| Operating Segments \| Master Planned Communities land sales
Segments reporting
Cost of sales					$ 0	$ 0	$ 0

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Statement of Comprehensive Income [Abstract]

Net income (loss)

$ 123,843

$ 196,992

$ (551,530)

Other comprehensive income (loss)

Interest rate caps and swaps

^[1]

(3,885)

321

(9,322)

Pension adjustment

^[2]

375

259

Other comprehensive income (loss)

(3,795)

696

(9,063)

Comprehensive income (loss)

120,048

197,688

(560,593)

Comprehensive (income) loss attributable to noncontrolling interests

711

(243)

Comprehensive income (loss) attributable to common stockholders

$ 120,102

$ 198,399

$ (560,836)

[1]	Amounts are shown net of deferred tax benefit of $1.2 million for the year ended December 31, 2025, deferred tax expense of $0.1 million for the year ended December 31, 2024, and deferred tax benefit of $2.7 million for the year ended December 31, 2023.
[2]	The deferred tax impact was not meaningful for the years ended December 31, 2025, 2024, and 2023.

- Definition

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

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+ Details

Mortgages, Notes, and Loans Payable, Net (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Summary of mortgages, notes and loans payable

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


	December 31,
thousands	2025		2024
Fixed-rate debt
Senior unsecured notes	$	2,050,000	$	2,050,000
Secured mortgages payable	1,793,561		1,635,750
Special Improvement District bonds	80,294		83,779
Variable-rate debt (a)
Secured Bridgeland Notes	85,000		283,000

Secured mortgages payable	1,135,359		1,115,908

Unamortized deferred financing costs (b)	(34,386)		(40,968)
Mortgages, notes, and loans payable, net	$	5,109,828	$	5,127,469

(a)The Company has entered into derivative instruments to manage the variable interest rate exposure. See Note 11 - Derivative Instruments and Hedging Activities for additional information.

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

Summary of senior unsecured note

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


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

Summary of secured mortgages payable

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


	December 31, 2025						December 31, 2024
$ 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)	$	1,793,561	3.13% - 8.67%	4.91	%	5.1	$	1,635,750	3.13% - 8.67%	4.74	%	5.8
Variable rate (b)	1,135,359		5.77% - 8.87%	7.34	%	1.3	1,115,908		6.43% - 9.42%	7.67	%	1.7
Secured mortgages payable	$	2,928,920	3.13% - 8.87%	5.85	%	3.6	$	2,751,658	3.13% - 9.42%	5.93	%	4.1

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

(b)Interest rates presented are based on the applicable reference interest rates as of December 31, 2025 and 2024, excluding the effects of interest rate derivatives.

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

The following table summarizes the contractual obligations relating to the Company’s mortgages, notes, and loans payable as of December 31, 2025:


thousands	Mortgages, notes, and loans payable principal payments
2026		$	663,243
2027		507,661
2028 (a)		923,362
2029		1,075,975
2030		277,225
Thereafter (a)		1,696,748
Total principal payments		5,144,214
Unamortized deferred financing costs		(34,386)
Mortgages, notes, and loans payable		$	5,109,828

(a)Subsequent to year end, on February 17, 2026, HHC, the Company’s wholly owned subsidiary, issued $500.0 million of 5.875% senior unsecured notes due 2032 and $500.0 million of 6.125% senior unsecured notes due 2034. HHC used the net proceeds to redeem its outstanding $750.0 million 5.375% senior unsecured notes due 2028, including premiums, accrued and unpaid interest and related expenses, and will use the remaining proceeds for general corporate purposes.

- 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

+ Details

Investments in Unconsolidated Ventures - Summarized Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Consolidated Balance Sheets
Total Assets	$ 9,211,236				$ 10,639,461	$ 9,211,236
Total Liabilities	6,369,462				6,797,215	6,369,462
Total Equity	2,841,774				3,842,246	2,841,774	$ 3,058,924	$ 3,606,112
Consolidated Statements of Operations
Revenues	983,590	$ 327,147	$ 283,468	$ 156,484	1,474,892	1,750,689	908,753
Operating Income	260,510	198,339	88,464	12,608	331,515	559,921	216,224
Net income (loss)	155,904	$ 72,497	$ 21,058	$ (52,467)	123,843	196,992	(551,530)
Equity method investment, nonconsolidated investee or group of investees
Consolidated Balance Sheets
Total Assets	879,908				952,501	879,908
Total Liabilities	526,320				599,167	526,320
Total Equity	$ 353,588				353,334	353,588
Consolidated Statements of Operations
Revenues					191,463	219,766	347,084
Operating Income					25,293	35,545	75,099
Net income (loss)					$ 9,893	$ 20,987	$ 55,006

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

- Definition

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

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+ Details

Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2025

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (Unaudited)


20. Quarterly Financial Information (Unaudited)

The Company completed the Spinoff of SEG in the third quarter of 2024. As the Spinoff represented a strategic shift in the Company’s operations, the results of SEG are presented as discontinued operations, which resulted in retrospective changes to the Company’s Consolidated Statements of Operations. See Note 3 - Discontinued Operations for additional information.

The following table provides summarized quarterly financial data for 2024. All per share amounts presented below are calculated based on whole dollars and number of shares, and therefore the sum of continuing and discontinued operations per share amounts may not recalculate to the total per share amounts.


thousands except per share amounts	First Quarter		Second Quarter		Third Quarter		Fourth Quarter

















2024
Total revenues	$	156,484	$	283,468	$	327,147	$	983,590
Operating income (loss)	12,608		88,464		198,339		260,510
Net income (loss) from continuing operations	(21,000)		47,367		96,528		162,320
Net income (loss) from discontinued operations, net of tax	(31,467)		(26,309)		(24,031)		(6,416)
Net income (loss)	(52,467)		21,058		72,497		155,904
Net (income) loss attributable to noncontrolling interests	(10)		34		273		414
Net income (loss) attributable to common stockholders	(52,477)		21,092		72,770		156,318

Basic income (loss) per share — continuing operations	$	(0.42)	$	0.95	$	1.95	$	3.27
Basic income (loss) per share — discontinued operations	$	(0.63)	$	(0.53)	$	(0.48)	$	(0.13)
Basic income (loss) per share attributable to common stockholders	$	(1.06)	$	0.42	$	1.46	$	3.15

Diluted income (loss) per share — continuing operations	$	(0.42)	$	0.95	$	1.95	$	3.25
Diluted income (loss) per share — discontinued operations	$	(0.63)	$	(0.53)	$	(0.48)	$	(0.13)
Diluted income (loss) per share attributable to common stockholders	$	(1.06)	$	0.42	$	1.46	$	3.12

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of Real Estate
Balance at January 1	$ 7,997,009	$ 7,558,809	$ 6,854,826
Additions	1,226,214	1,431,478	1,160,786
Dispositions, write-offs, and land and condominium costs of sales	(774,044)	(993,278)	(456,803)
Balance at December 31	8,449,179	7,997,009	7,558,809
Reconciliation of Accumulated Depreciation
Balance at January 1	949,533	829,018	717,270
Depreciation Expense	164,031	160,638	151,881
Dispositions and write-offs	(31,440)	(40,123)	(40,133)
Balance at December 31	$ 1,082,124	$ 949,533	$ 829,018

Earnings Per Share - Information Related to EPS Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net income (loss)
Net income (loss) from continuing operations	$ 162,320	$ 96,528	$ 47,367	$ (21,000)	$ 123,843	$ 285,215	$ 83,410
Net (income) loss attributable to noncontrolling interests	414	273	34	(10)	54	711	(243)
Net income (loss) from continuing operations attributable to common stockholders, basic					123,897	285,926	83,167
Net income (loss) from continuing operations attributable to common stockholders, diluted					123,897	285,926	83,167
Net income (loss) from discontinued operations, net of tax	(6,416)	(24,031)	(26,309)	(31,467)	0	(88,223)	(634,940)
Net income (loss) attributable to common stockholders	$ 156,318	$ 72,770	$ 21,092	$ (52,477)	$ 123,897	$ 197,703	$ (551,773)
Shares
Weighted-average common shares outstanding — basic (in shares)					55,722	49,686	49,568
Restricted stock and stock options (in shares)					324	226	48
Weighted-average common shares outstanding — diluted (in shares)					56,046	49,912	49,616
Net income (loss) per common share
Basic income (loss) per share — continuing operations (in dollars per share)	$ 3.27	$ 1.95	$ 0.95	$ (0.42)	$ 2.22	$ 5.75	$ 1.68
Basic income (loss) per share — discontinued operations (in dollars per share)	(0.13)	(0.48)	(0.53)	(0.63)	0	(1.78)	(12.81)
Basic income (loss) per share attributable to common stockholders (in dollars per share)	3.15	1.46	0.42	(1.06)	2.22	3.98	(11.13)
Earnings Per Share, Diluted
Diluted income (loss) per share — continuing operations (in dollars per share)	3.25	1.95	0.95	(0.42)	2.21	5.73	1.68
Diluted income (loss) per share — discontinued operations (in dollars per share)	(0.13)	(0.48)	(0.53)	(0.63)	0	(1.77)	(12.80)
Diluted income (loss) per share attributable to common stockholders (in dollars per share)	$ 3.12	$ 1.46	$ 0.42	$ (1.06)	$ 2.21	$ 3.96	$ (11.12)
Restricted stock and stock options
Anti-dilutive shares excluded from diluted EPS
Restricted stock and stock options (in shares)					142	66	250

Presentation of Financial Statements and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2025
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP). The consolidated financial statements include the accounts of Howard Hughes Holdings Inc. and its subsidiaries after elimination of intercompany balances and transactions. The Company also consolidates certain variable interest entities (VIEs) in accordance with Financial Accounting Standards Board’s Accounting Standards Codification (ASC) 810 Consolidation. The outside equity interests in certain entities controlled by the Company are reflected in the Consolidated Financial Statements as noncontrolling interests.
Variable Interest Entities	Variable Interest Entities The Company has interests in various legal entities that represent a variable interest entity. A VIE is an entity: (a) that has total equity at risk that is not sufficient to permit the entity to finance its activities without additional subordinated financial support from other entities; (b) where the group of equity holders does not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, or the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual return, or both (i.e., lack the characteristics of a controlling financial interest); or (c) where the voting rights of the equity holders are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. The Company determines if a legal entity is a VIE by performing a qualitative analysis that requires certain subjective decisions, taking into consideration the design of the entity, the variability that the entity was designed to create and pass along to its interest holders, the rights of the parties and the purpose of the arrangement. Upon the occurrence of certain reconsideration events, the Company reassesses its initial determination as to whether the entity is a VIE. The Company also performs a qualitative assessment of each VIE to determine if it is the primary beneficiary. The Company is the primary beneficiary and would consolidate the VIE if it has a controlling financial interest where it has both (a) the power to direct the economically significant activities of the entity and (b) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. This assessment requires certain subjective decisions, taking into consideration the contractual agreements that define the ownership structure, the design of the entity, distribution of profits and losses, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties. Management’s assessment of whether the Company is the primary beneficiary of a VIE is continuously performed. Upon initial consolidation of a VIE, the Company records the assets, liabilities, and noncontrolling interests at fair value and recognizes a gain or loss for the difference between (i) the fair value of the consideration paid, the fair value of noncontrolling interests and the reported amount of any previously held interests and (ii) the net amount of the fair value of the assets and liabilities. If the Company determines it is no longer the primary beneficiary of a VIE, it will deconsolidate the entity and measure the initial cost basis for any retained interests that are recorded upon the deconsolidation at fair value. The Company will recognize a gain or loss for the difference between the fair value and the previous carrying amount of its investment in the VIE.
Investments in Unconsolidated Ventures	Investments in Unconsolidated Ventures The Company’s investments in unconsolidated ventures are accounted for under the equity method to the extent that, based on contractual rights associated with the investments, the Company can exert significant influence over a venture’s operations. Under the equity method, the Company’s investment in the venture is recorded at cost and is subsequently adjusted to recognize the Company’s allocable share of the earnings or losses of the venture. Dividends and distributions received by the Company are recognized as a reduction in the carrying amount of the investment. Generally, joint venture operating agreements provide that assets, liabilities, funding obligations, profits and losses, and cash flows are shared in accordance with ownership percentages. For certain equity method investments, various provisions in the joint venture operating agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses, and preferred returns may result in the Company’s economic interest differing from its stated ownership or if applicable, the Company’s final profit-sharing interest after receipt of any preferred returns based on the venture’s distribution priorities. For these investments, the Company recognizes income or loss based on the joint venture’s distribution priorities, which could fluctuate over time and may be different from its stated ownership or final profit-sharing percentage. The Company periodically assesses the appropriateness of the carrying amount of its equity method investments, as events or changes in circumstance may indicate that a decrease in value has occurred which is other‑than‑temporary. In addition to the property‑specific impairment analysis performed on the underlying assets of the investment, the Company also considers the ownership, distribution preferences, limitations and rights to sell and repurchase its ownership interests. If a decrease in value of an investment is deemed to be other‑than‑temporary, the investment is reduced to its estimated fair value, and an impairment-related loss is recognized in the Consolidated Statements of Operations as a component of Equity in earnings (losses) from investments in unconsolidated ventures. For investments in ventures where the Company has virtually no influence over operations and the investments do not have a readily determinable fair value, the Company has elected the measurement alternative to carry the securities at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the issuer. Equity securities not accounted for under the equity method, or where the measurement alternative has not been elected, are required to be reported at fair value with unrealized gains and losses reported in the Consolidated Statements of Comprehensive Income (Loss) as Net unrealized gains (losses) on instruments measured at fair value through earnings.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. The estimates and assumptions include, but are not limited to, capitalization of development costs, provision for income taxes, recoverable amounts of receivables and deferred tax assets, initial valuations of tangible and intangible assets acquired, and the related useful lives of assets upon which depreciation and amortization is based. Estimates and assumptions have also been made with respect to future revenues and costs, and the fair value of warrants, debt, and options granted. MPC cost of sales estimates are highly judgmental as they are sensitive to cost escalation, sales price escalation, and lot absorption, which are subject to judgment and affected by expectations about future market or economic conditions. Additionally, the future cash flow estimates and fair values used for impairment analysis are highly judgmental and reflect current and projected trends in rental, occupancy, pricing, development costs, sales pace, capitalization rates, selling costs, and estimated holding periods for the applicable assets. Both MPC cost of sale estimates and estimates used in impairment analysis are affected by expectations about future market or economic conditions. Actual results could differ from these and other estimates.
Segments	Segments The Company operates in three business segments: (i) Operating Assets; (ii) MPC; and (iii) Strategic Developments. Segment information is prepared on the same basis that management reviews information for operational decision-making purposes. Management evaluates the performance of each of HHH’s real estate assets or investments individually and aggregates such properties into segments based on their economic characteristics and types of revenue streams.
Net Investment in Real Estate	Net Investment in Real Estate Master Planned Community Assets, Buildings and Equipment, and Land Real estate assets are stated at cost less any provisions for impairments and depreciation as applicable. Expenditures for significant improvements to the Company’s assets are capitalized. Tenant improvements relating to the Company’s operating assets are capitalized and depreciated over the shorter of their economic lives or the lease term. Maintenance and repair costs are charged to expense when incurred. Depreciation The Company periodically reviews the estimated useful lives of properties. From time to time, the Company may reassess the development strategies for certain buildings and improvements which results in changes to the Company’s estimate of their remaining useful lives. The Company did not recognize additional depreciation expense of significance for the years ended December 31, 2025, 2024, and 2023. Developments Development costs, which primarily include direct costs related to placing the asset in service associated with specific development properties, are capitalized as part of the property being developed. Construction and improvement costs incurred in connection with the development of new properties or the redevelopment of existing properties are capitalized before they are placed into service. Such costs include planning, engineering, design, direct material, labor, and subcontract costs. Real estate taxes, utilities, direct legal and professional fees related to the sale of a specific unit, interest, insurance costs, and certain employee costs incurred during construction periods are also capitalized. Capitalization commences when the development activities begin and ceases when a project is completed, put on hold, or at the date that the Company decides not to move forward with a project. Capitalized costs related to a project where HHH has determined not to move forward are expensed if they are not deemed recoverable. Capitalized interest costs are based on qualified expenditures and interest rates in place during the construction period. Demolition costs associated with redevelopments are expensed as incurred unless the demolition was included in the Company’s development plans and imminent as of the acquisition date of an asset. Once construction of operating properties is complete, the assets are placed into service, and capitalized costs are reclassed to Buildings and equipment and are depreciated in accordance with the Company’s policy. Once construction of condominiums is complete, the assets are reflected as condominium inventory in Other assets, net until the sale of each condominium unit is closed and the related cost is realized in Condominium rights and units cost of sales. In the event that management no longer has the ability or intent to complete a development, the costs previously capitalized are evaluated for impairment.
Acquisitions of Properties	Acquisitions of Properties The Company accounts for the acquisition of real estate properties in accordance with ASC 805 Business Combinations. This methodology requires that assets acquired and liabilities assumed be recorded at their fair values on the date of acquisition for business combinations and at relative fair values for asset acquisitions. Acquisition costs related to the acquisition of a business are expensed as incurred. Costs directly related to asset acquisitions are considered additions to the purchase price and increase the cost basis of such assets. The fair value of tangible assets of an acquired property (which includes land, buildings and improvements) is determined by valuing the property as if it were vacant, and the as-if-vacant value is then allocated to land, buildings and improvements based on management’s determination of the fair value of these assets. The as-if-vacant values are derived from several sources which incorporate significant unobservable inputs that are classified as Level 3 inputs in the fair value hierarchy and primarily include a discounted cash flow analysis using discount and capitalization rates based on recent comparable market transactions, where available. The fair value of acquired intangible assets consisting of in-place, above-market, and below-market leases is recorded based on a variety of considerations, some of which incorporate significant unobservable inputs that are classified as Level 3 inputs in the fair value hierarchy. In-place lease considerations include, but are not necessarily limited to: (1) the value associated with avoiding the cost of originating the acquired in-place leases (i.e., the market cost to execute a lease, including leasing commissions and tenant improvements); (2) the value associated with lost revenue related to tenant reimbursable operating costs incurred during the assumed lease-up period (i.e., real estate taxes, insurance, and certain other operating expenses); and (3) the value associated with lost rental revenue from existing leases during the assumed lease-up period. Above-market and below-market leases are valued at the present value, using a discount rate that reflects the risks associated with the leases acquired, of the difference between (1) the contractual amounts to be paid pursuant to the in-place lease; and (2) management’s estimate of current market lease rates, measured over the remaining non-cancelable lease term, including any below-market renewal option periods.
Impairment	Impairment HHH reviews its long-lived assets (including those held by its unconsolidated ventures) for potential impairment indicators whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized if the carrying amount of an asset is not recoverable and exceeds its fair value. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future economic conditions, such as occupancy, rental rates, capital requirements, and sales values that could differ materially from actual results in future periods. If impairment indicators exist and it is expected that undiscounted cash flows generated by the asset are less than its carrying amount, an impairment provision is recorded to write down the carrying amount of the asset to its fair value. Impairment indicators for HHH’s assets or projects within MPCs are assessed separately and include, but are not limited to, significant decreases in sales pace or average selling prices, significant increases in expected land development and construction costs or cancellation rates, and projected losses on expected future sales. MPC assets have extended life cycles that may last 20 to 40 years, or longer, and have few long‑term contractual cash flows. Further, MPC assets generally have minimal to no residual values because of their liquidating characteristics. MPC development periods often occur through several economic cycles. Subjective factors such as the expected timing of property development and sales, optimal development density, and sales strategy impact the timing and amount of expected future cash flows and fair value. Impairment indicators for Operating Assets are assessed for each property and include, but are not limited to, significant decreases in net operating income, significant decreases in occupancy, ongoing low occupancy, and significant net operating losses. Impairment indicators for assets in the Strategic Developments are assessed by project and include, but are not limited to, significant changes in projected completion dates, revenues or cash flows, development costs, market factors, significant decreases in comparable property sale prices, and feasibility. The cash flow estimates used for determining recoverability and estimating fair value are inherently judgmental and reflect current and projected trends in rental rates, occupancy, pricing, development costs, sales pace, capitalization rates, and estimated holding periods for the applicable assets. Although the estimated fair value of certain assets may be exceeded by the carrying amount, a real estate asset is only considered to be impaired when its carrying amount is not expected to be recovered through estimated future undiscounted cash flows. To the extent an impairment provision is necessary, the excess of the carrying amount of the asset over its estimated fair value is expensed to operations. In addition, the impairment provision is allocated proportionately to adjust the carrying amount of the asset. The adjusted carrying amount, which represents the new cost basis of the asset, is depreciated over the remaining useful life of the asset or, for MPCs, is expensed as a cost of sales when land is sold. Assets that have been impaired will in the future have lower depreciation and cost of sale expenses. The impairment will have no impact on cash flows.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of highly-liquid investments with maturities at date of purchase of three months or less and include registered money market mutual funds which are invested in United States Treasury bills that are valued at the net asset value of the underlying shares in the funds as of the close of business at the end of each period as well as deposits with major banks throughout the United States. Such deposits are in excess of FDIC limits and are placed with high-quality institutions in order to minimize concentration of counterparty credit risk.
Restricted Cash	Restricted Cash Restricted cash reflects amounts segregated in escrow accounts in the name of the Company, primarily related to escrowed condominium deposits from buyers and other amounts related to taxes, insurance, and legally restricted security deposits and leasing costs.
Accounts Receivable, net and Municipal Utility District Receivables, net	Accounts Receivable, net Accounts receivable, net includes straight-line rent receivables, tenant receivables, related-party 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. Related-party receivables are primarily due from the Floreo joint venture. This balance includes reimbursable overhead costs incurred by the Company on behalf of Floreo and a $6.0 million guaranty fee associated with the increased borrowing capacity of Floreo’s bond financing in the first quarter of 2025. See Note 4 - Investments in Unconsolidated Ventures for additional information on the Floreo joint venture and Note 12 - Commitments and Contingencies for additional information on the guaranty fee. 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. Municipal Utility District Receivables, net In Houston, Texas, certain development costs are reimbursable through the creation of a Municipal Utility District, also known as Water Control and Improvement Districts, which are separate political subdivisions authorized by Article 16, Section 59 of the Texas Constitution and governed by the Texas Commission on Environmental Quality (TCEQ). MUDs are formed to provide municipal water, wastewater, drainage services, recreational facilities, and roads to those areas where they are currently unavailable through the regular city services. Typically, the developer advances funds for the creation of the facilities, which must be designed, bid, and constructed in accordance with the City of Houston’s and TCEQ requirements. The MUD Board of Directors authorizes and approves all MUD development contracts, and MUD bond sale proceeds are used to reimburse the developer for its construction costs, including interest. At the date the expenditures occur, the Company determines the costs it believes will be eligible for reimbursement and recognizes that as MUD receivables. These expenditures are subject to review by the MUD engineers for eligibility in accordance with the development contracts as part of the process for reimbursement. MUD receivables are pledged as security to creditors under the debt facilities relating to Bridgeland.
Other Assets, net	Other Assets, net The major components of Other assets, net include security, escrow, and other deposits; Special Improvement District (SID) receivables; in-place leases; intangibles; Tax increment financing (TIF) receivables; prepaid expenses related to the Company’s properties; condominium inventory; and various other assets. SID receivables are amounts due from SID bonds related to the Company’s Summerlin MPC. Proceeds from SID bonds are held in escrow by a third-party and are used to reimburse the Company for a portion of the development costs incurred in Summerlin. See Note 9 - Mortgages, Notes, and Loans Payable, Net for additional information on the SID bonds. The Company’s intangibles include in-place lease assets and above-market lease assets where HHH is the lessor, as well as internally developed software, trademark and trade name intangibles related to MPCs, and goodwill. The Company amortizes finite-lived intangible assets less any residual value, if applicable, on a straight-line basis over the term of the related lease or the estimated useful life of the asset. TIF receivables are amounts which the Company has submitted for reimbursement from Howard County in Maryland or from the state of Maryland, in conjunction with development costs expended on key roads and infrastructure work within Merriweather District specified per the terms of the county’s TIF legislation, Special Obligation Bonds issued in October 2017, and Grant Disbursement Agreement executed in April 2023. Notes receivable, net includes non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Subsequent to initial recognition, they are recorded at amortized cost less any provision for impairment as required under ASC 326 Financial Instruments - Credit Losses. Condominium inventory includes available for sale units at HHH’s completed condominium towers and is stated at the lower of cost or fair value less selling costs. Condominium inventory includes land acquisition and development costs, construction costs, and interest and real estate taxes that are capitalized during the development period. HHH evaluates condominium inventory for impairment when potential indicators exist. An impairment loss is recognized if the carrying amount of condominium inventory exceeds the fair value less selling costs, which is based on comparable sales in the normal course of business under existing and anticipated market conditions.
Financial Instruments - Credit Losses	Financial Instruments - Credit Losses The Company is exposed to credit losses through the sale of goods and services to the Company’s customers. Receivables held by the Company primarily relate to short-term trade receivables and financing receivables, which include MUD receivables, SID bonds, TIF receivables, net investments in lease receivables, and notes receivable. The Company assesses its exposure to credit loss based on historical collection experience and future expectations by portfolio segment. Historical collection experience is evaluated on a quarterly basis by the Company.
Income Taxes	Income Taxes The Company utilizes the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement carrying amounts and tax bases of assets and liabilities using enacted tax rates in effect for years in which the temporary differences are expected to reverse. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards. The Company periodically assesses the realizability of its deferred tax assets. If the Company concludes that it is more likely than not that some of the deferred tax assets will not be realized, the tax asset is reduced by a valuation allowance. The Company considers many factors when assessing the likelihood of future realization of deferred tax assets, including expectations of future taxable income, carryforward periods available to the Company for tax reporting purposes, various income tax strategies, and other relevant factors. In addition, interest and penalties related to uncertain tax positions, if necessary, are recognized in income tax expense. In the Company’s MPCs, gains with respect to land sales, whether for commercial use or for single-family residences, are reported for tax purposes either on the modified accrual method or on the percentage-of-completion method. Under the percentage-of-completion method, a gain is recognized for tax purposes as costs are incurred in satisfaction of contractual obligations.
Deferred Expenses, net	Deferred Expenses, net Deferred expenses consist principally of leasing costs. Deferred leasing costs are amortized to expense using the straight‑line method over the related lease term.
Marketing and Advertising	Marketing and Advertising Each of the Company’s segments incur various marketing and advertising costs as part of their development, branding, leasing, or sales initiatives. These costs include special events, broadcasts, direct mail and online digital and social media programs, and they are expensed as incurred.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying values of cash and cash equivalents, escrows, receivables, accounts payable, accrued expenses, and other assets and liabilities are reasonable estimates of their fair values because of the short maturities of these instruments.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities Derivative instruments and hedging activities require management to make judgments on the nature of its derivatives and their effectiveness as hedges. These judgments determine if the changes in fair value of the derivative instruments are reported as a component of Net Income in the Consolidated Statements of Operations or as a component of Comprehensive Income in the Equity on the Consolidated Balance Sheets. While management believes its judgments are reasonable, a change in a derivative’s effectiveness as a hedge could materially affect expenses, net income, and equity. The Company accounts for the changes in the fair value of an effective hedge in other comprehensive income (loss) and subsequently reclassifies the balance from other comprehensive income (loss) to earnings over the term that the hedged transaction affects earnings. The Company accounts for the changes in the fair value of an ineffective hedge directly in earnings.
Stock-Based Compensation	Stock-Based Compensation The Company maintains various equity incentive plans, with outstanding stock-based compensation awards (Awards) which include stock options and restricted stock awards (RSAs). In 2023, pursuant to the holding company reorganization discussed above, each outstanding share of HHC’s common stock was automatically converted into one share of HHH common stock. HHH assumed all obligations under the equity incentive plans. All stock options and restricted stock outstanding will be settled in HHH stock. In 2024, at the time of the Spinoff, all of these Awards were modified to adjust the number of HHH shares by certain ratios and/or allocation factors. The stock options were modified into HHH stock options and SEG stock options based on the applicable ratios and/or allocation factors. In addition, the growth targets for the RSAs based on Net Asset Value and related performance conditions were revised to carve out the impact of the Spinoff. Also, the market conditions related to Total Shareholder Return (TSR) targets were evaluated as of the Spinoff date for the TSR-based RSAs and then modified to time-based, service conditions only. See Note 13 - Stock-Based Compensation Plans for additional information. The Company applies the provisions of ASC 718 Stock Compensation which requires all share‑based payments to be recognized in the Consolidated Statements of Operations based on their fair values. The fair value of stock option awards is determined using the Black-Scholes option-pricing model. Restricted stock awards are valued using the market price of the Company’s common stock on the grant date. For restricted stock awards with market conditions or performance conditions, the award is valued using a Monte Carlo simulation. The Company records compensation cost for stock-based compensation awards over the requisite service period. If the requisite service period is satisfied, compensation cost is not adjusted unless the award contains a performance condition. If an award contains a performance condition, expense is recognized only for those shares that ultimately vest using the per-share fair value measured at the grant date. The Company recognizes forfeitures as they occur.
Revenue Recognition and Related Matters	Revenue Recognition and Related Matters Condominium Rights and Unit Sales Revenue from the sale of an individual unit in a condominium project is recognized at a point in time (i.e., the closing) when HHH satisfies the single performance obligation to construct a condominium project and transfers control of a completed unit to a buyer. The transaction price, which is the amount of consideration the Company receives upon delivery of the completed condominium unit to the buyer, is allocated to this single obligation and is received at closing less any amounts previously paid on deposit. The Company receives cash payments in the form of escrowed condominium deposits from customers who have contracted to purchase a condominium unit based on billing schedules established in HHH’s condominium purchase agreement contracts. The amounts are recorded in Restricted cash until released from escrow in accordance with the escrow agreement and on approval of HHH’s lender to fund construction costs of a project. A corresponding condominium contract deposit liability is established at the date of receipt, representing a portion of HHH’s unsatisfied performance obligation at each reporting date. These deposits, along with the balance of the contract value, are recognized at closing upon satisfaction of HHH’s performance obligation and transfer of title to the buyer. Real estate project costs directly associated with a condominium project, which are HHH’s costs to fulfill contracts with condominium buyers, are capitalized while all other costs are expensed as incurred. Total estimated project costs include direct costs such as the carrying value of the land, site planning, architectural, construction, and financing costs, as well as indirect cost allocations. The allocations include costs which clearly relate to the specific project, including certain infrastructure and amenity costs which benefit the project as well as others, and are based upon the relative sales value of the units. Furthermore, incremental costs incurred to obtain a contract to sell condominium units are evaluated for capitalization in accordance with ASC 340-40 Components, Costs & Considerations, with incremental costs to fulfill a contract only being capitalized if the costs relate directly to a specifically identified contract, enhance resources to satisfy performance obligations in the future, and are expected to be recovered. Master Planned Communities Land Sales Revenues from land sales are recognized at a point in time when the land sale closing process is complete. The transaction price generally has both fixed and variable components, with the fixed price stipulated in the contract and representative of a single performance obligation. See Builder Price Participation (BPP) below for a discussion of the variable component. The fixed transaction price, which is the amount of consideration received in full upon transfer of the land title to the buyer, is allocated to this single obligation and is received at closing of the land sale less any amounts previously paid on deposit. The Company receives cash payments in the form of land purchase deposits from homebuilders or other commercial buyers who have contracted to purchase land within the Company’s MPCs, and HHH holds any escrowed deposits in Restricted cash or Cash and cash equivalents based on the terms of the contract. In situations where the Company has completed the closing of a developed land parcel or superpad and consideration is paid in full, but a portion of HHH’s performance obligation relating to the enhancement of the land is still unsatisfied, revenue related to HHH’s obligation is recognized over time. The Company recognizes only the portion of the improved land sale where the improvements are fully satisfied based on a cost input method. The aggregate amount of the transaction price allocated to the unsatisfied obligation is recorded as deferred land sales and is presented in Accounts payable and other liabilities. The Company measures HHH’s unsatisfied obligation based on the costs remaining relative to the total cost at the date of closing. When residential or commercial land is sold, the cost of sales includes actual costs incurred and estimates of future development costs benefiting the property sold. In accordance with ASC 970-360-30-1 Real Estate Project Costs, when land is sold, costs are allocated to each sold superpad or lot based upon the relative sales value. For purposes of allocating development costs, estimates of future revenues and development costs are re-evaluated throughout the year, with adjustments being allocated prospectively to the remaining parcels available for sale. For certain parcels of land, including acquired parcels that the Company does not intend to develop or for which development was complete at the date of acquisition, the specific identification method is used to determine the cost of sales. Builder Price Participation BPP is the variable component of the transaction price for certain Master Planned Communities land sales. BPP is earned when a developer that acquired land from HHH develops and sells a home to an end user at a price higher than a predetermined breakpoint. The excess over the breakpoint is shared between HHH and the developer at the time of closing on the sale of the home based on a previously agreed-upon percentage. Generally, BPP is constrained, and accordingly, the Company does not recognize an estimate of variable consideration. The Company’s conclusion is based on the following factors: –BPP is highly susceptible to factors outside HHH’s influence such as unemployment and interest rates –the time between the sale of land to a homebuilder and closing on a completed home can take up to three years –there is significant variability in home pricing from period to period The Company evaluates contracts with homebuilders with respect to BPP at each reporting period to determine whether a change in facts and circumstances has eliminated the constraint and will record an estimate of BPP revenue, if applicable. For Condominium rights and unit sales, Master planned communities land sales, and Builder price participation the Company elected the practical expedient to not adjust promised amount of consideration for the effects of a significant financing component when the expected period between transfer of the promised asset and payment is one year or less. Rental Revenues Revenue associated with the Company’s operating assets includes minimum rent, percentage rent in lieu of fixed minimum rent, tenant recoveries, and overage rent. Minimum rent revenues are recognized on a straight‑line basis over the terms of the related leases when collectability is reasonably assured and the tenant has taken possession of, or controls, the physical use of the leased asset. Percentage rent in lieu of fixed minimum rent is recognized as sales are reported from tenants. Minimum rent revenues also include amortization related to above-market and below‑market tenant leases on acquired properties. Recoveries from tenants are stipulated in the leases, are generally computed based upon a formula related to real estate taxes, insurance, and other real estate operating expenses, and are generally recognized as revenues in the period the related costs are incurred. If the lease provides for tenant improvements, the Company determines whether the tenant improvements are owned by the tenant or by HHH. When HHH is the owner of the tenant improvements, rental revenue begins when the improvements are substantially complete. When the tenant is the owner of the tenant improvements, any tenant allowance funded by the Company is treated as a lease incentive and amortized as an adjustment to rental revenue over the lease term. Other Land, Rental, and Property Revenues Other land revenues recognized over time include ground maintenance revenue, and homeowner association management fee revenue. These revenues are recognized over time, as time elapses. The amount of consideration and the duration are fixed, as stipulated in the related agreements, and represent a single performance obligation. Other land revenues also include transfer and advertising fees on the secondary sales of homes in MPCs, forfeitures of earnest money deposits by buyers of HHH’s condominium units, lease termination fees, and other miscellaneous items. These items are recognized at a point in time when the real estate closing process is complete or HHH has a legal right to the respective fee or deposit. Other rental revenues also includes overage rent which is recognized on an accrual basis once tenant sales exceed contractual thresholds contained in the lease and is calculated by multiplying the tenant sales in excess of the minimum amount by a percentage defined in the lease.
Noncontrolling Interests	Noncontrolling Interests As of December 31, 2025, and December 31, 2024, noncontrolling interests related to the 12% noncontrolling interest in Teravalis and the noncontrolling interest in the Ward Village Homeowners’ Associations (HOAs). All revenues and expenses related to the HOAs are attributable to noncontrolling interests and do not impact net income attributable to common stockholders.
Recently Issued Accounting Standards	Recently Issued Accounting Standards The following is a summary of recently issued and other notable accounting pronouncements which relate to the Company’s business. Accounting Standards Update 2024-03, Disaggregation of Income Statement Expenses This update requires the disclosure of additional disaggregated information in the notes to financial statements for certain categories of costs and expenses that are included on the face of the statement of operations. The new disclosure requirements are effective for annual periods beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact this standard will have on its financial statement presentation and disclosures.

