Howard Hughes (HHH) 10-Q8 May 232023 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	May 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-34856
Entity Registrant Name	THE HOWARD HUGHES CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4673192
Entity Address, Address Line One	9950 Woodloch Forest Drive
Entity Address, Address Line Two	Suite 1100
Entity Address, City or Town	The Woodlands
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77380
City Area Code	(281)
Local Phone Number	719-6100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	HHC
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding (in shares)		49,987,999
Entity Central Index Key	0001498828
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Master Planned Communities assets	$ 2,418,631	$ 2,411,526
Buildings and equipment	4,368,919	4,246,389
Less: accumulated depreciation	(912,636)	(867,700)
Land	310,685	312,230
Developments	1,205,501	1,125,027
Net investment in real estate	7,391,100	7,227,472
Investments in unconsolidated ventures	250,639	246,171
Cash and cash equivalents	417,746	626,653
Restricted cash	471,426	472,284
Accounts receivable, net	105,683	103,437
Municipal Utility District receivables, net	511,078	473,068
Deferred expenses, net	132,777	128,865
Operating lease right-of-use assets, net	46,220	46,926
Other assets, net	253,463	278,587
Total assets	9,580,132	9,603,463
LIABILITIES
Mortgages, notes, and loans payable, net	4,778,106	4,747,183
Operating lease obligations	51,350	51,321
Deferred tax liabilities, net	250,892	254,336
Accounts payable and other liabilities	917,261	944,511
Total liabilities	5,997,609	5,997,351
Commitments and Contingencies (see Note 9)
EQUITY
Preferred stock: $0.01 par value; 50,000,000 shares authorized, none issued	0	0
Common stock: $0.01 par value; 150,000,000 shares authorized, 56,427,928 issued, and 49,996,486 outstanding as of March 31, 2023, 56,226,273 shares issued, and 49,801,997 outstanding as of December 31, 2022	566	564
Additional paid-in capital	3,977,514	3,972,561
Retained earnings (accumulated deficit)	145,332	168,077
Accumulated other comprehensive income (loss)	5,005	10,335
Treasury stock, at cost, 6,431,442 shares as of March 31, 2023, and 6,424,276 shares as of December 31, 2022	(611,659)	(611,038)
Total stockholders' equity	3,516,758	3,540,499
Noncontrolling interests	65,765	65,613
Total equity	3,582,523	3,606,112
Total liabilities and equity	$ 9,580,132	$ 9,603,463

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	56,427,928	56,226,273
Common stock, shares outstanding (in shares)	49,996,486	49,801,997
Treasury stock (in shares)	6,431,442	6,424,276

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUES
Rental revenue	$ 97,864	$ 95,109
Total revenues	196,289	210,226
EXPENSES
Operating costs	72,387	65,555
Rental property real estate taxes	15,419	15,182
Provision for (recovery of) doubtful accounts	(2,420)	844
General and administrative	23,553	25,891
Depreciation and amortization	52,009	48,593
Other	3,571	2,409
Total expenses	191,058	197,340
OTHER
Gain (loss) on sale or disposal of real estate and other assets, net	4,730	(9)
Other income (loss), net	4,981	(221)
Total other	9,711	(230)
Operating income (loss)	14,942	12,656
Interest income	4,092	24
Interest expense	(38,137)	(27,438)
Gain (loss) on extinguishment of debt	0	(282)
Equity in earnings (losses) from unconsolidated ventures	(4,802)	17,912
Income (loss) before income taxes	(23,905)	2,872
Income tax expense (benefit)	(1,278)	701
Net income (loss)	(22,627)	2,171
Net (income) loss attributable to noncontrolling interests	(118)	(49)
Net income (loss) attributable to common stockholders, basic	(22,745)	2,122
Net income (loss) attributable to common stockholders, diluted	$ (22,745)	$ 2,122
Basic income (loss) per share (in dollars per share)	$ (0.46)	$ 0.04
Diluted income (loss) per share (in dollars per share)	$ (0.46)	$ 0.04
Condominium rights and unit sales
REVENUES
Revenues from contracts with customers	$ 6,087	$ 19,616
EXPENSES
Cost of sales	4,536	14,180
Master Planned Communities land sales
REVENUES
Revenues from contracts with customers	59,361	61,468
EXPENSES
Cost of sales	22,003	24,686
Other land, rental, and property revenues
REVENUES
Revenues from contracts with customers	18,968	19,537
Builder price participation
REVENUES
Revenues from contracts with customers	$ 14,009	$ 14,496

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)		$ (22,627)	$ 2,171
Other comprehensive income (loss):
Interest rate caps and swaps	[1]	(5,330)	15,077
Reclassification of the Company's share of previously deferred derivative gains to net income	[2]	0	(6,723)
Other comprehensive income (loss)		(5,330)	8,354
Comprehensive income (loss)		(27,957)	10,525
Comprehensive (income) loss attributable to noncontrolling interests		(118)	(49)
Comprehensive income (loss) attributable to common stockholders		$ (28,075)	$ 10,476

[1]Amounts are shown net of tax benefit of $1.6 million for the three months ended March 31, 2023, and tax expense of $4.5 million for the three months ended March 31, 2022.[2] In March 2022, the Company completed the sale of its ownership interest in 110 North Wacker and released a net of $6.7 million from Accumulated other comprehensive income (loss), representing the Company’s $8.6 million share of previously deferred gains associated with the Venture’s derivative instruments net of tax expense of $1.9 million. See Note 2 - Investments in Unconsolidated Ventures for additional information.

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Interest rate swaps, tax expense (benefit)		$ (1,559)	$ 4,503
Income (loss) from equity method investments		4,802	(17,912)
Share of investee's other comprehensive income, tax expense	$ 1,900	$ 1,900	$ 1,912
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 110 North Wacker
AOCI, reclassification of cash flow hedge	6,700
Income (loss) from equity method investments	$ (8,600)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands		Total		Ward Village Homeowners Associations	Total Stockholders' Equity	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Noncontrolling Interests	Noncontrolling Interests Ward Village Homeowners Associations
Balance at the beginning of the period (in shares) at Dec. 31, 2021						56,173,276
Balance at the beginning of the period at Dec. 31, 2021		$ 3,710,670			$ 3,709,995	$ 563	$ 3,960,418	$ (16,456)	$ (14,457)	$ (220,073)	$ 675
Balance at the beginning of the period (in shares) at Dec. 31, 2021										(2,107,615)
Increase (Decrease) in Stockholders' Equity
Net income (loss)		2,171			2,122			2,122			49
Interest rate swaps, net of tax		15,077	[1]		15,077				15,077
Deconsolidation of Ward Village homeowners’ associations				$ (210)								$ (210)
Reclassification of the Company’s share of previously deferred derivative gains, net of tax expense	[2]	(6,723)			(6,723)				(6,723)
Repurchase of common shares (in shares)										(1,750,668)
Repurchase of common shares		(170,670)			(170,670)					$ (170,670)
Stock plan activity (in shares)						127,048				(9,932)
Stock plan activity		3,083			3,083	$ 1	3,994			$ (912)
Balance at the end of the period (in shares) at Mar. 31, 2022						56,300,324
Balance at the end of the period at Mar. 31, 2022		$ 3,553,398			3,552,884	$ 564	3,964,412	(14,334)	(6,103)	$ (391,655)	514
Balance at the end of the period (in shares) at Mar. 31, 2022										(3,868,215)
Balance at the beginning of the period (in shares) at Dec. 31, 2022		49,801,997				56,226,273
Balance at the beginning of the period at Dec. 31, 2022		$ 3,606,112			3,540,499	$ 564	3,972,561	168,077	10,335	$ (611,038)	65,613
Balance at the beginning of the period (in shares) at Dec. 31, 2022		(6,424,276)								(6,424,276)
Increase (Decrease) in Stockholders' Equity
Net income (loss)		$ (22,627)			(22,745)			(22,745)			118
Interest rate swaps, net of tax		(5,330)	[1]		(5,330)				(5,330)
Teravalis noncontrolling interest		56									56
Stock plan activity (in shares)						201,655				(7,166)
Stock plan activity		4,334			4,334	$ 2	4,953			$ (621)
Other		$ (22)									(22)
Balance at the end of the period (in shares) at Mar. 31, 2023		49,996,486				56,427,928
Balance at the end of the period at Mar. 31, 2023		$ 3,582,523			$ 3,516,758	$ 566	$ 3,977,514	$ 145,332	$ 5,005	$ (611,659)	$ 65,765
Balance at the end of the period (in shares) at Mar. 31, 2023		(6,431,442)								(6,431,442)

[1]Amounts are shown net of tax benefit of $1.6 million for the three months ended March 31, 2023, and tax expense of $4.5 million for the three months ended March 31, 2022.[2] In March 2022, the Company completed the sale of its ownership interest in 110 North Wacker and released a net of $6.7 million from Accumulated other comprehensive income (loss), representing the Company’s $8.6 million share of previously deferred gains associated with the Venture’s derivative instruments net of tax expense of $1.9 million. See Note 2 - Investments in Unconsolidated Ventures for additional information.

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY UNAUDITED (Parenthetical) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Interest rate swaps, tax expense (benefit)		$ (1,559)	$ 4,503
Share of investee's other comprehensive income, tax expense (benefit)	$ 1,900	1,900	1,912
Income (loss) from equity method investments		$ 4,802	$ (17,912)
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 110 North Wacker
AOCI, reclassification of cash flow hedge	6,700
Income (loss) from equity method investments	$ (8,600)

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (22,627)	$ 2,171
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Depreciation	46,941	43,665
Amortization	4,148	4,149
Amortization of deferred financing costs	2,937	2,663
Amortization of intangibles other than in-place leases	819	819
Straight-line rent amortization	(1,499)	(1,270)
Deferred income taxes	(1,885)	(4,000)
Restricted stock and stock option amortization	4,954	3,837
Net gain on sale of properties	(4,731)	0
Net gain on sale of unconsolidated ventures	0	(5,016)
(Gain) loss on extinguishment of debt	0	282
Equity in (earnings) losses from unconsolidated ventures, net of distributions and impairment charges	7,835	(6,108)
Provision for doubtful accounts	471	515
Master Planned Community development expenditures	(89,345)	(78,883)
Master Planned Community cost of sales	22,003	24,686
Condominium development expenditures	(124,515)	(76,350)
Condominium rights and units cost of sales	4,300	13,603
Net Changes:
Accounts receivable, net	(1,836)	11,627
Other assets, net	18,307	(5,562)
Condominium deposits received, net	63,494	37,056
Deferred expenses	(7,089)	(3,800)
Accounts payable and other liabilities	(66,952)	(64,844)
Cash provided by (used in) operating activities	(144,270)	(100,760)
CASH FLOWS FROM INVESTING ACTIVITIES
Property and equipment expenditures	(1,272)	(281)
Operating property improvements	(9,555)	(8,186)
Property development and redevelopment	(74,584)	(93,219)
Proceeds from sales of properties, net	905	0
Distributions from unconsolidated ventures	2,200	205,099
Investments in unconsolidated ventures, net	(11,790)	(69,554)
Cash provided by (used in) investing activities	(94,096)	33,859
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from mortgages, notes, and loans payable	32,072	175,075
Principal payments on mortgages, notes, and loans payable	(3,285)	(91,939)
Repurchases of common shares	0	(179,293)
Special Improvement District bond funds released from (held in) escrow	1,364	3,792
Deferred financing costs and bond issuance costs, net	(82)	(2,030)
Taxes paid on stock options exercised and restricted stock vested	(1,524)	(1,996)
Stock options exercised	0	175
Contributions from Teravalis noncontrolling interest owner	56	0
Cash provided by (used in) financing activities	28,601	(96,216)
Net change in cash, cash equivalents, and restricted cash	(209,765)	(163,117)
Cash, cash equivalents, and restricted cash at beginning of period	1,098,937	1,216,637
Cash, cash equivalents, and restricted cash at end of period	889,172	1,053,520
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents	417,746	688,037
Restricted cash	471,426	365,483
Cash, cash equivalents, and restricted cash at end of period	889,172	1,053,520
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid, net	81,242	67,871
Interest capitalized	24,964	19,553
Income taxes paid (refunded), net	0	526
NON-CASH TRANSACTIONS
Reclassification of Redeemable noncontrolling interest to Accounts payable and other liabilities upon sale of 110 North Wacker	0	22,500
Accrued property improvements, developments, and redevelopments	7,115	7,693
Non-cash proceeds from sale of properties	5,250	0
Capitalized stock compensation	860	1,971
Accrued repurchase of common shares	$ 0	$ 6,868

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies General The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The consolidated financial statements include the accounts of The Howard Hughes Corporation (HHC or the Company) and those entities in which the Company has a controlling financial interest. All intercompany transactions and balances are eliminated in consolidation. The Company also consolidates certain variable interest entities (VIEs) in accordance with Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) 810 Consolidation . The outside equity interests in certain entities controlled by the Company are reflected in the Condensed Consolidated Financial Statements as noncontrolling interests. Certain amounts in the 2022 Condensed Consolidated Balance Sheet have been reclassified to conform to the current presentation. Specifically, the Company reclassified Net investment in lease receivable and Notes receivable, net to Other assets, net within Total assets. In accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as issued by the Securities and Exchange Commission (the SEC), these Condensed Consolidated Financial Statements do not include all of the information and disclosures required by GAAP for complete financial statements. Readers of this quarterly report on Form 10-Q (Quarterly Report) should refer to The Howard Hughes Corporation audited Consolidated Financial Statements, which are included in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on February 27, 2023 (the Annual Report). In the opinion of management, all normal recurring adjustments necessary for a fair presentation of the financial position, results of operations, comprehensive income, cash flows, and equity for the interim periods have been included. The results for the three months ended March 31, 2023, are not necessarily indicative of the results that may be expected for the year ending December 31, 2023, and future fiscal years. Management has evaluated for disclosure or recognition all material events occurring subsequent to the date of the Condensed Consolidated Financial Statements up to the date and time this Quarterly Report was filed. Restricted Cash Restricted cash reflects amounts segregated in escrow accounts in the name of the Company, primarily related to escrowed condominium deposits by buyers and other amounts related to taxes, insurance, and legally restricted security deposits and leasing costs. Accounts Receivable, net Accounts receivable, net includes tenant rents, tenant recoveries, straight-line rent assets, and other receivables. On a quarterly basis, management reviews tenant rents, tenant recoveries, and straight-line rent assets for collectability. As required under Accounting Standards Codification (ASC) 842 - Leases, this analysis includes a review of past due accounts and considers factors such as the credit quality of tenants, current economic conditions, and changes in customer payment trends. When full collection of a lease receivable or future lease payment is deemed to be not probable, a reserve for the receivable balance is charged against rental revenue and future rental revenue is recognized on a cash basis. The Company also records reserves for estimated losses under ASC 450 - Contingencies if the estimated loss amount is probable and can be reasonably estimated. The following table represents the components of Accounts receivable, net of amounts considered uncollectible, in the accompanying Condensed Consolidated Balance Sheets: thousands March 31, 2023 December 31, 2022 Straight-line rent receivables $ 84,809 $ 84,145 Tenant receivables 10,067 12,044 Other receivables 10,807 7,248 Accounts receivable, net (a) $ 105,683 $ 103,437 (a) As of March 31, 2023, the total reserve balance for amounts considered uncollectible was $9.2 million, comprised of $6.2 million related to ASC 842 and $3.0 million related to ASC 450. As of December 31, 2022, the total reserve balance was $8.9 million, comprised of $3.4 million related to ASC 842 and $5.5 million related to ASC 450. The following table summarizes the impacts of the ASC 842 and ASC 450 reserves in the accompanying Condensed Consolidated Statements of Operations: Three Months Ended March 31, thousands Income Statement Location 2023 2022 ASC 842 reserve Rental revenue $ 2,893 $ (234) ASC 450 reserve Provision for (recovery of) doubtful accounts (2,420) 844 Total (income) expense impact $ 473 $ 610 Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. The estimates and assumptions include, but are not limited to, the allocation of capitalized development costs, provision for income taxes, recoverable amounts of receivables and deferred tax assets, initial valuations of tangible and intangible assets acquired, and the related useful lives of assets upon which depreciation and amortization is based. Estimates and assumptions have also been made with respect to future revenues and costs, and the fair value of warrants, debt, and options granted. In particular, Master Planned Communities ( MPC) cost of sales estimates are highly judgmental as they are sensitive to cost escalation, sales price escalation, and lot absorption, which are subject to judgment and affected by expectations about future market or economic conditions. Actual results could differ from these and other estimates. Noncontrolling Interests As of March 31, 2023, and December 31, 2022, noncontrolling interests primarily related to the 12.0% noncontrolling interest in Teravalis and the noncontrolling interest in the Ward Village Homeowners’ Associations (HOAs). All revenues and expenses related to the HOAs are attributable to noncontrolling interests and do not impact net income attributable to common stockholders. Refer to Note 3 - Acquisitions and Dispositions for additional information on Teravalis. Financial Instruments - Credit Losses The Company is exposed to credit losses through the sale of goods and services to the Company’s customers. Receivables held by the Company primarily relate to short-term trade receivables and financing receivables, which include Municipal Utility District (MUD) receivables, Special Improvement District (SID) bonds, Tax Increment Financing (TIF) receivables, net investments in lease receivables, and notes receivable. The Company assesses its exposure to credit loss based on historical collection experience and future expectations by portfolio segment. Historical collection experience is evaluated on a quarterly basis by the Company. The amortized cost basis of financing receivables, consisting primarily of MUD receivables, totaled $580.8 million as of March 31, 2023, and $545.4 million as of December 31, 2022. The MUD receivable balance included accrued interest of $37.4 million as of March 31, 2023, and $36.4 million as of December 31, 2022. There has been no material activity in the allowance for credit losses for financing receivables for the three months ended March 31, 2023, and 2022. Financing receivables are considered to be past due once they are 30 days contractually past due under the terms of the agreement. The Company does not have significant receivables that are past due or on nonaccrual status. There have been no significant write-offs or recoveries of amounts previously written off during the current period for financing receivables. Recently Issued Accounting Standards The following is a summary of recently issued accounting pronouncements which relate to the Company’s business. ASU 2020-04, Reference Rate Reform The amendments in this Update provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform when certain criteria are met. The amendments in this Update apply only to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, for which an entity has applied certain optional expedients, that are retained through the end of the hedging relationship. The amendments in this Update are effective as of March 12, 2020, through December 31, 2022. On December 21, 2022, the FASB issued Accounting Standards Update (ASU) 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , which extends the period of time entities can utilize the reference rate reform relief guidance under ASU 2020-04, from December 31, 2022, to December 31, 2024. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedge transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur through the effective date of December 31, 2024, as extended by ASU 2022-6.

