Howard Hughes (HHH) 10-Q6 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 28, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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
Entity Common Stock, Shares Outstanding (in shares)		10
Entity Central Index Key	0001498828
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Master Planned Communities assets	$ 2,491,291	$ 2,445,673
Buildings and equipment	3,794,960	3,649,376
Less: accumulated depreciation	(915,279)	(829,018)
Land	299,406	294,189
Developments	1,705,544	1,169,571
Net investment in real estate	7,375,922	6,729,791
Investments in unconsolidated ventures	177,908	182,799
Cash and cash equivalents	400,728	629,714
Restricted cash	519,998	379,498
Accounts receivable, net	101,284	101,373
Municipal Utility District (MUD) receivables, net	461,985	550,884
Deferred expenses, net	152,626	138,182
Operating lease right-of-use assets	5,948	5,463
Other assets, net	239,723	242,636
Assets of discontinued operations	0	615,272
Total assets	9,436,122	9,575,612
LIABILITIES
Mortgages, notes, and loans payable, net	5,298,760	5,146,992
Operating lease obligations	5,764	5,362
Deferred tax liabilities, net	77,731	84,523
Accounts payable and other liabilities	1,374,461	1,052,973
Liabilities of discontinued operations	0	227,165
Total liabilities	6,756,716	6,517,015
Commitments and Contingencies (see Note 10)
EQUITY
Common stock: 10 shares authorized, issued, and outstanding as of September 30, 2024 and December 31, 2023	0	0
Additional paid-in capital	2,954,382	3,374,284
Retained earnings (accumulated deficit) attributable to Howard Hughes Holdings Inc.	(339,528)	(383,012)
Accumulated other comprehensive income (loss)	(1,375)	1,272
Total equity attributable to Howard Hughes Holdings Inc.	2,613,479	2,992,544
Noncontrolling interests	65,927	66,053
Total equity	2,679,406	3,058,597
Total liabilities and equity	$ 9,436,122	$ 9,575,612

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, shares authorized (in shares)	10	10
Common stock, shares issued (in shares)	10	10
Common stock, shares outstanding (in shares)	10	10

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
REVENUES
Rental revenue	$ 108,613	$ 99,978	$ 315,461	$ 290,164
Total revenues	327,147	228,473	767,099	595,789
EXPENSES
Operating costs	50,841	51,856	149,412	147,926
Rental property real estate taxes	14,484	14,763	43,799	44,758
Provision for (recovery of) doubtful accounts	190	1,399	327	(1,034)
General and administrative	23,826	21,410	66,228	65,180
Depreciation and amortization	44,088	42,686	134,833	122,217
Other	3,582	2,195	11,268	8,834
Total expenses	221,426	185,110	564,815	510,405
OTHER
Gain (loss) on sale or disposal of real estate and other assets, net	3,165	16,286	7,959	21,000
Other income (loss), net	90,489	(82)	91,870	4,914
Total other	93,654	16,204	99,829	25,914
Operating income (loss)	199,375	59,567	302,113	111,298
Interest income	5,341	7,682	19,270	16,766
Interest expense	(43,802)	(39,316)	(122,597)	(112,783)
Gain (loss) on extinguishment of debt	0	0	(198)	0
Loss on sale of MUD receivables	(51,525)	0	(51,525)	0
Equity in earnings (losses) from unconsolidated ventures	(1,630)	15,732	(4,230)	26,461
Income (loss) from continuing operations before income taxes	107,759	43,665	142,833	41,742
Income tax expense (benefit)	10,418	11,453	17,838	11,018
Net income (loss) from continuing operations	97,341	32,212	124,995	30,724
Net income (loss) from discontinued operations, net of taxes	(24,031)	(576,199)	(81,807)	(616,479)
Net income (loss)	73,310	(543,987)	43,188	(585,755)
Net (income) loss attributable to noncontrolling interests	273	(46)	297	(166)
Net income (loss) attributable to howard hughes holdings Inc., basic	73,583	(544,033)	43,485	(585,921)
Net income (loss) attributable to howard hughes holdings Inc., diluted	73,583	(544,033)	43,485	(585,921)
Condominium rights and unit sales
REVENUES
Revenue from contract with customers	3	25,962	26	46,915
EXPENSES
Cost of sales	11,833	22,537	15,694	56,390
Master Planned Communities land sales
REVENUES
Revenue from contract with customers	198,239	75,378	385,444	177,045
EXPENSES
Cost of sales	72,582	28,264	143,254	66,134
Other land, rental, and property revenues
REVENUES
Revenue from contract with customers	10,700	11,308	31,105	35,902
Builder price participation
REVENUES
Revenue from contract with customers	$ 9,592	$ 15,847	$ 35,063	$ 45,763

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)		$ 73,310	$ (543,987)	$ 43,188	$ (585,755)
Other comprehensive income (loss):
Interest rate caps and swaps	[1]	(5,310)	(182)	(2,647)	(2,764)
Other comprehensive income (loss)		(5,310)	(182)	(2,647)	(2,764)
Comprehensive income (loss)		68,000	(544,169)	40,541	(588,519)
Comprehensive (income) loss attributable to noncontrolling interests		273	(46)	297	(166)
Comprehensive income (loss) attributable to Howard Hughes Holdings Inc.		$ 68,273	$ (544,215)	$ 40,838	$ (588,685)

[1] Amounts are shown net of tax benefit of $1.6 million for the three months ended September 30, 2024, $0.8 million for the nine months ended September 30, 2024, $0.1 million for the three months ended September 30, 2023, and $0.8 million for the nine months ended September 30, 2023.

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Interest rate swaps, tax expense (benefit)	$ (1,569)	$ (53)	$ (784)	$ (811)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands	Total		Total Stockholders’ Equity	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Noncontrolling Interests
Balance at the beginning of the period (in shares) at Dec. 31, 2022				56,226,273
Balance at the beginning of the period at Dec. 31, 2022	$ 3,606,112		$ 3,540,499	$ 564	$ 3,972,561	$ 168,077	$ 10,335	$ (611,038)	$ 65,613
Balance at the beginning of the period (in shares) at Dec. 31, 2022								(6,424,276)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(585,755)		(585,921)			(585,921)			166
Interest rate swaps, net of tax expense (benefit)	(2,764)	[1]	(2,764)				(2,764)
Teravalis noncontrolling interest	177								177
Stock plan activity (in shares)				322,506				(21,628)
Stock plan activity	9,418		9,418	$ 2	11,138			$ (1,722)
Stock conversion to HHH (in shares)				(56,548,779)				6,445,904
Stock conversion to HHH	0			$ (566)	(612,194)			$ 612,760
HHC shares issued to HHH (in shares)				10
Capital transactions with HHH	2,485		2,485		2,623	(138)
Other	(22)								(22)
Balance at the end of the period (in shares) at Sep. 30, 2023				10
Balance at the end of the period at Sep. 30, 2023	3,029,651		2,963,717	$ 0	3,374,128	(417,982)	7,571	$ 0	65,934
Balance at the end of the period (in shares) at Sep. 30, 2023								0
Balance at the beginning of the period (in shares) at Jun. 30, 2023				56,533,030
Balance at the beginning of the period at Jun. 30, 2023	3,568,453		3,502,625	$ 566	3,980,780	126,189	7,753	$ (612,663)	65,828
Balance at the beginning of the period (in shares) at Jun. 30, 2023								(6,444,748)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(543,987)		(544,033)			(544,033)			46
Interest rate swaps, net of tax expense (benefit)	(182)	[1]	(182)				(182)
Teravalis noncontrolling interest	60								60
Stock plan activity (in shares)				15,749				(1,156)
Stock plan activity	2,822		2,822		2,919			$ (97)
Stock conversion to HHH (in shares)				(56,548,779)				6,445,904
Stock conversion to HHH	0			$ (566)	(612,194)			$ 612,760
HHC shares issued to HHH (in shares)				10
Capital transactions with HHH	2,485		2,485		2,623	(138)
Balance at the end of the period (in shares) at Sep. 30, 2023				10
Balance at the end of the period at Sep. 30, 2023	$ 3,029,651		2,963,717	$ 0	3,374,128	(417,982)	7,571	$ 0	65,934
Balance at the end of the period (in shares) at Sep. 30, 2023								0
Balance at the beginning of the period (in shares) at Dec. 31, 2023	10			10
Balance at the beginning of the period at Dec. 31, 2023	$ 3,058,597		2,992,544	$ 0	3,374,284	(383,012)	1,272	$ 0	66,053
Balance at the beginning of the period (in shares) at Dec. 31, 2023								0
Increase (Decrease) in Stockholders' Equity
Net income (loss)	43,188		43,485			43,485			(297)
Interest rate swaps, net of tax expense (benefit)	(2,647)	[1]	(2,647)				(2,647)
Teravalis noncontrolling interest	171								171
Distribution of Seaport Entertainment Group Inc. to stockholders	(409,126)		(409,126)		(409,126)
Capital transactions with HHH	$ (10,777)		(10,777)		(10,776)	(1)
Balance at the end of the period (in shares) at Sep. 30, 2024	10			10
Balance at the end of the period at Sep. 30, 2024	$ 2,679,406		2,613,479	$ 0	2,954,382	(339,528)	(1,375)	$ 0	65,927
Balance at the end of the period (in shares) at Sep. 30, 2024								0
Balance at the beginning of the period (in shares) at Jun. 30, 2024				10
Balance at the beginning of the period at Jun. 30, 2024	3,036,033		2,969,887	$ 0	3,379,063	(413,111)	3,935	$ 0	66,146
Balance at the beginning of the period (in shares) at Jun. 30, 2024								0
Increase (Decrease) in Stockholders' Equity
Net income (loss)	73,310		73,583			73,583			(273)
Interest rate swaps, net of tax expense (benefit)	(5,310)	[1]	(5,310)				(5,310)
Teravalis noncontrolling interest	54								54
Distribution of Seaport Entertainment Group Inc. to stockholders	(409,126)		(409,126)		(409,126)
Capital transactions with HHH	$ (15,555)		(15,555)		(15,555)
Balance at the end of the period (in shares) at Sep. 30, 2024	10			10
Balance at the end of the period at Sep. 30, 2024	$ 2,679,406		$ 2,613,479	$ 0	$ 2,954,382	$ (339,528)	$ (1,375)	$ 0	$ 65,927
Balance at the end of the period (in shares) at Sep. 30, 2024								0

[1] Amounts are shown net of tax benefit of $1.6 million for the three months ended September 30, 2024, $0.8 million for the nine months ended September 30, 2024, $0.1 million for the three months ended September 30, 2023, and $0.8 million for the nine months ended September 30, 2023.

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Interest rate swaps, tax expense (benefit)	$ (1,569)	$ (53)	$ (784)	$ (811)

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 43,188	$ (585,755)
Net income (loss) from discontinued operations, net of taxes	(81,807)	(616,479)
Net income (loss) from continuing operations	124,995	30,724
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Depreciation	120,404	109,271
Amortization	14,403	12,829
Amortization of deferred financing costs	9,122	8,758
Amortization of intangibles other than in-place leases	90	90
Straight-line rent amortization	(4,389)	(5,849)
Deferred income taxes	29,068	6,148
Restricted stock and stock option amortization	11,124	12,444
Net gain on sale of properties	(7,959)	(21,000)
Loss on sale of MUD receivables	51,525	0
Proceeds from sale of MUD receivables	176,680	0
(Gain) loss on extinguishment of debt	198	0
Equity in (earnings) losses from unconsolidated ventures, net of distributions and impairment charges	9,403	(18,434)
Provision for doubtful accounts	(1,017)	4,385
Master Planned Community development expenditures	(284,984)	(256,214)
Master Planned Community cost of sales	133,257	63,015
Condominium development expenditures	(453,896)	(349,211)
Condominium rights and units cost of sales	15,694	54,167
Other	0	1,319
Net Changes:
Accounts receivable, net	(2,827)	(11,524)
Other assets, net	(8,736)	(17,700)
Condominium deposits received, net	220,776	81,896
Deferred expenses, net	(25,015)	(22,275)
Accounts payable and other liabilities	(15,341)	(22,674)
Cash provided by (used in) operating activities of continuing operations	112,575	(339,835)
Cash provided by (used in) operating activities of discontinued operations	(51,495)	(19,904)
Cash provided by (used in) operating activities	61,080	(359,739)
CASH FLOWS FROM INVESTING ACTIVITIES
Property and equipment expenditures	(927)	(5,609)
Operating property improvements	(27,997)	(30,943)
Property development and redevelopment	(182,548)	(174,770)
Acquisition of assets	(18,456)	(5,898)
Proceeds from sales of properties, net	17,175	31,315
Reimbursements under tax increment financings and grants	8,258	1,469
Distributions from unconsolidated ventures	1,275	8,605
Investments in unconsolidated ventures, net	(3,500)	0
Net parent investment in discontinued operations	(150,722)	(70,502)
Cash provided by (used in) investing activities of continuing operations	(357,442)	(246,333)
Cash provided by (used in) investing activities of discontinued operations	110,678	(7,408)
Cash provided by (used in) investing activities	(246,764)	(253,741)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from mortgages, notes, and loans payable	476,748	444,305
Principal payments on mortgages, notes, and loans payable	(323,252)	(9,952)
Special Improvement District bond funds released from (held in) escrow	16,793	6,721
Deferred financing costs and bond issuance costs, net	(1,085)	(120)
Taxes paid on stock options exercised and restricted stock vested	(943)	(2,643)
Distributions to HHH	(21,901)	0
Sale of preferred stock in Seaport Entertainment Group Inc. subsidiary	9,850	0
Contributions from Teravalis noncontrolling interest owner	171	177
Cash provided by (used in) financing activities of continuing operations	156,381	438,488
Cash provided by (used in) financing activities of discontinued operations	(103,028)	11,854
Cash provided by (used in) financing activities	53,353	450,342
Net change in cash, cash equivalents, and restricted cash	(132,331)	(163,138)
Cash, cash equivalents, and restricted cash at beginning of period	1,053,057	1,098,936
Cash, cash equivalents, and restricted cash at end of period	920,726	935,798
Less: Cash, cash equivalents, and restricted cash of discontinued operations at end of period	0	51,256
Cash, cash equivalents, and restricted cash at end of period	920,726	884,542
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents	400,728	484,543
Restricted cash	519,998	399,999
Cash, cash equivalents, and restricted cash at end of period	920,726	884,542
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION — CONTINUING OPERATIONS
Interest paid, net	251,528	193,078
Interest capitalized	114,694	75,271
Income taxes paid (refunded), net	3,958	4,270
NON-CASH TRANSACTIONS — CONTINUING OPERATIONS AND DISCONTINUED OPERATIONS
Accrued property improvements, developments, and redevelopments	(4,143)	(6,136)
Consideration from sale of properties	0	5,250
Special Improvement District bond transfers associated with land sales	9,997	3,119
Capitalized stock compensation	3,093	3,407
Initial recognition of operating lease right-of-use asset	766	0
Initial recognition of operating lease obligation	766	0
Distribution of Seaport Entertainment Group Inc. to stockholders	$ 361,210	$ 0

