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MORTGAGES, NOTES AND LOANS PAYABLE, NET (Tables)

12 Months Ended

Dec. 31, 2019

Summary of mortgages, notes and loans payable

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



	December 31,
(In thousands)	2019			2018
Fixed-rate debt:
Unsecured 5.375% Senior Notes	$	1,000,000		$	1,000,000
Secured mortgages, notes and loans payable	884,935			648,707
Special Improvement District bonds	23,725			15,168
Variable-rate debt:
Mortgages, notes and loans payable (a)	2,229,958			1,551,336
Unamortized bond issuance costs	(5,249		)	(6,096		)
Unamortized deferred financing costs (b)	(36,899		)	(27,902		)
Total mortgages, notes and loans payable, net	$	4,096,470		$	3,181,213

(a)

As more fully described below, $630.1 million and $615.0 million of variable-rate debt has been swapped to a fixed rate for the term of the related debt as of December 31, 2019 and 2018. An additional $184.3 million and $50.0 million of variable-rate debt was subject to interest rate collars as of December 31, 2019 and December 31, 2018, and $75.0 million of variable-rate debt was capped at a maximum interest rate as of December 31, 2019 and 2018.


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

Schedule of mortgages, notes and loans payable by property

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



					Maximum		Carrying Value
	Initial / Extended	Interest			Facility		December 31,		December 31,
($ in thousands)	Maturity (a)	Rate			Amount		2019		2018
Operating Assets
Three Hughes Landing	March 2020	4.33	%	(b)	$	61,200	$	59,822	$	55,759
The Woodlands Towers at the Waterway	June 2020	3.68	%	(b), (c)			336,570		—
The Woodlands Warehouse	June 2020	3.68	%	(b), (c)			7,230		—
Downtown Summerlin	September 2020 / September 2021	3.88	%	(b)			259,179		266,755
Two Merriweather	October 2020 / October 2021	4.23	%	(b)	33,156		28,216		24,000
Outlet Collection at Riverwalk	October 2021	4.23	%	(b)			30,615		47,552
100 Fellowship Drive	May 2022	3.23	%	(b)	51,426		47,916		35,481
20/25 Waterway Avenue	May 2022	4.79	%				13,131		13,395
Millennium Waterway Apartments	June 2022	3.75	%				53,032		54,083
HHC 242 Self-Storage	December 2021 / December 2022	4.33	%	(b)			5,499		6,604



					Maximum	Carrying Value
	Initial / Extended	Interest			Facility	December 31,	December 31,
($ in thousands)	Maturity (a)	Rate			Amount	2019	2018
HHC 2978 Self-Storage	December 2021 / December 2022	4.33	%	(b)		5,395	6,042
Lake Woodlands Crossing Retail	January 2023	3.53	%	(b)	15,523	12,163	9,539
Lakeside Row	July 2022 / July 2023	3.98	%	(b)	34,231	23,958	—
Senior Secured Credit Facility	September 2023	4.61	%	(d)	700,000	615,000	615,000
The Woodlands Resort & Conference Center	December 2021 / December 2023	4.23	%	(b)		62,500	62,500
Lakefront North	December 2022 / December 2023	3.73	%	(b)	51,821	32,731	21,120
9303 New Trails	December 2023	4.88	%			11,196	11,610
4 Waterway Square	December 2023	4.88	%			32,789	33,998
Creekside Park West	March 2023 / March 2024	3.98	%	(b)	18,000	8,505	—
6100 Merriweather	September 2022 / September 2024	4.48	%	(b)	89,844	36,418	—
Tanager Apartments	October 2021 / October 2024	3.98	%	(b)		29,165	—
Two Summerlin	October 2022 / October 2025	4.25	%			33,183	14,431
3831 Technology Forest Drive	March 2026	4.50	%			21,137	21,571
Kewalo Basin Harbor	September 2027	4.48	%	(b)	11,562	11,110	3,499
Millennium Six Pines Apartments	August 2028	3.39	%			42,500	42,500
3 Waterway Square	August 2028	3.94	%			47,647	49,013
One Lakes Edge	March 2029	4.50	%			69,440	69,440
Aristocrat	September 2029	3.67	%			38,055	21,296
Creekside Park Apartments	October 2029	3.52	%			37,730	—
One Hughes Landing	December 2029	4.30	%			52,000	52,000
Two Hughes Landing	December 2030	4.20	%			48,000	48,000
Hockey Ground Lease SIDS	December 2030	6.05	%			135	141
Downtown Summerlin SID Bonds - S128	December 2030	6.05	%			2,569	2,652
Constellation Apartments	January 2033	4.07	%			24,200	24,200
Hughes Landing Retail	December 2036	3.50	%			35,000	35,000
Columbia Regional Building	February 2037	4.48	%			24,664	25,000
Las Vegas Ballpark	December 2039	4.92	%			51,231	26,766
Operating Assets Total						2,249,631	1,698,947
Master Planned Communities
Summerlin South SID Bonds - S128	December 2020	7.30	%			—	213
Summerlin South SID Bonds - S132	December 2020	6.00	%			—	562
The Woodlands Master Credit Facility	October 2022 / October 2024	4.23	%	(b)	250,000	107,500	150,000
Bridgeland Credit Facility	October 2022 / October 2024	4.23	%	(b)	250,000	107,500	65,000
Summerlin South SID Bonds - S151	June 2025	6.00	%			—	913
Summerlin South SID Bonds - S128C	December 2030	6.05	%			2,014	3,211
Summerlin West SID Bonds - S812	October 2035	6.00	%			1,960	6,709
Summerlin West SID Bonds - S814	April 2049	4.00	%			16,310	—
Master Planned Communities Total						235,284	226,608
Seaport District
250 Water Street	November 2022 / November 2023	5.23	%	(b)	100,000	100,000	129,723
Seaport District	June 2024	6.10	%	(e)	250,000	250,000	—
Seaport District Total						350,000	129,723
Strategic Developments
Ke Kilohana	December 2019 / December 2020	5.75	%	(b)		—	96,757
‘A‘ali‘i	June 2022 / June 2023	4.83	%	(b)	293,700	30,717	—
Two Lakes Edge	October 2022 / October 2023	3.88	%	(b)	74,035	38,214	—
110 North Wacker	April 2022 / April 2024	4.73	%	(b), (f)	558,900	184,300	50,000
Millennium Phase III Apartments	August 2023 / August 2024	3.48	%	(b)	30,700	1	—
Juniper Apartments	September 2022 / September 2024	4.48	%	(b)	85,657	34,610	—
Other SID Bonds	December 2020 / December 2030	6.00% - 7.30%		(g)		737	767
8770 New Trails	June 2021 / January 2032	4.89	%	(h)	35,487	15,124	—
Strategic Developments Total						303,703	147,524
Other corporate financing arrangements	May 2023	4.33	%	(i)		—	12,409



				Maximum	Carrying Value
	Initial / Extended	Interest		Facility	December 31,			December 31,
($ in thousands)	Maturity (a)	Rate		Amount	2019			2018
Senior Notes	March 2025	5.38	%		1,000,000			1,000,000
Unamortized bond issuance costs					(5,249		)	(6,096		)
Unamortized deferred financing costs					(36,899		)	(27,902		)
Total mortgages, notes, and loans payable					$	4,096,470		$	3,181,213

(a)

Maturity dates presented represent initial maturity dates and the extended or final maturity dates as contractually stated. HHC has the option to exercise extension periods at the initial maturity date, subject to extension terms that are based on current property performance projections. Extension terms may include minimum debt service coverage, minimum occupancy levels or condominium sales levels, as applicable and other performance criteria. In certain cases, due to property performance not meeting covenants, HHC may have to pay down a portion of the loan to obtain the extension.


(b)	The interest rate presented is based on the one-month LIBOR, three-month LIBOR or Prime rate, as applicable, which was 1.73%, 1.90% and 4.75%, respectively, at December 31, 2019. Interest rates associated with loans which have been paid off reflect the prior year interest rate.


(c)	100.0% of the outstanding principal of the $343.8 million is recourse to the Company but not currently secured by any mortgage.


(d)	100.0% of the outstanding principal of the $615.0 million Term Loan is swapped to a fixed rate equal to 4.61%.


(e)	The loan initially bears interest at 6.10% and will begin bearing interest at one-month LIBOR plus 4.10%, subject to a LIBOR cap of 2.30% and LIBOR floor of 0.00%, at the earlier of June 20, 2021 or the date certain debt coverage ratios are met.


(f)	100.0% of the outstanding principal of the $184.3 million is subject to fixed interest rate collar contracts for the remaining term of the debt.


(g)	Includes SID Bonds related to Two Summerlin, Aristocrat, Tanager Apartments, and Las Vegas Ballpark. Maturity dates range between December 2020 and December 2030 and interest rates range between 6.00% and 7.30%.


(h)	Concurrent with the closing of the $35.5 million construction loan for 8770 New Trails on June 27, 2019, the Company entered into an interest rate swap which is designated as a cash flow hedge. The Loan will bear interest at one-month LIBOR plus 2.45% but it is currently swapped to a fixed rate equal to 4.89%.

(i)

The Company completed the sale of its corporate aircraft during the quarter ended December 31, 2019.

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, 2019 based on extended maturity dates:



	Mortgages, notes
	and loans payable
(In thousands)	principal payments
2020	$	424,933
2021	320,641
2022	137,825
2023	967,129
2024	764,615
Thereafter	1,523,475
Total principal payments	4,138,618
Unamortized deferred financing costs, net and unamortized underwriting fees	(42,148		)
Total mortgages, notes and loans payable	$	4,096,470

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-Section 55
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-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Investment in real estate:
Master Planned Communities assets	$ 1,655,674	$ 1,642,660
Buildings and equipment	3,813,595	2,932,963
Less: accumulated depreciation	(507,933)	(380,892)
Land	353,022	297,596
Developments	1,445,997	1,290,068
Net investment in real estate	6,760,355	5,782,395
Investment in real estate and other affiliates	121,757	102,287
Net investment in real estate	6,882,112	5,884,682
Net investment in lease receivable	79,166
Cash and cash equivalents	422,857	499,676
Restricted cash	197,278	224,539
Accounts receivable, net	12,279	12,589
Municipal Utility District receivables, net	280,742	222,269
Notes receivable, net	36,379	4,694
Deferred expenses, net	133,182	95,714
Operating lease right-of-use assets, net	69,398
Prepaid expenses and other assets, net	300,373	411,636
Total assets	8,413,766	7,355,799
Liabilities:
Mortgages, notes and loans payable, net	4,096,470	3,181,213
Operating lease obligations	70,413
Deferred tax liabilities	180,748	157,188
Accounts payable and accrued expenses	733,147	779,272
Total liabilities	5,080,778	4,117,673
Commitments and Contingencies (see Note 10)
Equity:
Preferred stock: $.01 par value; 50,000,000 shares authorized, none issued	0	0
Common stock: $.01 par value; 150,000,000 shares authorized, 43,635,893 issued and 42,585,633 outstanding as of December 31, 2019, and 43,511,473 shares issued and 42,991,624 outstanding as of December 31, 2018	437	436
Additional paid-in capital	3,343,983	3,322,433
Accumulated deficit	(46,385)	(120,341)
Accumulated other comprehensive loss	(29,372)	(8,126)
Treasury stock, at cost, 1,050,260 and 519,849 shares as of December 31, 2019 and 2018	(120,530)	(62,190)
Total stockholders' equity	3,148,133	3,132,212
Noncontrolling interests	184,855	105,914
Total equity	3,332,988	3,238,126
Total liabilities and equity	$ 8,413,766	$ 7,355,799

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

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Comprehensive income, net of tax:

Net income

$ 74,295

$ 57,726

$ 166,623

Other comprehensive loss

Interest rate swaps

^[1]

(18,475)

Interest rate swaps

^[1]

955

(9)

Capitalized swap interest (expense) income

^[2]

(73)

(170)

Pension adjustment

^[3]

759

Adoption of ASU 2018-02

^[4]

(1,148)

Adoption of ASU 2017-12

^[5]

(739)

Terminated swap amortization

(2,709)

(1,018)

Other comprehensive loss

(21,246)

(1,161)

(179)

Comprehensive income

53,049

56,565

166,444

Comprehensive (income) loss attributable to noncontrolling interests

(339)

(714)

1,781

Comprehensive income attributable to common stockholders

$ 52,710

$ 55,851

$ 168,225

[1]	Amounts are shown net of deferred tax benefit of $5.0 million for the year ended December 31, 2019 and $0.3 million for the years ended December 31, 2018 and 2017.
[2]	The deferred tax impact was not meaningful for the years ended December 31, 2019 and 2018. Amount is net of deferred tax benefit of $0.1 million for the year ended December 31, 2017.
[3]	The deferred tax impact is not meaningful for the year ended December 31, 2019. Amount is net of deferred tax expense of $0.5 million for the year ended December 31, 2018.
[4]	The Company adopted Accounting Standards Update (“ASU”) 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, as of January 1, 2018.
[5]	The Company adopted ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, as of January 1, 2018.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cash Flows) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Cash paid for amounts included in the measurement of lease liabilities [Abstract]
Operating cash flows on operating leases	$ 6,980

FAIR VALUE (Assets and Liabilities Measured on a Nonrecurring Basis) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Assets:
Cash and Restricted cash	$ 620,135	$ 724,215	$ 964,300	$ 915,139
Liabilities:
Variable-rate debt	2,229,958	1,551,336
Allowance for doubtful accounts	15,600	10,700
Allowance for notes receivable	200	100
Level 1 \| Reported Value Measurement
Assets:
Cash and Restricted cash	620,135	724,215
Level 1 \| Estimate of Fair Value Measurement
Assets:
Cash and Restricted cash	620,135	724,215
Level 3 \| Reported Value Measurement
Assets:
Accounts receivable, net	12,279	12,589
Notes receivable, net	36,379	4,694
Level 3 \| Estimate of Fair Value Measurement
Assets:
Accounts receivable, net	12,279	12,589
Notes receivable, net	36,379	4,694
Level 2 \| Reported Value Measurement
Liabilities:
Fixed-rate debt	1,908,660	1,663,875
Variable-rate debt	2,229,958	1,551,336
Level 2 \| Estimate of Fair Value Measurement
Liabilities:
Fixed-rate debt	1,949,773	1,608,635
Variable-rate debt	$ 2,229,958	$ 1,551,336

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Interest rate swaps, tax	$ 5,041,000
Interest rate swaps, tax		$ 342,000	$ 323,000
Pension adjustment, tax	(500,000)	467,000	0
Capitalized swap interest, tax (benefit)	$ 20,000	$ 8,000	$ 91,000

MORTGAGES, NOTES AND LOANS PAYABLE, NET (Summary of Mortgages, Notes and Loans Payable) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Mortgages, notes and loans payable
Variable-rate debt	$ 2,229,958	$ 1,551,336
Unamortized bond issuance costs	(5,249)	(6,096)
Unamortized deferred financing costs	(36,899)	(27,902)
Total mortgages, notes and loans payable, net	4,096,470	3,181,213
Unsecured 5.375% Senior Notes
Mortgages, notes and loans payable
Fixed-rate debt	1,000,000	1,000,000
Secured mortgages, notes and loans payable
Mortgages, notes and loans payable
Fixed-rate debt	884,935	648,707
Amount of hedged item	630,100	615,000
Special Improvement District bonds
Mortgages, notes and loans payable
Fixed-rate debt	23,725	15,168
Secured mortgages, notes and loans payable \| Interest Rate Collar
Mortgages, notes and loans payable
Variable-rate debt	184,300	50,000
Secured mortgages, notes and loans payable \| Interest Rate Cap
Mortgages, notes and loans payable
Variable-rate debt	$ 75,000	$ 75,000

STOCK-BASED PLANS (Summary of Stock Option Activity) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Nov. 09, 2010
Stock-based plans
Shares of common stock reserved for issuance (in shares)				3,698,050
Stock based compensation expense	$ 19,502,000	$ 12,128,000	$ 7,385,000
Stock Options
Stock options outstanding at the beginning of the period (in shares)	817,998	783,182	1,176,640
Granted (in shares)	21,500	265,000	58,000
Exercised (in shares)	(39,402)	(183,592)	(395,482)
Forfeited (in shares)	(65,800)	(46,592)	(54,976)
Expired (in shares)	(12,800)		(1,000)
Stock options outstanding at the end of the period (in shares)	721,496	817,998	783,182
Stock options exercisable at the end of the period (in shares)	256,296
Stock options vested and expected to vest (in shares)	705,947
Weighted Average Exercise Price
Stock options outstanding at the beginning of the period (in dollars per share)	$ 105.06	$ 90.22	$ 78.87
Granted (in dollars per share)	105.37	124.56	119.85
Exercised (in dollars per share)	63.73	65.72	58.81
Forfeited (in dollars per share)	128.02	121.34	105.17
Expired (in dollars per share)	143.45		57.77
Stock options outstanding at the end of the period (in dollars per share)	104.55	$ 105.06	$ 90.22
Stock options exercisable at the end of the period (in dollars per share)	76.61
Stock options vested and expected to vest (in dollars per share)	$ 104.17
Weighted Average Remaining Contractual Term (In Years) [Abstract]
Weighted average remaining contractual term of stock options outstanding	5 years 6 months
Weighted average remaining contractual term of stock options exercisable	2 years
Weighted average remaining contractual term of stock options expected to vest	5 years 4 months 24 days
Aggregate Intrinsic Value [Abstract]
Aggregate intrinsic value	$ 17,098,603
Aggregate intrinsic value of stock options exercisable	13,356,723
Aggregate intrinsic value of stock options expected to vest	$ 17,011,899
Maximum
Stock-based plans
Maximum number of shares available for future grant	1,697,667
Employee Stock Option [Member]
Stock-based plans
Stock based compensation expense	$ 1,800,000	$ 12,100,000	$ 8,400,000
Share based compensation costs capitalized	400,000	2,400,000	1,100,000
Stock Options
Stock-based plans
Stock based compensation expense	$ 1,400,000	$ 2,200,000	$ 1,600,000
Exercise price range of stock options
Exercise Price (in dollars per share)	$ 104.56
Number Outstanding (in shares)	721,496
Weighted Average Remaining Contractual Term	5 years 6 months
Number Exercisable (in shares)	256,296
Significant assumptions used in Black-Scholes option-pricing model
Grant date fair value (in dollars per share)	$ 32.51	$ 48.27	$ 34.51
Weighted-average expected life of options	7 years 6 months	8 years 4 months 24 days	8 years 4 months 24 days
Weighted-average risk-free interest rate (as a percent)	2.20%	2.70%	2.20%
Weighted-average expected volatility (as a percent)	22.60%	24.70%	22.80%
Expected annual dividend per share	$ 0	$ 0	$ 0
Expiration period	10 years
Unamortized stock option expense	$ 10,600,000
Weighted-average period for recognition of unamortized stock expense	4 years 9 months 18 days
Stock Options \| Minimum
Significant assumptions used in Black-Scholes option-pricing model
Exercisable period	5 years
Stock Options \| $46.49 - 55.82
Exercise price range of stock options
Exercise Price (in dollars per share)	$ 48.38
Number Outstanding (in shares)	8,775
Weighted Average Remaining Contractual Term	1 year 9 months 18 days
Number Exercisable (in shares)	8,775
Stock Options \| $46.49 - 55.82 \| Minimum
Exercise price range of stock options
Exercise Price (in dollars per share)	$ 46.46
Stock Options \| $46.49 - 55.82 \| Maximum
Exercise price range of stock options
Exercise Price (in dollars per share)	55.82
Stock Options \| $57.77 - 60.33
Exercise price range of stock options
Exercise Price (in dollars per share)	$ 58.03
Number Outstanding (in shares)	131,874
Weighted Average Remaining Contractual Term	1 year 2 months 12 days
Number Exercisable (in shares)	131,874
Stock Options \| $57.77 - 60.33 \| Minimum
Exercise price range of stock options
Exercise Price (in dollars per share)	$ 57.77
Stock Options \| $57.77 - 60.33 \| Maximum
Exercise price range of stock options
Exercise Price (in dollars per share)	60.33
Stock Options \| $61.64 - 69.75
Exercise price range of stock options
Exercise Price (in dollars per share)	$ 66.75
Number Outstanding (in shares)	47,529
Weighted Average Remaining Contractual Term	2 years 3 months 18 days
Number Exercisable (in shares)	47,529
Stock Options \| $61.64 - 69.75 \| Minimum
Exercise price range of stock options
Exercise Price (in dollars per share)	$ 61.64
Stock Options \| $61.64 - 69.75 \| Maximum
Exercise price range of stock options
Exercise Price (in dollars per share)	69.75
Stock Options \| $81.80 - 110.50
Exercise price range of stock options
Exercise Price (in dollars per share)	$ 103.12
Number Outstanding (in shares)	75,710
Weighted Average Remaining Contractual Term	5 years 10 months 24 days
Number Exercisable (in shares)	33,210
Stock Options \| $81.80 - 110.50 \| Minimum
Exercise price range of stock options
Exercise Price (in dollars per share)	$ 81.80
Stock Options \| $81.80 - 110.50 \| Maximum
Exercise price range of stock options
Exercise Price (in dollars per share)	110.50
Stock Options \| $112.64 - 151.72
Exercise price range of stock options
Exercise Price (in dollars per share)	$ 123.20
Number Outstanding (in shares)	457,608
Weighted Average Remaining Contractual Term	7 years
Number Exercisable (in shares)	34,908
Stock Options \| $112.64 - 151.72 \| Minimum
Exercise price range of stock options
Exercise Price (in dollars per share)	$ 112.64
Stock Options \| $112.64 - 151.72 \| Maximum
Exercise price range of stock options
Exercise Price (in dollars per share)	$ 151.72

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Summary of Changes in Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands	12 Months Ended			24 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019
Changes in allowance for doubtful accounts against accounts receivables:
Balance at the beginning of the period	$ 10,700
Provision for doubtful accounts	(414)	$ 6,078	$ 2,710
Balance at the ending of the period	15,600	10,700		$ 15,600
Allowance for doubtful accounts
Changes in allowance for doubtful accounts against accounts receivables:
Balance at the beginning of the period	10,664	9,300	7,799	9,300
Provision for doubtful accounts	5,881	6,078	2,710
Write-offs	(900)	(4,714)	(1,209)
Balance at the ending of the period	$ 15,645	$ 10,664	$ 9,300	$ 15,645

INTANGIBLES

12 Months Ended

Dec. 31, 2019

INTANGIBLES

INTANGIBLES

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



	As of December 31, 2019									As of December 31, 2018
	Gross			Accumulated			Net			Gross			Accumulated			Net
	Asset			(Amortization)			Carrying			Asset			(Amortization)			Carrying
(In thousands)	(Liability)			/ Accretion			Amount			(Liability)			/ Accretion			Amount
Intangible Assets:
Indefinite lived intangibles	$	25,028		$	—		$	25,028		$	25,028		$	—		$	25,028
Goodwill	1,307			—			1,307			1,307			—			1,307
Other intangibles	10,278			(3,338		)	6,940			10,278			(2,658		)	7,620

Tenant leases:
In-place value	66,606			(12,135		)	54,471			19,966			(13,427		)	6,539
Above-market	2,247			(1,691		)	556			3,313			(2,269		)	1,044
Below-market	(7,008		)	4,912			(2,096		)	(7,326		)	3,140			(4,186		)

Ground leases:
Below-market	—			—			—			23,096			(4,800		)	18,296

Total indefinite lived intangibles							$	26,335								$	26,335
Total amortizing intangibles							$	59,871								$	29,313

The tenant in-place, above-market and below-market lease intangible assets and the below-market ground lease intangible assets resulted from real estate acquisitions. The in‑place value and above-market value of tenant leases are included in Prepaid expenses and other assets and are amortized over periods that approximate the related lease terms. The below‑market tenant leases are included in Accounts payable and accrued expenses and are amortized over the remaining non‑cancelable terms of the respective leases. See Note 5 - Other Assets and Liabilities for additional information regarding Prepaid expenses and other assets and Accounts payable and accrued expenses. Upon adoption of the New Leases Standard as of the Adoption Date, the balances of unamortized below-market ground leases and Straight-line ground rent liability were reclassified to Operating lease right-of-use assets, net and Operating lease obligations, respectively. See Note 1 - Summary of Significant Accounting Policies for additional information regarding the Company’s adoption of the New Leases Standard.

Amortization/accretion of these intangible assets and liabilities decreased the Company’s pre-tax income, excluding the impact of noncontrolling interest and the provision for income taxes, by $2.1 million in 2019; $6.0 million in 2018 and $8.9 million in 2017.

Future amortization/accretion is estimated to decrease pre-tax income, excluding the impact of noncontrolling interest and the provision for income taxes, by $5.8 million in 2020; $5.3 million in 2021; $4.9 million in 2022; $4.5 million in 2023 and $39.4 million thereafter.

OTHER ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Prepaid Expenses and Other Assets
Condominium inventory	$ 56,421	$ 198,352
Straight-line rent	56,223	50,493
Special Improvement District receivable	42,996	18,838
Intangibles	33,275	33,955
Security and escrow deposits	17,464	17,670
Prepaid expenses	13,263	16,981
Other	9,252	18,429
Tenant incentives and other receivables	7,556	8,745
Food and beverage and lifestyle inventory	4,310	1,935
TIF receivable	3,931	2,470
Federal income tax receivable	655	2,000
Equipment, net of accumulated depreciation of $0.0 million and $8.3 million, respectively	0	15,543
Accumulated depreciation other equipment	8,300	6,900
Interest rate swap derivative assets	23,600
Prepaid expenses and other assets, net	300,373	411,636
Decrease in prepaid expenses and other assets	(111,300)
Decrease in condominium inventory	141,900
Decrease in below market lease, net	(18,300)
Decrease in equipment, net of accumulated depreciation	(15,500)
Decrease in other depreciation and amortization	(9,200)
Decrease condominium receivables	24,200
Special Improvement District receivable	32,000
Increase (decrease) food and beverage and life style inventory receivable	2,400
Accounts Payable and Accrued Expenses
Construction payables	261,523	258,749
Condominium deposit liabilities	194,794	263,636
Deferred income	63,483	42,734
Accrued payroll and other employee liabilities	44,082	42,591
Interest rate swap liabilities	40,135	16,517
Accounts payable and accrued expenses	37,480	38,748
Accrued real estate taxes	27,559	26,171
Tenant and other deposits	24,080	20,893
Accrued interest	23,838	23,080
Other	16,173	29,283
Straight-line ground rent liability	0	16,870
Accounts payable and accrued expenses	733,147	779,272
Decrease in accounts payable and accrued expenses	(46,100)
Decrease in condominium deposits liability	(68,800)
Decrease in straight-line ground rent liability	(16,900)
Interest rate swap derivative assets	0	346
Deferred income	20,700
In-place leases
Prepaid Expenses and Other Assets
Net carrying amount leases	54,471	6,539
Above-market tenant leases
Prepaid Expenses and Other Assets
Net carrying amount leases	556	1,044
Below-market ground leases
Prepaid Expenses and Other Assets
Net carrying amount leases	0	18,296
Special Improvement District receivable	43,000	$ 18,800
Accounting Standards Update 2016-02
Accounts Payable and Accrued Expenses
Increase (decrease) accrued interest	$ (13,100)

INCOME TAXES (Summary of Tax Effects and Temporary Differences Included in Net Deferred Tax Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Operating and Strategic Developments properties, primarily differences in basis of assets and liabilities	$ 65,590	$ 83,263
Interest deduction carryforwards	0	34,611
Operating loss and tax credit carryforwards	132,277	65,071
Total deferred tax assets	197,867	182,945
Valuation allowance	(29,723)	(25,304)
Total net deferred tax assets	168,144	157,641
Deferred tax liabilities:
Property associated with MPCs, primarily differences in the tax basis of land assets and treatment of interest and other costs	(163,024)	(146,124)
Operating and Strategic Developments properties, primarily differences in basis of assets and liabilities	(67,125)	(59,517)
Deferred income	(118,743)	(109,188)
Total deferred tax liabilities	(348,892)	(314,829)
Total net deferred tax liabilities	$ (180,748)	$ (157,188)

EARNINGS PER SHARE - (Narrative) (Details) $ / shares in Units, $ in Millions		3 Months Ended	12 Months Ended
	Feb. 23, 2018 USD ($) $ / shares shares	Dec. 31, 2019 transaction $ / shares	Dec. 31, 2019 USD ($) transaction $ / shares shares	Dec. 31, 2018 $ / shares
Earnings Per Share [Abstract]
Treasury stock activity (in shares) \| shares	475,920		496,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Number of transactions with unaffiliated entity \| transaction		13	13
Treasury stock activity \| $	$ 57.3		$ 53.9
Treasury stock acquired (in dollars per share)	$ 120.33	$ 108.71

INCOME TAXES (Provision for (Benefit from) Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Provision for (benefit from) income taxes
Current	$ 1,427	$ (703)	$ (2,338)
Deferred income taxes	27,818	16,195	(43,463)
Income tax expense (benefit)	$ 29,245	$ 15,492	$ (45,801)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Other Information) (Details)	Dec. 31, 2019
Weighted-average remaining lease term (years)
Operating leases	37 years
Weighted-average discount rate
Operating leases	7.80%