Investments in Unconsolidated V

Investments in Unconsolidated Ventures	3 Months Ended
Investments in Unconsolidated Ventures	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Ventures	2. Investments in Unconsolidated Ventures In the ordinary course of business, the Company enters into partnerships and ventures with an emphasis on investments associated with the development and operation of real estate assets. As of March 31, 2023, the Company does not consolidate the investments below as it does not have a controlling financial interest in these investments. As such, the Company primarily reports its interests in accordance with the equity method. As of March 31, 2023, these ventures had financings totaling $258.1 million, with the Company’s proportionate share of this debt totaling $128.8 million. All of this indebtedness is without recourse to the Company, with the exception of the collateral maintenance obligation for Floreo. See Note 9 - Commitments and Contingencies for additional information related to the Company’s collateral maintenance obligation. Investments in unconsolidated ventures consist of the following: Ownership Interest (a) Carrying Value Share of Earnings/Dividends March 31, December 31, March 31, December 31, Three Months Ended March 31, thousands except percentages 2023 2022 2023 2022 2023 2022 Equity Method Investments Operating Assets: 110 North Wacker — % — % $ — $ — $ — $ 5,016 The Metropolitan Downtown Columbia (b) 50 % 50 % — — (325) 2,274 Stewart Title of Montgomery County, TX 50 % 50 % 3,582 4,217 (35) 253 Woodlands Sarofim #1 20 % 20 % 3,042 3,029 13 9 m.flats/TEN.M (c) 50 % 50 % — — (781) 2,985 Master Planned Communities: The Summit (d) 50 % 50 % 54,005 49,368 4,630 5,622 Floreo (e) 50 % 50 % 57,478 58,001 (522) (72) Seaport: The Lawn Club (d) 50 % 50 % 2,553 2,553 — — Ssäm Bar (Momofuku) (d)(e) 50 % 50 % 5,583 5,551 (398) (102) Tin Building by Jean-Georges (d)(e) 65 % 65 % 8,066 6,935 (10,208) (3,609) Jean-Georges Restaurants 25 % 25 % 45,433 45,626 (214) — Strategic Developments: HHMK Development 50 % 50 % 10 10 — — KR Holdings 50 % 50 % 485 485 — 814 West End Alexandria (d) 58 % 58 % 56,623 56,617 5 84 236,860 232,392 (7,835) 13,274 Other equity investments (f) 13,779 13,779 3,033 4,638 Investments in unconsolidated ventures $ 250,639 $ 246,171 $ (4,802) $ 17,912 (a) Ownership interests presented reflect the Company’s stated ownership interest or if applicable, the Company’s final profit-sharing interest after receipt of any preferred returns based on the venture’s distribution priorities. (b) The Metropolitan Downtown Columbia was in a deficit position of $10.1 million at March 31, 2023, and $9.0 million at December 31, 2022, and presented in Accounts payable and other liabilities in the Condensed Consolidated Balance Sheets. (c) M.flats/TEN.M was in a deficit position of $3.5 million at March 31, 2023, and $1.8 million at December 31, 2022, and presented in Accounts payable and other liabilities in the Condensed Consolidated Balance Sheets. (d) For these equity method investments, various provisions in the venture operating agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses, and preferred returns may result in the Company’s economic interest differing from its stated interest or final profit-sharing interest. For these investments, the Company recognizes income or loss based on the venture’s distribution priorities, which could fluctuate over time and may be different from its stated ownership or final profit-sharing interest. (e) Classified as a VIE; however, the Company is not the primary beneficiary and accounts for its investment in accordance with the equity method. Refer to discussion below for additional information. (f) Other equity investments represent investments not accounted for under the equity method. The Company elected the measurement alternative as these investments do not have readily determinable fair values. There were no impairments, or upward or downward adjustments to the carrying amounts of these securities either during current year or cumulatively. As of March 31, 2023, Other equity investments primarily includes $10.0 million of warrants, which represents cash paid by the Company for the option to acquire additional ownership interest in Jean-Georges Restaurants. Refer to discussion below for additional details. 110 North Wacker The Company formed a partnership with a local developer (the Partnership) in 2017. In 2018, the Partnership executed an agreement with USAA related to 110 North Wacker to construct and operate the building at 110 North Wacker through a separate legal entity (the Venture). In March 2022, the Partnership completed the sale of its ownership interest in the Venture for a gross sales price of $208.6 million. Upon sale, the Company recognized income of $5.0 million in Equity in earnings (losses) from unconsolidated ventures on the Condensed Consolidated Statements of Operations, inclusive of the impact of related transaction costs and net fair value gains that were reclassed out of Accumulated other comprehensive income (loss) associated with the Venture’s derivative instruments. Based upon the Partnership’s waterfall, $168.9 million of the net sales proceeds were allocated to the Company with the remaining $22.1 million distributed to the local developer. The Lawn Club In 2021, the Company formed HHC Lawn Games, LLC with The Lawn Club NYC, LLC (Endorphin Ventures), to construct and operate an immersive indoor and outdoor restaurant that includes an extensive area of indoor grass, a stylish clubhouse bar, and a wide variety of lawn games. This concept is expected to open in 2023. Under the terms of the agreement, the Company will fund 80% of the cost to construct the restaurant, and Endorphin Ventures will contribute the remaining 20%. The Company will recognize its share of income or loss based on the joint venture distribution priorities, which could fluctuate over time. Upon return of each member’s contributed capital and a preferred return to HHC, distributions and recognition of income or loss will be allocated to the Company based on its final profit-sharing interest. The Company also entered into a lease agreement with HHC Lawn Games, LLC to lease 20,000 square feet of the Fulton Market Building for this venture. Ssäm Bar In 2016, the Company formed Pier 17 Restaurant C101, LLC (Ssäm Bar) with MomoPier, LLC (Momofuku) to construct and operate a restaurant and bar at Pier 17 in the Seaport, which opened in 2019. The Company recognizes its share of income or loss based on the joint venture’s distribution priorities, which could fluctuate over time. As of March 31, 2023, and December 31, 2022, Ssäm Bar is classified as a VIE because the equity holders, as a group, lack the characteristics of a controlling financial interest; however, the Company is not the primary beneficiary. As of March 31, 2023, the Company’s maximum exposure to loss as a result of this investment is limited to the $5.6 million aggregate carrying value of this investment as the Company has not provided any guarantees or otherwise made firm commitments to fund amounts on behalf of this VIE. Tin Building by Jean-Georges In 2015, the Company, together with VS-Fulton Seafood Market, LLC (Fulton Partner), formed Fulton Seafood Market, LLC (Tin Building by Jean-Georges) to operate a 53,783 square-foot culinary marketplace in the historic Tin Building. The Fulton Partner is a wholly owned subsidiary of Jean-Georges Restaurants. The Company purchased a 25% interest in Jean-George Restaurants in March 2022 as discussed below. The Company owns 100% of the Tin Building and leased 100% of the space to the Tin Building by Jean-Georges joint venture. Throughout this report, references to the Tin Building relate to the Company’s 100% owned landlord operations and references to the Tin Building by Jean-Georges refer to the managed business in which the Company has an equity ownership interest. The Company, as landlord, funded 100% of the development and construction of the Tin Building. Under the terms of the Tin Building by Jean-Georges LLC agreement, the Company contributes the cash necessary to fund pre-opening, opening, and operating costs of Fulton Seafood Market LLC. The Fulton Partner is not required to make any capital contributions. The Tin Building was completed and placed in service during the third quarter of 2022 and the Tin Building by Jean-Georges culinary marketplace began operations in the third quarter of 2022. Based on capital contribution and distribution provisions for the Tin Building by Jean-Georges, HHC currently receives substantially all of the economic interest in the venture. Upon return of HHC’s contributed capital and a preferred return to HHC, distributions and recognition of income or loss will be allocated to the Company based on its final profit-sharing interest. As of March 31, 2023, the Tin Building by Jean-Georges is classified as a VIE because the equity holders, as a group, lack the characteristics of a controlling financial interest. The Company further concluded that it is not the primary beneficiary of the VIE as it does not have the power to direct the restaurant-related activities that most significantly impact its economic performance. As the Company is unable to quantify the amount of future capital contributions associated with this investment, the Company’s maximum exposure to loss is currently equal to the $8.1 million carrying value of the investment as of March 31, 2023. The Company funded capital contributions of $11.4 million for the three months ended March 31, 2023, and $43.1 million for the year ended December 31, 2022. Jean-Georges Restaurants In March 2022, the Company acquired a 25% interest in JG Restaurant HoldCo LLC (Jean-Georges Restaurants) for $45.0 million from JG TopCo LLC (Jean-Georges). Jean-Georges Restaurants currently has over 40 hospitality offerings and a pipeline of new concepts. The Company accounts for its ownership interest in accordance with the equity method and recorded its initial investment at cost, inclusive of legal fees and transaction costs. Under the terms of the agreement, all cash distributions and the recognition of income-producing activities will be pro rata based on stated ownership interest. Concurrent with the Company’s acquisition of the 25% interest in Jean-Georges Restaurants, the Company entered into a warrant agreement with Jean-Georges. The Company paid $10.0 million for the option to acquire up to an additional 20% interest in Jean-Georges Restaurants at a fixed exercise price per share subject to certain anti-dilution provisions. Should the warrant agreement be exercised by the Company, the $10.0 million will be credited against the aggregate exercise price of the warrants. Per the agreement, the $10.0 million is to be used for working capital of Jean-Georges Restaurants. The warrant became exercisable on March 2, 2022, subject to automatic exercise in the event of dissolution or liquidation, and will expire on March 2, 2026. As of March 31, 2023, this warrant had not been exercised. The Company elected the measurement alternative for this purchase option as the equity security does not have a readily determinable fair value. As such, the investment is measured at cost, less any identified impairment charges. Creative Culinary Management Company, LLC (CCMC), a wholly owned subsidiary of Jean-Georges Restaurants, provides management services for certain retail and food and beverage businesses that HHC owns, either wholly or through partnerships with third parties. The Company’s businesses managed by CCMC include the Tin Building by Jean-Georges, The Fulton, and Malibu Farm. Pursuant to the various management agreements, CCMC is responsible for employment and supervision of all employees providing services for the food and beverage operations and restaurant as well as the day-to-day operations and accounting for the food and beverage operations. The Summit In 2015, the Company formed DLV/HHPI Summerlin, LLC (The Summit) with Discovery Land Company (Discovery) to develop a custom home community in Summerlin. Phase I The Company contributed land with a carrying value of $13.4 million and transferred SID bonds related to such land with a carrying value of $1.3 million to The Summit at the agreed upon capital contribution value of $125.4 million, or $226,000 per acre, and has no further capital obligations. Discovery is required to fund up to a maximum of $30.0 million of cash as their capital contribution, of which $3.8 million has been contributed. The gains on the contributed land are recognized in Equity in earnings (losses) from unconsolidated ventures as The Summit sells lots. HHC has received its preferred return distributions and recognizes its share of income or loss for Phase I based on its final profit-sharing interest. Phase II In July 2022, the Company contributed an additional 54 acres to the Summit (Phase II land) with a fair value of $21.5 million. The Company recognized an incremental equity method investment at fair value and recognized a gain of $13.5 million recorded in Equity in earnings (losses) from unconsolidated ventures. This gain is the result of marking the cost basis of the land contributed to its estimated fair value at the time of contribution. The Phase II land is adjacent to the existing Summit development and is currently planned for approximately 28 custom home sites that will be added to the Summit community, with the first lot sales closing in the first quarter of 2023. The Company will receive distributions and recognize its share of income or loss for Phase II based on the joint venture’s distribution priorities in the amended Summit LLC agreement, which could fluctuate over time. Upon receipt of preferred returns to HHC, distributions and recognition of income or loss will be allocated to the company based on its final profit-sharing interest. Floreo In the fourth quarter of 2021, simultaneous with the Teravalis land acquisition, the Company closed on the acquisition of a 50% interest in Trillium Development Holding Company, LLC (Floreo) for $59.0 million and entered into a Limited Liability Company Agreement (LLC Agreement) with JDM Partners and El Dorado Holdings to develop Floreo, the first village within the new Teravalis MPC, on 3,029 acres of land in the greater Phoenix, Arizona area. The first Floreo land sales are expected to occur in the second half of 2023 subject to market conditions. In October 2022, Floreo closed on a $165.0 million financing, with outstanding borrowings of $65.4 million as of March 31, 2023. The Company provided a guarantee on this financing in the form of a collateral maintenance obligation and received a guarantee fee of $5.0 million. The financing and related guarantee provided by the Company triggered a reconsideration event and as of December 31, 2022, Floreo was classified as a VIE. Due to rights held by other members, the Company does not have a controlling financial interest in Floreo and is not the primary beneficiary. As of March 31, 2023, the Company’s maximum exposure to loss on this investment is limited to the $57.5 million aggregate carrying value as the Company has not made any other firm commitments to fund amounts on behalf of this VIE. See Note 9 - Commitments and Contingencies for additional information related to the Company’s collateral maintenance obligation. West End Alexandria In the fourth quarter of 2021, the Company entered into an Asset Contribution Agreement with Landmark Land Holdings, LLC (West End Alexandria) to redevelop a 52-acre site previously known as Landmark Mall. Other equity owners include Foulger-Pratt Development, LLC (Foulger-Pratt) and Seritage SRC Finance (Seritage). The Company conveyed its 33-acre Landmark Mall property with an agreed upon fair value of $56.0 million and Seritage conveyed an additional 19 acres of land with an agreed upon fair value of $30.0 million to West End Alexandria in exchange for equity interest. Additionally, Foulger-Pratt agreed to contribute $10.0 million to West End Alexandria. Also in the fourth quarter of 2021, West End Alexandria executed a Purchase and Sale Agreement with the City of Alexandria to sell approximately 11 acres to the City of Alexandria. The City will lease this land to Inova Health Care Services for construction of a new hospital. Development plans for the remaining 41-acre property includes approximately four million square feet of residential, retail, commercial, and entertainment offerings integrated into a cohesive neighborhood with a central plaza, a network of parks and public transportation. Foulger-Pratt will manage construction of the development. Demolition began in the second quarter of 2022, with completion of the first buildings expected in 2025. The Company does not have the ability to control the activities that most impact the economic performance of the venture as Foulger-Pratt is the managing member and manages all development activities. As such, the Company accounts for its ownership interest in accordance with the equity method.

Acquisitions and Dispositions

Acquisitions and Dispositions	3 Months Ended
Acquisitions and Dispositions	Mar. 31, 2023
Acquisitions And Dispositions [Abstract]
Acquisitions and Dispositions	3. Acquisitions and Dispositions Acquisitions In March 2022, the Company acquired a 25% interest in Jean-Georges Restaurants for $45.0 million and paid $10.0 million for the option to acquire up to an additional 20% interest in Jean-Georges Restaurants through March 2026. Jean-Georges Restaurants currently has over 40 hospitality offerings and a pipeline of new concepts. See Note 2 - Investments in Unconsolidated Ventures for additional information. Teravalis In October 2021, the Company acquired Teravalis, a new large-scale master planned community in the West Valley of Phoenix, Arizona. The Company closed on the all-cash purchase of approximately 33,810 acres (Teravalis Property) for a purchase price of $541.0 million. The executed purchase and sale agreement included a repurchase option that allowed the seller, or permitted assignee, to repurchase up to 50% interest in the Teravalis Property within a set term. In June 2022, the seller’s assignee, JDM Member, exercised a minimum purchase option and purchased a 9.24% interest in the Teravalis Property for $50.0 million. Additionally, in August 2022, JDM Member purchased an additional 2.78% interest in the Teravalis Property for $15.0 million, after which the remaining repurchase option expired. Following the execution of the minimum purchase option, the Company entered into a Limited Liability Company Agreement (LLC Agreement) with JDM Member to form Douglas Ranch Development Holding Company (Teravalis). The Company and JDM Member then contributed their interests in the Teravalis Property to Teravalis in exchange for an equity interest. As of March 31, 2023, member equity interest in Teravalis is 88.0% for the Company and 12.0% for JDM Member. Teravalis was determined to be a VIE, and as the Company has the power to direct the activities that most significantly impact its economic performance, the Company is considered the primary beneficiary and HHC continued to consolidate Teravalis. Under the terms of the LLC agreement, cash distributions and the recognition of income-producing activities will be pro rata based on economic ownership interest. As of March 31, 2023, the Company’s Condensed Consolidated Balance Sheets include $541.3 million of Master Planned Community assets, $0.5 million of Accounts Payable and other liabilities, and $65.0 million of Noncontrolling interest related to Teravalis. Floreo Simultaneous with the Teravalis land acquisition, the Company closed on the acquisition of a 50% interest in Trillium Development Holding Company, LLC (Floreo), for $59.0 million. Floreo owns approximately 3,029 acres of land which will be the first village developed within the Teravalis community in the greater Phoenix, Arizona area. See Note 2 - Investments in Unconsolidated Ventures for additional information. Dispositions Operating Assets On March 31, 2023, the Company completed the sale of two land parcels in Honolulu, Hawai'i, including an 11,929-square-foot building at the Ward Village Retail property, for total consideration of $6.3 million, resulting in a gain of $4.7 million. The gain on sale is included in Gain (loss) on sale or disposal of real estate and other assets, net in the Condensed Consolidated Statements of Operations. On December 30, 2022, the Company completed the sale of Creekside Village Green, a 74,670-square-foot retail property in The Woodlands, Texas, for $28.4 million resulting in a gain of $13.4 million. The gain on sale is included in Gain (loss) on sale or disposal of real estate and other assets, net in the Condensed Consolidated Statements of Operations. On December 21, 2022, the Company completed the sale of Lake Woodlands Crossing, a 60,261-square-foot retail property in The Woodlands, Texas, for $22.5 million resulting in a gain of $12.2 million. The gain on sale is included in Gain (loss) on sale or disposal of real estate and other assets, net in the Condensed Consolidated Statements of Operations. The Company retained the underlying land and simultaneously with the sale executed a 99-year ground lease with the buyer, which is classified as an operating lease. On June 16, 2022, the Company completed the sale of the Outlet Collection at Riverwalk, a 264,080-square-foot outlet center located in downtown New Orleans, Louisiana, for $34.0 million resulting in a gain on sale of $4.0 million, inclusive of $0.5 million in related transaction costs. The gain on sale is included in Gain (loss) on sale or disposal of real estate and other assets, net in the Condensed Consolidated Statements of Operations. On March 30, 2022, the Company completed the sale of its ownership interest in 110 North Wacker for $208.6 million. See Note 2 - Investments in Unconsolidated Ventures for additional information.