Stock-Based Compensation Plans - Significant Assumptions Used in Black-Scholes Option-pricing Model (Details) - Stock Options - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value (in dollars per share)		$ 11.16
Expected life of options (in years)		3 years 3 months 18 days
Risk-free interest rate		4.30%
Expected volatility		30.60%
Expected annual dividend per share	$ 0	$ 0

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2025	Feb. 12, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-41779
Entity Registrant Name	HOWARD HUGHES HOLDINGS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	93-1869991
Entity Address, Address Line One	9950 Woodloch Forest Drive
Entity Address, Address Line Two	Suite 1100
Entity Address, City or Town	The Woodlands
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77380
City Area Code	(281)
Local Phone Number	719-6100
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	HHH
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 2.2
Entity Common Stock, Shares Outstanding		59,636,343
Documents Incorporated by Reference	Portions of the registrant’s Proxy Statement for its 2026 Annual Meeting of Stockholders are incorporated by reference in Items 10, 11, 12, 13, and 14 of Part III of this Annual Report on Form 10-K. The registrant intends to file its Proxy Statement with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2025.
Entity Central Index Key	0001981792
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY

Other Assets and Liabilities - Accounts Payable and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
OTHER ASSETS AND LIABILITIES
Condominium deposit liabilities	$ 748,795	$ 459,683
Construction payables	263,845	252,619
Deferred income	166,121	125,784
Accounts payable and accrued expenses	69,023	48,317
MUD sale liability	64,364	19,468
Tenant and other deposits	59,736	47,112
Accrued interest	50,800	51,828
Accrued real estate taxes	35,311	29,284
Accrued payroll and other employee liabilities	31,452	32,154
Other	27,911	28,188
Interest rate derivative liabilities	689	0
Accounts payable and other liabilities	$ 1,518,047	$ 1,094,437

Presentation of Financial Statements and Significant Accounting Policies - Asset Useful Lives, by Type (Details)	Dec. 31, 2025
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	40 years
Equipment and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Equipment and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Computer hardware and vehicles \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Computer hardware and vehicles \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Discontinued Operations

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations


3. Discontinued Operations

On July 31, 2024, the Spinoff of SEG was completed. The Spinoff included all assets previously included in the Company’s Seaport segment and the Las Vegas Aviators and the Las Vegas Ballpark, which were previously included in the Operating Assets segment. As the Spinoff represents a strategic shift in the Company’s operations, the results of SEG are included as discontinued operations for all periods presented.

The following table presents key components of Net income (loss) from discontinued operations, net of income taxes, for the years ended December 31:


thousands	2024		2023
Total revenues	$	60,846	$	115,349
Total operating expenses	88,381		133,767
General and administrative (a)	32,535		4,522
Depreciation and amortization	16,717		47,384
Other	—		81
Provision for impairment	—		(672,492)
Other income (loss), net	(67)		(1,539)
Interest income (expense), net	(7,414)		874
Gain (loss) on extinguishment of debt	(1,563)		(47)
Equity in earnings (losses) from unconsolidated ventures	(18,960)		(81,484)
Net income (loss) from discontinued operations before income taxes	(104,791)		(825,093)
Income tax expense (benefit)	(16,568)		(190,153)
Net income (loss) from discontinued operations, net of taxes	$	(88,223)	$	(634,940)

(a)General and administrative expenses relate to costs incurred to complete the spinoff of Seaport Entertainment.

Continuing Involvement with SEG In connection with the Spinoff, HHH entered into several agreements with Seaport Entertainment that governed the execution of the transaction and the relationship of the parties following the Spinoff including a Separation and Distribution Agreement, Transition Services Agreement, Tax Matters Agreement, Employee Matters Agreement, Guaranty Agreement, and various other agreements. All agreements expired on August 1, 2025, and as such, HHH has no continuing obligations to or from SEG under these agreements.

Seaport Entertainment Guaranty Following the execution of the Spinoff, HHH provided a full backstop guaranty for SEG’s outstanding mortgage related to its 250 Water Street property (SEG Term Loan). On February 6, 2026, SEG announced that it had closed the sale of its 250 Water Street property. As part of the transaction, SEG repaid the SEG Term Loan in full and HHH was released from the related backstop guaranty. See Note 12 - Commitments and Contingencies for additional information.

Mortgages, Notes and Loans Payable, Net

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Mortgages, Notes, and Loans Payable, Net


9. Mortgages, Notes, and Loans Payable, Net

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


	December 31,
thousands	2025		2024
Fixed-rate debt
Senior unsecured notes	$	2,050,000	$	2,050,000
Secured mortgages payable	1,793,561		1,635,750
Special Improvement District bonds	80,294		83,779
Variable-rate debt (a)
Secured Bridgeland Notes	85,000		283,000

Secured mortgages payable	1,135,359		1,115,908

Unamortized deferred financing costs (b)	(34,386)		(40,968)
Mortgages, notes, and loans payable, net	$	5,109,828	$	5,127,469

(a)The Company has entered into derivative instruments to manage the variable interest rate exposure. See Note 11 - Derivative Instruments and Hedging Activities for additional information.

As of December 31, 2025, land, buildings and equipment, developments, and other collateral with a net book value of $4.8 billion have been pledged as collateral for the Company’s debt obligations. Senior unsecured notes totaling $2.1 billion and $52.1 million of secured mortgages payable are recourse to the Company.

Senior Unsecured Notes During 2020 and 2021, the Company issued $2.1 billion of aggregate principal of senior unsecured notes. These notes have fixed rates of interest that are payable semi-annually and are interest only until maturity. 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

On February 17, 2026, HHC, the Company’s wholly owned subsidiary, issued $500.0 million of 5.875% senior unsecured notes due 2032 and $500.0 million of 6.125% senior unsecured notes due 2034 (collectively the New Notes). The New Notes will pay interest semi-annually, in each case payable on March 1 and September 1 of each year, beginning on September 1, 2026. HHC used the net proceeds to redeem its outstanding $750.0 million 5.375% senior unsecured notes due 2028, including the payment of premiums, accrued and unpaid interest and expenses related to such redemption, and will use the remaining proceeds for general corporate purposes.

The New Notes were offered in a private placement, solely to persons reasonably believed to be qualified institutional buyers. The New Notes have not been, and will not be, registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

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

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


	December 31, 2025						December 31, 2024
$ 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)	$	1,793,561	3.13% - 8.67%	4.91	%	5.1	$	1,635,750	3.13% - 8.67%	4.74	%	5.8
Variable rate (b)	1,135,359		5.77% - 8.87%	7.34	%	1.3	1,115,908		6.43% - 9.42%	7.67	%	1.7
Secured mortgages payable	$	2,928,920	3.13% - 8.87%	5.85	%	3.6	$	2,751,658	3.13% - 9.42%	5.93	%	4.1

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

(b)Interest rates presented are based on the applicable reference interest rates as of December 31, 2025 and 2024, excluding the effects of interest rate derivatives.

The Company has entered into derivative instruments to manage its variable interest rate exposure. The weighted-average interest rate of the Company’s variable-rate mortgages payable, inclusive of interest rate derivatives, was 7.15% as of December 31, 2025, and 7.02% as of December 31, 2024. See Note 11 - 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 2025, the Company’s mortgage activity included draws on existing mortgages of $573.5 million, refinancings of $184.2 million, and repayments of $365.7 million. As of December 31, 2025, the Company’s secured mortgage loans had $686.6 million of undrawn lender commitment available to be drawn for property development, subject to certain restrictions.

Special Improvement District Bonds The Summerlin MPC uses SID bonds to finance certain common infrastructure improvements. These bonds are issued by the municipalities and are secured by the assessments on the land. The majority of proceeds from each bond issued is held in a construction escrow and disbursed to the Company as infrastructure projects are completed, inspected by the municipalities, and approved for reimbursement. Accordingly, the SID bonds have been classified as debt, and the Summerlin MPC pays the debt service on the bonds semi‑annually. As Summerlin sells land, the buyers assume a proportionate share of the bond obligation at closing, and the residential sales contracts provide for the reimbursement of the principal amounts that the Company previously paid with respect to such proportionate share of the bond. These bonds bear interest at fixed rates ranging from 4.13% to 6.50% with maturities ranging from 2030 to 2055 as of December 31, 2025, and fixed rates ranging from 4.13% to 6.05% with maturities ranging from 2025 to 2054 as of December 31, 2024. For the year ended December 31, 2025, $16.4 million in SID bonds were issued and obligations of $17.7 million were assumed by buyers.

Secured Bridgeland Notes The Company’s $600.0 million secured notes mature in 2029 and are secured by MUD receivables and land in Bridgeland. The loan requires a 10% fully refundable deposit on the outstanding balance and has an interest rate of 6.06%. In the second quarter of 2025, $198.0 million was repaid using the proceeds from the sale of MUD receivables, bringing outstanding borrowings to $85.0 million as of December 31, 2025.

Debt Compliance 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.

As of December 31, 2025, the Company was not in compliance with certain property-level debt covenants due to not meeting certain debt service coverage ratios caused by lease expirations, vacancies, rent abatements, and other factors. 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 therefore there was no material impact on the Company’s liquidity or its ability to operate these assets.