MORTGAGES, NOTES AND LOANS PAYABLE, NET (Narrative) (Details)																											12 Months Ended
	Jan. 07, 2020 USD ($)	Nov. 19, 2019 USD ($)	Oct. 24, 2019 USD ($)	Oct. 17, 2019 USD ($) extention_option	Oct. 16, 2019	Aug. 06, 2019 USD ($)	Aug. 01, 2019 USD ($)	Jun. 27, 2019 USD ($)	Jun. 20, 2019 USD ($)	Jun. 06, 2019 USD ($)	Jun. 05, 2019 USD ($)	May 23, 2019 USD ($)	May 22, 2019 USD ($)	May 17, 2019 USD ($)	Mar. 12, 2019 USD ($)	Feb. 28, 2019 USD ($)	Dec. 17, 2018 USD ($)	Oct. 11, 2018 USD ($)	Sep. 21, 2018 USD ($)	Sep. 18, 2018 USD ($)	Sep. 11, 2018 USD ($)	Jul. 20, 2018 USD ($)	Apr. 13, 2018 USD ($)	Mar. 26, 2018 USD ($)	Jan. 25, 2018 USD ($)	Jan. 19, 2018 USD ($)	Dec. 31, 2019 USD ($) bond	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 30, 2019 USD ($)	Dec. 05, 2019 USD ($)	Sep. 13, 2019 USD ($)	Aug. 02, 2019 USD ($)	Apr. 09, 2019 USD ($)	Jul. 27, 2018 USD ($)
Mortgages, notes and loans payable
Weighted average interest rate																											4.75%	5.06%
Recourse percentage																											100.00%
Carrying amount																											$ 4,138,618,000	$ 1,000,000,000
Repayment of debt																											386,489,000	838,462,000	$ 1,350,226,000
Gain (loss) on extinguishment of debt																											(4,851,000)		46,410,000
Naming rights and marketing agreement, term																						20 years
Special Improvement District bond transfers associated with land sales																											22,423,000	10,937,000	$ 13,898,000
Unamortized bond issuance costs																											5,249,000	6,096,000
Fair value derivative liabilities																											$ 40,135,000	16,517,000
Prime Rate
Mortgages, notes and loans payable
Interest rate margin (as a percent)																											(4.75%)
Senior Notes
Mortgages, notes and loans payable
Recourse percentage																											100.00%
Interest rate, effective (as a percent)																											5.375%
$700 Million Loan Maturity September 2023
Mortgages, notes and loans payable
Aggregate principal amount of debt issued																				$ 700,000,000.0
Option to increase borrowing capacity																				$ 50,000,000.0
Debt instrument covered, percent																			100.00%
Fixed interest rate																			4.61%
Recourse Debt \| Senior Notes
Mortgages, notes and loans payable
Carrying amount																											$ 1,000,000,000
Construction Loans
Mortgages, notes and loans payable
Aggregate principal amount of debt issued							$ 64,600,000					$ 512,600,000
Construction Loans \| London Interbank Offered Rate (LIBOR)
Mortgages, notes and loans payable
Interest rate margin (as a percent)																				(1.65%)
Construction Loans \| Prime Rate
Mortgages, notes and loans payable
Interest rate margin (as a percent)							(0.40%)
Term Loan \| $700 Million Loan Maturity September 2023
Mortgages, notes and loans payable
Aggregate principal amount of debt issued																			$ 615,000,000.0	$ 615,000,000.0
Operating Assets
Mortgages, notes and loans payable
Carrying amount																											2,249,631,000	1,698,947,000
Strategic Developments revenues
Mortgages, notes and loans payable
Carrying amount																											303,703,000	147,524,000
Master Planned Communities
Mortgages, notes and loans payable
Carrying amount																											$ 235,284,000	226,608,000
The Woodlands Towers at The Waterway \| Operating Assets
Mortgages, notes and loans payable
Recourse percentage																											100.00%
Carrying amount																												0
Interest rate, effective (as a percent)																											3.68%
The Woodlands Towers at The Waterway \| Operating Assets \| Recourse Debt
Mortgages, notes and loans payable
Carrying amount																											$ 336,570,000
The Woodlands Warehouse \| Operating Assets
Mortgages, notes and loans payable
Recourse percentage																											100.00%
Carrying amount																												0
Interest rate, effective (as a percent)																											3.68%
The Woodlands Warehouse \| Operating Assets \| Recourse Debt
Mortgages, notes and loans payable
Carrying amount																											$ 7,230,000
Downtown Summerlin
Mortgages, notes and loans payable
Recourse percentage																											35.00%
Downtown Summerlin \| Operating Assets
Mortgages, notes and loans payable
Carrying amount																											$ 259,179,000	266,755,000
Interest rate, effective (as a percent)																											3.88%
Downtown Summerlin \| Operating Assets \| Recourse Debt
Mortgages, notes and loans payable
Carrying amount																											$ 90,700,000
250 Water Street \| Mortgages
Mortgages, notes and loans payable
Aggregate principal amount of debt issued		$ 100,000,000.0
Extinguishment of debt, discount		$ 4,900,000
Interest rate, stated (as a percent)		3.50%
250 Water Street \| Seaport District
Mortgages, notes and loans payable
Recourse percentage																											35.00%
Facility amount																											$ 100,000,000
Interest rate, effective (as a percent)																											5.23%
250 Water Street \| Seaport District \| Recourse Debt
Mortgages, notes and loans payable
Carrying amount																											$ 35,000,000.0
Outlet Collection at Riverwalk \| Operating Assets
Mortgages, notes and loans payable
Carrying amount																											$ 30,615,000	47,552,000
Interest rate, effective (as a percent)																											4.23%
Outlet Collection at Riverwalk \| Operating Assets \| Recourse Debt \| Construction Loan Payable
Mortgages, notes and loans payable
Recourse percentage																											50.00%
Carrying amount																											$ 15,300,000
110 North Wacker
Mortgages, notes and loans payable
Repayment of debt																										$ 18,900,000
Fair value derivative liabilities																										$ 300,000
110 North Wacker \| Construction Loans
Mortgages, notes and loans payable
Aggregate principal amount of debt issued												558,900,000
Variable interest entity, consolidated, joint venture debt, guarantee amount												100,600,000	$ 92,300,000
Variable interest entity, consolidated, joint venture debt, increase (decrease) guarantee amount												$ 46,300,000
110 North Wacker \| Operating Assets
Mortgages, notes and loans payable
Recourse percentage																											18.00%
110 North Wacker \| Operating Assets \| Recourse Debt
Mortgages, notes and loans payable
Carrying amount																											$ 33,200,000
110 North Wacker \| Strategic Developments revenues
Mortgages, notes and loans payable
Carrying amount																											184,300,000	50,000,000
Facility amount																											$ 558,900,000
Interest rate, effective (as a percent)																											4.73%
Tanager Apartments \| Construction Loans
Mortgages, notes and loans payable
Aggregate principal amount of debt issued																								$ 44,100,000
Interest rate margin (as a percent)																								(2.25%)
Tanager Apartments \| Operating Assets
Mortgages, notes and loans payable
Recourse percentage																											25.00%
Carrying amount																											$ 29,165,000	$ 0
Interest rate, effective (as a percent)																											3.98%
Tanager Apartments \| Operating Assets \| Recourse Debt
Mortgages, notes and loans payable
Carrying amount																											$ 7,300,000
Lakeside Row \| Construction Loans
Mortgages, notes and loans payable
Aggregate principal amount of debt issued																																			$ 34,200,000
Interest rate margin (as a percent)																												(2.25%)
Lakeside Row \| Operating Assets
Mortgages, notes and loans payable
Recourse percentage																											25.00%
Carrying amount																											$ 23,958,000	$ 0
Facility amount																											$ 34,231,000
Interest rate, effective (as a percent)																											3.98%
Lakeside Row \| Operating Assets \| Recourse Debt
Mortgages, notes and loans payable
Carrying amount																											$ 6,000,000.0
Juniper Apartments \| Strategic Developments revenues
Mortgages, notes and loans payable
Recourse percentage																											25.00%
Carrying amount																											$ 34,610,000	0
Facility amount																											$ 85,657,000
Interest rate, effective (as a percent)																											4.48%
Juniper Apartments \| Strategic Developments revenues \| Recourse Debt
Mortgages, notes and loans payable
Carrying amount																											$ 8,700,000
‘A‘ali‘i \| Construction Loans
Mortgages, notes and loans payable
Aggregate principal amount of debt issued										$ 293,700,000
Interest rate margin (as a percent)										(3.10%)
‘A‘ali‘i \| Strategic Developments revenues
Mortgages, notes and loans payable
Recourse percentage																											25.00%
Carrying amount																											$ 30,717,000	0
Facility amount																											$ 293,700,000
Interest rate, effective (as a percent)																											4.83%
‘A‘ali‘i \| Strategic Developments revenues \| Recourse Debt
Mortgages, notes and loans payable
Carrying amount																											$ 7,700,000
6100 Merriweather \| Construction Loans
Mortgages, notes and loans payable
Aggregate principal amount of debt issued																					$ 89,800,000
Interest rate margin (as a percent)																					(2.75%)
6100 Merriweather \| Operating Assets
Mortgages, notes and loans payable
Recourse percentage																											25.00%
Carrying amount																											$ 36,418,000	0
Facility amount																											$ 89,844,000
Interest rate, effective (as a percent)																											4.48%
6100 Merriweather \| Operating Assets \| Recourse Debt
Mortgages, notes and loans payable
Carrying amount																											$ 9,100,000
Woodlands Properties
Mortgages, notes and loans payable
Pledged assets, not separately reported																											6,900,000,000
Creekside Park West \| Construction Loans
Mortgages, notes and loans payable
Aggregate principal amount of debt issued															$ 18,000,000.0
Interest rate margin (as a percent)															(2.25%)
Creekside Park West \| Mortgages
Mortgages, notes and loans payable
Aggregate principal amount of debt issued																																$ 37,700,000
Interest rate, stated (as a percent)																																3.52%
Creekside Park West \| Operating Assets
Mortgages, notes and loans payable
Carrying amount																											8,505,000	0
Facility amount																											$ 18,000,000
Interest rate, effective (as a percent)																											3.98%
The Woodlands Towers At The Waterway And The Woodlands Warehouse \| Term Loan
Mortgages, notes and loans payable
Aggregate principal amount of debt issued																														$ 343,800,000
The Woodlands Towers At The Waterway And The Woodlands Warehouse \| Operating Assets
Mortgages, notes and loans payable
Facility amount																											$ 343,800,000
Interest rate, effective (as a percent)																														1.95%
Three Hughes Landing \| Operating Assets
Mortgages, notes and loans payable
Carrying amount																											59,822,000	55,759,000
Facility amount																											$ 61,200,000				$ 61,200,000
Interest rate, effective (as a percent)																											4.33%				2.60%
Outlet Collection at Riverwalk \| Mortgages
Mortgages, notes and loans payable
Aggregate principal amount of debt issued			$ 47,900,000
Long-term line of credit			30,900,000
Repayment of debt			$ 15,000,000.0
Outlet Collection at Riverwalk \| Mortgages \| London Interbank Offered Rate (LIBOR)
Mortgages, notes and loans payable
Interest rate margin (as a percent)			(2.50%)
Aristocrat \| Construction Loans
Mortgages, notes and loans payable
Aggregate principal amount of debt issued							$ 31,100,000																										$ 38,300,000
Interest rate, stated (as a percent)							3.67%
Aristocrat \| Operating Assets
Mortgages, notes and loans payable
Carrying amount																											$ 38,055,000	21,296,000
Interest rate, effective (as a percent)																											3.67%
Two Summerlin \| Construction Loans
Mortgages, notes and loans payable
Aggregate principal amount of debt issued							$ 33,500,000
Interest rate, stated (as a percent)							4.25%
Two Summerlin \| Operating Assets
Mortgages, notes and loans payable
Carrying amount																											$ 33,183,000	14,431,000
Interest rate, effective (as a percent)																											4.25%
HHC 242 Self-Storage
Mortgages, notes and loans payable
Long-term line of credit																																		$ 5,500,000
HHC 242 Self-Storage \| Operating Assets
Mortgages, notes and loans payable
Carrying amount																											$ 5,499,000	6,604,000
Interest rate, effective (as a percent)																											4.33%
HHC 2978 Self-Storage
Mortgages, notes and loans payable
Long-term line of credit																																		$ 5,400,000
HHC 2978 Self-Storage \| Operating Assets
Mortgages, notes and loans payable
Carrying amount																											$ 5,395,000	6,042,000
Interest rate, effective (as a percent)																											4.33%
Ae'o \| Construction Loans
Mortgages, notes and loans payable
Aggregate principal amount of debt issued																												174,000,000.0
The Woodlands Resort & Conference Center \| Mortgages
Mortgages, notes and loans payable
Interest rate margin (as a percent)																(2.50%)
Extension option, term																1 year
The Woodlands Resort & Conference Center \| Operating Assets
Mortgages, notes and loans payable
Carrying amount																$ 62,500,000												62,500,000
Interest rate, effective (as a percent)																											4.23%
Lakefront North \| Construction Loans
Mortgages, notes and loans payable
Aggregate principal amount of debt issued																	$ 51,800,000
Extension option, term																	1 year
Lakefront North \| Construction Loans \| London Interbank Offered Rate (LIBOR)
Mortgages, notes and loans payable
Interest rate margin (as a percent)																	(2.00%)
Lakefront North \| Operating Assets
Mortgages, notes and loans payable
Carrying amount																											$ 32,731,000	21,120,000
Facility amount																											$ 51,821,000
Interest rate, effective (as a percent)																											3.73%
Mortgaged Properties
Mortgages, notes and loans payable
Repayment of debt																											$ 608,700,000
Gain (loss) on extinguishment of debt																											700,000
Unamortized bond issuance costs																											8,600,000
Merriweather District \| Construction Loans
Mortgages, notes and loans payable
Aggregate principal amount of debt issued																					$ 85,700,000
Summerlin Ballpark \| Construction Loans
Mortgages, notes and loans payable
Aggregate principal amount of debt issued																						$ 51,200,000
Interest rate margin (as a percent)																						(4.92%)
Lakeland Village Center
Mortgages, notes and loans payable
Repayment of debt																							$ 11,800,000
Lake Woodlands Crossing Retail \| Construction Loans
Mortgages, notes and loans payable
Recourse percentage																									15.00%
Aggregate principal amount of debt issued																									$ 15,500,000
Interest rate margin (as a percent)																									(1.80%)
Maximum recourse percentage, upon achievement of conditions																									50.00%
Percentage cf occupancy of real estate property																									90.00%
Lake Woodlands Crossing Retail \| Operating Assets
Mortgages, notes and loans payable
Carrying amount																											12,163,000	9,539,000
Facility amount																											$ 15,523,000
Interest rate, effective (as a percent)																											3.53%
The Woodlands \| Line of Credit
Mortgages, notes and loans payable
Carrying amount				$ 250,000,000.0
Interest rate margin (as a percent)				(2.50%)	(2.87%)
Number of extension options \| extention_option				2
Extension option, term				1 year
Bridgeland \| Master Planned Communities \| Bridgeland Credit Facility
Mortgages, notes and loans payable
Carrying amount																											$ 107,500,000	65,000,000
Facility amount																											$ 250,000,000
Interest rate, effective (as a percent)																											4.23%
Repayments of Lines of Credit				$ 215,000,000.0
Summerlin \| Special Improvement District bonds
Mortgages, notes and loans payable
Interest rate, stated (as a percent)																											4.00%
Number of bonds \| bond																											1
Secured Debt																											$ 32,000,000.0	0
Special Improvement District bond transfers associated with land sales																											22,300,000	10,900,000
Millennium Phase III Apartments \| Construction Loans
Mortgages, notes and loans payable
Aggregate principal amount of debt issued						$ 30,700,000
Interest rate margin (as a percent)						(1.75%)
Millennium Phase III Apartments \| Strategic Developments revenues
Mortgages, notes and loans payable
Carrying amount																											1,000	0
Facility amount																											$ 30,700,000
Interest rate, effective (as a percent)																											3.48%
8770 New Trails \| Construction Loans
Mortgages, notes and loans payable
Aggregate principal amount of debt issued								$ 35,500,000
Interest rate, stated (as a percent)								4.89%
Interest rate, effective (as a percent)								4.89%
Interest rate margin (as a percent)								(2.45%)
8770 New Trails \| Strategic Developments revenues
Mortgages, notes and loans payable
Carrying amount																											$ 15,124,000	0
Facility amount																											$ 35,487,000
Interest rate, effective (as a percent)																											4.89%
Ke Kilohana \| Construction Loans
Mortgages, notes and loans payable
Long-term line of credit											$ 121,700,000
Repayment of debt											$ 142,700,000
Ke Kilohana \| Strategic Developments revenues
Mortgages, notes and loans payable
Carrying amount																											$ 0	96,757,000
Interest rate, effective (as a percent)																											5.75%
Two Lakes Edge \| Construction Loans
Mortgages, notes and loans payable
Aggregate principal amount of debt issued																		$ 74,000,000.0
Extension option, term																		1 year
Two Lakes Edge \| Construction Loans \| London Interbank Offered Rate (LIBOR)
Mortgages, notes and loans payable
Interest rate margin (as a percent)																		(2.15%)
Two Lakes Edge \| Strategic Developments revenues
Mortgages, notes and loans payable
Carrying amount																											$ 38,214,000	$ 0
Facility amount																											$ 74,035,000
Interest rate, effective (as a percent)																											3.88%
Revolving Credit Facility \| Line of Credit \| $700 Million Loan Maturity September 2023
Mortgages, notes and loans payable
Aggregate principal amount of debt issued																				$ 85,000,000.0
Woodlands Land Development Company \| 100 Fellowship Drive, Lakefront North, Three Hughes Landing, The Woodlands Resort And Conference Center And Lake Woodlands Crossing \| Operating Assets \| Recourse Debt
Mortgages, notes and loans payable
Carrying amount																											$ 35,700,000
Seaport District \| Term Loan
Mortgages, notes and loans payable
Aggregate principal amount of debt issued									$ 250,000,000.0
Interest rate, stated (as a percent)									6.10%
Seaport District \| Term Loan \| London Interbank Offered Rate (LIBOR)
Mortgages, notes and loans payable
Interest rate margin (as a percent)									(4.10%)
Debt Instrument, LIBOR Cap									2.30%
Debt Instrument, LIBOR Floor									0.00%
Mr. C Seaport
Mortgages, notes and loans payable
Aggregate principal amount of debt issued														$ 41,000,000.0
Mr. C Seaport \| London Interbank Offered Rate (LIBOR)
Mortgages, notes and loans payable
Interest rate margin (as a percent)														(4.50%)
Naming Rights And Marketing Agreement
Mortgages, notes and loans payable
Revenue																						$ 4,000,000.0
Subsequent Event \| Creekside Park West \| Construction Loans
Mortgages, notes and loans payable
Extension option, term	1 year
Subsequent Event \| Creekside Park West \| Construction Loans
Mortgages, notes and loans payable
Aggregate principal amount of debt issued	$ 43,400,000
Interest rate, stated (as a percent)	1.75%

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

EARNINGS PER SHARE

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

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



	December 31,
(In thousands, except per share amounts)	2019			2018			2017
Basic EPS:
Numerator:
Net income	$	74,295		$	57,726		$	166,623
Net income attributable to noncontrolling interests	(339		)	(714		)	1,781
Net income attributable to common stockholders	$	73,956		$	57,012		$	168,404

Denominator:
Weighted-average basic common shares outstanding	43,136			43,036			41,364

Diluted EPS:
Numerator:
Net income attributable to common stockholders	$	73,956		$	57,012		$	168,404

Denominator:
Weighted-average basic common shares outstanding	43,136			43,036			41,364
Restricted stock and stock options	168			201			279
Warrants	4			—			1,446
Weighted-average diluted common shares outstanding (a)	43,308			43,237			43,089

Basic income per share:	$	1.71		$	1.32		$	4.07
Diluted income per share:	$	1.71		$	1.32		$	3.91

(a)

The diluted EPS computation excludes 379,608, 425,908 and 313,500 shares of stock options as of December 31, 2019, 2018 and 2017, respectively, because their inclusion would have been anti-dilutive. The diluted EPS computation also excludes 235,894, 205,979 and 161,155 shares of restricted stock because performance conditions provided for in the restricted stock awards have not been satisfied as of December 31, 2019, 2018 and 2017, respectively.

During the fourth quarter of 2019, the Company repurchased 496,000 shares of its common stock, par value $0.01 per share, in 13 transactions with an unaffiliated entity. These transactions were funded with cash on hand for $53.9 million, or approximately $108.71 per share. On February 23, 2018, the Company repurchased 475,920 shares of its common stock, par value $0.01 per share, in a private transaction with an unaffiliated entity at a purchase price of $120.33 per share, or $57.3 million in the aggregate. The repurchase transaction was consummated on February 21, 2018 and was funded with cash on hand.

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Schedule of quarterly financial information



	2019
	First		Second		Third		Fourth
(In thousands, except share amounts)	Quarter		Quarter		Quarter		Quarter
Total revenues	$	353,890	$	431,316	$	231,172	$	284,161
Operating income	53,743		33,399		46,639		16,529
Net income	31,925		13,328		30,043		(1,001		)
Net income attributable to common stockholders	31,821		13,477		29,758		(1,100		)
Earnings per share:
Basic	0.74		0.31		0.69		(0.03		)
Diluted (a)	0.74		0.31		0.69		(0.03		)
Weighted-average shares outstanding:
Basic	43,106		43,113		43,134		43,190
Diluted	43,257		43,271		43,428		43,356



	2018
	First		Second			Third		Fourth
(In thousands, except share amounts)	Quarter		Quarter			Quarter		Quarter
Total revenues	$	161,679	$	181,005		$	257,160	$	464,693
Operating income	2,539		(8,295		)	42,312		70,254
Net income	1,834		(5,879		)	23,847		37,924
Net income attributable to common stockholders	1,474		(5,088		)	23,365		37,261
Earnings per share:
Basic	0.03		(0.12		)	0.54		0.87
Diluted (a)	0.03		(0.12		)	0.54		0.86
Weighted-average shares outstanding:
Basic	42,976		42,573			43,066		43,075
Diluted	43,363		42,942			43,317		43,250

(a)

Diluted earnings per share includes the impact of dilutive warrants, in the money options and restricted stock.

INTANGIBLES (Details) - USD ($) $ in Thousands	12 Months Ended
INTANGIBLES (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Intangible assets and liabilities
Indefinite lived intangibles	$ 25,028	$ 25,028
Goodwill	1,307	1,307
Total indefinite lived intangibles	26,335	26,335
Total amortizing intangibles	59,871	29,313
Amortization/accretion of intangible assets and liabilities	2,100	6,000	$ 8,900
Estimated future amortization
2020	5,800
2021	5,300
2022	4,900
2023	4,500
Thereafter	39,400
Other Intangible Asset
Intangible assets and liabilities
Gross Assets	10,278	10,278
Accumulated Amortization	(3,338)	(2,658)
Net Carrying Amount	6,940	7,620
In-place leases
Intangible assets and liabilities
Gross Assets	66,606	19,966
Accumulated Amortization	(12,135)	(13,427)
Net Carrying Amount	54,471	6,539
Tenant Leases above Market
Intangible assets and liabilities
Gross Assets	2,247	3,313
Accumulated Amortization	(1,691)	(2,269)
Net Carrying Amount	556	1,044
Tenant Leases below Market
Intangible assets and liabilities
Gross Liability	(7,008)	(7,326)
Accumulated Accretion	4,912	3,140
Net Carrying Amount	(2,096)	(4,186)
Below-market ground leases
Intangible assets and liabilities
Gross Assets	0	23,096
Accumulated Amortization	0	(4,800)
Net Carrying Amount	$ 0	$ 18,296

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

12 Months Ended

Dec. 31, 2019

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

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

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



(In thousands)
Balance as of December 31, 2017	$	(6,965	)
Other comprehensive income (loss) before reclassifications	2,120
(Gain) loss reclassified from accumulated other comprehensive loss to net income	(1,135		)
Adjustment related to adoption of ASU 2018-02	(1,148		)
Balance as of Adjustment related to adoption of ASU 2017-12	(739		)
Pension adjustment	759
Terminated swap amortization	(1,018		)
Net current-period other comprehensive income (loss)	(1,161		)
Balance as of December 31, 2018	(8,126		)
Other comprehensive income (loss) before reclassifications	(19,318		)
(Gain) loss reclassified from accumulated other comprehensive loss to net income	770
Pension adjustment	11
Terminated swap amortization	(2,709		)
Net current-period other comprehensive income (loss)	(21,246		)
Balance as of Balance as of December 31, 2019	$	(29,372	)

The following table summarizes the amounts reclassified out of AOCI:



		Amounts reclassified from Accumulated Other Comprehensive Income (Loss)
(In thousands)	Affected line items in the	For the Year Ended
Accumulated Other Comprehensive Income (Loss) Components	Statements of Operations	2019			2018
(Gains) losses on cash flow hedges	Interest expense	$	974		$	(1,437	)
Interest rate swap contracts	Provision for income taxes	(204		)	302
Total reclassifications of (income) loss for the period	Net of tax	$	770		$	(1,135	)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Lease Costs) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Accounting Policies [Abstract]
Operating lease cost	$ 9,082
Variable lease costs	1,682
Sublease income	0
Net lease cost	$ 10,764

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Selling Profit and Interest Income from Sales-type Leases) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Selling profit from sales-type leases	$ 13,537
Interest income from sales-type leases	$ 2,189	$ 0	$ 0

SEGMENTS (Summary of Assets by Segment and Reconciliation of Segment Assets to Total Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of total segment assets to total assets
Assets	$ 8,413,766	$ 7,355,799
Operating Segments
Reconciliation of total segment assets to total assets
Assets	8,113,418	7,017,374
Operating Segments \| Operating Assets revenues
Reconciliation of total segment assets to total assets
Assets	3,476,718	2,562,257
Operating Segments \| Master Planned Communities revenues
Reconciliation of total segment assets to total assets
Assets	2,166,472	2,076,678
Operating Segments \| Seaport revenues
Reconciliation of total segment assets to total assets
Assets	930,067	839,522
Operating Segments \| Strategic Developments revenues
Reconciliation of total segment assets to total assets
Assets	1,540,161	1,538,917
Corporate
Reconciliation of total segment assets to total assets
Assets	$ 300,348	$ 338,425

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Minimum Rents Associated with Sales-type Leases) (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Accounting Policies [Abstract]
2020	$ 5,462
2021	5,592
2022	5,725
2023	5,862
2024	6,023
Thereafter	104,133
Total	$ 132,797

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Summary of Asset Useful Lives, by Type) (Details)	12 Months Ended
	Dec. 31, 2019
Building and Building Improvements \| Minimum
Estimated useful lives	7 years
Building and Building Improvements \| Maximum
Estimated useful lives	40 years
Equipment and fixtures \| Minimum
Estimated useful lives	5 years
Equipment and fixtures \| Maximum
Estimated useful lives	20 years
Computer, Hardware and Software and Vehicles \| Minimum
Estimated useful lives	3 years
Computer, Hardware and Software and Vehicles \| Maximum
Estimated useful lives	5 years

ACQUISITIONS AND DISPOSITIONS ACQUISITIONS AND DISPOSITIONS (Asset Acquisition) (Details) $ in Thousands	Dec. 30, 2019 USD ($)
Schedule Of Asset Acquisition, By Acquisition [Line Items]
Building	$ 406,091
Tenant improvements	58,869
In-place leases	50,921
Land	46,851
Leasing commission	19,319
Site Improvements	2,241
Legal and marketing costs	19
Total	584,311
The Woodlands Towers at The Waterway
Schedule Of Asset Acquisition, By Acquisition [Line Items]
Building	377,308
Tenant improvements	58,869
In-place leases	49,511
Land	11,044
Leasing commission	18,599
Site Improvements	1,384
Legal and marketing costs	16
Total	516,731
The Woodlands Warehouse
Schedule Of Asset Acquisition, By Acquisition [Line Items]
Building	4,198
Tenant improvements	0
In-place leases	1,410
Land	4,480
Leasing commission	720
Site Improvements	190
Legal and marketing costs	3
Total	11,001
Waterway Land
Schedule Of Asset Acquisition, By Acquisition [Line Items]
Building	0
Tenant improvements	0
In-place leases	0
Land	11,511
Leasing commission	0
Site Improvements	0
Legal and marketing costs	0
Total	11,511
Century Park
Schedule Of Asset Acquisition, By Acquisition [Line Items]
Building	24,585
Tenant improvements	0
In-place leases	0
Land	19,816
Leasing commission	0
Site Improvements	667
Legal and marketing costs	0
Total	$ 45,068

FAIR VALUE (Reconciliation of Warrants Using Level 3 Inputs) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3)
Exercises of Sponsor and Management Warrants			$ 375,613
Level 3 \| Warrant
Reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3)
Balance at the beginning of the period	$ 0	$ 0	332,170
Warrant liability loss (gain)	0	0	43,443
Exercises of Sponsor and Management Warrants	0	0	(375,613)
Balance at the end of the period	$ 0	$ 0	$ 0

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 up‑front 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 up‑front premium. The Company’s interest rate caps are not currently designated as hedges, and therefore, any gain or loss is recognized in current-period earnings. These derivatives are recorded on a gross basis at fair value on the balance sheet.

Assessments of hedge effectiveness are performed quarterly using regression analysis. The change in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in Accumulated Other Comprehensive Income (“AOCI”) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings within the same income statement line item being hedged. During the year ended December 31, 2017, the ineffective portion recorded in Other (loss) income, net was $0.7 million. In 2018, the Company reclassified ineffectiveness recorded in 2017 and prior to Accumulated deficit

as of January 1, 2018, upon adoption of ASU 2017-12. 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 from operating activities within the Consolidated Statements of Cash Flows.

The Company is exposed to credit risk in the event of non-performance by its derivative counterparties. The Company evaluates counterparty credit risk through monitoring the creditworthiness of counterparties, which includes review of debt ratings and financial performance. To mitigate its credit risk, the Company enters into agreements with counterparties that are considered credit-worthy, such as large financial institutions with favorable credit ratings. As of December 31, 2019 and 2018, there were no events of default.

If the derivative contracts are terminated prior to their maturity, the amounts previously recorded in AOCI are recognized into earnings over the period that the hedged transaction impacts earnings. If the hedging relationship is discontinued because it is probable that the forecasted transaction will not occur in accordance with the original strategy, any related amounts previously recorded in AOCI are recognized in earnings immediately. During the years ended December 31, 2019 and 2018, there was one termination event and four termination events, respectively, as discussed below. During the year ended December 31, 2019, the Company recorded $3.8 million reduction in Interest expense related to the amortization of terminated swaps.

During the year ended December 31, 2019, the Company settled one interest rate cap agreement with a notional amount of $230.0 million and received payment of $0.2 million. During the year ended December 31, 2018, the Company settled four interest rate swap agreements with notional amounts of $18.9 million, $250.0 million, $40.0 million and $119.4 million, all designated as cash flow hedges of interest rate variability, and received total payments of $15.8 million, net of a termination fee of $0.3 million. The Company has deferred the effective portion of the fair value changes of three interest rate swap agreements in Accumulated other comprehensive loss on the accompanying Consolidated Balance Sheets and will recognize the impact as a component of Interest expense over the next 8.0, 1.7 and 0.3 years, which are what remain of the original forecasted periods.

Amounts reported in AOCI related to derivatives will be reclassified to Interest expense as interest payments are made on the Company’s variable‑rate debt. Over the next 12 months, HHC estimates that an additional $7.1 million of net loss will be reclassified to Interest expense.