Impairment

Impairment	3 Months Ended
Impairment	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Impairment	4. Impairment The Company reviews its long-lived assets for potential impairment indicators whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. No impairment charges were recorded during the three months ended March 31, 2023 and 2022. Each investment in an unconsolidated venture discussed in Note 2 - Investments in Unconsolidated Ventures is evaluated periodically for recoverability and valuation declines that are other-than-temporary. If the decrease in value of an investment is deemed to be other-than-temporary, the investment is reduced to its estimated fair value. No impairment charges were recorded during the three months ended March 31, 2023 and 2022. The Company periodically evaluates strategic alternatives with respect to each property and may revise the strategy from time to time, including the intent to hold the asset on a long-term basis or the timing of potential asset dispositions. For example, the Company may decide to sell property that is held for use, and the sale price may be less than the carrying amount. As a result, changes in strategy could result in impairment charges in future periods.

Other Assets and Liabilities

Other Assets and Liabilities	3 Months Ended
Other Assets and Liabilities	Mar. 31, 2023
OTHER ASSETS AND LIABILITIES [Abstract]
Other Assets and Liabilities	5. Other Assets and Liabilities Other Assets, Net The following table summarizes the significant components of other assets: thousands March 31, 2023 December 31, 2022 Special Improvement District receivable, net $ 63,363 $ 64,091 Security, escrow, and other deposits 47,307 48,578 In-place leases, net 38,636 39,696 Intangibles, net 24,351 25,170 Interest rate derivative assets 21,399 30,860 Condominium inventory 19,053 22,452 Prepaid expenses 14,205 18,806 Other 11,179 12,555 Tenant incentives and other receivables, net 8,178 8,252 Net investment in lease receivable 2,889 2,895 TIF receivable, net 1,469 1,893 Notes receivable, net 1,434 3,339 Other assets, net $ 253,463 $ 278,587 Accounts Payable and Other Liabilities The following table summarizes the significant components of Accounts payable and other liabilities: thousands March 31, 2023 December 31, 2022 Condominium deposit liabilities $ 453,752 $ 390,253 Construction payables 231,034 260,257 Deferred income 90,686 85,006 Accrued interest 27,696 49,156 Other 27,073 28,856 Accounts payable and accrued expenses 24,684 36,174 Tenant and other deposits 24,438 26,100 Accrued real estate taxes 21,906 37,835 Accrued payroll and other employee liabilities 14,648 30,874 Interest rate derivative liabilities 1,344 — Accounts payable and other liabilities $ 917,261 $ 944,511

Mortgages, Notes and Loans Paya

Mortgages, Notes and Loans Payable, Net	3 Months Ended
Mortgages, Notes and Loans Payable, Net	Mar. 31, 2023
Debt Disclosure [Abstract]
Mortgages, Notes and Loans Payable, Net	6. Mortgages, Notes, and Loans Payable, Net Mortgages, Notes, and Loans Payable Mortgages, notes, and loans payable, net are summarized as follows: thousands March 31, 2023 December 31, 2022 Fixed-rate debt Senior unsecured notes $ 2,050,000 $ 2,050,000 Secured mortgages payable 1,498,444 1,500,841 Special Improvement District bonds 59,290 59,777 Variable-rate debt (a) Secured Bridgeland Notes 275,000 275,000 Secured mortgages payable 948,310 916,570 Unamortized deferred financing costs (b) (52,938) (55,005) Mortgages, notes, and loans payable, net $ 4,778,106 $ 4,747,183 (a) The Company has entered into derivative instruments to manage the variable interest rate exposure. See Note 8 - Derivative Instruments and Hedging Activities for additional information. (b) Deferred financing costs are amortized to interest expense over the initial contractual term of the respective financing agreements using the effective interest method (or other methods which approximate the effective interest method). As of March 31, 2023, land, buildings and equipment, developments, and other collateral with a net book value of $4.4 billion have been pledged as collateral for HHC’s mortgages, notes, and loans payable. Senior Unsecured Notes During 2020 and 2021, the Company issued $2.1 billion of aggregate principal of senior unsecured notes. These notes have fixed rates of interest that are payable semi-annually and are interest only until maturity. These debt obligations are redeemable prior to the maturity date subject to a “make-whole” premium which decreases annually until 2026 at which time the redemption make-whole premium is no longer applicable. The following table summarizes the Company’s senior unsecured notes by issuance date: $ in thousands Principal Maturity Date Interest Rate August 2020 $ 750,000 August 2028 5.375% February 2021 650,000 February 2029 4.125% February 2021 650,000 February 2031 4.375% Senior unsecured notes $ 2,050,000 Secured Mortgages Payable The Company’s outstanding mortgages are collateralized by certain of the Company’s real estate assets. Certain of the Company’s loans contain provisions that grant the lender a security interest in the operating cash flow of the property that represents the collateral for the loan. Certain mortgage notes may be prepaid subject to a prepayment penalty equal to a yield maintenance premium, defeasance, or a percentage of the loan balance. Construction loans related to the Company’s development properties are generally variable-rate, interest-only, and have maturities of five years or less. Debt obligations related to the Company’s operating properties generally require monthly installments of principal and interest over its contractual life. The following table summarizes the Company’s Secured mortgages payable: March 31, 2023 December 31, 2022 $ in thousands Principal Range of Interest Rates Weighted-average Interest Rate Weighted-average Years to Maturity Principal Range of Interest Rates Weighted-average Interest Rate Weighted-average Years to Maturity Fixed rate (a) $ 1,498,444 3.13% - 7.67% 4.39 % 7.8 $ 1,500,841 3.13% - 7.67% 4.39 % 8.1 Variable rate (b) 948,310 6.27% - 13.11% 7.71 % 2.9 916,570 6.05% - 9.39% 7.36 % 3.2 Secured mortgages payable $ 2,446,754 3.13% - 13.11% 5.68 % 5.9 $ 2,417,411 3.13% - 9.39% 5.51 % 6.2 (a) Interest rates presented are based upon the coupon rates of the Company’s fixed-rate debt obligations. (b) Interest rates presented are based on the applicable reference interest rates as of March 31, 2023, and December 31, 2022, excluding the effects of interest rate derivatives. The Company has entered into derivative instruments to manage a portion of the Company’s variable interest rate exposure. The weighted-average interest rate of the Company’s variable-rate mortgages payable, inclusive of interest rate derivatives, was 6.47% as of March 31, 2023, and 5.91% as of December 31, 2022. See Note 8 - Derivative Instruments and Hedging Activities for additional information. The Company’s secured mortgages mature over various terms through December 2039. On certain of its debt obligations, the Company has the option to exercise extension options, subject to certain terms, which may include minimum debt service coverage, minimum occupancy levels or condominium sales levels, as applicable, and other performance criteria. In certain cases, due to property performance not meeting identified covenants, the Company may be required to pay down a portion of the loan to exercise the extension option. During 2023, the Company’s mortgage activity included draws on existing mortgages of $32.1 million and repayments of $3.2 million. As of March 31, 2023, the Company’s secured mortgage loans had $1.2 billion of undrawn lender commitment available to be drawn for property development, subject to certain restrictions. Special Improvement District Bonds The Summerlin MPC uses SID bonds to finance certain common infrastructure improvements. These bonds are issued by the municipalities and are secured by the assessments on the land. The majority of proceeds from each bond issued is held in a construction escrow and disbursed to the Company as infrastructure projects are completed, inspected by the municipalities, and approved for reimbursement. Accordingly, the SID bonds have been classified as debt, and the Summerlin MPC pays the debt service on the bonds semi‑annually. As Summerlin sells land, the buyers assume a proportionate share of the bond obligation at closing, and the residential sales contracts provide for the reimbursement of the principal amounts that the Company previously paid with respect to such proportionate share of the bond. These bonds bear interest at fixed rates ranging from 4.13% to 6.05% with maturities ranging from 2025 to 2051 as of March 31, 2023. During the three months ended March 31, 2023, no obligations were assumed by buyers and no SID bonds were issued. Secured Bridgeland Notes In September 2021, the Company closed on a $275.0 million financing with maturity in 2026. This financing is secured by MUD receivables and land in Bridgeland. The loan required a $27.5 million fully refundable deposit and has an interest rate of 6.95% at March 31, 2023, and 6.60% at December 31, 2022. The interest rate inclusive of interest rate derivatives was 5.28% at both March 31, 2023, and December 31, 2022. In December 2022, the borrowing capacity of this obligation was expanded from $275.0 million to $475.0 million, resulting in available capacity of $200.0 million as of March 31, 2023. Debt Compliance As of March 31, 2023, the Company was in compliance with all debt covenants with the exception of four property-level debt instruments. As a result, the excess net cash flow after debt service from the underlying properties became restricted. While the restricted cash could not be used for general corporate purposes, it could be used to fund operations of the underlying assets and did not have a material impact on the Company’s liquidity or its ability to operate these assets.