Scheduled Maturities The following table summarizes the contractual obligations relating to the Company’s mortgages, notes, and loans payable as of December 31, 2025:


thousands	Mortgages, notes, and loans payable principal payments
2026		$	663,243
2027		507,661
2028 (a)		923,362
2029		1,075,975
2030		277,225
Thereafter (a)		1,696,748
Total principal payments		5,144,214
Unamortized deferred financing costs		(34,386)
Mortgages, notes, and loans payable		$	5,109,828

- 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 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
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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 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 16: 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 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Presentation of Financial Statements and Significant Accounting Policies - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 134,122	$ 105,185
Reserve for uncollectible amounts	7,200	8,200
Reserve for uncollectible amounts under ASC 842	7,000	8,100
Collectibility of receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reserve for uncollectible amounts under ASC 450	200	100
Straight-line rent receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	96,975	91,050
Tenant receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	5,512	1,638
Related-party receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	18,640	6,908
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 12,995	$ 5,589

Leases - Lease Liability Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
2026	$ 956
2027	898
2028	616
2029	622
2030	381
Thereafter	5,300
Total lease payments	8,773
Less: imputed interest	(3,905)
Present value of lease liabilities	$ 4,868	$ 5,456

Intangibles - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Intangibles - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization/accretion of intangible assets/liabilities	$ 5.2	$ 4.6	$ 4.3

Commitments and Contingencies (Details) $ in Thousands		1 Months Ended		12 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Jun. 14, 2018 individualOrEntity party	Feb. 28, 2025 USD ($)	Oct. 31, 2022 USD ($)	Dec. 31, 2025 USD ($) tower	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Operating Leased Assets [Line Items]
Damages award				$ 17,000
Post-judgment interest				10.00%
Accrued liabilities				$ 19,800
Initial judgement amount				17,000
Related interest expense				2,800
Number of individuals or entities on petition \| individualOrEntity	500
Number of unaffiliated parties \| party	2
Letters of credit outstanding				5,200	$ 3,900
Surety bonds outstanding				383,100	353,800
Repayment of debt				782,458	$ 807,548	$ 147,623
Long-term debt outstanding				$ 5,109,828
Guarantor obligations, reserved percentage of residential units				20.00%
Guarantor obligations, number of towers reserved \| tower				4
Floreo
Operating Leased Assets [Line Items]
Available borrowing amount		$ 365,000
Face amount			$ 165,000
Secured mortgages payable
Operating Leased Assets [Line Items]
Repayment of debt				$ 365,700
Seaport Entertainment Guaranty
Operating Leased Assets [Line Items]
Available borrowing amount				$ 61,300
Interest Rate				2.00%
Bond Financing
Operating Leased Assets [Line Items]
Available borrowing amount			6,000
Face amount			$ 165,000
Long-term debt outstanding				$ 242,000
Debt instrument, loan-to-value ratio threshold			50.00%
Cash collateral for borrowed securities		50,000
Increase (decrease) in cash collateral for borrowed securities		$ 100,000
Proceeds from issuance of debt			$ 5,000
Bond Financing \| Floreo
Operating Leased Assets [Line Items]
Equity method investment, ownership percentage			50.00%

Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 983,590	$ 327,147	$ 283,468	$ 156,484	$ 1,474,892	$ 1,750,689	$ 908,753
Operating income (loss)	260,510	198,339	88,464	12,608	331,515	559,921	216,224
Net income (loss) from continuing operations	162,320	96,528	47,367	(21,000)	123,843	285,215	83,410
Net income (loss) from discontinued operations, net of tax	(6,416)	(24,031)	(26,309)	(31,467)	0	(88,223)	(634,940)
Net income (loss)	155,904	72,497	21,058	(52,467)	123,843	196,992	(551,530)
Net (income) loss attributable to noncontrolling interests	414	273	34	(10)	54	711	(243)
Net income (loss) attributable to common stockholders	$ 156,318	$ 72,770	$ 21,092	$ (52,477)	$ 123,897	$ 197,703	$ (551,773)
Earnings Per Share [Abstract]
Basic income (loss) per share — continuing operations (in dollars per share)	$ 3.27	$ 1.95	$ 0.95	$ (0.42)	$ 2.22	$ 5.75	$ 1.68
Basic income (loss) per share — discontinued operations (in dollars per share)	(0.13)	(0.48)	(0.53)	(0.63)	0	(1.78)	(12.81)
Basic income (loss) per share attributable to common stockholders (in dollars per share)	3.15	1.46	0.42	(1.06)	2.22	3.98	(11.13)
Diluted income (loss) per share — continuing operations (in dollars per share)	3.25	1.95	0.95	(0.42)	2.21	5.73	1.68
Diluted income (loss) per share — discontinued operations (in dollars per share)	(0.13)	(0.48)	(0.53)	(0.63)	0	(1.77)	(12.80)
Diluted income (loss) per share attributable to common stockholders (in dollars per share)	$ 3.12	$ 1.46	$ 0.42	$ (1.06)	$ 2.21	$ 3.96	$ (11.12)

Segments - Income (Loss) by Segment and Reconciliation of Segment EBT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net income (loss) from continuing operations before income taxes	$ 161,459	$ 365,399	$ 109,828
General and administrative expenses	(122,240)	(91,752)	(86,671)
Gain (loss) on sale of MUD receivables	(48,197)	(48,651)	0
Corporate interest expense, net	(169,931)	(164,926)	(157,575)
Operating Segments \| Operating Assets
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net income (loss) from continuing operations before income taxes	(27,426)	(28,455)	(27,057)
Operating Segments \| Master Planned Communities
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net income (loss) from continuing operations before income taxes	476,102	349,134	341,419
Operating Segments \| Strategic Developments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net income (loss) from continuing operations before income taxes	(13,903)	282,805	(17,306)
Corporate
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Corporate interest expense, net	(80,307)	(80,446)	(87,243)
Corporate income, expenses, and other items	$ (22,570)	$ (17,236)	$ (13,314)

Fair Value (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

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

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


	December 31, 2025								December 31, 2024
	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	$	3,113	$	—	$	3,113	$	—	$	9,082	$	—	$	9,082	$	—

Interest rate derivative liabilities	689		—		689		—		—		—		—		—

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

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


		December 31, 2025				December 31, 2024
thousands	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Cash, cash equivalents, and restricted cash	Level 1	$	2,097,158	$	2,097,158	$	998,503	$	998,503
Accounts receivable, net (a)	Level 3	134,122		134,122		105,185		105,185
Notes receivable, net (b)	Level 3	2,932		2,932		870		870

Liabilities:
Fixed-rate debt (c)	Level 2	3,923,855		3,794,729		3,769,529		3,495,298
Variable-rate debt (c)	Level 2	1,220,359		1,220,359		1,398,908		1,398,908

(a)Accounts receivable, net is shown net of an allowance of $7.2 million at December 31, 2025, and $8.2 million at December 31, 2024. Refer to Note 1 - Presentation of Financial Statements and Significant Accounting Policies for additional information on the allowance.

(b)Notes receivable, net is shown net of an immaterial allowance at December 31, 2025, and December 31, 2024.

(c)Excludes related unamortized financing costs.

Summary of fair value measurements, nonrecurring

The below table includes a non-financial asset received as consideration in a land swap transaction and measured at fair value on a non-recurring basis:


				Fair Value Measurements Using
thousands	Segment	Total Fair Value Measurement		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Town Green (a)	Strategic Developments	$	28,900	$	—	$	—	$	28,900

(a)The fair value was determined based on an independent property appraisal using market‑participant assumptions as of June 2025. Refer to Note 5 - Acquisitions and Dispositions for additional information.

Segments - Assets by Segment and Reconciliation of Segment Assets to Total Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Reconciliation of total segment assets to total assets
Total Assets	$ 10,639,461	$ 9,211,236
Operating Segments \| Operating Assets
Reconciliation of total segment assets to total assets
Total Assets	3,606,214	3,548,162
Operating Segments \| Master Planned Communities
Reconciliation of total segment assets to total assets
Total Assets	3,487,301	3,373,827
Operating Segments \| Strategic Developments
Reconciliation of total segment assets to total assets
Total Assets	2,378,762	1,836,791
Corporate
Reconciliation of total segment assets to total assets
Total Assets	$ 1,167,184	$ 452,456

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

+ Details

Segments

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segments


19. Segments

The Company has three business segments, Operating Assets, MPC, and Strategic Developments, which are organized based on the different products and services that each segment offers, and are separately managed as each requires different operating strategies or management expertise reflective of management’s operating philosophies and methods. The Company’s segments or assets within such segments could change in the future as development of certain properties commences or other operational or management changes occur. All operations are within the United States.

Activity within each of the Company’s reportable segments is as follows:

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

–MPC – consists of the development and sale of land in large‑scale, long‑term community development projects in and around Las Vegas, Nevada; Houston, Texas; and Phoenix, Arizona. Revenues are primarily generated through the sale of residential and commercial land to homebuilders and developers.

–Strategic Developments – consists of residential condominium and commercial property projects currently under development and all other properties held for development which have no substantial operations. Revenues are primarily generated from the sale of condominium units.

The Chief Operating Decision Maker (CODM), which is the Company’s Chief Executive Officer, may use different operating measures to assess operating results and allocate resources among the three segments, however the measure that is most consistent with the amounts included in the consolidated financial statements is earnings before taxes (EBT). EBT, as it relates to each business segment, includes the revenues and expenses of each segment, as shown below. EBT excludes corporate expenses and other items that are not allocable to the segments. The CODM utilizes EBT to evaluate the current financial performance and project the future financial performance of each segment to determine the allocation of capital resources. This measure is also used to evaluate the need for operational adjustments, such as adjustments to prices, cost structures, and product mix necessary to achieve profitability targets.

Segment EBT is as follows for the years ended December 31:


thousands	Operating Assets Segment		MPC Segment		Strategic Developments Segment
Year Ended December 31, 2025
Total revenues	$	465,568	$	634,856	$	374,363
Condominium rights and unit cost of sales	—		—		(369,408)
Master Planned Communities cost of sales	—		(188,704)		—
Operating costs	(145,464)		(45,298)		(22,490)
Rental property real estate taxes	(58,577)		—		(2,191)
(Provision for) recovery of doubtful accounts	(232)		—		—
Segment operating income (loss)	261,295		400,854		(19,726)
Depreciation and amortization	(172,835)		(408)		(6,579)
Interest income (expense), net	(136,637)		75,160		18,851
Other income (loss), net	2,266		120		(18,487)
Equity in earnings (losses) from unconsolidated ventures	4,829		(3,374)		317
Gain (loss) on sale or disposal of real estate and other assets, net	14,354		3,750		11,721


Gain (loss) on extinguishment of debt	(698)		—		—

Segment EBT	$	(27,426)	$	476,102	$	(13,903)

Year Ended December 31, 2024
Total revenues	$	444,300	$	522,925	$	783,396
Condominium rights and unit cost of sales	—		—		(582,574)
Master Planned Communities cost of sales	—		(169,191)		—
Operating costs	(138,172)		(52,736)		(17,670)
Rental property real estate taxes	(55,915)		—		(2,480)
(Provision for) recovery of doubtful accounts	(504)		—		—
Segment operating income (loss)	249,709		300,998		180,672
Depreciation and amortization	(169,040)		(438)		(7,255)
Interest income (expense), net	(138,207)		60,473		18,603
Other income (loss), net	822		—		90,534
Equity in earnings (losses) from unconsolidated ventures	5,819		(11,899)		251
Gain (loss) on sale or disposal of real estate and other assets, net	22,907		—		—


Gain (loss) on extinguishment of debt	(465)		—		—

Segment EBT	$	(28,455)	$	349,134	$	282,805

Year Ended December 31, 2023
Total revenues	$	410,254	$	448,452	$	49,987
Condominium rights and unit cost of sales	—		—		(55,417)
Master Planned Communities cost of sales	—		(140,050)		—
Operating costs	(130,125)		(53,420)		(21,908)
Rental property real estate taxes	(52,502)		—		(3,147)
(Provision for) recovery of doubtful accounts	2,762		—		—
Segment operating income (loss)	230,389		254,982		(30,485)
Depreciation and amortization	(161,138)		(418)		(3,963)
Interest income (expense), net	(125,197)		64,291		16,074
Other income (loss), net	2,092		(102)		690
Equity in earnings (losses) from unconsolidated ventures	2,968		22,666		142
Gain (loss) on sale or disposal of real estate and other assets, net	23,926		—		236


Gain (loss) on extinguishment of debt	(97)		—		—

Segment EBT	$	(27,057)	$	341,419	$	(17,306)


thousands	2025		2024		2023
Operating Assets EBT	$	(27,426)	$	(28,455)	$	(27,057)
MPC EBT	476,102		349,134		341,419
Strategic Developments EBT	(13,903)		282,805		(17,306)
General and administrative expenses	(122,240)		(91,752)		(86,671)
Gain (loss) on sale of MUD receivables	(48,197)		(48,651)		—
Corporate interest expense, net	(80,307)		(80,446)		(87,243)
Corporate income, expenses, and other items	(22,570)		(17,236)		(13,314)
Net income (loss) from continuing operations before income taxes	$	161,459	$	365,399	$	109,828

The following represents the reconciliation of segment revenue to Total revenues in the Consolidated Statements of Operations for the years ended December 31:


thousands	2025		2024		2023
Operating Assets revenue	$	465,568	$	444,300	$	410,254
MPC revenue	634,856		522,925		448,452
Strategic Developments revenue	374,363		783,396		49,987
Corporate income	105		68		60
Total revenues	$	1,474,892	$	1,750,689	$	908,753

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


thousands	2025		2024
Operating Assets	$	3,606,214	$	3,548,162
Master Planned Communities	3,487,301		3,373,827
Strategic Developments	2,378,762		1,836,791
Corporate	1,167,184		452,456

Total assets	$	10,639,461	$	9,211,236

The following represents capital expenditures by segment for the years ended December 31:


thousands	2025		2024
Operating Assets	$	45,333	$	63,781
Master Planned Communities	184		232
Strategic Developments	176,689		239,472

- 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 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2025

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

Accumulated Other Comprehensive Income (Loss)


15. 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, 2022	$	10,335
Derivative instruments:
Other comprehensive income (loss) before reclassifications	3,809
(Gain) loss reclassified to net income	(13,131)

Pension adjustment	259

Net current-period other comprehensive income (loss)	(9,063)
Balance at December 31, 2023	$	1,272
Derivative instruments:
Other comprehensive income (loss) before reclassifications	4,818
(Gain) loss reclassified to net income	(4,497)

Pension adjustment	375


Net current-period other comprehensive income (loss)	696
Balance at December 31, 2024	$	1,968
Derivative instruments:
Other comprehensive income (loss) before reclassifications	(962)
(Gain) loss reclassified to net income	(2,923)
Pension adjustment	90



Net current-period other comprehensive income (loss)	(3,795)
Balance at December 31, 2025	$	(1,827)

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


Accumulated Other Comprehensive Income (Loss) Components thousands					Affected line items in the Statements of Operations
	2025		2024
(Gains) losses on cash flow hedges	$	(3,833)	$	(5,821)	Interest expense

Income taxes on (gains) losses on cash flow hedges	910		1,324		Income tax expense (benefit)
Total reclassifications of (income) loss for the period	$	(2,923)	$	(4,497)

Stock-Based Compensation Plans - Restricted Stock Activity (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restricted Stock
Outstanding at beginning of year (in shares)	371,955
Granted (in shares)	376,989
Vested (in shares)	(171,887)
Forfeited (in shares)	(77,582)
Outstanding at end of year (in shares)	499,475	371,955
Weighted-average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share)	$ 56.43
Granted (in dollars per share)	76.68	$ 66.16	$ 83.85
Vested (in dollars per share)	69.37
Forfeited (in dollars per share)	66.81
Outstanding at end of year (in dollars per share)	$ 65.66	$ 56.43