The following table summarizes certain terms of the Company’s derivative contracts:



					Fixed				Fair Value Asset (Liability)
			Notional		Interest		Effective	Maturity	December 31,			December 31,
(In thousands)		Balance Sheet Location	Amount		Rate (a)		Date	Date	2019			2018
Derivative instruments not designated as hedging instruments:
Interest rate cap	(b) (c)	Prepaid expenses and other assets, net	$	230,000	2.50	%	12/22/2016	12/23/2019	$	—		$	333
Interest rate cap	(b) (d)	Prepaid expenses and other assets, net	75,000		5.00	%	8/31/2019	8/31/2020	—			—
Derivative instruments designated as hedging instruments:
Interest rate collar	(e)	Prepaid expenses and other assets, net	51,592		1.50% - 2.50%		7/1/2018	5/1/2019	—			13
Interest rate collar	(e)	Accounts payable and accrued expenses	193,967		2.00% - 3.00%		5/1/2019	5/1/2020	(182		)	(37		)
Interest rate collar	(e)	Accounts payable and accrued expenses	354,217		2.25% - 3.25%		5/1/2020	5/1/2021	(2,074		)	(730		)
Interest rate collar	(e)	Accounts payable and accrued expenses	381,404		2.75% - 3.50%		5/1/2021	4/30/2022	(4,578		)	(1,969		)
Interest rate swap	(f)	Accounts payable and accrued expenses	615,000		2.96	%	9/21/2018	9/18/2023	(31,187		)	(13,781		)
Interest rate swap	(g)	Accounts payable and accrued expenses	1,810		4.89	%	11/1/2019	1/1/2032	(2,114		)	—
Total fair value derivative assets									$	—		$	346
Total fair value derivative liabilities									$	(40,135	)	$	(16,517	)


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


(b)	Interest income of $0.2 million is included in the Consolidated Statements of Operations for the years ended December 31, 2019 and 2018 related to these contracts.


(c)	The Company settled this Interest rate cap on February 1, 2019.


(d)	On August 30, 2019, the Company executed an agreement to extend the maturing position of this cap.


(e)	On May 17, 2018 and May 18, 2018, the Company entered into these interest rate collars which are designated as cash flow hedges. On May 1, 2019, the $51.6 million interest rate collar matured as scheduled.


(f)	Concurrent with the funding of the new $615.0 million Term Loan, on September 21, 2018, the Company entered into this interest rate swap which is designated as a cash flow hedge.


(g)	Concurrent with the closing of the $35.5 million construction loan for 8770 New Trails on June 27, 2019, the Company entered into this interest rate swap which is designated as a cash flow hedge.

The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31, 2019, 2018 and 2017:



	Amount of (Loss) Gain Recognized
	in AOCI on Derivative
	December 31,
Derivatives in Cash Flow Hedging Relationships	2019			2018		2017
Interest rate derivatives	$	(19,245	)	$	2,090	$	(726	)



	Amount of (Loss) Gain Reclassified from
	AOCI into Operations
	December 31,
Location of Loss Reclassified from AOCI into Operations	2019			2018		2017
Interest expense	$	(770	)	$	1,135	$	(905	)



	Total Interest Expense Presented
	in the Results of Operations in which
	the Effects of Cash Flow Hedges are Recorded
	December 31,
Interest Expense Presented in Results of Operations	2019		2018		2017
Interest expense	$	105,374	$	82,028	$	64,568

Credit-risk-related Contingent Features

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

As of December 31, 2019 and 2018, 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 $41.6 million and $18.2 million, respectively. As of December 31, 2019, the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions at December 31, 2019, it could have been required to settle its obligations under the agreements at their termination value of $41.6 million.

INCOME TAXES (Computation of Income Tax Expense by Applying Federal Corporate Tax Rate) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of income tax expense computed by applying the Federal corporate tax rate to the provision for income taxes
Tax at statutory rate on earnings from continuing operations before income taxes	$ 21,672	$ 15,226	$ 42,911
Increase (decrease) in valuation allowance, net	4,419	8,033	(175)
State income taxes, net of Federal income tax benefit	417	(4,933)	1,408
Tax benefit from Tax Act	0	0	(101,688)
Tax expense (benefit) from other change in rates, prior period adjustments and other permanent differences	250	(1,292)	2,941
Tax benefit on equity compensation	(317)	(1,490)	(6,403)
Tax expense on compensation disallowance	2,804	1,168	0
Tax benefit on historic tax credit	0	(1,220)	0
Non-deductible warrant liability loss	0	0	15,205
Income tax expense (benefit)	$ 29,245	$ 15,492	$ (45,801)

Label	Element	Value
Accounting Standards Update 2017-12 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 0
Accounting Standards Update 2017-12 [Member] \| AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(739,000)
Accounting Standards Update 2017-12 [Member] \| Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	739,000
Accounting Standards Update 2014-09 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(69,732,000)
Accounting Standards Update 2014-09 [Member] \| Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(69,732,000)
Accounting Standards Update 2014-09 [Member] \| Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(69,732,000)
Accounting Standards Update 2018-02 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	0
Accounting Standards Update 2018-02 [Member] \| AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(1,148,000)
Accounting Standards Update 2018-02 [Member] \| Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 1,148,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Summary of Developments by Category) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Developments
Land and improvements	$ 423,520	$ 456,450
Development costs	1,022,477	829,842
Condominium projects	0	3,776
Total Developments	$ 1,445,997	$ 1,290,068

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Summary of Changes in Accumulated Other Comprehensive Income) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Accumulated Other Comprehensive Income (Loss) [Line Items]

Balance at the beginning of the period

$ 3,238,126

$ 3,188,551

$ 2,571,510

Other comprehensive income (loss) before reclassifications

(19,318)

2,120

^[1]

(1,148)

^[2]

(739)

Net current-period other comprehensive income (loss)

(21,246)

(1,161)

Balance at the end of the period

3,332,988

3,238,126

3,188,551

Total

Accumulated Other Comprehensive Income (Loss) [Line Items]

Balance at the beginning of the period

(8,126)

(6,965)

(6,786)

(1,148)

Balance at the end of the period

(29,372)

(8,126)

$ (6,965)

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

Accumulated Other Comprehensive Income (Loss) [Line Items]

Reclassification

770

(1,135)

Pension adjustment

Accumulated Other Comprehensive Income (Loss) [Line Items]

Reclassification

759

Terminated swap amortization

Accumulated Other Comprehensive Income (Loss) [Line Items]

Reclassification

$ (2,709)

$ (1,018)

[1]	The Company adopted Accounting Standards Update (“ASU”) 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, as of January 1, 2018.
[2]	The Company adopted ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, as of January 1, 2018.

SEGMENTS (Summary of Segment Operating Results) (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019 USD ($) ft²	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2019 USD ($) ft² segment location	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Sep. 07, 2018 ft²
Segments reporting
Number of operating segments \| segment									4
Total revenues	$ 284,161	$ 231,172	$ 431,316	$ 353,890	$ 464,693	$ 257,160	$ 181,005	$ 161,679	$ 1,300,539	$ 1,064,537	$ 1,100,120
Depreciation and amortization									(155,798)	(126,565)	(132,252)
Other income (loss), net									12,179	(936)	3,248
Equity in earnings from real estate and other affiliates									30,629	39,954	25,498
Gain (loss) on sale or disposal of real estate and other assets, net									22,362	(4)	55,235
Gain (loss) on extinguishment of debt									4,851		(46,410)
Gain on acquisition of joint venture partner's interest									0	0	23,332
Selling profit from sales-type leases									(13,537)
Segment EBT									103,540	73,218	120,822
Net income	(1,001)	30,043	13,328	31,925	37,924	23,847	(5,879)	1,834	74,295	57,726	166,623
Net (income) loss attributable to noncontrolling interests									(339)	(714)	1,781
Net income attributable to common stockholders	$ (1,100)	$ 29,758	$ 13,477	$ 31,821	$ 37,261	$ 23,365	$ (5,088)	$ 1,474	$ 73,956	57,012	168,404
Area of real estate property \| ft²												258,000
Number of operating locations \| location									2
Operating Assets revenues
Segments reporting
Total revenues									$ 400,131	348,242
Master Planned Communities revenues
Segments reporting
Total revenues									386,781	309,451
Seaport revenues
Segments reporting
Total revenues									$ 55,645	32,632
Area of real estate property \| ft²	453,000								453,000
Number of primary locations \| location									3
Strategic Developments revenues
Segments reporting
Total revenues									$ 457,948	374,212
Operating Segments
Segments reporting
Total revenues									1,300,505	1,064,537	1,100,120
Total operating expenses									(846,769)	(674,441)	(691,672)
Operating income									453,736	390,096	408,448
Depreciation and amortization									(147,777)	(119,309)	(125,638)
Interest expense (income), net									(50,554)	(25,865)	(11,825)
Other income (loss), net									2,552	(3,972)	3,293
Equity in earnings from real estate and other affiliates									30,629	39,937	25,953
Gain (loss) on extinguishment of debt									4,851	0	0
Gain on acquisition of joint venture partner's interest									0	0	23,332
Selling profit from sales-type leases									13,537	0	0
Gains on sales of properties									27,113	(4)	55,110
Segment EBT									334,087	280,883	378,673
Operating Segments \| Operating Assets revenues
Segments reporting
Total revenues									400,131	348,242	317,296
Total operating expenses									(187,322)	(164,445)	(158,421)
Operating income									212,809	183,797	158,875
Depreciation and amortization									(115,499)	(103,293)	(117,835)
Interest expense (income), net									(81,029)	(71,551)	(61,583)
Other income (loss), net									1,142	(7,107)	(279)
Equity in earnings from real estate and other affiliates									3,672	1,994	3,735
Gain (loss) on sale or disposal of real estate and other assets, net									0	(4)	3,868
Selling profit from sales-type leases									13,537	0	0
Segment EBT									34,632	3,836	10,113
Operating Segments \| Master Planned Communities revenues
Segments reporting
Total revenues									386,781	309,451	299,543
Total operating expenses									(189,727)	(169,474)	(159,895)
Operating income									197,054	139,977	139,648
Depreciation and amortization									(424)	(243)	(323)
Interest expense (income), net									32,019	26,919	24,292
Other income (loss), net									601	18	3,500
Equity in earnings from real estate and other affiliates									28,336	36,284	23,234
Segment EBT									257,586	202,955	190,351
Operating Segments \| Seaport revenues
Segments reporting
Total revenues									55,645	32,632	10,259
Total operating expenses									(77,872)	(49,716)	(13,136)
Operating income									(22,227)	(17,084)	(2,877)
Depreciation and amortization									(26,381)	(12,466)	(6,270)
Interest expense (income), net									(12,865)	6,291	13,229
Other income (loss), net									(22)	102	(37)
Equity in earnings from real estate and other affiliates									(2,592)	(705)	(643)
Gain (loss) on sale or disposal of real estate and other assets, net									(6)	0	0
Gain (loss) on extinguishment of debt									4,851	0	0
Segment EBT									(59,242)	(23,862)	3,402
Operating Segments \| Strategic Developments revenues
Segments reporting
Total revenues									457,948	374,212	473,022
Total operating expenses									(391,848)	(290,806)	(360,220)
Operating income									66,100	83,406	112,802
Depreciation and amortization									(5,473)	(3,307)	(1,210)
Interest expense (income), net									11,321	12,476	12,237
Other income (loss), net									831	3,015	109
Equity in earnings from real estate and other affiliates									1,213	2,364	(373)
Gains on sales of properties									27,119	0	51,242
Segment EBT									101,111	97,954	174,807
Corporate
Segments reporting
Corporate expenses and other items									$ (259,792)	$ (223,157)	$ (212,050)
Tin Building \| Seaport revenues
Segments reporting
Area of real estate property \| ft²	53,000								53,000

IMPAIRMENT	12 Months Ended
IMPAIRMENT	Dec. 31, 2019
Asset Impairment Charges [Abstract]
IMPAIRMENT	IMPAIRMENT The Company reviews its real estate assets for potential impairment indicators whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment or disposal of long‑lived assets in accordance with ASC 360 requires that if impairment indicators exist and expected undiscounted cash flows generated by the asset over an anticipated holding period are less than its carrying amount, an impairment provision should be recorded to write down the carrying amount of the asset to its fair value. The impairment analysis does not consider the timing of future cash flows and whether the asset is expected to earn an above- or below-market rate of return. Each investment in real estate and other affiliates as discussed in Note 2 - Real Estate and Other Affiliates is evaluated periodically for recoverability and valuation declines that are other-than-temporary. If the decrease in value of an investment in a real estate and other affiliate is deemed to be other-than-temporary, the investment in such real estate and other affiliates is reduced to its estimated fair value. No impairment charges were recorded during the years ended December 31, 2019, 2018 and 2017. The Company frequently 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.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Summary of Amounts Reclassified Out of AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reclassifications out of accumulated other comprehensive income (loss)
Interest expense									$ (105,374)	$ (82,028)	$ (64,568)
Provision for income taxes									29,245	15,492	(45,801)
Net of tax	$ 1,001	$ (30,043)	$ (13,328)	$ (31,925)	$ (37,924)	$ (23,847)	$ 5,879	$ (1,834)	(74,295)	(57,726)	$ (166,623)
Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of accumulated other comprehensive income (loss)
Net of tax									770	(1,135)
(Gain) loss reclassified from accumulated other comprehensive loss to net income \| Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of accumulated other comprehensive income (loss)
Interest expense									974	(1,437)
(Gain) loss reclassified from accumulated other comprehensive loss to net income \| Interest rate swap contracts \| Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of accumulated other comprehensive income (loss)
Provision for income taxes									$ (204)	$ 302

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=114867106&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=114867106&loc=SL7669625-108580

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=84234705&loc=SL4591551-111686

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109223946&loc=d3e3000-108585

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=84234705&loc=SL4591552-111686

+ Details

INCOME TAXES (Narrative) (Details) - USD ($)		12 Months Ended
INCOME TAXES (Narrative) (Details) - USD ($)	Feb. 27, 2012	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
One-time transition benefit		$ 101,700,000
Section 382 Rights Agreement term	3 years
Gross deferred tax assets			$ 197,867,000	$ 182,945,000
Deferred tax liabilities			348,892,000	314,829,000
Valuation allowance			$ 29,723,000	25,304,000
Unrecognized tax benefits		$ 0		$ 0

INCOME TAXES

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

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.

On December 22, 2017, President Trump signed into law the Tax Act that significantly changes the United States federal income tax system. The Tax Act includes a number of changes in existing law including a permanent reduction in the federal income tax rate from 35% to 21%. The rate reduction took effect on January 1, 2018. As a result of the reduction in the federal income tax rate to 21% and other changes under the Tax Act that impact timing differences, the Company recorded a one-time transitional tax benefit of $101.7 million in its Consolidated Statements of Operations in 2017 related to the remeasurement of its net deferred tax liabilities. As of December 31, 2017, the Company had not fully completed its accounting for the tax effects of the Tax Act. Accordingly, the Company’s provision for income taxes for the year ended December 31, 2017 was based in part on a reasonable estimate of the effects on its transition tax and existing deferred tax balances. The Company completed its analysis of the effects of the Tax Act in 2018 based upon the guidance, interpretations and data available as of December 31, 2018, and there were no additional adjustments of significance.

The provision for (benefit from) income taxes for the years ended December 31, 2019, 2018 and 2017 were as follows:



(In thousands)	2019		2018			2017
Current	$	1,427	$	(703	)	$	(2,338	)
Deferred	27,818		16,195			(43,463		)
Total	$	29,245	$	15,492		$	(45,801	)

Income tax expense is computed by applying the Federal corporate tax rate for the years ended December 31, 2019, 2018 and 2017 and is reconciled to the provision for income taxes as follows:



(In thousands)	2019			2018			2017
Tax at statutory rate on earnings from continuing operations before income taxes	$	21,672		$	15,226		$	42,911
Increase (decrease) in valuation allowance, net	4,419			8,033			(175		)
State income taxes, net of Federal income tax benefit	417			(4,933		)	1,408
Tax benefit from Tax Act	—			—			(101,688		)
Tax expense (benefit) from other change in rates, prior period adjustments and other permanent differences	250			(1,292		)	2,941
Tax benefit on equity compensation	(317		)	(1,490		)	(6,403		)
Tax expense on compensation disallowance	2,804			1,168			—
Tax benefit on historic tax credit	—			(1,220		)	—
Non-deductible warrant liability loss	—			—			15,205
Income tax expense (benefit)	$	29,245		$	15,492		$	(45,801	)

Realization of a deferred tax benefit is dependent upon generating sufficient taxable income in future periods. The Company’s net operating loss carryforwards are currently scheduled to expire in subsequent years through 2039. Some of the net operating loss carryforward amounts are subject to the separate return limitation year rules. It is possible that in the future the Company could experience a change in control pursuant to Section 382 that could put limits on the benefit of deferred tax assets. On February 27, 2012, the Company entered into a Section 382 Rights Agreement, with a three-year term, to protect the Company from such an event and protect its deferred tax assets. On February 26, 2015, the Board of Directors extended the term of the Section 382 Rights Agreement to March 14, 2018, and the Company’s stockholders approved the terms on May 21, 2015. However, on January 2, 2018, the Board of Directors approved, and the Company entered into, an amendment to the Section 382 Rights Agreement to provide for an amended expiration date of January 2, 2018 and, as a result, the Section 382 Rights Agreement was no longer in effect as of such date. Currently, the Company’s deferred tax assets are not protected by a Section 382 Rights Plan.

As of December 31, 2019, the amounts and expiration dates of operating loss and tax credit carryforwards for tax purposes are as follows:



			Expiration
(In thousands)	Amount		Date
Net operating loss carryforwards - Federal	$	145,671	2024-2037
Net operating loss carryforwards - Federal	311,972		n/a
Net operating loss carryforwards - State	632,122		2020-2039
Tax credit carryforwards - Federal AMT	1,736		n/a
Tax credit carryforwards - Historic Tax Credit	1,574		2038

As of December 31, 2019 and 2018, the Company had gross deferred tax assets totaling $197.9 million and $182.9 million, and gross deferred tax liabilities of $348.9 million and $314.8 million, respectively. The Company has established a valuation allowance in the amount of $29.7 million and $25.3 million as of December 31, 2019 and 2018, respectively, against certain deferred tax assets for which it is more likely than not that such deferred tax assets will not be realized.

The tax effects of temporary differences and carryforwards included in the net deferred tax liabilities at December 31, 2019 and 2018 are summarized as follows:



(In thousands)	2019			2018
Deferred tax assets:
Operating and Strategic Developments properties, primarily differences in basis of assets and liabilities	$	65,590		$	83,263
Interest deduction carryforwards	—			34,611
Operating loss and tax credit carryforwards	132,277			65,071
Total deferred tax assets	197,867			182,945
Valuation allowance	(29,723		)	(25,304		)
Total net deferred tax assets	$	168,144		$	157,641
Deferred tax liabilities:
Property associated with MPCs, primarily differences in the tax basis of land assets and treatment of interest and other costs	$	(163,024	)	$	(146,124	)
Operating and Strategic Developments properties, primarily differences in basis of assets and liabilities	(67,125		)	(59,517		)
Deferred income	(118,743		)	(109,188		)
Total deferred tax liabilities	(348,892		)	(314,829		)
Total net deferred tax liabilities	$	(180,748	)	$	(157,188	)

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 in 2004 adjusted for sales that have occurred since that time. The cash cost related to this deferred tax liability is dependent upon the sales price of future land sales and the method of accounting used for income tax purposes. The deferred tax liability related to deferred income is 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.

Although the Company believes its tax returns are correct, the final determination of tax examinations and any related litigation could be different from what was reported on the returns. In the Company’s opinion, it has made adequate tax provisions for years subject to examination. 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, 2016 through 2018.

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, if applicable, within the provision for income tax expense. The Company did not recognize any interest expense related to the unrecognized tax benefits for the years ended December 31, 2019, 2018 and 2017.

The Company had no unrecognized tax benefits for the years ended December 31, 2019, 2018 or 2017.

REVENUES (Schedule of Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Minimum rents									$ 221,907
Minimum rents										$ 207,315	$ 183,025
Tenant recoveries									54,710
Tenant recoveries										49,993	45,814
Interest income from sales-type leases									2,189	0	0
Total rental income									278,806
Total rental income										257,308
Total revenues	$ 284,161	$ 231,172	$ 431,316	$ 353,890	$ 464,693	$ 257,160	$ 181,005	$ 161,679	1,300,539	1,064,537	1,100,120
Recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenue									902,631	728,747
Total revenues									1,300,539	1,064,537
Recognized at a point in time and/or over time
Disaggregation of Revenue [Line Items]
Revenue									119,102	78,482
Operating Assets revenues
Disaggregation of Revenue [Line Items]
Total revenues									400,131	348,242
Master Planned Communities revenues
Disaggregation of Revenue [Line Items]
Total revenues									386,781	309,451
Seaport revenues
Disaggregation of Revenue [Line Items]
Total revenues									55,645	32,632
Strategic Developments revenues
Disaggregation of Revenue [Line Items]
Total revenues									457,948	374,212
Corporate revenues
Disaggregation of Revenue [Line Items]
Total revenues									34	0
Condominium rights and unit sales
Disaggregation of Revenue [Line Items]
Revenue									448,940	357,720	464,251
Condominium rights and unit sales \| Recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenue									448,940	357,720
Master Planned Communities land sales
Disaggregation of Revenue [Line Items]
Revenue									330,146	261,905	248,595
Master Planned Communities land sales \| Recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenue									330,146	261,905
Hospitality revenues
Disaggregation of Revenue [Line Items]
Revenue									87,864	82,037	76,020
Hospitality revenues \| Recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenue									87,864	82,037
Builder price participation
Disaggregation of Revenue [Line Items]
Revenue									35,681	27,085	22,835
Builder price participation \| Recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenue									35,681	27,085
Other land revenues
Disaggregation of Revenue [Line Items]
Revenue									23,399	21,314	28,166
Other land revenues \| Recognized at a point in time and/or over time
Disaggregation of Revenue [Line Items]
Revenue									23,399	21,314
Other rental and property revenues
Disaggregation of Revenue [Line Items]
Revenue									95,703	57,168	$ 31,414
Other rental and property revenues \| Recognized at a point in time and/or over time
Disaggregation of Revenue [Line Items]
Revenue									$ 95,703	$ 57,168

OTHER ASSETS AND LIABILITIES

12 Months Ended

Dec. 31, 2019

OTHER ASSETS AND LIABILITIES

OTHER ASSETS AND LIABILITIES

Prepaid Expenses and Other Assets

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



	December 31,
(In thousands)	2019		2018
Condominium inventory	$	56,421	$	198,352
Straight-line rent	56,223		50,493
In-place leases	54,471		6,539
Special Improvement District receivable	42,996		18,838
Intangibles	33,275		33,955
Security and escrow deposits	17,464		17,670
Prepaid expenses	13,263		16,981
Other	9,252		18,429
Tenant incentives and other receivables	7,556		8,745
Food and beverage and lifestyle inventory	4,310		1,935
TIF receivable	3,931		2,470
Federal income tax receivable	655		2,000
Above-market tenant leases	556		1,044
Equipment, net of accumulated depreciation of $0.0 million and $8.3 million, respectively	—		15,543
Below-market ground leases	—		18,296
Interest rate swap derivative assets	—		346
Prepaid expenses and other assets, net	$	300,373	$	411,636

The $111.3 million net decrease primarily relates to $141.9 million, $18.3 million, $15.5 million, and $9.2 million decreases in Condominium inventory, Below-market ground leases, Equipment, net of accumulated depreciation and Other, respectively. Condominium inventory represents completed units for which sales have not yet closed. The decrease in Condominium inventory from December 31, 2018 is primarily attributable to the contracted units at Ae‘o and Waiea which closed in 2019. The decrease in Below-market ground leases is attributable to the adoption of the New Leases Standard as of the Adoption Date as the balance of unamortized Below-market ground leases was reclassified to Operating lease right-of-use assets, net upon adoption. The Equipment decrease is due to the sale of the corporate aircraft in the fourth quarter of 2019. The decrease in Other is due to fewer tenant improvements reimbursable at year end December 31, 2019 compared to 2018 for 100 Fellowship Drive, Ae‘o and Anaha. These decreases are partially offset by a $24.2 million increase in Special Improvement District receivable primarily related to a $32.0 million SID issued to Summerlin MPC West in December of 2019, but not fully drawn; and a $2.4 million increase in Food and beverage and lifestyle inventory primarily due to Seaport openings in 2019 and an increase in inventory for 10 Corso Como Retail, which opened in the third quarter of 2018.

Accounts Payable and Accrued Expenses

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



	December 31,
(In thousands)	2019		2018
Construction payables	$	261,523	$	258,749
Condominium deposit liabilities	194,794		263,636
Deferred income	63,483		42,734
Accrued payroll and other employee liabilities	44,082		42,591
Interest rate swap liabilities	40,135		16,517
Accounts payable and accrued expenses	37,480		38,748
Accrued real estate taxes	27,559		26,171
Tenant and other deposits	24,080		20,893
Accrued interest	23,838		23,080
Other	16,173		29,283
Straight-line ground rent liability	—		16,870
Accounts payable and accrued expenses	$	733,147	$	779,272

The $46.1 million net decrease in total Accounts payable and accrued expenses primarily relates to a $68.8 million decrease in Condominium deposit liabilities predominately due to closings at Ae‘o and Ke Kilohana, partially offset by contracted units at Kō'ula, which began sales in 2019; a $16.9 million decrease in Straight-line ground rent liability attributable to the adoption of the New Leases Standard as of the Adoption Date; and a $13.1 million decrease in Other due to a decrease in other liabilities including a reduction in warranty liabilities for Anaha, Waiea and Ae‘o. These decreases are partially offset by a $23.6 million increase in Interest rate swap liabilities due to a decrease of the one-month London Interbank Offered Rate (“LIBOR”) forward curve for the periods presented; and a $20.7 million increase in Deferred income due to deferred land sales at the Summerlin MPC.

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Impact of Financial Instruments on Statement of Operations) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Effect of the Company's derivative financial instruments on the income statement

Interest rate derivatives

^[1]

$ 955

$ (9)

Interest expense

$ 105,374

82,028

64,568

Interest Expense

Effect of the Company's derivative financial instruments on the income statement

Interest expense

(770)

Interest expense

1,135

(905)

Interest rate swap contracts

Effect of the Company's derivative financial instruments on the income statement

Interest expense

3,800

Cash Flow Hedging | Interest rate swap contracts

Effect of the Company's derivative financial instruments on the income statement

Interest rate derivatives

$ (19,245)

Interest rate derivatives

$ 2,090

$ (726)

[1]	Amounts are shown net of deferred tax benefit of $5.0 million for the year ended December 31, 2019 and $0.3 million for the years ended December 31, 2018 and 2017.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Minimum Rent Payments Received) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Accounting Policies [Abstract]
Total Minimum Rent Payments	$ 218,740
2020	220,810
2021	229,968
2022	239,756
2023	228,196
2024	216,632
Thereafter	1,344,529
Total	$ 2,479,891

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of provision for (benefit from) income taxes

The provision for (benefit from) income taxes for the years ended December 31, 2019, 2018 and 2017 were as follows:



(In thousands)	2019		2018			2017
Current	$	1,427	$	(703	)	$	(2,338	)
Deferred	27,818		16,195			(43,463		)
Total	$	29,245	$	15,492		$	(45,801	)

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

Income tax expense is computed by applying the Federal corporate tax rate for the years ended December 31, 2019, 2018 and 2017 and is reconciled to the provision for income taxes as follows:



(In thousands)	2019			2018			2017
Tax at statutory rate on earnings from continuing operations before income taxes	$	21,672		$	15,226		$	42,911
Increase (decrease) in valuation allowance, net	4,419			8,033			(175		)
State income taxes, net of Federal income tax benefit	417			(4,933		)	1,408
Tax benefit from Tax Act	—			—			(101,688		)
Tax expense (benefit) from other change in rates, prior period adjustments and other permanent differences	250			(1,292		)	2,941
Tax benefit on equity compensation	(317		)	(1,490		)	(6,403		)
Tax expense on compensation disallowance	2,804			1,168			—
Tax benefit on historic tax credit	—			(1,220		)	—
Non-deductible warrant liability loss	—			—			15,205
Income tax expense (benefit)	$	29,245		$	15,492		$	(45,801	)

Schedule of amounts and expiration dates of operating loss and tax credit carryforwards

As of December 31, 2019, the amounts and expiration dates of operating loss and tax credit carryforwards for tax purposes are as follows:



			Expiration
(In thousands)	Amount		Date
Net operating loss carryforwards - Federal	$	145,671	2024-2037
Net operating loss carryforwards - Federal	311,972		n/a
Net operating loss carryforwards - State	632,122		2020-2039
Tax credit carryforwards - Federal AMT	1,736		n/a
Tax credit carryforwards - Historic Tax Credit	1,574		2038

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

The tax effects of temporary differences and carryforwards included in the net deferred tax liabilities at December 31, 2019 and 2018 are summarized as follows:



(In thousands)	2019			2018
Deferred tax assets:
Operating and Strategic Developments properties, primarily differences in basis of assets and liabilities	$	65,590		$	83,263
Interest deduction carryforwards	—			34,611
Operating loss and tax credit carryforwards	132,277			65,071
Total deferred tax assets	197,867			182,945
Valuation allowance	(29,723		)	(25,304		)
Total net deferred tax assets	$	168,144		$	157,641
Deferred tax liabilities:
Property associated with MPCs, primarily differences in the tax basis of land assets and treatment of interest and other costs	$	(163,024	)	$	(146,124	)
Operating and Strategic Developments properties, primarily differences in basis of assets and liabilities	(67,125		)	(59,517		)
Deferred income	(118,743		)	(109,188		)
Total deferred tax liabilities	(348,892		)	(314,829		)
Total net deferred tax liabilities	$	(180,748	)	$	(157,188	)

INTANGIBLES (Tables)

12 Months Ended

Dec. 31, 2019

INTANGIBLES

Summary of intangible assets and liabilities

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



	As of December 31, 2019									As of December 31, 2018
	Gross			Accumulated			Net			Gross			Accumulated			Net
	Asset			(Amortization)			Carrying			Asset			(Amortization)			Carrying
(In thousands)	(Liability)			/ Accretion			Amount			(Liability)			/ Accretion			Amount
Intangible Assets:
Indefinite lived intangibles	$	25,028		$	—		$	25,028		$	25,028		$	—		$	25,028
Goodwill	1,307			—			1,307			1,307			—			1,307
Other intangibles	10,278			(3,338		)	6,940			10,278			(2,658		)	7,620

Tenant leases:
In-place value	66,606			(12,135		)	54,471			19,966			(13,427		)	6,539
Above-market	2,247			(1,691		)	556			3,313			(2,269		)	1,044
Below-market	(7,008		)	4,912			(2,096		)	(7,326		)	3,140			(4,186		)

Ground leases:
Below-market	—			—			—			23,096			(4,800		)	18,296

Total indefinite lived intangibles							$	26,335								$	26,335
Total amortizing intangibles							$	59,871								$	29,313

INCOME TAXES (Summary of Amounts and Expiration Dates of Operating Loss and Tax Credit Carryforwards) (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Operating Loss Carryforwards [Line Items]
Tax credit carryforward - Historic Tax Credit	$ 1,574
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	145,671
Net operating loss carryforwards - Federal	311,972
Tax credit carryforwards - Federal AMT	1,736
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 632,122

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Summary of EPS calculations

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



	December 31,
(In thousands, except per share amounts)	2019			2018			2017
Basic EPS:
Numerator:
Net income	$	74,295		$	57,726		$	166,623
Net income attributable to noncontrolling interests	(339		)	(714		)	1,781
Net income attributable to common stockholders	$	73,956		$	57,012		$	168,404

Denominator:
Weighted-average basic common shares outstanding	43,136			43,036			41,364

Diluted EPS:
Numerator:
Net income attributable to common stockholders	$	73,956		$	57,012		$	168,404

Denominator:
Weighted-average basic common shares outstanding	43,136			43,036			41,364
Restricted stock and stock options	168			201			279
Warrants	4			—			1,446
Weighted-average diluted common shares outstanding (a)	43,308			43,237			43,089

Basic income per share:	$	1.71		$	1.32		$	4.07
Diluted income per share:	$	1.71		$	1.32		$	3.91

(a)

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2019	Feb. 20, 2020	Jun. 30, 2019
Cover page.
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	001-34856
Entity Registrant Name	THE HOWARD HUGHES CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4673192
Entity Address, Address Line One	13355 Noel Road, 22nd Floor
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75240
City Area Code	(214)
Local Phone Number	741-7744
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	HHC
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 4.3
Entity Common Stock, Shares Outstanding		42,673,022
Documents Incorporated by Reference	Portions of the registrant’s Proxy Statement for its 2020 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, 2019.
Entity Central Index Key	0001498828
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY

REAL ESTATE AND OTHER AFFILIATES (Tables)

12 Months Ended

Dec. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

Summary of investments in real estate and other affiliates

Equity investments in real estate and other affiliates are reported as follows:



	Economic/Legal Ownership				Carrying Value				Share of Earnings/Dividends
	December 31,		December 31,		December 31,		December 31,		Year Ended December 31,
($ in thousands)	2019		2018		2019		2018		2019			2018			2017
Equity Method Investments
Operating Assets:
Las Vegas Aviators (a)	100	%	100	%	$	—	$	—	$	—		$	—		$	(152	)
Constellation (a)	100	%	100	%	—		—		—			—			(323		)
The Metropolitan Downtown Columbia (b)	50	%	50	%	—		—		694			467			390
Stewart Title of Montgomery County, TX	50	%	50	%	4,175		3,920		1,105			573			386
Woodlands Sarofim #1	20	%	20	%	2,985		2,760		125			94			53
m.flats/TEN.M (c)	50	%	50	%	2,431		4,701		(1,875		)	(2,478		)	—
Master Planned Communities:
The Summit (d)	—	%	—	%	84,455		72,171		28,336			36,284			23,234
Seaport District:
Mr. C Seaport (e)	35	%	35	%	7,650		8,721		(1,980		)	(465		)	—
Bar Wayō (Momofuku) (d)	—	%	—	%	7,469		—		(612		)	—			—
Strategic Developments:
Circle T Ranch and Power Center	50	%	50	%	8,207		5,989		950			1,534			—
HHMK Development	50	%	50	%	10		10		—			—			—
KR Holdings	50	%	50	%	422		159		263			830			41
m.flats/TEN.M (c)	50	%	50	%	—		—		—			—			(415		)
Mr. C Seaport (e)	35	%	35	%	—		—		—			(240		)	(643		)
					117,804		98,431		27,006			36,599			22,571
Other equity investments (f)					3,953		3,856		3,623			3,355			2,927
Investments in real estate and other affiliates					$	121,757	$	102,287	$	30,629		$	39,954		$	25,498


(a)	The Company acquired this joint venture partner’s interest in 2017 and has consolidated the assets and liabilities of the entity in its financial results. See Note 3 - Acquisitions and Dispositions for additional information regarding the transaction.