Presentation of Financial State

Presentation of Financial Statements and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Presentation of Financial Statements and Significant Accounting Policies	1. Presentation of Financial Statements and Significant Accounting Policies General These unaudited Condensed Consolidated Financial Statements have been prepared by The Howard Hughes Corporation (HHC or the Company) in accordance with accounting principles generally accepted in the United States of America (GAAP). References to HHC, the Company, we, us, and our refer to The Howard Hughes Corporation and its consolidated subsidiaries unless otherwise specifically stated. References to Howard Hughes Holdings Inc. (HHH) refer to the Company’s parent holding company, Howard Hughes Holding Inc., and its consolidated subsidiaries, including the Company, unless otherwise specifically stated. In accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as issued by the Securities and Exchange Commission (the SEC), these Condensed Consolidated Financial Statements do not include all of the information and disclosures required by GAAP for complete financial statements. Readers of this quarterly report on Form 10-Q (Quarterly Report) should refer to The Howard Hughes Corporation audited Consolidated Financial Statements, which are included in its annual report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 27, 2024 (the Annual Report). In the opinion of management, all normal recurring adjustments necessary for a fair presentation of the financial position, results of operations, comprehensive income, cash flows, and equity for the interim periods have been included. The results for the three and nine months ended September 30, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, and future fiscal years. Seaport Entertainment Spinoff On July 31, 2024, the spinoff of Seaport Entertainment Group Inc. and its subsidiaries (Seaport Entertainment or SEG) was completed. SEG included the Company’s entertainment-related assets in New York and Las Vegas, including the Seaport in Lower Manhattan, the Las Vegas Aviators Triple-A Minor League Baseball team and the Las Vegas Ballpark, as well as the Company’s ownership stake in Jean-Georges Restaurants and other partnerships, and an interest in and to 80% of the air rights above the Fashion Show Mall in Las Vegas. Under the terms of the separation, each stockholder who held HHH common stock as of the close of business on July 29, 2024, the record date for the distribution, received one share of SEG common stock for every nine shares of HHH common stock held as of the close of business on such date. SEG common stock began trading on the NYSE American stock exchange on August 1, 2024, under the symbol “SEG”. Principles of Consolidation and Basis of Presentation The condensed consolidated financial statements include the accounts of The Howard Hughes Corporation and its subsidiaries after elimination of intercompany balances and transactions. The Company also consolidates certain variable interest entities (VIEs) in accordance with Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) 810 Consolidation. The outside equity interests in certain entities controlled by the Company are reflected in the Condensed Consolidated Financial Statements as noncontrolling interests. As the spinoff of SEG represents a strategic shift in the Company’s operations, the results of SEG are presented as discontinued operations in the Condensed Consolidated Statements of Operations and the Condensed Consolidated Statements of Cash Flows and, as such, have been excluded from both continuing operations and segment results for all periods presented. Additionally, the related SEG assets and liabilities are classified as discontinued operations in the Condensed Consolidated Balance Sheets. The Condensed Consolidated Statements of Comprehensive Income (Loss), and Equity are presented on a consolidated basis for both continuing operations and discontinued operations. The disclosures presented in the notes to the unaudited Condensed Consolidated Financial Statements are presented on a continuing operations basis unless otherwise noted. See Note 2 - Discontinued Operations for additional information. Management has evaluated for disclosure or recognition all material events occurring subsequent to the date of the Condensed Consolidated Financial Statements up to the date and time this Quarterly Report was filed. Restricted Cash Restricted cash reflects amounts segregated in escrow accounts in the name of the Company, primarily related to escrowed condominium deposits by buyers and other amounts related to taxes, insurance, and legally restricted security deposits and leasing costs. Accounts Receivable, net Accounts receivable, net includes straight-line rent receivables, tenant receivables, and other receivables. On a quarterly basis, management reviews the lease-related receivables, including straight-line rent receivables and tenant receivables, for collectability. This analysis includes a review of past due accounts and considers factors such as the credit quality of tenants, current economic conditions, and changes in customer payment trends. When full collection of a lease-related receivable or future lease payment is deemed to be not probable, a reserve for the receivable balance is charged against rental revenue and future rental revenue is recognized on a cash basis. The Company also records reserves for estimated losses if the estimated loss amount is probable and can be reasonably estimated. Other receivables are primarily related to short-term trade receivables. The Company is exposed to credit losses through the sale of goods and services to customers and assesses its exposure to credit loss related to these receivables on a quarterly basis based on historical collection experience and future expectations by portfolio. The Company records an allowance for credit losses if the estimated loss amount is probable. The following table represents the components of Accounts receivable, net of amounts considered uncollectible, in the accompanying Condensed Consolidated Balance Sheets: thousands September 30, 2024 December 31, 2023 Straight-line rent receivables $ 89,629 $ 84,316 Tenant receivables 3,281 5,493 Other receivables 8,374 11,564 Accounts receivable, net (a) $ 101,284 $ 101,373 (a) As of September 30, 2024, the total reserve balance for amounts considered uncollectible was $7.8 million, comprised of $7.7 million attributable to lease-related receivables and $0.1 million attributable to the allowance for credit losses related to other accounts receivables. As of December 31, 2023, the total reserve balance was $13.6 million, all of which was attributable to lease-related receivables. The following table summarizes the impacts of the collectability reserves in the accompanying Condensed Consolidated Statements of Operations: thousands Three Months Ended September 30, Nine Months Ended September 30, Income Statement Location 2024 2023 2024 2023 Rental revenue $ (426) $ 1,005 $ (1,200) $ 5,361 Provision for (recovery of) doubtful accounts 190 1,399 327 (1,034) Total (income) expense impact $ (236) $ 2,404 $ (873) $ 4,327 Income Taxes HHC is a directly owned subsidiary of HHH and will be included in Howard Hughes Holding Inc. and Subsidiaries’ U.S. Federal income tax return. The Company’s financial statements recognize the current and deferred income tax consequences that result from HHC’s activities during the current period pursuant to the provisions of ASC 740 Income Taxes as if the Company were a separate taxpayer rather than a member of Howard Hughes Holding Inc.’s consolidated income tax return group. Sale of MUD Receivables In September 2024, the Company entered into a sales transaction of MUD receivables, in which it transferred the reimbursement rights for $193.4 million of existing MUD receivables and $10.4 million of related accrued interest, as well as $32.6 million of anticipated future MUD receivables, for total cash consideration of $176.7 million. Using the relative fair value method, $152.3 million of the cash consideration was allocated to the sale of the existing MUD receivables and $24.4 million was allocated to the sale of the anticipated future MUD receivables. On the settlement date, the Company derecognized the existing MUD receivables and related accrued interest, resulting in a loss on sale of $51.5 million in the Condensed Consolidated Statements of Operations. The Company has recorded a liability related to the allocated amount of anticipated future MUD receivables, which will be accounted for using the amortized cost method and is included in Accounts payable and other liabilities on the Condensed Consolidated Balance Sheets. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. The estimates and assumptions include, but are not limited to, the future cash flows used in impairment analysis and fair value used in impairment calculations, allocation of capitalized development costs, provision for income taxes, recoverable amounts of receivables and deferred tax assets, initial valuations of tangible and intangible assets acquired, and the related useful lives of assets upon which depreciation and amortization is based. Estimates and assumptions have also been made with respect to future revenues and costs, and the fair value of warrants, debt, and options granted. In particular, Master Planned Communities ( MPC) cost of sales estimates are highly judgmental as they are sensitive to cost escalation, sales price escalation, and lot absorption, which are subject to judgment and affected by expectations about future market or economic conditions. Actual results could differ from these and other estimates. Consolidated Variable Interest Entity At September 30, 2024, and December 31, 2023, the Company owned an 88.0% interest in Teravalis, the Company’s newest large-scale master planned community in the West Valley of Phoenix, Arizona, and a third party owned the remaining 12.0%. Teravalis was determined to be a VIE, and as the Company has the power to direct the activities that most significantly impact its economic performance, the Company is considered the primary beneficiary and consolidates Teravalis. Under the terms of the LLC agreement, cash distributions and the recognition of income-producing activities will be pro rata based on economic ownership interest. As of September 30, 2024, the Company’s Condensed Consolidated Balance Sheets included $541.9 million of Master Planned Community assets, $0.3 million of Accounts payable and other liabilities, and $65.1 million of Noncontrolling interest related to Teravalis. As of December 31, 2023, the Company’s Condensed Consolidated Balance Sheets included $541.6 million of Master Planned Community assets, $0.6 million of Accounts payable and other liabilities, and $65.0 million of Noncontrolling interest related to Teravalis. Noncontrolling Interests As of September 30, 2024, and December 31, 2023, noncontrolling interests related to the 12.0% noncontrolling interest in Teravalis and the noncontrolling interest in the Ward Village Homeowners’ Associations (HOAs). All revenues and expenses related to the HOAs are attributable to noncontrolling interests and do not impact net income attributable to common stockholders. Financing Receivable Credit Losses The Company is exposed to credit losses through the sale of goods and services to the Company’s customers. Receivables held by the Company primarily relate to short-term trade receivables, discussed above, and financing receivables, which include 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 $528.4 million as of September 30, 2024, and $632.8 million as of December 31, 2023. The MUD receivable balance included accrued interest of $41.9 million as of September 30, 2024, and $35.8 million as of December 31, 2023. There was no material activity in the allowance for credit losses for financing receivables for the three and nine months ended September 30, 2024 and 2023. Financing receivables are considered to be past due once they are 30 days contractually past due under the terms of the agreement. The Company does not have significant receivables that are past due or on nonaccrual status. There have been no significant write-offs or recoveries of amounts previously written off during the current period for financing receivables. Stock-Based Compensation

Discontinued Operations

Discontinued Operations	9 Months Ended
Discontinued Operations	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	2. Discontinued Operations On July 31, 2024, the spinoff of SEG was completed. The separation of SEG refined the identity of HHH as a pure-play real estate company focused solely on its core businesses and development of its master planned communities. The spinoff included all assets previously included in the Company’s Seaport segment and the Las Vegas Aviators and the Las Vegas Ballpark, which were previously included in the Operating Assets segment. As the spinoff of SEG represents a strategic shift in the Company’s operations, the results of SEG are included as discontinued operations for all periods presented. The following table presents key components of Net income (loss) from discontinued operations, net of income taxes: Three Months Ended September 30, Nine Months Ended September 30, thousands 2024 2023 2024 2023 Total revenues $ 12,251 $ 40,186 $ 60,846 $ 92,475 Total operating expenses 18,019 41,129 88,381 102,235 General and administrative (a) 15,801 — 32,870 — Depreciation and amortization 2,586 13,288 16,717 38,987 Other — 30 — 51 Provision for impairment — (672,492) — (672,492) Other income (loss), net 32 255 (67) (1,367) Interest income (expense), net (1,658) 811 (7,414) 2,194 Gain (loss) on extinguishment of debt (1,563) (48) (1,563) (48) Equity in earnings (losses) from unconsolidated ventures (2,129) (46,618) (18,960) (68,335) Net income (loss) from discontinued operations before income taxes (29,473) (732,353) (105,126) (788,846) Income tax expense (benefit) (5,442) (156,154) (23,319) (172,367) Net income (loss) from discontinued operations, net of taxes $ (24,031) $ (576,199) $ (81,807) $ (616,479) (a) General and administrative expenses relate to costs incurred during the year to complete the spinoff of Seaport Entertainment. The following table summarizes the major classes of assets and liabilities that are classified as discontinued operations on the Condensed Consolidated Balance Sheets. thousands December 31, 2023 Net investment in real estate $ 437,463 Investments in unconsolidated ventures 37,459 Cash and cash equivalents 1,834 Restricted cash 42,011 Accounts receivable, net 13,672 Deferred expenses, net 4,379 Operating lease right-of-use assets 39,434 Other assets, net 39,020 Assets of discontinued operations $ 615,272 Mortgages, notes, and loans payable, net $ 155,628 Operating lease obligations 46,222 Deferred tax liabilities, net 3,542 Accounts payable and other liabilities 21,773 Liabilities of discontinued operations $ 227,165 Continuing Involvement with SEG In connection with the separation, HHH entered into several agreements with Seaport Entertainment that govern the execution of the transaction and the relationship of the parties following the spinoff including a Separation and Distribution Agreement, Transition Services Agreement, Tax Matters Agreement, Employee Matters Agreement, Guaranty Agreement, and various other agreements. Seaport Entertainment Guaranty Following the execution of the spinoff, the Company continues to provide a full backstop guaranty for SEG’s outstanding mortgage related to its 250 Water Street property. See Note 10 - Commitments and Contingencies

Investments in Unconsolidated V

Investments in Unconsolidated Ventures	9 Months Ended
Investments in Unconsolidated Ventures	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Ventures	3. 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 September 30, 2024, the Company does not consolidate the investments below as it does not have a controlling financial interest in these investments. As such, the Company primarily reports its interests in accordance with the equity method. As of September 30, 2024, these ventures had debt totaling $328.0 million, with the Company’s proportionate share of this debt totaling $162.4 million. All of this indebtedness is without recourse to the Company, with the exception of the collateral maintenance obligation for Floreo. See Note 10 - Commitments and Contingencies for additional information related to the Company’s collateral maintenance obligation. Investments in unconsolidated ventures consist of the following: Ownership Interest (a) Carrying Value Share of Earnings/Dividends September 30, December 31, September 30, December 31, Three Months Ended September 30, Nine Months Ended September 30, thousands except percentages 2024 2023 2024 2023 2024 2023 2024 2023 Equity Method Investments Operating Assets: Stewart Title of Montgomery County, TX 50 % 50 % $ 3,961 $ 3,785 $ 89 $ 126 $ 176 $ 182 Woodlands Sarofim 20 % 20 % 2,978 2,990 (16) (33) (11) (14) The Metropolitan (b) 50 % 50 % — — (664) 327 409 717 TEN.m.flats (c) 50 % 50 % — — (1,519) 944 228 1,393 Master Planned Communities: The Summit (d) 50 % 50 % 47,690 59,112 (547) 14,829 (11,142) 22,576 Floreo (e) 50 % 50 % 58,554 55,880 908 (519) 2,675 (1,520) Strategic Developments: HHMK Development 50 % 50 % 10 10 — — — — KR Holdings 50 % 50 % 502 486 5 — 15 — West End Alexandria (d) 58 % 58 % 60,434 56,757 114 58 178 94 174,129 179,020 (1,630) 15,732 (7,472) 23,428 Other equity investments (f) 3,779 3,779 — — 3,242 3,033 Investments in unconsolidated ventures $ 177,908 $ 182,799 $ (1,630) $ 15,732 $ (4,230) $ 26,461 (a) Ownership interests presented reflect the Company’s stated ownership interest or if applicable, the Company’s final profit-sharing interest after receipt of any preferred returns based on the venture’s distribution priorities. (b) The Metropolitan was in a deficit position of $11.9 million at September 30, 2024, and $10.9 million at December 31, 2023, and presented in Accounts payable and other liabilities in the Condensed Consolidated Balance Sheets. (c) TEN.m.flats was in a deficit position of $6.0 million at September 30, 2024, and $4.7 million at December 31, 2023, and presented in Accounts payable and other liabilities in the Condensed Consolidated Balance Sheets. (d) For these equity method investments, various provisions in the venture operating agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses, and preferred returns may result in the Company’s economic interest differing from its stated interest or final profit-sharing interest. For these investments, the Company recognizes income or loss based on the venture’s distribution priorities, which could fluctuate over time and may be different from its stated ownership or final profit-sharing interest. (e) Classified as a VIE; however, the Company is not the primary beneficiary and accounts for its investment in accordance with the equity method. Refer to discussion below for additional information. (f) Other equity investments represent investments not accounted for under the equity method. There were no impairments, or upward or downward adjustments to the carrying amounts of these securities either during current year or cumulatively. The Summit In 2015, the Company formed DLV/HHPI Summerlin, LLC (The Summit) with Discovery Land Company (Discovery) to develop a custom home community in Summerlin. Phase I The Company contributed land with a carrying value of $13.4 million and transferred SID bonds related to such land with a carrying value of $1.3 million to The Summit at the agreed upon capital contribution value of $125.4 million, or $226,000 per acre, and has no further capital obligations. Discovery is required to fund up to a maximum of $30.0 million of cash as their capital contribution, of which $3.8 million has been contributed. The Company has received its preferred return distributions and recognizes its share of income or loss for Phase I based on its final profit-sharing interest. Phase II In July 2022, the Company contributed an additional 54 acres to The Summit (Phase II land) with a fair value of $21.5 million. The Company recognized an incremental equity method investment at fair value and recognized a gain of $13.5 million recorded in Equity in earnings (losses) from unconsolidated ventures. This gain is the result of marking the cost basis of the land contributed to its estimated fair value at the time of contribution. The Phase II land is adjacent to the existing Summit development and includes approximately 28 custom home sites. The first lot sales closed in the first quarter of 2023. The Company recognizes its share of income or loss for Phase II based on the joint venture’s distribution priorities in the amended Summit LLC agreement, which could fluctuate over time. Upon receipt of the Company’s preferred returns, distributions and recognition of income or loss will be allocated to the Company based on its final profit-sharing interest. Floreo In the fourth quarter of 2021, simultaneous with the Teravalis land acquisition, the Company closed on the acquisition of a 50% interest in Trillium Development Holding Company, LLC (Floreo) for $59.0 million and entered into a Limited Liability Company Agreement (LLC Agreement) with JDM Partners and El Dorado Holdings to develop Floreo, the first village within the new Teravalis MPC, on 3,029 acres of land in the greater Phoenix, Arizona area. The first land sales closed in the first quarter of 2024. In October 2022, Floreo closed on a $165.0 million financing, with outstanding borrowings of $132.6 million as of September 30, 2024. The Company provided a guaranty on this financing in the form of a collateral maintenance obligation and received a guaranty fee of $5.0 million. The financing and related guaranty provided by the Company triggered a reconsideration event and as of December 31, 2022, Floreo was classified as a VIE. Due to rights held by other members, the Company does not have a controlling financial interest in Floreo and is not the primary beneficiary. As of September 30, 2024, the Company’s maximum exposure to loss on this investment is limited to the $58.6 million aggregate carrying value as the Company has not made any other firm commitments to fund amounts on behalf of this VIE, and cash collateral that the Company may be obligated to post related to its collateral maintenance obligation. See Note 10 - Commitments and Contingencies for additional information related to the Company’s collateral maintenance obligation. West End Alexandria In the fourth quarter of 2021, the Company entered into an Asset Contribution Agreement with Landmark Land Holdings, LLC (West End Alexandria) to redevelop a 52-acre site previously known as Landmark Mall. Other equity owners include Foulger-Pratt Development, LLC (Foulger-Pratt) and Seritage SRC Finance (Seritage). The Company conveyed its 33-acre Landmark Mall property with an agreed upon fair value of $56.0 million and Seritage conveyed an additional 19 acres of land with an agreed upon fair value of $30.0 million to West End Alexandria in exchange for equity interest. Additionally, Foulger-Pratt agreed to contribute $10.0 million to West End Alexandria. Also in the fourth quarter of 2021, West End Alexandria executed a Purchase and Sale Agreement with the City of Alexandria to sell approximately 11 acres to the City of Alexandria. The City will lease this land to Inova Health Care Services for construction of a new hospital. Development plans for the remaining 41-acre property include approximately four million square feet of residential, retail, commercial, and entertainment offerings integrated into a cohesive neighborhood with a central plaza, a network of parks and public transportation. Foulger-Pratt will manage construction of the development. Demolition began in the second quarter of 2022 and was completed in 2023, with completion of infrastructure work expected in 2025. The Company does not have the ability to control the activities that most impact the economic performance of the venture as Foulger-Pratt is the managing member and manages all development activities. As such, the Company accounts for its ownership interest in accordance with the equity method.