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION - Information by Property (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	$ 3,094,214
Encumbrances	5,109,828
Debt Issuance Costs, Net	(34,386)	$ (40,968)
Initial Cost
Land	2,569,963
Land	2,570,848
Buildings and Improvements	4,859,732
Buildings and Improvements	4,860,759
Costs Capitalized Subsequent to Acquisition
Land	372,738
Land	371,853
Buildings and Improvements	633,583
Building and Improvements	645,719
Gross Amounts at Which Carried at Close of Period
Land	2,942,701
Land	2,942,701
Buildings and Improvements	5,493,315
Buildings and Improvements	5,506,478
Total	8,436,016
Total	8,449,179	7,997,009	$ 7,558,809	$ 6,854,826
Accumulated Depreciation	(1,077,125)
Accumulated Depreciation	(1,082,124)	$ (949,533)	$ (829,018)	$ (717,270)
Aggregate cost of land, building and improvements for federal income tax purposes	6,200,000
Bridgeland
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	85,000
Initial Cost
Land	260,223
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition
Land	262,010
Buildings and Improvements	1,633
Gross Amounts at Which Carried at Close of Period
Land	522,233
Buildings and Improvements	1,633
Total	523,866
Accumulated Depreciation	(899)
Bridgeland Predevelopment
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	3,004
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	3,004
Total	3,004
Accumulated Depreciation	0
Houston Ground Leases - Bridgeland
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	4,281
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	4,281
Buildings and Improvements	0
Total	4,281
Accumulated Depreciation	0
Lakeside Row
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	35,500
Initial Cost
Land	812
Buildings and Improvements	42,875
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	563
Gross Amounts at Which Carried at Close of Period
Land	812
Buildings and Improvements	43,438
Total	44,250
Accumulated Depreciation	(10,574)
Memorial Hermann Medical Office
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	3,735
Initial Cost
Land	0
Buildings and Improvements	9,339
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	9,339
Total	9,339
Accumulated Depreciation	0
One Bridgeland Green
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	1,118
Buildings and Improvements	33,482
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	1,118
Buildings and Improvements	33,482
Total	34,600
Accumulated Depreciation	(316)
Starling at Bridgeland
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	37,976
Initial Cost
Land	1,511
Buildings and Improvements	57,505
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	701
Gross Amounts at Which Carried at Close of Period
Land	1,511
Buildings and Improvements	58,206
Total	59,717
Accumulated Depreciation	(7,169)
Village Green at Bridgeland Central
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	13,793
Initial Cost
Land	1,428
Buildings and Improvements	15,323
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	1,428
Buildings and Improvements	15,323
Total	16,751
Accumulated Depreciation	(519)
Wingspan
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	32,400
Initial Cost
Land	1,214
Buildings and Improvements	72,042
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	38
Gross Amounts at Which Carried at Close of Period
Land	1,214
Buildings and Improvements	72,080
Total	73,294
Accumulated Depreciation	(6,384)
Color Burst Park Retail
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	337
Buildings and Improvements	6,945
Costs Capitalized Subsequent to Acquisition
Land	10
Buildings and Improvements	2,107
Gross Amounts at Which Carried at Close of Period
Land	347
Buildings and Improvements	9,052
Total	9,399
Accumulated Depreciation	(1,550)
Columbia Ground Leases
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	1,271
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	1,271
Total	1,271
Accumulated Depreciation	(71)
Columbia Office Properties
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	1,175
Buildings and Improvements	14,394
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	(1,108)
Gross Amounts at Which Carried at Close of Period
Land	1,175
Buildings and Improvements	13,286
Total	14,461
Accumulated Depreciation	(7,615)
Columbia Parking Garages
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	42,940
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	(40)
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	42,900
Total	42,900
Accumulated Depreciation	(7,939)
Columbia Predevelopment
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	36,713
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	36,713
Total	36,713
Accumulated Depreciation	0
Juniper
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	116,876
Initial Cost
Land	3,923
Buildings and Improvements	112,435
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	9,327
Gross Amounts at Which Carried at Close of Period
Land	3,923
Buildings and Improvements	121,762
Total	125,685
Accumulated Depreciation	(26,311)
10285 Lakefront Medical Office
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	17,983
Initial Cost
Land	0
Buildings and Improvements	48,156
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	48,156
Total	48,156
Accumulated Depreciation	(2,220)
One Mall North
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	7,822
Buildings and Improvements	10,818
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	3,817
Gross Amounts at Which Carried at Close of Period
Land	7,822
Buildings and Improvements	14,635
Total	22,457
Accumulated Depreciation	(12,681)
Marlow
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	75,159
Initial Cost
Land	4,088
Buildings and Improvements	130,083
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	3,978
Gross Amounts at Which Carried at Close of Period
Land	4,088
Buildings and Improvements	134,061
Total	138,149
Accumulated Depreciation	(15,566)
6100 Merriweather
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	65,800
Initial Cost
Land	2,550
Buildings and Improvements	86,867
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	12,519
Gross Amounts at Which Carried at Close of Period
Land	2,550
Buildings and Improvements	99,386
Total	101,936
Accumulated Depreciation	(19,935)
One Merriweather
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	49,800
Initial Cost
Land	1,433
Buildings and Improvements	56,125
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	1,082
Gross Amounts at Which Carried at Close of Period
Land	1,433
Buildings and Improvements	57,207
Total	58,640
Accumulated Depreciation	(18,762)
Two Merriweather
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	25,600
Initial Cost
Land	1,019
Buildings and Improvements	33,016
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	5,201
Gross Amounts at Which Carried at Close of Period
Land	1,019
Buildings and Improvements	38,217
Total	39,236
Accumulated Depreciation	(9,352)
Merriweather District
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	400
Buildings and Improvements	156,861
Costs Capitalized Subsequent to Acquisition
Land	(400)
Buildings and Improvements	(39,356)
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	117,505
Total	117,505
Accumulated Depreciation	0
Merriweather Row
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	58,927
Initial Cost
Land	24,685
Buildings and Improvements	94,824
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	62,754
Gross Amounts at Which Carried at Close of Period
Land	24,685
Buildings and Improvements	157,578
Total	182,263
Accumulated Depreciation	(48,418)
Rouse Building
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	21,837
Initial Cost
Land	0
Buildings and Improvements	28,865
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	1,905
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	30,770
Total	30,770
Accumulated Depreciation	(9,995)
Aristocrat
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	31,718
Initial Cost
Land	5,004
Buildings and Improvements	34,588
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	152
Gross Amounts at Which Carried at Close of Period
Land	5,004
Buildings and Improvements	34,740
Total	39,744
Accumulated Depreciation	(9,425)
Constellation
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	24,200
Initial Cost
Land	3,069
Buildings and Improvements	39,759
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	2,681
Gross Amounts at Which Carried at Close of Period
Land	3,069
Buildings and Improvements	42,440
Total	45,509
Accumulated Depreciation	(12,535)
Downtown Summerlin
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	1,297
Initial Cost
Land	30,855
Buildings and Improvements	364,100
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	30,537
Gross Amounts at Which Carried at Close of Period
Land	30,855
Buildings and Improvements	394,637
Total	425,492
Accumulated Depreciation	(150,337)
Hockey Ground Lease
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	121
Initial Cost
Land	6,705
Buildings and Improvements	2,198
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	6,705
Buildings and Improvements	2,198
Total	8,903
Accumulated Depreciation	(458)
Meridian
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	16,690
Initial Cost
Land	4,509
Buildings and Improvements	42,242
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	4,509
Buildings and Improvements	42,242
Total	46,751
Accumulated Depreciation	(2,149)
1700 Pavilion
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	75,045
Initial Cost
Land	1,700
Buildings and Improvements	101,760
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	11,020
Gross Amounts at Which Carried at Close of Period
Land	1,700
Buildings and Improvements	112,780
Total	114,480
Accumulated Depreciation	(11,902)
Two Summerlin
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	40,849
Initial Cost
Land	3,037
Buildings and Improvements	47,104
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	1,924
Gross Amounts at Which Carried at Close of Period
Land	3,037
Buildings and Improvements	49,028
Total	52,065
Accumulated Depreciation	(13,916)
Summerlin
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	78,535
Initial Cost
Land	990,179
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition
Land	266,875
Buildings and Improvements	1,298
Gross Amounts at Which Carried at Close of Period
Land	1,257,054
Buildings and Improvements	1,298
Total	1,258,352
Accumulated Depreciation	(856)
Summerlin Grocery Anchored Center
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	14,986
Initial Cost
Land	4,073
Buildings and Improvements	43,050
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	4,073
Buildings and Improvements	43,050
Total	47,123
Accumulated Depreciation	(1,506)
Summerlin Predevelopment
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	25,540
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	25,540
Total	25,540
Accumulated Depreciation	0
Tanager
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	58,599
Initial Cost
Land	7,331
Buildings and Improvements	53,978
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	1,002
Gross Amounts at Which Carried at Close of Period
Land	7,331
Buildings and Improvements	54,980
Total	62,311
Accumulated Depreciation	(13,743)
Tanager Echo
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	70,032
Initial Cost
Land	2,302
Buildings and Improvements	86,013
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	96
Gross Amounts at Which Carried at Close of Period
Land	2,302
Buildings and Improvements	86,109
Total	88,411
Accumulated Depreciation	(8,825)
Teravalis
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	544,546
Buildings and Improvements	312
Costs Capitalized Subsequent to Acquisition
Land	2,663
Buildings and Improvements	20
Gross Amounts at Which Carried at Close of Period
Land	547,209
Buildings and Improvements	332
Total	547,541
Accumulated Depreciation	(144)
Creekside Park
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	36,179
Initial Cost
Land	729
Buildings and Improvements	40,116
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	713
Gross Amounts at Which Carried at Close of Period
Land	729
Buildings and Improvements	40,829
Total	41,558
Accumulated Depreciation	(11,202)
Creekside Park The Grove
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	57,000
Initial Cost
Land	1,876
Buildings and Improvements	52,382
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	352
Gross Amounts at Which Carried at Close of Period
Land	1,876
Buildings and Improvements	52,734
Total	54,610
Accumulated Depreciation	(9,747)
Creekside Park West
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	15,366
Initial Cost
Land	1,228
Buildings and Improvements	17,922
Costs Capitalized Subsequent to Acquisition
Land	(121)
Buildings and Improvements	1,094
Gross Amounts at Which Carried at Close of Period
Land	1,107
Buildings and Improvements	19,016
Total	20,123
Accumulated Depreciation	(3,862)
Grogan's Mill Retail
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	3,711
Buildings and Improvements	5,928
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	3,711
Buildings and Improvements	5,928
Total	9,639
Accumulated Depreciation	(384)
Houston Ground Leases - The Woodlands
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	13,324
Buildings and Improvements	2,582
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	13,324
Buildings and Improvements	2,582
Total	15,906
Accumulated Depreciation	(644)
One Hughes Landing
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	44,063
Initial Cost
Land	1,678
Buildings and Improvements	34,761
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	507
Gross Amounts at Which Carried at Close of Period
Land	1,678
Buildings and Improvements	35,268
Total	36,946
Accumulated Depreciation	(12,784)
Two Hughes Landing
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	43,554
Initial Cost
Land	1,269
Buildings and Improvements	34,950
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	(2,416)
Gross Amounts at Which Carried at Close of Period
Land	1,269
Buildings and Improvements	32,534
Total	33,803
Accumulated Depreciation	(12,483)
Three Hughes Landing
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	70,000
Initial Cost
Land	2,626
Buildings and Improvements	46,372
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	32,687
Gross Amounts at Which Carried at Close of Period
Land	2,626
Buildings and Improvements	79,059
Total	81,685
Accumulated Depreciation	(27,104)
1725 Hughes Landing Boulevard
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	67,050
Initial Cost
Land	1,351
Buildings and Improvements	36,764
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	26,207
Gross Amounts at Which Carried at Close of Period
Land	1,351
Buildings and Improvements	62,971
Total	64,322
Accumulated Depreciation	(16,184)
1735 Hughes Landing Boulevard
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	58,793
Initial Cost
Land	3,709
Buildings and Improvements	97,651
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	(264)
Gross Amounts at Which Carried at Close of Period
Land	3,709
Buildings and Improvements	97,387
Total	101,096
Accumulated Depreciation	(43,156)
Hughes Landing Daycare
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	138
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	138
Buildings and Improvements	0
Total	138
Accumulated Depreciation	0
Hughes Landing Retail
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	30,594
Initial Cost
Land	5,184
Buildings and Improvements	32,562
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	136
Gross Amounts at Which Carried at Close of Period
Land	5,184
Buildings and Improvements	32,698
Total	37,882
Accumulated Depreciation	(11,848)
1701 Lake Robbins
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	1,663
Buildings and Improvements	3,725
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	856
Gross Amounts at Which Carried at Close of Period
Land	1,663
Buildings and Improvements	4,581
Total	6,244
Accumulated Depreciation	(1,515)
2201 Lake Woodlands Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	3,755
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	1,220
Gross Amounts at Which Carried at Close of Period
Land	3,755
Buildings and Improvements	1,220
Total	4,975
Accumulated Depreciation	(1,178)
Lakefront North
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	50,000
Initial Cost
Land	10,260
Buildings and Improvements	39,357
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	17,657
Gross Amounts at Which Carried at Close of Period
Land	10,260
Buildings and Improvements	57,014
Total	67,274
Accumulated Depreciation	(16,348)
One Lakes Edge
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	63,884
Initial Cost
Land	1,057
Buildings and Improvements	81,768
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	1,227
Gross Amounts at Which Carried at Close of Period
Land	1,057
Buildings and Improvements	82,995
Total	84,052
Accumulated Depreciation	(29,256)
Two Lakes Edge
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	105,000
Initial Cost
Land	1,870
Buildings and Improvements	96,349
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	1,375
Gross Amounts at Which Carried at Close of Period
Land	1,870
Buildings and Improvements	97,724
Total	99,594
Accumulated Depreciation	(22,241)
Millennium Six Pines
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	40,569
Initial Cost
Land	4,000
Buildings and Improvements	54,624
Costs Capitalized Subsequent to Acquisition
Land	7,225
Buildings and Improvements	1,047
Gross Amounts at Which Carried at Close of Period
Land	11,225
Buildings and Improvements	55,671
Total	66,896
Accumulated Depreciation	(19,471)
Millennium Waterway
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	51,000
Initial Cost
Land	15,917
Buildings and Improvements	56,002
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	1,789
Gross Amounts at Which Carried at Close of Period
Land	15,917
Buildings and Improvements	57,791
Total	73,708
Accumulated Depreciation	(28,700)
8770 New Trails
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	33,894
Initial Cost
Land	2,204
Buildings and Improvements	35,033
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	80
Gross Amounts at Which Carried at Close of Period
Land	2,204
Buildings and Improvements	35,113
Total	37,317
Accumulated Depreciation	(9,614)
9303 New Trails
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	7,025
Initial Cost
Land	1,929
Buildings and Improvements	11,915
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	2,321
Gross Amounts at Which Carried at Close of Period
Land	1,929
Buildings and Improvements	14,236
Total	16,165
Accumulated Depreciation	(5,391)
1 Riva Row
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	89,153
Initial Cost
Land	3,226
Buildings and Improvements	140,726
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	3,226
Buildings and Improvements	140,726
Total	143,952
Accumulated Depreciation	(309)
3831 Technology Forest Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	16,000
Initial Cost
Land	514
Buildings and Improvements	14,194
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	3,770
Gross Amounts at Which Carried at Close of Period
Land	514
Buildings and Improvements	17,964
Total	18,478
Accumulated Depreciation	(8,411)
The Lane at Waterway
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	37,500
Initial Cost
Land	2,029
Buildings and Improvements	40,033
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	475
Gross Amounts at Which Carried at Close of Period
Land	2,029
Buildings and Improvements	40,508
Total	42,537
Accumulated Depreciation	(8,571)
The Ritz-Carlton Residences
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	110,127
Initial Cost
Land	0
Buildings and Improvements	156,083
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	156,083
Total	156,083
Accumulated Depreciation	(2,729)
The Woodlands
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	269,411
Buildings and Improvements	9,814
Costs Capitalized Subsequent to Acquisition
Land	(82,097)
Buildings and Improvements	(9,744)
Gross Amounts at Which Carried at Close of Period
Land	187,314
Buildings and Improvements	70
Total	187,384
Accumulated Depreciation	(70)
The Woodlands Parking Garages
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	6,885
Buildings and Improvements	3,600
Costs Capitalized Subsequent to Acquisition
Land	2,497
Buildings and Improvements	15,140
Gross Amounts at Which Carried at Close of Period
Land	9,382
Buildings and Improvements	18,740
Total	28,122
Accumulated Depreciation	(4,840)
The Woodlands Predevelopment
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	50,481
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	50,481
Total	50,481
Accumulated Depreciation	(2,153)
The Woodlands Towers at the Waterway
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	378,340
Initial Cost
Land	11,044
Buildings and Improvements	437,561
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	51,340
Gross Amounts at Which Carried at Close of Period
Land	11,044
Buildings and Improvements	488,901
Total	499,945
Accumulated Depreciation	(99,312)
The Woodlands Warehouse
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	13,700
Initial Cost
Land	4,480
Buildings and Improvements	4,389
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	120
Gross Amounts at Which Carried at Close of Period
Land	4,480
Buildings and Improvements	4,509
Total	8,989
Accumulated Depreciation	(1,085)
3 Waterway Square
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	38,217
Initial Cost
Land	748
Buildings and Improvements	42,214
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	5,899
Gross Amounts at Which Carried at Close of Period
Land	748
Buildings and Improvements	48,113
Total	48,861
Accumulated Depreciation	(19,134)
4 Waterway Square
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	20,574
Initial Cost
Land	1,430
Buildings and Improvements	51,553
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	11,690
Gross Amounts at Which Carried at Close of Period
Land	1,430
Buildings and Improvements	63,243
Total	64,673
Accumulated Depreciation	(25,718)
6 Waterway
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	9,663
Initial Cost
Land	841
Buildings and Improvements	10,279
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	1,394
Gross Amounts at Which Carried at Close of Period
Land	841
Buildings and Improvements	11,673
Total	12,514
Accumulated Depreciation	(1,473)
7 Waterway
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	16,377
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	16,377
Total	16,377
Accumulated Depreciation	0
20/25 Waterway Avenue
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	14,339
Initial Cost
Land	2,346
Buildings and Improvements	8,871
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	756
Gross Amounts at Which Carried at Close of Period
Land	2,346
Buildings and Improvements	9,627
Total	11,973
Accumulated Depreciation	(3,335)
Waterway Square Retail
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	1,341
Buildings and Improvements	4,255
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	1,314
Gross Amounts at Which Carried at Close of Period
Land	1,341
Buildings and Improvements	5,569
Total	6,910
Accumulated Depreciation	(2,209)
1400 Woodloch Forest
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	1,570
Buildings and Improvements	13,023
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	6,098
Gross Amounts at Which Carried at Close of Period
Land	1,570
Buildings and Improvements	19,121
Total	20,691
Accumulated Depreciation	(9,008)
The Woodlands Hills
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	99,284
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition
Land	21,983
Buildings and Improvements	12
Gross Amounts at Which Carried at Close of Period
Land	121,267
Buildings and Improvements	12
Total	121,279
Accumulated Depreciation	(8)
‘A‘ali‘i
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	714
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	161
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	875
Total	875
Accumulated Depreciation	(91)
Ae`o
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	1,162
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	1,162
Total	1,162
Accumulated Depreciation	(204)
Anaha
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	1,097
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	1,097
Total	1,097
Accumulated Depreciation	(222)
Kalae
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	74,074
Initial Cost
Land	0
Buildings and Improvements	216,451
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	216,451
Total	216,451
Accumulated Depreciation	0
Ke Kilohana
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	656
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	656
Total	656
Accumulated Depreciation	(109)
Kewalo Basin Harbor
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	10,489
Initial Cost
Land	0
Buildings and Improvements	24,116
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	(773)
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	23,343
Total	23,343
Accumulated Depreciation	(8,292)
Kō‘ula
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	1,184
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	74
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	1,258
Total	1,258
Accumulated Depreciation	(107)
The Park Ward Village
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	269,930
Initial Cost
Land	0
Buildings and Improvements	528,262
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	528,262
Total	528,262
Accumulated Depreciation	0
Ulana Ward Village
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	15,315
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	15,315
Total	15,315
Accumulated Depreciation	(2)
Victoria Place
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	1,396
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	1,396
Total	1,396
Accumulated Depreciation	(359)
Waiea
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	0
Buildings and Improvements	1,206
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	414
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	1,620
Total	1,620
Accumulated Depreciation	(336)
Ward Predevelopment
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	24,029
Initial Cost
Land	0
Buildings and Improvements	260,109
Costs Capitalized Subsequent to Acquisition
Land	0
Buildings and Improvements	0
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	260,109
Total	260,109
Accumulated Depreciation	(6,476)
Ward Village Parking Garages
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost
Land	4,448
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition
Land	257
Buildings and Improvements	140,353
Gross Amounts at Which Carried at Close of Period
Land	4,705
Buildings and Improvements	140,353
Total	145,058
Accumulated Depreciation	(42,705)
Ward Village Retail
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	161,650
Initial Cost
Land	159,559
Buildings and Improvements	89,321
Costs Capitalized Subsequent to Acquisition
Land	(108,164)
Buildings and Improvements	204,651
Gross Amounts at Which Carried at Close of Period
Land	51,395
Buildings and Improvements	293,972
Total	345,367
Accumulated Depreciation	(114,673)
Corporate
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	2,050,000
Initial Cost
Land	885
Buildings and Improvements	1,027
Costs Capitalized Subsequent to Acquisition
Land	(885)
Building and Improvements	12,136
Gross Amounts at Which Carried at Close of Period
Land	0
Buildings and Improvements	13,163
Total	13,163
Accumulated Depreciation	$ (4,999)

Leases - Minimum Rent Payments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Total minimum rent payments	$ 246,603	$ 235,652
2026	248,354
2027	248,617
2028	226,818
2029	207,142
2030	181,921
Thereafter	619,494
Total	$ 1,732,346

Earnings Per Share - Narrative (Details) - 2022 Share Repurchase Program - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Authorized repurchase amount		$ 250,000,000.0
Shares repurchased, value	$ 235,000,000.0

Derivative Instruments and Hedging Activities - Impact of Financial Instruments on Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 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	$ 2,923	$ 4,497	$ 13,131
Interest rate derivatives
Effect of the Company's derivative financial instruments on the income statement
Amount of Gain (Loss) Recognized in AOCI on Derivatives	$ (962)	$ 4,818	$ 3,809

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 182
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-182

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(6)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

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+ Details

Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current Income Tax Expense (Benefit)
Current	$ 14,037	$ 18,655	$ 36,315
Federal	12,744	15,534	33,783
State	1,293	3,121	2,532
Total current	14,037	18,655	36,315
Deferred Income Tax Expense (Benefit)
Deferred	23,579	61,529	(9,897)
Federal	24,463	61,853	(7,601)
State	(884)	(324)	(2,296)
Total deferred	23,579	61,529	(9,897)
Income tax expense (benefit)	$ 37,616	$ 80,184	$ 26,418

- Definition

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

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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 123,843	$ 196,992	$ (551,530)
Net income (loss) from discontinued operations, net of taxes	0	(88,223)	(634,940)
Net income (loss) from continuing operations	123,843	285,215	83,410
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Depreciation	164,031	160,638	151,881
Amortization	19,444	19,360	16,960
Amortization of deferred financing costs	12,375	12,396	11,840
Amortization of intangibles other than in-place leases	120	120	120
Straight-line rent amortization	(6,156)	(7,012)	(7,464)
Deferred income taxes	23,579	61,529	(9,897)
Restricted stock and stock option amortization	19,802	16,006	16,394
Net gain on sale of properties	(29,825)	(22,907)	(24,162)
Loss on sale of MUD receivables	48,197	48,651	0
Proceeds from sale of MUD receivables	180,043	176,680	0
(Gain) loss on extinguishment of debt	698	465	97
Equity in (earnings) losses from unconsolidated ventures, net of distributions	4,496	12,436	(15,539)
Provision for (recovery of) doubtful accounts	3,414	(499)	8,274
Master Planned Communities development expenditures	(477,870)	(427,979)	(403,633)
Master Planned Communities cost of sales, net of SID bonds transfers to buyers	170,968	151,177	126,167
Condominium development expenditures	(511,013)	(681,998)	(472,666)
Condominium rights and units cost of sales, net of closing commissions	358,953	565,419	53,156
Other	4,742	0	1,319
Net Changes:
Accounts receivable, net	(18,215)	83,784	117,334
Other assets, net	26,595	15,681	30,687
Condominium deposits, net	289,108	(19,065)	88,595
Deferred expenses, net	(40,556)	(31,123)	(26,874)
Accounts payable and other liabilities	95,597	28,777	38,847
Cash provided by (used in) operating activities of continuing operations	462,370	447,751	(215,154)
Cash provided by (used in) operating activities of discontinued operations	0	(51,160)	(43,327)
Cash provided by (used in) operating activities	462,370	396,591	(258,481)
CASH FLOWS FROM INVESTING ACTIVITIES
Property and equipment expenditures	(3,499)	(2,143)	(7,340)
Operating property improvements	(44,758)	(47,949)	(40,211)
Property development and redevelopment	(170,959)	(252,953)	(231,038)
Acquisition of assets	(18,115)	(18,456)	(5,898)
Proceeds from sales of properties, net	12,336	48,408	39,543
Reimbursements under tax increment financings and grants	6,583	8,721	1,469
Distributions from unconsolidated ventures	4,386	6,657	12,995
Investments in unconsolidated ventures, net	(3,582)	(3,500)	0
Other	(1,458)	0	0
Net parent investment in discontinued operations	0	(169,490)	(115,185)
Cash provided by (used in) investing activities of continuing operations	(219,066)	(430,705)	(345,665)
Cash provided by (used in) investing activities of discontinued operations	0	129,911	9,522
Cash provided by (used in) investing activities	(219,066)	(300,794)	(336,143)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from mortgages, notes, and loans payable	759,545	761,429	677,441
Principal payments on mortgages, notes, and loans payable	(782,458)	(807,548)	(147,623)
Proceeds from issuance of common stock, net	862,789	0	0
Debt extinguishment costs	(422)	0	0
Special Improvement District bond funds released from (held in) escrow	25,254	16,850	11,037
Deferred financing costs and bond issuance costs	(6,091)	(6,235)	(569)
Taxes paid on stock options exercised and restricted stock vested	(3,641)	(2,306)	(2,696)
Stock options exercised	58	0	0
Sale of preferred stock in Seaport subsidiary	0	9,850	0
Contributions from Teravalis noncontrolling interest owner	317	206	219
Cash provided by (used in) financing activities of continuing operations	855,351	(27,754)	537,809
Cash provided by (used in) financing activities of discontinued operations	0	(122,597)	10,935
Cash provided by (used in) financing activities	855,351	(150,351)	548,744
Net change in cash, cash equivalents, and restricted cash	1,098,655	(54,554)	(45,880)
Cash, cash equivalents, and restricted cash at beginning of period	998,503	1,053,057	1,098,937
Cash, cash equivalents, and restricted cash at end of period	2,097,158	998,503	1,053,057
Less: Cash, cash equivalents, and restricted cash of discontinued operations at end of period	0	0	43,845
Cash, cash equivalents, and restricted cash of continuing operations at end of period	2,097,158	998,503	1,009,212
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents	1,468,507	596,083	629,714
Restricted cash	628,651	402,420	379,498
Cash, cash equivalents, and restricted cash of continuing operations at end of period	2,097,158	998,503	1,009,212
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION — CONTINUING OPERATIONS
Interest paid, net	282,844	298,364	239,995
Interest capitalized	148,780	151,632	109,510
Income taxes paid (refunded), federal, net	8,793	1,500	5,305
NON-CASH TRANSACTIONS — CONTINUING OPERATIONS
Consideration from sale of properties	41,125	0	5,250
Special Improvement District bonds transfers to buyers	17,736	18,014	13,883
Special Improvement District bonds held in third-party escrow	16,425	37,990	21,290
Capitalized stock compensation	3,187	3,936	4,669
Accrued property improvements, developments, and redevelopments	(9,612)	(13,441)	909
Initial recognition of operating lease right-of-use asset	0	766	0
Initial recognition of operating lease obligation	0	766	0
Distribution of Seaport Entertainment Group Inc. to stockholders	0	361,210	0
Texas
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION — CONTINUING OPERATIONS
Income taxes paid (refunded), state and local, net	560	2,443	2,379
Arizona
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION — CONTINUING OPERATIONS
Income taxes paid (refunded), state and local, net	410	0	0
Maryland
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION — CONTINUING OPERATIONS
Income taxes paid (refunded), state and local, net	235	0	0
New York
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION — CONTINUING OPERATIONS
Income taxes paid (refunded), state and local, net	(14,150)	0	2,300
Illinois
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION — CONTINUING OPERATIONS
Income taxes paid (refunded), state and local, net	0	0	624
All other states
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION — CONTINUING OPERATIONS
Income taxes paid (refunded), state and local, net	$ 150	$ 0	$ 0

Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2025

Acquisitions And Dispositions [Abstract]

Acquisitions and Dispositions


5. Acquisitions and Dispositions

Acquisitions

Strategic Developments In May 2025, the Company acquired the 7 Waterway office property and the adjacent parking garage for $16.3 million in an asset acquisition. The approximately 186,369 square-foot office property is located in The Woodlands.

Operating Assets In June 2024, the Company acquired the 6 Waterway (formerly Waterway Plaza II) office property and the adjacent parking garage for $19.2 million in an asset acquisition. The approximately 141,763-square-foot office property is located in The Woodlands.

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

Strategic Developments The Grogan’s Mill Library and Community Center was developed in connection with a land swap agreement entered into with Montgomery County, Texas. In July 2025, upon completion of construction, the Company transferred the Grogan's Mill Library and Community Center to Montgomery County in exchange for a land parcel on the Waterway in The Woodlands (Town Green), resulting in a gain of $10.1 million. Town Green was measured at fair value and is held in the strategic segment for future development. See Note 10 - Fair Value for additional information.

Operating Assets In September 2025, the Company completed the sale of two land parcels, which included a 6,890 square foot retail space, in Ward Village for total proceeds of $6.0 million, resulting in a gain of $4.4 million.

In January 2025, the Company completed the sale of two land parcels, which included a 13,870 square foot retail space, in Ward Village for total consideration of $12.2 million, resulting in a gain of $10.0 million.

During 2024, the Company completed the sale of four non-core ground leases in The Woodlands, for total proceeds of $9.6 million, resulting in a gain of $6.7 million.

In December 2024, the Company completed the sale of Lakeland Village Center at Bridgeland, a 67,947-square-foot retail property in Bridgeland, for $28.0 million, resulting in a gain of $11.4 million.

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

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

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

In March 2023, the Company completed the sale of two land parcels in Honolulu, 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.

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Summary of disposal groups, including discontinued operations

The following table presents key components of Net income (loss) from discontinued operations, net of income taxes, for the years ended December 31:


thousands	2024		2023
Total revenues	$	60,846	$	115,349
Total operating expenses	88,381		133,767
General and administrative (a)	32,535		4,522
Depreciation and amortization	16,717		47,384
Other	—		81
Provision for impairment	—		(672,492)
Other income (loss), net	(67)		(1,539)
Interest income (expense), net	(7,414)		874
Gain (loss) on extinguishment of debt	(1,563)		(47)
Equity in earnings (losses) from unconsolidated ventures	(18,960)		(81,484)
Net income (loss) from discontinued operations before income taxes	(104,791)		(825,093)
Income tax expense (benefit)	(16,568)		(190,153)
Net income (loss) from discontinued operations, net of taxes	$	(88,223)	$	(634,940)

(a)General and administrative expenses relate to costs incurred to complete the spinoff of Seaport Entertainment.