(b)	Metropolitan Downtown Columbia was in a deficit position of $4.7 million and $3.8 million at December 31, 2019 and December 31, 2018, respectively, due to distributions from operating cash flows in excess of basis. These deficit balances are presented in Accounts payable and accrued expenses at December 31, 2019 and 2018.


(c)	Property was transferred from Strategic Developments to Operating Assets during the three months ended March 31, 2018.


(d)	Please refer to the discussion below for a description of the joint venture ownership structure.


(e)	Property was transferred from Strategic Developments to Operating Assets during the three months ended September 30, 2018. The share of earnings/dividends for Mr. C Seaport in the Operating Assets and Strategic Developments sections represents the Company’s share recognized when the investment was in the respective segment.

(f)

Other equity investments represent equity investments not accounted for under the equity method. The Company elected the measurement alternative as these investments do not have readily determinable fair values. See Note 1 - Summary of Significant Accounting Policies for additional information. There were no impairments, or upward or downward adjustments to the carrying amounts of these securities either during current year 2019 or cumulatively.

Relevant financial statement information for The Summit is summarized as follows:



	December 31,
(In millions)	2019		2018
Total Assets	$	220.0	$	218.9
Total Liabilities	133.4		144.6
Total Equity	86.6		74.3



	December 31,
(In millions)	2019		2018		2017
Revenues (a)	$	122.0	$	101.2	$	58.6
Net income	28.3		36.3		23.2
Gross Margin (b)	33.8		41.9		31.2

(a)

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


(b)	The decrease in gross margin from 2018 to 2019 is primarily due to the mix of product sold in each year. Built product has a lower margin than lot sales, and built product comprised a higher percentage of revenues in 2019 than in 2018.

STOCK-BASED PLANS

12 Months Ended

Dec. 31, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

STOCK-BASED PLANS

On November 9, 2010, HHC adopted The Howard Hughes Corporation Amended and Restated 2010 Incentive Plan (the “Incentive Plan”). Pursuant to the Incentive Plan, 3,698,050 shares of HHC common stock were reserved for issuance. The Incentive Plan provides for grants of options, stock appreciation rights, restricted stock, other stock‑based awards and market‑based compensation. Directors, employees and consultants of HHC and its subsidiaries and affiliates are eligible for awards. The Incentive Plan is administered by the Compensation Committee of the Board of Directors (the “Committee”).

Compensation costs related to stock options were $1.8 million, $12.1 million and $8.4 million, of which $0.4 million, $2.4 million and $1.1 million were capitalized for 2019, 2018, and 2017, respectively. As of December 31, 2019, there were a maximum of 1,697,667 shares available for future grant under the Company’s various stock plans.

Stock Options

The following table summarizes stock option activity:



					Weighted-Average
					Remaining	Aggregate
			Weighted-Average		Contractual Term	Intrinsic
	Shares		Exercise Price		(In years)	Value
Stock options outstanding at January 1, 2017	1,176,640		$	78.87
Granted	58,000		119.85
Exercised	(395,482	)	58.81
Forfeited	(54,976	)	105.17
Expired	(1,000	)	57.77
Stock options outstanding at December 31, 2017	783,182		$	90.22

Granted	265,000		$	124.56
Exercised	(183,592	)	65.72
Forfeited	(46,592	)	121.34
Stock options outstanding at December 31, 2018	817,998		$	105.06

Granted	21,500		$	105.37
Exercised	(39,402	)	63.73
Forfeited	(65,800	)	128.02
Expired	(12,800	)	143.45
Stock options outstanding at December 31, 2019	721,496		$	104.55	5.5	17,098,603

Stock options exercisable at December 31, 2019	256,296		$	76.61	2.0	13,356,723
Stock options vested and expected to vest at December 31, 2019	705,947		$	104.17	5.4	17,011,899

Information related to stock options outstanding as of December 31, 2019 is summarized below:



							Weighted-Average
							Remaining
				Number	Weighted-Average		Contractual Term	Number
Range of Exercise Prices				Outstanding	Exercise Price		(In years)	Exercisable
$	46.46	$	55.82	8,775	$	48.38	1.8	8,775
$	57.77	$	60.33	131,874	58.03		1.2	131,874
$	61.64	$	69.75	47,529	66.75		2.3	47,529
$	81.80	$	110.50	75,710	103.12		5.9	33,210
$	112.64	$	151.72	457,608	123.20		7.0	34,908
				721,496	$	104.56	5.5	256,296

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



	As of December 31,
	2019			2018			2017
Grant date fair value	$	32.51		$	48.27		$	34.51
Expected life of options (in years)	7.5			8.4			8.4
Risk-free interest rate	2.2		%	2.7		%	2.2		%
Expected volatility	22.6		%	24.7		%	22.8		%
Expected annual dividend per share	—			—			—

The computation of the expected volatility assumption used in the Black‑Scholes calculations is based on the median asset volatility of comparable companies as of each of the grant dates.

Generally, options granted vest over requisite service periods or on a graduated scale based on total shareholder returns, 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. For options that vest based on shareholder returns, the grant date fair values are calculated using a Monte-Carlo approach which simulates the Company’s stock price on the corresponding vesting dates before applying the Black-Scholes model.

The balance of unamortized stock option expense as of December 31, 2019 is $10.6 million, which is expected to be recognized over a weighted‑average period of 4.8 years. Net of amounts capitalized relating to the Company’s developments, $1.4 million, $2.2 million and $1.6 million of expense associated with stock options are included in General and administrative expense in the accompanying Consolidated Statements of Operations for the years ended December 31, 2019, 2018 and 2017, respectively.

Restricted Stock

Restricted stock awards issued under the Incentive Plan provide that shares awarded may not be sold or otherwise transferred until restrictions have lapsed as established by the Committee. In addition to the granting of restricted stock to certain members of management, the Company awards restricted stock to non‑employee directors as part of their annual retainer. The management awards generally vest over a range of three to five years, and the restriction on the non‑employee director shares generally lapses on the date of the Company’s following annual meeting of shareholders, or June 1^stof the year following the award year, whichever is earlier.

Generally, upon termination of employment or directorship, restricted shares which have not vested are forfeited.

The following table summarizes restricted stock activity:



	Weighted-Average
	Grant Date
	Shares		Fair Value
Restricted stock outstanding at January 1, 2017	289,112		$	88.88
Granted	177,708		85.88
Vested	(68,819	)	88.58
Forfeited	(43,482	)	76.10
Restricted stock outstanding at December 31, 2017	354,519		$	89.00
Granted	142,332		83.09
Vested	(52,479	)	124.50
Forfeited	(37,828	)	91.71
Restricted stock outstanding at December 31, 2018	406,544		$	82.10
Granted	236,145		98.78
Vested	(118,560	)	122.51
Forfeited	(117,327	)	95.03
Restricted stock outstanding at December 31, 2019	406,802		$	76.27

The grant date fair value of restricted stock is based on the closing sales price of common stock on the grant date. For restricted stock awards that vest based on shareholder returns, the grant date fair values are calculated using a Monte-Carlo approach which simulates the Company’s stock price on the corresponding vesting dates before applying the Black-Scholes model. The number of shares of restricted stock subject to performance-based vesting conditions are reflected at the “target” level of performance in the table above.

Net of amounts capitalized relating to the Company’s developments, HHC recognized compensation expense related to restricted stock awards of $16.7 million, $7.5 million and $5.7 million for the years ended December 31, 2019, 2018 and 2017, respectively, included in General and administrative expense in the accompanying Consolidated Statements of Operations. The increase in compensation expense for the year is generally in connection with the Company’s restructuring. The fair value of restricted stock that vested during 2019 was $14.9 million. The balance of unamortized restricted stock expense as of December 31, 2019 was $18.4 million, which is expected to be recognized over a weighted‑average period of 3.0 years.

COMMITMENTS AND CONTINGENCIES (Narrative) (Details)	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Narrative) (Details)	Dec. 31, 2019 USD ($) housing_unit condominium_tower	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Jun. 14, 2018 individual_or_entity
Commitments
Number of individuals or entities on petition \| individual_or_entity				500
Loss contingency, loss in period		$ 13,400,000
Letters of credit outstanding	$ 15,400,000	15,300,000
Amount of outstanding surety bonds	200,100,000	101,200,000
Contractual rental expense, including participation rent	$ 8,500,000	$ 9,700,000	$ 8,600,000
Product liability contingency, third party recovery, percentage	20.00%
Number of open condominium towers \| condominium_tower	4
Number of reserved housing units \| housing_unit	375
Guarantee Obligations \| Downtown columbia
Commitments
Guarantee amount	$ 1,000,000.0

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
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)	43,635,893	43,511,473
Common stock, shares outstanding (in shares)	42,585,633	42,991,624
Treasury stock, shares held (in shares)	(1,050,260)	(519,849)

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

Total

Total Stockholders' Equity

Common Stock

Additional Paid-In Capital

Accumulated Deficit

Accumulated Other Comprehensive (Loss)

Treasury Stock

Noncontrolling Interests

Bridges At Mint Hill L L C

Noncontrolling Interests

Associations of Unit Owners

Noncontrolling Interests

Balance at the beginning of the period (in shares) at Dec. 31, 2016

39,802,064

Balance at the beginning of the period at Dec. 31, 2016

$ 2,571,510

$ 2,567,738

$ 398

$ 2,853,269

$ (277,912)

$ (6,786)

$ (1,231)

$ 3,772

Balance at the beginning of the period (in shares) at Dec. 31, 2016

(12,061)

Increase (Decrease) in Stockholders' Equity

Net income

166,623

168,404

(1,781)

Preferred dividend payment on behalf of subsidiary

(12)

Initial consolidation of HOAs

3,586

Interest rate swaps, net of tax

(9)

Terminated swap amortization

Pension adjustment, net of tax

^[1]

Capitalized swap interest, net of tax

(170)

^[2]

(170)

Stock plan activity (in shares)

445,736

17,312

Stock plan activity

19,410

$ 4

21,651

$ (2,245)

Exercise of warrants (in shares)

3,052,453

Exercise of warrants

375,613

$ 31

375,582

Issuance of Management Warrants

52,000

Balance at the end of the period (in shares) at Dec. 31, 2017

(29,373)

Balance at the end of the period at Dec. 31, 2017

3,188,551

3,182,986

$ 433

3,302,502

(109,508)

(6,965)

$ (3,476)

5,565

Balance at the end of the period (in shares) at Dec. 31, 2017

43,300,253

Increase (Decrease) in Stockholders' Equity

Net income

57,726

57,012

714

Preferred dividend payment on behalf of subsidiary

(11)

Interest rate swaps, net of tax

955

Terminated swap amortization

(1,018)

Pension adjustment, net of tax

759

^[1]

759

Capitalized swap interest, net of tax

^[2]

Restricted stock activity (in shares)

(14,556)

Restricted stock activity

(1,447)

$ (1,447)

Repurchase of common shares (in shares)

(475,920)

Repurchase of common shares

(57,267)

$ (57,267)

Contributions to joint ventures

99,646

Stock plan activity (in shares)

211,220

Stock plan activity

19,934

$ 3

19,931

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

(519,849)

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

3,238,126

3,132,212

$ 436

3,322,433

(120,341)

(8,126)

$ (62,190)

105,914

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

43,511,473

Increase (Decrease) in Stockholders' Equity

Net income

74,295

73,956

339

Interest rate swaps, net of tax

(18,475)

Terminated swap amortization

(2,709)

Pension adjustment, net of tax

^[1]

Capitalized swap interest, net of tax

(73)

^[2]

(73)

Deconsolidation of Associations of Unit Owners

$ (3,750)

$ (2,538)

Restricted stock activity (in shares)

(927)

(34,411)

Restricted stock activity

(4,417)

$ (4,417)

Repurchase of common shares (in shares)

(496,000)

Repurchase of common shares

(53,923)

$ (53,923)

Contributions to joint ventures

84,890

Stock plan activity (in shares)

123,493

Stock plan activity

21,551

$ 1

21,550

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

(1,050,260)

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

$ 3,332,988

$ 3,148,133

$ 437

$ 3,343,983

$ (46,385)

$ (29,372)

$ (120,530)

$ 184,855

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

43,635,893

[1]	The deferred tax impact is not meaningful for the year ended December 31, 2019. Amount is net of deferred tax expense of $0.5 million for the year ended December 31, 2018.
[2]	The deferred tax impact was not meaningful for the years ended December 31, 2019 and 2018. Amount is net of deferred tax benefit of $0.1 million for the year ended December 31, 2017.

STOCK-BASED PLANS (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of stock option plan activity

The following table summarizes stock option activity:



					Weighted-Average
					Remaining	Aggregate
			Weighted-Average		Contractual Term	Intrinsic
	Shares		Exercise Price		(In years)	Value
Stock options outstanding at January 1, 2017	1,176,640		$	78.87
Granted	58,000		119.85
Exercised	(395,482	)	58.81
Forfeited	(54,976	)	105.17
Expired	(1,000	)	57.77
Stock options outstanding at December 31, 2017	783,182		$	90.22

Granted	265,000		$	124.56
Exercised	(183,592	)	65.72
Forfeited	(46,592	)	121.34
Stock options outstanding at December 31, 2018	817,998		$	105.06

Granted	21,500		$	105.37
Exercised	(39,402	)	63.73
Forfeited	(65,800	)	128.02
Expired	(12,800	)	143.45
Stock options outstanding at December 31, 2019	721,496		$	104.55	5.5	17,098,603

Stock options exercisable at December 31, 2019	256,296		$	76.61	2.0	13,356,723
Stock options vested and expected to vest at December 31, 2019	705,947		$	104.17	5.4	17,011,899

Summary of information related to stock options outstanding

Information related to stock options outstanding as of December 31, 2019 is summarized below:



							Weighted-Average
							Remaining
				Number	Weighted-Average		Contractual Term	Number
Range of Exercise Prices				Outstanding	Exercise Price		(In years)	Exercisable
$	46.46	$	55.82	8,775	$	48.38	1.8	8,775
$	57.77	$	60.33	131,874	58.03		1.2	131,874
$	61.64	$	69.75	47,529	66.75		2.3	47,529
$	81.80	$	110.50	75,710	103.12		5.9	33,210
$	112.64	$	151.72	457,608	123.20		7.0	34,908
				721,496	$	104.56	5.5	256,296

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:



	As of December 31,
	2019			2018			2017
Grant date fair value	$	32.51		$	48.27		$	34.51
Expected life of options (in years)	7.5			8.4			8.4
Risk-free interest rate	2.2		%	2.7		%	2.2		%
Expected volatility	22.6		%	24.7		%	22.8		%
Expected annual dividend per share	—			—			—

Summary of restricted stock activity

The following table summarizes restricted stock activity:



	Weighted-Average
	Grant Date
	Shares		Fair Value
Restricted stock outstanding at January 1, 2017	289,112		$	88.88
Granted	177,708		85.88
Vested	(68,819	)	88.58
Forfeited	(43,482	)	76.10
Restricted stock outstanding at December 31, 2017	354,519		$	89.00
Granted	142,332		83.09
Vested	(52,479	)	124.50
Forfeited	(37,828	)	91.71
Restricted stock outstanding at December 31, 2018	406,544		$	82.10
Granted	236,145		98.78
Vested	(118,560	)	122.51
Forfeited	(117,327	)	95.03
Restricted stock outstanding at December 31, 2019	406,802		$	76.27

REVENUES

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

REVENUES

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

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



	Year Ended		Year Ended
(In thousands)	December 31, 2019		December 31, 2018
Revenues
From contracts with customers
Recognized at a point in time:
Condominium rights and unit sales	$	448,940	$	357,720
Master Planned Communities land sales	330,146		261,905
Hospitality revenues	87,864		82,037
Builder price participation	35,681		27,085
Total revenue from contracts with customers	902,631		728,747

Recognized at a point in time and/or over time:
Other land revenues	23,399		21,314
Other rental and property revenues	95,703		57,168
Total other income	119,102		78,482

Rental and other income (lease-related revenues)
Minimum rents	221,907		207,315
Tenant recoveries	54,710		49,993
Interest income from sales-type leases	2,189		—
Total rental income	278,806		257,308

Total revenues	$	1,300,539	$	1,064,537

Revenues by segment
Operating Assets revenues	$	400,131	$	348,242
Master Planned Communities revenues	386,781		309,451
Seaport revenues	55,645		32,632
Strategic Developments revenues	457,948		374,212
Corporate revenues	34		—

Total revenues	$	1,300,539	$	1,064,537

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.

The beginning and ending balances of contract assets and liabilities and significant activity during the period is as follows:



	Contract			Contract
(In thousands)	Liabilities			Assets
Balance as of January 1, 2018	$	—		$	179,179
Consideration earned during the period	(35,834		)	(308,898		)
Consideration received during the period	35,834			426,215
Balance as of December 31, 2018	—			296,496
Consideration earned during the period	—			(490,137		)
Consideration received during the period	—			439,651
Balance as of December 31, 2019	$	—		$	246,010

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 are associated with contracts that generally are noncancelable by the customer after 30 days; however, purchasers of condominium units have the right to cancel the contract should the Company elect not to construct the condominium unit within a certain period of time or materially change the design of the condominium unit. The aggregate amount of the transaction price allocated to the Company’s remaining unsatisfied performance obligations as of December 31, 2019 is $1.0 billion. The Company expects to recognize this amount as revenue over the following periods:



(In thousands)	Less than 1 year		1-2 years		3 years and thereafter
Total remaining unsatisfied performance obligations	$	120,856	$	431,263	$	491,466

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.

OTHER ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2019

OTHER ASSETS AND LIABILITIES

Summary of the significant components of prepaid expenses and other assets

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



	December 31,
(In thousands)	2019		2018
Condominium inventory	$	56,421	$	198,352
Straight-line rent	56,223		50,493
In-place leases	54,471		6,539
Special Improvement District receivable	42,996		18,838
Intangibles	33,275		33,955
Security and escrow deposits	17,464		17,670
Prepaid expenses	13,263		16,981
Other	9,252		18,429
Tenant incentives and other receivables	7,556		8,745
Food and beverage and lifestyle inventory	4,310		1,935
TIF receivable	3,931		2,470
Federal income tax receivable	655		2,000
Above-market tenant leases	556		1,044
Equipment, net of accumulated depreciation of $0.0 million and $8.3 million, respectively	—		15,543
Below-market ground leases	—		18,296
Interest rate swap derivative assets	—		346
Prepaid expenses and other assets, net	$	300,373	$	411,636

Summary of the significant components of accounts payable and accrued expenses

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



	December 31,
(In thousands)	2019		2018
Construction payables	$	261,523	$	258,749
Condominium deposit liabilities	194,794		263,636
Deferred income	63,483		42,734
Accrued payroll and other employee liabilities	44,082		42,591
Interest rate swap liabilities	40,135		16,517
Accounts payable and accrued expenses	37,480		38,748
Accrued real estate taxes	27,559		26,171
Tenant and other deposits	24,080		20,893
Accrued interest	23,838		23,080
Other	16,173		29,283
Straight-line ground rent liability	—		16,870
Accounts payable and accrued expenses	$	733,147	$	779,272

FAIR VALUE

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

FAIR VALUE

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

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



	December 31, 2019								December 31, 2018
	Fair Value Measurements Using								Fair Value Measurements Using
(In thousands)	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Interest rate derivative assets	$	—	$	—	$	—	$	—	$	346	$	—	$	346	$	—
Liabilities:
Interest rate derivative liabilities	40,135		—		40,135		—		16,517		—		16,517		—

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.

As discussed further in Note 13 - Warrants, as of December 31, 2019, all Sponsor Warrants and Management Warrants had been exercised. The following table presents a rollforward of the valuation of the Company’s warrant liabilities:



(In thousands)	2019		2018		2017
Balance as of January 1,	$	—	$	—	$	332,170
Warrant liability loss (a)	—		—		43,443
Exercises of Sponsor and Management Warrants	—		—		(375,613		)
Balance as of December 31,	$	—	$	—	$	—


(a)	Amount represents losses recognized relating to each warrant prior to the respective exercise date.

The valuation of warrants was based on an option pricing valuation model, utilizing inputs which were classified as Level 3 due to the unavailability of comparable market data. The inputs to the valuation model included the fair value of stock related to the warrants, exercise price and term of the warrants, expected volatility, risk-free interest rate, dividend yield and, as appropriate, a discount for lack of marketability. Generally, an increase in expected volatility would increase the fair value of the liability. The impact of the volatility on fair value diminished as the market value of the stock increased above the strike price. As the period of restriction lapsed, the marketability discount reduced to zero and increased the fair value of the warrants.

There were no significant unobservable inputs used in the fair value measurement of the Company’s warrant liabilities as of December 31, 2017.

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, 2019				December 31, 2018
(In thousands)	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Cash and Restricted cash	Level 1	$	620,135	$	620,135	$	724,215	$	724,215
Accounts receivable, net (a)	Level 3	12,279		12,279		12,589		12,589
Notes receivable, net (b)	Level 3	36,379		36,379		4,694		4,694
Liabilities:
Fixed-rate debt (c)	Level 2	1,908,660		1,949,773		1,663,875		1,608,635
Variable-rate debt (c)	Level 2	2,229,958		2,229,958		1,551,336		1,551,336


(a)	Accounts receivable, net is shown net of an allowance of $15.6 million and $10.7 million at December 31, 2019 and 2018, respectively.


(b)	Notes receivable, net is shown net of an allowance of $0.2 million and $0.1 million at December 31, 2019 and 2018.


(c)	Excludes related unamortized financing costs.

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

The fair value of the Company’s Senior Notes, included in fixed-rate debt in the table above, is based upon the trade price closest to the end of the period presented. The fair value of other fixed-rate debt in the table above, was estimated based on a discounted future cash payment model, which includes risk premiums and risk-free rates derived from the current LIBOR or U.S. Treasury obligation interest rates. Please refer to Note 7 - Mortgages, Notes and Loans Payable, Net in the Company’s Consolidated Financial Statements. The discount rates reflect the Company’s judgment with respect to 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.

- Definition

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

+ References + Details

SEGMENTS

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

SEGMENTS

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


•	Operating Assets – consists of retail, office, hospitality and multi-family properties along with other real estate investments. These assets are currently generating revenues and are comprised of commercial real estate properties recently developed or acquired, and properties with an opportunity to redevelop, reposition or sell 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 Columbia, Maryland.

•

Seaport District - consists of approximately 453,000 square feet of restaurant, retail and entertainment properties situated in three primary locations in New York, New York: Pier 17, Historic Area/Uplands and Tin Building. While the latter is still under development and will comprise about 53,000 square feet when completed, the two operating locations consist of third-party tenants, tenants either directly or jointly owned and operated by the Company, and businesses owned and operated by the Company under licensing agreements.


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

Effective January 1, 2019, the Company moved the Seaport District out of its existing segments and into a stand-alone segment for disclosure purposes. The respective segment earnings and total segment assets presented in the Consolidated Financial Statements and elsewhere in this Annual Report have been adjusted in all periods reported to reflect this change. See the Seaport District section of Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional information.