Fair Value

Fair Value	3 Months Ended
Fair Value	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value	7. Fair Value ASC 820, Fair Value Measurement , emphasizes that fair value is a market-based measurement that should be determined using assumptions market participants would use in pricing an asset or liability. The standard establishes a hierarchical disclosure framework that prioritizes and ranks the level of market price observability used in measuring assets or liabilities at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the asset or liability. Assets or liabilities with readily available active quoted prices, or for which fair value can be measured from actively quoted prices, generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. The following table presents the fair value measurement hierarchy levels required under ASC 820 for the Company’s assets that are measured at fair value on a recurring basis. The Company does not have any liabilities that are measured at a fair value on a recurring basis for the periods presented: March 31, 2023 December 31, 2022 Fair Value Measurements Using Fair Value Measurements Using thousands Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Interest rate derivative assets $ 21,399 $ — $ 21,399 $ — $ 30,860 $ — $ 30,860 $ — Interest rate derivative liabilities $ 1,344 $ — $ 1,344 $ — $ — $ — $ — $ — The fair values of interest rate derivatives are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates derived from observable market interest rate curves. The estimated fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis are as follows: March 31, 2023 December 31, 2022 thousands Fair Value Hierarchy Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets: Cash and Restricted cash Level 1 $ 889,172 $ 889,172 $ 1,098,937 $ 1,098,937 Accounts receivable, net (a) Level 3 105,683 105,683 103,437 103,437 Notes receivable, net (b) Level 3 1,434 1,434 3,339 3,339 Liabilities: Fixed-rate debt (c) Level 2 3,607,734 3,306,222 3,610,618 3,298,859 Variable-rate debt (c) Level 2 1,223,310 1,223,310 1,191,570 1,191,570 (a) Accounts receivable, net is shown net of an allowance of $9.2 million at March 31, 2023, and $8.9 million at December 31, 2022. Refer to Note 1 - Summary of Significant Accounting Policies for additional information on the allowance. (b) Notes receivable, net is shown net of an immaterial allowance at March 31, 2023, and December 31, 2022. (c) Excludes related unamortized financing costs. The carrying amounts of Cash and Restricted cash, Accounts receivable, net, and Notes receivable, net approximate fair value because of the short‑term maturity of these instruments. The fair value of the Company’s Senior Notes, included in fixed-rate debt in the table above, is based upon the trade price closest to the end of the period presented. The fair value of other fixed-rate debt in the table above was estimated based on a discounted future cash payment model, which includes risk premiums and risk-free rates derived from the current LIBOR or U.S. Treasury obligation interest rates. Please refer to Note 6 - Mortgages, Notes, and Loans Payable, Net for additional information. The discount rates reflect the Company’s judgment as to what the approximate current lending rates for loans or groups of loans with similar maturities and credit quality would be if credit markets were operating efficiently and assuming that the debt is outstanding through maturity.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
Derivative Instruments and Hedging Activities	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	8. Derivative Instruments and Hedging Activities The Company is exposed to interest rate risk related to its variable interest rate debt, and it manages this risk by utilizing interest rate derivatives. The Company uses interest rate swaps 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 caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an upfront premium. Certain of the Company’s interest rate caps are not currently designated as hedges, and therefore, any gains or losses are recognized in current-period earnings within Interest expense on the Condensed Consolidated Statements of Operations. These derivatives are recorded on a gross basis at fair value on the balance sheet. Assessments of hedge effectiveness are performed quarterly using regression analysis. The change in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in Accumulated other comprehensive income (loss) (AOCI) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings within the same income statement line item being hedged. Derivatives accounted for as cash flow hedges are classified in the same category in the Condensed Consolidated Statements of Cash Flows as the items being hedged. Gains and losses from derivative financial instruments are reported in Cash provided by (used in) operating activities within the Condensed Consolidated Statements of Cash Flows. The Company is exposed to credit risk in the event of non-performance by its derivative counterparties. To mitigate its credit risk, the Company reviews the creditworthiness of counterparties and enters into agreements with those that are considered credit-worthy, such as large financial institutions with favorable credit ratings. There were no derivative counterparty defaults as of March 31, 2023, or as of December 31, 2022. If the derivative contracts are terminated prior to their maturity, the amounts previously recorded in AOCI are recognized in earnings over the period that the hedged transaction impacts earnings. During the three months ended March 31, 2023, and the year ended December 31, 2022, there were no termination events. The Company recorded an immaterial reduction in Interest expense in 2022 and 2023 related to the amortization of a previously terminated swap. Amounts reported in AOCI related to derivatives will be reclassified to Interest expense as interest payments are made on the Company’s variable‑rate debt. Over the next 12 months, the Company estimates that $10.1 million of net gain will be reclassified to Interest expense including amounts related to the amortization of terminated swaps. The following table summarizes certain terms of the Company’s derivative contracts. The Company reports derivative assets in Other assets, net and derivative liabilities in Accounts payable and other liabilities. Fair Value Asset (Liability) thousands Notional Amount Fixed Interest Rate (a) Effective Date Maturity Date March 31, 2023 December 31, 2022 Derivative instruments not designated as hedging instruments: (b) Interest rate cap $ 285,000 2.00 % 3/12/2021 9/15/2023 $ 3,826 $ 5,748 Interest rate cap 83,200 2.00 % 3/12/2021 9/15/2023 1,117 1,677 Interest rate cap 75,000 2.50 % 10/12/2021 9/29/2025 2,853 3,791 Interest rate cap 59,500 2.50 % 10/12/2021 9/29/2025 2,263 3,007 Derivative instruments designated as hedging instruments: Interest rate swap $ 615,000 2.96 % 9/21/2018 9/18/2023 $ 5,601 $ 8,262 Interest rate swap 200,000 3.69 % 1/3/2023 1/1/2027 (1,344) 978 Interest rate cap 127,000 5.50 % 11/10/2022 11/7/2024 369 378 Interest rate cap 75,000 5.00 % 12/22/2022 12/21/2025 526 655 Interest rate swap 40,800 1.68 % 3/1/2022 2/18/2027 2,696 3,321 Interest rate swap 35,188 4.89 % 11/1/2019 1/1/2032 2,148 3,043 Total fair value derivative assets $ 21,399 $ 30,860 Total fair value derivative liabilities (1,344) — Total fair value derivative asset (liability), net $ 20,055 $ 30,860 (a) These rates represent the swap rate and cap strike rate on HHC’s interest rate swaps and caps. (b) Interest income related to these contracts was $4.2 million for the three months ended March 31, 2023, and interest expense was $5.4 million for the three months ended March 31, 2022. The tables below present the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022: Amount of Gain (Loss) Recognized in AOCI on Derivatives Derivatives in Cash Flow Hedging Relationships Three Months Ended March 31, thousands 2023 2022 Interest rate derivatives $ (2,651) $ 11,742 Location of Gain (Loss) Reclassified from AOCI into Statements of Operations Amount of Gain (Loss) Reclassified from AOCI into Statements of Operations Three Months Ended March 31, thousands 2023 2022 Interest expense $ 2,679 $ (3,335) 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. The fair value of the Company’s derivatives which contain credit-risk-related features and were in a net liability position totaled $1.5 million as of March 31, 2023. If the Company had breached any of these provisions at March 31, 2023, it could have been required to settle its obligations under the agreements at their termination value of $1.5 million.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Litigation In the normal course of business, from time to time, the Company is involved in legal proceedings relating to the ownership and operations of its properties. In management’s opinion, the liabilities, if any, that may ultimately result from normal course of business legal actions are not expected to have a material effect on the Company’s consolidated financial position, results of operations or liquidity. 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 alleged negligence in the development of Timarron Park and violations of Texas’ Deceptive Trade Practices Act and named as defendants The Howard Hughes Corporation, The Woodlands Land Development Company, and two unaffiliated parties involved in the planning and engineering of Timarron Park. The plaintiffs are seeking restitution for damages to their property and diminution of their property values. On August 9, 2022, the Court granted the Company’s summary judgment motions and dismissed the plaintiffs’ claims. On September 8, 2022, the plaintiffs filed a motion for a new trial. On October 21, 2022, the Court denied the motion for a new trial. On November 7, 2022, the Plaintiffs filed their notice of appeal, and the appeal has been assigned to the First District Court of Appeals. The Company will continue to vigorously defend the matter as it believes that these claims are without merit and that it has substantial legal and factual defenses to the claims and allegations contained in the complaint. Based upon the present status of this matter, the Company does not believe it is probable that a loss will be incurred. Accordingly, the Company has not recorded any reserves or contingencies related to this legal matter. The Company entered into a settlement agreement with the Waiea homeowners association related to certain construction defects at the condominium tower. Pursuant to the settlement agreement, the Company will pay for the repair of the defects. The Company believes that the general contractor is ultimately responsible for the defects and as such the Company should be entitled to recover all the repair costs from the general contractor, other responsible parties, and insurance proceeds; however, the Company can provide no assurances that all or any portion of the costs will be recovered. Total estimated cost related to the remediation is $139.2 million. As of March 31, 2023, a total of $18.5 million remains in Construction payables for the estimated repair costs related to this matter, which is included in Accounts payable and other liabilities in the accompanying Condensed Consolidated Balance Sheets. 250 Water Street In 2021, the Company received the necessary approvals for its 250 Water Street development project, which includes a mixed-use development with affordable and market-rate apartments, community-oriented spaces, and office space. In May 2021, the Company received approval from the New York City Landmarks Preservation Commission (LPC) on its proposed design for the 250 Water Street site. The Company received final approvals in December 2021 through the New York City Uniform Land Use Review Procedure known as ULURP, which allowed the necessary transfer of development rights to the parking lot site. The Company began initial foundation and voluntary site remediation work in the second quarter of 2022. The Company has prevailed in various lawsuits filed in 2021 and 2022 challenging the zoning and development approvals in order to prevent construction of this project. In September 2021, the New York State Supreme Court dismissed on procedural grounds a lawsuit challenging the LPC approval. In February 2022, an additional lawsuit was filed in New York State Supreme Court by opponents of the project challenging the land use approvals for 250 Water Street previously granted to the Company under the ULURP, and in August 2022 the Court ruled in the Company’s favor, denying all claims of the petitioners. The same petitioners subsequently filed a request to reargue and renew the case, which the Court rejected in January 2023. A separate lawsuit was filed in July 2022 again challenging the Landmarks Preservation Commission approval. In January 2023, a Court ruled in favor of the petitioners vacating the Certificate of Appropriateness (COA) issued by the LPC, and ordered construction to cease at 250 Water Street, absent further court order. The Company immediately appealed this decision. On March 7, 2023, a panel of appellate court judges granted a stay of the trial court’s order that allows construction work to continue until the full hearing by the Appellate Division during its June 2023 term. Although it is not possible to predict with certainty the outcome of the appeal, the Company believes that it has substantial legal and factual defenses to overturn on appeal the trial court’s verdict. The lawsuit is not seeking monetary damages as the petitioners are seeking to enjoin the Company from moving forward with the development of 250 Water Street. Because the Company believes that a potential loss is not probable or estimable, it has not recorded any reserves or contingencies related to this legal matter. Letters of Credit and Surety Bonds As of March 31, 2023, the Company had outstanding letters of credit totaling $3.9 million and surety bonds totaling $373.7 million. As of December 31, 2022, the Company had outstanding letters of credit totaling $2.1 million and surety bonds totaling $346.3 million. These letters of credit and surety bonds were issued primarily in connection with insurance requirements, special real estate assessments, and construction obligations. Operating Leases The Company leases land or buildings at certain properties from third parties, which are recorded in Operating lease right-of-use assets, net and Operating lease obligations on the Condensed Consolidated Balance Sheets. See Note 15 - Leases for further discussion. Contractual rental expense, including participation rent, was $1.3 million for the three months ended March 31, 2023, compared to $1.5 million for the three months ended March 31, 2022. The amortization of above and below‑market ground leases and straight‑line rents included in the contractual rent amount was not significant. Guarantee Agreements In October 2022, Floreo, the Company’s 50%-owned joint venture in Teravalis, closed on a $165 million bond financing with Mizuho Capital Markets, LLC (Mizuho), with outstanding borrowings of $65.4 million as of March 31, 2023. A wholly owned subsidiary of the Company (HHC Member) provided a guarantee for the bond in the form of a collateral maintenance commitment under which it will post refundable cash collateral if the Loan-to-Value (LTV) ratio exceeds 50%. A separate wholly owned subsidiary of the Company also provided a backstop guarantee of up to $50 million of the cash collateral commitment in the event HHC Member fails to make necessary payments when due. The cash collateral becomes nonrefundable if Floreo defaults on the bond obligation. The Company received a fee of $5.0 million in exchange for providing this guarantee, which was recognized in Accounts payable and other liabilities on the Condensed Consolidated Balance Sheets as of March 31, 2023, and December 31, 2022. This liability amount will be recognized in Other income (loss), net in a manner that corresponds to the bond repayment by Floreo. The Company’s maximum exposure under this guarantee is equal to the cash collateral that the Company may be obligated to post. As of March 31, 2023, the Company has not posted any cash collateral. Given the existence of other collateral including the undeveloped land owned by Floreo, the entity’s extensive and discretionary development plan, and its eligibility for reimbursement of a significant part of the development costs from the Community Facility District in Arizona, the Company does not expect to have to post collateral. In conjunction with the execution of the ground lease for the Seaport, the Company executed a completion guarantee for the core and shell construction of the Tin Building. The core and shell construction was completed in the fourth quarter of 2021, and the remainder of construction was completed in the third quarter of 2022. The Company received the necessary approvals from the New York City Economic Development Corporation to relinquish the guarantee in early 2023. The Company’s wholly owned subsidiaries agreed to complete defined public improvements and to indemnify Howard County, Maryland, for certain matters as part of the Downtown Columbia Redevelopment District TIF bonds. To the extent that increases in taxes do not cover debt service payments on the TIF bonds, the Company’s wholly owned subsidiary is obligated to pay special taxes. Management has concluded that, as of March 31, 2023, any obligations to pay special taxes are not probable. As part of the Company’s development permits with the Hawai‘i Community Development Authority for the condominium towers at Ward Village, the Company entered into a guarantee whereby it is required to reserve 20% of the residential units for local residents who meet certain maximum income and net worth requirements. This guarantee, which is triggered once the necessary permits are granted and construction commences, was satisfied for Waiea, Anaha, and Ae‘o, with the opening of Ke Kilohana, which is a workforce tower fully earmarked to fulfill this obligation for the first four towers. The reserved units for ‘A‘ali‘i tower are included in the ‘A‘ali‘i tower. Units for Kō'ula, Victoria Place, and The Park Ward Village will be satisfied with the construction of Ulana Ward Village, which is a second workforce tower fully earmarked to satisfy the remaining reserved housing guarantee in the community. Ulana Ward Village began construction in early 2023. The Company expects reserved housing towers to be delivered on a break-even basis. The Company evaluates the likelihood of future performance under these guarantees and, as of March 31, 2023, and December 31, 2022, there were no events requiring financial performance under these guarantees.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	10. Income Taxes Three Months Ended March 31, thousands except percentages 2023 2022 Income tax expense (benefit) $ (1,278) $ 701 Income (loss) before income taxes (23,905) 2,872 Effective tax rate 5.3 % 24.4 % The Company’s tax provision for interim periods is determined using an estimate of its annual current and deferred effective tax rates, adjusted for discrete items. The Company’s effective tax rate is typically impacted by non-deductible executive compensation and other permanent differences as well as state income taxes, which cause the Company’s effective tax rate to deviate from the federal statutory rate.

Warrants

Warrants	3 Months Ended
Warrants	Mar. 31, 2023
Equity [Abstract]
Warrants	11. Warrants In 2017, the Company entered into warrant agreements with its then Chief Executive Officer, David R. Weinreb, (Weinreb Warrant) and then President, Grant Herlitz, (Herlitz Warrant) to acquire 1,965,409 shares and 87,951 shares of common stock for the purchase price of $50.0 million and $2.0 million, respectively. The purchase prices paid by the respective executives for the Weinreb Warrant and the Herlitz Warrant, which qualify as equity instruments, were credited to Additional paid-in capital. In October 2019, in connection with their respective terminations of employment, the Weinreb Warrant became exercisable at an exercise price of $124.64 per share, and the Herlitz Warrant became exercisable at an exercise price of $117.01 per share. The Weinreb Warrant expires in June 2023, and the Herlitz Warrant expires in October 2023. Neither of these warrants were exercised as of March 31, 2023.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
Accumulated Other Comprehensive Income (Loss)	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Accumulated Other Comprehensive Income (Loss)	12. Accumulated Other Comprehensive Income (Loss) The following tables summarize changes in AOCI, all of which are presented net of tax: thousands Balance as of December 31, 2022 $ 10,335 Derivative instruments: Other comprehensive income (loss) before reclassifications (2,651) (Gain) loss reclassified to net income (2,679) Net current-period other comprehensive Income (loss) (5,330) Balance at March 31, 2023 $ 5,005 Balance at December 31, 2021 $ (14,457) Derivative instruments: Other comprehensive income (loss) before reclassifications 11,742 (Gain) loss reclassified to net income 3,335 Reclassification of the Company's share of previously deferred derivative gains to net income (a) (6,723) Net current-period other comprehensive income (loss) 8,354 Balance at March 31, 2022 $ (6,103) (a) In March 2022, the Company completed the sale of its ownership interest in 110 North Wacker and released a net of $6.7 million from Accumulated other comprehensive income (loss), representing the Company’s $8.6 million share of previously deferred gains associated with the Venture’s derivative instruments net of tax expense of $1.9 million. See Note 2 - Investments in Unconsolidated Ventures for additional information. The following table summarizes the amounts reclassified out of AOCI: Accumulated Other Comprehensive Amounts reclassified from Accumulated other comprehensive income (loss) Three Months Ended March 31, Affected line items in the thousands 2023 2022 (Gains) losses on cash flow hedges $ (3,462) $ 4,331 Interest expense Company's share of previously deferred derivative gains — (8,636) Equity in earnings (losses) from unconsolidated ventures Income tax expense (benefit) 783 917 Income tax expense (benefit) Total reclassifications of (income) loss, net of tax $ (2,679) $ (3,388)

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	13. 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: Three Months Ended March 31, thousands except per share amounts 2023 2022 Net income (loss) Net income (loss) $ (22,627) $ 2,171 Net (income) loss attributable to noncontrolling interests (118) (49) Net income (loss) attributable to common stockholders $ (22,745) $ 2,122 Shares Weighted-average common shares outstanding - basic 49,455 52,453 Restricted stock and stock options — 48 Weighted-average common shares outstanding - diluted 49,455 52,501 Net income (loss) per common share Basic income (loss) per share $ (0.46) $ 0.04 Diluted income (loss) per share $ (0.46) $ 0.04 Anti-dilutive shares excluded from diluted EPS Restricted stock and stock options 790 545 Warrants 2,053 2,103 Common Stock Repurchases In October 2021, the Company’s board of directors (Board) authorized a share repurchase program, pursuant to which the Company was authorized to purchase up to $250.0 million of its common stock through open-market transactions. During the fourth quarter of 2021, the Company repurchased 1,023,284 shares of its common stock, par value $0.01 per share, for $96.6 million, or approximately $94.42 per share. During the first quarter of 2022, the Company repurchased an additional 1,579,646 shares of its common stock, for $153.4 million, or approximately $97.10 per share, thereby completing all authorized purchases under the October 2021 program. In March 2022, the Board authorized an additional share repurchase program pursuant to which the Company may, from time to time, purchase up to $250.0 million of its common stock through open-market transactions. The date and time of such repurchases will depend upon market conditions and the program may be suspended or discontinued at any time. During 2022, the Company repurchased 2,704,228 shares of its common stock under this program for approximately $235.0 million at an average price of $86.90 per share. All purchases were funded with cash on hand.

Revenues

Revenues	3 Months Ended
Revenues	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenues	14. Revenues Revenues from contracts with customers (excluding lease-related revenues) are recognized when control of the promised goods or services is transferred to the Company’s customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Revenue and cost of sales for condominium units sold are not recognized until the construction is complete, the sale closes, and the title to the property has transferred to the buyer (point in time). Additionally, certain real estate selling costs, such as the costs related to the Company’s condominium model units, are either expensed immediately or capitalized as property and equipment and depreciated over their estimated useful life. The following presents the Company’s revenues disaggregated by revenue source: Three Months Ended March 31, thousands 2023 2022 Revenues from contracts with customers Recognized at a point in time: Condominium rights and unit sales $ 6,087 $ 19,616 Master Planned Communities land sales 59,361 61,468 Builder price participation 14,009 14,496 Total 79,457 95,580 Recognized at a point in time or over time: Other land, rental, and property revenues 18,968 19,537 Rental and lease-related revenues Rental revenue 97,864 95,109 Total revenues $ 196,289 $ 210,226 Revenues by segment Operating Assets revenues $ 100,925 $ 99,687 Master Planned Communities revenues 77,013 80,692 Seaport revenues 11,897 9,376 Strategic Developments revenues 6,440 20,456 Corporate revenues 14 15 Total revenues $ 196,289 $ 210,226 Contract Assets and Liabilities Contract assets are the Company’s right to consideration in exchange for goods or services that have been transferred to a customer, excluding any amounts presented as a receivable. Contract liabilities are the Company’s obligation to transfer goods or services to a customer for which the Company has received consideration. There were no contract assets for the periods presented. The contract liabilities primarily relate to escrowed condominium deposits, MPC land sales deposits, and deferred MPC land sales related to unsatisfied land improvements. The beginning and ending balances of contract liabilities and significant activity during the periods presented are as follows: thousands Contract Liabilities Balance at December 31, 2022 $ 457,831 Consideration earned during the period (16,919) Consideration received during the period 78,366 Balance at March 31, 2023 $ 519,278 Balance at December 31, 2021 $ 431,177 Consideration earned during the period (31,897) Consideration received during the period 68,389 Balance at March 31, 2022 $ 467,669 Remaining Unsatisfied Performance Obligations The Company’s remaining unsatisfied performance obligations represent a measure of the total dollar value of work to be performed on contracts executed and in progress. These performance obligations primarily relate to the completion of condominium construction and transfer of control to a buyer, as well as the completion of contracted MPC land sales and related land improvements. These obligations are associated with contracts that generally are non-cancelable by the customer after 30 days; however, purchasers of condominium units have the right to cancel the contract should the Company elect not to construct the condominium unit within a certain period of time or materially change the design of the condominium unit. The aggregate amount of the transaction price allocated to the Company’s remaining unsatisfied performance obligations as of March 31, 2023, is $2.6 billion. The Company expects to recognize this amount as revenue over the following periods: thousands Less than 1 year 1 - 2 years Thereafter Total remaining unsatisfied performance obligations $ 80,538 $ 795,483 $ 1,700,181 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.

Leases

Leases	3 Months Ended
Leases	Mar. 31, 2023
Leases [Abstract]
Leases	15. Leases Lessee Arrangements The Company determines whether an arrangement is a lease at inception. Operating leases are included in Operating lease right-of-use assets, net and Operating lease obligations on the Condensed Consolidated Balance Sheets. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of future minimum lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses an estimate of the incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future lease payments. The Operating lease right-of-use asset also includes any lease payments made, less any lease incentives and initial direct costs incurred. The Company does not have any finance leases as of March 31, 2023, or December 31, 2022. The Company’s lessee agreements consist of operating leases primarily for ground leases and other real estate. The Company’s leases have remaining lease terms of less than one year to approximately 50 years, excluding extension options. The Company considers its strategic plan and the life of associated agreements in determining when options to extend or terminate lease terms are reasonably certain of being exercised. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Certain of the Company’s lease agreements include variable lease payments based on a percentage of income generated through subleases, changes in price indices and market rates, and other costs arising from operating, maintenance, and taxes. The Company’s lease agreements do not contain residual value guarantees or restrictive covenants. The Company leases certain buildings and office space constructed on its ground leases to third parties. In June 2022, the Company sold the Outlet Collection at Riverwalk, which was subject to a ground lease, resulting in a reduction in the Company’s operating lease right-of-use assets and obligations as well as future minimum lease payments. The Company’s operating leases primarily relate to the Seaport ground leases. The Company’s leased assets and liabilities are as follows: thousands March 31, 2023 December 31, 2022 Operating lease right-of-use assets, net $ 46,220 $ 46,926 Operating lease obligations 51,350 51,321 The components of lease expense are as follows: Three Months Ended March 31, thousands 2023 2022 Operating lease cost $ 1,708 $ 2,069 Variable lease costs 392 374 Total lease cost $ 2,100 $ 2,443 Future minimum lease payments as of March 31, 2023, are as follows: thousands Operating Leases Remainder of 2023 $ 3,744 2024 4,880 2025 3,491 2026 3,263 2027 3,326 Thereafter 242,419 Total lease payments 261,123 Less: imputed interest (209,773) Present value of lease liabilities $ 51,350 Other information related to the Company’s lessee agreements is as follows: Supplemental Condensed Consolidated Statements of Cash Flows Information Three Months Ended March 31, thousands 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows on operating leases $ 1,097 $ 1,741 Other Information March 31, 2023 March 31, 2022 Weighted-average remaining lease term (years) Operating leases 43.9 38.8 Weighted-average discount rate Operating leases 7.8 % 7.7 % Lessor Arrangements The Company receives rental income from the leasing of retail, office, multi-family, and other space under operating leases, as well as certain variable tenant recoveries. Such operating leases are with a variety of tenants and have a remaining average term of approximately five years. Lease terms generally vary among tenants and may include early termination options, extension options, and fixed rental rate increases or rental rate increases based on an index. The minimum rentals based on operating leases of the consolidated properties held as of March 31, 2023, are as follows: Three Months Ended March 31, thousands 2023 2022 Total minimum rent payments $ 57,797 $ 57,429 Total future minimum rents associated with operating leases are as follows as of March 31, 2023: thousands Total Minimum Rent Remainder of 2023 $ 181,052 2024 245,777 2025 225,960 2026 205,113 2027 192,265 Thereafter 841,082 Total $ 1,891,249 Minimum rent revenues are recognized on a straight‑line basis over the terms of the related leases when collectability is reasonably assured and the tenant has taken possession of, or controls, the physical use of the leased asset. Percentage rent in lieu of fixed minimum rent is recognized as sales are reported from tenants. Minimum rent revenues reported on the Condensed Consolidated Statements of Operations also include amortization related to above and below‑market tenant leases on acquired properties.