Acquisitions and Dispositions

Acquisitions and Dispositions	9 Months Ended
Acquisitions and Dispositions	Sep. 30, 2024
Acquisitions And Dispositions [Abstract]
Acquisitions and Dispositions	4. Acquisitions and Dispositions Acquisitions Operating Assets In June 2024, the Company acquired the Waterway Plaza II office property and the adjacent parking garage for $19.2 million in an asset acquisition. The approximately 141,763 square-foot office property is located in The Woodlands, Texas. Strategic Developments In May 2023, the Company acquired the Grogan’s Mill Village Center and related anchor site, a retail property in The Woodlands, Texas consisting of approximately 8.7 acres for $5.9 million in an asset acquisition. Dispositions Gains and losses on asset dispositions are recorded to Gain (loss) on sale or disposal of real estate and other assets, net in the Condensed Consolidated Statements of Operations, unless otherwise noted. Operating Assets In February 2024, the Company completed the sale of Creekside Park Medical Plaza, a 32,689 square-foot medical office building in The Woodlands, Texas, for $14.0 million, resulting in a gain of $4.8 million. In December 2023, the Company completed the sale of Memorial Hermann Medical Office, a 20,000 square-foot medical office building in The Woodlands, Texas, for $9.6 million, resulting in a gain of $3.2 million. In July 2023, the Company completed the sale of two self-storage facilities with a total of 1,370 storage units in The Woodlands, Texas, for $30.5 million, resulting in a gain of $16.1 million. In March 2023, the Company completed the sale of two land parcels in Honolulu, Hawai‘i, including an 11,929-square-foot building at the Ward Village Retail property, for total consideration of $6.3 million, resulting in a gain of $4.7 million.

Impairment

Impairment	9 Months Ended
Impairment	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Impairment	5. Impairment The Company reviews its long-lived assets for potential impairment indicators when events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment or disposal of long‑lived assets in accordance with ASC 360, Property, Plant, and Equipment, requires that if impairment indicators exist and expected undiscounted cash flows generated by the asset over an anticipated holding period are less than its carrying amount, an impairment provision should be recorded to write down the carrying amount of the asset to its fair value. The impairment analysis does not consider the timing of future cash flows and whether the asset is expected to earn an above- or below-market rate of return. No impairment charges were recorded in continuing operations during the three and nine months ended September 30, 2024 and 2023. The Company periodically evaluates strategic alternatives with respect to each property and may revise the strategy from time to time, including the intent to hold the asset on a long-term basis or the timing of potential asset dispositions. For example, the Company may decide to sell property that is held for use, and the sale price may be less than the carrying amount. As a result, changes in strategy could result in impairment charges in future periods. The Company evaluates each investment in an unconsolidated venture discussed in Note 3 - Investments in Unconsolidated Ventures periodically for recoverability and valuation declines that are other-than-temporary. If the decrease in value of an investment is deemed to be other-than-temporary, the investment is reduced to its estimated fair value. No impairment charges were recorded in continuing operations during the three and nine months ended September 30, 2024 and 2023. During the third quarter of 2023, the Company recorded a $709.5 million impairment charge related to the Seaport segment, which is now reported in discontinued operations following the spinoff of SEG.

Other Assets and Liabilities

Other Assets and Liabilities	9 Months Ended
Other Assets and Liabilities	Sep. 30, 2024
OTHER ASSETS AND LIABILITIES [Abstract]
Other Assets and Liabilities	6. Other Assets and Liabilities Other Assets, Net The following table summarizes the significant components of Other assets, net: thousands September 30, 2024 December 31, 2023 Special Improvement District receivable, net $ 61,291 $ 74,899 Security, escrow, and other deposits 56,004 67,701 In-place leases, net 34,101 35,490 Prepaid expenses 32,179 15,551 Other 30,731 15,140 Tenant incentives and other receivables, net 12,523 10,840 Interest rate derivative assets 5,700 10,318 Net investment in lease receivable 2,816 2,883 TIF receivable, net 1,561 6,371 Intangibles, net 1,270 1,360 Notes receivable, net 988 1,412 Condominium inventory 559 671 Other assets, net $ 239,723 $ 242,636 Accounts Payable and Other Liabilities The following table summarizes the significant components of Accounts payable and other liabilities: thousands September 30, 2024 December 31, 2023 Condominium deposit liabilities $ 699,644 $ 478,870 Construction payables 337,041 244,749 Deferred income 129,271 114,402 Other 47,700 23,555 Accrued real estate taxes 44,998 30,096 Tenant and other deposits 44,543 29,422 Accrued interest 27,054 53,301 Accrued payroll and other employee liabilities 22,714 31,002 Accounts payable and accrued expenses 20,259 47,576 Interest rate derivative liabilities 1,237 — Accounts payable and other liabilities $ 1,374,461 $ 1,052,973

Mortgages, Notes, and Loans Pay

Mortgages, Notes, and Loans Payable, Net	9 Months Ended
Mortgages, Notes, and Loans Payable, Net	Sep. 30, 2024
Debt Disclosure [Abstract]
Mortgages, Notes, and Loans Payable, Net	7. Mortgages, Notes, and Loans Payable, Net Mortgages, Notes, and Loans Payable, Net Mortgages, notes, and loans payable, net are summarized as follows: thousands September 30, 2024 December 31, 2023 Fixed-rate debt Senior unsecured notes $ 2,050,000 $ 2,050,000 Secured mortgages payable 1,576,763 1,442,505 Special Improvement District bonds 54,141 65,627 Variable-rate debt (a) Secured Bridgeland Notes 283,000 475,000 Secured mortgages payable 1,374,215 1,161,488 Unamortized deferred financing costs (b) (39,359) (47,628) Mortgages, notes, and loans payable, net $ 5,298,760 $ 5,146,992 (a) The Company has entered into derivative instruments to manage the variable interest rate exposure. See Note 9 - Derivative Instruments and Hedging Activities for additional information. (b) Deferred financing costs are amortized to interest expense over the initial contractual term of the respective financing agreements using the effective interest method (or other methods which approximate the effective interest method). As of September 30, 2024, land, buildings and equipment, developments, and other collateral with a net book value of $5.0 billion have been pledged as collateral for the Company’s mortgages, notes, and loans payable. Senior Unsecured Notes During 2020 and 2021, the Company issued $2.1 billion of aggregate principal of senior unsecured notes. These notes have fixed rates of interest that are payable semi-annually and are interest only until maturity. These debt obligations are redeemable prior to the maturity date subject to a “make-whole” premium which decreases annually until 2026 at which time the redemption make-whole premium is no longer applicable. The following table summarizes the Company’s senior unsecured notes by issuance date: $ in thousands Principal Maturity Date Interest Rate August 2020 $ 750,000 August 2028 5.375% February 2021 650,000 February 2029 4.125% February 2021 650,000 February 2031 4.375% Senior unsecured notes $ 2,050,000 Secured Mortgages Payable The Company’s outstanding mortgages are collateralized by certain of the Company’s real estate assets. Certain of the Company’s loans contain provisions that grant the lender a security interest in the operating cash flow of the property that represents the collateral for the loan. Certain mortgage notes may be prepaid subject to a prepayment penalty equal to a yield maintenance premium, defeasance, or a percentage of the loan balance. Construction loans related to the Company’s development properties are generally variable-rate, interest-only, and have maturities of five years or less. Debt obligations related to the Company’s operating properties generally require monthly installments of principal and interest. The following table summarizes the Company’s Secured mortgages payable: September 30, 2024 December 31, 2023 $ in thousands Principal Range of Interest Rates Weighted-average Interest Rate Weighted-average Years to Maturity Principal Range of Interest Rates Weighted-average Interest Rate Weighted-average Years to Maturity Fixed rate (a) $ 1,576,763 3.13% - 8.67% 4.69 % 6.1 $ 1,442,505 3.13% - 8.67% 4.45 % 7.0 Variable rate (b) 1,374,215 7.10% - 10.20% 8.75 % 1.5 1,161,488 7.08% - 10.48% 8.69 % 2.1 Secured mortgages payable $ 2,950,978 3.13% - 10.20% 6.58 % 3.9 $ 2,603,993 3.13% - 10.48% 6.34 % 4.8 (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 September 30, 2024, and December 31, 2023, excluding the effects of interest rate derivatives. The Company has entered into derivative instruments to manage its variable interest rate exposure. The weighted-average interest rate of the Company’s variable-rate mortgages payable, inclusive of interest rate derivatives, was 8.05% as of September 30, 2024, and 7.86% as of December 31, 2023. See Note 9 - Derivative Instruments and Hedging Activities for additional information. The Company’s secured mortgages mature over various terms through September 2052. On certain of its debt obligations, the Company has the option to exercise extension options, subject to certain terms, which may include minimum debt service coverage, minimum occupancy levels or condominium sales levels, as applicable, and other performance criteria. In certain cases, due to property performance not meeting identified covenants, the Company may be required to pay down a portion of the loan to exercise the extension option. During 2024, the Company’s mortgage activity included draws on existing mortgages of $301.7 million, new borrowings of $45.0 million (excluding undrawn amounts on new construction loans), refinancings of $130.0 million, and repayments of $10.7 million. As of September 30, 2024, the Company’s secured mortgage loans had $1.5 billion of undrawn lender commitment available to be drawn for property development, subject to certain restrictions. Special Improvement District Bonds The Summerlin MPC uses SID bonds to finance certain common infrastructure improvements. These bonds are issued by the municipalities and are secured by the assessments on the land. The majority of proceeds from each bond issued is held in a construction escrow and disbursed to the Company as infrastructure projects are completed, inspected by the municipalities, and approved for reimbursement. Accordingly, the SID bonds have been classified as debt, and the Summerlin MPC pays the debt service on the bonds semi‑annually. As Summerlin sells land, the buyers assume a proportionate share of the bond obligation at closing, and the residential sales contracts provide for the reimbursement of the principal amounts that the Company previously paid with respect to such proportionate share of the bond. These bonds bear interest at fixed rates ranging from 4.13% to 7.00% with maturities ranging from 2025 to 2053 as of September 30, 2024. During the nine months ended September 30, 2024, obligations of $10.0 million were assumed by buyers and no SID bonds were issued. Secured Bridgeland Notes The Company’s $475.0 million secured notes mature in 2026 and are secured by MUD receivables and land in Bridgeland. The loan requires a 10% fully refundable deposit on the outstanding balance and has an interest rate of 7.43%. As of December 2023, outstanding borrowings were $475.0 million. In the third quarter of 2024, $192.0 million was repaid using the proceeds from the sale of MUD receivables, bringing outstanding borrowings to $283.0 million as of September 30, 2024. In the fourth quarter of 2024, the borrowing capacity of this obligation was expanded to $600.0 million and the maturity was extended to 2029. Debt Compliance