Segment operating results for the years ended December 31, 2019, 2018 and 2017 are as follows:



	Year Ended December 31,
(In thousands)	2019			2018			2017
Operating Assets Segment EBT
Total revenues	$	400,131		$	348,242		$	317,296
Total operating expenses	(187,322		)	(164,445		)	(158,421		)
Segment operating income	212,809			183,797			158,875
Depreciation and amortization	(115,499		)	(103,293		)	(117,835		)
Interest expense, net	(81,029		)	(71,551		)	(61,583		)
Other income (loss), net	1,142			(7,107		)	(279		)
Equity in earnings from real estate and other affiliates	3,672			1,994			3,735
(Loss) gain on sale or disposal of real estate and other assets, net	—			(4		)	3,868
Gain on acquisition of joint venture partner's interest	—			—			23,332
Selling profit from sales-type leases	13,537			—			—
Operating Assets segment EBT	34,632			3,836			10,113

Master Planned Communities Segment EBT
Total revenues	386,781			309,451			299,543
Total operating expenses	(189,727		)	(169,474		)	(159,895		)
Segment operating income	197,054			139,977			139,648
Depreciation and amortization	(424		)	(243		)	(323		)
Interest income, net	32,019			26,919			24,292
Other income, net	601			18			3,500
Equity in earnings from real estate and other affiliates	28,336			36,284			23,234
MPC segment EBT	257,586			202,955			190,351

Seaport District Segment EBT
Total revenues	55,645			32,632			10,259
Total operating expenses	(77,872		)	(49,716		)	(13,136		)
Segment operating income	(22,227		)	(17,084		)	(2,877		)
Depreciation and amortization	(26,381		)	(12,466		)	(6,270		)
Interest (expense) income, net	(12,865		)	6,291			13,229
Other (loss) income, net	(22		)	102			(37		)
Equity in losses from real estate and other affiliates	(2,592		)	(705		)	(643		)
Loss on sale or disposal of real estate and other assets	(6		)	—			—
Gain on extinguishment of debt	4,851			—			—
Seaport District segment EBT	(59,242		)	(23,862		)	3,402



	Year Ended December 31,
(In thousands)	2019			2018			2017
Strategic Developments Segment EBT
Total revenues	457,948			374,212			473,022
Total operating expenses	(391,848		)	(290,806		)	(360,220		)
Segment operating income	66,100			83,406			112,802
Depreciation and amortization	(5,473		)	(3,307		)	(1,210		)
Interest income, net	11,321			12,476			12,237
Other income, net	831			3,015			109
Equity in earnings (losses) from real estate and other affiliates	1,213			2,364			(373		)
Gain on sale or disposal of real estate and other assets, net	27,119			—			51,242
Strategic Developments EBT	101,111			97,954			174,807

Consolidated Segment EBT
Total revenues	1,300,505			1,064,537			1,100,120
Total operating expenses	(846,769		)	(674,441		)	(691,672		)
Segment operating income	453,736			390,096			408,448
Depreciation and amortization	(147,777		)	(119,309		)	(125,638		)
Interest expense, net	(50,554		)	(25,865		)	(11,825		)
Other income (loss), net	2,552			(3,972		)	3,293
Equity in earnings from real estate and other affiliates	30,629			39,937			25,953
Gain (loss) on sale or disposal of real estate and other assets, net	27,113			(4		)	55,110
Gain on acquisition of joint venture partner's interest	—			—			23,332
Selling profit from sales-type leases	13,537			—			—
Gain on extinguishment of debt	4,851			—			—
Consolidated segment EBT	334,087			280,883			378,673

Corporate income, expenses and other items	(259,792		)	(223,157		)	(212,050		)
Net income	74,295			57,726			166,623
Net (income) loss attributable to noncontrolling interests	(339		)	(714		)	1,781
Net income attributable to common stockholders	$	73,956		$	57,012		$	168,404

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



	December 31,
(In thousands)	2019		2018
Operating Assets	$	3,476,718	$	2,562,257
Master Planned Communities	2,166,472		2,076,678
Seaport District	930,067		839,522
Strategic Developments	1,540,161		1,538,917
Total segment assets	8,113,418		7,017,374
Corporate	300,348		338,425
Total assets	$	8,413,766	$	7,355,799

MORTGAGES, NOTES AND LOANS PAYABLE, NET

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

MORTGAGES, NOTES AND LOANS PAYABLE, NET

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



	December 31,
(In thousands)	2019			2018
Fixed-rate debt:
Unsecured 5.375% Senior Notes	$	1,000,000		$	1,000,000
Secured mortgages, notes and loans payable	884,935			648,707
Special Improvement District bonds	23,725			15,168
Variable-rate debt:
Mortgages, notes and loans payable (a)	2,229,958			1,551,336
Unamortized bond issuance costs	(5,249		)	(6,096		)
Unamortized deferred financing costs (b)	(36,899		)	(27,902		)
Total mortgages, notes and loans payable, net	$	4,096,470		$	3,181,213

(a)


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

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



					Maximum		Carrying Value
	Initial / Extended	Interest			Facility		December 31,		December 31,
($ in thousands)	Maturity (a)	Rate			Amount		2019		2018
Operating Assets
Three Hughes Landing	March 2020	4.33	%	(b)	$	61,200	$	59,822	$	55,759
The Woodlands Towers at the Waterway	June 2020	3.68	%	(b), (c)			336,570		—
The Woodlands Warehouse	June 2020	3.68	%	(b), (c)			7,230		—
Downtown Summerlin	September 2020 / September 2021	3.88	%	(b)			259,179		266,755
Two Merriweather	October 2020 / October 2021	4.23	%	(b)	33,156		28,216		24,000
Outlet Collection at Riverwalk	October 2021	4.23	%	(b)			30,615		47,552
100 Fellowship Drive	May 2022	3.23	%	(b)	51,426		47,916		35,481
20/25 Waterway Avenue	May 2022	4.79	%				13,131		13,395
Millennium Waterway Apartments	June 2022	3.75	%				53,032		54,083
HHC 242 Self-Storage	December 2021 / December 2022	4.33	%	(b)			5,499		6,604



					Maximum	Carrying Value
	Initial / Extended	Interest			Facility	December 31,	December 31,
($ in thousands)	Maturity (a)	Rate			Amount	2019	2018
HHC 2978 Self-Storage	December 2021 / December 2022	4.33	%	(b)		5,395	6,042
Lake Woodlands Crossing Retail	January 2023	3.53	%	(b)	15,523	12,163	9,539
Lakeside Row	July 2022 / July 2023	3.98	%	(b)	34,231	23,958	—
Senior Secured Credit Facility	September 2023	4.61	%	(d)	700,000	615,000	615,000
The Woodlands Resort & Conference Center	December 2021 / December 2023	4.23	%	(b)		62,500	62,500
Lakefront North	December 2022 / December 2023	3.73	%	(b)	51,821	32,731	21,120
9303 New Trails	December 2023	4.88	%			11,196	11,610
4 Waterway Square	December 2023	4.88	%			32,789	33,998
Creekside Park West	March 2023 / March 2024	3.98	%	(b)	18,000	8,505	—
6100 Merriweather	September 2022 / September 2024	4.48	%	(b)	89,844	36,418	—
Tanager Apartments	October 2021 / October 2024	3.98	%	(b)		29,165	—
Two Summerlin	October 2022 / October 2025	4.25	%			33,183	14,431
3831 Technology Forest Drive	March 2026	4.50	%			21,137	21,571
Kewalo Basin Harbor	September 2027	4.48	%	(b)	11,562	11,110	3,499
Millennium Six Pines Apartments	August 2028	3.39	%			42,500	42,500
3 Waterway Square	August 2028	3.94	%			47,647	49,013
One Lakes Edge	March 2029	4.50	%			69,440	69,440
Aristocrat	September 2029	3.67	%			38,055	21,296
Creekside Park Apartments	October 2029	3.52	%			37,730	—
One Hughes Landing	December 2029	4.30	%			52,000	52,000
Two Hughes Landing	December 2030	4.20	%			48,000	48,000
Hockey Ground Lease SIDS	December 2030	6.05	%			135	141
Downtown Summerlin SID Bonds - S128	December 2030	6.05	%			2,569	2,652
Constellation Apartments	January 2033	4.07	%			24,200	24,200
Hughes Landing Retail	December 2036	3.50	%			35,000	35,000
Columbia Regional Building	February 2037	4.48	%			24,664	25,000
Las Vegas Ballpark	December 2039	4.92	%			51,231	26,766
Operating Assets Total						2,249,631	1,698,947
Master Planned Communities
Summerlin South SID Bonds - S128	December 2020	7.30	%			—	213
Summerlin South SID Bonds - S132	December 2020	6.00	%			—	562
The Woodlands Master Credit Facility	October 2022 / October 2024	4.23	%	(b)	250,000	107,500	150,000
Bridgeland Credit Facility	October 2022 / October 2024	4.23	%	(b)	250,000	107,500	65,000
Summerlin South SID Bonds - S151	June 2025	6.00	%			—	913
Summerlin South SID Bonds - S128C	December 2030	6.05	%			2,014	3,211
Summerlin West SID Bonds - S812	October 2035	6.00	%			1,960	6,709
Summerlin West SID Bonds - S814	April 2049	4.00	%			16,310	—
Master Planned Communities Total						235,284	226,608
Seaport District
250 Water Street	November 2022 / November 2023	5.23	%	(b)	100,000	100,000	129,723
Seaport District	June 2024	6.10	%	(e)	250,000	250,000	—
Seaport District Total						350,000	129,723
Strategic Developments
Ke Kilohana	December 2019 / December 2020	5.75	%	(b)		—	96,757
‘A‘ali‘i	June 2022 / June 2023	4.83	%	(b)	293,700	30,717	—
Two Lakes Edge	October 2022 / October 2023	3.88	%	(b)	74,035	38,214	—
110 North Wacker	April 2022 / April 2024	4.73	%	(b), (f)	558,900	184,300	50,000
Millennium Phase III Apartments	August 2023 / August 2024	3.48	%	(b)	30,700	1	—
Juniper Apartments	September 2022 / September 2024	4.48	%	(b)	85,657	34,610	—
Other SID Bonds	December 2020 / December 2030	6.00% - 7.30%		(g)		737	767
8770 New Trails	June 2021 / January 2032	4.89	%	(h)	35,487	15,124	—
Strategic Developments Total						303,703	147,524
Other corporate financing arrangements	May 2023	4.33	%	(i)		—	12,409



				Maximum	Carrying Value
	Initial / Extended	Interest		Facility	December 31,			December 31,
($ in thousands)	Maturity (a)	Rate		Amount	2019			2018
Senior Notes	March 2025	5.38	%		1,000,000			1,000,000
Unamortized bond issuance costs					(5,249		)	(6,096		)
Unamortized deferred financing costs					(36,899		)	(27,902		)
Total mortgages, notes, and loans payable					$	4,096,470		$	3,181,213

(a)


(b)	The interest rate presented is based on the one-month LIBOR, three-month LIBOR or Prime rate, as applicable, which was 1.73%, 1.90% and 4.75%, respectively, at December 31, 2019. Interest rates associated with loans which have been paid off reflect the prior year interest rate.


(c)	100.0% of the outstanding principal of the $343.8 million is recourse to the Company but not currently secured by any mortgage.


(d)	100.0% of the outstanding principal of the $615.0 million Term Loan is swapped to a fixed rate equal to 4.61%.


(e)	The loan initially bears interest at 6.10% and will begin bearing interest at one-month LIBOR plus 4.10%, subject to a LIBOR cap of 2.30% and LIBOR floor of 0.00%, at the earlier of June 20, 2021 or the date certain debt coverage ratios are met.


(f)	100.0% of the outstanding principal of the $184.3 million is subject to fixed interest rate collar contracts for the remaining term of the debt.


(g)	Includes SID Bonds related to Two Summerlin, Aristocrat, Tanager Apartments, and Las Vegas Ballpark. Maturity dates range between December 2020 and December 2030 and interest rates range between 6.00% and 7.30%.


(h)	Concurrent with the closing of the $35.5 million construction loan for 8770 New Trails on June 27, 2019, the Company entered into an interest rate swap which is designated as a cash flow hedge. The Loan will bear interest at one-month LIBOR plus 2.45% but it is currently swapped to a fixed rate equal to 4.89%.


(i)	The Company completed the sale of its corporate aircraft during the quarter ended December 31, 2019.

The weighted-average interest rate on the Company’s mortgages, notes and loans payable, excluding interest rate hedges, was 4.75% and 5.06% as of December 31, 2019 and 2018, respectively.

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


i.	100%, or $1.0 billion of Senior Notes due 2025;


ii.	100%, or $336.6 million of The Woodlands Towers at the Waterway outstanding balance;


iii.	100%, or $7.2 million of The Woodlands Warehouse outstanding balance;


iv.	35%, or $90.7 million of the Downtown Summerlin outstanding balance;


v.	35%, or $35.0 million of the 250 Water Street outstanding loan balance;


vi.	50%, or $15.3 million, of the Outlet Collection at Riverwalk outstanding loan balance;


vii.	18%, or $33.2 million, of the 110 North Wacker outstanding loan balance;


viii.	25%, or $7.3 million of the Tanager Apartments outstanding loan balance;


ix.	25%, or $6.0 million of the Lakeside Row outstanding loan balance;


x.	25%, or $8.7 million of the Juniper Apartments outstanding loan balance;


xi.	25%, or $7.7 million of the ‘A‘ali‘i outstanding loan balance; and


xii.	25%, or $9.1 million of the 6100 Merriweather outstanding loan balance.

The Woodlands Land Development Company has recourse loans totaling $35.7 million for 100 Fellowship Drive, Lakefront North, Three Hughes Landing, The Woodlands Resort & Conference Center and Lake Woodlands Crossing Retail. The debt is not recourse to HHC; however, it is partially recourse to The Woodlands Land Development Company, which is a subsidiary of HHC.

Certain of the Company’s loans contain provisions which grant the lender a security interest in the operating cash flow of the property that represents the collateral for the loan. Certain mortgage notes may be prepaid subject to a prepayment penalty equal to a yield maintenance premium, defeasance, or a percentage of the loan balance. As of December 31, 2019, land, buildings and equipment and developments with a net book value basis of $6.9 billion have been pledged as collateral for HHC’s 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, 2019 based on extended maturity dates:



	Mortgages, notes
	and loans payable
(In thousands)	principal payments
2020	$	424,933
2021	320,641
2022	137,825
2023	967,129
2024	764,615
Thereafter	1,523,475
Total principal payments	4,138,618
Unamortized deferred financing costs, net and unamortized underwriting fees	(42,148		)
Total mortgages, notes and loans payable	$	4,096,470

As of December 31, 2019, the Company was in compliance with all financial covenants included in the debt agreements governing its indebtedness.

Recent Financing Activity

On January 7, 2020, the Company closed on a $43.4 million construction loan for the development of Creekside Park Apartments Phase II. The loan bears interest at LIBOR plus 1.75% with an initial maturity date of January 7, 2024 and a one-year extension option.

Financing Activity During the Year Ended December 31, 2019

Operating Assets

On December 30, 2019, the Company closed on a $343.8 million bridge loan for the acquisitions of The Woodlands Towers at the Waterway and The Woodlands Warehouse. The loan bears interest at one-month LIBOR plus 1.95% with a maturity of June 30, 2020. The Company is currently documenting long-term financing and anticipates closing in the first quarter of 2020.

On December 5, 2019, the Company modified and extended the $61.2 million loan for Three Hughes Landing. The loan bears interest at one-month LIBOR plus 2.60% and the extended maturity date is now March 5, 2020, at which point the Company anticipates Three Hughes Landing will be added to the Senior Secured Credit Facility.

On October 24, 2019, the Company modified and extended the $47.9 million loan for Outlet Collection at Riverwalk. The total commitment was reduced to $30.9 million, including the required paydown of $15.0 million. The loan bears interest at one-month LIBOR plus 2.50% and matures October 24, 2021.

On September 13, 2019, the Company closed on a $37.7 million multi-family loan and security agreement for Creekside Park Apartments. The loan bears interest at 3.52% with a maturity of October 1, 2029.

On August 1, 2019, the Company modified its $64.6 million construction loan, of which $31.1 million relates to Aristocrat and $33.5 million relates to Two Summerlin. The original loan bears interest at Wall Street Journal Prime plus 0.40% with a maturity of October 19, 2022. As part of the modification, the $33.5 million Two Summerlin note was amended to bear interest at 4.25% with an initial maturity of October 18, 2022 and one, 36-month extension option. The Company closed on a new $38.3 million note for Aristocrat which bears interest at 3.67% with a maturity of September 1, 2029. A portion of the proceeds for the new Aristocrat note were used to extinguish the original Aristocrat note.

On April 9, 2019, the Company modified the HHC 242 Self-Storage and HHC 2978 Self-Storage facilities to reduce the total commitments to $5.5 million and $5.4 million, respectively. The loans have an initial maturity date of December 31, 2021 and a one-year extension option.

On March 12, 2019, the Company closed on an $18.0 million construction loan for Creekside Park West, bearing interest at one-month LIBOR plus 2.25% with an initial maturity date of March 12, 2023 and a one-year extension option.

On February 28, 2019, the Company amended the $62.5 million Woodlands Resort & Conference Center financing to extend the initial maturity date to December 30, 2021. The financing bears interest at one-month LIBOR plus 2.50% and has two, one-year extension options.

In December 2018, the Company repaid the $174.0 million outstanding balance on the construction loan relating to Ae‘o. Three repayments were made in conjunction with closing on the sales of units at the property.

On December 17, 2018, the Company closed on a $51.8 million construction loan for Lakefront North. The loan bears interest at one-month LIBOR plus 2.00% with an initial maturity of December 17, 2022, and a one-year extension option.

On September 18, 2018, certain wholly-owned subsidiaries (the “Borrowers”) of the Company entered into a $700.0 million loan agreement (the “Loan Agreement”), which provides for a $615.0 million term loan (the “Term Loan”) and an $85.0 million revolver loan (the “Revolver Loan” and together with the Term Loan, the “Senior Secured Credit Facility” or the “Loans”), with Wells Fargo Bank, National Association, as administrative agent and a lender, as well as other lenders. The Loans bear interest at one-month LIBOR plus 1.65% and mature September 18, 2023. The Borrowers have a one-time right to request an increase of $50.0 million in the aggregate amount of the Revolver Loan commitment. Concurrent with the funding of the Term Loan on September 21, 2018, the Company entered into a swap agreement to fix 100% of the outstanding principal of the Term Loan to an overall rate equal to 4.61%.

The Loans are secured by a first priority security interest in certain of the Company’s properties which are directly owned by the Borrowers (the “Mortgaged Properties”). In connection with the Loans, the Company provided the administrative agent, on behalf of the lenders, a non-recourse carve-out guarantee and a hazardous materials indemnity agreement.

The Borrowers drew $615.0 million under the Term Loan at closing. All the net proceeds after costs and fees related to the Loans were used to repay all outstanding indebtedness encumbering the Mortgaged Properties, including debt held by lenders not party to the Loan Agreement. The total debt repaid was approximately $608.7 million and was associated with the following Mortgaged Properties: 10-60 Columbia Corporate Centers, 70 Columbia Corporate Center, One Mall North, One Merriweather, Embassy Suites at Hughes Landing, The Westin at The Woodlands, 1725-1735 Hughes Landing Boulevard and Ward Village. The Mortgaged Properties also include Creekside Village Green and 1701 Lake Robbins. As of December 31, 2019, the Company has not made any draws under the Revolver Loan.

The Company evaluated the terms of the Loans to determine if the new debt instruments should be accounted for as modifications or extinguishments on a lender-by-lender basis, per Mortgaged Property subject to refinancing. The majority of the transaction was accounted for as a debt modification. As a result, in 2018, the Company capitalized $8.6 million in related fees and costs and recognized a $0.7 million loss on debt extinguishment and modification, which was primarily related to third-party fees incurred in procuring the Loans. The $0.7 million loss was included in Interest expense in the Consolidated Statements of Operations in 2018.

On September 11, 2018, the Company closed on an $89.8 million construction loan for 6100 Merriweather and an $85.7 million construction loan for Juniper Apartments. Each loan bears interest at one-month LIBOR plus 2.75%, has an initial maturity date of September 11, 2022, has two, one-year extension options and is cross-collateralized.

On July 27, 2018, the Company closed on a $34.2 million construction loan for Lakeside Row, bearing interest at one-month LIBOR plus 2.25% with an initial maturity date of July 27, 2022 and a one-year extension option.

On July 20, 2018, the Company closed on a $51.2 million construction note for Las Vegas Ballpark, bearing interest at 4.92% per annum and maturing on December 15, 2039. The note is secured by the ballpark and by the proceeds of the Naming Rights and Marketing agreement between the Company and the Las Vegas Convention and Visitors Authority, which provides an annual payment of $4.0 million to the Company in each of the next 20 years.

On April 13, 2018, the Company repaid the $11.8 million loan for Lakeland Village Center at Bridgeland.

On March 26, 2018, the Company closed on a $44.1 million construction loan for Tanager Apartments, bearing interest at one-month LIBOR plus 2.25% with an initial maturity date of October 1, 2021 and a three-year extension option.

On January 25, 2018, the Company closed on a $15.5 million construction loan for Lake Woodlands Crossing Retail. The loan bears interest at one-month LIBOR plus 1.80%, matures on January 25, 2023 and has an initial maximum recourse of 50% of the outstanding balance prior to completion of construction, at which point the repayment guarantee will reduce to 15% provided the project is 90% leased.

Master Planned Communities

On October 17, 2019, the Company closed on a $250.0 million credit facility secured by land and certain other collateral in The Woodlands and Bridgeland MPCs. The loan bears interest at one-month LIBOR plus 2.50% with an initial maturity of October 17, 2022 and two one-year extension options. The new loan refinanced The Woodlands Master Credit Facility and Bridgeland Credit Facility with a combined principal balance of $215.0 million and a weighted-average interest rate of one-month LIBOR plus 2.87%.

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. In the year ended December 31, 2019, one new SID bond was issued and $22.3 million in obligations were assumed by buyers. The $32.0 million SID bears interest at 4.0% and matures April 2049. In the year ended December 31, 2018, no new SID bonds were issued and $10.9 million in obligations were assumed by buyers.

Seaport District

On November 19, 2019, the Company closed on a $100.0 million note payable for 250 Water Street. The note bears interest at one-month LIBOR plus 3.50% with an initial maturity date of November 18, 2022 and a one-year extension option. The Company extinguished the previous note on the property at a $4.9 million discount in the fourth quarter of 2019.

On June 20, 2019, the Company closed on a $250.0 million term loan for the redevelopment of the Seaport District. The loan initially bears interest at 6.10% and matures on June 1, 2024. The loan’s interest rate will change to one-month LIBOR plus 4.10%, subject to a LIBOR cap of 2.30% and LIBOR floor of 0.00%, at the earlier of June 20, 2021 or the date certain debt coverage ratios are met.

On May 17, 2019, the Company modified the facility for its Mr. C Seaport joint venture to increase the total commitment to $41.0 million. The loan bears interest at one-month LIBOR plus 4.50%, with an initial maturity of May 16, 2022 and one, six-month extension option.

Strategic Developments

On August 6, 2019, the Company closed on a $30.7 million construction loan for Millennium Phase III Apartments. The loan bears interest at one-month LIBOR plus 1.75% with an initial maturity date of August 6, 2023 and a one-year extension option.

On June 27, 2019, the Company closed on a $35.5 million construction loan for 8770 New Trails. The loan bears interest at one-month LIBOR plus 2.45% with an initial maturity date of June 27, 2021 and a 127-month extension option. The Company entered into a swap agreement to fix the interest rate to 4.89%.

On June 6, 2019, the Company closed on a $293.7 million construction loan for ‘A‘ali‘i, bearing interest at one-month LIBOR plus 3.10% with an initial maturity date of June 6, 2022 and a one-year extension option.

On June 5, 2019, the Company paid off the construction loan for Ke Kilohana with a commitment amount of $142.7 million. Total draws were approximately $121.7 million and were paid off from the proceeds of condominium sales.

On May 23, 2019, the Company and its joint venture partners closed on an amendment to increase the $512.6 million construction loan for 110 North Wacker to $558.9 million, and modify the commitments included in the loan syndication. The amendment also increased the Company’s guarantee from $92.3 million to $100.6 million. In addition, the Company also guaranteed an additional

$46.3 million, the increase in principal of the construction loan, which would become payable in fiscal year 2020 if a certain leasing threshold is not achieved. The leasing threshold was met in December 2019.

On October 11, 2018, the Company closed on a $74.0 million construction loan for Two Lakes Edge, bearing interest at one-month LIBOR plus 2.15% with an initial maturity date of October 11, 2022 and a one-year extension option.

On January 19, 2018, the Company paid off the $18.9 million mortgage loan for 110 North Wacker and settled the related swap liability of $0.3 million.

WARRANTS	12 Months Ended
WARRANTS	Dec. 31, 2019
Warrants and Rights Note Disclosure [Abstract]
WARRANTS	WARRANTS On November 9, 2010, the Company entered into warrant agreements with certain funds of Pershing Square Capital Management, L.P. (“Pershing Square”) to purchase 1,916,667 shares of common stock at an exercise price of $50.00 per share (the “Sponsor Warrants”). Pershing Square exercised its Sponsor Warrants on June 30, 2017, resulting in a net issuance of 1,136,517 shares in accordance with the warrant provisions. In November 2010 and February 2011, HHC entered into certain warrant agreements (the “Management Warrants”) with David R. Weinreb, the Chief Executive Officer, Grant Herlitz, the President, and Andrew C. Richardson, the former Chief Financial Officer, in each case prior to his appointment to such position, to purchase 2,367,985, 315,731 and 178,971 shares, respectively, of common stock. The Management Warrants were granted at fair value in exchange for a combined total of approximately $19.0 million in cash from such executives at the commencement of their respective employment. Mr. Weinreb and Mr. Herlitz’s warrants had an exercise price of $42.23 per share, and Mr. Richardson’s warrants had an exercise price of $54.50 per share. Mr. Herlitz exercised his Management Warrants in early January 2017, resulting in the net issuance of 198,184 shares in accordance with the warrant provisions. Mr. Herlitz also donated 6,850 shares to a charitable trust, which were net share settled for 4,400 shares in accordance with the warrant provisions. In February, March and June 2017, Mr. Richardson exercised his Management Warrants, resulting in the net issuance of 98,549 shares in accordance with the warrant provisions. In June 2017, Mr. Weinreb exercised his Management Warrants, resulting in the net issuance of 1,614,803 shares in accordance with the warrant provisions. As of December 31, 2017, all Sponsor Warrants and Management Warrants have been exercised. The fair values for the Sponsor Warrants and Management Warrants as of December 31, 2016 were recorded as liabilities in the Consolidated Balance Sheets because the holders of these warrants could require the Company to settle such warrants in cash upon a change of control. The estimated fair values for the outstanding Sponsor Warrants and Management Warrants totaled $332.2 million as of December 31, 2016. The fair values were estimated using an option pricing model and Level 3 inputs due to the unavailability of comparable market data, as further discussed in Note 8 - Fair Value. Decreases and increases in the fair value of the Sponsor Warrants and Management Warrants prior to their settlements in 2017 were recognized as warrant liability gains or losses in the Consolidated Statements of Operations in the years ended December 31, 2017 and 2016. On October 7, 2016, the Company entered into a warrant agreement with its Chief Financial Officer, David R. O’Reilly, (the “O’Reilly Warrant”) prior to his appointment to the position. Upon exercise of his warrant, Mr. O’Reilly may acquire 50,125 shares of common stock at an exercise price of $112.08 per share. The O’Reilly Warrant was issued at fair value in exchange for a $1.0 million payment in cash from Mr. O’Reilly. The O’Reilly Warrant becomes exercisable on April 6, 2022, subject to earlier exercise upon certain change in control, separation and termination provisions. On June 16, 2017 and October 4, 2017, the Company entered into warrant agreements with its Chief Executive Officer, David R. Weinreb, (the “Weinreb Warrant”) and President, Grant Herlitz, (the “Herlitz Warrant”) to acquire 1,965,409 shares and 87,951 shares of common stock for the purchase price of $50.0 million and $2.0 million, respectively. The Weinreb Warrant would have become exercisable on June 15, 2022, at an exercise price of $124.64 per share, and the Herlitz Warrant would have become exercisable on October 3, 2022, at an exercise price of $117.01 per share, subject in each case to earlier exercise upon certain change in control, separation and termination provisions (but such warrants became exercisable in connection with Mr. Weinreb’s and Mr. Herlitz’s terminations of employment, as described below). The purchase prices paid by the respective executives for the O’Reilly Warrant, the Weinreb Warrant and the Herlitz Warrant, which qualify as equity instruments, are included within Additional paid-in capital in the Consolidated Balance Sheets at December 31, 2019 and 2018. On October 21, 2019, Mr. Weinreb and Mr. Herlitz stepped down from their roles as Chief Executive Officer and President of the Company, respectively. The Company and each of Mr. Weinreb and Mr. Herlitz have agreed to treat their terminations of employment as terminations without “cause” under their respective employment and warrant agreements with the Company. Thus, effective October 21, 2019, the Weinreb Warrant and Herlitz Warrant became exercisable by the terms of their respective warrant agreements in connection with their respective terminations of employment.

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Minimum rents	$ 221,907
Minimum rents		$ 207,315	$ 183,025
Tenant recoveries	54,710
Tenant recoveries		49,993	45,814
Interest income from sales-type leases	2,189	0	0
Total revenues	1,300,539	1,064,537	1,100,120
Expenses:
Other property operating costs	175,230	133,761	91,729
Rental property real estate taxes	36,861	32,183	29,185
Rental property maintenance costs	17,410	15,813	13,432
Hospitality operating costs	60,226	59,195	56,362
(Recovery of) provision for doubtful accounts	(414)	6,078	2,710
Demolition costs	855	17,329	1,923
Development-related marketing costs	23,067	29,249	20,504
General and administrative	156,251	104,625	89,882
Depreciation and amortization	155,798	126,565	132,252
Costs and Expenses	1,184,770	956,791	936,233
Other:
Gain (loss) on sale or disposal of real estate and other assets, net	22,362	(4)	55,235
Other income (loss), net	12,179	(936)	3,248
Total other	34,541	(940)	58,483
Operating income	150,310	106,806	222,370
Selling profit from sales-type leases	13,537
Interest income	9,797	8,486	4,043
Interest expense	(105,374)	(82,028)	(64,568)
Gain on extinguishment of debt	4,641	0	(46,410)
Warrant liability loss	0	0	(43,443)
Gain on acquisition of joint venture partner's interest	0	0	23,332
Equity in earnings from real estate and other affiliates	30,629	39,954	25,498
Income before taxes	103,540	73,218	120,822
Provision for income taxes	29,245	15,492	(45,801)
Net income	74,295	57,726	166,623
Net (income) loss attributable to noncontrolling interests	(339)	(714)	1,781
Net income attributable to common stockholders	$ 73,956	$ 57,012	$ 168,404
Basic income per share: (in dollars per share)	$ 1.71	$ 1.32	$ 4.07
Diluted income per share: (in dollars per share)	$ 1.71	$ 1.32	$ 3.91
Condominium rights and unit sales
Revenues:
Revenue	$ 448,940	$ 357,720	$ 464,251
Expenses:
Cost of goods and services sold	369,759	262,562	338,361
Master Planned Communities land sales
Revenues:
Revenue	330,146	261,905	248,595
Hospitality revenues
Revenues:
Revenue	87,864	82,037	76,020
Builder price participation
Revenues:
Revenue	35,681	27,085	22,835
Other land revenues
Revenues:
Revenue	23,399	21,314	28,166
Other rental and property revenues
Revenues:
Revenue	95,703	57,168	31,414
Master Planned Communities cost of sales
Expenses:
Cost of goods and services sold	141,852	124,214	121,116
Master Planned Communities operations
Expenses:
Cost of goods and services sold	$ 47,875	$ 45,217	$ 38,777

REAL ESTATE AND OTHER AFFILIATES (Summary of Investments in Real Estate and Other Affiliates) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Mar. 01, 2017
Investment in Real Estate and Other Affiliates
Share of Earnings/Dividends	$ 30,629	$ 39,954	$ 25,498
Investment in real estate and other affiliates	121,757	102,287
Cost-method Investments
Investment in Real Estate and Other Affiliates
Carrying Value	3,953	3,856
Share of Earnings/Dividends	3,623	3,355	2,927
Las Vegas Aviators
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership				50.00%
Share of Earnings/Dividends			200
Accounts Payable and Accrued Liabilities \| The Metropolitan Downtown Columbia
Investment in Real Estate and Other Affiliates
Investment deficit position	$ 4,700	$ 3,800
Master Planned Communities revenues \| The Summit \| Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	0.00%	0.00%
Carrying Value	$ 84,455	$ 72,171
Share of Earnings/Dividends	$ 28,336	$ 36,284	23,234
Operating Assets revenues \| Las Vegas Aviators \| Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	100.00%	100.00%
Carrying Value	$ 0	$ 0
Share of Earnings/Dividends	$ 0	$ 0	(152)
Operating Assets revenues \| Constellation \| Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	100.00%	100.00%
Carrying Value	$ 0	$ 0
Share of Earnings/Dividends	$ 0	$ 0	(323)
Operating Assets revenues \| The Metropolitan Downtown Columbia \| Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	50.00%	50.00%
Carrying Value	$ 0	$ 0
Share of Earnings/Dividends	$ 694	$ 467	390
Operating Assets revenues \| Stewart Title of Montgomery County, TX \| Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	50.00%	50.00%
Carrying Value	$ 4,175	$ 3,920
Share of Earnings/Dividends	$ 1,105	$ 573	386
Operating Assets revenues \| Woodlands Sarofim 1 \| Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	20.00%	20.00%
Carrying Value	$ 2,985	$ 2,760
Share of Earnings/Dividends	$ 125	$ 94	53
Operating Assets revenues \| m.flats/TEN.M \| Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	50.00%	50.00%
Carrying Value	$ 2,431	$ 4,701
Share of Earnings/Dividends	$ (1,875)	$ (2,478)	0
Operating Assets revenues \| Mr. C Seaport \| Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	35.00%	35.00%
Carrying Value	$ 7,650	$ 8,721
Share of Earnings/Dividends	$ (1,980)	$ (465)	0
Operating Assets revenues \| Bar Wayō (Momofuku)
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	0.00%	0.00%
Carrying Value		$ 0
Share of Earnings/Dividends	$ (612)	0	0
Operating Assets revenues \| Bar Wayō (Momofuku) \| Equity Method Investments
Investment in Real Estate and Other Affiliates
Carrying Value	7,469
Strategic Developments revenues \| Equity Method Investments
Investment in Real Estate and Other Affiliates
Carrying Value	117,804	98,431
Share of Earnings/Dividends	$ 27,006	$ 36,599	22,571
Strategic Developments revenues \| m.flats/TEN.M \| Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	50.00%	50.00%
Carrying Value	$ 0	$ 0
Share of Earnings/Dividends	$ 0	$ 0	(415)
Strategic Developments revenues \| Mr. C Seaport \| Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	35.00%	35.00%
Carrying Value	$ 0	$ 0
Share of Earnings/Dividends	$ 0	$ (240)	(643)
Strategic Developments revenues \| Circle T Ranch and Power Center \| Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	50.00%	50.00%
Carrying Value	$ 8,207	$ 5,989
Share of Earnings/Dividends	$ 950	$ 1,534	0
Strategic Developments revenues \| HHMK Development LLC \| Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	50.00%	50.00%
Carrying Value	$ 10	$ 10
Share of Earnings/Dividends	$ 0	$ 0	0
Strategic Developments revenues \| KR Holdings LLC \| Equity Method Investments
Investment in Real Estate and Other Affiliates
Economic/Legal Ownership	50.00%	50.00%
Carrying Value	$ 422	$ 159
Share of Earnings/Dividends	$ 263	$ 830	$ 41