Segments

Segments	3 Months Ended
Segments	Mar. 31, 2023
Segment Reporting [Abstract]
Segments	16. Segments The Company has four business segments that offer different products and services. HHC’s four segments are managed separately because each requires different operating strategies or management expertise and are reflective of management’s operating philosophies and methods. Because the Company’s four segments, Operating Assets, MPC, Seaport, and Strategic Developments, are managed separately, the Company uses different operating measures to assess operating results and allocate resources among them. The one common operating measure used to assess operating results for the Company’s business segments is earnings before tax (EBT). EBT, as it relates to each business segment, includes the revenues and expenses of each segment, as shown below. EBT excludes corporate expenses and other items that are not allocable to the segments. The Company presents EBT for each segment because the Company uses this measure, among others, internally to assess the core operating performance of the Company’s assets. The Company’s segments or assets within such segments could change in the future as development of certain properties commences or other operational or management changes occur. All operations are within the United States. The Company’s reportable segments are as follows: – Operating Assets – consists of developed or acquired retail, office, and multi-family properties along with other real estate investments. These properties are currently generating revenues and may be redeveloped, repositioned, or sold to improve segment performance or to recycle capital. – MPC – consists of the development and sale of land in large‑scale, long‑term community development projects in and around Las Vegas, Nevada; Houston, Texas; and Phoenix, Arizona. – Seaport – consists of approximately 472,000 square feet of restaurant, retail, and entertainment properties situated in three primary locations in New York City: Pier 17, Historic Area/Uplands, and Tin Building as well as the 250 Water Street development, and equity interest in Jean-Georges Restaurants. – Strategic Developments – consists of residential condominium and commercial property projects currently under development and all other properties held for development which have no substantial operations. Segment operating results are as follows: thousands Operating Assets Segment MPC Segment Seaport Segment Strategic Developments Segment Total Three Months Ended March 31, 2023 Total revenues $ 100,925 $ 77,013 $ 11,897 $ 6,440 $ 196,275 Total operating expenses (47,599) (34,351) (18,916) (11,059) (111,925) Segment operating income (loss) 53,326 42,662 (7,019) (4,619) 84,350 Depreciation and amortization (39,632) (107) (10,527) (943) (51,209) Interest income (expense), net (28,911) 15,812 1,186 2,063 (9,850) Other income (loss), net 2,282 (103) 1 94 2,274 Equity in earnings (losses) from unconsolidated ventures 1,905 4,108 (10,820) 5 (4,802) Gain (loss) on sale or disposal of real estate and other assets, net 4,730 — — — 4,730 Segment EBT $ (6,300) $ 62,372 $ (27,179) $ (3,400) $ 25,493 Corporate income, expenses, and other items (48,120) Net income (loss) (22,627) Net (income) loss attributable to noncontrolling interests (118) Net income (loss) attributable to common stockholders $ (22,745) Three Months Ended March 31, 2022 Total revenues $ 99,687 $ 80,692 $ 9,376 $ 20,456 $ 210,211 Total operating expenses (46,615) (36,896) (18,859) (18,077) (120,447) Segment operating income (loss) 53,072 43,796 (9,483) 2,379 89,764 Depreciation and amortization (38,430) (90) (7,823) (1,332) (47,675) Interest income (expense), net (20,118) 10,422 (47) 3,989 (5,754) Other income (loss), net (169) — 350 (485) (304) Equity in earnings (losses) from unconsolidated ventures 15,175 5,550 (3,711) 898 17,912 Gain (loss) on sale or disposal of real estate and other assets, net — — — (9) (9) Gain (loss) on extinguishment of debt (282) — — — (282) Segment EBT $ 9,248 $ 59,678 $ (20,714) $ 5,440 $ 53,652 Corporate income, expenses, and other items (51,481) Net income (loss) 2,171 Net (income) loss attributable to noncontrolling interests (49) Net income (loss) attributable to common stockholders $ 2,122 The assets by segment and the reconciliation of total segment assets to Total assets in the Condensed Consolidated Balance Sheets are summarized as follows: thousands March 31, 2023 December 31, 2022 Operating Assets $ 3,464,019 $ 3,448,823 Master Planned Communities 3,255,892 3,272,655 Seaport 1,162,486 1,166,950 Strategic Developments 1,435,242 1,359,180 Total segment assets 9,317,639 9,247,608 Corporate 262,493 355,855 Total assets $ 9,580,132 $ 9,603,463

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Restricted Cash	Restricted Cash Restricted cash reflects amounts segregated in escrow accounts in the name of the Company, primarily related to escrowed condominium deposits by buyers and other amounts related to taxes, insurance, and legally restricted security deposits and leasing costs
Accounts Receivable, net	Accounts Receivable, net Accounts receivable, net includes tenant rents, tenant recoveries, straight-line rent assets, and other receivables. On a quarterly basis, management reviews tenant rents, tenant recoveries, and straight-line rent assets for collectability. As required under Accounting Standards Codification (ASC) 842 - Leases, this analysis includes a review of past due accounts and considers factors such as the credit quality of tenants, current economic conditions, and changes in customer payment trends. When full collection of a lease receivable or future lease payment is deemed to be not probable, a reserve for the receivable balance is charged against rental revenue and future rental revenue is recognized on a cash basis. The Company also records reserves for estimated losses under ASC 450 - Contingencies if the estimated loss amount is probable and can be reasonably estimated.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. The estimates and assumptions include, but are not limited to, the allocation of capitalized development costs, provision for income taxes, recoverable amounts of receivables and deferred tax assets, initial valuations of tangible and intangible assets acquired, and the related useful lives of assets upon which depreciation and amortization is based. Estimates and assumptions have also been made with respect to future revenues and costs, and the fair value of warrants, debt, and options granted. In particular, Master Planned Communities ( MPC) cost of sales estimates are highly judgmental as they are sensitive to cost escalation, sales price escalation, and lot absorption, which are subject to judgment and affected by expectations about future market or economic conditions. Actual results could differ from these and other estimates.
Noncontrolling Interests	Noncontrolling Interests As of March 31, 2023, and December 31, 2022, noncontrolling interests primarily related to the 12.0% noncontrolling interest in Teravalis and the noncontrolling interest in the Ward Village Homeowners’ Associations (HOAs). All revenues and expenses related to the HOAs are attributable to noncontrolling interests and do not impact net income attributable to common stockholders. Refer to Note 3 - Acquisitions and Dispositions for additional information on Teravalis.
Financial Instruments - Credit Losses	Financial Instruments - Credit Losses The Company is exposed to credit losses through the sale of goods and services to the Company’s customers. Receivables held by the Company primarily relate to short-term trade receivables and financing receivables, which include Municipal Utility District (MUD) receivables, Special Improvement District (SID) bonds, Tax Increment Financing (TIF) receivables, net investments in lease receivables, and notes receivable. The Company assesses its exposure to credit loss based on historical collection experience and future expectations by portfolio segment. Historical collection experience is evaluated on a quarterly basis by the Company. The amortized cost basis of financing receivables, consisting primarily of MUD receivables, totaled $580.8 million as of March 31, 2023, and $545.4 million as of December 31, 2022. The MUD receivable balance included accrued interest of $37.4 million as of March 31, 2023, and $36.4 million as of December 31, 2022. There has been no material activity in the allowance for credit losses for financing receivables for the three months ended March 31, 2023, and 2022. Financing receivables are considered to be past due once they are 30 days contractually past due under the terms of the agreement. The Company does not have significant receivables that are past due or on nonaccrual status. There have been no significant write-offs or recoveries of amounts previously written off during the current period for financing receivables.
Recently Issued Accounting Standards	Recently Issued Accounting Standards The following is a summary of recently issued accounting pronouncements which relate to the Company’s business. ASU 2020-04, Reference Rate Reform The amendments in this Update provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform when certain criteria are met. The amendments in this Update apply only to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, for which an entity has applied certain optional expedients, that are retained through the end of the hedging relationship. The amendments in this Update are effective as of March 12, 2020, through December 31, 2022. On December 21, 2022, the FASB issued Accounting Standards Update (ASU) 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , which extends the period of time entities can utilize the reference rate reform relief guidance under ASU 2020-04, from December 31, 2022, to December 31, 2024. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedge transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur through the effective date of December 31, 2024, as extended by ASU 2022-6.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
Summary of Significant Accounting Policies (Tables)	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of accounts receivable, net	The following table represents the components of Accounts receivable, net of amounts considered uncollectible, in the accompanying Condensed Consolidated Balance Sheets: thousands March 31, 2023 December 31, 2022 Straight-line rent receivables $ 84,809 $ 84,145 Tenant receivables 10,067 12,044 Other receivables 10,807 7,248 Accounts receivable, net (a) $ 105,683 $ 103,437 (a) As of March 31, 2023, the total reserve balance for amounts considered uncollectible was $9.2 million, comprised of $6.2 million related to ASC 842 and $3.0 million related to ASC 450. As of December 31, 2022, the total reserve balance was $8.9 million, comprised of $3.4 million related to ASC 842 and $5.5 million related to ASC 450.
Summary of impacts of the ASC 842 and ASC 450 reserves in the accompanying condensed consolidated statement of operations	The following table summarizes the impacts of the ASC 842 and ASC 450 reserves in the accompanying Condensed Consolidated Statements of Operations: Three Months Ended March 31, thousands Income Statement Location 2023 2022 ASC 842 reserve Rental revenue $ 2,893 $ (234) ASC 450 reserve Provision for (recovery of) doubtful accounts (2,420) 844 Total (income) expense impact $ 473 $ 610

Investments in Unconsolidated_2

Investments in Unconsolidated Ventures (Tables)	3 Months Ended
Investments in Unconsolidated Ventures (Tables)	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Summary of equity of investments in real estate and other affiliates	Investments in unconsolidated ventures consist of the following: Ownership Interest (a) Carrying Value Share of Earnings/Dividends March 31, December 31, March 31, December 31, Three Months Ended March 31, thousands except percentages 2023 2022 2023 2022 2023 2022 Equity Method Investments Operating Assets: 110 North Wacker — % — % $ — $ — $ — $ 5,016 The Metropolitan Downtown Columbia (b) 50 % 50 % — — (325) 2,274 Stewart Title of Montgomery County, TX 50 % 50 % 3,582 4,217 (35) 253 Woodlands Sarofim #1 20 % 20 % 3,042 3,029 13 9 m.flats/TEN.M (c) 50 % 50 % — — (781) 2,985 Master Planned Communities: The Summit (d) 50 % 50 % 54,005 49,368 4,630 5,622 Floreo (e) 50 % 50 % 57,478 58,001 (522) (72) Seaport: The Lawn Club (d) 50 % 50 % 2,553 2,553 — — Ssäm Bar (Momofuku) (d)(e) 50 % 50 % 5,583 5,551 (398) (102) Tin Building by Jean-Georges (d)(e) 65 % 65 % 8,066 6,935 (10,208) (3,609) Jean-Georges Restaurants 25 % 25 % 45,433 45,626 (214) — Strategic Developments: HHMK Development 50 % 50 % 10 10 — — KR Holdings 50 % 50 % 485 485 — 814 West End Alexandria (d) 58 % 58 % 56,623 56,617 5 84 236,860 232,392 (7,835) 13,274 Other equity investments (f) 13,779 13,779 3,033 4,638 Investments in unconsolidated ventures $ 250,639 $ 246,171 $ (4,802) $ 17,912 (a) Ownership interests presented reflect the Company’s stated ownership interest or if applicable, the Company’s final profit-sharing interest after receipt of any preferred returns based on the venture’s distribution priorities. (b) The Metropolitan Downtown Columbia was in a deficit position of $10.1 million at March 31, 2023, and $9.0 million at December 31, 2022, and presented in Accounts payable and other liabilities in the Condensed Consolidated Balance Sheets. (c) M.flats/TEN.M was in a deficit position of $3.5 million at March 31, 2023, and $1.8 million at December 31, 2022, and presented in Accounts payable and other liabilities in the Condensed Consolidated Balance Sheets. (d) For these equity method investments, various provisions in the venture operating agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses, and preferred returns may result in the Company’s economic interest differing from its stated interest or final profit-sharing interest. For these investments, the Company recognizes income or loss based on the venture’s distribution priorities, which could fluctuate over time and may be different from its stated ownership or final profit-sharing interest. (e) Classified as a VIE; however, the Company is not the primary beneficiary and accounts for its investment in accordance with the equity method. Refer to discussion below for additional information. (f) Other equity investments represent investments not accounted for under the equity method. The Company elected the measurement alternative as these investments do not have readily determinable fair values. There were no impairments, or upward or downward adjustments to the carrying amounts of these securities either during current year or cumulatively. As of March 31, 2023, Other equity investments primarily includes $10.0 million of warrants, which represents cash paid by the Company for the option to acquire additional ownership interest in Jean-Georges Restaurants. Refer to discussion below for additional details.

Other Assets and Liabilities (T

Other Assets and Liabilities (Tables)	3 Months Ended
Other Assets and Liabilities (Tables)	Mar. 31, 2023
OTHER ASSETS AND LIABILITIES [Abstract]
Summary of the significant components of other assets	The following table summarizes the significant components of other assets: thousands March 31, 2023 December 31, 2022 Special Improvement District receivable, net $ 63,363 $ 64,091 Security, escrow, and other deposits 47,307 48,578 In-place leases, net 38,636 39,696 Intangibles, net 24,351 25,170 Interest rate derivative assets 21,399 30,860 Condominium inventory 19,053 22,452 Prepaid expenses 14,205 18,806 Other 11,179 12,555 Tenant incentives and other receivables, net 8,178 8,252 Net investment in lease receivable 2,889 2,895 TIF receivable, net 1,469 1,893 Notes receivable, net 1,434 3,339 Other assets, net $ 253,463 $ 278,587
Summary of the significant components of accounts payable and other liabilities	The following table summarizes the significant components of Accounts payable and other liabilities: thousands March 31, 2023 December 31, 2022 Condominium deposit liabilities $ 453,752 $ 390,253 Construction payables 231,034 260,257 Deferred income 90,686 85,006 Accrued interest 27,696 49,156 Other 27,073 28,856 Accounts payable and accrued expenses 24,684 36,174 Tenant and other deposits 24,438 26,100 Accrued real estate taxes 21,906 37,835 Accrued payroll and other employee liabilities 14,648 30,874 Interest rate derivative liabilities 1,344 — Accounts payable and other liabilities $ 917,261 $ 944,511

Mortgages, Notes and Loans Pa_2

Mortgages, Notes and Loans Payable, Net (Tables)	3 Months Ended
Mortgages, Notes and Loans Payable, Net (Tables)	Mar. 31, 2023
Debt Disclosure [Abstract]
Summary and activity for mortgages, notes and loans payable	Mortgages, notes, and loans payable, net are summarized as follows: thousands March 31, 2023 December 31, 2022 Fixed-rate debt Senior unsecured notes $ 2,050,000 $ 2,050,000 Secured mortgages payable 1,498,444 1,500,841 Special Improvement District bonds 59,290 59,777 Variable-rate debt (a) Secured Bridgeland Notes 275,000 275,000 Secured mortgages payable 948,310 916,570 Unamortized deferred financing costs (b) (52,938) (55,005) Mortgages, notes, and loans payable, net $ 4,778,106 $ 4,747,183 (a) The Company has entered into derivative instruments to manage the variable interest rate exposure. See Note 8 - Derivative Instruments and Hedging Activities for additional information. (b) Deferred financing costs are amortized to interest expense over the initial contractual term of the respective financing agreements using the effective interest method (or other methods which approximate the effective interest method).
Schedule of senior unsecured note	The following table summarizes the Company’s senior unsecured notes by issuance date: $ in thousands Principal Maturity Date Interest Rate August 2020 $ 750,000 August 2028 5.375% February 2021 650,000 February 2029 4.125% February 2021 650,000 February 2031 4.375% Senior unsecured notes $ 2,050,000
Schedule of secured mortgages payable	The following table summarizes the Company’s Secured mortgages payable: March 31, 2023 December 31, 2022 $ in thousands Principal Range of Interest Rates Weighted-average Interest Rate Weighted-average Years to Maturity Principal Range of Interest Rates Weighted-average Interest Rate Weighted-average Years to Maturity Fixed rate (a) $ 1,498,444 3.13% - 7.67% 4.39 % 7.8 $ 1,500,841 3.13% - 7.67% 4.39 % 8.1 Variable rate (b) 948,310 6.27% - 13.11% 7.71 % 2.9 916,570 6.05% - 9.39% 7.36 % 3.2 Secured mortgages payable $ 2,446,754 3.13% - 13.11% 5.68 % 5.9 $ 2,417,411 3.13% - 9.39% 5.51 % 6.2 (a) Interest rates presented are based upon the coupon rates of the Company’s fixed-rate debt obligations. (b) Interest rates presented are based on the applicable reference interest rates as of March 31, 2023, and December 31, 2022, excluding the effects of interest rate derivatives.