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3

+ Details

Intangibles - Future Net Amortization and Accretion Expense (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 5,793
2027	5,173
2028	5,064
2029	5,025
2030	$ 5,014

Investments in Unconsolidated Ventures - West End Alexandria (Details) - Central Plaza - Development Plans ft² in Millions	Dec. 31, 2021 a ft²
Investments in and Advances to Affiliates, Activity [Line Items]
Area of land \| a	41
Area of real estate property (in sqft) \| ft²	4

- 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

12 Months Ended

Dec. 31, 2025

OTHER ASSETS AND LIABILITIES

Other Assets and Liabilities


7. Other Assets and Liabilities

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


thousands	2025		2024
Special Improvement District receivable, net	$	90,417	$	97,432
Security, escrow, and other deposits	54,608		66,348
In-place leases, net	28,486		32,995
Prepaid expenses	19,669		22,791
Tenant incentives and other receivables, net	15,259		12,567
Other	11,934		28,433
Intangibles, net	7,930		3,359
TIF receivable, net	4,012		4,340
Condominium inventory	3,937		525
Interest rate derivative assets	3,113		9,082
Notes receivable, net	2,932		870
Net investment in lease receivable	2,781		2,809








Other assets, net	$	245,078	$	281,551

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


thousands	2025		2024
Condominium deposit liabilities	$	748,795	$	459,683
Construction payables	263,845		252,619
Deferred income	166,121		125,784
Accounts payable and accrued expenses	69,023		48,317
MUD sale liability	64,364		19,468
Tenant and other deposits	59,736		47,112
Accrued interest	50,800		51,828
Accrued real estate taxes	35,311		29,284
Accrued payroll and other employee liabilities	31,452		32,154
Other	27,911		28,188
Interest rate derivative liabilities	689		—









Accounts payable and other liabilities	$	1,518,047	$	1,094,437

Segments - Narrative (Details)	12 Months Ended
Segments - Narrative (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of business segments	3
Number of reportable segments	3

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of fair value of the derivative financial instruments

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


					Fair Value Asset (Liability)
	Notional	Fixed Interest	Effective	Maturity	December 31,		December 31,
thousands	Amount	Rate (a)	Date	Date	2025		2024
Derivative instruments not designated as hedging instruments: (b)
Interest rate collar	219,080	2.00% - 4.50%	6/1/2023	6/1/2025	$	—	$	35
Interest rate collar	234,364	2.00% - 4.50%	6/1/2023	6/1/2025	—		34
Interest rate cap	75,000	2.50%	10/12/2021	9/29/2025	—		919
Interest rate cap	59,500	2.50%	10/12/2021	9/29/2025	—		729
Interest rate cap	250,000	4.50%	6/17/2025	7/1/2026	1		—
Interest rate cap	69,712	6.00%	6/20/2024	7/15/2026	—		30
Interest rate cap	8,890	6.00%	6/20/2024	7/15/2026	—		4
Interest rate cap	133,467	5.25%	12/2/2024	12/15/2026	1		297

Derivative instruments designated as hedging instruments:
Interest rate cap	127,000	3.50%	11/7/2024	11/7/2025	—		725
Interest rate cap	72,581	5.00%	12/22/2022	12/21/2025	—		15
Interest rate swap	79,444	3.97%	5/1/2025	4/15/2026	(59)		—
Interest rate swap	32,400	3.98%	7/10/2025	8/1/2026	(88)		—
Interest rate swap	175,000	3.69%	1/3/2023	1/1/2027	(542)		1,062
Interest rate swap	40,800	1.68%	3/1/2022	2/18/2027	792		1,979
Interest rate cap	127,000	3.50%	11/7/2025	1/8/2027	145		—
Interest rate cap	59,000	4.15%	12/21/2025	12/21/2028	183		—
Interest rate swap	33,894	4.89%	11/1/2019	1/1/2032	1,991		3,253

Total fair value derivative assets					$	3,113	$	9,082
Total fair value derivative liabilities					(689)		—
Total fair value derivatives asset (liability), net					$	2,424	$	9,082

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

(b)Interest income related to these contracts was $0.4 million in 2025 and $1.4 million in 2024.

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

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


Derivatives in Cash Flow Hedging Relationships	Amount of Gain (Loss) Recognized in AOCI on Derivatives
thousands	2025		2024		2023
Interest rate derivatives	$	(962)	$	4,818	$	3,809


Location of Gain (Loss) Reclassified from AOCI into Statements of Operations	Amount of Gain (Loss) Reclassified from AOCI into Statements of Operations
thousands	2025		2024		2023
Interest expense	$	2,923	$	4,497	$	13,131

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	Dallas, Texas

Fair Value

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value


10. Fair Value

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

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


	December 31, 2025								December 31, 2024
	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	$	3,113	$	—	$	3,113	$	—	$	9,082	$	—	$	9,082	$	—

Interest rate derivative liabilities	689		—		689		—		—		—		—		—

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

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


		December 31, 2025				December 31, 2024
thousands	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Cash, cash equivalents, and restricted cash	Level 1	$	2,097,158	$	2,097,158	$	998,503	$	998,503
Accounts receivable, net (a)	Level 3	134,122		134,122		105,185		105,185
Notes receivable, net (b)	Level 3	2,932		2,932		870		870

Liabilities:
Fixed-rate debt (c)	Level 2	3,923,855		3,794,729		3,769,529		3,495,298
Variable-rate debt (c)	Level 2	1,220,359		1,220,359		1,398,908		1,398,908

(b)Notes receivable, net is shown net of an immaterial allowance at December 31, 2025, and December 31, 2024.

(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 unsecured notes, included in fixed-rate debt in the table above, is based upon the trade price closest to the end of the period presented. The fair value of other fixed-rate debt in the table above was estimated based on a discounted future cash payment model, which includes risk premiums and risk-free rates derived from the Secured Overnight Financing Rate (SOFR) or U.S. Treasury obligation interest rates as of December 31, 2025. Refer to Note 9 - 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 received as consideration in a land swap transaction and measured at fair value on a non-recurring basis:


				Fair Value Measurements Using
thousands	Segment	Total Fair Value Measurement		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Town Green (a)	Strategic Developments	$	28,900	$	—	$	—	$	28,900

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Earnings Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share


16. 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.

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


thousands except per share amounts	2025		2024		2023
Net income (loss)
Net income (loss) from continuing operations	$	123,843	$	285,215	$	83,410
Net (income) loss attributable to noncontrolling interests	54		711		(243)
Net income (loss) from continuing operations attributable to common stockholders	123,897		285,926		83,167
Net income (loss) from discontinued operations	—		(88,223)		(634,940)
Net income (loss) attributable to common stockholders	$	123,897	$	197,703	$	(551,773)

Shares
Weighted-average common shares outstanding — basic	55,722		49,686		49,568
Restricted stock and stock options	324		226		48

Weighted-average common shares outstanding — diluted	56,046		49,912		49,616

Net income (loss) per common share
Basic income (loss) per share — continuing operations	$	2.22	$	5.75	$	1.68
Basic income (loss) per share — discontinued operations	$	—	$	(1.78)	$	(12.81)
Basic income (loss) per share — attributable to common stockholders	$	2.22	$	3.98	$	(11.13)

Diluted income (loss) per share — continuing operations	$	2.21	$	5.73	$	1.68
Diluted income (loss) per share — discontinued operations	$	—	$	(1.77)	$	(12.80)
Diluted income (loss) per share — attributable to common stockholders	$	2.21	$	3.96	$	(11.12)

Anti-dilutive shares excluded from diluted EPS
Restricted stock and stock options	142		66		250

Common Stock Repurchases In March 2022, the Board authorized a share repurchase program, pursuant to which the Company may, from time to time, purchase up to $250.0 million of its common stock through open-market transactions. The date and time of such repurchases will depend upon market conditions, and the program may be suspended or discontinued at any time. During 2022, the Company repurchased approximately $235.0 million of its common stock.

Derivative Instruments and Hedging Activities - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Derivative [Line Items]
Fair value derivative liabilities	$ 689,000	$ 0
Interest rate swap \| Derivative instruments designated as hedging instruments:
Derivative [Line Items]
Gain on derivative expected amount to be reclassified	1,200,000
Credit Risk Contract
Derivative [Line Items]
Fair value derivative liabilities	$ 700,000

- Definition

Fair value, before effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities elected not to be offset. Excludes liabilities not subject to a master netting arrangement.

+ References + Details

Stock-Based Compensation Plans - Stock Option Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Stock Options
Outstanding at beginning of year (in shares)	91,402
Exercises (in shares)	(1,615)	0	0
Expired (in shares)	(21,547)
Outstanding at end of year (in shares)	68,240	91,402
Weighted-average Exercise Price
Outstanding at beginning of year (in dollars per share)	$ 91.90
Exercised (in dollars per share)	63.36
Expired (in dollars per share)	123.44
Outstanding at end of year (in dollars per share)	$ 82.62	$ 91.90
Stock Options, Additional Disclosures
Weighted average remaining contractual term of stock options outstanding	2 years 10 months 24 days
Aggregate intrinsic value	$ 575,760
Stock options vested and expected to vest (in shares)	68,240
Weighted average exercise price, stock options vested and expected to vest (in dollars per share)	$ 82.62
Weighted average remaining contractual term of stock options expected to vest	2 years 10 months 24 days
Aggregate intrinsic value of stock options expected to vest	$ 575,760
Stock options exercisable at the end of the period (in shares)	59,621
Weighted average exercise price, stock options exercisable (in dollars per share)	$ 83.16
Weighted average remaining contractual term of stock options exercisable	2 years 6 months
Aggregate intrinsic value of stock options exercisable	$ 505,949
Intrinsic value of stock options exercised	$ 0

Mortgages, Notes, and Loans Payable, Net - Secured Mortgages Payable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Weighted-average Interest Rate	7.15%	7.02%
Secured mortgages payable
Debt Instrument [Line Items]
Fixed rate	$ 1,793,561	$ 1,635,750
Variable rate	1,135,359	1,115,908
Secured mortgages payable	$ 2,928,920	$ 2,751,658
Fixed rate - weighted average interest rate	4.91%	4.74%
Variable rate - weighted average interest rate	7.34%	7.67%
Weighted-average Interest Rate	5.85%	5.93%
Fixed rate - weighted-average years to maturity	5 years 1 month 6 days	5 years 9 months 18 days
Variable rate - weighted-average years to maturity	1 year 3 months 18 days	1 year 8 months 12 days
Weighted-average Years to Maturity	3 years 7 months 6 days	4 years 1 month 6 days
Secured mortgages payable \| Minimum
Debt Instrument [Line Items]
Fixed rate - range of interest rates	3.13%	3.13%
Variable rate - range of interest rates	5.77%	6.43%
Range of Interest Rates	3.13%	3.13%
Secured mortgages payable \| Maximum
Debt Instrument [Line Items]
Fixed rate - range of interest rates	8.67%	8.67%
Variable rate - range of interest rates	8.87%	9.42%
Range of Interest Rates	8.87%	9.42%

Investments in Unconsolidated Ventures (Tables)

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Summary of investments in real estate and other affiliates

Investments in unconsolidated ventures consist of the following:


	Ownership Interest (a)		Carrying Value				Share of Earnings/Dividends
	December 31,	December 31,	December 31,		December 31,			Year Ended December 31,
thousands except percentages	2025	2024	2025		2024			2025		2024		2023
Equity Method Investments
Operating Assets





Operating equity investments (b)	Various	Various	$	10,649	$	7,036		$	(776)	$	2,577	$	(64)
Master Planned Communities
The Summit (c)	50.0%	50.0%	35,815		37,409			(1,594)		(16,807)		24,787
Floreo (d)	50.0%	50.0%	59,008		60,788			(1,780)		4,908		(2,121)
Strategic Developments
West End Alexandria (c)	58.3%	58.3%	60,830		60,513			317		256		139


Other	50.0%	50.0%	41		41			—		(5)		2
			166,343		165,787			(3,833)		(9,071)		22,743
Other investments (e)			3,779		3,779			5,605		3,242		3,033
Investments in unconsolidated ventures			$	170,122	$	169,566		$	1,772	$	(5,829)	$	25,776

(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)Two of the operating equity investments were in a combined deficit position of $23.8 million at December 31, 2025, and $18.0 million at December 31, 2024, and presented in Accounts payable and other liabilities on the Consolidated Balance Sheets.

(c)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.

(d)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.

(e)Other investments represent investments not accounted for under the equity method. There were no impairments, or upward or downward adjustments to the carrying amounts of these securities either during current year or cumulatively.

Summary of financial information

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


thousands	December 31, 2025		December 31, 2024
Consolidated Balance Sheets
Total Assets	$	952,501	$	879,908
Total Liabilities	599,167		526,320
Total Equity	353,334		353,588


	Year Ended December 31,
thousands	2025		2024		2023
Consolidated Statements of Operations
Revenues	$	191,463	$	219,766	$	347,084
Operating Income	25,293		35,545		75,099
Net income (loss)	9,893		20,987		55,006

Mortgages, Notes, and Loans Payable, Net - Senior Unsecured Note (Details) - Senior unsecured notes - USD ($) $ in Thousands	Dec. 31, 2025	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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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+ Details

Investments in Unconsolidated Ventures - Floreo (Details) $ in Thousands	1 Months Ended
	Oct. 31, 2022 USD ($)	Dec. 31, 2025 USD ($)	Feb. 28, 2025 USD ($)	Dec. 31, 2021 a
Investments in and Advances to Affiliates, Activity [Line Items]
Carrying value		$ 5,144,214
Floreo Development Holding Company, LLC
Investments in and Advances to Affiliates, Activity [Line Items]
Acquisition interest				50.00%
Floreo
Investments in and Advances to Affiliates, Activity [Line Items]
Face amount	$ 165,000
Increase in borrowing capacity on the bond			$ 365,000
Carrying value		242,000
Guarantee fee	5,000
Additional guarantee fee	$ 6,000
Investment in real estate and other affiliates		$ 59,000
Floreo \| Phoenix, Arizona
Investments in and Advances to Affiliates, Activity [Line Items]
Area of land \| a				3,029

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

Presentation of Financial Statements and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of variable interest entities

The Company’s Consolidated Balance Sheets included the following amounts related to ‘Ilima as of December 31:


thousands	2025		2024

Buildings and equipment	$	7,161	$	698
Less: accumulated depreciation	(1,354)		(19)

Developments	14,684		7,747
Net investment in real estate	20,491		8,426

Cash and cash equivalents	21,690		271
Restricted cash	136,418		—
Accounts receivable, net	65		—

Deferred expenses, net	13,571		—

Other assets, net	565		—

Total assets	$	192,800	$	8,697






Accounts payable and other liabilities	$	153,430	$	159
Total liabilities	$	153,430	$	159

Summary of estimated useful lives

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


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

Summary of categories of developments

Developments consist of the following categories as of December 31:


thousands	2025		2024
Development costs	$	1,307,851	$	1,190,746
Land and improvements	169,764		150,283

Total Developments	$	1,477,615	$	1,341,029

Summary of components of accounts receivable, net

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


thousands	2025		2024
Straight-line rent receivables	$	96,975	$	91,050
Tenant receivables	5,512		1,638
Related-party receivables	18,640		6,908
Other receivables	12,995		5,589
Accounts receivable, net (a)	$	134,122	$	105,185

(a)As of December 31, 2025, the total reserve balance for amounts considered uncollectible was $7.2 million, composed of $7.0 million attributable to lease-related receivables and $0.2 million attributable to the allowance for credit losses related to other accounts receivable. As of December 31, 2024, the total reserve balance was $8.2 million, comprised of $8.1 million attributable to lease-related receivables and $0.1 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 Consolidated Statements of Operations for the years ended December 31:


thousands
Statements of Operations Location	2025		2024		2023
Rental revenue	$	3,117	$	(860)	$	10,984
Provision for (recovery of) doubtful accounts	232		504		(2,762)



Total (income) expense impact	$	3,349	$	(356)	$	8,222

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies


12. 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 Merriweather District (formerly Downtown Columbia), which is subject to certain recorded documents, covenants, and restrictions (the Covenants). Under the Covenants, HHH is the master developer of Merriweather District. In 2017, IMH Columbia, LLC (IMH) purchased the site of a former Sheraton Hotel (the 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 HHH gave its consent, under the Covenants, to IMH’s proposed changes in use and onsite parking, or that the limitations under the Covenants are obsolete and unenforceable, (2) damages reimbursing the costs and expenses IMH claims to have incurred in reliance on HHH's alleged consent to IMH’s proposed development, (3) damages related to the expectation of lost profits, which IMH alleged were caused by HHH breaching the Covenants by prohibiting IMH from proceeding with its proposed development, and (4) declarations finding that HHH breached the shared parking related Covenants relating to HHH’s own property. The jury trial concluded in April 2024, and the jury found partially in favor of IMH and awarded damages of $17.0 million, which will accrue post-judgment interest of 10% annually from the date of the final judgment. The Company appealed the judgment, and the Court of Appeals heard oral arguments in September 2025. In December 2025, the Appellate Court of Maryland affirmed the judgment in full and the Company does not intend to file a motion for reconsideration or appeal the decision. As such, the Company accrued a liability of $19.8 million at December 31, 2025, inclusive of $17.0 million for the initial judgment and $2.8 million of related interest, and recognized the amount in Other income (loss), net in the accompanying Consolidated Statements of Operations for year ended December 31, 2025.

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 properties and diminution of their property values. On August 9, 2022, the Court granted the Company’s summary judgment motions and dismissed the plaintiffs’ claims. The plaintiffs filed a motion for a new trial, which was denied. Plaintiffs appealed. In November 2024, a three-judge panel of the Court of Appeals affirmed the trial court’s judgment in the Company’s favor. Plaintiffs sought rehearing. In December 2025, the Court of Appeals again affirmed the trial court’s judgment in the Company’s favor in a subsequent opinion issued following rehearing. The plaintiffs have obtained an extension of time to seek further rehearing or rehearing en banc and may also seek discretionary review by the Texas Supreme Court. Any such review is discretionary. The Company will continue to defend the matter as it believes that these claims are without merit and that it has substantial legal and factual defenses to the claims and allegations contained in the complaint. Based upon the present status of this matter, the Company does not believe it is probable that a loss will be incurred. Accordingly, the Company has not recorded a charge as a result of this action.

Kō'ula In January 2025, the Association of Unit Owners of Kō'ula filed two complaints against the Company and the general contractor, with one complaint alleging multiple code violations and construction defects (Defect Action) and the other claiming that the Company understated operating costs and disproportionately allocated common expenses to the detriment of unit owners (Budget Action). The Company’s insurance carrier has agreed to defend the Defect Action, while coverage for the Budget Action was denied. The Company filed a motion to consolidate both complaints, which was granted in June 2025, and the court’s order regarding the same was entered in September 2025. The Company filed motions to dismiss both actions in October 2025. The Court heard both motions in December 2025, and the Company is awaiting a ruling. The trial is presently scheduled for January 2027. The Company has not accrued any amount related to this claim as the damage is undetermined.

Letters of Credit and Surety Bonds As of December 31, 2025, the Company had outstanding letters of credit totaling $5.2 million and surety bonds totaling $383.1 million. As of December 31, 2024, the Company had outstanding letters of credit totaling $3.9 million and surety bonds totaling $353.8 million. These letters of credit and surety bonds were issued primarily in connection with insurance requirements, special real estate assessments, and construction obligations.

Operating Leases The Company leases land or buildings at certain properties from third parties, which are recorded in Operating lease right-of-use assets and Operating lease obligations on the Consolidated Balance Sheets. See Note 18 - Leases for further discussion.

Guaranty Agreements The Company evaluates the likelihood of future performance under the below guarantees and, as of December 31, 2025 and 2024, there were no events requiring financial performance under the following guarantees.

Seaport Entertainment Guaranty Following the execution of the Spinoff, HHH provided a full backstop guaranty for SEG’s outstanding $61.3 million mortgage related to its 250 Water Street property (SEG Term Loan). As consideration for providing such guaranty, SEG paid the Company an annualized guaranty fee equal to 2.0% of the total outstanding principal, paid monthly. The Company’s maximum exposure under this guaranty was equal to the outstanding principal and interest balance at the end of each period. On February 6, 2026, SEG announced that it had closed the sale of its 250 Water Street property. As part of the transaction, SEG repaid the SEG Term Loan in full and the Company was released from the related backstop guaranty.

Floreo Guaranty In October 2022, Floreo, the Company’s 50%-owned joint venture in Teravalis, closed on a $165 million bond financing with a maturity date of October 1, 2027. In February 2025, the borrowing capacity on the bond was increased to $365.0 million and the maturity was extended to December 1, 2029. Outstanding borrowings as of December 31, 2025, were $242.0 million. A wholly owned subsidiary of the Company (HHC Subsidiary) provided a guaranty for the bond in the form of a collateral maintenance commitment under which it will post refundable cash collateral if the LTV ratio exceeds 50%. A separate wholly owned subsidiary of the Company also provided a backstop guaranty requiring the payment of cash collateral in the event HHC Subsidiary fails to make necessary payments when due. In February 2025, in connection with the increase of the borrowing capacity, the potential cash collateral commitment associated with this guaranty increased from $50.0 million to $100.0 million. 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 the initial guaranty and recognized an additional guaranty fee of $6.0 million associated with the increased borrowing capacity. This deferred income was recorded in Accounts payable and other liabilities on the Consolidated Balance Sheets as of December 31, 2025 and 2024, and will be recognized in Other income (loss), net in a manner that corresponds to the bond repayment by Floreo. The Company’s maximum exposure under this guaranty is equal to the cash collateral that the Company may be obligated to post. As of December 31, 2025, 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.

Merriweather District (formerly Downtown Columbia) To the extent that increases in taxes do not cover debt service payments on the Redevelopment District TIF bonds issued by Howard County, Maryland, the Company’s wholly owned subsidiary is obligated to pay special taxes. Management has concluded that, as of December 31, 2025, any obligations to pay special taxes are not probable.

Ward Village As part of the Company’s development permits with the Hawai‘i Community Development Authority for the condominium towers at Ward Village, the Company entered into a guaranty whereby it is required to reserve 20% of the residential units for local residents who meet certain maximum income and net worth requirements. This guaranty, which is triggered once the necessary permits are granted and construction commences, was satisfied for Waiea, Anaha, and Ae`o, with the opening of Ke Kilohana, which is a workforce tower fully earmarked to fulfill this obligation for the first four towers. The reserved units for ‘A‘ali‘i tower are included in the ‘A‘ali‘i tower. Units for Kō'ula, Victoria Place, The Park Ward Village, and Kalae were satisfied with the construction of Ulana Ward Village, which is a second workforce tower fully earmarked to fulfill the remaining reserved housing guaranty in the community. Construction on Ulana Ward Village began in early 2023, and was completed in November 2025.