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Summary of the Notional Amount and Fair Value of Derivatives) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Aug. 01, 2019	Jun. 27, 2019	May 23, 2019	May 01, 2019	Sep. 21, 2018	Sep. 18, 2018
Fair value of derivative instruments
Total fair value derivative assets	$ 0	$ 346,000
Total fair value derivative liabilities	(40,135,000)	(16,517,000)
Interest Rate Cap \| Not Designated as Hedging Instrument \| Prepaid Expenses and Other Current Assets \| Fixed Interest Rate 2.50%, Maturing December 2019
Fair value of derivative instruments
Notional amount	$ 230,000,000
Fixed interest rate	2.50%
Total fair value derivative assets	$ 0	333,000
Interest income	200,000	200,000
Interest Rate Cap \| Not Designated as Hedging Instrument \| Prepaid Expenses and Other Current Assets \| Fixed Interest Rate 5.00% Maturing August 2019
Fair value of derivative instruments
Notional amount	$ 75,000,000
Fixed interest rate	5.00%
Total fair value derivative assets	$ 0	0
Interest Rate Cap \| Designated as Hedging Instrument
Fair value of derivative instruments
Notional amount	230,000,000.0
Interest Rate Collar \| Designated as Hedging Instrument \| Prepaid Expenses and Other Current Assets \| Fixed Interest Rate 1.50% To 2.50%, Maturing May 2019
Fair value of derivative instruments
Notional amount						$ 51,592,000
Total fair value derivative assets	0	13,000
Interest Rate Collar \| Designated as Hedging Instrument \| Accounts Payable and Accrued Liabilities \| Fixed Interest Rate 2.00% To 3.00%, Maturing May 2020
Fair value of derivative instruments
Notional amount, liability	193,967,000
Total fair value derivative liabilities	(182,000)	(37,000)
Interest Rate Collar \| Designated as Hedging Instrument \| Accounts Payable and Accrued Liabilities \| Fixed Interest Rate 2.25% To 3.25%, Maturing May 2021
Fair value of derivative instruments
Notional amount, liability	354,217,000
Total fair value derivative liabilities	(2,074,000)	(730,000)
Interest Rate Collar \| Designated as Hedging Instrument \| Accounts Payable and Accrued Liabilities \| Fixed Interest Rate 2.75% To 3.50%, Maturing April 2022
Fair value of derivative instruments
Notional amount, liability	381,404,000
Total fair value derivative liabilities	$ (4,578,000)	(1,969,000)
Interest rate swap contracts \| Designated as Hedging Instrument \| Accounts Payable and Accrued Liabilities \| Fixed Interest Rate 2.96% Maturing September 2023
Fair value of derivative instruments
Fixed interest rate	2.96%
Notional amount, liability	$ 615,000,000
Total fair value derivative liabilities	$ (31,187,000)	(13,781,000)
Interest rate swap contracts \| Designated as Hedging Instrument \| Accounts Payable and Accrued Liabilities \| Fixed Interest Rate 4.89% Maturing September 2024
Fair value of derivative instruments
Fixed interest rate	4.89%
Notional amount, liability	$ 1,810,000
Total fair value derivative liabilities	$ (2,114,000)	$ 0
Minimum \| Interest Rate Collar \| Designated as Hedging Instrument \| Prepaid Expenses and Other Current Assets \| Fixed Interest Rate 1.50% To 2.50%, Maturing May 2019
Fair value of derivative instruments
Fixed interest rate	1.50%
Minimum \| Interest Rate Collar \| Designated as Hedging Instrument \| Accounts Payable and Accrued Liabilities \| Fixed Interest Rate 2.00% To 3.00%, Maturing May 2020
Fair value of derivative instruments
Fixed interest rate	2.00%
Minimum \| Interest Rate Collar \| Designated as Hedging Instrument \| Accounts Payable and Accrued Liabilities \| Fixed Interest Rate 2.25% To 3.25%, Maturing May 2021
Fair value of derivative instruments
Fixed interest rate	2.25%
Minimum \| Interest Rate Collar \| Designated as Hedging Instrument \| Accounts Payable and Accrued Liabilities \| Fixed Interest Rate 2.75% To 3.50%, Maturing April 2022
Fair value of derivative instruments
Fixed interest rate	2.75%
Maximum \| Interest Rate Collar \| Designated as Hedging Instrument \| Prepaid Expenses and Other Current Assets \| Fixed Interest Rate 1.50% To 2.50%, Maturing May 2019
Fair value of derivative instruments
Fixed interest rate	2.50%
Maximum \| Interest Rate Collar \| Designated as Hedging Instrument \| Accounts Payable and Accrued Liabilities \| Fixed Interest Rate 2.00% To 3.00%, Maturing May 2020
Fair value of derivative instruments
Fixed interest rate	3.00%
Maximum \| Interest Rate Collar \| Designated as Hedging Instrument \| Accounts Payable and Accrued Liabilities \| Fixed Interest Rate 2.25% To 3.25%, Maturing May 2021
Fair value of derivative instruments
Fixed interest rate	3.25%
Maximum \| Interest Rate Collar \| Designated as Hedging Instrument \| Accounts Payable and Accrued Liabilities \| Fixed Interest Rate 2.75% To 3.50%, Maturing April 2022
Fair value of derivative instruments
Fixed interest rate	3.50%
$700 Million Loan Maturity September 2023
Fair value of derivative instruments
Fixed interest rate							4.61%
Aggregate principal amount of debt issued								$ 700,000,000.0
Term Loan \| $700 Million Loan Maturity September 2023
Fair value of derivative instruments
Aggregate principal amount of debt issued							$ 615,000,000.0	$ 615,000,000.0
Construction Loans
Fair value of derivative instruments
Aggregate principal amount of debt issued			$ 64,600,000		$ 512,600,000
8770 New Trails \| Construction Loans
Fair value of derivative instruments
Aggregate principal amount of debt issued				$ 35,500,000

MORTGAGES, NOTES AND LOANS PAYABLE, NET (Contractual Obligations Based on Final Maturity Dates) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Mortgages, notes and loans payable principal payments
2020	$ 424,933
2021	320,641
2022	137,825
2023	967,129
2024	764,615
Thereafter	1,523,475
Total principal payments	4,138,618	$ 1,000,000
Unamortized deferred financing costs, net and unamortized underwriting fees	(42,148)
Total mortgages, notes and loans payable	$ 4,096,470	$ 3,181,213

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES In the normal course of business, from time to time, the Company is involved in legal proceedings relating to the ownership and operations of its properties. In addition, on June 14, 2018, the Company was served with a petition involving approximately 500 individuals or entities who claim that their properties, located in the Timarron Park neighborhood of The Woodlands, were damaged by flood waters that resulted from the unprecedented rainfall that occurred throughout Harris County and surrounding areas during Hurricane Harvey in August 2017. The complaint was filed in State Court in Harris County of the State of Texas. In general, the plaintiffs allege negligence in the development of Timarron Park and violations of Texas’ Deceptive Trade Practices Act and name as defendants The Howard Hughes Corporation, The Woodlands Land Development Company and two unaffiliated parties involved in the planning and engineering of Timarron Park. The plaintiffs are seeking restitution for damages to their property and diminution of their property values. The Company intends to vigorously defend the matter as it believes that these claims are without merit and that it has substantial legal and factual defenses to the claims and allegations contained in the complaint. Based upon the present status of this matter, the Company does not believe it is probable that a loss will be incurred. Accordingly, the Company has not recorded a charge as a result of this action. In 2018, the Company recognized a $13.4 million charge for certain window repairs at Waiea, and the Company is currently in settlement discussions with the Waiea homeowners association. The ongoing settlement discussions could result in the Company agreeing to fund the repair cost for certain other alleged construction defects at Waiea, which could increase the amounts currently accrued. If the Company does agree to fund these repair costs, it expects to fully recover these costs from the general contractor or the other responsible parties. In management’s opinion, the liabilities, if any, that may ultimately result from normal course of business legal actions, The Woodlands legal proceeding and the Waiea settlement discussions discussed above, are not expected to have a material effect on the Company’s consolidated financial position, results of operations or liquidity. The Company purchased its 250 Water Street property in the Seaport District in June 2018. The site is currently used as a parking lot while the Company evaluates redevelopment plans. The Company engaged a third-party specialist to perform a Phase I Environmental Site Assessment (“ESA”) of the property, and the ESA identified, among other findings, the existence of mercury levels above regulatory criteria. The site does not require remediation until the Company begins redevelopment activities. The normal operations of the parking lot do not require the property to be remediated, and the Company has not started any redevelopment activities as of December 31, 2019. As a result, the potential remediation has no financial impact for the year ended December 31, 2019. As of December 31, 2019 and December 31, 2018, the Company had outstanding letters of credit totaling $15.4 million and $15.3 million and surety bonds totaling $200.1 million and $101.2 million. These letters of credit and bonds were issued primarily in connection with insurance requirements, special real estate assessments and construction obligations. The Company leases land or buildings at certain properties from third parties. As discussed in Note 1 - Summary of Significant Accounting Policies, the Company adopted the New Leases Standard on the Adoption Date and recorded right-of-use assets and lease liabilities on the balance sheet. See Note 1 - Summary of Significant Accounting Policies for further discussion. Prior to the adoption of the New Leases Standard, rental payments were expensed as incurred and, to the extent applicable, straight-lined over the term of the lease. Contractual rental expense, including participation rent, was $8.5 million, $9.7 million and $8.6 million for the years ended December 31, 2019, 2018 and 2017, respectively. The amortization of above and below‑market ground leases and straight‑line rents included in the contractual rent amount was not significant. Guarantee Agreements The Company has entered into guarantee agreements as part of certain development projects. In conjunction with the execution of the ground lease for the Seaport District, the Company executed a completion guarantee for the redevelopment of Pier 17 and the Tin Building. The Company satisfied its completion guarantee for Pier 17 in the second quarter of 2019. As part of the funding agreement for the Downtown Columbia Redevelopment District TIF bonds, one of the Company’s wholly-owned subsidiaries agreed to complete certain defined public improvements and to indemnify Howard County, Maryland for certain matters. The Company has guaranteed these obligations, with a limit of $1.0 million, expiring on October 31, 2020. To the extent that increases in taxes do not cover debt service payments on the TIF bonds, the Company’s wholly-owned subsidiary is obligated to pay special taxes. As part of the Company’s development permits with the Hawaii Community Development Authority for the condominium towers at Ward Village, the Company entered into a guarantee whereby it is required to reserve 20% of the residential units for local residents who meet certain maximum income and net worth requirements. This guarantee, which is triggered once the necessary permits are granted and construction commences, was satisfied for the Company’s four open condominium towers, Waiea, Anaha, Ae‘o and Ke Kilohana, with the opening of Ke Kilohana, which provided 375 reserved housing units. The reserved units for the Company’s ‘A‘ali‘i tower are included in the tower, and the units for Kō'ula will either be built off site or fulfilled by paying a cash-in-lieu fee. The Company evaluates the likelihood of future performance under these guarantees and did not record an obligation as of December 31, 2019 and December 31, 2018.

REAL ESTATE AND OTHER AFFILIATES (Relevant Financial Information) (Details) - The Summit - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Real Estate and Other Affiliates
Total Assets	$ 220.0	$ 218.9
Total Liabilities	133.4	144.6
Total Equity	86.6	74.3
Revenues	122.0	101.2	$ 58.6
Net income	28.3	36.3	23.2
Gross Margin	$ 33.8	$ 41.9	$ 31.2

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2019

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

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2019



					Initial Cost (b)				Costs Capitalized Subsequent to Acquisition (c)						Gross Amounts at Which Carried at Close of Period (d)
							Buildings					Buildings					Buildings								Date
(In thousands)							and					and					and				Accumulated			Date of	Acquired /
Name of Center	Location	Center Type	Encumbrances (a)		Land		Improvements		Land (e)			Improvements (e)(f)			Land		Improvements (f)		Total		Depreciation (g)			Construction	Completed
Bridgeland
Bridgeland	Cypress, TX	MPC	$	107,500	$	260,223	$	—	$	227,091		$	1,822		$	487,314	$	1,822	$	489,136	$	(476	)		2004
Lakeland Village Center at Bridgeland (h)	Cypress, TX	Retail	14,135		2,404		11,135		—			3,306			2,404		14,441		16,845		(1,424		)		2016
Lakeside Row	Cypress, TX	Multi-family	23,958		—		—		812			42,065			812		42,065		42,877		(172		)	2018	2019
Columbia
American City Building	Columbia, MD	Other	—		—		13,534		—			1,043			—		14,577		14,577		—				2016
Columbia	Columbia, MD	MPC	—		457,552		—		(440,909		)	—			16,643		—		16,643		—				2004
10 - 70 Columbia Corporate Center (h)	Columbia, MD	Office	99,184		24,685		94,824		—			26,511			24,685		121,335		146,020		(20,345		)		2012/2014
Columbia Office Properties	Columbia, MD	Office	—		1,175		14,913		—			(937		)	1,175		13,976		15,151		(5,362		)		1969/1972
Columbia Regional Building	Columbia, MD	Office	24,664		—		28,865		—			2,357			—		31,222		31,222		(5,042		)		2014
Juniper Apartments	Columbia, MD	Development	34,610		—		—		—			84,635			—		84,635		84,635		—			2018
Lakefront	Columbia, MD	Other	—		—		1,964		—			2,692			—		4,656		4,656		—				2004
Merriweather District	Columbia, MD	Development	—		—		—		—			95,431			—		95,431		95,431		—				2015
Merriweather District Area 3 Standalone Restaurant	Columbia, MD	Development	—		—		—		—			8,815			—		8,815		8,815		—			2019
6100 Merriweather	Columbia, MD	Office	36,418		—		—		2,489			88,385			2,489		88,385		90,874		(589		)	2018	2019
One Mall North (h)	Columbia, MD	Office	12,425		7,822		10,818		—			906			7,822		11,724		19,546		(983		)		2016
One Merriweather (h)	Columbia, MD	Office	42,008		1,433		58,936		—			15,401			1,433		74,337		75,770		(6,255		)		2017
Two Merriweather	Columbia, MD	Office	28,216		1,019		4,931		—			32,842			1,019		37,773		38,792		(2,388		)		2017
Ridgely Building	Columbia, MD	Other	—		400		58,937		(400		)	(58,537		)	—		400		400		—				2017
Sterrett Place	Columbia, MD	Other	—		—		5,618		—			303			—		5,921		5,921		(77		)		2018
Seaport District
85 South Street	New York, NY	Multi-family	—		15,913		8,137		—			1,341			15,913		9,478		25,391		(3,311		)		2014
Seaport Predevelopment	New York, NY	Development	—		—		7,641		—			3,493			—		11,134		11,134		—			2013
Tin Building	New York, NY	Development	—		—		8,290		—			59,037			—		67,327		67,327		—				2015
Pier 17	New York, NY	Retail	250,000		—		468,476		—			195			—		468,671		468,671		(24,912		)	2017	2018
Seaport District Historic Area / Uplands	New York, NY	Retail	—		—		7,884		—			112,532			—		120,416		120,416		(13,418		)	2013	2016
250 Water Street	New York, NY	Development	100,000		—		179,471		—			330			—		179,801		179,801		—				2018
Summerlin
Aristocrat (i)	Las Vegas, NV	Office	38,092		5,004		34,588		—			—			5,004		34,588		39,592		(1,554		)	2017	2018
Constellation	Las Vegas, NV	Multi-family	24,200		3,069		39,759		—			—			3,069		39,759		42,828		(1,815		)		2016
Downtown Summerlin (i) (j)	Las Vegas, NV	Retail/Office	261,748		30,855		364,100		—			38,175			30,855		402,275		433,130		(75,151		)		2014
Hockey Ground Lease (i)	Las Vegas, NV	Other	135		—		—		6,705			2,198			6,705		2,198		8,903		(128		)		2017
Las Vegas Ballpark (i)	Las Vegas, NV	Other	51,561		—		179		5,318			122,626			5,318		122,805		128,123		(5,100		)		2019
Two Summerlin (i)	Las Vegas, NV	Office	33,283		3,037		47,104		—			—			3,037		47,104		50,141		(1,599		)	2017	2018
Summerlin	Las Vegas, NV	MPC	20,284		990,179		—		(144,740		)	640			845,439		640		846,079		(256		)		2004
Tanager Apartments (i)	Las Vegas, NV	Multi-family	29,434		—		—		9,633			53,542			9,633		53,542		63,175		(632		)	2017	2019
The Woodlands
Creekside Park Apartments	The Woodlands, TX	Multi-family	37,730		729		40,116		—			—			729		40,116		40,845		(1,468		)	2017	2018
Creekside Park Apartments Phase II	The Woodlands, TX	Development	—		—		—		—			5,749			—		5,749		5,749		—			2019



				Initial Cost (b)		Costs Capitalized Subsequent to Acquisition (c)				Gross Amounts at Which Carried at Close of Period (d)
					Buildings			Buildings			Buildings					Date
(In thousands)					and			and			and		Accumulated		Date of	Acquired /
Name of Center	Location	Center Type	Encumbrances (a)	Land	Improvements	Land (e)		Improvements (e)(f)		Land	Improvements (f)	Total	Depreciation (g)		Construction	Completed
Creekside Park West	The Woodlands, TX	Retail	8,505	—	—	1,228		17,673		1,228	17,673	18,901	(95	)	2018	2019
Creekside Village Green (h)	The Woodlands, TX	Retail	17,051	2,551	33,822	(1,228	)	(17,536	)	1,323	16,286	17,609	(2,902	)		2015
Embassy Suites at Hughes Landing (h)	The Woodlands, TX	Hospitality	27,970	—	6,752	1,818		36,479		1,818	43,231	45,049	(6,079	)		2015
100 Fellowship Drive (k)	The Woodlands, TX	Office	47,916	—	—	—		—		—	—	—	—		2017	2019
HHC 242 Self-Storage	The Woodlands, TX	Other	5,499	878	6,802	—		1,106		878	7,908	8,786	(602	)		2017
HHC 2978 Self-Storage	The Woodlands, TX	Other	5,395	124	5,498	—		2,063		124	7,561	7,685	(542	)		2017
One Hughes Landing	The Woodlands, TX	Office	52,000	1,678	34,761	—		(57	)	1,678	34,704	36,382	(9,689	)		2013
Two Hughes Landing	The Woodlands, TX	Office	48,000	1,269	34,950	—		(282	)	1,269	34,668	35,937	(9,727	)		2014
Three Hughes Landing	The Woodlands, TX	Office	59,822	2,626	46,372	—		31,161		2,626	77,533	80,159	(8,453	)		2016
1725 Hughes Landing Boulevard (h)	The Woodlands, TX	Office	56,772	1,351	36,764	—		36,026		1,351	72,790	74,141	(14,356	)		2015
1735 Hughes Landing Boulevard (h)	The Woodlands, TX	Office	54,568	3,709	97,651	—		(360	)	3,709	97,291	101,000	(17,780	)		2015
Hughes Landing Daycare	The Woodlands, TX	Other	—	—	—	138		—		138	—	138	—		2018	2019
Hughes Landing Retail	The Woodlands, TX	Retail	35,000	5,184	—	—		33,105		5,184	33,105	38,289	(6,060	)		2015
1701 Lake Robbins (h)	The Woodlands, TX	Office	3,658	1,663	3,725	—		459		1,663	4,184	5,847	(568	)		2014
Lake Woodlands Crossing Retail	The Woodlands, TX	Retail	12,163	5,122	11,440	—		—		5,122	11,440	16,562	(458	)	2017	2018
2201 Lake Woodlands Drive	The Woodlands, TX	Office	—	3,755	—	—		1,167		3,755	1,167	4,922	(164	)		1994
Lakefront North	The Woodlands, TX	Office	32,731	10,260	39,357	—		12,098		10,260	51,455	61,715	(1,398	)		2018
One Lakes Edge	The Woodlands, TX	Multi-family	69,440	1,057	81,768	—		323		1,057	82,091	83,148	(10,144	)		2015
Two Lakes Edge	The Woodlands, TX	Development	38,214	—	—	—		86,499		—	86,499	86,499	—		2018
Millennium Phase III Apartments	The Woodlands, TX	Development	1	—	—	—		12,529		—	12,529	12,529	—		2019
Millennium Six Pines Apartments	The Woodlands, TX	Multi-family	42,500	4,000	54,624	7,225		413		11,225	55,037	66,262	(6,868	)		2014
Millennium Waterway Apartments	The Woodlands, TX	Multi-family	53,032	15,917	56,002	—		2,710		15,917	58,712	74,629	(17,630	)		2010
8770 New Trails	The Woodlands, TX	Development	15,124	—	—	—		32,053		—	32,053	32,053	—		2019
9303 New Trails	The Woodlands, TX	Office	11,196	1,929	11,915	—		741		1,929	12,656	14,585	(2,798	)		2008
3831 Technology Forest Drive	The Woodlands, TX	Office	21,137	514	14,194	—		1,813		514	16,007	16,521	(4,013	)		2014
20/25 Waterway Avenue	The Woodlands, TX	Retail	13,131	2,346	8,871	—		(59	)	2,346	8,812	11,158	(2,105	)		2007/2009
Waterway Garage Retail	The Woodlands, TX	Retail	—	1,341	4,255	—		1,117		1,341	5,372	6,713	(1,414	)		2011
3 Waterway Square	The Woodlands, TX	Office	47,647	748	—	—		42,318		748	42,318	43,066	(12,688	)		2013
4 Waterway Square	The Woodlands, TX	Office	32,789	1,430	51,553	—		6,208		1,430	57,761	59,191	(15,482	)		2010
The Westin at the Woodlands (h)	The Woodlands, TX	Hospitality	41,793	22,473	—	(20,520	)	94,425		1,953	94,425	96,378	(11,320	)		2016
The Woodlands	The Woodlands, TX	MPC	107,500	269,411	9,814	(82,637	)	10,558		186,774	20,372	207,146	(2,714	)		2011
The Woodlands Ground Leases	The Woodlands, TX	Other	—	1,770	—	3,257		—		5,027	—	5,027	—			2011
The Woodlands Parking Garages	The Woodlands, TX	Other	—	5,857	—	1,529		12,038		7,386	12,038	19,424	(1,812	)		2008/2009
2000 Woodlands Parkway	The Woodlands, TX	Retail	—	—	—	—		655		—	655	655	(65	)		1997
The Woodlands Resort & Conference Center	The Woodlands, TX	Hospitality	62,500	13,258	37,983	—		79,415		13,258	117,398	130,656	(24,368	)		2014
The Woodlands Towers at the Waterway	The Woodlands, TX	Office	336,570	11,044	437,561	—		—		11,044	437,561	448,605	—			2019
The Woodlands Warehouse	The Woodlands, TX	Other	7,230	4,480	4,389	—		—		4,480	4,389	8,869	—			2019
1400 Woodloch Forest	The Woodlands, TX	Office	—	—	—	1,570		14,761		1,570	14,761	16,331	(4,841	)		1981
The Woodlands Hills
The Woodlands Hills	Conroe, TX	MPC	—	99,284	—	20,220		—		119,504	—	119,504	—			2014
Ward Village
‘A‘ali‘i	Honolulu, HI	Development	30,717	—	—	—		143,559		—	143,559	143,559	(1,816	)	2018



						Initial Cost (b)				Costs Capitalized Subsequent to Acquisition (c)						Gross Amounts at Which Carried at Close of Period (d)
								Buildings					Buildings					Buildings								Date
(In thousands)								and					and					and				Accumulated			Date of	Acquired /
Name of Center	Location	Center Type	Encumbrances (a)			Land		Improvements		Land (e)			Improvements (e)(f)			Land		Improvements (f)		Total		Depreciation (g)			Construction	Completed
Ae‘o	Honolulu, HI	Condominium	—			9,795		85,046		(9,795		)	(83,884		)	—		1,162		1,162		(29		)	2016	2018
Anaha	Honolulu, HI	Condominium	—			5,546		47,450		(5,546		)	(46,353		)	—		1,097		1,097		(57		)	2014	2017
Ke Kilohana	Honolulu, HI	Condominium	—			2,615		17,784		(2,463		)	(4,942		)	152		12,842		12,994		(290		)	2016	2019
Kewalo Basin Harbor	Honolulu, HI	Other	11,111			—		—		—			23,721			—		23,721		23,721		(1,310		)	2017	2019
Kō'ula	Honolulu, HI	Development	—			—		—		—			47,483			—		47,483		47,483		(1,402		)	2019
Waiea	Honolulu, HI	Condominium	—			—		20,812		—			(16,898		)	—		3,914		3,914		(93		)	2014	2017
Ward Predevelopment	Honolulu, HI	Development	—			—		24,069		—			54,310			—		78,379		78,379		(1,779		)	2013
Ward Village Retail (h)	Honolulu, HI	Retail	245,436			164,007		89,321		(76,405		)	280,901			87,602		370,222		457,824		(83,280		)		2002
Other
Century Park	Houston, TX	Development	—			19,816		36,763		—			—			19,816		36,763		56,579		—				2019
Landmark Mall	Alexandria, VA	Development	—			28,396		67,235		(28,396		)	(10,344		)	—		56,891		56,891		(247		)		2004
Monarch City	Dallas, TX	Development	—			25,575		—		(25,575		)	28,609			—		28,609		28,609		—				2006
110 North Wacker	Chicago, IL	Development	184,300			—		29,035		—			334,492			—		363,527		363,527		—			2018
Outlet Collection at Riverwalk	New Orleans, LA	Retail	30,615			—		94,513		—			(578		)	—		93,935		93,935		(16,526		)		2014
The Elk Grove Collection	Elk Grove, CA	Development	—			—		—		—			10,771			—		10,771		10,771		—				2003
Total excluding Corporate, Deferred financing costs and Unamortized bond issuance costs			3,138,618			2,558,278		3,153,071		(549,581		)	2,059,364			2,008,697		5,212,435		7,221,132		(476,421		)
Corporate	Various		1,000,000			885		1,027		(885		)	46,129			—		47,156		47,156		(31,512		)
Unamortized bond issuance costs	N/A		(5,249		)	—		—		—			—			—		—		—		—
Deferred financing costs	N/A		(36,899		)	—		—		—			—			—		—		—		—
		Total	$	4,096,470		$	2,559,163	$	3,154,098	$	(550,466	)	$	2,105,493		$	2,008,697	$	5,259,591	$	7,268,288	$	(507,933	)


(a)	See description of Encumbrances in Note 7 - Mortgages, Notes and Loans Payable, Net of the Consolidated Financial Statements.


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


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


(d)	The aggregate cost of land, building and improvements for federal income tax purposes is approximately $6.1 billion.


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


(f)	Includes all amounts related to Developments.


(g)	Depreciation is computed based upon the useful lives in Note 1 - Summary of Significant Accounting Policies.


(h)	Property is collateral for the Senior Secured Credit Facility. See Note 7 - Mortgages, Notes and Loans Payable, Net of the Consolidated Financial Statements for additional information.


(i)	Encumbrances balance either represents or is inclusive of SIDs. See Note 7 - Mortgages, Notes and Loans Payable, Net of the Consolidated Financial Statements for additional information.


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


(k)	Lands, buildings and improvements were derecognized and a Net investment in lease receivable was recorded during 2019. Refer to Note 1 - Summary of Significant Accounting Policies for additional information.