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
Fair Value (Tables)	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Summary of assets measured at fair value on a recurring basis	The following table presents the fair value measurement hierarchy levels required under ASC 820 for the Company’s assets that are measured at fair value on a recurring basis. The Company does not have any liabilities that are measured at a fair value on a recurring basis for the periods presented: March 31, 2023 December 31, 2022 Fair Value Measurements Using Fair Value Measurements Using thousands Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Interest rate derivative assets $ 21,399 $ — $ 21,399 $ — $ 30,860 $ — $ 30,860 $ — Interest rate derivative liabilities $ 1,344 $ — $ 1,344 $ — $ — $ — $ — $ —
Summary of assets and liabilities not measured at fair value on a recurring basis	The estimated fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis are as follows: March 31, 2023 December 31, 2022 thousands Fair Value Hierarchy Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets: Cash and Restricted cash Level 1 $ 889,172 $ 889,172 $ 1,098,937 $ 1,098,937 Accounts receivable, net (a) Level 3 105,683 105,683 103,437 103,437 Notes receivable, net (b) Level 3 1,434 1,434 3,339 3,339 Liabilities: Fixed-rate debt (c) Level 2 3,607,734 3,306,222 3,610,618 3,298,859 Variable-rate debt (c) Level 2 1,223,310 1,223,310 1,191,570 1,191,570 (a) Accounts receivable, net is shown net of an allowance of $9.2 million at March 31, 2023, and $8.9 million at December 31, 2022. Refer to Note 1 - Summary of Significant Accounting Policies for additional information on the allowance. (b) Notes receivable, net is shown net of an immaterial allowance at March 31, 2023, and December 31, 2022. (c) Excludes related unamortized financing costs.

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
Derivative Instruments and Hedging Activities (Tables)	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of the notional and fair value of derivative financial instruments	The following table summarizes certain terms of the Company’s derivative contracts. The Company reports derivative assets in Other assets, net and derivative liabilities in Accounts payable and other liabilities. Fair Value Asset (Liability) thousands Notional Amount Fixed Interest Rate (a) Effective Date Maturity Date March 31, 2023 December 31, 2022 Derivative instruments not designated as hedging instruments: (b) Interest rate cap $ 285,000 2.00 % 3/12/2021 9/15/2023 $ 3,826 $ 5,748 Interest rate cap 83,200 2.00 % 3/12/2021 9/15/2023 1,117 1,677 Interest rate cap 75,000 2.50 % 10/12/2021 9/29/2025 2,853 3,791 Interest rate cap 59,500 2.50 % 10/12/2021 9/29/2025 2,263 3,007 Derivative instruments designated as hedging instruments: Interest rate swap $ 615,000 2.96 % 9/21/2018 9/18/2023 $ 5,601 $ 8,262 Interest rate swap 200,000 3.69 % 1/3/2023 1/1/2027 (1,344) 978 Interest rate cap 127,000 5.50 % 11/10/2022 11/7/2024 369 378 Interest rate cap 75,000 5.00 % 12/22/2022 12/21/2025 526 655 Interest rate swap 40,800 1.68 % 3/1/2022 2/18/2027 2,696 3,321 Interest rate swap 35,188 4.89 % 11/1/2019 1/1/2032 2,148 3,043 Total fair value derivative assets $ 21,399 $ 30,860 Total fair value derivative liabilities (1,344) — Total fair value derivative asset (liability), net $ 20,055 $ 30,860 (a) These rates represent the swap rate and cap strike rate on HHC’s interest rate swaps and caps. (b) Interest income related to these contracts was $4.2 million for the three months ended March 31, 2023, and interest expense was $5.4 million for the three months ended March 31, 2022.
Summary of effect of derivative financial instruments on the condensed consolidated statements of operations	The tables below present the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022: Amount of Gain (Loss) Recognized in AOCI on Derivatives Derivatives in Cash Flow Hedging Relationships Three Months Ended March 31, thousands 2023 2022 Interest rate derivatives $ (2,651) $ 11,742 Location of Gain (Loss) Reclassified from AOCI into Statements of Operations Amount of Gain (Loss) Reclassified from AOCI into Statements of Operations Three Months Ended March 31, thousands 2023 2022 Interest expense $ 2,679 $ (3,335)

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
Income Taxes (Tables)	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Summary of effective income tax rate reconciliation	Three Months Ended March 31, thousands except percentages 2023 2022 Income tax expense (benefit) $ (1,278) $ 701 Income (loss) before income taxes (23,905) 2,872 Effective tax rate 5.3 % 24.4 %

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
Accumulated Other Comprehensive Income (Loss) (Tables)	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Summary of AOCI	The following tables summarize changes in AOCI, all of which are presented net of tax: thousands Balance as of December 31, 2022 $ 10,335 Derivative instruments: Other comprehensive income (loss) before reclassifications (2,651) (Gain) loss reclassified to net income (2,679) Net current-period other comprehensive Income (loss) (5,330) Balance at March 31, 2023 $ 5,005 Balance at December 31, 2021 $ (14,457) Derivative instruments: Other comprehensive income (loss) before reclassifications 11,742 (Gain) loss reclassified to net income 3,335 Reclassification of the Company's share of previously deferred derivative gains to net income (a) (6,723) Net current-period other comprehensive income (loss) 8,354 Balance at March 31, 2022 $ (6,103) (a) In March 2022, the Company completed the sale of its ownership interest in 110 North Wacker and released a net of $6.7 million from Accumulated other comprehensive income (loss), representing the Company’s $8.6 million share of previously deferred gains associated with the Venture’s derivative instruments net of tax expense of $1.9 million. See Note 2 - Investments in Unconsolidated Ventures for additional information.
Summary of the amounts reclassified out of AOCI	The following table summarizes the amounts reclassified out of AOCI: Accumulated Other Comprehensive Amounts reclassified from Accumulated other comprehensive income (loss) Three Months Ended March 31, Affected line items in the thousands 2023 2022 (Gains) losses on cash flow hedges $ (3,462) $ 4,331 Interest expense Company's share of previously deferred derivative gains — (8,636) Equity in earnings (losses) from unconsolidated ventures Income tax expense (benefit) 783 917 Income tax expense (benefit) Total reclassifications of (income) loss, net of tax $ (2,679) $ (3,388)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Mar. 31, 2023
Earnings Per Share [Abstract]
Summary of EPS calculations	Information related to the Company’s EPS calculations is summarized as follows: Three Months Ended March 31, thousands except per share amounts 2023 2022 Net income (loss) Net income (loss) $ (22,627) $ 2,171 Net (income) loss attributable to noncontrolling interests (118) (49) Net income (loss) attributable to common stockholders $ (22,745) $ 2,122 Shares Weighted-average common shares outstanding - basic 49,455 52,453 Restricted stock and stock options — 48 Weighted-average common shares outstanding - diluted 49,455 52,501 Net income (loss) per common share Basic income (loss) per share $ (0.46) $ 0.04 Diluted income (loss) per share $ (0.46) $ 0.04 Anti-dilutive shares excluded from diluted EPS Restricted stock and stock options 790 545 Warrants 2,053 2,103

Revenues (Tables)

Revenues (Tables)	3 Months Ended
Revenues (Tables)	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Summary of revenue disaggregated by revenue source	The following presents the Company’s revenues disaggregated by revenue source: Three Months Ended March 31, thousands 2023 2022 Revenues from contracts with customers Recognized at a point in time: Condominium rights and unit sales $ 6,087 $ 19,616 Master Planned Communities land sales 59,361 61,468 Builder price participation 14,009 14,496 Total 79,457 95,580 Recognized at a point in time or over time: Other land, rental, and property revenues 18,968 19,537 Rental and lease-related revenues Rental revenue 97,864 95,109 Total revenues $ 196,289 $ 210,226 Revenues by segment Operating Assets revenues $ 100,925 $ 99,687 Master Planned Communities revenues 77,013 80,692 Seaport revenues 11,897 9,376 Strategic Developments revenues 6,440 20,456 Corporate revenues 14 15 Total revenues $ 196,289 $ 210,226
Summary of contract with customer, assets and liabilities	The beginning and ending balances of contract liabilities and significant activity during the periods presented are as follows: thousands Contract Liabilities Balance at December 31, 2022 $ 457,831 Consideration earned during the period (16,919) Consideration received during the period 78,366 Balance at March 31, 2023 $ 519,278 Balance at December 31, 2021 $ 431,177 Consideration earned during the period (31,897) Consideration received during the period 68,389 Balance at March 31, 2022 $ 467,669
Summary of remaining performance obligation, expected timing of satisfaction	The Company expects to recognize this amount as revenue over the following periods: thousands Less than 1 year 1 - 2 years Thereafter Total remaining unsatisfied performance obligations $ 80,538 $ 795,483 $ 1,700,181

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Mar. 31, 2023
Leases [Abstract]
Summary of leased assets and liabilities	The Company’s leased assets and liabilities are as follows: thousands March 31, 2023 December 31, 2022 Operating lease right-of-use assets, net $ 46,220 $ 46,926 Operating lease obligations 51,350 51,321
Summary of components of lease expense and other information	The components of lease expense are as follows: Three Months Ended March 31, thousands 2023 2022 Operating lease cost $ 1,708 $ 2,069 Variable lease costs 392 374 Total lease cost $ 2,100 $ 2,443 Other information related to the Company’s lessee agreements is as follows: Supplemental Condensed Consolidated Statements of Cash Flows Information Three Months Ended March 31, thousands 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows on operating leases $ 1,097 $ 1,741 Other Information March 31, 2023 March 31, 2022 Weighted-average remaining lease term (years) Operating leases 43.9 38.8 Weighted-average discount rate Operating leases 7.8 % 7.7 %
Summary of future minimum lease payments	Future minimum lease payments as of March 31, 2023, are as follows: thousands Operating Leases Remainder of 2023 $ 3,744 2024 4,880 2025 3,491 2026 3,263 2027 3,326 Thereafter 242,419 Total lease payments 261,123 Less: imputed interest (209,773) Present value of lease liabilities $ 51,350
Summary of minimum rentals	The minimum rentals based on operating leases of the consolidated properties held as of March 31, 2023, are as follows: Three Months Ended March 31, thousands 2023 2022 Total minimum rent payments $ 57,797 $ 57,429 Total future minimum rents associated with operating leases are as follows as of March 31, 2023: thousands Total Minimum Rent Remainder of 2023 $ 181,052 2024 245,777 2025 225,960 2026 205,113 2027 192,265 Thereafter 841,082 Total $ 1,891,249

Segments (Tables)

Segments (Tables)	3 Months Ended
Segments (Tables)	Mar. 31, 2023
Segment Reporting [Abstract]
Summary of segment operating results	Segment operating results are as follows: thousands Operating Assets Segment MPC Segment Seaport Segment Strategic Developments Segment Total Three Months Ended March 31, 2023 Total revenues $ 100,925 $ 77,013 $ 11,897 $ 6,440 $ 196,275 Total operating expenses (47,599) (34,351) (18,916) (11,059) (111,925) Segment operating income (loss) 53,326 42,662 (7,019) (4,619) 84,350 Depreciation and amortization (39,632) (107) (10,527) (943) (51,209) Interest income (expense), net (28,911) 15,812 1,186 2,063 (9,850) Other income (loss), net 2,282 (103) 1 94 2,274 Equity in earnings (losses) from unconsolidated ventures 1,905 4,108 (10,820) 5 (4,802) Gain (loss) on sale or disposal of real estate and other assets, net 4,730 — — — 4,730 Segment EBT $ (6,300) $ 62,372 $ (27,179) $ (3,400) $ 25,493 Corporate income, expenses, and other items (48,120) Net income (loss) (22,627) Net (income) loss attributable to noncontrolling interests (118) Net income (loss) attributable to common stockholders $ (22,745) Three Months Ended March 31, 2022 Total revenues $ 99,687 $ 80,692 $ 9,376 $ 20,456 $ 210,211 Total operating expenses (46,615) (36,896) (18,859) (18,077) (120,447) Segment operating income (loss) 53,072 43,796 (9,483) 2,379 89,764 Depreciation and amortization (38,430) (90) (7,823) (1,332) (47,675) Interest income (expense), net (20,118) 10,422 (47) 3,989 (5,754) Other income (loss), net (169) — 350 (485) (304) Equity in earnings (losses) from unconsolidated ventures 15,175 5,550 (3,711) 898 17,912 Gain (loss) on sale or disposal of real estate and other assets, net — — — (9) (9) Gain (loss) on extinguishment of debt (282) — — — (282) Segment EBT $ 9,248 $ 59,678 $ (20,714) $ 5,440 $ 53,652 Corporate income, expenses, and other items (51,481) Net income (loss) 2,171 Net (income) loss attributable to noncontrolling interests (49) Net income (loss) attributable to common stockholders $ 2,122
Summary of assets by segment and the reconciliation of total segment assets to the total assets in the condensed consolidated balance sheets	The assets by segment and the reconciliation of total segment assets to Total assets in the Condensed Consolidated Balance Sheets are summarized as follows: thousands March 31, 2023 December 31, 2022 Operating Assets $ 3,464,019 $ 3,448,823 Master Planned Communities 3,255,892 3,272,655 Seaport 1,162,486 1,166,950 Strategic Developments 1,435,242 1,359,180 Total segment assets 9,317,639 9,247,608 Corporate 262,493 355,855 Total assets $ 9,580,132 $ 9,603,463

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Accounts Receivable, Net) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 105,683	$ 103,437
Reserve for uncollectible amounts	9,200	8,900
Reserve for uncollectible amounts under ASC 842	6,200	3,400
Reserve for uncollectible amounts under ASC 450		5,500
Collectibility of receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reserve for uncollectible amounts under ASC 450	3,000
Straight-line rent receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	84,809	84,145
Tenant receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	10,067	12,044
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 10,807	$ 7,248

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Impacts of the ASC 842 and ASC 450 Reserves) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Total (income) expense impact	$ 473	$ 610
Collectibility of receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
ASC 842 reserve, rental revenue	2,893	(234)
ASC 450 reserve, provision for (recovery of) doubtful accounts	$ (2,420)	$ 844

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost basis of financing receivables		$ 580.8	$ 545.4
Accrued interest on financing receivables		$ 37.4	$ 36.4
Financing receivable threshold period past due		30 days
Teravalis Acquisition
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of minimum required capital contribution	9.24%	12%	12%

Investments in Unconsolidated_3

Investments in Unconsolidated Ventures (Narrative) (Details) usdPerAcre in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

Mar. 31, 2022 USD ($)

Oct. 31, 2022 USD ($)

Jul. 31, 2022 USD ($) a customHomeSite

Apr. 30, 2022 USD ($)

Mar. 31, 2022 USD ($) hospitality

Mar. 31, 2023 USD ($) a

Mar. 31, 2022 USD ($)

Dec. 31, 2021 USD ($) a

Mar. 31, 2015 USD ($) usdPerAcre

Dec. 31, 2022 USD ($)

Dec. 31, 2021 a

Dec. 31, 2015 ft²

Schedule of Investments [Line Items]

Total liabilities

$ 5,997,609,000

$ 5,997,351,000

Equity in earnings (losses) from unconsolidated ventures

(4,802,000)

$ 17,912,000

Jean-Georges Restaurants

Schedule of Investments [Line Items]

Acquisition interest

25%

Purchase price

$ 45,000,000

Number of hospitality | hospitality

Purchase price

$ 10,000,000

Additional interests acquired

20%

JDM Partners

Schedule of Investments [Line Items]

Acquisition interest

50%

Floreo Development Holding Company, LLC

Schedule of Investments [Line Items]

Acquisition interest

50%

Purchase price

$ 59,000,000

Equity Method Investments

Schedule of Investments [Line Items]

Equity Method Investments

236,860,000

232,392,000

Equity in earnings (losses) from unconsolidated ventures

(7,835,000)

$ 13,274,000

Fulton Market Building

Schedule of Investments [Line Items]

Area of real estate property (in sqft) | a

20,000

Phoenix, Arizona | Floreo Development Holding Company, LLC

Schedule of Investments [Line Items]

Area of land | a

3,029

Floreo Development Holding Company, LLC

Schedule of Investments [Line Items]

Face amount

$ 165,000,000

Outstanding borrowings

65,400,000

Guarantee fee

$ 5,000,000

Floreo Development Holding Company, LLC | Equity Method Investments

Schedule of Investments [Line Items]

Investment in real estate and other affiliates

$ 57,500,000

Floreo Development Holding Company, LLC | Phoenix, Arizona

Schedule of Investments [Line Items]

Area of land | a

3,029

West End Alexandria | Landmark Land Holdings

Schedule of Investments [Line Items]

Area of land | a

West End Alexandria | Alexandria

Schedule of Investments [Line Items]

Area of land | a

Foulger Pratt Development, LLC | Landmark Mall Property

Schedule of Investments [Line Items]

Area of land | a

Fair value of property contributed

$ 56,000,000

Fair value of property contributed, additional

$ 10,000,000

Seritage | Landmark Mall Property

Schedule of Investments [Line Items]