Fair Value

Fair Value	9 Months Ended
Fair Value	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value	8. Fair Value ASC 820, Fair Value Measurement , emphasizes that fair value is a market-based measurement that should be determined using assumptions market participants would use in pricing an asset or liability. The standard establishes a hierarchical disclosure framework that prioritizes and ranks the level of market price observability used in measuring assets or liabilities at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the asset or liability. Assets or liabilities with readily available active quoted prices, or for which fair value can be measured from actively quoted prices, generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. The following table presents the fair value measurement hierarchy levels required under ASC 820 for the Company’s assets that are measured at fair value on a recurring basis. The Company does not have any liabilities that are measured at a fair value on a recurring basis for the periods presented. September 30, 2024 December 31, 2023 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 $ 5,700 $ — $ 5,700 $ — $ 10,318 $ — $ 10,318 $ — Interest rate derivative liabilities $ 1,237 $ — $ 1,237 $ — $ — $ — $ — $ — 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: September 30, 2024 December 31, 2023 thousands Fair Value Hierarchy Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets: Cash and Restricted cash Level 1 $ 920,726 $ 920,726 $ 1,009,212 $ 1,009,212 Accounts receivable, net (a) Level 3 101,284 101,284 101,373 101,373 Notes receivable, net (b) Level 3 988 988 1,412 1,412 Liabilities: Fixed-rate debt (c) Level 2 3,680,904 3,484,542 3,558,132 3,255,525 Variable-rate debt (c) Level 2 1,657,215 1,657,215 1,636,488 1,636,488 (a) Accounts receivable, net is shown net of an allowance of $7.8 million at September 30, 2024, and $13.6 million at December 31, 2023. Refer to Note 1 - Presentation of Financial Statements and Significant Accounting Policies for additional information on the allowance. (b) Notes receivable, net is shown net of an immaterial allowance at September 30, 2024, and December 31, 2023. (c) Excludes related unamortized financing costs. The carrying amounts of Cash and Restricted cash, Accounts receivable, net, and Notes receivable, net approximate fair value because of the short‑term maturity of these instruments. The fair value of the Company’s Senior Notes, included in fixed-rate debt in the table above, is based upon the trade price closest to the end of the period presented. The fair value of other fixed-rate debt in the table above was estimated based on a discounted future cash payment model, which includes risk premiums and risk-free rates derived from the Secured Overnight Financing Rate (SOFR) or U.S. Treasury obligation interest rates as of September 30, 2024. Refer to Note 7 - Mortgages, Notes, and Loans Payable, Net for additional information. The discount rates reflect the Company’s judgment as to what the approximate current lending rates for loans or groups of loans with similar maturities and credit quality would be if credit markets were operating efficiently and assuming that the debt is outstanding through maturity. The carrying amounts for the Company’s variable-rate debt approximate fair value given that the interest rates are variable and adjust with current market rates for instruments with similar risks and maturities.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
Derivative Instruments and Hedging Activities	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	9. Derivative Instruments and Hedging Activities The Company is exposed to interest rate risk related to its variable interest rate debt, and it manages this risk by utilizing interest rate derivatives. The Company uses interest rate swaps, collars, and caps to add stability to interest costs by reducing the Company’s exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company’s fixed‑rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate collars designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above an established ceiling rate and payment of variable amounts to a counterparty if interest rates fall below an established floor rate, in exchange for an upfront premium. No payments or receipts are exchanged on interest rate collar contracts unless interest rates rise above or fall below the established ceiling and floor rates. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an upfront premium. Certain of the Company’s interest rate caps are not currently designated as hedges, and therefore, any gains or losses are recognized in current-period earnings within Interest expense on the 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 September 30, 2024, or December 31, 2023. If the derivative contracts are terminated prior to their maturity, the amounts previously recorded in AOCI are recognized in earnings over the period that the hedged transaction impacts earnings. The Company recorded an immaterial reduction in interest expense in 2023 and 2024 related to the amortization of terminated swaps. Amounts reported in AOCI related to derivatives will be reclassified to Interest expense as interest payments are made on the Company’s variable‑rate debt. Over the next 12 months, the Company estimates that $2.3 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 September 30, 2024 December 31, 2023 Derivative instruments not designated as hedging instruments: (b) Interest rate cap $ 75,000 2.50 % 10/12/2021 9/29/2025 $ 1,004 $ 2,274 Interest rate cap 59,500 2.50 % 10/12/2021 9/29/2025 797 1,804 Interest rate collar 117,505 2.00% - 4.50% 6/1/2023 6/1/2025 203 417 Interest rate collar 153,568 2.00% - 4.50% 6/1/2023 6/1/2025 128 440 Interest rate cap 57,090 6.00 % 6/20/2024 7/15/2026 22 — Interest rate cap 6,472 6.00 % 6/20/2024 7/15/2026 3 — Derivative instruments designated as hedging instruments: Interest rate swap (c) 175,000 3.69 % 1/3/2023 1/1/2027 (1,237) 117 Interest rate cap 127,000 5.50 % 11/10/2022 11/7/2024 — 28 Interest rate cap 73,460 5.00 % 12/22/2022 12/21/2025 11 223 Interest rate swap 40,800 1.68 % 3/1/2022 2/18/2027 1,641 2,496 Interest rate swap 34,513 4.89 % 11/1/2019 1/1/2032 1,891 2,519 Total fair value derivative assets $ 5,700 $ 10,318 Total fair value derivative liabilities (1,237) — Total fair value derivative asset (liability), net $ 4,463 $ 10,318 (a) These rates represent the swap rate and cap strike rate on the Company’s interest rate swaps, caps, and collars. (b) Interest related to these contracts was $2.1 million expense for the three months ended September 30, 2024, $1.0 million income for the nine months ended September 30, 2024, $1.5 million income for the three months ended September 30, 2023, and $3.6 million income for the nine months ended September 30, 2023. (c) In the first quarter of 2024, the Company terminated a portion of this swap, reducing the notional amount from $200.0 million to $175.0 million. The tables below present the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023: Amount of Gain (Loss) Recognized in AOCI on Derivatives Derivatives in Cash Flow Hedging Relationships Three Months Ended September 30, Nine Months Ended September 30, thousands 2024 2023 2024 2023 Interest rate derivatives $ (4,116) $ 5,420 $ 950 $ 9,055 Location of Gain (Loss) Reclassified from AOCI into Statements of Operations Amount of Gain (Loss) Reclassified from AOCI into Three Months Ended September 30, Nine Months Ended September 30, thousands 2024 2023 2024 2023 Interest expense $ 1,194 $ 5,602 $ 3,597 $ 11,819 Credit-risk-related Contingent Features The Company has agreements at the property level with certain derivative counterparties that contain a provision where if the Company defaults on the related property-level indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its related derivative obligations. The Company also has agreements at the property level with certain derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. The fair value of the Company’s derivatives which contain credit-risk-related features and were in a net liability position totaled $1.1 million as of September 30, 2024. If the Company had breached any of these provisions at September 30, 2024, it could have been required to settle its obligations under the agreements at their termination value of $1.1 million.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Litigation In the normal course of business, from time to time, the Company is involved in legal proceedings relating to the ownership and operations of its properties. In management’s opinion, the liabilities, if any, that may ultimately result from normal course of business legal actions are not expected to have a material effect on the Company’s consolidated financial position, results of operations, or liquidity. Columbia The Company is currently developing certain property it owns in the Lakefront neighborhood of Downtown Columbia, which is subject to certain recorded documents, covenants, and restrictions (Covenants). Under the Covenants, HHC is the master developer of the Lakefront neighborhood. In 2017, IMH Columbia, LLC (IMH) purchased the site of a former Sheraton Hotel (Hotel Lot) subject to the Covenants. IMH has made demands that HHC accede to IMH’s development plans for the Hotel Lot and HHC has exercised its right under the Covenants to object to IMH’s plans for the Hotel Lot. IMH filed a complaint seeking (1) a declaration that the HHC gave its consent, under the Covenants’, to IMH’s proposed changes in use and onsite parking, or that the limitations under the Covenants are obsolete and unenforceable, (2) damages reimbursing the costs and expenses IMH claims to have incurred in reliance on HHC's alleged consent to IMH’s proposed development, (3) damages related to the expectation of lost profits, which IMH alleged were caused by HHC breaching the Covenants by prohibiting IMH from proceeding with their proposed development, and (4) declarations finding that HHC had breached the shared parking related Covenants relating to HHC’s own property. The jury trial concluded in April 2024, and the jury found partially in favor of IMH and awarded damages of $17.0 million, which will accrue post-judgment interest of 10% annually from the date of the final judgment. The Company has filed a notice of appeal and will continue to defend the matter as it believes that these claims are without merit and that it has substantial legal and factual defenses to the claims and allegations contained in the complaint. Timarron Park On June 14, 2018, the Company was served with a petition involving approximately 500 individuals or entities who claim that their properties, located in the Timarron Park neighborhood of The Woodlands, were damaged by flood waters that resulted from the unprecedented rainfall that occurred throughout Harris County and surrounding areas during Hurricane Harvey in August 2017. The complaint was filed in State Court in Harris County of the State of Texas. In general, the plaintiffs allege negligence in the development of Timarron Park and violations of Texas’ Deceptive Trade Practices Act and name as defendants The Howard Hughes Corporation, The Woodlands Land Development Company, and two unaffiliated parties involved in the planning and engineering of Timarron Park. The plaintiffs are seeking restitution for damages to their properties and diminution of their property values. On August 9, 2022, the Court granted the Company’s summary judgment motions and dismissed the plaintiffs’ claims. 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. Both parties have filed their appellate briefs, oral arguments were held on May 22, 2024, and a decision is now pending with the Court of Appeals. The Company will continue to defend the matter as it believes that these claims are without merit and that it has substantial legal and factual defenses to the claims and allegations contained in the complaint. Based upon the present status of this matter, the Company does not believe it is probable that a loss will be incurred. Accordingly, the Company has not recorded a charge as a result of this action. Waiea The Company entered into a settlement agreement with the Waiea homeowners association related to certain construction defects at the condominium tower. Pursuant to the settlement agreement, the Company agreed to pay for the repair of the defects. However, as the Company believed the general contractor was ultimately responsible for the defects, the Company sought to recover the repair costs from the general contractor, other responsible parties, and insurance proceeds . Total estimated cost related to the remediation was $158.4 million, inclusive of $3.0 million of additional costs recognized in the first quarter of 2024 . The sixth and final amendment of resolution of disputes and release agreement was executed during the first quarter of 2024, thereby releasing the Company from any further claims or demands from the Waiea homeowners association arising from or relating to the construction or repair of the condominium project. As of September 30, 2024, $0.4 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. In July 2024, the Company executed a settlement agreement with the general contractor, the Waiea homeowners association, and various insurance carriers. As part of this settlement, the Company received $90.0 million of insurance proceeds from various insurance carriers during the three months ended September 30, 2024, which was recognized in Other income (loss), net in the accompanying Condensed Consolidated Statements of Operations. The amount received represents the full payout of the related insurance policy and per the executed agreement the Company agreed to release the general contractor and the insurance carriers from any further claims related to the construction defects at the condominium tower. Also as part of this settlement agreement, the Company agreed to pay the general contractor $22.0 million, representing the final payment of project costs previously incurred by the general contractor. This amount was paid in September 2024, and as the Company had $9.9 million accrued at December 31, 2023, related to these costs, the difference of $12.1 million was recognized in Condominium rights and units cost of sales in the accompanying Condensed Consolidated Statements of Operations. Letters of Credit and Surety Bonds As of September 30, 2024, the Company had outstanding letters of credit totaling $3.9 million and surety bonds totaling $365.8 million. As of December 31, 2023, the Company had outstanding letters of credit totaling $3.9 million and surety bonds totaling $470.4 million. These letters of credit and surety bonds were issued primarily in connection with insurance requirements, special real estate assessments, and construction obligations. Operating Leases The Company leases land or buildings at certain properties from third parties, which are recorded in Operating lease right-of-use assets and Operating lease obligations on the Condensed Consolidated Balance Sheets. See Note 14 - Leases for further discussion. Guaranty Agreements The Company evaluates the likelihood of future performance under the below guarantees and, as of September 30, 2024, and December 31, 2023, there were no events requiring financial performance under these guarantees. Seaport Entertainment Guaranty Immediately prior to the spinoff, 250 Seaport District, LLC (SEG Borrower), then a subsidiary of the Company, refinanced the existing mortgage loan related to the 250 Water Street property. This included the repayment of the existing mortgage loan payable with a carrying value of $113.4 million and the incurrence of $61.3 million in new mortgage indebtedness (SEG Term Loan). As part of the refinancing, SEG Borrower also entered into a total return swap with a third party lender to provide credit support for the SEG Term Loan, which was supported by a guaranty provided by a separate subsidiary of the Company (HHC Guarantor). The SEG Term Loan and related total return swap were included in the liabilities transferred to Seaport Entertainment upon completion of the spinoff. As a result, following the spinoff, HHC Guarantor now provides a full backstop guaranty for the SEG Term Loan. The SEG Term Loan agreement is scheduled to mature on July 1, 2029. Collateral for the loan includes the 250 Water Street property which was transferred to SEG upon completion of the spinoff. Under the terms of SEG’s loan agreement, the Loan-to-Value (LTV) ratio must not exceed certain thresholds. In the event the LTV ratio exceeds the applicable threshold, SEG must pay down the loan to an amount that would result in a LTV ratio under the applicable threshold. In the event SEG fails to make any necessary payments when due, HHC Guarantor is required to make all payments in full. In consideration of HHC Guarantor providing such guaranty, SEG will pay the Company an annualized guaranty fee equal to 2.0% of the total outstanding principal, paid monthly. The Company’s maximum exposure under this guaranty is equal to the outstanding principal and interest balance at the end of each period. Given the value of the 250 Water Street property collateral, the Company does not expect to have to perform under this guaranty. As of September 30, 2024, the SEG Term Loan LTV ratio is under the applicable threshold. Floreo Guaranty In October 2022, Floreo, the Company’s 50%-owned joint venture in Teravalis, closed on a $165 million bond financing with a maturity date of October 1, 2027. Outstanding borrowings as of September 30, 2024, were $132.6 million. A wholly owned subsidiary of the Company (HHC Member) provided a guaranty for the bond in the form of a collateral maintenance commitment under which it will post refundable cash collateral if the LTV ratio exceeds 50%. A separate wholly owned subsidiary of the Company also provided a backstop guaranty 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 guaranty, which was recorded in Accounts payable and other liabilities on the Condensed Consolidated Balance Sheets as of September 30, 2024, and December 31, 2023. This liability amount will be recognized in Other income (loss), net in a manner that corresponds to the bond repayment by Floreo. The Company’s maximum exposure under this guaranty is equal to the cash collateral that the Company may be obligated to post. As of September 30, 2024, the Company has not posted any cash collateral. Given the existence of other collateral including the undeveloped land owned by Floreo, the entity’s extensive and discretionary development plan, and its eligibility for reimbursement of a significant part of the development costs from the Community Facility District in Arizona, the Company does not expect to have to post collateral. Downtown Columbia The Company’s wholly owned subsidiaries agreed to complete defined public improvements and to indemnify Howard County, Maryland for certain matters as part of the Downtown Columbia Redevelopment District TIF bonds. To the extent that increases in taxes do not cover debt service payments on the TIF bonds, the Company’s wholly owned subsidiary is obligated to pay special taxes. Management has concluded that, as of September 30, 2024, any obligations to pay special taxes are not probable. Ward Village As part of the Company’s development permits with the Hawai‘i Community Development Authority for the condominium towers at Ward Village, the Company entered into a guaranty whereby it is required to reserve 20% of the residential units for local residents who meet certain maximum income and net worth requirements. This guaranty, which is triggered once the necessary permits are granted and construction commences, was satisfied for Waiea, Anaha, and Ae`o, with the opening of Ke Kilohana, which is a workforce tower fully earmarked to fulfill this obligation for the first four towers. The reserved units for ‘A‘ali‘i tower are included in the ‘A‘ali‘i tower. Units for Kō'ula, Victoria Place, The Park Ward Village, and Kalae will be satisfied with the construction of Ulana Ward Village, which is a second workforce tower fully earmarked to fulfill the remaining reserved housing guaranty in the community. Construction on Ulana Ward Village began in early 2023.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	11. Income Taxes Three Months Ended September 30, Nine Months Ended September 30, thousands except percentages 2024 2023 2024 2023 Income tax expense (benefit) $ 10,418 $ 11,453 $ 17,838 $ 11,018 Income (loss) from continuing operations before income taxes 107,759 43,665 142,833 41,742 Effective tax rate 9.7 % 26.2 % 12.5 % 26.4 %

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
Accumulated Other Comprehensive Income (Loss)	Sep. 30, 2024
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 at June 30, 2024 $ 3,935 Derivative instruments: Other comprehensive income (loss) before reclassifications (4,116) (Gain) loss reclassified to net income (1,194) Net current-period other comprehensive income (loss) (5,310) Balance at September 30, 2024 $ (1,375) Balance at June 30, 2023 $ 7,753 Derivative instruments: Other comprehensive income (loss) before reclassifications 5,420 (Gain) loss reclassified to net income (5,602) Net current-period other comprehensive income (loss) (182) Balance at September 30, 2023 $ 7,571 thousands Balance at December 31, 2023 $ 1,272 Derivative instruments: Other comprehensive income (loss) before reclassifications 950 (Gain) loss reclassified to net income (3,597) Net current-period other comprehensive Income (loss) (2,647) Balance at September 30, 2024 $ (1,375) Balance at December 31, 2022 $ 10,335 Derivative instruments: Other comprehensive income (loss) before reclassifications 9,055 (Gain) loss reclassified to net income (11,819) Net current-period other comprehensive income (loss) (2,764) Balance at September 30, 2023 $ 7,571 The following table summarizes the amounts reclassified out of AOCI: Accumulated Other Comprehensive Amounts reclassified from Accumulated other comprehensive income (loss) Three Months Ended September 30, Nine Months Ended September 30, Affected line items in the thousands 2024 2023 2024 2023 (Gains) losses on cash flow hedges $ (1,548) $ (7,240) $ (4,662) $ (15,274) Interest expense Income tax expense (benefit) 354 1,638 1,065 3,455 Income tax expense (benefit) Total reclassifications of (income) loss, net of tax $ (1,194) $ (5,602) $ (3,597) $ (11,819)

Revenues

Revenues	9 Months Ended
Revenues	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenues	13. Revenues Revenues from contracts with customers (excluding lease-related revenues) are recognized when control of the promised goods or services is transferred to the Company’s customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Revenue and cost of sales for condominium units sold are not recognized until the construction is complete, the sale closes, and the title to the property has transferred to the buyer (point in time). Additionally, certain real estate selling costs, such as the costs related to the Company’s condominium model units, are either expensed immediately or capitalized as property and equipment and depreciated over their estimated useful life. The following presents the Company’s revenues disaggregated by revenue source: Three Months Ended September 30, Nine Months Ended September 30, thousands 2024 2023 2024 2023 Revenues from contracts with customers Recognized at a point in time: Condominium rights and unit sales $ 3 $ 25,962 $ 26 $ 46,915 Master Planned Communities land sales 198,239 75,378 385,444 177,045 Builder price participation 9,592 15,847 35,063 45,763 Total 207,834 117,187 420,533 269,723 Recognized at a point in time or over time: Other land, rental, and property revenues 10,700 11,308 31,105 35,902 Rental and lease-related revenues Rental revenue 108,613 99,978 315,461 290,164 Total revenues $ 327,147 $ 228,473 $ 767,099 $ 595,789 Revenues by segment Operating Assets revenues $ 114,019 $ 106,178 $ 331,779 $ 310,942 Master Planned Communities revenues 212,607 95,799 433,663 236,123 Strategic Developments revenues 505 26,481 1,607 48,679 Corporate revenues 16 15 50 45 Total revenues $ 327,147 $ 228,473 $ 767,099 $ 595,789 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 Balance at December 31, 2023 $ 575,621 Consideration earned during the period (79,388) Consideration received during the period 328,893 Balance at September 30, 2024 $ 825,126 Balance at December 31, 2022 $ 453,091 Consideration earned during the period (78,062) Consideration received during the period 165,419 Balance at September 30, 2023 $ 540,448 Remaining Unsatisfied Performance Obligations The Company’s remaining unsatisfied performance obligations represent a measure of the total dollar value of work to be performed on contracts executed and in progress. These performance obligations primarily relate to the completion of condominium construction and transfer of control to a buyer, as well as the completion of contracted MPC land sales and related land improvements. These obligations are associated with contracts that generally are non-cancelable by the customer after 30 days for all Ward Village condominiums and after 6 days for The Ritz-Carlton Residences; however, purchasers of condominium units have the right to cancel the contract should the Company elect not to construct the condominium unit within a certain period of time or materially change the design of the condominium unit. The aggregate amount of the transaction price allocated to the Company’s remaining unsatisfied performance obligations as of September 30, 2024, was $3.7 billion. The Company expects to recognize this amount as revenue over the following periods: thousands Less than 1 year 1-2 years 3 years and thereafter Total remaining unsatisfied performance obligations $ 887,871 $ 1,239,222 $ 1,589,228 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	9 Months Ended
Leases	Sep. 30, 2024
Leases [Abstract]
Leases	14. Leases The Company has lease agreements with lease and non-lease components and has elected to aggregate these components into a single component for all classes of underlying assets. Certain of the Company’s lease agreements include non-lease components such as fixed common area maintenance charges. Lessee Arrangements The Company determines whether an arrangement is a lease at inception. Operating leases are included in Operating lease right-of-use assets and Operating lease obligations on the 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. The Company’s lessee agreements consist of operating leases primarily for ground leases and other real estate. The Company’s leases have remaining lease terms of approximately 2 years to approximately 25 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 constructed on its ground leases to third parties. The Company’s leased assets and liabilities are as follows: thousands September 30, 2024 December 31, 2023 Operating lease right-of-use assets $ 5,948 $ 5,463 Operating lease obligations 5,764 5,362 Future minimum lease payments as of September 30, 2024, are as follows: thousands Operating Leases Remainder of 2024 $ 133 2025 992 2026 956 2027 898 2028 616 Thereafter 6,603 Total lease payments 10,198 Less: imputed interest (4,434) Present value of lease liabilities $ 5,764 Other information related to the Company’s lessee agreements is as follows: Supplemental Condensed Consolidated Statements of Cash Flows Information Nine Months Ended September 30, thousands 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows on operating leases $ 649 $ 260 Other Information September 30, 2024 September 30, 2023 Weighted-average remaining lease term (years) Operating leases 16.4 18.6 Weighted-average discount rate Operating leases 7.1 % 7.4 % Lessor Arrangements The Company receives rental income from the leasing of retail, office, multi-family, and other space under operating leases, as well as certain variable tenant recoveries. Operating leases for retail, office, and other properties are with a variety of tenants and have a remaining average term of approximately five years. Lease terms generally vary among tenants and may include early termination options, extension options, and fixed rental rate increases or rental rate increases based on an index. Multi-family leases generally have a term of 12 months or less. Minimum rent revenues related to operating leases are as follows: Three Months Ended September 30, Nine Months Ended September 30, thousands 2024 2023 2024 2023 Total minimum rent payments $ 59,984 $ 55,308 $ 174,390 $ 162,843 Total future minimum rents associated with operating leases are as follows as of September 30, 2024: thousands Total Minimum Rent Remainder of 2024 $ 59,589 2025 236,220 2026 229,526 2027 219,442 2028 197,352 Thereafter 820,880 Total $ 1,763,009 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-market and below‑market tenant leases on acquired properties.