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Summary of EPS calculations

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


thousands except per share amounts	2025		2024		2023
Net income (loss)
Net income (loss) from continuing operations	$	123,843	$	285,215	$	83,410
Net (income) loss attributable to noncontrolling interests	54		711		(243)
Net income (loss) from continuing operations attributable to common stockholders	123,897		285,926		83,167
Net income (loss) from discontinued operations	—		(88,223)		(634,940)
Net income (loss) attributable to common stockholders	$	123,897	$	197,703	$	(551,773)

Shares
Weighted-average common shares outstanding — basic	55,722		49,686		49,568
Restricted stock and stock options	324		226		48

Weighted-average common shares outstanding — diluted	56,046		49,912		49,616

Net income (loss) per common share
Basic income (loss) per share — continuing operations	$	2.22	$	5.75	$	1.68
Basic income (loss) per share — discontinued operations	$	—	$	(1.78)	$	(12.81)
Basic income (loss) per share — attributable to common stockholders	$	2.22	$	3.98	$	(11.13)

Diluted income (loss) per share — continuing operations	$	2.21	$	5.73	$	1.68
Diluted income (loss) per share — discontinued operations	$	—	$	(1.77)	$	(12.80)
Diluted income (loss) per share — attributable to common stockholders	$	2.21	$	3.96	$	(11.12)

Anti-dilutive shares excluded from diluted EPS
Restricted stock and stock options	142		66		250

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy The HHH cybersecurity program is an enterprise-wide, risk-based program that is designed to support the security, confidentiality, integrity, and availability of our systems and information. We conduct periodic assessments of the cybersecurity program to identify and manage material cybersecurity threats and risks using internal teams and independent third parties. The assessment results are used to develop appropriate cybersecurity controls best practices and risk mitigation strategies, which are then implemented throughout the Company. We rely on our systems and networks to support our business activities. As some networks and systems are managed by third parties, the HHH cybersecurity program also includes evaluation and monitoring of cybersecurity risks associated with its use of third-party service providers. We also leverage third-party experts and vendors to help manage our cybersecurity program, audit the effectiveness of our existing cybersecurity controls, and make recommendations for improvements and best practices. We utilize a Managed Detection and Response service that provides threat intelligence, technology, and specialist expertise to protect our systems and networks from cyber threats. We require all third parties with access to our information systems or data to maintain industry standard cybersecurity programs and to report actual or suspected security incidents to us. We employ a range of tools and strategies to mitigate cybersecurity risks and regularly test them for effectiveness. Additionally, we continuously assess and improve our cybersecurity stance by conducting vulnerability scans, internal and external network penetration tests, and by integrating threat intelligence updates. We also have specific tools to provide real time, continuous monitoring and protection of our endpoints. To the extent that our proactive monitoring and testing identifies weakness in our cybersecurity readiness, these weaknesses are tracked and remediated as part of our cybersecurity program. Our employees receive security awareness training at a minimum on an annual basis and are subjected to phishing training and phishing tests throughout the year. Annually, we perform tabletop exercises to test our cybersecurity incident response plan. Our cybersecurity program is aligned with industry standards and best practices such as the National Institute of Standards and Technology Cybersecurity Framework. As of the date of this report, we are not aware of any material risks from cybersecurity threats that have materially affected or are reasonably likely to materially affect the Company, including our business strategy, results of operations, or financial condition. However, along with all companies of comparable size, we face common cybersecurity threats. These threats include ransomware and denial-of-service, including sophisticated attacks from criminal ransomware groups and nation state actors. Our customers, supply-chain providers, and subcontractors face similar cybersecurity threats, and an incident impacting us or any of these entities could materially adversely affect our business operations.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The HHH cybersecurity program is an enterprise-wide, risk-based program that is designed to support the security, confidentiality, integrity, and availability of our systems and information. We conduct periodic assessments of the cybersecurity program to identify and manage material cybersecurity threats and risks using internal teams and independent third parties. The assessment results are used to develop appropriate cybersecurity controls best practices and risk mitigation strategies, which are then implemented throughout the Company.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Management is responsible for measuring and managing cybersecurity risk, specifically the prevention, mitigation, detection, and remediation of cybersecurity incidents as well as the Company’s overall information security strategy, policy, and operations. The cybersecurity program is executed by the Company’s Senior Vice President of IT Governance, Risk, and Compliance, who has over 15 years of cybersecurity experience in overseeing and managing cybersecurity risk. He is also responsible for maintaining and, in the event of an actual or suspected security incident, executing the Company’s incident response plan. The Board of Directors’ Audit Committee governs and oversees HHH’s cybersecurity program. This includes reviewing the cybersecurity program’s strategy and effectiveness, the cybersecurity landscape and emerging threats, and reports from any cybersecurity events. The Audit Committee also oversees cybersecurity and digital strategy and other innovation-related matters that relate to or affect the Company’s internal control systems. Management provides updates to the Audit Committee on a quarterly basis. When appropriate, the Audit Committee will inform the Board of Directors on important matters. Furthermore, the Board of Directors would be notified in accordance with the Company’s incident response plan, of any suspected cyber incidents that may have at least a moderate business impact on the Company.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board of Directors’ Audit Committee governs and oversees HHH’s cybersecurity program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Management provides updates to the Audit Committee on a quarterly basis.
Cybersecurity Risk Role of Management [Text Block]	Management is responsible for measuring and managing cybersecurity risk, specifically the prevention, mitigation, detection, and remediation of cybersecurity incidents as well as the Company’s overall information security strategy, policy, and operations. The cybersecurity program is executed by the Company’s Senior Vice President of IT Governance, Risk, and Compliance, who has over 15 years of cybersecurity experience in overseeing and managing cybersecurity risk. He is also responsible for maintaining and, in the event of an actual or suspected security incident, executing the Company’s incident response plan.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Board of Directors’ Audit Committee governs and oversees HHH’s cybersecurity program. This includes reviewing the cybersecurity program’s strategy and effectiveness, the cybersecurity landscape and emerging threats, and reports from any cybersecurity events. The Audit Committee also oversees cybersecurity and digital strategy and other innovation-related matters that relate to or affect the Company’s internal control systems. Management provides updates to the Audit Committee on a quarterly basis. When appropriate, the Audit Committee will inform the Board of Directors on important matters. Furthermore, the Board of Directors would be notified in accordance with the Company’s incident response plan, of any suspected cyber incidents that may have at least a moderate business impact on the Company.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The cybersecurity program is executed by the Company’s Senior Vice President of IT Governance, Risk, and Compliance, who has over 15 years of cybersecurity experience in overseeing and managing cybersecurity risk.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Management provides updates to the Audit Committee on a quarterly basis. When appropriate, the Audit Committee will inform the Board of Directors on important matters. Furthermore, the Board of Directors would be notified in accordance with the Company’s incident response plan, of any suspected cyber incidents that may have at least a moderate business impact on the Company.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Stock-Based Compensation Plans - Stock-Based Compensation Expense, Net of Amounts Capitalized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Pre-tax stock-based compensation expense	$ 16,615	$ 12,070	$ 11,725
Income tax benefit	1,116	1,077	1,001
Stock Options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Pre-tax stock-based compensation expense	270	195	336
Restricted Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Pre-tax stock-based compensation expense	16,345	11,875	11,389
Share based compensation costs capitalized	$ 3,200	$ 3,900	$ 4,600

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

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

Balance at the beginning of the period

$ 2,841,774

$ 3,058,924

$ 3,606,112

Other comprehensive income (loss) before reclassifications

(962)

4,818

3,809

(Gain) loss reclassified to net income

(2,923)

(4,497)

(13,131)

Pension adjustment

^[1]

375

259

Other comprehensive income (loss)

(3,795)

696

(9,063)

Balance at the end of the period

3,842,246

2,841,774

3,058,924

AOCI Attributable to Parent

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

Balance at the beginning of the period

1,968

1,272

10,335

Pension adjustment

375

259

Balance at the end of the period

$ (1,827)

$ 1,968

$ 1,272

[1]	The deferred tax impact was not meaningful for the years ended December 31, 2025, 2024, and 2023.

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-Paragraph 14A
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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 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/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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-Section 55
-Paragraph 15
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482739/220-10-55-15

+ Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
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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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+ Details

- Definition

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

+ References

+ Details

Revenues - Remaining Unsatisfied Performance Obligations (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, cancellation period	30 days
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total remaining unsatisfied performance obligations	$ 4,400,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total remaining unsatisfied performance obligations	$ 1,072,317
Remaining performance obligation, expected timing of satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total remaining unsatisfied performance obligations	$ 447,395
Remaining performance obligation, expected timing of satisfaction period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total remaining unsatisfied performance obligations	$ 2,884,803
Remaining performance obligation, expected timing of satisfaction period

Intangibles - Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Intangible Asset, Acquired, Finite-Lived [Line Items]
Goodwill	$ 2,336	$ 0
Indefinite lived intangibles	157	157
Total indefinite lived intangibles	2,493	157
Total amortizing intangibles	34,501	37,083
Other intangibles
Intangible Asset, Acquired, Finite-Lived [Line Items]
Gross Asset	8,052	4,526
Accumulated (Amortization)	(2,615)	(1,324)
Net Carrying Amount	5,437	3,202
In-place value
Intangible Asset, Acquired, Finite-Lived [Line Items]
Gross Asset	54,008	56,019
Accumulated (Amortization)	(25,522)	(23,024)
Net Carrying Amount	28,486	32,995
Above-market
Intangible Asset, Acquired, Finite-Lived [Line Items]
Gross Asset	1,053	1,281
Accumulated (Amortization)	(475)	(395)
Net Carrying Amount	578	886
Below-market
Intangible Asset, Acquired, Finite-Lived [Line Items]
Gross (Liability)	0	(627)
Accumulated Accretion	0	627
Net Carrying Amount	$ 0	$ 0

Other Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

OTHER ASSETS AND LIABILITIES

Summary of the significant components of other assets, net

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


thousands	2025		2024
Special Improvement District receivable, net	$	90,417	$	97,432
Security, escrow, and other deposits	54,608		66,348
In-place leases, net	28,486		32,995
Prepaid expenses	19,669		22,791
Tenant incentives and other receivables, net	15,259		12,567
Other	11,934		28,433
Intangibles, net	7,930		3,359
TIF receivable, net	4,012		4,340
Condominium inventory	3,937		525
Interest rate derivative assets	3,113		9,082
Notes receivable, net	2,932		870
Net investment in lease receivable	2,781		2,809








Other assets, net	$	245,078	$	281,551

Summary of the significant components of accounts payable and other liabilities

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


thousands	2025		2024
Condominium deposit liabilities	$	748,795	$	459,683
Construction payables	263,845		252,619
Deferred income	166,121		125,784
Accounts payable and accrued expenses	69,023		48,317
MUD sale liability	64,364		19,468
Tenant and other deposits	59,736		47,112
Accrued interest	50,800		51,828
Accrued real estate taxes	35,311		29,284
Accrued payroll and other employee liabilities	31,452		32,154
Other	27,911		28,188
Interest rate derivative liabilities	689		—









Accounts payable and other liabilities	$	1,518,047	$	1,094,437

Leases - Narrative (Details)	12 Months Ended
Leases - Narrative (Details)	Dec. 31, 2025
Lessee, Lease, Description [Line Items]
Operating lease remaining lease term	1 year
Average remaining term of lease	5 years
One Lease
Lessee, Lease, Description [Line Items]
Operating lease remaining lease term	24 years

Leases - Leased Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease right-of-use assets	$ 5,231	$ 5,806
Operating lease obligations	$ 4,868	$ 5,456

Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2025

Quarterly Financial Information Disclosure [Abstract]

Summary of quarterly financial information


thousands except per share amounts	First Quarter		Second Quarter		Third Quarter		Fourth Quarter

















2024
Total revenues	$	156,484	$	283,468	$	327,147	$	983,590
Operating income (loss)	12,608		88,464		198,339		260,510
Net income (loss) from continuing operations	(21,000)		47,367		96,528		162,320
Net income (loss) from discontinued operations, net of tax	(31,467)		(26,309)		(24,031)		(6,416)
Net income (loss)	(52,467)		21,058		72,497		155,904
Net (income) loss attributable to noncontrolling interests	(10)		34		273		414
Net income (loss) attributable to common stockholders	(52,477)		21,092		72,770		156,318

Basic income (loss) per share — continuing operations	$	(0.42)	$	0.95	$	1.95	$	3.27
Basic income (loss) per share — discontinued operations	$	(0.63)	$	(0.53)	$	(0.48)	$	(0.13)
Basic income (loss) per share attributable to common stockholders	$	(1.06)	$	0.42	$	1.46	$	3.15

Diluted income (loss) per share — continuing operations	$	(0.42)	$	0.95	$	1.95	$	3.25
Diluted income (loss) per share — discontinued operations	$	(0.63)	$	(0.53)	$	(0.48)	$	(0.13)
Diluted income (loss) per share attributable to common stockholders	$	(1.06)	$	0.42	$	1.46	$	3.12

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

Investments in Unconsolidated Ventures

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Ventures


4. Investments in Unconsolidated Ventures

In the normal course of business, the Company enters into partnerships and ventures with an emphasis on investments associated with the development and operation of real estate assets. As of December 31, 2025, the Company does not consolidate the investments below as it does not have a controlling financial interest in these ventures. As such, the Company primarily reports its interests in accordance with the equity method. As of December 31, 2025, these ventures had debt totaling $434.0 million, with the Company’s proportionate share of this debt totaling $215.5 million. All of this indebtedness is without recourse to the Company, with the exception of the collateral maintenance obligation for Floreo. See Note 12 - Commitments and Contingencies for additional information related to the Company’s collateral maintenance obligation.

Investments in unconsolidated ventures consist of the following:


	Ownership Interest (a)		Carrying Value				Share of Earnings/Dividends
	December 31,	December 31,	December 31,		December 31,			Year Ended December 31,
thousands except percentages	2025	2024	2025		2024			2025		2024		2023
Equity Method Investments
Operating Assets





Operating equity investments (b)	Various	Various	$	10,649	$	7,036		$	(776)	$	2,577	$	(64)
Master Planned Communities
The Summit (c)	50.0%	50.0%	35,815		37,409			(1,594)		(16,807)		24,787
Floreo (d)	50.0%	50.0%	59,008		60,788			(1,780)		4,908		(2,121)
Strategic Developments
West End Alexandria (c)	58.3%	58.3%	60,830		60,513			317		256		139


Other	50.0%	50.0%	41		41			—		(5)		2
			166,343		165,787			(3,833)		(9,071)		22,743
Other investments (e)			3,779		3,779			5,605		3,242		3,033
Investments in unconsolidated ventures			$	170,122	$	169,566		$	1,772	$	(5,829)	$	25,776

(d)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 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. The Company contributed land for Phase I in 2015 and initially received distributions and recognized its share of income or loss based on the joint venture’s distribution priorities. The Company has now received all of its preferred return distributions, and recognizes its share of income or loss for Phase I based on its final profit-sharing interest.

In July 2022, the Company contributed an additional 54 acres to The Summit (Phase II land). The Phase II land is adjacent to the existing Summit development and includes approximately 28 custom home sites. The first lot sales closed in the first quarter of 2023. The Company will receive distributions and recognize its share of income or loss for Phase II based on the joint venture’s distribution priorities in the amended Summit LLC agreement, which could fluctuate over time. Upon receipt of preferred returns to HHH, distributions and recognition of income or loss will be allocated to the company based on its final profit-sharing interest.

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

In October 2022, Floreo closed on a $165.0 million bond financing. In February 2025, the borrowing capacity on the bond increased to $365.0 million. Outstanding borrowings as of December 31, 2025, were $242.0 million. The Company provided a guaranty on this financing in the form of a collateral maintenance obligation and received an initial guaranty fee of $5.0 million and will receive an additional guaranty fee of $6.0 million associated with the increased borrowing capacity. The financing and related guaranty provided by the Company triggered a reconsideration event, and as of December 31, 2022, Floreo was classified as a VIE. Due to rights held by other members, the Company does not have a controlling financial interest in Floreo and is not the primary beneficiary. As of December 31, 2025, the Company’s maximum exposure to loss as a result of this investment is limited to the $59.0 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 12 - 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 site previously known as Landmark Mall. Other equity owners include Foulger-Pratt Development, LLC (Foulger-Pratt) and Seritage SRC Finance (Seritage). In exchange for equity interests in West End Alexandria, the Company conveyed its Landmark Mall property, Seritage conveyed additional land, and Foulger-Pratt contributed cash consideration.

Development plans for the 41-acre property include approximately four million square feet of residential, retail, commercial, and entertainment offerings integrated into a cohesive neighborhood with a central plaza and a network of parks and public transportation. Foulger-Pratt manages construction of the development. Demolition was completed in 2023, with completion of infrastructure work expected in 2026.

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

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


thousands	December 31, 2025		December 31, 2024
Consolidated Balance Sheets
Total Assets	$	952,501	$	879,908
Total Liabilities	599,167		526,320
Total Equity	353,334		353,588


	Year Ended December 31,
thousands	2025		2024		2023
Consolidated Statements of Operations
Revenues	$	191,463	$	219,766	$	347,084
Operating Income	25,293		35,545		75,099
Net income (loss)	9,893		20,987		55,006

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Summary of leased assets and liabilities

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


thousands	2025		2024
Operating lease right-of-use assets	$	5,231	$	5,806
Operating lease obligations	4,868		5,456

Summary of future minimum lease payments

Future minimum lease payments as of December 31, 2025, are as follows:


thousands	Operating Leases
2026	$	956
2027	898
2028	616
2029	622
2030	381
Thereafter	5,300
Total lease payments	8,773
Less: imputed interest	(3,905)
Present value of lease liabilities	$	4,868

Summary of components of lease expense and other information

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


Supplemental Consolidated Statements of Cash Flows Information	Year ended December 31,
thousands	2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows on operating leases	$	992	$	759


Other Information	2025		2024
Weighted-average remaining lease term (years)
Operating leases	16.3		16.4
Weighted-average discount rate
Operating leases	7.2	%	7.1	%

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

Minimum rent revenues related to operating leases are as follows:


	Year ended December 31,
thousands	2025		2024
Total minimum rent payments	$	246,603	$	235,652

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


thousands	Total Minimum Rent
2026	$	248,354
2027	248,617
2028	226,818
2029	207,142
2030	181,921
Thereafter	619,494
Total	$	1,732,346

Mortgages, Notes, and Loans Payable, Net - Mortgages, Notes, and Loans Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Unamortized deferred financing costs	$ (34,386)	$ (40,968)
Mortgages, notes, and loans payable, net	5,109,828	5,127,469
Senior unsecured notes
Debt Instrument [Line Items]
Fixed-rate debt	2,050,000	2,050,000
Secured mortgages payable
Debt Instrument [Line Items]
Fixed-rate debt	1,793,561	1,635,750
Variable-rate debt	1,135,359	1,115,908
Special Improvement District bonds
Debt Instrument [Line Items]
Fixed-rate debt	80,294	83,779
Secured Bridgeland Notes
Debt Instrument [Line Items]
Variable-rate debt	$ 85,000	$ 283,000

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Section 50
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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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 10: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Accumulated Other Comprehensive Income (Loss) - Amounts Reclassified Out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Reclassifications out of accumulated other comprehensive income (loss)
(Gains) losses on cash flow hedges					$ 169,931	$ 164,926	$ 157,575
Income taxes on (gains) losses on cash flow hedges					37,616	80,184	26,418
Total reclassifications of (income) loss for the period	$ (155,904)	$ (72,497)	$ (21,058)	$ 52,467	(123,843)	(196,992)	$ 551,530
Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of accumulated other comprehensive income (loss)
Total reclassifications of (income) loss for the period					(2,923)	(4,497)
Accumulated Other Comprehensive Income (Loss) Components \| Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of accumulated other comprehensive income (loss)
(Gains) losses on cash flow hedges					(3,833)	(5,821)
Income taxes on (gains) losses on cash flow hedges					$ 910	$ 1,324

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

Income Taxes - Computation of Income Tax Expense by Applying Federal Corporate Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Tax computed at the U.S. federal statutory rate	$ 33,906	$ 76,734	$ 23,064
Increase (decrease) in valuation allowance, net	148	(20,736)	4,003
State and local income tax expense (benefit), net of federal income tax	182	18,719	(4,432)
Tax expense on compensation disallowance	4,380	1,920	2,133
Other, net	(1,000)	3,547	1,650
Income tax expense (benefit)	$ 37,616	$ 80,184	$ 26,418
Percent
Tax computed at the U.S. federal statutory rate	21.00%	21.00%	21.00%
Increase (decrease) in valuation allowance, net	0.10%	(5.70%)	3.70%
State and local income tax expense (benefit), net of federal income tax	0.10%	5.10%	(4.00%)
Tax expense on compensation disallowance	2.70%	0.50%	1.90%
Other, net	(0.60%)	1.00%	1.50%
Income tax expense (benefit)	23.30%	21.90%	24.10%

Segments - Capital Expenditures by Segment (Details) - Operating Segments - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating Assets
Segments reporting
Capital expenditures	$ 45,333	$ 63,781
Master Planned Communities
Segments reporting
Capital expenditures	184	232
Strategic Developments
Segments reporting
Capital expenditures	$ 176,689	$ 239,472

Revenues - Contract with Customer, Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Contract Liabilities
Beginning balance	$ 584,536	$ 575,621
Consideration earned during the period	(479,157)	(865,949)
Consideration received during the period	791,517	874,864
Ending balance	$ 896,896	$ 584,536

Intangibles

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles


8. Intangibles

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


	As of December 31, 2025						As of December 31, 2024
	Gross Asset (Liability)		Accumulated (Amortization)/ Accretion		Net Carrying Amount		Gross Asset (Liability)		Accumulated (Amortization)/ Accretion		Net Carrying Amount

thousands
Intangible Assets:
Other intangibles	$	8,052	$	(2,615)	$	5,437	$	4,526	$	(1,324)	$	3,202
Goodwill	2,336		—		2,336		—		—		—
Indefinite lived intangibles	157		—		157		157		—		157

Tenant leases:
In-place value	54,008		(25,522)		28,486		56,019		(23,024)		32,995
Above-market	1,053		(475)		578		1,281		(395)		886
Below-market	—		—		—		(627)		627		—



Total indefinite lived intangibles					$	2,493					$	157
Total amortizing intangibles					$	34,501					$	37,083

Other intangibles includes trademark and trade name intangibles related to MPCs as well as internally developed software. These intangibles are included in Other assets, net and are amortized on a straight-line basis over the estimated useful life of the asset. The tenant in-place, above-market, and below-market lease intangible assets resulted from real estate acquisitions. The in‑place value and above-market value of tenant leases are included in Other assets, net and are amortized over periods that approximate the related lease terms. The below‑market tenant leases are included in Accounts payable and other liabilities and are amortized over the remaining non-cancelable terms of the respective leases. See Note 7 - Other Assets and Liabilities for additional information regarding Other assets, net and Accounts payable and other liabilities.

Net amortization and accretion expense for these intangible assets and liabilities was $5.2 million in 2025, $4.6 million in 2024, and $4.3 million in 2023.