Area of land | a

Fair value of property contributed

$ 30,000,000

Over-Allotment Option

Schedule of Investments [Line Items]

Sale of stock, consideration received on transaction

$ 168,900,000

$ 22,100,000

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

Schedule of Investments [Line Items]

Consideration received

$ 208,600,000

208,600,000

Gain (loss) on disposal

$ 5,000,000

Seaport Segment

Schedule of Investments [Line Items]

Area of real estate property (in sqft) | a

472,000

Seaport Segment | Tin Building by Jean-Georges

Schedule of Investments [Line Items]

Area of real estate property (in sqft) | ft²

53,783

Development Plans | Central Plaza

Schedule of Investments [Line Items]

Area of real estate property (in sqft) | a

4,000,000

Area of land | a

The Lawn Club NYC, LLC

Schedule of Investments [Line Items]

Joint venture real estate, percentage funded

80%

The Lawn Club NYC, LLC | Endorphin Ventures

Schedule of Investments [Line Items]

Joint venture real estate, percentage funded

20%

Ssäm Bar | Seaport Segment | Equity Method Investments

Schedule of Investments [Line Items]

Investment in real estate and other affiliates

$ 5,600,000

Equity Method Investments

5,583,000

5,551,000

Equity in earnings (losses) from unconsolidated ventures

$ (398,000)

(102,000)

Tin Building by Jean-Georges

Schedule of Investments [Line Items]

Joint venture real estate, percentage funded

100%

Ownership interest

100%

Joint venture real estate, leased

100%

Tin Building by Jean-Georges | Seaport Segment | Equity Method Investments

Schedule of Investments [Line Items]

Equity Method Investments

$ 8,066,000

6,935,000

Contributions made by the company

11,400,000

$ 43,100,000

Equity in earnings (losses) from unconsolidated ventures

(10,208,000)

$ (3,609,000)

The Summit | Equity Method Investments

Schedule of Investments [Line Items]

Contribution of property

$ 13,400,000

SID bonds transferred to joint venture

1,300,000

Transaction value of land contributed to joint venture

$ 125,400,000

Transactional value per acre of land contributed to joint venture | usdPerAcre

226

Maximum contribution required to joint venture by co-venturer

$ 30,000,000

Amount contributed on maximum contribution required to joint venture by co-venture

$ 3,800,000

Area of land | a

Fair value of property contributed

$ 21,500,000

Equity in earnings (losses) from unconsolidated ventures

$ 13,500,000

Number of custom home sites | customHomeSite

Unconsolidated Properties

Schedule of Investments [Line Items]

Total liabilities

258,100,000

Unconsolidated Properties | Equity Method Investment, Nonconsolidated Investee or Group of Investees | HHC

Schedule of Investments [Line Items]

Total liabilities

$ 128,800,000

IInvestments in Unconsolidated

IInvestments in Unconsolidated Ventures (Summary of Equity Investments in Real Estate and Other Affiliates) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Investments in and Advances to Affiliates [Line Items]
Investments in unconsolidated ventures	$ 250,639		$ 246,171
Share of Earnings/Dividends	(4,802)	$ 17,912
Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Equity Method Investments	236,860		232,392
Share of Earnings/Dividends	(7,835)	13,274
Other equity investments
Investments in and Advances to Affiliates [Line Items]
Other equity investments	13,779		13,779
Share of Earnings/Dividends	3,033	4,638
The Metropolitan Downtown Columbia \| Accounts Payable and Accrued Liabilities
Investments in and Advances to Affiliates [Line Items]
Investment deficit position	10,100		9,000
m.flats/TEN.M
Investments in and Advances to Affiliates [Line Items]
Investment deficit position	$ 3,500		$ 1,800
Operating Assets Segment \| 110 North Wacker \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	0%		0%
Equity Method Investments	$ 0		$ 0
Share of Earnings/Dividends	$ 0	5,016
Operating Assets Segment \| The Metropolitan Downtown Columbia \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%		50%
Equity Method Investments	$ 0		$ 0
Share of Earnings/Dividends	$ (325)	2,274
Operating Assets Segment \| Stewart Title of Montgomery County, TX \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%		50%
Equity Method Investments	$ 3,582		$ 4,217
Share of Earnings/Dividends	$ (35)	253
Operating Assets Segment \| Woodlands Sarofim #1 \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	20%		20%
Equity Method Investments	$ 3,042		$ 3,029
Share of Earnings/Dividends	$ 13	9
Operating Assets Segment \| m.flats/TEN.M \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%		50%
Equity Method Investments	$ 0		$ 0
Share of Earnings/Dividends	$ (781)	2,985
MPC Segment \| The Summit \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%		50%
Equity Method Investments	$ 54,005		$ 49,368
Share of Earnings/Dividends	$ 4,630	5,622
MPC Segment \| Floreo \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%		50%
Equity Method Investments	$ 57,478		$ 58,001
Share of Earnings/Dividends	$ (522)	(72)
Seaport Segment \| The Lawn Club
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%		50%
Seaport Segment \| The Lawn Club \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Equity Method Investments	$ 2,553		$ 2,553
Share of Earnings/Dividends	$ 0	0
Seaport Segment \| Ssäm Bar (Momofuku)
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%		50%
Seaport Segment \| Ssäm Bar (Momofuku) \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Equity Method Investments	$ 5,583		$ 5,551
Share of Earnings/Dividends	$ (398)	(102)
Seaport Segment \| Tin Building by Jean-Georges
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	65%		65%
Seaport Segment \| Tin Building by Jean-Georges \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Equity Method Investments	$ 8,066		$ 6,935
Share of Earnings/Dividends	$ (10,208)	(3,609)
Seaport Segment \| Jean-Georges Restaurants \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	25%		25%
Equity Method Investments	$ 45,433		$ 45,626
Other equity investments	10,000
Share of Earnings/Dividends	$ (214)	0
Strategic Developments Segment \| HHMK Development \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%		50%
Equity Method Investments	$ 10		$ 10
Share of Earnings/Dividends	$ 0	0
Strategic Developments Segment \| KR Holdings \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%		50%
Equity Method Investments	$ 485		$ 485
Share of Earnings/Dividends	$ 0	814
Strategic Developments Segment \| West End Alexandria \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	58%		58%
Equity Method Investments	$ 56,623		$ 56,617
Share of Earnings/Dividends	$ 5	$ 84

Acquisitions and Dispositions -

Acquisitions and Dispositions - Acquisitions Narrative (Details) $ in Thousands	1 Months Ended				3 Months Ended		12 Months Ended
	Aug. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($) hospitality	Oct. 31, 2021 USD ($) a	Mar. 31, 2023 USD ($)	Dec. 31, 2021 USD ($) a	Dec. 31, 2022 USD ($)
Asset Acquisition [Line Items]
Total assets					$ 9,580,132		$ 9,603,463
Accounts payable and other liabilities					917,261		944,511
Noncontrolling interests					$ 65,765		$ 65,613
Phoenix, Arizona \| Floreo Development Holding Company, LLC
Asset Acquisition [Line Items]
Area of land \| a						3,029
Jean-Georges Restaurants
Asset Acquisition [Line Items]
Acquisition interest			25%
Purchase price			$ 45,000
Purchase price			$ 10,000
Additional interests acquired			20%
Number of hospitality \| hospitality			40
Teravalis Acquisition
Asset Acquisition [Line Items]
Purchase price	$ 15,000
Additional interests acquired	2.78%
Property re-acquire, interest, percentage				50%
Percentage of minimum required capital contribution		9.24%			12%		12%
Minimum required capital contribution		$ 50,000
Ownership interest					88%
Total assets					$ 541,300
Accounts payable and other liabilities					500
Noncontrolling interests					$ 65,000
Teravalis Acquisition \| Phoenix, Arizona
Asset Acquisition [Line Items]
Purchase price				$ 541,000
Area of land \| a				33,810
Floreo Development Holding Company, LLC
Asset Acquisition [Line Items]
Acquisition interest						50%
Purchase price						$ 59,000
Floreo Development Holding Company, LLC \| Phoenix, Arizona
Asset Acquisition [Line Items]
Area of land \| a						3,029

Acquisitions and Dispositions_2

Acquisitions and Dispositions - Dispositions Narrative (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations $ in Millions					1 Months Ended
	Mar. 31, 2023 USD ($) a landParcel	Dec. 30, 2022 USD ($) a	Dec. 21, 2022 USD ($) a	Jun. 16, 2022 USD ($) a	Mar. 31, 2022 USD ($)
110 North Wacker
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received					$ 208.6
Gain (loss) on disposal					$ 5
Honolulu, Hawai'i
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Land parcels sold \| landParcel	2
Area of real estate property (in sqft) \| a	11,929
Consideration received	$ 6.3
Gain (loss) on disposal	$ 4.7
Creekside Village Green
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of real estate property (in sqft) \| a		74,670
Consideration received		$ 28.4
Gain (loss) on disposal		$ 13.4
Lake Woodlands Crossing
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of real estate property (in sqft) \| a			60,261
Consideration received			$ 22.5
Gain (loss) on disposal			$ 12.2
Ground lease term			99 years
Outlet Collection At Riverwalk
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of real estate property (in sqft) \| a				264,080
Consideration received				$ 34
Gain (loss) on disposal				4
Transaction costs on sales of investments real estate				$ 0.5

Impairment (Details)

Impairment (Details) - USD ($)	3 Months Ended
Impairment (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Impairment, long-lived asset	$ 0	$ 0
Equity method investment, impairment	$ 0	$ 0

Other Assets and Liabilities (O

Other Assets and Liabilities (Other Assets, Net) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Other Assets and Liabilities [Line Items]
Special Improvement District receivable, net	$ 63,363	$ 64,091
Security, escrow, and other deposits	47,307	48,578
Intangibles, net	24,351	25,170
Interest rate derivative assets	21,399	30,860
Condominium inventory	19,053	22,452
Prepaid expenses	14,205	18,806
Other	11,179	12,555
Tenant incentives and other receivables, net	8,178	8,252
Net investment in lease receivable	2,889	2,895
TIF receivable, net	1,469	1,893
Notes receivable, net	1,434	3,339
Other assets, net	253,463	278,587
In-place leases, net
Other Assets and Liabilities [Line Items]
In-place leases, net	$ 38,636	$ 39,696

Other Assets and Liabilities (A

Other Assets and Liabilities (Accounts Payable and Other Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
OTHER ASSETS AND LIABILITIES [Abstract]
Condominium deposit liabilities	$ 453,752	$ 390,253
Construction payables	231,034	260,257
Deferred income	90,686	85,006
Accrued interest	27,696	49,156
Other	27,073	28,856
Accounts payable and accrued expenses	24,684	36,174
Tenant and other deposits	24,438	26,100
Accrued real estate taxes	21,906	37,835
Accrued payroll and other employee liabilities	14,648	30,874
Interest rate derivative liabilities	1,344	0
Accounts payable and other liabilities	$ 917,261	$ 944,511

Mortgages, Notes and Loans Pa_3

Mortgages, Notes and Loans Payable, Net (Summary of Mortgages, Notes and Loans Payable) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Unamortized deferred financing costs	$ (52,938)	$ (55,005)
Mortgages, notes, and loans payable, net	4,778,106	4,747,183
Senior Notes
Debt Instrument [Line Items]
Fixed-rate debt	2,050,000	2,050,000
Mortgages
Debt Instrument [Line Items]
Fixed-rate debt	1,498,444	1,500,841
Variable-rate debt	948,310	916,570
Bonds
Debt Instrument [Line Items]
Fixed-rate debt	59,290	59,777
Secured Debt
Debt Instrument [Line Items]
Variable-rate debt	$ 275,000	$ 275,000

Mortgages, Notes and Loans Pa_4

Mortgages, Notes and Loans Payable, Net (Narrative) (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) debtInstrument	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Other assets, net	$ 253,463,000		$ 278,587,000
Weighted-average Interest Rate	6.47%		5.91%
Repayments	$ 3,285,000	$ 91,939,000
Refundable deposit	$ 27,500,000
Derivative Asset, Number of Instruments Held \| debtInstrument	4
Secured Bridgeland Notes
Debt Instrument [Line Items]
Face amount			$ 475,000,000		$ 275,000,000
Outstanding borrowings	$ 200,000,000
Number of debt instruments	6.95%		6.60%
Interest Rate Derivatives
Debt Instrument [Line Items]
Number of debt instruments	5.28%		5.28%
Senior Notes
Debt Instrument [Line Items]
Face amount	$ 2,050,000,000			$ 2,100,000,000		$ 2,100,000,000
Mortgages
Debt Instrument [Line Items]
Weighted-average Interest Rate	5.68%		5.51%
Outstanding borrowings	$ 32,100,000
Repayments	3,200,000
Long term debt, undrawn lender commitment	$ 1,200,000,000
Mortgages \| Minimum
Debt Instrument [Line Items]
Range of interest rates	3.13%		3.13%
Mortgages \| Maximum
Debt Instrument [Line Items]
Range of interest rates	13.11%		9.39%
Bonds
Debt Instrument [Line Items]
Special Improvement District bond transfers associated with land sales	$ 0
Special improvement district bond issued	$ 0
Bonds \| Minimum \| MPC Segment
Debt Instrument [Line Items]
Range of interest rates	4.13%
Bonds \| Maximum \| MPC Segment
Debt Instrument [Line Items]
Range of interest rates	6.05%
Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Other assets, net	$ 4,400,000,000

Mortgages, Notes and Loans Pa_5

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

Mortgages, Notes and Loans Pa_6

Mortgages, Notes and Loans Payable, Net (Schedule of Secured Mortgages Payable) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Weighted-average Interest Rate	6.47%		5.91%
Mortgages
Debt Instrument [Line Items]
Fixed rate	$ 1,498,444		$ 1,500,841
Variable rate	948,310		916,570
Secured mortgages payable	$ 2,446,754		$ 2,417,411
Fixed interest, weighted average interest rate	4.39%		4.39%
Variable interest, weighted average interest rate	7.71%		7.36%
Weighted-average Interest Rate	5.68%		5.51%
Fixed interest, weighted-average years to maturity	7 years 9 months 18 days	8 years 1 month 6 days
Variable interest, weighted-average years to maturity	290%	320%
Weighted-average Years to Maturity	5 years 10 months 24 days	6 years 2 months 12 days
Mortgages \| Minimum
Debt Instrument [Line Items]
Fixed weighted-average interest rate	3.13%		3.13%
Variable weighted-average interest rate	6.27%		6.05%
Range of Interest Rates	3.13%		3.13%
Mortgages \| Maximum
Debt Instrument [Line Items]
Fixed weighted-average interest rate	7.67%		7.67%
Variable weighted-average interest rate	13.11%		9.39%
Range of Interest Rates	13.11%		9.39%

Fair Value (Assets Measured on

Fair Value (Assets Measured on a Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative liabilities	$ 1,344	$ 0
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative assets	21,399	30,860
Interest rate derivative liabilities	1,344	0
Interest Rate Swap \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative assets	0	0
Interest rate derivative liabilities	0	0
Interest Rate Swap \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative assets	21,399	30,860
Interest rate derivative liabilities	1,344	0
Interest Rate Swap \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative assets	0	0
Interest rate derivative liabilities	$ 0	$ 0

Fair Value (Assets and Liabilit

Fair Value (Assets and Liabilities Not Measured at Fair Value) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Assets:
Cash and Restricted cash	$ 889,172	$ 1,098,937	$ 1,053,520	$ 1,216,637
Liabilities:
Allowance for accounts receivable	9,200	8,900
Level 1 \| Carrying Amount
Assets:
Cash and Restricted cash	889,172	1,098,937
Level 1 \| Estimated Fair Value
Assets:
Cash and Restricted cash	889,172	1,098,937
Level 3 \| Carrying Amount
Assets:
Accounts receivable, net	105,683	103,437
Notes receivable, net	1,434	3,339
Level 3 \| Estimated Fair Value
Assets:
Accounts receivable, net	105,683	103,437
Notes receivable, net	1,434	3,339
Level 2 \| Carrying Amount
Liabilities:
Fixed-rate debt	3,607,734	3,610,618
Variable-rate debt	1,223,310	1,191,570
Level 2 \| Estimated Fair Value
Liabilities:
Fixed-rate debt	3,306,222	3,298,859
Variable-rate debt	$ 1,223,310	$ 1,191,570

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities (Narrative) (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) derivative	Dec. 31, 2022 USD ($) derivative
Derivative [Line Items]
Interest rate swap agreements settled \| derivative	0	0
Derivative liability fair value gross	$ 1,344	$ 0
Interest Rate Swap \| Derivative instruments designated as hedging instruments:
Derivative [Line Items]
Gain on derivative expected amount to be reclassified	10,100
Credit Risk Contract
Derivative [Line Items]
Derivative liability fair value gross	1,500
Termination value	$ 1,500