Segments

Segments	9 Months Ended
Segments	Sep. 30, 2024
Segment Reporting [Abstract]
Segments	15. Segments In 2024, the Company completed the spinoff of Seaport Entertainment Group Inc. which included all assets in the previously reported Seaport segment and the Las Vegas Aviators and Las Vegas Ballpark previously included in the Operating Assets segment. These assets are now disclosed as discontinued operations in the current and prior periods. See Note 2 - Discontinued Operations for additional information on the spinoff transaction. The Company has three business segments that offer different products and services. HHC’s three segments are managed separately because each requires different operating strategies or management expertise that are reflective of management’s operating philosophies and methods. Because the Company’s three segments, Operating Assets, MPC, 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. – 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 Strategic Developments Segment Total Three Months Ended September 30, 2024 Total revenues $ 114,019 $ 212,607 $ 505 $ 327,131 Total operating expenses (48,987) (84,532) (16,411) (149,930) Segment operating income (loss) 65,032 128,075 (15,906) 177,201 Depreciation and amortization (42,252) (109) (960) (43,321) Interest income (expense), net (36,661) 16,425 4,353 (15,883) Other income (loss), net (54) — 90,089 90,035 Equity in earnings (losses) from unconsolidated ventures (2,109) 361 118 (1,630) Gain (loss) on sale or disposal of real estate and other assets, net 3,165 — — 3,165 Segment EBT $ (12,879) $ 144,752 $ 77,694 $ 209,567 Corporate income, expenses, and other items (112,226) Net income (loss) from continuing operations 97,341 Net income (loss) from discontinued operations, net of taxes (24,031) Net (income) loss attributable to noncontrolling interests 273 Net income (loss) attributable to HHH $ 73,583 Three Months Ended September 30, 2023 Total revenues $ 106,178 $ 95,799 $ 26,481 $ 228,458 Total operating expenses (47,960) (41,239) (29,620) (118,819) Segment operating income (loss) 58,218 54,560 (3,139) 109,639 Depreciation and amortization (40,647) (103) (962) (41,712) Interest income (expense), net (31,337) 16,031 4,412 (10,894) Other income (loss), net (186) — 81 (105) Equity in earnings (losses) from unconsolidated ventures 1,363 14,310 59 15,732 Gain (loss) on sale or disposal of real estate and other assets, net 16,050 — 236 16,286 Segment EBT $ 3,461 $ 84,798 $ 687 $ 88,946 Corporate income, expenses, and other items (56,734) Net income (loss) from continuing operations 32,212 Net income (loss) from discontinued operations, net of taxes (576,199) Net (income) loss attributable to noncontrolling interests (46) Net income (loss) attributable to HHH $ (544,033) thousands Operating Assets Segment MPC Segment Strategic Developments Segment Total Nine Months Ended September 30, 2024 Total revenues $ 331,779 $ 433,663 $ 1,607 $ 767,049 Total operating expenses (142,751) (180,464) (29,271) (352,486) Segment operating income (loss) 189,028 253,199 (27,664) 414,563 Depreciation and amortization (125,903) (327) (6,257) (132,487) Interest income (expense), net (103,768) 47,839 12,971 (42,958) Other income (loss), net 896 — 90,075 90,971 Equity in earnings (losses) from unconsolidated ventures 4,044 (8,467) 193 (4,230) Gain (loss) on sale or disposal of real estate and other assets, net 7,959 — — 7,959 Gain (loss) on extinguishment of debt (198) — — (198) Segment EBT $ (27,942) $ 292,244 $ 69,318 $ 333,620 Corporate income, expenses, and other items (208,625) Net income (loss) from continuing operations 124,995 Net income (loss) from discontinued operations, net of taxes (81,807) Net (income) loss attributable to noncontrolling interests 297 Net income (loss) attributable to HHH $ 43,485 Nine Months Ended September 30, 2023 Total revenues $ 310,942 $ 236,123 $ 48,679 $ 595,744 Total operating expenses (134,486) (103,668) (76,020) (314,174) Segment operating income (loss) 176,456 132,455 (27,341) 281,570 Depreciation and amortization (116,454) (316) (2,848) (119,618) Interest income (expense), net (89,419) 49,004 11,917 (28,498) Other income (loss), net 2,078 (103) 158 2,133 Equity in earnings (losses) from unconsolidated ventures 5,311 21,056 94 26,461 Gain (loss) on sale or disposal of real estate and other assets, net 20,764 — 236 21,000 Segment EBT $ (1,264) $ 202,096 $ (17,784) $ 183,048 Corporate income, expenses, and other items (152,324) Net income (loss) from continuing operations 30,724 Net income (loss) from discontinued operations, net of taxes (616,479) Net (income) loss attributable to noncontrolling interests (166) Net income (loss) attributable to HHH $ (585,921) 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 September 30, 2024 December 31, 2023 Operating Assets $ 3,535,145 $ 3,448,319 Master Planned Communities 3,286,291 3,358,821 Strategic Developments 2,324,310 1,638,955 Total segment assets 9,145,746 8,446,095 Corporate 290,376 514,244 Discontinued operations — 615,272 Total assets $ 9,436,122 $ 9,575,612

Presentation of Financial Sta_2

Presentation of Financial Statements and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The condensed consolidated financial statements include the accounts of The Howard Hughes Corporation and its subsidiaries after elimination of intercompany balances and transactions. The Company also consolidates certain variable interest entities (VIEs) in accordance with Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) 810 Consolidation. The outside equity interests in certain entities controlled by the Company are reflected in the Condensed Consolidated Financial Statements as noncontrolling interests.
Restricted Cash	Restricted Cash
Accounts Receivable, net	Accounts Receivable, net Accounts receivable, net includes straight-line rent receivables, tenant receivables, and other receivables. On a quarterly basis, management reviews the lease-related receivables, including straight-line rent receivables and tenant receivables, for collectability. This analysis includes a review of past due accounts and considers factors such as the credit quality of tenants, current economic conditions, and changes in customer payment trends. When full collection of a lease-related receivable or future lease payment is deemed to be not probable, a reserve for the receivable balance is charged against rental revenue and future rental revenue is recognized on a cash basis. The Company also records reserves for estimated losses if the estimated loss amount is probable and can be reasonably estimated.
Income Taxes	Income Taxes HHC is a directly owned subsidiary of HHH and will be included in Howard Hughes Holding Inc. and Subsidiaries’ U.S. Federal income tax return. The Company’s financial statements recognize the current and deferred income tax consequences that result from HHC’s activities during the current period pursuant to the provisions of ASC 740 Income Taxes as if the Company were a separate taxpayer rather than a member of Howard Hughes Holding Inc.’s consolidated income tax return group.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. The estimates and assumptions include, but are not limited to, the future cash flows used in impairment analysis and fair value used in impairment calculations, allocation of capitalized development costs, provision for income taxes, recoverable amounts of receivables and deferred tax assets, initial valuations of tangible and intangible assets acquired, and the related useful lives of assets upon which depreciation and amortization is based. Estimates and assumptions have also been made with respect to future revenues and costs, and the fair value of warrants, debt, and options granted. In particular, Master Planned Communities ( MPC) cost of sales estimates are highly judgmental as they are sensitive to cost escalation, sales price escalation, and lot absorption, which are subject to judgment and affected by expectations about future market or economic conditions. Actual results could differ from these and other estimates.
Noncontrolling Interests	Noncontrolling Interests As of September 30, 2024, and December 31, 2023, noncontrolling interests related to the 12.0% noncontrolling interest in Teravalis and the noncontrolling interest in the Ward Village Homeowners’ Associations (HOAs). All revenues and expenses related to the HOAs are attributable to noncontrolling interests and do not impact net income attributable to common stockholders.
Financing Receivable Credit Losses	Financing Receivable Credit Losses The Company is exposed to credit losses through the sale of goods and services to the Company’s customers. Receivables held by the Company primarily relate to short-term trade receivables, discussed above, and financing receivables, which include 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.
Stock-Based Compensation	Stock-Based Compensation

Presentation of Financial Sta_3

Presentation of Financial Statements and Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Accounts Receivable, Net	The following table represents the components of Accounts receivable, net of amounts considered uncollectible, in the accompanying Condensed Consolidated Balance Sheets: thousands September 30, 2024 December 31, 2023 Straight-line rent receivables $ 89,629 $ 84,316 Tenant receivables 3,281 5,493 Other receivables 8,374 11,564 Accounts receivable, net (a) $ 101,284 $ 101,373 (a) As of September 30, 2024, the total reserve balance for amounts considered uncollectible was $7.8 million, comprised of $7.7 million attributable to lease-related receivables and $0.1 million attributable to the allowance for credit losses related to other accounts receivables. As of December 31, 2023, the total reserve balance was $13.6 million, all of which was attributable to lease-related receivables.
Summary of Impacts of the Asc 842 and Asc 450 Reserves in the Accompanying Condensed Consolidated Statement of Operations	The following table summarizes the impacts of the collectability reserves in the accompanying Condensed Consolidated Statements of Operations: thousands Three Months Ended September 30, Nine Months Ended September 30, Income Statement Location 2024 2023 2024 2023 Rental revenue $ (426) $ 1,005 $ (1,200) $ 5,361 Provision for (recovery of) doubtful accounts 190 1,399 327 (1,034) Total (income) expense impact $ (236) $ 2,404 $ (873) $ 4,327

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
Discontinued Operations (Tables)	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Disposal Groups, Including Discontinued Operations	The following table presents key components of Net income (loss) from discontinued operations, net of income taxes: Three Months Ended September 30, Nine Months Ended September 30, thousands 2024 2023 2024 2023 Total revenues $ 12,251 $ 40,186 $ 60,846 $ 92,475 Total operating expenses 18,019 41,129 88,381 102,235 General and administrative (a) 15,801 — 32,870 — Depreciation and amortization 2,586 13,288 16,717 38,987 Other — 30 — 51 Provision for impairment — (672,492) — (672,492) Other income (loss), net 32 255 (67) (1,367) Interest income (expense), net (1,658) 811 (7,414) 2,194 Gain (loss) on extinguishment of debt (1,563) (48) (1,563) (48) Equity in earnings (losses) from unconsolidated ventures (2,129) (46,618) (18,960) (68,335) Net income (loss) from discontinued operations before income taxes (29,473) (732,353) (105,126) (788,846) Income tax expense (benefit) (5,442) (156,154) (23,319) (172,367) Net income (loss) from discontinued operations, net of taxes $ (24,031) $ (576,199) $ (81,807) $ (616,479) The following table summarizes the major classes of assets and liabilities that are classified as discontinued operations on the Condensed Consolidated Balance Sheets. thousands December 31, 2023 Net investment in real estate $ 437,463 Investments in unconsolidated ventures 37,459 Cash and cash equivalents 1,834 Restricted cash 42,011 Accounts receivable, net 13,672 Deferred expenses, net 4,379 Operating lease right-of-use assets 39,434 Other assets, net 39,020 Assets of discontinued operations $ 615,272 Mortgages, notes, and loans payable, net $ 155,628 Operating lease obligations 46,222 Deferred tax liabilities, net 3,542 Accounts payable and other liabilities 21,773 Liabilities of discontinued operations $ 227,165

Investments in Unconsolidated_2

Investments in Unconsolidated Ventures (Tables)	9 Months Ended
Investments in Unconsolidated Ventures (Tables)	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Summary of Equity of Investments in Real Estate and Other Affiliates	Investments in unconsolidated ventures consist of the following: Ownership Interest (a) Carrying Value Share of Earnings/Dividends September 30, December 31, September 30, December 31, Three Months Ended September 30, Nine Months Ended September 30, thousands except percentages 2024 2023 2024 2023 2024 2023 2024 2023 Equity Method Investments Operating Assets: Stewart Title of Montgomery County, TX 50 % 50 % $ 3,961 $ 3,785 $ 89 $ 126 $ 176 $ 182 Woodlands Sarofim 20 % 20 % 2,978 2,990 (16) (33) (11) (14) The Metropolitan (b) 50 % 50 % — — (664) 327 409 717 TEN.m.flats (c) 50 % 50 % — — (1,519) 944 228 1,393 Master Planned Communities: The Summit (d) 50 % 50 % 47,690 59,112 (547) 14,829 (11,142) 22,576 Floreo (e) 50 % 50 % 58,554 55,880 908 (519) 2,675 (1,520) Strategic Developments: HHMK Development 50 % 50 % 10 10 — — — — KR Holdings 50 % 50 % 502 486 5 — 15 — West End Alexandria (d) 58 % 58 % 60,434 56,757 114 58 178 94 174,129 179,020 (1,630) 15,732 (7,472) 23,428 Other equity investments (f) 3,779 3,779 — — 3,242 3,033 Investments in unconsolidated ventures $ 177,908 $ 182,799 $ (1,630) $ 15,732 $ (4,230) $ 26,461 (a) Ownership interests presented reflect the Company’s stated ownership interest or if applicable, the Company’s final profit-sharing interest after receipt of any preferred returns based on the venture’s distribution priorities. (b) The Metropolitan was in a deficit position of $11.9 million at September 30, 2024, and $10.9 million at December 31, 2023, and presented in Accounts payable and other liabilities in the Condensed Consolidated Balance Sheets. (c) TEN.m.flats was in a deficit position of $6.0 million at September 30, 2024, and $4.7 million at December 31, 2023, and presented in Accounts payable and other liabilities in the Condensed Consolidated Balance Sheets. (d) For these equity method investments, various provisions in the venture operating agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses, and preferred returns may result in the Company’s economic interest differing from its stated interest or final profit-sharing interest. For these investments, the Company recognizes income or loss based on the venture’s distribution priorities, which could fluctuate over time and may be different from its stated ownership or final profit-sharing interest. (e) Classified as a VIE; however, the Company is not the primary beneficiary and accounts for its investment in accordance with the equity method. Refer to discussion below for additional information. (f)

Other Assets and Liabilities (T

Other Assets and Liabilities (Tables)	9 Months Ended
Other Assets and Liabilities (Tables)	Sep. 30, 2024
OTHER ASSETS AND LIABILITIES [Abstract]
Summary of the Significant Components of Other Assets	The following table summarizes the significant components of Other assets, net: thousands September 30, 2024 December 31, 2023 Special Improvement District receivable, net $ 61,291 $ 74,899 Security, escrow, and other deposits 56,004 67,701 In-place leases, net 34,101 35,490 Prepaid expenses 32,179 15,551 Other 30,731 15,140 Tenant incentives and other receivables, net 12,523 10,840 Interest rate derivative assets 5,700 10,318 Net investment in lease receivable 2,816 2,883 TIF receivable, net 1,561 6,371 Intangibles, net 1,270 1,360 Notes receivable, net 988 1,412 Condominium inventory 559 671 Other assets, net $ 239,723 $ 242,636
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 September 30, 2024 December 31, 2023 Condominium deposit liabilities $ 699,644 $ 478,870 Construction payables 337,041 244,749 Deferred income 129,271 114,402 Other 47,700 23,555 Accrued real estate taxes 44,998 30,096 Tenant and other deposits 44,543 29,422 Accrued interest 27,054 53,301 Accrued payroll and other employee liabilities 22,714 31,002 Accounts payable and accrued expenses 20,259 47,576 Interest rate derivative liabilities 1,237 — Accounts payable and other liabilities $ 1,374,461 $ 1,052,973

Mortgages, Notes, and Loans P_2

Mortgages, Notes, and Loans Payable, Net (Tables)	9 Months Ended
Mortgages, Notes, and Loans Payable, Net (Tables)	Sep. 30, 2024
Debt Disclosure [Abstract]
Summary and Activity for Mortgages, Notes and Loans Payable	Mortgages, notes, and loans payable, net are summarized as follows: thousands September 30, 2024 December 31, 2023 Fixed-rate debt Senior unsecured notes $ 2,050,000 $ 2,050,000 Secured mortgages payable 1,576,763 1,442,505 Special Improvement District bonds 54,141 65,627 Variable-rate debt (a) Secured Bridgeland Notes 283,000 475,000 Secured mortgages payable 1,374,215 1,161,488 Unamortized deferred financing costs (b) (39,359) (47,628) Mortgages, notes, and loans payable, net $ 5,298,760 $ 5,146,992 (a) The Company has entered into derivative instruments to manage the variable interest rate exposure. See Note 9 - Derivative Instruments and Hedging Activities for additional information. (b) Deferred financing costs are amortized to interest expense over the initial contractual term of the respective financing agreements using the effective interest method (or other methods which approximate the effective interest method).
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: September 30, 2024 December 31, 2023 $ in thousands Principal Range of Interest Rates Weighted-average Interest Rate Weighted-average Years to Maturity Principal Range of Interest Rates Weighted-average Interest Rate Weighted-average Years to Maturity Fixed rate (a) $ 1,576,763 3.13% - 8.67% 4.69 % 6.1 $ 1,442,505 3.13% - 8.67% 4.45 % 7.0 Variable rate (b) 1,374,215 7.10% - 10.20% 8.75 % 1.5 1,161,488 7.08% - 10.48% 8.69 % 2.1 Secured mortgages payable $ 2,950,978 3.13% - 10.20% 6.58 % 3.9 $ 2,603,993 3.13% - 10.48% 6.34 % 4.8 (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 September 30, 2024, and December 31, 2023, excluding the effects of interest rate derivatives.