Reconciliation of Real Estate
(In thousands)	2019			2018			2017
Balance at beginning of year	$	6,163,287		$	5,355,409		$	4,979,840
Change in land	239,558			199,069			93,833
Additions	1,513,888			1,148,826			790,183
Impairments	—			—			—
Dispositions and write-offs and land and condominium costs of sales	(648,445		)	(540,017		)	(508,447		)
Balance at end of year	$	7,268,288		$	6,163,287		$	5,355,409



Reconciliation of Accumulated Depreciation
(In thousands)	2019			2018			2017
Balance at beginning of year	$	380,892		$	321,882		$	245,814
Depreciation Expense	143,698			113,518			116,401
Dispositions and write-offs	(16,657		)	(54,508		)	(40,333		)
Balance at end of year	$	507,933		$	380,892		$	321,882

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash Flows from Operating Activities:
Net income	$ 74,295	$ 57,726	$ 166,623
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	143,698	113,518	116,401
Amortization	10,684	13,047	15,851
Amortization of deferred financing costs	11,726	9,347	5,587
Amortization of intangibles other than in-place leases	788	1,681	(1,327)
Straight-line rent amortization	(5,652)	(12,584)	(5,401)
Deferred income taxes	27,818	16,195	(43,463)
Restricted stock and stock option amortization	19,502	12,128	7,385
Net gain on sales and acquisitions of properties	(22,669)	0	(78,568)
Selling profit from sales-type leases	13,537
Loss on redemption of senior notes due 2021	(4,851)		46,410
Warrant liability loss	0	0	43,443
Equity in earnings from real estate and other affiliates, net of distributions	(9,585)	(24,809)	(9,325)
Provision for doubtful accounts	3,920	6,078	2,710
Master Planned Community land acquisitions	(752)	(3,565)	(4,391)
Master Planned Community development expenditures	(238,806)	(195,504)	(193,087)
Master Planned Community cost of sales	119,429	113,282	107,218
Condominium development expenditures	(211,617)	(289,084)	(352,813)
Condominium rights and units cost of sales	369,759	262,562	338,361
Percentage of completion revenue recognition from sale of condominium rights	0	0	(464,251)
Net Changes:
Accounts and notes receivable	24,519	26,209	24,034
Prepaid expenses and other assets	3,147	(6,942)	(4,123)
Condominium deposits received	(68,842)	108,061	315,901
Deferred expenses	(52,503)	(17,697)	(15,156)
Accounts payable and accrued expenses	27,261	20,676	8,181
Condominium Receivables	0	0	140,122
Other, net	0	195	(755)
Cash provided by operating activities	207,732	210,520	165,567
Cash Flows from Investing Activities:
Property and equipment expenditures	(6,951)	(4,485)	(6,968)
Operating property improvements	(55,524)	(47,750)	(14,389)
Property development and redevelopment	(674,244)	(572,966)	(369,086)
Reimbursement of development cost	0	0	12,777
Acquisition of assets	(565,552)	(234,541)	(23,299)
Proceeds from sales of properties	67,110	0	88,384
Reimbursements under tax increment financings	6,883	22,651	0
Notes issued to real estate and other affiliates and third party	0	(3,795)	(5,252)
Distributions from real estate and other affiliates	1,437	1,732	0
Investments in real estate and other affiliates, net	(6,056)	(2,617)	(1,138)
Maturity of long-term investment	0	0	3,367
Cash used in investing activities	(1,232,897)	(841,771)	(315,604)
Cash Flows from Financing Activities:
Proceeds from mortgages, notes and loans payable	1,292,083	1,172,622	1,501,290
Principal payments on mortgages, notes and loans payable	(386,489)	(838,462)	(1,350,226)
Purchase of treasury stock	(53,922)	(58,715)	0
Premium paid to redeem 2021 Senior Notes	0	0	(39,966)
Special Improvement District bond funds released from (held in) escrow	6,077	8,051	35,678
Deferred financing costs and bond issuance costs, net	(19,639)	(15,833)	(14,188)
Taxes paid on stock options exercised and restricted stock vested	(5,449)	(3,995)	(11,672)
Issuance of management warrants	0	0	52,000
Gain on unwinding of swaps	0	16,104	0
Stock options exercised	3,535	11,748	22,708
Issuance of noncontrolling interests	84,889	99,646	3,586
Preferred dividend payment on behalf of REIT subsidiary	0	0	(12)
Cash provided by financing activities	921,085	391,166	199,198
Net change in cash, cash equivalents and restricted cash	(104,080)	(240,085)	49,161
Cash, cash equivalents and restricted cash at beginning of period	724,215	964,300	915,139
Cash, cash equivalents and restricted cash at end of period	620,135	724,215	964,300
Supplemental disclosure of cash flow information
Interest paid	168,925	149,693	129,022
Interest capitalized	73,002	77,918	73,207
Income taxes paid (refunded), net	(2,138)	70	(19,381)
Non-Cash Transactions:
Initial recognition of ASC 842 operating leases ROU asset	72,106
Initial recognition of ASC 842 operating lease obligation	71,888
Accrued property improvements, developments, and redevelopments	14,454	0	0
Special Improvement District bond transfers associated with land sales	22,423	10,937	13,898
Accrued interest on construction loan borrowing	10,154	7,584	1,559
Acquisition of below-market lease intangible	0	1,903	0
Exercise of sponsor warrants and management warrants	0	0	375,581
Capitalized stock compensation	1,443	2,434	1,121
Special Improvement District bonds held in third party escrow	9,686	0	0
Net assets acquired in the acquisition of Las Vegas Aviators
Non-Cash Transactions:
Net assets acquired in the acquisition	0	0	31,311
Net assets acquired in the acquisition of Constellation
Non-Cash Transactions:
Net assets acquired in the acquisition	$ 0	0	$ 41,744
Senior Notes
Adjustments to reconcile net income to cash provided by operating activities:
Loss on redemption of senior notes due 2021		$ 0

REAL ESTATE AND OTHER AFFILIATES

12 Months Ended

Dec. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

REAL ESTATE AND OTHER AFFILIATES

Equity investments in real estate and other affiliates are reported as follows:



	Economic/Legal Ownership				Carrying Value				Share of Earnings/Dividends
	December 31,		December 31,		December 31,		December 31,		Year Ended December 31,
($ in thousands)	2019		2018		2019		2018		2019			2018			2017
Equity Method Investments
Operating Assets:
Las Vegas Aviators (a)	100	%	100	%	$	—	$	—	$	—		$	—		$	(152	)
Constellation (a)	100	%	100	%	—		—		—			—			(323		)
The Metropolitan Downtown Columbia (b)	50	%	50	%	—		—		694			467			390
Stewart Title of Montgomery County, TX	50	%	50	%	4,175		3,920		1,105			573			386
Woodlands Sarofim #1	20	%	20	%	2,985		2,760		125			94			53
m.flats/TEN.M (c)	50	%	50	%	2,431		4,701		(1,875		)	(2,478		)	—
Master Planned Communities:
The Summit (d)	—	%	—	%	84,455		72,171		28,336			36,284			23,234
Seaport District:
Mr. C Seaport (e)	35	%	35	%	7,650		8,721		(1,980		)	(465		)	—
Bar Wayō (Momofuku) (d)	—	%	—	%	7,469		—		(612		)	—			—
Strategic Developments:
Circle T Ranch and Power Center	50	%	50	%	8,207		5,989		950			1,534			—
HHMK Development	50	%	50	%	10		10		—			—			—
KR Holdings	50	%	50	%	422		159		263			830			41
m.flats/TEN.M (c)	50	%	50	%	—		—		—			—			(415		)
Mr. C Seaport (e)	35	%	35	%	—		—		—			(240		)	(643		)
					117,804		98,431		27,006			36,599			22,571
Other equity investments (f)					3,953		3,856		3,623			3,355			2,927
Investments in real estate and other affiliates					$	121,757	$	102,287	$	30,629		$	39,954		$	25,498


(a)	The Company acquired this joint venture partner’s interest in 2017 and has consolidated the assets and liabilities of the entity in its financial results. See Note 3 - Acquisitions and Dispositions for additional information regarding the transaction.


(b)	Metropolitan Downtown Columbia was in a deficit position of $4.7 million and $3.8 million at December 31, 2019 and December 31, 2018, respectively, due to distributions from operating cash flows in excess of basis. These deficit balances are presented in Accounts payable and accrued expenses at December 31, 2019 and 2018.


(c)	Property was transferred from Strategic Developments to Operating Assets during the three months ended March 31, 2018.


(d)	Please refer to the discussion below for a description of the joint venture ownership structure.


(e)	Property was transferred from Strategic Developments to Operating Assets during the three months ended September 30, 2018. The share of earnings/dividends for Mr. C Seaport in the Operating Assets and Strategic Developments sections represents the Company’s share recognized when the investment was in the respective segment.

(f)

As of December 31, 2019, the Company is not the primary beneficiary of any of the joint ventures listed above because it does not have the power to direct the activities that most significantly impact the economic performance of the joint ventures; therefore, the Company reports its interests in accordance with the equity method. As of December 31, 2019 and 2018, the Mr. C Seaport VIE does not have sufficient equity at risk to finance its operations without additional financial support. As of December 31, 2019 and 2018, Bar Wayō is also classified as a VIE because the equity holders, as a group, lack the characteristics of a controlling financial interest. The carrying values of Mr. C Seaport and Bar Wayō as of December 31, 2019 are $7.7 million and $7.5 million, respectively, and are classified as Investments in real estate and other affiliates in the Consolidated Balance Sheets. The Company’s maximum exposure to loss as a result of these investments is limited to the aggregate carrying value of the investments as the Company has not provided any guarantees or otherwise made firm commitments to fund amounts on behalf of these VIEs. As of December 31, 2019, approximately $209.4 million of indebtedness was secured by the properties owned by the Company’s real estate and other affiliates of which the Company’s share was $100.3 million based upon economic ownership. All of this indebtedness is without recourse to the Company.

As of December 31, 2019, the Company is the primary beneficiary of one VIE, 110 North Wacker, which is consolidated in its financial statements. In addition to this entity, as of December 31, 2018, the Company was also the primary beneficiary of Bridges

at Mint Hill and the Ke Kilohana, Anaha, Waiea and Ae‘o Associations of Unit Owners (“AOUO”), none of which were related parties, and consolidated these entities in its financial statements. The Company deconsolidated the Ke Kilohana, Anaha, Waiea, and Ae‘o AOUOs during the year ended December 31, 2019, as the Company no longer controls these entities and they no longer meet the definition of a VIE. The Company also sold Bridges at Mint Hill in December 2019. See Note 3 - Acquisitions and Dispositions for additional information. The Company began consolidating 110 North Wacker and its underlying entities in the second quarter of 2018 as further discussed below. 110 North Wacker’s creditors do not have recourse to the Company, except for 18%, or $33.2 million, of its outstanding loan balance. As of December 31, 2019, the carrying values of the assets and liabilities associated with the operations of the consolidated VIE was $393.3 million and $186.5 million, respectively. As of December 31, 2018, the carrying values of the assets and liabilities associated with the operations of the consolidated VIEs were $190.6 million and $99.8 million, respectively. The assets of the VIEs are restricted for use only by the particular VIEs and are not available for the Company’s general operations.

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

110 North Wacker

During the second quarter of 2018, the Company’s partnership with the local developer (the “Partnership”) executed a joint venture agreement with USAA related to 110 North Wacker. At execution, the Company contributed land with a carrying value of $33.6 million and an agreed upon fair value of $85.0 million, and USAA contributed $64.0 million in cash. The Company had subsequent capital obligations of $42.7 million, and USAA was required to fund up to $105.6 million in addition to its initial contribution. The Company and its joint venture partners have also entered into a construction loan agreement further described in Note 7 - Mortgages, Notes and Loans Payable, Net. On May 23, 2019, the Company and its joint venture partners increased the construction loan. Concurrently with the increase in the construction loan, the Company and its joint venture partners agreed to eliminate the Company’s subsequent capital obligations. USAA agreed to fund an additional $8.8 million, for a total commitment of $178.4 million. No changes were made to the rights of either the Company or the joint venture partners under the joint venture agreement. The Company has concluded that it is the primary beneficiary of the VIE because it has the power to direct activities that most significantly impact the joint venture’s economic performance during the development phase of the project. Upon the building’s completion, the Company expects to recognize the joint venture under the equity method.

Given the nature of the venture’s capital structure and the provisions for the liquidation of assets, the Company’s share of the venture’s income-producing activities is recognized based on the Hypothetical Liquidation at Book Value (“HLBV”) method, which represents an economic interest of approximately 23% for the Company. Under this method, the Company recognizes income or loss in Equity in earnings from real estate and other affiliates based on the change in its underlying share of the venture’s net assets on a hypothetical liquidation basis as of the reporting date. After USAA receives a 9.0% preferred return on its capital contribution, the Partnership is entitled to cash distributions from the venture until it receives a 9.0% return. Subsequently, USAA is entitled to cash distributions equal to 11.11% of the amount distributed to the Partnership that resulted in a 9.0% return. Thereafter, the Partnership and USAA are entitled to distributions pari passu to their profit ownership interests of 90% and 10%, respectively.

The Summit

During the first quarter of 2015, the Company formed DLV/HHPI Summerlin, LLC (“The Summit”) a joint venture with Discovery Land Company (“Discovery”). The Company contributed land with a carrying value of $13.4 million and transferred SID bonds related to such land with a carrying value of $1.3 million to the joint venture at the agreed upon capital contribution value of $125.4 million, or $226,000 per acre. Discovery is required to fund up to a maximum of $30.0 million of cash as their capital contribution, and the Company has no further capital obligations. The gains on the contributed land are recognized in Equity in earnings from real estate and other affiliates as the joint venture sells lots.

After the Company receives its capital contribution of $125.4 million and a 5.0% preferred return on such capital contribution, Discovery is entitled to cash distributions by the joint venture until it has received two times its equity contribution. Any further cash distributions are shared equally. Given the nature of the venture’s capital structure and the provisions for the liquidation of assets, the Company’s share of the venture’s income-producing activities is recognized based on the HLBV method.

Relevant financial statement information for The Summit is summarized as follows:



	December 31,
(In millions)	2019		2018
Total Assets	$	220.0	$	218.9
Total Liabilities	133.4		144.6
Total Equity	86.6		74.3



	December 31,
(In millions)	2019		2018		2017
Revenues (a)	$	122.0	$	101.2	$	58.6
Net income	28.3		36.3		23.2
Gross Margin (b)	33.8		41.9		31.2

(a)


(b)	The decrease in gross margin from 2018 to 2019 is primarily due to the mix of product sold in each year. Built product has a lower margin than lot sales, and built product comprised a higher percentage of revenues in 2019 than in 2018.

Bar Wayō

During the first quarter of 2016, the Company formed Pier 17 Restaurant C101, LLC (“Bar Wayō”), a joint venture with MomoPier, LLC (“Momofuku”), an affiliate of the Momofuku restaurant group, to construct and operate a restaurant and bar at Pier 17 in the Seaport District. Under the terms of the joint venture agreement, the Company will fund 89.75% of the costs to construct the restaurant, and Momofuku will contribute the remaining 10.25%.

After each member receives a 10.0% preferred return on its capital contributions, available cash will be allocated 75.0% to the Company and 25.0% to Momofuku, until each member’s unreturned capital account has been reduced to zero. Any remaining cash will be distributed to the members in proportion to their respective percentage interests, or 50% each to the Company and Momofuku. Given the nature of the venture’s capital structure and the provisions for the liquidation of assets, the Company’s share of the venture’s income-producing activities is recognized based on the HLBV method.

REAL ESTATE AND OTHER AFFILIATES (Narrative) (Details)		3 Months Ended			12 Months Ended
REAL ESTATE AND OTHER AFFILIATES (Narrative) (Details)	May 23, 2019 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2016	Mar. 31, 2015 USD ($) item	Dec. 31, 2019 USD ($) item	Dec. 31, 2018 USD ($)
Real Estate and Other Affiliates
Number of variable interest entities in which entity is primary beneficiary \| item					1
Recourse percentage					100.00%
Carrying values of the assets associated with the operations of the consolidated VIEs					$ 393,300,000	$ 190,600,000
Carrying values of the liabilities associated with the operations of the consolidated VIEs					$ 186,500,000	99,800,000
Capital contribution	$ 178,400,000
Joint venture capital obligations	$ 8,800,000
Bar Wayo
Real Estate and Other Affiliates
Joint venture, preferred return on capital, percent of cash distributions			75.00%
Preferred return, on capital (as a percent)			10.00%
Joint venture real estate, percentage funded			89.75%
Join venture real estate, remaining cash distribution percentage			50.00%
USAA Joint Venture
Real Estate and Other Affiliates
Fair value of the land contributed to joint venture		$ 33,600,000
Contribution of property		85,000,000.0
Joint venture capital obligations		$ 42,700,000
Joint venture agreement, equity ownership percentage		23.00%
Joint venture, preferred return on capital		9.00%
Acquisition of 1% partnership interest in 110 North Wacker					90.00%
USAA Joint Venture \| USAA
Real Estate and Other Affiliates
Capital contribution		$ 64,000,000.0
Joint venture capital obligations		$ 105,600,000
Joint venture, preferred return on capital		9.00%
Joint venture, preferred return on capital, percent of cash distributions		11.11%
Acquisition of 1% partnership interest in 110 North Wacker					10.00%
The Summit
Real Estate and Other Affiliates
Preferred return, on capital (as a percent)				5.00%
Entitlement of distribution by joint venture (in times) \| item				2
Equity Method Investments \| The Summit
Real Estate and Other Affiliates
Fair value of the land contributed to joint venture				$ 13,400,000
SID Bonds transferred to a joint venture				1,300,000
Transaction value of the land contributed to joint venture				125,400,000
Value of land contributed to joint venture, price per acre				226,000
Maximum capital contribution required				$ 30,000,000.0
Operating Assets revenues \| Bar Wayo
Real Estate and Other Affiliates
Investment in real estate and other affiliates						0
Operating Assets revenues \| Equity Method Investments \| Mr. C Seaport
Real Estate and Other Affiliates
Investment in real estate and other affiliates					$ 7,650,000	8,721,000
Operating Assets revenues \| Equity Method Investments \| Bar Wayo
Real Estate and Other Affiliates
Investment in real estate and other affiliates					7,469,000
Operating Assets revenues \| Equity Method Investments \| m.flats/TEN.M
Real Estate and Other Affiliates
Investment in real estate and other affiliates					2,431,000	$ 4,701,000
Unconsolidated Properties
Real Estate and Other Affiliates
Secured debt					209,400,000
Share of the entity in secured debt					$ 100,300,000
Momofuku \| Bar Wayo
Real Estate and Other Affiliates
Joint venture, preferred return on capital, percent of cash distributions			25.00%
Joint venture real estate, percentage funded			10.25%

REVENUES (Schedule of Remaining Unsatisfied Performance Obligations) (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 1,000,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 120,856
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 431,263
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 491,466
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction period

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended			24 Months Ended
	Dec. 31, 2019 USD ($)	Dec. 31, 2019 USD ($) segment	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($) $ / shares	Dec. 31, 2019 USD ($)	Jan. 01, 2019 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of business segment \| segment		4
Adjustment to depreciation due to change in estimated useful life		$ 143,698	$ 113,518	$ 116,401
Special Improvement District receivable	$ 42,996	42,996	18,838		$ 42,996
TIF receivable	3,931	3,931	2,470		3,931
Tenant incentives and other receivables	7,556	7,556	8,745		7,556
Deferred leasing costs, accumulated amortization	31,700	31,700	24,800		31,700
Operating lease right-of-use assets, net	69,398	69,398			69,398
Operating lease obligations	70,413	$ 70,413			70,413
Lease termination period		1 year
Average remaining term of lease		5 years
Net investment in lease receivable	79,200	$ 79,200			79,200
Loans and leases receivable	78,900	78,900			78,900
Sales-type lease, unguaranteed residual asset	300	300			300
Transfer of financial assets accounted for as sales, amount derecognized	$ 66,000	$ 66,000			$ 66,000
Service Life
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adjustment to depreciation due to change in estimated useful life				$ 25,500
Impact on diluted EPS resulting from depreciation adjustment (in dollars per share) \| $ / shares				$ 0.59
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating leases remaining lease term		1 year
Lease renewal term	2 years	2 years			2 years
Minimum \| Master Planned Communities revenues
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life of MPC assets		20 years
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating leases remaining lease term		53 years
Lease renewal term	40 years	40 years			40 years
Maximum \| Master Planned Communities revenues
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life of MPC assets		40 years
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets, net						$ 73,100
Operating lease obligations						$ 72,000
Allowance for doubtful accounts
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase from write-offs		$ 900	4,714	$ 1,209
Downtown Summerlin and Seaport District Tenants \| Allowance for doubtful accounts
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase from write-offs					$ 3,200
Below-market ground leases
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Special Improvement District receivable	$ 43,000	43,000	$ 18,800		43,000
2019 Restructuring Plan
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restructuring Costs	2,000,000
(Loss) gain on disposal of operating assets	4,800
2019 Restructuring Plan \| Employee Severance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restructuring Costs	34,300
2019 Restructuring Plan \| Employee Severance \| Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restructuring and Related Cost, Expected Cost	4,200	4,200			4,200
2019 Restructuring Plan \| Employee Severance \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restructuring and Related Cost, Expected Cost	$ 6,200	$ 6,200			$ 6,200

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Principles of Consolidation and Basis of Presentation

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

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, the fair value of warrants, debt and options granted. In particular, MPC cost of sales estimates are highly judgmental as they are sensitive to cost escalation, sales price escalation and lot absorption, which are subject to judgment and affected by expectations about future market or economic conditions. Actual results could differ from these and other estimates.

Segments

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

Investment in Real Estate

Master Planned Community Assets, Land, Buildings and Equipment

Real estate assets are stated at cost less any provisions for impairments. Expenditures for significant improvements to the Company’s assets are capitalized. Tenant improvements relating to the Company’s operating assets are capitalized and depreciated over the shorter of their economic lives or the lease term. Maintenance and repair costs are charged to expense when incurred.

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



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

From time to time, the Company may reassess the development strategies for certain buildings and improvements which results in changes to the Company’s estimate of their remaining useful lives. As a result, the Company recognized an additional $25.5 million, or $0.59 per diluted share, in depreciation expense during the year ended December 31, 2017 due to the change in useful lives of these buildings and improvements. The Company did not recognize additional depreciation expense of significance for the years ended December 31, 2019 and 2018.

Developments

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

Real Estate and Other Affiliates

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

The Company also performs a qualitative assessment of each VIE to determine if HHC is the primary beneficiary. Under ASC 810, a company concludes that it is the primary beneficiary and consolidates the VIE if the company has both (a) the power to direct the economically significant activities of the entity and (b) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company considers the contractual agreements that define the ownership structure, distribution of profits and losses, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties in determining if the company is the primary beneficiary. As required by ASC 810, management’s assessment of whether the Company is the primary beneficiary of a VIE is continuously performed.

The Company accounts for VIEs for which it is not considered to be the primary beneficiary but has significant influence using the equity method, and investments in VIEs where HHC does not have significant influence on the joint venture’s operating and financial policies using the cost method. The Company accounts for investments in joint ventures where it owns a noncontrolling interest using the equity method. For investments in joint ventures where the Company has virtually no influence on the joint venture’s operating and financial policies, the Company has elected the measurement alternative to carry the securities at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the issuer. Equity securities not accounted for under the equity method are required to be reported at fair value with unrealized gains and losses reported in the Consolidated Statements of Comprehensive Income (Loss) as Net unrealized gains (losses) on instruments measured at fair value through earnings, unless the securities do not have readily determinable fair values.

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

Acquisition of Properties

Acquisitions of Properties

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

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

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

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

Impairment

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

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

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

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

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

Cash and Cash Equivalents

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

Restricted Cash

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

Receivable, net

Accounts Receivable, net

Accounts receivable includes tenant rents, tenant recoveries and other receivables.

The Company records allowances against its receivables that it considers uncollectible. These allowances are reviewed periodically and are adjusted based on management’s estimate of receivables that will not be realized in subsequent periods. Management exercises judgment in establishing these allowances and considers payment history, current credit status and if the tenant is currently occupying the space in developing these estimates.

The following table summarizes the changes in allowance for doubtful accounts against accounts receivables:



(In thousands)	2019			2018			2017
Balance as of January 1,	$	10,664		$	9,300		$	7,799
Provision for doubtful accounts	5,881			6,078			2,710
Write-offs	(900		)	(4,714		)	(1,209		)
Balance as of December 31,	$	15,645		$	10,664		$	9,300

The Provision for doubtful accounts for the years ended December 31, 2019 and 2018 is primarily due to reserves for tenants at Ward Village and Downtown Summerlin in 2018 which recurred in 2019. The decrease in Write-offs for the year ended December 31, 2019 compared to 2018 and increase for the year ended December 31, 2018 compared to 2017 is primarily due to $3.2 million of increased write-offs for a tenant at Downtown Summerlin and a tenant at the Seaport District that did not reoccur.

Notes Receivable, net

Notes receivable, net includes non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Subsequent to initial recognition, they are recorded at amortized cost less any provision for impairment. The Company evaluates its notes receivable for impairment when it is probable the payment of interest and principal will not be made in accordance with the contractual terms of the note agreement.

Municipal Utility District Receivables, net

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

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

reimbursement. MUD receivables are pledged as security to creditors under the debt facilities relating to Bridgeland and The Woodlands MPCs.

Prepaid Expenses and Other Assets, net

The major components of Prepaid expenses and other assets, net include Condominium inventory, Straight-line rent assets, various Intangibles, Special Improvement District (“SID”) receivables and prepaid expenses related to the Company’s properties.

SID receivables are amounts due from SID bonds related to the Company’s Summerlin MPC. Proceeds from SID bonds are held in escrow by a third-party and are used to reimburse the Company for a portion of the development costs incurred in Summerlin. SID receivables are $43.0 million and $18.8 million as of December 31, 2019 and 2018, respectively. TIF receivables are amounts which the Company has submitted for reimbursement from Howard County, Maryland, in conjunction with development costs expended on key roads and infrastructure work within the Merriweather District of Columbia specified per the terms of the county’s TIF legislation and Special Obligation Bonds issued in October 2017. TIF receivables as of December 31, 2019 and 2018 are $3.9 million and $2.5 million, respectively.

The Company’s intangibles include in-place lease assets and above-market lease assets where HHC is the lessor, trademark/tradename intangibles related to MPCs, and other indefinite lived intangibles relating to properties and businesses acquired in previous real estate transactions. The balance of unamortized below-market ground leases was reclassified to Operating lease right-of-use assets, net upon adoption of ASU No. 2016-02, Leases (Topic 842). The Company amortizes finite-lived intangible assets less any residual value, if applicable, on a straight-line basis over the term of the related lease or the estimated useful life of the asset. Intangible assets with an indefinite useful life, primarily attributable to the acquisition of the joint venture partner’s interest in the Las Vegas Aviators baseball team, are not amortized. The Company reviews for any changes in business that would lead to a reconsideration that the life is finite and should be subject to amortization.

Income Taxes

A valuation allowance is provided if the Company believes it is more likely than not that all or some portion of the deferred tax asset will not be realized. An increase or decrease in the valuation allowance that results from a change in circumstances, and which causes a change in the judgment about the realizability of the related deferred tax asset, is included in the deferred tax provision. There are events or circumstances that could occur in the future that could limit the benefit of deferred tax assets. In addition, the Company recognizes and reports interest and penalties, if necessary, related to uncertain tax positions within the provision for income tax expense.

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

Deferred Expenses, net

Deferred expenses consist principally of leasing costs. Deferred leasing costs are amortized to amortization expense using the straight‑line method over the related lease term. Deferred expenses are shown net of accumulated amortization of $31.7 million and $24.8 million as of December 31, 2019 and 2018, respectively.

Marketing and Advertising

The Operating Assets, MPC, Seaport and Strategic Developments 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, marketable securities, 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 in the Consolidated Statements of Operations as a component of Net Income or as a component of Comprehensive Income as a component of 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

At December 31, 2019, the Company has a stock-based employee compensation plan. The Company applies the provisions of ASC 718 Stock Compensation which requires all share‑based payments to employees, including grants of employee stock options, to be recognized in the Consolidated Statements of Operations based on their fair values. All unvested options outstanding under option plans have grant prices equal to the market price of the Company’s stock on the dates of grant. Compensation cost for restricted stock is determined based on fair market value of the Company’s stock at the date of grant. 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 HHC satisfies the single performance obligation to construct a condominium project and transfer control of a completed unit to a buyer. The transaction price, which is the amount of consideration the Company receives upon delivery of the completed condominium unit to the buyer, is allocated to this single obligation and is received at closing less any amounts previously paid on deposit.

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

These deposits, along with the balance of the contract value, are recognized at closing upon satisfaction of HHC’s performance obligation and transfer of title to the buyer. Condominium receivables, a conditional right to consideration for satisfaction of HHC’s completed obligations, were established under legacy GAAP for condominium units for which revenue was previously recognized under the percentage of completion method. As of the adoption of ASU 2014-09, Revenues from Contracts with Customers (Topic 606) and all its related amendments (the “New Revenue Standard”) as of January 1, 2018, condominium receivables are recorded only in limited circumstances. Real estate project costs directly associated with a condominium project, which are HHC’s costs to fulfill contracts with condominium buyers, are capitalized while all other costs are expensed as incurred. Total estimated project costs include direct costs such as the carrying value of the land, site planning, architectural, construction and financing costs, as well as indirect cost allocations. The allocations include costs which clearly relate to the specific project, including certain infrastructure and amenity costs which benefit the project as well as others, and are based upon the relative sales value of the units. Costs incurred to sell condominium units are evaluated for capitalization in accordance with ASC 340-40, and incremental costs

of obtaining and fulfilling a contract are capitalized only if the costs relate directly to a specifically identified contract, enhance resources to satisfy performance obligations in the future and are expected to be recovered.

Master Planned Community Land Sales

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

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

When developed residential or commercial land is sold, the cost of sales includes actual costs incurred and estimates of future development costs benefiting the property sold. In accordance with ASC 970-360-30-1, when developed 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.

Minimum Rents and Tenant Recoveries

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

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

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

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

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

Hospitality Revenues

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

Builder Price Participation

BPP is the variable component of the transaction price for Master Planned Communities Land Sales. BPP is earned when a developer that acquired land from HHC develops and sells a home to an end user at a price higher than a predetermined breakpoint. The excess over the breakpoint is shared between HHC and the developer at the time of closing on the sale of the home based on a percentage previously agreed upon. The Company concluded that as of the January 1, 2018 adoption date and as of December 31, 2019, BPP was constrained, as discussed below, and accordingly, the Company did not recognize an estimate of variable consideration. The Company’s conclusion is based on the following factors:


•	BPP is highly susceptible to factors outside HHC’s influence such as unemployment and interest rates;


•	the time between the sale of land to a developer and closing on a completed home can take up to three years; and


•	historical experience is of little value when it comes to predicting future home prices.

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.

Other land revenues - over time and point in time

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

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

Other rental and property revenue - over time and point in time

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

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

Recently Issued Accounting Pronouncements

Recently issued accounting pronouncements

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

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this Update simplify the accounting for income taxes by removing certain exceptions from ASC 740. Additionally, the amendments in this Update also simplify the accounting for income taxes by requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax, requiring that an entity evaluate when a step up in the tax basis of goodwill should be considered part of the business combination, and other targeted changes. The effective date of the amendments is for fiscal years, and interim periods within those years, beginning after December 15, 2020. The Company is currently evaluating the impact that the adoption of ASU 2019-12 may have on its consolidated financial statements.

In November 2019, the FASB issued ASU 2019-08, Compensation-Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606). The amendments in this Update require that an entity measure and classify share-based payment awards granted to a customer by applying the guidance in Topic 718. The amount recorded as a reduction of the transaction price is required to be measured on the basis of the grant-date fair value of the share-based payment award in accordance with Topic 718. The grant date is the date at which a grantor (supplier) and a grantee (customer) reach a mutual understanding of the key terms and conditions of the share-based payment award. The classification and subsequent measurement of the award are subject to the guidance in Topic 718 unless the share-based payment award is subsequently modified, and the grantee is no longer a customer. The effective date of the amendments is for fiscal years, and interim periods within those years, beginning after December

15, 2019. The Company does not expect the amendments in this ASU to have a material impact on its consolidated financial statements.