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


thousands	2026		2027		2028		2029		2030
Net amortization and accretion expense	$	5,793	$	5,173	$	5,064	$	5,025	$	5,014

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2025

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

Summary of AOCI

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


thousands
Balance at December 31, 2022	$	10,335
Derivative instruments:
Other comprehensive income (loss) before reclassifications	3,809
(Gain) loss reclassified to net income	(13,131)

Pension adjustment	259

Net current-period other comprehensive income (loss)	(9,063)
Balance at December 31, 2023	$	1,272
Derivative instruments:
Other comprehensive income (loss) before reclassifications	4,818
(Gain) loss reclassified to net income	(4,497)

Pension adjustment	375


Net current-period other comprehensive income (loss)	696
Balance at December 31, 2024	$	1,968
Derivative instruments:
Other comprehensive income (loss) before reclassifications	(962)
(Gain) loss reclassified to net income	(2,923)
Pension adjustment	90



Net current-period other comprehensive income (loss)	(3,795)
Balance at December 31, 2025	$	(1,827)

Summary of the amounts reclassified out of AOCI

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


Accumulated Other Comprehensive Income (Loss) Components thousands					Affected line items in the Statements of Operations
	2025		2024
(Gains) losses on cash flow hedges	$	(3,833)	$	(5,821)	Interest expense

Income taxes on (gains) losses on cash flow hedges	910		1,324		Income tax expense (benefit)
Total reclassifications of (income) loss for the period	$	(2,923)	$	(4,497)

Mortgages, Notes, and Loans Payable, Net - Contractual Obligations Based on Extended Maturity Dates (Details) - USD ($) $ in Thousands	Feb. 17, 2026	Dec. 31, 2025	Dec. 31, 2021	Dec. 31, 2020
Mortgages, notes, and loans payable principal payments
2026		$ 663,243
2027		507,661
2028		923,362
2029		1,075,975
2030		277,225
Thereafter		1,696,748
Total principal payments		5,144,214
Unamortized deferred financing costs		(34,386)
Mortgages, notes, and loans payable		5,109,828
Senior unsecured notes
Debt Instrument [Line Items]
Face amount		$ 2,050,000	$ 2,100,000	$ 2,100,000
Senior unsecured notes \| Senior Unsecured Notes Due 2032 \| Subsequent Event
Debt Instrument [Line Items]
Face amount	$ 500,000
Interest Rate	5.875%
Senior unsecured notes \| Senior Unsecured Notes Due 2034 \| Subsequent Event
Debt Instrument [Line Items]
Face amount	$ 500,000
Interest Rate	6.125%
Senior unsecured notes \| Senior Unsecured Notes Due 2028 \| Subsequent Event
Debt Instrument [Line Items]
Face amount	$ 750,000
Interest Rate	5.375%

Mortgages, Notes, and Loans Payable, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Feb. 17, 2026	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Other assets, net	$ 245,078		$ 245,078	$ 281,551
Carrying value	$ 5,144,214		$ 5,144,214
Derivative, term of contract			5 years
Weighted-average Interest Rate	7.15%		7.15%	7.02%
Repayment of debt			$ 782,458	$ 807,548	$ 147,623
SID Bonds obligations assumed by buyers			17,736	$ 18,014	$ 13,883
Secured Bridgeland Notes Due 2029
Debt Instrument [Line Items]
Carrying value	$ 85,000		85,000
Face amount	$ 600,000		600,000
Repayment of debt		$ 198,000
Debt instrument, redemption price, percentage	10.00%
Interest rate margin	6.06%
Senior unsecured notes
Debt Instrument [Line Items]
Face amount	$ 2,050,000		2,050,000				$ 2,100,000	$ 2,100,000
Senior unsecured notes \| Senior Unsecured Notes Due 2032 \| Subsequent Event
Debt Instrument [Line Items]
Face amount						$ 500,000
Interest Rate						5.875%
Senior unsecured notes \| Senior Unsecured Notes Due 2034 \| Subsequent Event
Debt Instrument [Line Items]
Face amount						$ 500,000
Interest Rate						6.125%
Senior unsecured notes \| Senior Unsecured Notes Due 2028 \| Subsequent Event
Debt Instrument [Line Items]
Face amount						$ 750,000
Interest Rate						5.375%
Senior unsecured notes \| Recourse
Debt Instrument [Line Items]
Carrying value	2,100,000		2,100,000
Secured Bridgeland Notes \| Recourse
Debt Instrument [Line Items]
Carrying value	52,100		52,100
Secured mortgages payable
Debt Instrument [Line Items]
Carrying value	$ 573,500		$ 573,500
Weighted-average Interest Rate	5.85%		5.85%	5.93%
Long-term debt, refinanced			$ 184,200
Repayment of debt			365,700
Long term debt, undrawn lender commitment			$ 686,600
Secured mortgages payable \| Minimum
Debt Instrument [Line Items]
Range of interest rates	3.13%		3.13%	3.13%
Secured mortgages payable \| Maximum
Debt Instrument [Line Items]
Range of interest rates	8.87%		8.87%	9.42%
Special Improvement District bonds
Debt Instrument [Line Items]
SID Bonds obligations assumed by buyers			$ 16,400
Special improvement district bond issued			$ 17,700
Special Improvement District bonds \| Minimum \| Master Planned Communities \| District Bonds With Maturities From 2030 To 2055
Debt Instrument [Line Items]
Range of interest rates	4.13%		4.13%
Special Improvement District bonds \| Minimum \| Master Planned Communities \| District Bonds With Maturities From 2025 To 2054
Debt Instrument [Line Items]
Range of interest rates	4.13%		4.13%
Special Improvement District bonds \| Maximum \| Master Planned Communities \| District Bonds With Maturities From 2030 To 2055
Debt Instrument [Line Items]
Range of interest rates	6.50%		6.50%
Special Improvement District bonds \| Maximum \| Master Planned Communities \| District Bonds With Maturities From 2025 To 2054
Debt Instrument [Line Items]
Range of interest rates	6.05%		6.05%
Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Other assets, net	$ 4,800,000		$ 4,800,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Fair Value - Assets and Liabilities Not Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Assets:
Cash, cash equivalents, and restricted cash	$ 2,097,158	$ 998,503	$ 1,009,212
Liabilities:
Allowance for accounts receivable	7,200	8,200
Level 1 \| Carrying Amount
Assets:
Cash, cash equivalents, and restricted cash	2,097,158	998,503
Level 1 \| Estimated Fair Value
Assets:
Cash, cash equivalents, and restricted cash	2,097,158	998,503
Level 3 \| Carrying Amount
Assets:
Accounts receivable, net	134,122	105,185
Notes receivable, net	2,932	870
Level 3 \| Estimated Fair Value
Assets:
Accounts receivable, net	134,122	105,185
Notes receivable, net	2,932	870
Level 2 \| Carrying Amount
Liabilities:
Fixed-rate debt	3,923,855	3,769,529
Variable-rate debt	1,220,359	1,398,908
Level 2 \| Estimated Fair Value
Liabilities:
Fixed-rate debt	3,794,729	3,495,298
Variable-rate debt	$ 1,220,359	$ 1,398,908

Intangibles (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of intangible assets and liabilities

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


	As of December 31, 2025						As of December 31, 2024
	Gross Asset (Liability)		Accumulated (Amortization)/ Accretion		Net Carrying Amount		Gross Asset (Liability)		Accumulated (Amortization)/ Accretion		Net Carrying Amount

thousands
Intangible Assets:
Other intangibles	$	8,052	$	(2,615)	$	5,437	$	4,526	$	(1,324)	$	3,202
Goodwill	2,336		—		2,336		—		—		—
Indefinite lived intangibles	157		—		157		157		—		157

Tenant leases:
In-place value	54,008		(25,522)		28,486		56,019		(23,024)		32,995
Above-market	1,053		(475)		578		1,281		(395)		886
Below-market	—		—		—		(627)		627		—



Total indefinite lived intangibles					$	2,493					$	157
Total amortizing intangibles					$	34,501					$	37,083

Summary of future net amortization and accretion expense

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


thousands	2026		2027		2028		2029		2030
Net amortization and accretion expense	$	5,793	$	5,173	$	5,064	$	5,025	$	5,014

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Interest rate swaps, tax expense (benefit)	$ (1,231)	$ 60	$ (2,729)

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Interest rate swaps, tax expense (benefit)	$ (1,231)	$ 60	$ (2,729)
Pension adjustment, tax (expense) benefit	$ 24	$ 118	$ 70

Income Taxes - Tax Effects and Temporary Differences Included in Net Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Accrued expenses	$ 10,192	$ 9,376
Investments in unconsolidated ventures	5,105	0
Other	2,644	4,841
Accounts receivable	1,049	1,283
Operating loss and tax carryforwards	189,054	205,244
Total deferred tax assets	208,044	220,744
Valuation allowance	(16,431)	(16,314)
Total net deferred tax assets	191,613	204,430
Deferred tax liabilities:
Master Planned Communities properties	(304,057)	(297,889)
Operating and development properties and fixed assets	(32,045)	(25,675)
Deferred income	(18,167)	(18,839)
Prepaid expenses	(1,816)	(2,981)
Investments in unconsolidated ventures	0	(1,146)
Total deferred tax liabilities	(356,085)	(346,530)
Total net deferred tax liabilities	$ (164,472)	$ (142,100)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
ASSETS
Master Planned Communities assets	$ 2,635,077	$ 2,511,662
Buildings and equipment	4,028,862	3,841,872
Less: accumulated depreciation	(1,082,124)	(949,533)
Land	307,625	302,446
Developments	1,477,615	1,341,029
Net investment in real estate	7,367,055	7,047,476
Investments in unconsolidated ventures	170,122	169,566
Cash and cash equivalents	1,468,507	596,083
Restricted cash	628,651	402,420
Accounts receivable, net	134,122	105,185
Municipal Utility District (MUD) receivables, net	459,729	463,799
Deferred expenses, net	160,966	139,350
Operating lease right-of-use assets	5,231	5,806
Other assets, net	245,078	281,551
Total assets	10,639,461	9,211,236
LIABILITIES
Mortgages, notes, and loans payable, net	5,109,828	5,127,469
Operating lease obligations	4,868	5,456
Deferred tax liabilities, net	164,472	142,100
Accounts payable and other liabilities	1,518,047	1,094,437
Total liabilities	6,797,215	6,369,462
Commitments and Contingencies (see Note 12)
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, 65,910,640 issued, and 59,370,353 outstanding as of December 31, 2025, and 56,610,009 shares issued, and 50,116,150 outstanding as of December 31, 2024	659	566
Additional paid-in capital	4,458,838	3,576,274
Retained earnings (accumulated deficit)	(62,096)	(185,993)
Accumulated other comprehensive income (loss)	(1,827)	1,968
Treasury stock, at cost, 6,540,287 shares as of December 31, 2025, and 6,493,859 shares as of December 31, 2024	(620,118)	(616,589)
Total stockholders' equity	3,775,456	2,776,226
Noncontrolling interests	66,790	65,548
Total equity	3,842,246	2,841,774
Total liabilities and equity	$ 10,639,461	$ 9,211,236

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0	$ 0	$ 0
Interest expense and penalties related to unrecognized tax benefits	$ 0	$ 0	$ 0

Investments in Unconsolidated Ventures - The Summit (Details) - The Summit	Jul. 31, 2022 a customHomeSite
Investments in and Advances to Affiliates, Activity [Line Items]
Area of land \| a	54
Number of custom home sites \| customHomeSite	28

- 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

Leases - Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows on operating leases	$ 992	$ 759
Weighted-average remaining lease term (years)
Operating leases	16 years 3 months 18 days	16 years 4 months 24 days
Weighted-average discount rate
Operating leases	7.20%	7.10%

Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities


11. 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 in the Consolidated Statements of Operations. These derivatives are recorded on a gross basis at fair value on the Consolidated Balance Sheet.

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

The Company is exposed to credit risk in the event of non-performance by its derivative counterparties. To mitigate its credit risk, the Company reviews the creditworthiness of counterparties and enters into agreements with those that are considered credit-worthy, such as large financial institutions with favorable credit ratings. There were no derivative counterparty defaults as of December 31, 2025 or 2024.

If the derivative contracts are terminated prior to their maturity, the amounts previously recorded in AOCI are recognized in earnings over the period that the hedged transaction impacts earnings. During the year ended December 31, 2025, the Company recorded an immaterial reduction in Interest expense related to the amortization of terminated swaps.

Amounts reported in AOCI related to derivatives will be reclassified to Interest expense as interest payments are made on the Company’s variable‑rate debt. Over the next 12 months, HHH estimates that $1.2 million of net gain will be reclassified to Interest expense including amounts related to the amortization of terminated swaps.


					Fair Value Asset (Liability)
	Notional	Fixed Interest	Effective	Maturity	December 31,		December 31,
thousands	Amount	Rate (a)	Date	Date	2025		2024
Derivative instruments not designated as hedging instruments: (b)
Interest rate collar	219,080	2.00% - 4.50%	6/1/2023	6/1/2025	$	—	$	35
Interest rate collar	234,364	2.00% - 4.50%	6/1/2023	6/1/2025	—		34
Interest rate cap	75,000	2.50%	10/12/2021	9/29/2025	—		919
Interest rate cap	59,500	2.50%	10/12/2021	9/29/2025	—		729
Interest rate cap	250,000	4.50%	6/17/2025	7/1/2026	1		—
Interest rate cap	69,712	6.00%	6/20/2024	7/15/2026	—		30
Interest rate cap	8,890	6.00%	6/20/2024	7/15/2026	—		4
Interest rate cap	133,467	5.25%	12/2/2024	12/15/2026	1		297

Derivative instruments designated as hedging instruments:
Interest rate cap	127,000	3.50%	11/7/2024	11/7/2025	—		725
Interest rate cap	72,581	5.00%	12/22/2022	12/21/2025	—		15
Interest rate swap	79,444	3.97%	5/1/2025	4/15/2026	(59)		—
Interest rate swap	32,400	3.98%	7/10/2025	8/1/2026	(88)		—
Interest rate swap	175,000	3.69%	1/3/2023	1/1/2027	(542)		1,062
Interest rate swap	40,800	1.68%	3/1/2022	2/18/2027	792		1,979
Interest rate cap	127,000	3.50%	11/7/2025	1/8/2027	145		—
Interest rate cap	59,000	4.15%	12/21/2025	12/21/2028	183		—
Interest rate swap	33,894	4.89%	11/1/2019	1/1/2032	1,991		3,253

Total fair value derivative assets					$	3,113	$	9,082
Total fair value derivative liabilities					(689)		—
Total fair value derivatives asset (liability), net					$	2,424	$	9,082

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

(b)Interest income related to these contracts was $0.4 million in 2025 and $1.4 million in 2024.

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


Derivatives in Cash Flow Hedging Relationships	Amount of Gain (Loss) Recognized in AOCI on Derivatives
thousands	2025		2024		2023
Interest rate derivatives	$	(962)	$	4,818	$	3,809


Location of Gain (Loss) Reclassified from AOCI into Statements of Operations	Amount of Gain (Loss) Reclassified from AOCI into Statements of Operations
thousands	2025		2024		2023
Interest expense	$	2,923	$	4,497	$	13,131

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 fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $0.7 million as of December 31, 2025.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Revenues (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Summary of revenue disaggregated by revenue source

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


thousands	2025		2024		2023
Revenues from contracts with customers
Recognized at a point in time:
Condominium rights and unit sales	$	370,156	$	778,616	$	47,707
Master Planned Communities land sales	562,586		453,195		370,185
Builder price participation	52,341		52,023		60,989
Total	985,083		1,283,834		478,881

Recognized at a point in time or over time:
Other land, rental, and property revenues	48,363		44,755		46,255

Rental and lease-related revenues
Rental revenue	441,446		422,100		383,617
Total revenues	$	1,474,892	$	1,750,689	$	908,753

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	$	575,621
Consideration earned during the period	(865,949)
Consideration received during the period	874,864
Balance at December 31, 2024	$	584,536
Consideration earned during the period	(479,157)
Consideration received during the period	791,517
Balance at December 31, 2025	$	896,896

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		$	1,072,317	$	447,395		$	2,884,803

Acquisitions and Dispositions - Dispositions Narrative (Details) $ in Millions		1 Months Ended							12 Months Ended
	Sep. 30, 2025 USD ($) ft² landParcel	Jul. 31, 2025 USD ($)	Jan. 31, 2025 USD ($) ft² landParcel	Dec. 31, 2024 USD ($) ft²	Feb. 29, 2024 USD ($) ft²	Dec. 31, 2023 USD ($) ft²	Jul. 31, 2023 USD ($) storageFacility storageUnit	Mar. 31, 2023 USD ($) ft² landParcel	Dec. 31, 2024 USD ($) ft² property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group not discontinued operation gain on disposal statement of income extensible list not disclosed flag							gain
The Woodlands \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposal		$ 10.1					$ 16.1		$ 6.7
Consideration received				$ 9.6			$ 30.5		$ 9.6
Number of ground leases sold \| property									4
Number of operating self storage facilities \| storageFacility							2
Number of storage units \| storageUnit							1,370
Ward Village Land Parcels \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposal	$ 4.4		$ 10.0
Land parcels sold \| landParcel	2		2
Area of real estate property (in sqft) \| ft²	6,890		13,870
Consideration received	$ 6.0		$ 12.2
Lakeland Village Center at Bridgeland \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposal				$ 11.4
Area of real estate property (in sqft) \| ft²				67,947					67,947
Consideration received				$ 28.0					$ 28.0
Creekside Park Medical Plaza \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposal					$ 4.8
Area of real estate property (in sqft) \| ft²					32,689
Consideration received					$ 14.0
Memorial Hermann Medical Office \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposal						$ 3.2
Area of real estate property (in sqft) \| ft²						20,000
Consideration received						$ 9.6
Honolulu, Hawai'i \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposal								$ 4.7
Land parcels sold \| landParcel								2
Area of real estate property (in sqft) \| ft²								11,929
Consideration received								$ 6.3

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes


14. Income Taxes

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

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


thousands	2025		2024		2023
Current
Federal	$	12,744	$	15,534	$	33,783
State	1,293		3,121		2,532
Total current	14,037		18,655		36,315

Deferred
Federal	24,463		61,853		(7,601)
State	(884)		(324)		(2,296)
Total deferred	23,579		61,529		(9,897)
Total	$	37,616	$	80,184	$	26,418

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


thousands except percentages	2025				2024				2023
Tax computed at the U.S. federal statutory rate	$	33,906	21.0	%	$	76,734	21.0	%	$	23,064	21.0	%
Increase (decrease) in valuation allowance, net	148		0.1	%	(20,736)		(5.7)	%	4,003		3.7	%
State and local income tax expense (benefit), net of federal income tax (a)	182		0.1	%	18,719		5.1	%	(4,432)		(4.0)	%


Tax expense on compensation disallowance	4,380		2.7	%	1,920		0.5	%	2,133		1.9	%
Other, net	(1,000)		(0.6)	%	3,547		1.0	%	1,650		1.5	%





Income tax expense (benefit)	$	37,616	23.3	%	$	80,184	21.9	%	$	26,418	24.1	%

(a)Tax in Maryland, Hawai‘i, Virginia, Texas, New York, and New York City comprise more than 50% of the tax effect in this category.

As of December 31, 2025, the amounts and expiration dates of operating loss carryforwards for tax purposes are as follows:


thousands	Amount		Expiration Date

Net operating loss carryforwards - Federal	$	708,566	n/a
Net operating loss carryforwards - State	326,955		2025-2044
Net operating loss carryforwards - State	304,402		n/a

Charitable contribution carryforwards - Federal	3,432		2030

General business tax credit carryforwards	1,095		2044

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


thousands	2025		2024
Deferred tax assets:

Accrued expenses	$	10,192	$	9,376
Investments in unconsolidated ventures	5,105		—

Other	2,644		4,841
Accounts receivable	1,049		1,283
Operating loss and tax carryforwards	189,054		205,244
Total deferred tax assets	208,044		220,744
Valuation allowance	(16,431)		(16,314)
Total net deferred tax assets	$	191,613	$	204,430
Deferred tax liabilities:
Master Planned Communities properties	$	(304,057)	$	(297,889)
Operating and development properties and fixed assets	(32,045)		(25,675)
Deferred income	(18,167)		(18,839)

Prepaid expenses	(1,816)		(2,981)
Investments in unconsolidated ventures	—		(1,146)

Total deferred tax liabilities	(356,085)		(346,530)
Total net deferred tax liabilities	$	(164,472)	$	(142,100)

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

Generally, the Company is currently open to audit under the statute of limitations by the Internal Revenue Service as well as state taxing authorities for the years ended December 31, 2022 through 2024. In the Company’s opinion, it has made adequate tax provisions for years subject to examination. However, the final determination of tax examinations and any related litigation could be different from what was reported on the returns.

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

The Company recognizes and reports interest and penalties related to unrecognized tax benefits, if applicable, within the provision for income tax expense. The Company had no unrecognized tax benefits for the years ended December 31, 2025, 2024, or 2023, and therefore did not recognize any interest expense or penalties on unrecognized tax benefits.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: 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
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Revenues

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenues


17. Revenues

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

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


thousands	2025		2024		2023
Revenues from contracts with customers
Recognized at a point in time:
Condominium rights and unit sales	$	370,156	$	778,616	$	47,707
Master Planned Communities land sales	562,586		453,195		370,185
Builder price participation	52,341		52,023		60,989
Total	985,083		1,283,834		478,881

Recognized at a point in time or over time:
Other land, rental, and property revenues	48,363		44,755		46,255

Rental and lease-related revenues
Rental revenue	441,446		422,100		383,617
Total revenues	$	1,474,892	$	1,750,689	$	908,753

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	$	575,621
Consideration earned during the period	(865,949)
Consideration received during the period	874,864
Balance at December 31, 2024	$	584,536
Consideration earned during the period	(479,157)
Consideration received during the period	791,517
Balance at December 31, 2025	$	896,896

Remaining Unsatisfied Performance Obligations The Company’s remaining unsatisfied performance obligations represent a measure of the total dollar value of work to be performed on contracts executed and in progress. These performance obligations primarily relate to the completion of condominium construction and transfer of control to a buyer, as well as the completion of contracted MPC land sales and related land improvements. These obligations are associated with contracts that generally are non-cancelable by the customer after 30 days for all Ward Village condominiums and after 6 days for The Ritz-Carlton Residences; however, purchasers of condominium units have the right to cancel the contract should the Company elect not to construct the condominium unit within a certain period of time or materially change the design of the condominium unit. The aggregate amount of the transaction price allocated to the Company’s remaining unsatisfied performance obligations as of December 31, 2025, was $4.4 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		$	1,072,317	$	447,395		$	2,884,803

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 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Pershing Square (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	May 05, 2025 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Pershing Square Transaction (Table) [Line Items]
Stock price (in dollars per share) \| $ / shares		$ 66.15
General and administrative costs		$ 122,240	$ 91,752	$ 86,671
Purchase agreement term		10 years
Purchase agreement, renewal term		10 years
Advisory fee		$ 3,750
Advisory fee percentage		0.00375
General and administrative costs incurred		$ 17,100
Accounts payable		$ 3,300
Share Purchase Agreement
Pershing Square Transaction (Table) [Line Items]
Number of shares issued (in shares) \| shares	9,000,000
Share Purchase Agreement
Pershing Square Transaction (Table) [Line Items]
Stock price (in dollars per share) \| $ / shares	$ 100
Sale of stock, consideration received on transaction	$ 900,000
Common stock voting rights percentage		46.90%
"Pershing Square Transaction
Pershing Square Transaction (Table) [Line Items]
Transaction costs incurred		$ 38,300
Costs reimbursement		25,000
Costs incurred directly		13,300
Costs attributable to sale of common stock		12,200
General and administrative costs		$ 1,100

Acquisitions and Dispositions - Acquisitions Narrative (Details) $ in Millions	1 Months Ended
	May 31, 2025 USD ($) ft²	Jun. 30, 2024 USD ($) ft²
7 Waterway
Asset Acquisition [Line Items]
Payments to acquire real estate \| $	$ 16.3
Area of real estate property (in sqft) \| ft²	186,369
6 Waterway
Asset Acquisition [Line Items]
Payments to acquire real estate \| $		$ 19.2
Area of real estate property (in sqft) \| ft²		141,763

Other Assets and Liabilities - Other Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Other Assets and Liabilities [Line Items]
Special Improvement District receivable, net	$ 90,417	$ 97,432
Security, escrow, and other deposits	54,608	66,348
Prepaid expenses	19,669	22,791
Tenant incentives and other receivables, net	15,259	12,567
Other	11,934	28,433
Intangibles, net	7,930	3,359
TIF receivable, net	4,012	4,340
Condominium inventory	3,937	525
Interest rate derivative assets	3,113	9,082
Notes receivable, net	2,932	870
Net investment in lease receivable	2,781	2,809
Other assets, net	245,078	281,551
In-place leases, net
Other Assets and Liabilities [Line Items]
In-place leases, net	$ 28,486	$ 32,995

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Summary of income tax expense

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


thousands	2025		2024		2023
Current
Federal	$	12,744	$	15,534	$	33,783
State	1,293		3,121		2,532
Total current	14,037		18,655		36,315

Deferred
Federal	24,463		61,853		(7,601)
State	(884)		(324)		(2,296)
Total deferred	23,579		61,529		(9,897)
Total	$	37,616	$	80,184	$	26,418

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


thousands except percentages	2025				2024				2023
Tax computed at the U.S. federal statutory rate	$	33,906	21.0	%	$	76,734	21.0	%	$	23,064	21.0	%
Increase (decrease) in valuation allowance, net	148		0.1	%	(20,736)		(5.7)	%	4,003		3.7	%
State and local income tax expense (benefit), net of federal income tax (a)	182		0.1	%	18,719		5.1	%	(4,432)		(4.0)	%


Tax expense on compensation disallowance	4,380		2.7	%	1,920		0.5	%	2,133		1.9	%
Other, net	(1,000)		(0.6)	%	3,547		1.0	%	1,650		1.5	%





Income tax expense (benefit)	$	37,616	23.3	%	$	80,184	21.9	%	$	26,418	24.1	%

(a)Tax in Maryland, Hawai‘i, Virginia, Texas, New York, and New York City comprise more than 50% of the tax effect in this category.