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
Fair Value (Tables)	Sep. 30, 2024
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. September 30, 2024 December 31, 2023 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 $ 5,700 $ — $ 5,700 $ — $ 10,318 $ — $ 10,318 $ — Interest rate derivative liabilities $ 1,237 $ — $ 1,237 $ — $ — $ — $ — $ —
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: September 30, 2024 December 31, 2023 thousands Fair Value Hierarchy Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets: Cash and Restricted cash Level 1 $ 920,726 $ 920,726 $ 1,009,212 $ 1,009,212 Accounts receivable, net (a) Level 3 101,284 101,284 101,373 101,373 Notes receivable, net (b) Level 3 988 988 1,412 1,412 Liabilities: Fixed-rate debt (c) Level 2 3,680,904 3,484,542 3,558,132 3,255,525 Variable-rate debt (c) Level 2 1,657,215 1,657,215 1,636,488 1,636,488 (a) Accounts receivable, net is shown net of an allowance of $7.8 million at September 30, 2024, and $13.6 million at December 31, 2023. Refer to Note 1 - Presentation of Financial Statements and Significant Accounting Policies for additional information on the allowance. (b) Notes receivable, net is shown net of an immaterial allowance at September 30, 2024, and December 31, 2023. (c) Excludes related unamortized financing costs.

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
Derivative Instruments and Hedging Activities (Tables)	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of the Notional and Fair Value of Derivative Financial Instruments	The following table summarizes certain terms of the Company’s derivative contracts. The Company reports derivative assets in Other assets, net and derivative liabilities in Accounts payable and other liabilities. Fair Value Asset (Liability) thousands Notional Amount Fixed Interest Rate (a) Effective Date Maturity Date September 30, 2024 December 31, 2023 Derivative instruments not designated as hedging instruments: (b) Interest rate cap $ 75,000 2.50 % 10/12/2021 9/29/2025 $ 1,004 $ 2,274 Interest rate cap 59,500 2.50 % 10/12/2021 9/29/2025 797 1,804 Interest rate collar 117,505 2.00% - 4.50% 6/1/2023 6/1/2025 203 417 Interest rate collar 153,568 2.00% - 4.50% 6/1/2023 6/1/2025 128 440 Interest rate cap 57,090 6.00 % 6/20/2024 7/15/2026 22 — Interest rate cap 6,472 6.00 % 6/20/2024 7/15/2026 3 — Derivative instruments designated as hedging instruments: Interest rate swap (c) 175,000 3.69 % 1/3/2023 1/1/2027 (1,237) 117 Interest rate cap 127,000 5.50 % 11/10/2022 11/7/2024 — 28 Interest rate cap 73,460 5.00 % 12/22/2022 12/21/2025 11 223 Interest rate swap 40,800 1.68 % 3/1/2022 2/18/2027 1,641 2,496 Interest rate swap 34,513 4.89 % 11/1/2019 1/1/2032 1,891 2,519 Total fair value derivative assets $ 5,700 $ 10,318 Total fair value derivative liabilities (1,237) — Total fair value derivative asset (liability), net $ 4,463 $ 10,318 (a) These rates represent the swap rate and cap strike rate on the Company’s interest rate swaps, caps, and collars. (b) Interest related to these contracts was $2.1 million expense for the three months ended September 30, 2024, $1.0 million income for the nine months ended September 30, 2024, $1.5 million income for the three months ended September 30, 2023, and $3.6 million income for the nine months ended September 30, 2023. (c) In the first quarter of 2024, the Company terminated a portion of this swap, reducing the notional amount from $200.0 million to $175.0 million.
Summary of Effect of Derivative Financial Instruments on the Condensed Consolidated Statements of Operations	The tables below present the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023: Amount of Gain (Loss) Recognized in AOCI on Derivatives Derivatives in Cash Flow Hedging Relationships Three Months Ended September 30, Nine Months Ended September 30, thousands 2024 2023 2024 2023 Interest rate derivatives $ (4,116) $ 5,420 $ 950 $ 9,055 Location of Gain (Loss) Reclassified from AOCI into Statements of Operations Amount of Gain (Loss) Reclassified from AOCI into Three Months Ended September 30, Nine Months Ended September 30, thousands 2024 2023 2024 2023 Interest expense $ 1,194 $ 5,602 $ 3,597 $ 11,819

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
Income Taxes (Tables)	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Summary of Effective Income Tax Rate Reconciliation	Three Months Ended September 30, Nine Months Ended September 30, thousands except percentages 2024 2023 2024 2023 Income tax expense (benefit) $ 10,418 $ 11,453 $ 17,838 $ 11,018 Income (loss) from continuing operations before income taxes 107,759 43,665 142,833 41,742 Effective tax rate 9.7 % 26.2 % 12.5 % 26.4 %

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
Accumulated Other Comprehensive Income (Loss) (Tables)	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
Summary of AOCI	The following tables summarize changes in AOCI, all of which are presented net of tax: thousands Balance at June 30, 2024 $ 3,935 Derivative instruments: Other comprehensive income (loss) before reclassifications (4,116) (Gain) loss reclassified to net income (1,194) Net current-period other comprehensive income (loss) (5,310) Balance at September 30, 2024 $ (1,375) Balance at June 30, 2023 $ 7,753 Derivative instruments: Other comprehensive income (loss) before reclassifications 5,420 (Gain) loss reclassified to net income (5,602) Net current-period other comprehensive income (loss) (182) Balance at September 30, 2023 $ 7,571 thousands Balance at December 31, 2023 $ 1,272 Derivative instruments: Other comprehensive income (loss) before reclassifications 950 (Gain) loss reclassified to net income (3,597) Net current-period other comprehensive Income (loss) (2,647) Balance at September 30, 2024 $ (1,375) Balance at December 31, 2022 $ 10,335 Derivative instruments: Other comprehensive income (loss) before reclassifications 9,055 (Gain) loss reclassified to net income (11,819) Net current-period other comprehensive income (loss) (2,764) Balance at September 30, 2023 $ 7,571
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 September 30, Nine Months Ended September 30, Affected line items in the thousands 2024 2023 2024 2023 (Gains) losses on cash flow hedges $ (1,548) $ (7,240) $ (4,662) $ (15,274) Interest expense Income tax expense (benefit) 354 1,638 1,065 3,455 Income tax expense (benefit) Total reclassifications of (income) loss, net of tax $ (1,194) $ (5,602) $ (3,597) $ (11,819)

Revenues (Tables)

Revenues (Tables)	9 Months Ended
Revenues (Tables)	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Summary of Revenue Disaggregated by Revenue Source	The following presents the Company’s revenues disaggregated by revenue source: Three Months Ended September 30, Nine Months Ended September 30, thousands 2024 2023 2024 2023 Revenues from contracts with customers Recognized at a point in time: Condominium rights and unit sales $ 3 $ 25,962 $ 26 $ 46,915 Master Planned Communities land sales 198,239 75,378 385,444 177,045 Builder price participation 9,592 15,847 35,063 45,763 Total 207,834 117,187 420,533 269,723 Recognized at a point in time or over time: Other land, rental, and property revenues 10,700 11,308 31,105 35,902 Rental and lease-related revenues Rental revenue 108,613 99,978 315,461 290,164 Total revenues $ 327,147 $ 228,473 $ 767,099 $ 595,789 Revenues by segment Operating Assets revenues $ 114,019 $ 106,178 $ 331,779 $ 310,942 Master Planned Communities revenues 212,607 95,799 433,663 236,123 Strategic Developments revenues 505 26,481 1,607 48,679 Corporate revenues 16 15 50 45 Total revenues $ 327,147 $ 228,473 $ 767,099 $ 595,789
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 Balance at December 31, 2023 $ 575,621 Consideration earned during the period (79,388) Consideration received during the period 328,893 Balance at September 30, 2024 $ 825,126 Balance at December 31, 2022 $ 453,091 Consideration earned during the period (78,062) Consideration received during the period 165,419 Balance at September 30, 2023 $ 540,448
Summary of Remaining Performance Obligation, Expected Timing of Satisfaction	The Company expects to recognize this amount as revenue over the following periods: thousands Less than 1 year 1-2 years 3 years and thereafter Total remaining unsatisfied performance obligations $ 887,871 $ 1,239,222 $ 1,589,228

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Sep. 30, 2024
Leases [Abstract]
Summary of Leased Assets and Liabilities	The Company’s leased assets and liabilities are as follows: thousands September 30, 2024 December 31, 2023 Operating lease right-of-use assets $ 5,948 $ 5,463 Operating lease obligations 5,764 5,362
Summary of Future Minimum Lease Payments	Future minimum lease payments as of September 30, 2024, are as follows: thousands Operating Leases Remainder of 2024 $ 133 2025 992 2026 956 2027 898 2028 616 Thereafter 6,603 Total lease payments 10,198 Less: imputed interest (4,434) Present value of lease liabilities $ 5,764
Summary of Components of Lease Expense and Other Information	Other information related to the Company’s lessee agreements is as follows: Supplemental Condensed Consolidated Statements of Cash Flows Information Nine Months Ended September 30, thousands 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows on operating leases $ 649 $ 260 Other Information September 30, 2024 September 30, 2023 Weighted-average remaining lease term (years) Operating leases 16.4 18.6 Weighted-average discount rate Operating leases 7.1 % 7.4 %
Summary of Minimum Rentals	Minimum rent revenues related to operating leases are as follows: Three Months Ended September 30, Nine Months Ended September 30, thousands 2024 2023 2024 2023 Total minimum rent payments $ 59,984 $ 55,308 $ 174,390 $ 162,843 Total future minimum rents associated with operating leases are as follows as of September 30, 2024: thousands Total Minimum Rent Remainder of 2024 $ 59,589 2025 236,220 2026 229,526 2027 219,442 2028 197,352 Thereafter 820,880 Total $ 1,763,009

Segments (Tables)

Segments (Tables)	9 Months Ended
Segments (Tables)	Sep. 30, 2024
Segment Reporting [Abstract]
Summary of Segment Operating Results	Segment operating results are as follows: thousands Operating Assets Segment MPC Segment Strategic Developments Segment Total Three Months Ended September 30, 2024 Total revenues $ 114,019 $ 212,607 $ 505 $ 327,131 Total operating expenses (48,987) (84,532) (16,411) (149,930) Segment operating income (loss) 65,032 128,075 (15,906) 177,201 Depreciation and amortization (42,252) (109) (960) (43,321) Interest income (expense), net (36,661) 16,425 4,353 (15,883) Other income (loss), net (54) — 90,089 90,035 Equity in earnings (losses) from unconsolidated ventures (2,109) 361 118 (1,630) Gain (loss) on sale or disposal of real estate and other assets, net 3,165 — — 3,165 Segment EBT $ (12,879) $ 144,752 $ 77,694 $ 209,567 Corporate income, expenses, and other items (112,226) Net income (loss) from continuing operations 97,341 Net income (loss) from discontinued operations, net of taxes (24,031) Net (income) loss attributable to noncontrolling interests 273 Net income (loss) attributable to HHH $ 73,583 Three Months Ended September 30, 2023 Total revenues $ 106,178 $ 95,799 $ 26,481 $ 228,458 Total operating expenses (47,960) (41,239) (29,620) (118,819) Segment operating income (loss) 58,218 54,560 (3,139) 109,639 Depreciation and amortization (40,647) (103) (962) (41,712) Interest income (expense), net (31,337) 16,031 4,412 (10,894) Other income (loss), net (186) — 81 (105) Equity in earnings (losses) from unconsolidated ventures 1,363 14,310 59 15,732 Gain (loss) on sale or disposal of real estate and other assets, net 16,050 — 236 16,286 Segment EBT $ 3,461 $ 84,798 $ 687 $ 88,946 Corporate income, expenses, and other items (56,734) Net income (loss) from continuing operations 32,212 Net income (loss) from discontinued operations, net of taxes (576,199) Net (income) loss attributable to noncontrolling interests (46) Net income (loss) attributable to HHH $ (544,033) thousands Operating Assets Segment MPC Segment Strategic Developments Segment Total Nine Months Ended September 30, 2024 Total revenues $ 331,779 $ 433,663 $ 1,607 $ 767,049 Total operating expenses (142,751) (180,464) (29,271) (352,486) Segment operating income (loss) 189,028 253,199 (27,664) 414,563 Depreciation and amortization (125,903) (327) (6,257) (132,487) Interest income (expense), net (103,768) 47,839 12,971 (42,958) Other income (loss), net 896 — 90,075 90,971 Equity in earnings (losses) from unconsolidated ventures 4,044 (8,467) 193 (4,230) Gain (loss) on sale or disposal of real estate and other assets, net 7,959 — — 7,959 Gain (loss) on extinguishment of debt (198) — — (198) Segment EBT $ (27,942) $ 292,244 $ 69,318 $ 333,620 Corporate income, expenses, and other items (208,625) Net income (loss) from continuing operations 124,995 Net income (loss) from discontinued operations, net of taxes (81,807) Net (income) loss attributable to noncontrolling interests 297 Net income (loss) attributable to HHH $ 43,485 Nine Months Ended September 30, 2023 Total revenues $ 310,942 $ 236,123 $ 48,679 $ 595,744 Total operating expenses (134,486) (103,668) (76,020) (314,174) Segment operating income (loss) 176,456 132,455 (27,341) 281,570 Depreciation and amortization (116,454) (316) (2,848) (119,618) Interest income (expense), net (89,419) 49,004 11,917 (28,498) Other income (loss), net 2,078 (103) 158 2,133 Equity in earnings (losses) from unconsolidated ventures 5,311 21,056 94 26,461 Gain (loss) on sale or disposal of real estate and other assets, net 20,764 — 236 21,000 Segment EBT $ (1,264) $ 202,096 $ (17,784) $ 183,048 Corporate income, expenses, and other items (152,324) Net income (loss) from continuing operations 30,724 Net income (loss) from discontinued operations, net of taxes (616,479) Net (income) loss attributable to noncontrolling interests (166) Net income (loss) attributable to HHH $ (585,921)
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 September 30, 2024 December 31, 2023 Operating Assets $ 3,535,145 $ 3,448,319 Master Planned Communities 3,286,291 3,358,821 Strategic Developments 2,324,310 1,638,955 Total segment assets 9,145,746 8,446,095 Corporate 290,376 514,244 Discontinued operations — 615,272 Total assets $ 9,436,122 $ 9,575,612

Presentation of Financial Sta_4

Presentation of Financial Statements and Significant Accounting Policies - Narrative (Details) $ in Thousands	1 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jul. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Settlement amount	$ 193,400	$ 193,400
Related accrued interest	10,400	10,400
Future MUD receivables	32,600	32,600
Total cash consideration	176,700	176,700
Cash consideration allocated to sale of existing MUD receivables	152,300	152,300
Cash consideration allocated to future receivables	24,400
Securitization or Asset-Backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale, Gain (Loss) on Sale	51,500
Assets	9,436,122	9,436,122	$ 9,575,612
Accounts payable and other liabilities	1,374,461	1,374,461	1,052,973
Noncontrolling interests	65,927	65,927	66,053
Amortized cost basis of financing receivables	528,400	528,400	632,800
Accrued interest on financing receivables	$ 41,900	$ 41,900	$ 35,800
Financing receivable threshold period past due	30 days	30 days
Seaport Entertainment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Stockholders' equity note, spinoff ratio				0.1111
Teravalis Acquisition
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ownership interest		88%	88%
Percentage of minimum required capital contribution		12%	12%
Assets	$ 541,900	$ 541,900	$ 541,600
Accounts payable and other liabilities	300	300	600
Noncontrolling interests	$ 65,100	$ 65,100	$ 65,000
Seaport Entertainment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of air rights				80%

Presentation of Financial Sta_5

Presentation of Financial Statements and Significant Accounting Policies - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 101,284	$ 101,373
Reserve for uncollectible amounts	7,800	13,600
Reserve for uncollectible amounts under ASC 842	7,700
Collectibility of Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reserve for uncollectible amounts under ASC 450	100
Straight-line rent receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	89,629	84,316
Tenant receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	3,281	5,493
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 8,374	$ 11,564

Presentation of Financial Sta_6

Presentation of Financial Statements and Significant Accounting Policies - Impacts of the ASC 842 and ASC 450 Reserves (Details) - Collectibility of Receivables - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Rental revenue	$ (426)	$ 1,005	$ (1,200)	$ 5,361
Provision for (recovery of) doubtful accounts	190	1,399	327	(1,034)
Total (income) expense impact	$ (236)	$ 2,404	$ (873)	$ 4,327