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities (Summary of the Notional Amount and Fair Value of Derivatives) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Fair value of derivative instruments
Total fair value derivative assets	$ 21,399		$ 30,860
Total fair value derivative liabilities	(1,344)		0
Total fair value derivative asset (liability), net	20,055		30,860
Derivative instruments not designated as hedging instruments
Fair value of derivative instruments
Other Income	4,200	$ 5,400
Fixed Interest Rate 2.00%, Maturing September 2023 \| Interest rate cap \| Derivative instruments not designated as hedging instruments \| Other assets, net
Fair value of derivative instruments
Notional amount, asset	$ 285,000
Derivative, fixed interest rate	2%
Total fair value derivative assets	$ 3,826		5,748
Fixed Interest Rate 2.00%, Maturing September 2023 \| Interest rate cap \| Derivative instruments not designated as hedging instruments \| Other assets, net
Fair value of derivative instruments
Notional amount, asset	$ 83,200
Derivative, fixed interest rate	2%
Total fair value derivative assets	$ 1,117		1,677
Fixed Interest Rate 2.50 Percent, Maturing September 2025, Notional 75Million \| Interest rate cap \| Derivative instruments not designated as hedging instruments \| Other assets, net
Fair value of derivative instruments
Notional amount, asset	$ 75,000
Derivative, fixed interest rate	2.50%
Total fair value derivative assets	$ 2,853		3,791
Fixed Interest Rate 2.50 Percent, Maturing September 2025, Notional 59.5 Million \| Interest rate cap \| Derivative instruments not designated as hedging instruments \| Other assets, net
Fair value of derivative instruments
Notional amount, asset	$ 59,500
Derivative, fixed interest rate	2.50%
Total fair value derivative assets	$ 2,263		3,007
Fixed Interest Rate 2.96%, Maturing September 2023 \| Interest rate swap \| Derivative instruments designated as hedging instruments: \| Accounts payable and other liabilities
Fair value of derivative instruments
Notional amount, liability	$ 615,000
Derivative, fixed interest rate	2.96%
Total fair value derivative liabilities	$ 5,601		8,262
Fixed Interest Rate 3.69 Maturing January 2027 \| Interest rate swap \| Derivative instruments designated as hedging instruments: \| Accounts payable and other liabilities
Fair value of derivative instruments
Notional amount, liability	$ 200,000
Derivative, fixed interest rate	3.69%
Total fair value derivative liabilities	$ (1,344)		978
Fixed Interest Rate 5.50%, Maturing November 2024 \| Interest rate cap \| Derivative instruments designated as hedging instruments: \| Other assets, net
Fair value of derivative instruments
Notional amount, liability	$ 127,000
Derivative, fixed interest rate	5.50%
Total fair value derivative assets	$ 369		378
Fixed Interest Rate 5.00 Maturing December 2025 \| Interest rate cap \| Derivative instruments designated as hedging instruments: \| Other assets, net
Fair value of derivative instruments
Notional amount, liability	$ 75,000
Derivative, fixed interest rate	5%
Total fair value derivative assets	$ 526		655
Fixed Interest Rate 1.68 Maturing February 2027 \| Interest rate swap \| Derivative instruments designated as hedging instruments: \| Accounts payable and other liabilities
Fair value of derivative instruments
Notional amount, liability	$ 40,800
Derivative, fixed interest rate	1.68%
Total fair value derivative liabilities	$ 2,696		3,321
Fixed Interest Rate 4.89 Maturing January 2032 \| Interest rate swap \| Derivative instruments designated as hedging instruments: \| Accounts payable and other liabilities
Fair value of derivative instruments
Notional amount, liability	$ 35,188
Derivative, fixed interest rate	4.89%
Total fair value derivative liabilities	$ 2,148		$ 3,043

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities (Impact of Financial Instruments on Statement of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest expense
Effect of the Company's derivative financial instruments on the income statement
Amount of Gain (Loss) Reclassified from AOCI into Statements of Operations	$ 2,679	$ (3,335)
Interest Rate Swap
Effect of the Company's derivative financial instruments on the income statement
Amount of Gain (Loss) Recognized in AOCI on Derivatives	$ (2,651)	$ 11,742

Commitments and Contingencies (

Commitments and Contingencies (Details)		1 Months Ended	3 Months Ended
Commitments and Contingencies (Details)	Jun. 14, 2018 party individualOrEntitie	Oct. 31, 2022 USD ($)	Mar. 31, 2023 USD ($) tower	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Number of individuals or entities on petition \| individualOrEntitie	500
Number of unaffiliated parties \| party	2
Loss contingency accrual for estimated repair costs					$ 5,500,000
Outstanding letters of credit			$ 3,900,000		2,100,000
Amount of outstanding surety bonds			373,700,000		$ 346,300,000
Contractual rent expense			$ 1,300,000	$ 1,500,000
Guarantor obligations, reserved percentage of residential units			20%
Guarantor obligations, number of towers reserved \| tower			4
Bond Financing
Loss Contingencies [Line Items]
Face amount		$ 165,000,000
Long-term debt outstanding			$ 65,400,000
Debt instrument, loan-to-value ratio threshold		50%
Cash collateral for borrowed securities		$ 50,000,000
Proceeds from issuance of debt		5,000,000
Floreo \| Bond Financing
Loss Contingencies [Line Items]
Noncontrolling Interest in Joint Ventures		$ 0.50
Waiea
Loss Contingencies [Line Items]
Remediation cost			139,200,000
Loss contingency accrual for estimated repair costs			$ 18,500,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (1,278)	$ 701
Income (loss) before income taxes	$ (23,905)	$ 2,872
Effective tax rate	5.30%	24.40%

Warrants (Details)

Warrants (Details) - Management Warrants - USD ($) $ / shares in Units, $ in Millions	Oct. 31, 2019	Dec. 31, 2017
Chief Executive Officer
Class of Warrant or Right [Line Items]
Number of shares called by warrants (in shares)		1,965,409
Total warrant price		$ 50
Exercise price (in dollars per share)	$ 124.64
President
Class of Warrant or Right [Line Items]
Number of shares called by warrants (in shares)		87,951
Total warrant price		$ 2
Exercise price (in dollars per share)	$ 117.01

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Summary of Changes in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
		Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Derivative instruments:
Balance at the beginning of the period			$ 3,606,112	$ 3,710,670
Other comprehensive income (loss) before reclassifications			(2,651)	11,742
(Gain) loss reclassified to net income			(2,679)	3,335
Reclassification of the Company's share of previously deferred derivative gains to net income	[1]		0	(6,723)
Net current-period other comprehensive Income (loss)			(5,330)	8,354
Balance at the end of the period		$ 3,553,398	3,582,523	3,553,398
Equity in earnings (losses) from unconsolidated ventures			(4,802)	17,912
Share of investee's other comprehensive income, tax expense (benefit)		1,900	1,900	1,912
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 110 North Wacker
Derivative instruments:
AOCI, reclassification of cash flow hedge		6,700
Equity in earnings (losses) from unconsolidated ventures		8,600
AOCI Attributable to Parent
Derivative instruments:
Balance at the beginning of the period			10,335	(14,457)
Balance at the end of the period		$ (6,103)	$ 5,005	$ (6,103)

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

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) (Summary of Amounts Reclassified Out of AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reclassifications out of accumulated other comprehensive income (loss)
(Gains) losses on cash flow hedges	$ 38,137	$ 27,438
Equity in earnings (losses) from unconsolidated ventures	(4,802)	17,912
Income tax expense (benefit)	(1,278)	701
Total reclassifications of (income) loss, net of tax	22,627	(2,171)
Amounts reclassified from Accumulated other comprehensive income (loss)
Reclassifications out of accumulated other comprehensive income (loss)
Total reclassifications of (income) loss, net of tax	(2,679)	(3,388)
Accumulated Other Comprehensive Income (Loss) Components \| Amounts reclassified from Accumulated other comprehensive income (loss)
Reclassifications out of accumulated other comprehensive income (loss)
(Gains) losses on cash flow hedges	(3,462)	4,331
Equity in earnings (losses) from unconsolidated ventures	0	(8,636)
Income tax expense (benefit)	$ 783	$ 917

Earnings Per Share (Information

Earnings Per Share (Information Related to EPS Calculation) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net income (loss)
Net income (loss)	$ (22,627)	$ 2,171
Net (income) loss attributable to noncontrolling interests	(118)	(49)
Net income (loss) attributable to common stockholders, basic	(22,745)	2,122
Net income (loss) attributable to common stockholders, diluted	$ (22,745)	$ 2,122
Shares
Weighted-average common shares outstanding - basic (in shares)	49,455,000	52,453,000
Restricted stock and stock options (in shares)	0	48,000
Weighted-average common shares outstanding - diluted (in shares)	49,455,000	52,501,000
Net income (loss) per common share
Basic income (loss) per share (in dollars per share)	$ (0.46)	$ 0.04
Diluted income (loss) per share (in dollars per share)	$ (0.46)	$ 0.04
Restricted stock and stock options
Anti-dilutive shares excluded from diluted EPS
Anti-dilutive shares excluded from diluted EPS (in shares)	790,000	545,000
Warrants
Anti-dilutive shares excluded from diluted EPS
Anti-dilutive shares excluded from diluted EPS (in shares)	2,053,000	2,103,000

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - USD ($)	3 Months Ended		12 Months Ended
Earnings Per Share (Narrative) (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Mar. 31, 2023	Oct. 31, 2021
Antidilutive securities excluded from computation of diluted earnings per share
Common stock, par value (in dollars per share)			$ 0.01	$ 0.01
2021 Share Repurchase Program
Antidilutive securities excluded from computation of diluted earnings per share
Treasury stock, shares, acquired (in shares)	1,579,646	1,023,284
Common stock, par value (in dollars per share)		$ 0.01
Shares repurchased, value	$ 153,400,000	$ 96,600,000
Average cost per share (in dollars per share)	$ 97.10	$ 94.42
2021 Share Repurchase Program \| Common Stock
Antidilutive securities excluded from computation of diluted earnings per share
Stock repurchase program, authorized amount					$ 250,000,000
2022 Share Repurchase Program
Antidilutive securities excluded from computation of diluted earnings per share
Stock repurchase program, authorized amount	$ 250,000,000
Treasury stock, shares, acquired (in shares)			2,704,228
Shares repurchased, value			$ 235,000,000
Average cost per share (in dollars per share)			$ 86.90

Revenues (Schedule of Disaggreg

Revenues (Schedule of Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Rental revenue	$ 97,864	$ 95,109
Total revenues	196,289	210,226
Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	79,457	95,580
Operating Assets revenues
Disaggregation of Revenue [Line Items]
Total revenues	100,925	99,687
Master Planned Communities revenues
Disaggregation of Revenue [Line Items]
Total revenues	77,013	80,692
Seaport revenues
Disaggregation of Revenue [Line Items]
Total revenues	11,897	9,376
Strategic Developments revenues
Disaggregation of Revenue [Line Items]
Total revenues	6,440	20,456
Corporate revenues
Disaggregation of Revenue [Line Items]
Total revenues	14	15
Condominium rights and unit sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	6,087	19,616
Condominium rights and unit sales \| Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	6,087	19,616
Master Planned Communities land sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	59,361	61,468
Master Planned Communities land sales \| Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	59,361	61,468
Builder price participation
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	14,009	14,496
Builder price participation \| Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	14,009	14,496
Other land, rental, and property revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	18,968	19,537
Other land, rental, and property revenues \| Recognized at a point in time or over time:
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 18,968	$ 19,537

Revenues (Schedule of Contract

Revenues (Schedule of Contract with Customer, Assets and Liabilities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Contract Liabilities
Beginning balance	$ 457,831	$ 431,177
Consideration earned during the period	(16,919)	(31,897)
Consideration received during the period	78,366	68,389
Ending balance	$ 519,278	$ 467,669

Revenues (Schedule of Remaining

Revenues (Schedule of Remaining Unsatisfied Performance Obligations) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, cancellation period	30 days
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 2,600,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 80,538
Remaining performance obligation, expected timing of satisfaction period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 795,483
Remaining performance obligation, expected timing of satisfaction period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1,700,181
Remaining performance obligation, expected timing of satisfaction period

Leases (Narrative) (Details)

Leases (Narrative) (Details)	3 Months Ended
Leases (Narrative) (Details)	Mar. 31, 2023
Lessee, Lease, Description [Line Items]
Lessee, remaining lease term	1 year
Lessor, average remaining lease term	5 years
One Lease
Lessee, Lease, Description [Line Items]
Lessee, remaining lease term	50 years

Leases (Leased Assets and Liabi

Leases (Leased Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease right-of-use assets, net	$ 46,220	$ 46,926
Operating lease obligations	$ 51,350	$ 51,321

Leases (Lease Costs) (Details)

Leases (Lease Costs) (Details) - USD ($) $ in Thousands	3 Months Ended
Leases (Lease Costs) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease cost	$ 1,708	$ 2,069
Variable lease costs	392	374
Total lease cost	$ 2,100	$ 2,443

Leases (Lease Liability Maturit

Leases (Lease Liability Maturity) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Remainder of 2023	$ 3,744
2024	4,880
2025	3,491
2026	3,263
2027	3,326
Thereafter	242,419
Total lease payments	261,123
Less: imputed interest	(209,773)
Present value of lease liabilities	$ 51,350	$ 51,321

Leases (Other Information) (Det

Leases (Other Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows on operating leases	$ 1,097	$ 1,741
Weighted-average remaining lease term (years)
Operating leases	43 years 10 months 24 days	38 years 9 months 18 days
Weighted-average discount rate
Operating leases	7.80%	7.70%

Leases (Minimum Rent Payments R

Leases (Minimum Rent Payments Received) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Total minimum rent payments	$ 57,797	$ 57,429
Remainder of 2023	181,052
2024	245,777
2025	225,960
2026	205,113
2027	192,265
Thereafter	841,082
Total	$ 1,891,249

Segments (Narrative) (Details)

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

Segments (Summary of Segment Op

Segments (Summary of Segment Operating Results) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segments reporting
Total revenues	$ 196,289	$ 210,226
Depreciation and amortization	(52,009)	(48,593)
Other income (loss), net	4,981	(221)
Equity in earnings (losses) from unconsolidated ventures	(4,802)	17,912
Gain (loss) on sale or disposal of real estate and other assets, net	4,730	(9)
Gain (loss) on extinguishment of debt	0	(282)
Income (loss) before income taxes	(23,905)	2,872
Net income (loss)	(22,627)	2,171
Net (income) loss attributable to noncontrolling interests	(118)	(49)
Net income (loss) attributable to common stockholders	(22,745)	2,122
Operating segments
Segments reporting
Total revenues	196,275	210,211
Total operating expenses	(111,925)	(120,447)
Segment operating income (loss)	84,350	89,764
Depreciation and amortization	(51,209)	(47,675)
Interest income (expense), net	(9,850)	(5,754)
Other income (loss), net	2,274	(304)
Equity in earnings (losses) from unconsolidated ventures	(4,802)	17,912
Gain (loss) on sale or disposal of real estate and other assets, net	4,730	(9)
Gain (loss) on extinguishment of debt		(282)
Income (loss) before income taxes	25,493	53,652
Corporate
Segments reporting
Corporate income, expenses, and other items	(48,120)	(51,481)
Operating Assets Segment
Segments reporting
Total revenues	100,925	99,687
Operating Assets Segment \| Operating segments
Segments reporting
Total revenues	100,925	99,687
Total operating expenses	(47,599)	(46,615)
Segment operating income (loss)	53,326	53,072
Depreciation and amortization	(39,632)	(38,430)
Interest income (expense), net	(28,911)	(20,118)
Other income (loss), net	2,282	(169)
Equity in earnings (losses) from unconsolidated ventures	1,905	15,175
Gain (loss) on sale or disposal of real estate and other assets, net	4,730	0
Gain (loss) on extinguishment of debt		(282)
Income (loss) before income taxes	(6,300)	9,248
MPC Segment
Segments reporting
Total revenues	77,013	80,692
MPC Segment \| Operating segments
Segments reporting
Total revenues	77,013	80,692
Total operating expenses	(34,351)	(36,896)
Segment operating income (loss)	42,662	43,796
Depreciation and amortization	(107)	(90)
Interest income (expense), net	15,812	10,422
Other income (loss), net	(103)	0
Equity in earnings (losses) from unconsolidated ventures	4,108	5,550
Gain (loss) on sale or disposal of real estate and other assets, net	0	0
Gain (loss) on extinguishment of debt		0
Income (loss) before income taxes	62,372	59,678
Seaport Segment
Segments reporting
Total revenues	11,897	9,376
Seaport Segment \| Operating segments
Segments reporting
Total revenues	11,897	9,376
Total operating expenses	(18,916)	(18,859)
Segment operating income (loss)	(7,019)	(9,483)
Depreciation and amortization	(10,527)	(7,823)
Interest income (expense), net	1,186	(47)
Other income (loss), net	1	350
Equity in earnings (losses) from unconsolidated ventures	(10,820)	(3,711)
Gain (loss) on sale or disposal of real estate and other assets, net	0	0
Gain (loss) on extinguishment of debt		0
Income (loss) before income taxes	(27,179)	(20,714)
Strategic Developments Segment
Segments reporting
Total revenues	6,440	20,456
Strategic Developments Segment \| Operating segments
Segments reporting
Total revenues	6,440	20,456
Total operating expenses	(11,059)	(18,077)
Segment operating income (loss)	(4,619)	2,379
Depreciation and amortization	(943)	(1,332)
Interest income (expense), net	2,063	3,989
Other income (loss), net	94	(485)
Equity in earnings (losses) from unconsolidated ventures	5	898
Gain (loss) on sale or disposal of real estate and other assets, net	0	(9)
Gain (loss) on extinguishment of debt		0
Income (loss) before income taxes	$ (3,400)	$ 5,440

Segments (Summary of Assets by

Segments (Summary of Assets by Segment and Reconciliation of Segment Assets to Total Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Reconciliation of total segment assets to total assets
Assets	$ 9,580,132	$ 9,603,463
Operating segments
Reconciliation of total segment assets to total assets
Assets	9,317,639	9,247,608
Operating segments \| Operating Assets Segment
Reconciliation of total segment assets to total assets
Assets	3,464,019	3,448,823
Operating segments \| MPC Segment
Reconciliation of total segment assets to total assets
Assets	3,255,892	3,272,655
Operating segments \| Seaport Segment
Reconciliation of total segment assets to total assets
Assets	1,162,486	1,166,950
Operating segments \| Strategic Developments Segment
Reconciliation of total segment assets to total assets
Assets	1,435,242	1,359,180
Corporate
Reconciliation of total segment assets to total assets
Assets	$ 262,493	$ 355,855