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

As of December 31, 2025, the amounts and expiration dates of operating loss carryforwards for tax purposes are as follows:


thousands	Amount		Expiration Date

Net operating loss carryforwards - Federal	$	708,566	n/a
Net operating loss carryforwards - State	326,955		2025-2044
Net operating loss carryforwards - State	304,402		n/a

Charitable contribution carryforwards - Federal	3,432		2030

General business tax credit carryforwards	1,095		2044

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

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


thousands	2025		2024
Deferred tax assets:

Accrued expenses	$	10,192	$	9,376
Investments in unconsolidated ventures	5,105		—

Other	2,644		4,841
Accounts receivable	1,049		1,283
Operating loss and tax carryforwards	189,054		205,244
Total deferred tax assets	208,044		220,744
Valuation allowance	(16,431)		(16,314)
Total net deferred tax assets	$	191,613	$	204,430
Deferred tax liabilities:
Master Planned Communities properties	$	(304,057)	$	(297,889)
Operating and development properties and fixed assets	(32,045)		(25,675)
Deferred income	(18,167)		(18,839)

Prepaid expenses	(1,816)		(2,981)
Investments in unconsolidated ventures	—		(1,146)

Total deferred tax liabilities	(356,085)		(346,530)
Total net deferred tax liabilities	$	(164,472)	$	(142,100)

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases


18. 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 1 year to approximately 24 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 Consolidated Balance Sheets; 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 constructed on its ground leases to third parties.

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


thousands	2025		2024
Operating lease right-of-use assets	$	5,231	$	5,806
Operating lease obligations	4,868		5,456

Future minimum lease payments as of December 31, 2025, are as follows:


thousands	Operating Leases
2026	$	956
2027	898
2028	616
2029	622
2030	381
Thereafter	5,300
Total lease payments	8,773
Less: imputed interest	(3,905)
Present value of lease liabilities	$	4,868

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


Supplemental Consolidated Statements of Cash Flows Information	Year ended December 31,
thousands	2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows on operating leases	$	992	$	759


Other Information	2025		2024
Weighted-average remaining lease term (years)
Operating leases	16.3		16.4
Weighted-average discount rate
Operating leases	7.2	%	7.1	%

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


	Year ended December 31,
thousands	2025		2024
Total minimum rent payments	$	246,603	$	235,652

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


thousands	Total Minimum Rent
2026	$	248,354
2027	248,617
2028	226,818
2029	207,142
2030	181,921
Thereafter	619,494
Total	$	1,732,346

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 in the Consolidated Statements of Operations also include amortization related to above-market and below‑market tenant leases on acquired properties.

Presentation of Financial Statements and Significant Accounting Policies - Developments by Category (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Development costs	$ 1,307,851	$ 1,190,746
Land and improvements	169,764	150,283
Total Developments	$ 1,477,615	$ 1,341,029

Presentation of Financial Statements and Significant Accounting Policies - Impacts of the ASC 842 and ASC 450 Reserves (Details) - Collectibility of receivables - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Rental revenue	$ 3,117	$ (860)	$ 10,984
Provision for (recovery of) doubtful accounts	232	504	(2,762)
Total (income) expense impact	$ 3,349	$ (356)	$ 8,222

Presentation of Financial Statements and Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Presentation of Financial Statements and Significant Accounting Policies


1. Presentation of Financial Statements and Significant Accounting Policies

General Howard Hughes Holdings Inc. (HHH or the Company) is a holding company that owns a real estate development subsidiary, The Howard Hughes Corporation (HHC). Through HHC, the Company operates a large‑scale, mixed‑use real estate platform focused on the development of master planned communities (MPCs), the investment in strategic real estate development opportunities, and the ownership and operation of income‑producing properties. References to HHH, the Company, we, us, and our refer to Howard Hughes Holdings Inc. and its consolidated subsidiaries, which includes The Howard Hughes Corporation, unless otherwise specifically stated. References to HHC or Howard Hughes Communities refer to The Howard Hughes Corporation and its consolidated subsidiaries unless otherwise specifically stated.

In 2025, the Company began executing a long-term strategy to transition from a pure-play real estate company to a diversified holding company. On May 5, 2025, the Company issued 9,000,000 shares of newly issued common stock to Pershing Square for an aggregate purchase price of $900 million. In connection with the investment, the Company and Pershing Square entered into related agreements, including a Services Agreement, Shareholder Agreement, Standstill Agreement, and Registration Rights Agreement. The Company intends to use the proceeds from the transaction to acquire or invest in operating businesses.

As previously disclosed in our Current Report on Form 8‑K filed on December 18, 2025, the Company entered into a definitive agreement to acquire 100% of Vantage Group Holdings Ltd. (Vantage), a privately held specialty insurance and reinsurance company, for cash consideration of approximately $2.1 billion. The transaction remains subject to regulatory approvals and other customary closing conditions, and is expected to close in the second quarter of 2026. To support the funding of the acquisition, the Company also entered into an equity commitment letter with Pershing Square Holdings, Ltd. under which Pershing Square committed to purchase up to $1.0 billion of the Company’s preferred stock, prior to and contingent upon the closing of the Vantage acquisition. Over time, the Company will have the right, but not the obligation, to repurchase the preferred stock during specified periods and upon certain triggering events. The acquisition is expected to be funded through the Company’s cash on hand, and proceeds from the issuance of the preferred stock.

See Note 2 - Pershing Square for additional information related to the transactions with Pershing Square in the current period.

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

On July 31, 2024, the spinoff of Seaport Entertainment Group Inc. and its subsidiaries (Seaport Entertainment or SEG) was completed (the Spinoff). As the Spinoff represented a strategic shift in the Company’s operations, the results of SEG are presented as discontinued operations in the Consolidated Statements of Operations and the Consolidated Statements of Cash Flows and, as such, have been excluded from both continuing operations and segment results for all periods presented. The Consolidated Statements of Comprehensive Income (Loss), and Equity are presented on a consolidated basis for both continuing operations and discontinued operations. The disclosures presented in the notes to the Consolidated Financial Statements are presented on a continuing operations basis unless otherwise noted. See Note 3 - Discontinued Operations for additional information.

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

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

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

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

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

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

Consolidated Variable Interest Entities

Teravalis At December 31, 2025, and 2024, the Company owned an 88.0% interest in Teravalis, the Company’s newest large-scale master planned community in the West Valley of Phoenix, Arizona, and a third party owned the remaining 12.0%. Teravalis was determined to be a VIE, and as the Company has the power to direct the activities that most significantly impact its economic performance, the Company is considered the primary beneficiary and consolidates Teravalis.

Under the terms of the LLC agreement, cash distributions and the recognition of income-producing activities will be pro rata based on economic ownership interest. As of December 31, 2025, the Company’s Consolidated Balance Sheets included $543.9 million of MPC assets and $65.2 million of Noncontrolling interest related to Teravalis. As of December 31, 2024, the Company’s Consolidated Balance Sheets included $542.1 million of MPC assets and $65.1 million of Noncontrolling interest related to Teravalis.

‘Ilima The Company entered into a joint venture agreement with Discovery Land Company (Discovery) to form Block E Ward Village (‘Ilima) for the purpose of developing, constructing, and operating a residential condominium tower in Ward Village. ‘Ilima 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 ‘Ilima. Pre-sales for ‘Ilima commenced in June 2025. The Company currently funds 100% of the predevelopment activity.

Once pre-sales targets are met and construction financing is obtained, the Company will contribute land and Discovery will contribute to up $5.0 million. All other necessary capital contributions will be funded by the Company. After completion of the condominium tower and closing of condominium sales, cash distributions and the recognition of income-producing activities will be pro rata based on ownership interest. At December 31, 2025, and 2024, the Company owned approximately 100% of this venture.

The Company’s Consolidated Balance Sheets included the following amounts related to ‘Ilima as of December 31:


thousands	2025		2024

Buildings and equipment	$	7,161	$	698
Less: accumulated depreciation	(1,354)		(19)

Developments	14,684		7,747
Net investment in real estate	20,491		8,426

Cash and cash equivalents	21,690		271
Restricted cash	136,418		—
Accounts receivable, net	65		—

Deferred expenses, net	13,571		—

Other assets, net	565		—

Total assets	$	192,800	$	8,697






Accounts payable and other liabilities	$	153,430	$	159
Total liabilities	$	153,430	$	159

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

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

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

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

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

Net Investment in Real Estate

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

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


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

From time to time, the Company may reassess the development strategies for certain buildings and improvements which results in changes to the Company’s estimate of their remaining useful lives. The Company did not recognize additional depreciation expense of significance for the years ended December 31, 2025, 2024, and 2023.

Developments Development costs, which primarily include direct costs related to placing the asset in service associated with specific development properties, are capitalized as part of the property being developed. Construction and improvement costs incurred in connection with the development of new properties or the redevelopment of existing properties are capitalized before they are placed into service. Such costs include planning, engineering, design, direct material, labor, and subcontract costs. Real estate taxes, utilities, direct legal and professional fees related to the sale of a specific unit, interest, insurance costs, and certain employee costs incurred during construction periods are also capitalized. Capitalization commences when the development activities begin and ceases when a project is completed, put on hold, or at the date that the Company decides not to move forward with a project. Capitalized costs related to a project where HHH has determined not to move forward are expensed if they are not deemed recoverable. Capitalized interest costs are based on qualified expenditures and interest rates in place during the construction period. Demolition costs associated with redevelopments are expensed as incurred unless the demolition was included in the Company’s development plans and imminent as of the acquisition date of an asset.

Once construction of operating properties is complete, the assets are placed into service, and capitalized costs are reclassed to Buildings and equipment and are depreciated in accordance with the Company’s policy. Once construction of condominiums is complete, the assets are reflected as condominium inventory in Other assets, net until the sale of each condominium unit is closed and the related cost is realized in Condominium rights and units cost of sales. In the event that management no longer has the ability or intent to complete a development, the costs previously capitalized are evaluated for impairment.

Developments consist of the following categories as of December 31:


thousands	2025		2024
Development costs	$	1,307,851	$	1,190,746
Land and improvements	169,764		150,283

Total Developments	$	1,477,615	$	1,341,029

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

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

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

Impairment HHH reviews its long-lived assets (including those held by its unconsolidated ventures) for potential impairment indicators whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized if the carrying amount of an asset is not recoverable and exceeds its fair value. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future economic conditions, such as occupancy, rental rates, capital requirements, and sales values that could differ materially from actual results in future periods. If impairment indicators exist and it is expected that undiscounted cash flows generated by the asset are less than its carrying amount, an impairment provision is recorded to write down the carrying amount of the asset to its fair value.

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

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

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

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

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

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

Accounts Receivable, net Accounts receivable, net includes straight-line rent receivables, tenant receivables, related-party 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.

Related-party receivables are primarily due from the Floreo joint venture. This balance includes reimbursable overhead costs incurred by the Company on behalf of Floreo and a $6.0 million guaranty fee associated with the increased borrowing capacity of Floreo’s bond financing in the first quarter of 2025. See Note 4 - Investments in Unconsolidated Ventures for additional information on the Floreo joint venture and Note 12 - Commitments and Contingencies for additional information on the guaranty fee.

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

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


thousands	2025		2024
Straight-line rent receivables	$	96,975	$	91,050
Tenant receivables	5,512		1,638
Related-party receivables	18,640		6,908
Other receivables	12,995		5,589
Accounts receivable, net (a)	$	134,122	$	105,185

The following table summarizes the impacts of the collectability reserves in the accompanying Consolidated Statements of Operations for the years ended December 31:


thousands
Statements of Operations Location	2025		2024		2023
Rental revenue	$	3,117	$	(860)	$	10,984
Provision for (recovery of) doubtful accounts	232		504		(2,762)



Total (income) expense impact	$	3,349	$	(356)	$	8,222

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

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

Sale of MUD Receivables In September 2024, the Company entered into a sales transaction of MUD receivables, in which it transferred the reimbursement rights to $186.0 million of existing MUD receivables and $9.3 million of related accrued interest, as well as $40.0 million of anticipated future MUD receivables, for total cash consideration of $176.7 million. Using the relative fair value method, $146.7 million of the cash consideration was allocated to the sale of the existing MUD receivables and $30.0 million was allocated to the sale of the anticipated future MUD receivables. As a result of the sale, the Company derecognized the existing MUD receivables and related accrued interest, resulting in a loss on sale of $51.5 million in the Consolidated Statements of Operations in the third quarter of 2024. Due to an adjustment to the allocation between projects, a slight reduction in the loss was recognized in the fourth quarter of 2024, and the final impact of this sale was a loss of $48.7 million.

In May 2025, the Company entered into a transaction in which it transferred the reimbursement rights to $147.0 million of existing MUD receivables and $14.1 million of related accrued interest, as well as $95.9 million of anticipated future MUD receivables, for total cash consideration of $180.0 million. Using the relative fair value method, $112.8 million of the cash consideration was allocated to the sale of the existing MUD receivables and $67.2 million was allocated to the sale of the anticipated future MUD receivables. As a result of the sale, the Company derecognized the existing MUD receivables and related accrued interest, resulting in a loss on sale of $48.2 million in the Consolidated Statements of Operations.

For both transactions, the Company is required to complete future development activities. As such, liabilities associated with the future development spend were recorded at amortized cost in Accounts payable and other liabilities on the Consolidated Balance Sheets. The associated discounts, which represent the differences between the total future development spend and the allocated cash proceeds, are being amortized into interest expense over the expected development period using the effective interest method. As of December 31, 2025, the total remaining liability was $64.4 million and the total unamortized discount was $12.8 million. Interest expense related to the discount amortization was $21.8 million for the year ended December 31, 2025.

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

SID receivables are amounts due from SID bonds related to the Company’s Summerlin MPC. Proceeds from SID bonds are held in escrow by a third-party and are used to reimburse the Company for a portion of the development costs incurred in Summerlin. See Note 9 - Mortgages, Notes, and Loans Payable, Net for additional information on the SID bonds.

The Company’s intangibles include in-place lease assets and above-market lease assets where HHH is the lessor, as well as internally developed software, trademark and trade name intangibles related to MPCs, and goodwill. The Company amortizes finite-lived intangible assets less any residual value, if applicable, on a straight-line basis over the term of the related lease or the estimated useful life of the asset.

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

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

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

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

The amortized cost basis of financing receivables, consisting primarily of MUD and SID receivables, totaled $560.3 million as of December 31, 2025, and $569.1 million as of December 31, 2024. The MUD receivable balance includes accrued interest of $48.2 million at December 31, 2025, and $44.0 million at December 31, 2024. The allowance for credit losses for financing receivables was not material as of December 31, 2025, and 2024, and there was no material activity related to the allowance for credit losses for the years ended December 31, 2025, 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 currently does not have significant financing receivables that are past due or on nonaccrual status. There have been no significant write-offs or recoveries of amounts previously written-off during the current period for financing receivables.

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

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

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

Deferred Expenses, net Deferred expenses consist principally of leasing costs. Deferred leasing costs are amortized to expense using the straight‑line method over the related lease term. Deferred expenses are shown net of accumulated amortization of $68.1 million as of December 31, 2025, and $69.1 million as of December 31, 2024.

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

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

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

Stock-Based Compensation The Company maintains various equity incentive plans, with outstanding stock-based compensation awards (Awards) which include stock options and restricted stock awards (RSAs). In 2023, pursuant to the holding company reorganization discussed above, each outstanding share of HHC’s common stock was automatically converted into one share of HHH common stock. HHH assumed all obligations under the equity incentive plans. All stock options and restricted stock outstanding will be settled in HHH stock.

In 2024, at the time of the Spinoff, all of these Awards were modified to adjust the number of HHH shares by certain ratios and/or allocation factors. The stock options were modified into HHH stock options and SEG stock options based on the applicable ratios and/or allocation factors. In addition, the growth targets for the RSAs based on Net Asset Value and related performance conditions were revised to carve out the impact of the Spinoff. Also, the market conditions related to Total Shareholder Return (TSR) targets were evaluated as of the Spinoff date for the TSR-based RSAs and then modified to time-based, service conditions only. See Note 13 - Stock-Based Compensation Plans for additional information.

The Company applies the provisions of ASC 718 Stock Compensation which requires all share‑based payments to be recognized in the Consolidated Statements of Operations based on their fair values. The fair value of stock option awards is determined using the Black-Scholes option-pricing model. Restricted stock awards are valued using the market price of the Company’s common stock on the grant date. For restricted stock awards with market conditions or performance conditions, the award is valued using a Monte Carlo simulation. The Company records compensation cost for stock-based compensation awards over the requisite service period. If the requisite service period is satisfied, compensation cost is not adjusted unless the award contains a performance condition. If an award contains a performance condition, expense is recognized only for those shares that ultimately vest using the per-share fair value measured at the grant date. The Company recognizes forfeitures as they occur.

Revenue Recognition and Related Matters

Condominium Rights and Unit Sales Revenue from the sale of an individual unit in a condominium project is recognized at a point in time (i.e., the closing) when HHH satisfies the single performance obligation to construct a condominium project and transfers control of a completed unit to a buyer. The transaction price, which is the amount of consideration the Company receives upon delivery of the completed condominium unit to the buyer, is allocated to this single obligation and is received at closing less any amounts previously paid on deposit.

The Company receives cash payments in the form of escrowed condominium deposits from customers who have contracted to purchase a condominium unit based on billing schedules established in HHH’s condominium purchase agreement contracts. The amounts are recorded in Restricted cash until released from escrow in accordance with the escrow agreement and on approval of HHH’s lender to fund construction costs of a project. A corresponding condominium contract deposit liability is established at the date of receipt, representing a portion of HHH’s unsatisfied performance obligation at each reporting date.

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

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

The Company receives cash payments in the form of land purchase deposits from homebuilders or other commercial buyers who have contracted to purchase land within the Company’s MPCs, and HHH holds any escrowed deposits in Restricted cash or Cash and cash equivalents based on the terms of the contract. In situations where the Company has completed the closing of a developed land parcel or superpad and consideration is paid in full, but a portion of HHH’s performance obligation relating to the enhancement of the land is still unsatisfied, revenue related to HHH’s obligation is recognized over time. The Company recognizes only the portion of the improved land sale where the improvements are fully satisfied based on a cost input method. The aggregate amount of the transaction price allocated to the unsatisfied obligation is recorded as deferred land sales and is presented in Accounts payable and other liabilities. The Company measures HHH’s unsatisfied obligation based on the costs remaining relative to the total cost at the date of closing.

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

Builder Price Participation BPP is the variable component of the transaction price for certain Master Planned Communities land sales. BPP is earned when a developer that acquired land from HHH develops and sells a home to an end user at a price higher than a predetermined breakpoint. The excess over the breakpoint is shared between HHH and the developer at the time of closing on the sale of the home based on a previously agreed-upon percentage. Generally, BPP is constrained, and accordingly, the Company does not recognize an estimate of variable consideration. The Company’s conclusion is based on the following factors:

–BPP is highly susceptible to factors outside HHH’s influence such as unemployment and interest rates

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

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

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

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

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

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

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

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

Other Land, Rental, and Property Revenues Other land revenues recognized over time include ground maintenance revenue, and homeowner association management fee revenue. These revenues are recognized over time, as time elapses. The amount of consideration and the duration are fixed, as stipulated in the related agreements, and represent a single performance obligation.

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

Other rental revenues also includes overage rent which is recognized on an accrual basis once tenant sales exceed contractual thresholds contained in the lease and is calculated by multiplying the tenant sales in excess of the minimum amount by a percentage defined in the lease.

Noncontrolling Interests As of December 31, 2025, and December 31, 2024, noncontrolling interests related to the 12% noncontrolling interest in Teravalis and the noncontrolling interest in the Ward Village Homeowners’ Associations (HOAs). All revenues and expenses related to the HOAs are attributable to noncontrolling interests and do not impact net income attributable to common stockholders.

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

Accounting Standards Update 2024-03, Disaggregation of Income Statement Expenses This update requires the disclosure of additional disaggregated information in the notes to financial statements for certain categories of costs and expenses that are included on the face of the statement of operations. The new disclosure requirements are effective for annual periods beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact this standard will have on its financial statement presentation and disclosures.

Investments in Unconsolidated Ventures - Investments in Real Estate and Other Affiliates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Investments in and Advances to Affiliates [Line Items]
Investments in unconsolidated ventures	$ 170,122	$ 169,566
Share of Earnings/Dividends	1,772	(5,829)	$ 25,776
Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Equity Method Investments	166,343	165,787
Share of Earnings/Dividends	(3,833)	(9,071)	22,743
Other equity Investments
Investments in and Advances to Affiliates [Line Items]
Other investments	3,779	3,779
Share of Earnings/Dividends	5,605	3,242	3,033
Operating Equity Investments \| Accounts Payable and Accrued Liabilities
Investments in and Advances to Affiliates [Line Items]
Investment deficit position	23,800	18,000
Operating Assets \| Operating Equity Investments \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Equity Method Investments	10,649	7,036
Share of Earnings/Dividends	$ (776)	$ 2,577	(64)
Master Planned Communities \| The Summit \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50.00%	50.00%
Equity Method Investments	$ 35,815	$ 37,409
Share of Earnings/Dividends	$ (1,594)	$ (16,807)	24,787
Master Planned Communities \| Floreo \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50.00%	50.00%
Equity Method Investments	$ 59,008	$ 60,788
Share of Earnings/Dividends	$ (1,780)	$ 4,908	(2,121)
Strategic Developments \| West End Alexandria \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	58.30%	58.30%
Equity Method Investments	$ 60,830	$ 60,513
Share of Earnings/Dividends	$ 317	$ 256	139
Strategic Developments \| Other \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50.00%	50.00%
Equity Method Investments	$ 41	$ 41
Share of Earnings/Dividends	$ 0	$ (5)	$ 2

Impairment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Impairment


6. Impairment

The Company reviews its long-lived assets for potential impairment indicators when events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment or disposal of long‑lived assets in accordance with ASC 360 Property, Plant, and Equipment, requires that if impairment indicators exist and expected undiscounted cash flows generated by the asset over an anticipated holding period are less than its carrying amount, an impairment provision should be recorded to write down the carrying amount of the asset to its fair value. The impairment analysis does not consider the timing of future cash flows and whether the asset is expected to earn an above- or below-market rate of return. No impairment charges were recorded in continuing operations during the three years ended December 31, 2025, 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 4 - Investments in Unconsolidated Ventures periodically for recoverability and valuation declines that are other-than-temporary. If the decrease in value of an investment is deemed to be other-than-temporary, the investment is reduced to its estimated fair value. No impairment charges were recorded in continuing operations during the three years ended December 31, 2025, 2024, and 2023.

In 2023, the Company recorded a $709.5 million impairment charge related to the Seaport segment, which is now reported in discontinued operations following the Spinoff.

Income Taxes - Amounts and Expiration Dates of Operating Loss, Charitable Contribution and Tax Credit Carryforwards (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Operating Loss Carryforwards [Line Items]
Charitable contribution carryforwards - Federal	$ 3,432
General business tax credit carryforwards	1,095
n/a \| Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	708,566
n/a \| State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	304,402
2025-2044 \| State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 326,955

Fair Value - Non-financial Assets Measured at Fair Value on a Non-recurring Basis (Details) - The Woodlands - Fair Value, Nonrecurring $ in Thousands	Dec. 31, 2025 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	$ 28,900
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	$ 28,900

Fair Value - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative liabilities	$ 689	$ 0
Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative assets	3,113	9,082
Interest rate derivative liabilities	689	0
Interest rate swap \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative assets	0	0
Interest rate derivative liabilities	0	0
Interest rate swap \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative assets	3,113	9,082
Interest rate derivative liabilities	689	0
Interest rate swap \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative assets	0	0
Interest rate derivative liabilities	$ 0	$ 0

Segments - Revenue by Segment and Reconciliation of Segment Revenue (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	$ 983,590	$ 327,147	$ 283,468	$ 156,484	$ 1,474,892	$ 1,750,689	$ 908,753
Operating Segments \| Operating Assets
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues					465,568	444,300	410,254
Operating Segments \| Master Planned Communities
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues					634,856	522,925	448,452
Operating Segments \| Strategic Developments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues					374,363	783,396	49,987
Corporate
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues					$ 105	$ 68	$ 60

- Definition

+ References

+ Details