Discontinued Operations - Net I

Discontinued Operations - Net Income (Loss) From Discontinued Operations, Net Of Income Taxes (Details) - Discontinued operations - Seaport Entertainment - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenues	$ 12,251	$ 40,186	$ 60,846	$ 92,475
Total operating expenses	18,019	41,129	88,381	102,235
General and administrative	15,801	0	32,870	0
Depreciation and amortization	2,586	13,288	16,717	38,987
Other	0	30	0	51
Provision for impairment	0	(672,492)	0	(672,492)
Other income (loss), net	32	255	(67)	(1,367)
Interest income (expense), net	(1,658)		(7,414)
Interest income (expense), net		811		2,194
Gain (loss) on extinguishment of debt	(1,563)	(48)	(1,563)	(48)
Equity in earnings (losses) from unconsolidated ventures	(2,129)	(46,618)	(18,960)	(68,335)
Net income (loss) from discontinued operations before income taxes	(29,473)	(732,353)	(105,126)	(788,846)
Income tax expense (benefit)	(5,442)	(156,154)	(23,319)	(172,367)
Net income (loss) from discontinued operations, net of taxes	$ (24,031)	$ (576,199)	$ (81,807)	$ (616,479)

Discontinued Operations - Major

Discontinued Operations - Major Classes Of Assets And Liabilities That Are Classified As Discontinued Operations On The Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restricted cash	$ 920,726	$ 1,053,057	$ 935,798	$ 1,098,936
Assets of discontinued operations	0	615,272
Liabilities of discontinued operations	$ 0	227,165
Discontinued operations \| Seaport Entertainment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net investment in real estate		437,463
Investments in unconsolidated ventures		37,459
Cash and cash equivalents		1,834
Restricted cash		42,011
Accounts receivable, net		13,672
Deferred expenses, net		4,379
Operating lease right-of-use assets		39,434
Other assets, net		39,020
Assets of discontinued operations		615,272
Mortgages, notes, and loans payable, net		155,628
Operating lease obligations		46,222
Deferred tax liabilities, net		3,542
Accounts payable and other liabilities		21,773
Liabilities of discontinued operations		$ 227,165

Investments in Unconsolidated_3

Investments in Unconsolidated Ventures - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Liabilities	$ 6,756,716	$ 6,517,015
Unconsolidated Properties
Schedule of Investments [Line Items]
Liabilities	328,000
Unconsolidated Properties \| Equity Method Investment, Nonconsolidated Investee or Group of Investees \| HHC
Schedule of Investments [Line Items]
Liabilities	$ 162,400

Investments in Unconsolidated_4

Investments in Unconsolidated Ventures - Summary of Equity Investments in Real Estate and Other Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Investments in and Advances to Affiliates [Line Items]
Investments in unconsolidated ventures	$ 177,908		$ 177,908		$ 182,799
Share of Earnings/Dividends	(1,630)	$ 15,732	(4,230)	$ 26,461
Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Equity Method Investments	174,129		174,129		179,020
Share of Earnings/Dividends	(1,630)	15,732	(7,472)	23,428
Other equity investments
Investments in and Advances to Affiliates [Line Items]
Other equity investments	3,779		3,779		3,779
Share of Earnings/Dividends	0	0	3,242	3,033
The Metropolitan \| Accounts Payable and Accrued Liabilities
Investments in and Advances to Affiliates [Line Items]
Investment deficit position	11,900		11,900		10,900
TEN.m.flats
Investments in and Advances to Affiliates [Line Items]
Investment deficit position	$ 6,000		$ 6,000		$ 4,700
Operating Assets Segment \| Stewart Title of Montgomery County, TX \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%		50%		50%
Equity Method Investments	$ 3,961		$ 3,961		$ 3,785
Share of Earnings/Dividends	$ 89	126	$ 176	182
Operating Assets Segment \| Woodlands Sarofim \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	20%		20%		20%
Equity Method Investments	$ 2,978		$ 2,978		$ 2,990
Share of Earnings/Dividends	$ (16)	(33)	$ (11)	(14)
Operating Assets Segment \| The Metropolitan \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%		50%		50%
Equity Method Investments	$ 0		$ 0		$ 0
Share of Earnings/Dividends	$ (664)	327	$ 409	717
Operating Assets Segment \| TEN.m.flats \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%		50%		50%
Equity Method Investments	$ 0		$ 0		$ 0
Share of Earnings/Dividends	$ (1,519)	944	$ 228	1,393
MPC Segment \| The Summit \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%		50%		50%
Equity Method Investments	$ 47,690		$ 47,690		$ 59,112
Share of Earnings/Dividends	$ (547)	14,829	$ (11,142)	22,576
MPC Segment \| Floreo \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%		50%		50%
Equity Method Investments	$ 58,554		$ 58,554		$ 55,880
Share of Earnings/Dividends	$ 908	(519)	$ 2,675	(1,520)
Strategic Developments Segment \| HHMK Development \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%		50%		50%
Equity Method Investments	$ 10		$ 10		$ 10
Share of Earnings/Dividends	$ 0	0	$ 0	0
Strategic Developments Segment \| KR Holdings \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	50%		50%		50%
Equity Method Investments	$ 502		$ 502		$ 486
Share of Earnings/Dividends	$ 5	0	$ 15	0
Strategic Developments Segment \| West End Alexandria \| Equity Method Investments
Investments in and Advances to Affiliates [Line Items]
Ownership Interest	58%		58%		58%
Equity Method Investments	$ 60,434		$ 60,434		$ 56,757
Share of Earnings/Dividends	$ 114	$ 58	$ 178	$ 94

Investments in Unconsolidated_5

Investments in Unconsolidated Ventures - The Summit (Details) usdPerAcre in Thousands, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 31, 2022 USD ($) a customHomeSite	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2015 USD ($) usdPerAcre
Schedule of Investments [Line Items]
Equity in earnings (losses) from unconsolidated ventures		$ (1,630)	$ 15,732	$ (4,230)	$ 26,461
The Summit
Schedule of Investments [Line Items]
Contribution of property						$ 13,400
SID bonds transferred to joint venture						1,300
Transaction value of land contributed to joint venture						$ 125,400
Transactional value per acre of land contributed to joint venture \| usdPerAcre						226
Maximum contribution required to joint venture by co-venturer						$ 30,000
Amount contributed on maximum contribution required to joint venture by co-venture						$ 3,800
Area of land \| a	54
Fair value of property contributed	$ 21,500
Equity in earnings (losses) from unconsolidated ventures	$ 13,500
Number of custom home sites \| customHomeSite	28

Investments in Unconsolidated_6

Investments in Unconsolidated Ventures - Floreo (Details) $ in Millions	1 Months Ended	3 Months Ended
	Oct. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) a	Sep. 30, 2024 USD ($)
Floreo Development Holding Company, LLC
Schedule of Investments [Line Items]
Acquisition interest		50%
Purchase price		$ 59
Floreo
Schedule of Investments [Line Items]
Face amount	$ 165
Outstanding borrowings			$ 132.6
Guarantee fee	$ 5
Investment in real estate and other affiliates			$ 58.6
Floreo \| Phoenix, Arizona
Schedule of Investments [Line Items]
Area of land \| a		3,029

Investments in Unconsolidated_7

Investments in Unconsolidated Ventures - West End Alexandria (Details) $ in Millions	3 Months Ended
	Dec. 31, 2021 USD ($) a
West End Alexandria \| Landmark Land Holdings
Schedule of Investments [Line Items]
Area of land	52
West End Alexandria \| Alexandria
Schedule of Investments [Line Items]
Area of land	11
Foulger Pratt Development, LLC \| Landmark Mall Property
Schedule of Investments [Line Items]
Area of land	33
Fair value of property contributed \| $	$ 56
Fair value of property contributed, additional \| $	$ 10
Seritage \| Landmark Mall Property
Schedule of Investments [Line Items]
Area of land	19
Fair value of property contributed \| $	$ 30
Development Plans \| Central Plaza
Schedule of Investments [Line Items]
Area of land	41
Area of real estate property (in sqft)	4,000,000

Acquisitions and Dispositions -

Acquisitions and Dispositions - Acquisitions Narrative (Details) $ in Millions	1 Months Ended
	Jun. 30, 2024 USD ($) a	May 31, 2023 USD ($) a
Waterway Plaza II
Asset Acquisition [Line Items]
Payments to acquire real estate \| $	$ 19.2
Area of land \| a	141,763
Mill Village Center And Related Anchor Site
Asset Acquisition [Line Items]
Payments to acquire real estate \| $		$ 5.9
Area of land \| a		8.7

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 ($) a landParcel	Feb. 29, 2024 USD ($) ft²	Dec. 31, 2023 USD ($) ft²	Jul. 31, 2023 USD ($) storageFacility storageUnit
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) \| ft²		32,689
Consideration received		$ 14
Gain on disposal		$ 4.8
Memorial Hermann Medical Office
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of real estate property (in sqft) \| ft²			20,000
Consideration received			$ 9.6
Gain on disposal			$ 3.2
The Woodlands, Texas
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received				$ 30.5
Gain on disposal				$ 16.1
Number of operating self storage facilities \| storageFacility				2
Number of storage units \| storageUnit				1,370
Honolulu, Hawai'i
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of real estate property (in sqft) \| a	11,929
Consideration received	$ 6.3
Gain on disposal	$ 4.7
Land parcels sold \| landParcel	2

Impairment - Narrative (Details

Impairment - Narrative (Details) $ in Millions	3 Months Ended
Impairment - Narrative (Details) $ in Millions	Sep. 30, 2023 USD ($)
Seaport Segment
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment charges, including equity method investment	$ 709.5

Other Assets and Liabilities -

Other Assets and Liabilities - Other Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Assets and Liabilities [Line Items]
Special Improvement District receivable, net	$ 61,291	$ 74,899
Security, escrow, and other deposits	56,004	67,701
Prepaid expenses	32,179	15,551
Other	30,731	15,140
Tenant incentives and other receivables, net	12,523	10,840
Interest rate derivative assets	5,700	10,318
Net investment in lease receivable	2,816	2,883
TIF receivable, net	1,561	6,371
Intangibles, net	1,270	1,360
Notes receivable, net	988	1,412
Condominium inventory	559	671
Other assets, net	239,723	242,636
In-place leases, net
Other Assets and Liabilities [Line Items]
In-place leases, net	$ 34,101	$ 35,490

Other Assets and Liabilities _2

Other Assets and Liabilities - Accounts Payable and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
OTHER ASSETS AND LIABILITIES [Abstract]
Condominium deposit liabilities	$ 699,644	$ 478,870
Construction payables	337,041	244,749
Deferred income	129,271	114,402
Other	47,700	23,555
Accrued real estate taxes	44,998	30,096
Tenant and other deposits	44,543	29,422
Accrued interest	27,054	53,301
Accrued payroll and other employee liabilities	22,714	31,002
Accounts payable and accrued expenses	20,259	47,576
Interest rate derivative liabilities	1,237	0
Accounts payable and other liabilities	$ 1,374,461	$ 1,052,973

Mortgages, Notes, and Loans P_3

Mortgages, Notes, and Loans Payable, Net - Summary of Mortgages, Notes and Loans Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Unamortized deferred financing costs	$ (39,359)	$ (47,628)
Mortgages, notes, and loans payable, net	5,298,760	5,146,992
Senior Notes
Debt Instrument [Line Items]
Fixed-rate debt	2,050,000	2,050,000
Mortgages
Debt Instrument [Line Items]
Fixed-rate debt	1,576,763	1,442,505
Variable-rate debt	1,374,215	1,161,488
Bonds
Debt Instrument [Line Items]
Fixed-rate debt	54,141	65,627
Secured Debt
Debt Instrument [Line Items]
Variable-rate debt	$ 283,000	$ 475,000

Mortgages, Notes, and Loans P_4

Mortgages, Notes, and Loans Payable, Net - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2024 USD ($) debtInstrument	Sep. 30, 2024 USD ($) debtInstrument	Sep. 30, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Other assets, net		$ 239,723	$ 239,723			$ 242,636
Derivative, term of contract			5 years
Weighted-average Interest Rate		8.05%	8.05%			7.86%
Repayments			$ 323,252	$ 9,952
Special Improvement District bond transfers associated with land sales			$ 9,997	$ 3,119
Derivative asset, number of instruments held \| debtInstrument		5	5
Secured Bridgeland Notes
Debt Instrument [Line Items]
Face amount							$ 475,000
Outstanding borrowings		$ 283,000	$ 283,000
Repayments		192,000
Debt instrument, redemption price, percentage	10%
Interest rate margin	7.43%
Secured Bridgeland Notes \| Subsequent Event
Debt Instrument [Line Items]
Face amount					$ 600,000
Senior Notes
Debt Instrument [Line Items]
Face amount		2,050,000	2,050,000					$ 2,100,000	$ 2,100,000
Mortgages
Debt Instrument [Line Items]
Face amount		$ 45,000	$ 45,000
Weighted-average Interest Rate		6.58%	6.58%			6.34%
Outstanding borrowings		$ 301,700	$ 301,700
Long-term debt, refinanced			130,000
Repayments			10,700
Long term debt, undrawn lender commitment			$ 1,500,000
Mortgages \| Minimum
Debt Instrument [Line Items]
Range of Interest Rates		3.13%	3.13%			3.13%
Mortgages \| Maximum
Debt Instrument [Line Items]
Range of Interest Rates		10.20%	10.20%			10.48%
Bonds
Debt Instrument [Line Items]
Special Improvement District bond transfers associated with land sales			$ 10,000
Special improvement district bond issued			$ 0
Bonds \| Minimum \| MPC Segment
Debt Instrument [Line Items]
Range of Interest Rates		4.13%	4.13%
Bonds \| Maximum \| MPC Segment
Debt Instrument [Line Items]
Range of Interest Rates		7%	7%
Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Other assets, net		$ 5,000,000	$ 5,000,000

Mortgages, Notes, and Loans P_5

Mortgages, Notes, and Loans Payable, Net - Schedule of Senior Unsecured Note (Details) - Senior Notes - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Principal	$ 2,050,000	$ 2,100,000	$ 2,100,000
Unsecured Senior Notes Due 2028
Debt Instrument [Line Items]
Principal	$ 750,000
Interest Rate	5.375%
Unsecured Senior Notes Due 2029
Debt Instrument [Line Items]
Principal	$ 650,000
Interest Rate	4.125%
Unsecured Senior Notes Due 2031
Debt Instrument [Line Items]
Principal	$ 650,000
Interest Rate	4.375%

Mortgages, Notes, and Loans P_6

Mortgages, Notes, and Loans Payable, Net - Schedule of Secured Mortgages Payable (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Weighted-average Interest Rate	8.05%	7.86%
Mortgages
Debt Instrument [Line Items]
Fixed rate	$ 1,576,763	$ 1,442,505
Variable rate	1,374,215	1,161,488
Secured mortgages payable	$ 2,950,978	$ 2,603,993
Fixed interest, weighted average interest rate	4.69%	4.45%
Variable interest, weighted average interest rate	8.75%	8.69%
Weighted-average Interest Rate	6.58%	6.34%
Fixed interest, weighted-average years to maturity	6 years 1 month 6 days	7 years
Variable interest, weighted-average years to maturity	1 year 6 months	2 years 1 month 6 days
Weighted-average Years to Maturity	3 years 10 months 24 days	4 years 9 months 18 days
Mortgages \| Minimum
Debt Instrument [Line Items]
Fixed weighted-average interest rate	3.13%	3.13%
Variable weighted-average interest rate	7.10%	7.08%
Range of Interest Rates	3.13%	3.13%
Mortgages \| Maximum
Debt Instrument [Line Items]
Fixed weighted-average interest rate	8.67%	8.67%
Variable weighted-average interest rate	10.20%	10.48%
Range of Interest Rates	10.20%	10.48%

Fair Value - Assets Measured on

Fair Value - Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative liabilities	$ 1,237	$ 0
Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate derivative assets	5,700	10,318
Interest rate derivative liabilities	1,237	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	5,700	10,318
Interest rate derivative liabilities	1,237	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 Liabili

Fair Value - Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Assets:
Cash and Restricted cash	$ 920,726		$ 884,542
Liabilities:
Allowance for accounts receivable	7,800	$ 13,600
Level 1 \| Carrying Amount
Assets:
Cash and Restricted cash	920,726	1,009,212
Level 1 \| Estimated Fair Value
Assets:
Cash and Restricted cash	920,726	1,009,212
Level 3 \| Carrying Amount
Assets:
Accounts receivable, net	101,284	101,373
Notes receivable, net	988	1,412
Level 3 \| Estimated Fair Value
Assets:
Accounts receivable, net	101,284	101,373
Notes receivable, net	988	1,412
Level 2 \| Carrying Amount
Liabilities:
Fixed-rate debt	3,680,904	3,558,132
Variable-rate debt	1,657,215	1,636,488
Level 2 \| Estimated Fair Value
Liabilities:
Fixed-rate debt	3,484,542	3,255,525
Variable-rate debt	$ 1,657,215	$ 1,636,488

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative liability fair value gross	$ 1,237	$ 0
Interest rate swap \| Derivative instruments designated as hedging instruments:
Derivative [Line Items]
Gain on derivative expected amount to be reclassified	2,300
Credit Risk Contract
Derivative [Line Items]
Derivative liability fair value gross	1,100
Termination value	$ 1,100