In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. The amendments in this Update provide clarification on certain aspects of the amendments in ASU 2016-13, Financial Instruments—Credit Losses, ASU 2017-12, Derivatives and Hedging, and ASU 2016-01, Financial Instruments—Overall. The effective date of the amendments is for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements.

In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. This standard is intended to improve the accounting when considering indirect interests held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests. The effective date of the amendments is for fiscal years, and interim periods within those years, beginning after December 15, 2019. The new standard must be adopted retrospectively with early adoption permitted. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements.

In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. This standard is intended to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal use software (and hosting arrangements that include an internal use software license). The standard requires an entity in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. This standard also requires the entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. The effective date of the amendments is for fiscal periods, and interim periods within those years, beginning after December 15, 2019. The new standard may be adopted prospectively or retrospectively with early adoption permitted. The Company will prospectively adopt the new standard as of January 1, 2020. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement that eliminates, adds and modifies certain disclosure requirements for fair value measurements. The effective date of the standard is for fiscal periods, and interim periods within those years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted-average of significant unobservable inputs used to develop Level-3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively. All other amendments should be applied retrospectively. Early adoption is permitted. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements.

In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350). This standard is intended to simplify the subsequent measurement of goodwill by eliminating step two from the goodwill impairment test. In computing the implied fair value of goodwill under step two, an entity determined the fair value at the impairment testing date of its assets and liabilities, including unrecognized assets and liabilities, following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, an entity will perform only step one of its quantitative goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and then recognizing the impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. An entity will still have the option to perform a qualitative assessment for a reporting unit to determine if the quantitative step one impairment test is necessary. The effective date of the amendments is for fiscal periods, and interim periods within those years, beginning after December 15, 2019. The new standard must be adopted prospectively with early adoption permitted. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326). The standard modifies the impairment model for most financial assets, including trade accounts receivables and loans, and will require the use of an “expected loss” model for instruments measured at amortized cost. Under this model, entities will be required to estimate the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. The FASB provided targeted transition relief and codification improvements to Topic 326 in ASU 2019-05 and ASU 2019-11. The effective date of the amendments is for fiscal years, and for interim periods within those years, beginning after December 15, 2019, with early adoption permitted. Financial assets held by the Company primarily relate to receivables from SID bonds and MUD receivables. These receivables relate to

contractually specified reimbursable costs incurred by the Company for infrastructure improvements within the respective district. Reimbursement for these costs is financed through bond offerings of the local municipality. Application of ASU 2016-13 may result in the Company recognizing credit losses at an earlier date than they would otherwise be recognized under current accounting guidance. The Company is currently evaluating the impact that the adoption of ASU 2016-13 may have on its consolidated financial statements.

Corporate Restructuring

During the fourth quarter ended December 31, 2019, the Company initiated a plan to strategically realign and streamline certain aspects of its business, including selling approximately $2.0 billion of non-core assets, reducing overhead and relocating its corporate headquarters. Paul Layne was named Chief Executive Officer, replacing David R. Weinreb on the Board of Directors. David R. Weinreb and Grant Herlitz, the Company’s former President, stepped down from the Company effective October 21, 2019. The Company will consolidate its Dallas corporate headquarters with its largest regional office in The Woodlands. In conjunction with the corporate restructuring, the Company completed the sale of its corporate aircraft to the Company’s former CEO during the quarter ended December 31, 2019 and recorded a loss of $4.8 million. One-time charges of $34.3 million associated with retention and severance expenses were recorded in the fourth quarter of 2019, and the Company expects to incur an additional $4.2 million to $6.2 million related to relocation, retention and severance expenses in 2020. The restructuring costs are included in Corporate income, expenses and other items in Note 17 - Segments. The Company expects to conclude its restructuring activity in 2020.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Corporate Restructuring) (Details) - 2019 Restructuring Plan $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Restructuring Cost and Reserve [Line Items]
Balance at January 1, 2019	$ 0
Charges	39,039
Charges paid/settled	(29,354)
Balance at December 31, 2019	$ 9,685

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)



	2019
	First		Second		Third		Fourth
(In thousands, except share amounts)	Quarter		Quarter		Quarter		Quarter
Total revenues	$	353,890	$	431,316	$	231,172	$	284,161
Operating income	53,743		33,399		46,639		16,529
Net income	31,925		13,328		30,043		(1,001		)
Net income attributable to common stockholders	31,821		13,477		29,758		(1,100		)
Earnings per share:
Basic	0.74		0.31		0.69		(0.03		)
Diluted (a)	0.74		0.31		0.69		(0.03		)
Weighted-average shares outstanding:
Basic	43,106		43,113		43,134		43,190
Diluted	43,257		43,271		43,428		43,356



	2018
	First		Second			Third		Fourth
(In thousands, except share amounts)	Quarter		Quarter			Quarter		Quarter
Total revenues	$	161,679	$	181,005		$	257,160	$	464,693
Operating income	2,539		(8,295		)	42,312		70,254
Net income	1,834		(5,879		)	23,847		37,924
Net income attributable to common stockholders	1,474		(5,088		)	23,365		37,261
Earnings per share:
Basic	0.03		(0.12		)	0.54		0.87
Diluted (a)	0.03		(0.12		)	0.54		0.86
Weighted-average shares outstanding:
Basic	42,976		42,573			43,066		43,075
Diluted	43,363		42,942			43,317		43,250

(a)

Diluted earnings per share includes the impact of dilutive warrants, in the money options and restricted stock.

SCHEDULE III - REAL ESTATE AND ACCUMLATED DEPRECIATION (Information by Property) (Details) - USD ($)
$ in Thousands

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

REAL ESTATE AND ACCUMULATED DEPRECIATION

Encumbrances

$ 3,138,618

Encumbrances

4,096,470

WARRANTS (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended
	Jun. 30, 2017	Oct. 07, 2016	Jun. 30, 2017	Jan. 31, 2017	Feb. 28, 2011	Dec. 31, 2018	Dec. 31, 2017	Oct. 04, 2017	Jun. 16, 2017	Nov. 09, 2010
Sponsors Warrants
Sponsors and Management Warrants
Warrants outstanding (in shares)										1,916,667
Exercise price (in dollars per share)										$ 50.00
Warrants exercised (in shares)	1,136,517
Warrant liabilities							$ 332.2
Management Warrants
Sponsors and Management Warrants
Proceeds from issuance of management warrants					$ 19.0
Management Warrants \| Chief Executive Officer
Sponsors and Management Warrants
Exercise price (in dollars per share)								$ 124.64
Underlying shares associated with warrant (in shares)					2,367,985
Number of shares of common stock under warrants exercised (in shares)			1,614,803
Number of shares called by warrants (in shares)									1,965,409
Total warrant price									$ 50.0
Management Warrants \| President
Sponsors and Management Warrants
Exercise price (in dollars per share)					$ 42.23			$ 117.01
Warrants exercised (in shares)				198,184
Underlying shares associated with warrant (in shares)					315,731
Number of shares donated to charitable trust (in shares)				6,850
Number of shares issued as per warrant provision for which share settled				4,400
Number of shares called by warrants (in shares)								87,951
Total warrant price								$ 2.0
Management Warrants \| Chief Financial Officer
Sponsors and Management Warrants
Exercise price (in dollars per share)		$ 112.08			$ 54.50
Underlying shares associated with warrant (in shares)					178,971	98,549
Proceeds from issuance of management warrants		$ 1.0
Number of shares called by warrants (in shares)		50,125

IMPAIRMENT (Details) - USD ($)	12 Months Ended
IMPAIRMENT (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Asset Impairment Charges [Abstract]
Impairment on real estate	$ 0	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Lease Liability Maturity) (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Accounting Policies [Abstract]
2020	$ 6,927
2021	7,066
2022	6,328
2023	6,374
2024	6,432
Thereafter	266,852
Total lease payments	299,979
Less: imputed interest	(229,566)
Present value of lease liabilities	$ 70,413

ACQUISITIONS AND DISPOSITIONS (Narrative) (Details)											3 Months Ended								6 Months Ended	10 Months Ended	12 Months Ended
ACQUISITIONS AND DISPOSITIONS (Narrative) (Details)	Dec. 30, 2019 USD ($) ft² a building	Dec. 20, 2019 USD ($)	Oct. 29, 2019 USD ($) a	Sep. 16, 2019 USD ($) ft² a	Sep. 07, 2018 USD ($) ft² a building	Jun. 08, 2018 USD ($) a extention_option	Dec. 28, 2017 USD ($)	Mar. 01, 2017 USD ($)	Jan. 18, 2017 USD ($) a	Jan. 06, 2017 USD ($) a	Dec. 31, 2019 USD ($) ft²	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($) item	Dec. 31, 2017 USD ($)	Dec. 31, 2019 USD ($) ft²	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Area of land \| a					12.9
Payments to acquire real estate	$ 584,300,000				$ 53,000,000.0
Leasing commission	$ 19,319,000
Equity in earnings from real estate and other affiliates																					$ 30,629,000	$ 39,954,000	$ 25,498,000
Gain (loss) on sale or disposal of real estate and other assets, net																					22,362,000	(4,000)	55,235,000
Proceeds from sales of properties																					67,110,000	0	88,384,000
Number of buildings \| building					2
Area of real estate property \| ft²					258,000
Revenues since the acquisition date											$ 284,161,000	$ 231,172,000	$ 431,316,000	$ 353,890,000	$ 464,693,000	$ 257,160,000	$ 181,005,000	$ 161,679,000			1,300,539,000	1,064,537,000	1,100,120,000
Pre-tax net loss since the acquisition date																					103,540,000	$ 73,218,000	120,822,000
Constellation
Equity in earnings from real estate and other affiliates																							300,000
Ownership interest (as a percent)							50.00%
Portion of refinanced mortgage proceeds used to acquire partner's interest							$ 8,000,000.0
Liabilities acquired percentage							50.00%
Purchase price of acquisition							$ 16,000,000.0
Gain recognized from acquisition							17,800,000
Assets acquired and consolidated into financial statements							43,561,000
Constellation \| Construction Loan Payable
Construction loan							$ 15,800,000
Constellation \| Constellation Note Payable
Interest rate (as a percent)							4.07%
Aggregate principal amount of debt issued							$ 24,200,000
Las Vegas 51s
Adjustment to allocate from identified finite-lived intangibles								$ 7,900,000
Landmark Mall
Area of real estate property \| a										11.4
Purchase price of acquisition										$ 22,200,000
Bridges At Mint Hill L L C
Economic/legal ownership		90.50%
Equity in earnings from real estate and other affiliates		$ 9,500,000																			8,800,000
Assets divested from deconsolidation		$ 22,000,000.0
Pre-tax net loss since the acquisition date																					$ 3,800,000
Las Vegas 51s
Economic/legal ownership								50.00%
Equity in earnings from real estate and other affiliates																							200,000
Portion of refinanced mortgage proceeds used to acquire partner's interest								$ 16,400,000
Gain recognized from acquisition								5,400,000
Contingent liability recorded per the terms of the purchase agreement								400,000
Adjustment to allocate from identified finite-lived intangibles								$ 36,000,000.0
Acquired intangible assets weighted average amortization period								11 years
Assets acquired and consolidated into financial statements								$ 24,900,000
Liabilities assumed and consolidated into financial statements								$ 3,200,000
Revenues																							$ 1,300,000
Revenues since the acquisition date																				$ 6,800,000
Pre-tax net loss since the acquisition date																				$ 600,000
Five non-core assets \| Disposal by Sale
Proceeds from sale of real estate																			$ 52,600,000
Number of assets sold \| item																			5
(Loss) gain on disposal of operating assets																			$ 23,100,000
Corporate gains on sale of properties																			19,200,000
Gain (Loss) on disposition of business																			$ 3,900,000
The Outlet Collection, Elk Grove
Area of land \| a									100
Area of land under development \| a									64
The Outlet Collection, Elk Grove \| Disposal by Sale
Proceeds from sale of real estate									$ 36,000,000.0
Corporate gains on sale of properties									$ 32,200,000
Area of land sold \| a									36
The Woodlands Towers at The Waterway
Square footage of building \| ft²	807,586										595,854										595,854
The Woodlands Warehouse
Square footage of building \| ft²	125,801
Waterway Land
Area of land \| a	9.3
Payments to acquire real estate	$ 565,000,000.0
Century Park
Asset acquisition, number of buildings acquired \| building	17
Square footage of building \| ft²	1,300,000
Area of land \| a	63
The Woodlands Towers At The Waterway And The Woodlands Warehouse
Duration of lease	13 years
West Windsor, New Jersey
Assets divested from deconsolidation			$ 27,500,000
Proceeds from sale of real estate			$ 40,000,000.0
Gain (loss) on sale or disposal of real estate and other assets, net																					$ 12,000,000.0
Area of land sold \| a			658
Cottonwood Mall
Square footage of building \| ft²				196,975
Assets divested from deconsolidation				$ 21,500,000
Proceeds from sale of real estate				46,000,000.0
Gain (loss) on sale or disposal of real estate and other assets, net																					$ 24,100,000
Proceeds from sales of properties				10,000,000.0
Nontrade receivables				$ 36,000,000.0
Interest rate (as a percent)				5.00%
Land Parcel, Holladay, Utah
Area of land sold \| a				54
250 Water Street
Area of land purchased \| a						1
Purchase price of land acquired						$ 180,000,000.0
Payments to acquire land						$ 53,100,000
Notes Payable, Other Payables \| 250 Water Street
Interest rate (as a percent)						6.00%
Short-term debt						$ 129,700,000
Interest free term						6 months
Number of extension options \| extention_option						3
Extension option, term						6 months
The Woodlands Towers at The Waterway
Asset acquisition, number of buildings acquired \| building	2
Square footage of building \| ft²	1,403,440
Leasing commission	$ 18,599,000

MORTGAGES, NOTES AND LOANS PAYABLE, NET (Schedule of Debt by Property) (Details) - USD ($)									12 Months Ended
	Aug. 06, 2019	Aug. 01, 2019	Jun. 27, 2019	Jun. 06, 2019	Mar. 12, 2019	Sep. 11, 2018	Mar. 26, 2018	Jan. 25, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 30, 2019	Dec. 05, 2019	Aug. 02, 2019	May 23, 2019	Feb. 28, 2019	Dec. 17, 2018	Oct. 11, 2018	Jul. 27, 2018
Mortgages, notes and loans payable
Carrying amount									$ 4,138,618,000	$ 1,000,000,000
Unamortized bond issuance costs									(5,249,000)	(6,096,000)
Unamortized deferred financing costs									(36,899,000)	(27,902,000)
Total mortgages, notes and loans payable									$ 4,096,470,000	3,181,213,000
Recourse percentage									100.00%
Seaport District Segment [Member]
Mortgages, notes and loans payable
Carrying amount									$ 350,000,000	129,723,000
Operating Assets
Mortgages, notes and loans payable
Carrying amount									2,249,631,000	1,698,947,000
Master Planned Communities
Mortgages, notes and loans payable
Carrying amount									235,284,000	226,608,000
Strategic Developments
Mortgages, notes and loans payable
Carrying amount									$ 303,703,000	147,524,000
Three Hughes Landing \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									4.33%			2.60%
Facility amount									$ 61,200,000			$ 61,200,000
Carrying amount									$ 59,822,000	55,759,000
The Woodlands Towers at The Waterway \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									3.68%
Carrying amount										0
Recourse percentage									100.00%
The Woodlands Warehouse \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									3.68%
Carrying amount										0
Recourse percentage									100.00%
Downtown Summerlin
Mortgages, notes and loans payable
Recourse percentage									35.00%
Downtown Summerlin \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									3.88%
Carrying amount									$ 259,179,000	266,755,000
Two Merriweather \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									4.23%
Facility amount									$ 33,156,000
Carrying amount									$ 28,216,000	24,000,000
Outlet Collection at Riverwalk \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									4.23%
Carrying amount									$ 30,615,000	47,552,000
100 Fellowship Drive \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									3.23%
Facility amount									$ 51,426,000
Carrying amount									$ 47,916,000	35,481,000
20/25 Waterway Avenue \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									4.79%
Carrying amount									$ 13,131,000	13,395,000
Millennium Waterway Apartments \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									3.75%
Carrying amount									$ 53,032,000	54,083,000
HHC 242 Self-Storage \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									4.33%
Carrying amount									$ 5,499,000	6,604,000
HHC 2978 Self-Storage \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									4.33%
Carrying amount									$ 5,395,000	6,042,000
Lake Woodlands Crossing Retail \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									3.53%
Facility amount									$ 15,523,000
Carrying amount									$ 12,163,000	9,539,000
Lakeside Row \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									3.98%
Facility amount									$ 34,231,000
Carrying amount									$ 23,958,000	0
Recourse percentage									25.00%
The Woodlands Resort & Conference Center \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									4.23%
Carrying amount										62,500,000					$ 62,500,000
Lakefront North \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									3.73%
Facility amount									$ 51,821,000
Carrying amount									$ 32,731,000	21,120,000
9303 New Trails \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									4.88%
Carrying amount									$ 11,196,000	11,610,000
4 Waterway Square \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									4.88%
Carrying amount									$ 32,789,000	33,998,000
Creekside Park West \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									3.98%
Facility amount									$ 18,000,000
Carrying amount									$ 8,505,000	0
6100 Merriweather \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									4.48%
Facility amount									$ 89,844,000
Carrying amount									$ 36,418,000	0
Recourse percentage									25.00%
Tanager Apartments \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									3.98%
Carrying amount									$ 29,165,000	0
Recourse percentage									25.00%
Two Summerlin \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									4.25%
Carrying amount									$ 33,183,000	14,431,000
3831 Technology Forest Drive \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									4.50%
Carrying amount									$ 21,137,000	21,571,000
Kewalo Basin Harbor \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									4.48%
Facility amount									$ 11,562,000
Carrying amount									$ 11,110,000	3,499,000
Millennium Six Pines Apartments \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									3.39%
Carrying amount									$ 42,500,000	42,500,000
3 Waterway Square \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									3.94%
Carrying amount									$ 47,647,000	49,013,000
One Lakes Edge \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									4.50%
Carrying amount									$ 69,440,000	69,440,000
Aristocrat \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									3.67%
Carrying amount									$ 38,055,000	21,296,000
Creekside Park Apartments \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									3.52%
Carrying amount									$ 37,730,000	0
One Hughes Landing \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									4.30%
Carrying amount									$ 52,000,000	52,000,000
Two Hughes Landing \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									4.20%
Carrying amount									$ 48,000,000	48,000,000
Hockey Ground Lease SIDS \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									6.05%
Carrying amount									$ 135,000	141,000
Constellation Apartments \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									4.07%
Carrying amount									$ 24,200,000	24,200,000
Hughes Landing Retail \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									3.50%
Carrying amount									$ 35,000,000	35,000,000
Columbia Regional Building \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									4.48%
Carrying amount									$ 24,664,000	25,000,000
Las Vegas Ballpark \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									4.92%
Carrying amount									$ 51,231,000	26,766,000
250 Water Street \| Seaport District Segment [Member]
Mortgages, notes and loans payable
Carrying amount									$ 100,000,000	129,723,000
250 Water Street \| Seaport District
Mortgages, notes and loans payable
Interest rate (as a percent)									5.23%
Facility amount									$ 100,000,000
Recourse percentage									35.00%
Seaport District \| Seaport District Segment [Member]
Mortgages, notes and loans payable
Carrying amount									$ 250,000,000	0
Seaport District \| Seaport District
Mortgages, notes and loans payable
Interest rate (as a percent)									6.10%
Facility amount									$ 250,000,000
Debt Instrument, London Interbank Interest Rate Cap									2.30%
Debt instrument, london interbank offered rate floor									0.00%
Ke Kilohana \| Strategic Developments
Mortgages, notes and loans payable
Interest rate (as a percent)									5.75%
Carrying amount									$ 0	96,757,000
‘A‘ali‘i \| Strategic Developments
Mortgages, notes and loans payable
Interest rate (as a percent)									4.83%
Facility amount									$ 293,700,000
Carrying amount									$ 30,717,000	0
Recourse percentage									25.00%
Two Lakes Edge \| Strategic Developments
Mortgages, notes and loans payable
Interest rate (as a percent)									3.88%
Facility amount									$ 74,035,000
Carrying amount									$ 38,214,000	0
110 North Wacker \| Operating Assets
Mortgages, notes and loans payable
Recourse percentage									18.00%
110 North Wacker \| Strategic Developments
Mortgages, notes and loans payable
Interest rate (as a percent)									4.73%
Facility amount									$ 558,900,000
Carrying amount									$ 184,300,000	50,000,000
Percent subject to interest rate collar contract									100.00%
Millennium Phase III Apartments \| Strategic Developments
Mortgages, notes and loans payable
Interest rate (as a percent)									3.48%
Facility amount									$ 30,700,000
Carrying amount									$ 1,000	0
Juniper Apartments \| Strategic Developments
Mortgages, notes and loans payable
Interest rate (as a percent)									4.48%
Facility amount									$ 85,657,000
Carrying amount									$ 34,610,000	0
Recourse percentage									25.00%
Other SID Bonds \| Strategic Developments
Mortgages, notes and loans payable
Carrying amount									$ 737,000	767,000
8770 New Trails \| Strategic Developments
Mortgages, notes and loans payable
Interest rate (as a percent)									4.89%
Facility amount									$ 35,487,000
Carrying amount									15,124,000	0
The Woodlands Towers At The Waterway And The Woodlands Warehouse \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)											1.95%
Facility amount									$ 343,800,000
S128 \| Downtown Summerlin \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									6.05%
Carrying amount									$ 2,569,000	2,652,000
S128 \| Summerlin South \| Master Planned Communities
Mortgages, notes and loans payable
Interest rate (as a percent)									7.30%
Carrying amount									$ 0	213,000
Summerlin South SID Bonds - S132 \| Summerlin South \| Master Planned Communities
Mortgages, notes and loans payable
Interest rate (as a percent)									6.00%
Carrying amount									$ 0	562,000
The Woodlands Master Credit Facility \| Master Planned Communities
Mortgages, notes and loans payable
Interest rate (as a percent)									4.23%
Facility amount									$ 250,000,000
Carrying amount									$ 107,500,000	150,000,000
Bridgeland Credit Facility \| Bridgeland Credit Facility \| Master Planned Communities
Mortgages, notes and loans payable
Interest rate (as a percent)									4.23%
Facility amount									$ 250,000,000
Carrying amount									$ 107,500,000	65,000,000
Summerlin South SID Bonds - S151 \| Summerlin South \| Master Planned Communities
Mortgages, notes and loans payable
Interest rate (as a percent)									6.00%
Carrying amount									$ 0	913,000
Summerlin South SID Bonds - S128C \| Summerlin South \| Master Planned Communities
Mortgages, notes and loans payable
Interest rate (as a percent)									6.05%
Carrying amount									$ 2,014,000	3,211,000
Summerlin West SID Bonds - S812 \| Summerlin West \| Master Planned Communities
Mortgages, notes and loans payable
Interest rate (as a percent)									6.00%
Carrying amount									$ 1,960,000	6,709,000
Summerlin West SID Bonds - S814 \| Summerlin West \| Master Planned Communities
Mortgages, notes and loans payable
Interest rate (as a percent)									4.00%
Carrying amount									$ 16,310,000	0
Other corporate financing arrangements
Mortgages, notes and loans payable
Interest rate (as a percent)									4.33%
Carrying amount									$ 0	12,409,000
Senior Notes
Mortgages, notes and loans payable
Interest rate (as a percent)									5.375%
Recourse percentage									100.00%
Senior Secured Credit Facility \| Operating Assets
Mortgages, notes and loans payable
Interest rate (as a percent)									4.61%
Facility amount									$ 700,000,000
Carrying amount									$ 615,000,000	$ 615,000,000
Percent subject to interest rate collar contract									100.00%
Minimum \| Other SID Bonds \| Strategic Developments
Mortgages, notes and loans payable
Interest rate (as a percent)									6.00%
Maximum \| Other SID Bonds \| Strategic Developments
Mortgages, notes and loans payable
Interest rate (as a percent)									7.30%
One Month LIBOR
Mortgages, notes and loans payable
Interest rate margin (as a percent)									1.73%
One Month LIBOR \| Seaport District \| Seaport District
Mortgages, notes and loans payable
Interest rate margin (as a percent)									4.10%
London Inter Bank Offered Rate Three Month Libor
Mortgages, notes and loans payable
Interest rate margin (as a percent)									1.90%
Prime Rate
Mortgages, notes and loans payable
Interest rate margin (as a percent)									4.75%
Construction Loans
Mortgages, notes and loans payable
Aggregate principal amount of debt issued		$ 64,600,000												$ 512,600,000
Construction Loans \| Lake Woodlands Crossing Retail
Mortgages, notes and loans payable
Interest rate margin (as a percent)								1.80%
Recourse percentage								15.00%
Aggregate principal amount of debt issued								$ 15,500,000
Construction Loans \| Lakeside Row
Mortgages, notes and loans payable
Interest rate margin (as a percent)										2.25%
Aggregate principal amount of debt issued																		$ 34,200,000
Construction Loans \| Lakefront North
Mortgages, notes and loans payable
Aggregate principal amount of debt issued																$ 51,800,000
Construction Loans \| Creekside Park West
Mortgages, notes and loans payable
Interest rate margin (as a percent)					2.25%
Aggregate principal amount of debt issued					$ 18,000,000.0
Construction Loans \| 6100 Merriweather
Mortgages, notes and loans payable
Interest rate margin (as a percent)						2.75%
Aggregate principal amount of debt issued						$ 89,800,000
Construction Loans \| Tanager Apartments
Mortgages, notes and loans payable
Interest rate margin (as a percent)							2.25%
Aggregate principal amount of debt issued							$ 44,100,000
Construction Loans \| Two Summerlin
Mortgages, notes and loans payable
Aggregate principal amount of debt issued		33,500,000
Construction Loans \| Aristocrat
Mortgages, notes and loans payable
Aggregate principal amount of debt issued		$ 31,100,000											$ 38,300,000
Construction Loans \| ‘A‘ali‘i
Mortgages, notes and loans payable
Interest rate margin (as a percent)				3.10%
Aggregate principal amount of debt issued				$ 293,700,000
Construction Loans \| Two Lakes Edge
Mortgages, notes and loans payable
Aggregate principal amount of debt issued																	$ 74,000,000.0
Construction Loans \| 110 North Wacker
Mortgages, notes and loans payable
Aggregate principal amount of debt issued														$ 558,900,000
Construction Loans \| Millennium Phase III Apartments
Mortgages, notes and loans payable
Interest rate margin (as a percent)	1.75%
Aggregate principal amount of debt issued	$ 30,700,000
Construction Loans \| 8770 New Trails
Mortgages, notes and loans payable
Interest rate (as a percent)			4.89%
Interest rate margin (as a percent)			2.45%
Aggregate principal amount of debt issued			$ 35,500,000
Construction Loans \| One Month LIBOR \| 8770 New Trails
Mortgages, notes and loans payable
Interest rate margin (as a percent)									2.45%
Construction Loans \| Prime Rate
Mortgages, notes and loans payable
Interest rate margin (as a percent)		0.40%

ACQUISITIONS AND DISPOSITIONS (Acquisitions) (Details) - Constellation $ in Thousands	Dec. 28, 2017 USD ($)
Business Acquisition [Line Items]
Building	$ 38,213
Land	3,069
Improvements	957
Furniture, fixtures and equipment	590
In-place leases	714
Other identifiable assets	18
Total	$ 43,561

REVENUES (Schedule of Contract with Customer, Assets and Liabilities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Contract Liabilities
Beginning balance	$ 0	$ 0
Consideration earned during the period	0	(35,834)
Consideration received during the period	0	35,834
Ending balance	0	0
Contract Asset
Beginning balance	296,496	179,179
Consideration earned during the period	(490,137)	(308,898)
Consideration received during the period	439,651	426,215
Ending balance	$ 246,010	$ 296,496

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) derivative_instrument settled_derivative	Dec. 31, 2018 USD ($) settled_derivative	Dec. 31, 2017 USD ($)
Derivative [Line Items]
Ineffective portion recorded in Other (loss) income, net			$ 700
Gain on unwinding of swaps	$ 0	$ 16,104	$ 0
Fair value derivative liabilities	40,135	$ 16,517
Interest rate swap contracts
Derivative [Line Items]
Loss reclassified from AOCI into earnings	$ (3,800)
Agreements settled \| settled_derivative		4
Interest Rate Cap
Derivative [Line Items]
Agreements settled \| settled_derivative	1
Credit Risk Contract
Derivative [Line Items]
Fair value derivative liabilities	$ 41,600	$ 18,200
Designated as Hedging Instrument \| Interest rate swap contracts
Derivative [Line Items]
Gain on unwinding of swaps	200	$ 15,800
Termination fee	$ 300
Derivative, number of derivative instruments, deferred effective portion of fair value change \| derivative_instrument	3
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months	$ 7,100
Designated as Hedging Instrument \| Interest Rate Cap
Derivative [Line Items]
Derivative Asset, Notional Amount	230,000
Designated as Hedging Instrument \| Settled Interest Rate Swap, One \| Interest rate swap contracts
Derivative [Line Items]
Derivative Asset, Notional Amount	$ 18,900
Change in fair value, recognition period	8 years
Designated as Hedging Instrument \| Settled Interest Rate Swap, Two \| Interest rate swap contracts
Derivative [Line Items]
Derivative Asset, Notional Amount	$ 250,000
Change in fair value, recognition period	1 year 8 months 12 days
Designated as Hedging Instrument \| Settled Interest Rate Swap, Three \| Interest rate swap contracts
Derivative [Line Items]
Derivative Asset, Notional Amount	$ 40,000
Change in fair value, recognition period	3 months 18 days
Designated as Hedging Instrument \| Settled Interest Rate Swap, Four \| Interest rate swap contracts
Derivative [Line Items]
Derivative Asset, Notional Amount	$ 119,400

FAIR VALUE (Assets and Liabilities Measured on a Recurring Basis) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Liabilities
Interest rate swap liabilities	$ 40,135	$ 16,517
Interest rate swap contracts
Assets:
Interest rate derivative assets	0	346
Liabilities
Interest rate swap liabilities	40,135	16,517
Interest rate swap contracts \| Level 1
Assets:
Interest rate derivative assets	0	0
Liabilities
Interest rate swap liabilities	0	0
Interest rate swap contracts \| Level 2
Assets:
Interest rate derivative assets	0	346
Liabilities
Interest rate swap liabilities	40,135	16,517
Interest rate swap contracts \| Level 3
Assets:
Interest rate derivative assets	0	0
Liabilities
Interest rate swap liabilities	$ 0	$ 0