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			9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Fair value of derivative instruments
Total fair value derivative assets	$ 5,700			$ 5,700		$ 10,318
Total fair value derivative liabilities	(1,237)			(1,237)		0
Total fair value derivative asset (liability), net	4,463			4,463		10,318
Derivative instruments not designated as hedging instruments
Fair value of derivative instruments
Other income	2,100		$ (1,500)	(1,000)	$ (3,600)
Derivative instruments designated as hedging instruments: \| Minimum
Fair value of derivative instruments
Other income		$ 175,000
Derivative instruments designated as hedging instruments: \| Maximum
Fair value of derivative instruments
Other income		$ 200,000
Fixed Interest Rate 2.50%, 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			$ 75,000
Derivative, fixed interest rate	2.50%			2.50%
Total fair value derivative assets	$ 1,004			$ 1,004		2,274
Fixed Interest Rate 2.50%, 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			$ 59,500
Derivative, fixed interest rate	2.50%			2.50%
Total fair value derivative assets	$ 797			$ 797		1,804
Fixed Interest Rate 2.00% To 4.50%, Maturing June 2025, Notional 1 \| Interest rate collar \| Derivative instruments not designated as hedging instruments \| Other assets, net
Fair value of derivative instruments
Notional amount, asset	117,505			117,505
Total fair value derivative assets	$ 203			$ 203		417
Fixed Interest Rate 2.00% To 4.50%, Maturing June 2025, Notional 1 \| Interest rate collar \| Derivative instruments not designated as hedging instruments \| Other assets, net \| Minimum
Fair value of derivative instruments
Derivative, fixed interest rate	2%			2%
Fixed Interest Rate 2.00% To 4.50%, Maturing June 2025, Notional 1 \| Interest rate collar \| Derivative instruments not designated as hedging instruments \| Other assets, net \| Maximum
Fair value of derivative instruments
Derivative, fixed interest rate	4.50%			4.50%
Fixed Interest Rate 2.00% To 4.50%, Maturing June 2025, Notional 2 \| Interest rate collar \| Derivative instruments not designated as hedging instruments \| Other assets, net
Fair value of derivative instruments
Notional amount, asset	$ 153,568			$ 153,568
Total fair value derivative assets	$ 128			$ 128		440
Fixed Interest Rate 2.00% To 4.50%, Maturing June 2025, Notional 2 \| Interest rate collar \| Derivative instruments not designated as hedging instruments \| Other assets, net \| Minimum
Fair value of derivative instruments
Derivative, fixed interest rate	2%			2%
Fixed Interest Rate 2.00% To 4.50%, Maturing June 2025, Notional 2 \| Interest rate collar \| Derivative instruments not designated as hedging instruments \| Other assets, net \| Maximum
Fair value of derivative instruments
Derivative, fixed interest rate	4.50%			4.50%
Fixed Interest Rate 6.00 Percent, Maturing June 2024, Notional 1 \| Interest rate cap \| Derivative instruments not designated as hedging instruments \| Other assets, net
Fair value of derivative instruments
Notional amount, asset	$ 57,090			$ 57,090
Derivative, fixed interest rate	6%			6%
Total fair value derivative assets	$ 22			$ 22		0
Fixed Interest Rate 6.00 Percent, Maturing June 2024, Notional 2 \| Interest rate cap \| Derivative instruments not designated as hedging instruments \| Other assets, net
Fair value of derivative instruments
Notional amount, asset	$ 6,472			$ 6,472
Derivative, fixed interest rate	6%			6%
Total fair value derivative assets	$ 3			$ 3		0
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	$ 175,000			$ 175,000
Derivative, fixed interest rate	3.69%			3.69%
Total fair value derivative liabilities	$ (1,237)			$ (1,237)		117
Fixed Interest Rate 5.50%, Maturing November 2024 \| Interest rate cap \| Derivative instruments designated as hedging instruments: \| Other assets, net
Fair value of derivative instruments
Notional amount, liability	$ 127,000			$ 127,000
Derivative, fixed interest rate	5.50%			5.50%
Total fair value derivative assets	$ 0			$ 0		28
Fixed Interest Rate 5.00% Maturing December 2025 \| Interest rate cap \| Derivative instruments designated as hedging instruments: \| Other assets, net
Fair value of derivative instruments
Notional amount, liability	$ 73,460			$ 73,460
Derivative, fixed interest rate	5%			5%
Total fair value derivative assets	$ 11			$ 11		223
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			$ 40,800
Derivative, fixed interest rate	1.68%			1.68%
Total fair value derivative liabilities	$ 1,641			$ 1,641		2,496
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	$ 34,513			$ 34,513
Derivative, fixed interest rate	4.89%			4.89%
Total fair value derivative liabilities	$ 1,891			$ 1,891		$ 2,519

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest expense
Effect of the Company's derivative financial instruments on the income statement
Amount of Gain (Loss) Reclassified from AOCI into Statements of Operations	$ 1,194	$ 5,602	$ 3,597	$ 11,819
Interest rate derivatives
Effect of the Company's derivative financial instruments on the income statement
Amount of Gain (Loss) Recognized in AOCI on Derivatives	$ (4,116)	$ 5,420	$ 950	$ 9,055

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Jun. 14, 2018 party individualOrEntity	Oct. 31, 2022 USD ($)	Sep. 30, 2024 USD ($) tower	Mar. 31, 2024 USD ($)	Sep. 30, 2024 USD ($) tower	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Damages award					$ 17,000
Post-judgment interest					10%
Number of individuals or entities on petition \| individualOrEntity	500
Number of unaffiliated parties \| party	2
Outstanding letters of credit			$ 3,900		$ 3,900		$ 3,900
Amount of outstanding surety bonds			$ 365,800		365,800		$ 470,400
Repayments					$ 323,252	$ 9,952
Guarantor obligations, reserved percentage of residential units					20%
Guarantor obligations, number of towers reserved \| tower			4		4
Seaport Entertainment Guaranty
Loss Contingencies [Line Items]
Facility amount			$ 61,300		$ 61,300
Interest Rate			2%		2%
Mortgages
Loss Contingencies [Line Items]
Repayments					$ 10,700
Face amount			$ 45,000		45,000
Mortgages \| Seaport Entertainment Guaranty
Loss Contingencies [Line Items]
Repayments					113,400
Bond Financing
Loss Contingencies [Line Items]
Face amount		$ 165,000
Long-term debt outstanding			132,600		132,600
Debt instrument, loan-to-value ratio threshold		50%
Cash collateral for borrowed securities		$ 50,000
Proceeds from issuance of debt		$ 5,000
Floreo \| Bond Financing
Loss Contingencies [Line Items]
Ownership Interest		50%
Waiea
Loss Contingencies [Line Items]
Remediation cost				$ 158,400
Additional anticipated costs				$ 3,000
Loss contingency accrual for estimated repair costs			400		400
Proceeds from insurance settlement			90,000
Contractual obligation			$ 22,000		22,000
Settlement, loss					9,900
Revenue from contract with customers					$ 12,100

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 10,418	$ 11,453	$ 17,838	$ 11,018
Income (loss) from continuing operations before income taxes	$ 107,759	$ 43,665	$ 142,833	$ 41,742
Effective tax rate	9.70%	26.20%	12.50%	26.40%

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Summary of Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative instruments:
Balance at the beginning of the period	$ 3,036,033	$ 3,568,453	$ 3,058,597	$ 3,606,112
Other comprehensive income (loss) before reclassifications	(4,116)	5,420	950	9,055
(Gain) loss reclassified to net income	(1,194)	(5,602)	(3,597)	(11,819)
Net current-period other comprehensive Income (loss)	(5,310)	(182)	(2,647)	(2,764)
Balance at the end of the period	2,679,406	3,029,651	2,679,406	3,029,651
AOCI Attributable to Parent
Derivative instruments:
Balance at the beginning of the period	3,935	7,753	1,272	10,335
Balance at the end of the period	$ (1,375)	$ 7,571	$ (1,375)	$ 7,571

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Summary of Amounts Reclassified Out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Reclassifications out of accumulated other comprehensive income (loss)
(Gains) losses on cash flow hedges	$ 43,802	$ 39,316	$ 122,597	$ 112,783
Income tax expense (benefit)	10,418	11,453	17,838	11,018
Total reclassifications of (income) loss, net of tax	(73,310)	543,987	(43,188)	585,755
Amounts reclassified from Accumulated other comprehensive income (loss)
Reclassifications out of accumulated other comprehensive income (loss)
Total reclassifications of (income) loss, net of tax	(1,194)	(5,602)	(3,597)	(11,819)
Accumulated Other Comprehensive Income (Loss) Components \| Amounts reclassified from Accumulated other comprehensive income (loss)
Reclassifications out of accumulated other comprehensive income (loss)
(Gains) losses on cash flow hedges	(1,548)	(7,240)	(4,662)	(15,274)
Income tax expense (benefit)	$ 354	$ 1,638	$ 1,065	$ 3,455

Revenues - Schedule of Disaggre

Revenues - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Rental revenue	$ 108,613	$ 99,978	$ 315,461	$ 290,164
Total revenues	327,147	228,473	767,099	595,789
Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	207,834	117,187	420,533	269,723
Operating Assets revenues
Disaggregation of Revenue [Line Items]
Total revenues	114,019	106,178	331,779	310,942
Master Planned Communities revenues
Disaggregation of Revenue [Line Items]
Total revenues	212,607	95,799	433,663	236,123
Strategic Developments revenues
Disaggregation of Revenue [Line Items]
Total revenues	505	26,481	1,607	48,679
Corporate revenues
Disaggregation of Revenue [Line Items]
Total revenues	16	15	50	45
Condominium rights and unit sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	3	25,962	26	46,915
Condominium rights and unit sales \| Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	3	25,962	26	46,915
Master Planned Communities land sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	198,239	75,378	385,444	177,045
Master Planned Communities land sales \| Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	198,239	75,378	385,444	177,045
Builder price participation
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	9,592	15,847	35,063	45,763
Builder price participation \| Recognized at a point in time:
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	9,592	15,847	35,063	45,763
Other land, rental, and property revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	10,700	11,308	31,105	35,902
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	$ 10,700	$ 11,308	$ 31,105	$ 35,902

Revenues - Schedule of Contract

Revenues - Schedule of Contract with Customer, Assets and Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Contract Liabilities
Beginning balance	$ 575,621	$ 453,091
Consideration earned during the period	(79,388)	(78,062)
Consideration received during the period	328,893	165,419
Ending balance	$ 825,126	$ 540,448

Revenues - Schedule of Remainin

Revenues - Schedule of Remaining Unsatisfied Performance Obligations (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, cancellation period	30 days
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 3,700,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 887,871
Remaining performance obligation, expected timing of satisfaction period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1,239,222
Remaining performance obligation, expected timing of satisfaction period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1,589,228
Remaining performance obligation, expected timing of satisfaction period

Leases - Narrative (Details)

Leases - Narrative (Details)	9 Months Ended
Leases - Narrative (Details)	Sep. 30, 2024
Lessee, Lease, Description [Line Items]
Lessee, remaining lease term	2 years
Lessor, average remaining lease term	5 years
One Lease
Lessee, Lease, Description [Line Items]
Lessee, remaining lease term	25 years

Leases - Leased Assets and Liab

Leases - Leased Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease right-of-use assets	$ 5,948	$ 5,463
Operating lease obligations	$ 5,764	$ 5,362

Leases - Lease Liability Maturi

Leases - Lease Liability Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Remainder of 2024	$ 133
2025	992
2026	956
2027	898
2028	616
Thereafter	6,603
Total lease payments	10,198
Less: imputed interest	(4,434)
Present value of lease liabilities	$ 5,764	$ 5,362

Leases - Other Information (Det

Leases - Other Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows on operating leases	$ 649	$ 260
Weighted-average remaining lease term (years)
Operating leases	16 years 4 months 24 days	18 years 7 months 6 days
Weighted-average discount rate
Operating leases	7.10%	7.40%

Leases - Minimum Rent Payments

Leases - Minimum Rent Payments Received (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Total minimum rent payments	$ 59,984	$ 55,308	$ 174,390	$ 162,843
Remainder of 2024	59,589		59,589
2025	236,220		236,220
2026	229,526		229,526
2027	219,442		219,442
2028	197,352		197,352
Thereafter	820,880		820,880
Total	$ 1,763,009		$ 1,763,009

Segments - Narrative (Details)

Segments - Narrative (Details)	9 Months Ended
Segments - Narrative (Details)	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segments - Summary of Segment O

Segments - Summary of Segment Operating Results (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segments reporting
Total revenues	$ 327,147	$ 228,473	$ 767,099	$ 595,789
Depreciation and amortization	(44,088)	(42,686)	(134,833)	(122,217)
Other income (loss), net	90,489	(82)	91,870	4,914
Equity in earnings (losses) from unconsolidated ventures	(1,630)	15,732	(4,230)	26,461
Gain (loss) on sale or disposal of real estate and other assets, net	3,165	16,286	7,959	21,000
Gain (loss) on extinguishment of debt	0	0	(198)	0
Income (loss) from continuing operations before income taxes	107,759	43,665	142,833	41,742
Net income (loss) from continuing operations	97,341	32,212	124,995	30,724
Net income (loss) from discontinued operations, net of taxes	(24,031)	(576,199)	(81,807)	(616,479)
Net (income) loss attributable to noncontrolling interests	273	(46)	297	(166)
Net income (loss) attributable to HHH	73,583	(544,033)	43,485	(585,921)
Operating segments
Segments reporting
Total revenues	327,131	228,458	767,049	595,744
Total operating expenses	(149,930)	(118,819)	(352,486)	(314,174)
Segment operating income (loss)	177,201	109,639	414,563	281,570
Depreciation and amortization	(43,321)	(41,712)	(132,487)	(119,618)
Interest income (expense), net	(15,883)	(10,894)	(42,958)	(28,498)
Other income (loss), net	90,035	(105)	90,971	2,133
Equity in earnings (losses) from unconsolidated ventures	(1,630)	15,732	(4,230)	26,461
Gain (loss) on sale or disposal of real estate and other assets, net	3,165	16,286	7,959	21,000
Gain (loss) on extinguishment of debt			(198)
Income (loss) from continuing operations before income taxes	209,567	88,946	333,620	183,048
Corporate
Segments reporting
Corporate income, expenses, and other items	(112,226)	(56,734)	(208,625)	(152,324)
Operating Assets Segment
Segments reporting
Total revenues	114,019	106,178	331,779	310,942
Operating Assets Segment \| Operating segments
Segments reporting
Total revenues	114,019	106,178	331,779	310,942
Total operating expenses	(48,987)	(47,960)	(142,751)	(134,486)
Segment operating income (loss)	65,032	58,218	189,028	176,456
Depreciation and amortization	(42,252)	(40,647)	(125,903)	(116,454)
Interest income (expense), net	(36,661)	(31,337)	(103,768)	(89,419)
Other income (loss), net	(54)	(186)	896	2,078
Equity in earnings (losses) from unconsolidated ventures	(2,109)	1,363	4,044	5,311
Gain (loss) on sale or disposal of real estate and other assets, net	3,165	16,050	7,959	20,764
Gain (loss) on extinguishment of debt			(198)
Income (loss) from continuing operations before income taxes	(12,879)	3,461	(27,942)	(1,264)
MPC Segment
Segments reporting
Total revenues	212,607	95,799	433,663	236,123
MPC Segment \| Operating segments
Segments reporting
Total revenues	212,607	95,799	433,663	236,123
Total operating expenses	(84,532)	(41,239)	(180,464)	(103,668)
Segment operating income (loss)	128,075	54,560	253,199	132,455
Depreciation and amortization	(109)	(103)	(327)	(316)
Interest income (expense), net	16,425	16,031	47,839	49,004
Other income (loss), net	0	0	0	(103)
Equity in earnings (losses) from unconsolidated ventures	361	14,310	(8,467)	21,056
Gain (loss) on sale or disposal of real estate and other assets, net	0	0	0	0
Gain (loss) on extinguishment of debt			0
Income (loss) from continuing operations before income taxes	144,752	84,798	292,244	202,096
Strategic Developments Segment
Segments reporting
Total revenues	505	26,481	1,607	48,679
Strategic Developments Segment \| Operating segments
Segments reporting
Total revenues	505	26,481	1,607	48,679
Total operating expenses	(16,411)	(29,620)	(29,271)	(76,020)
Segment operating income (loss)	(15,906)	(3,139)	(27,664)	(27,341)
Depreciation and amortization	(960)	(962)	(6,257)	(2,848)
Interest income (expense), net	4,353	4,412	12,971	11,917
Other income (loss), net	90,089	81	90,075	158
Equity in earnings (losses) from unconsolidated ventures	118	59	193	94
Gain (loss) on sale or disposal of real estate and other assets, net	0	236	0	236
Gain (loss) on extinguishment of debt			0
Income (loss) from continuing operations before income taxes	$ 77,694	$ 687	$ 69,318	$ (17,784)

Segments - Summary of Assets by

Segments - Summary of Assets by Segment and Reconciliation of Segment Assets to Total Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Reconciliation of total segment assets to total assets
Assets	$ 9,436,122	$ 9,575,612
Discontinued operations
Reconciliation of total segment assets to total assets
Assets	0	615,272
Operating segments
Reconciliation of total segment assets to total assets
Assets	9,145,746	8,446,095
Operating segments \| Operating Assets Segment
Reconciliation of total segment assets to total assets
Assets	3,535,145	3,448,319
Operating segments \| MPC Segment
Reconciliation of total segment assets to total assets
Assets	3,286,291	3,358,821
Operating segments \| Strategic Developments Segment
Reconciliation of total segment assets to total assets
Assets	2,324,310	1,638,955
Corporate
Reconciliation of total segment assets to total assets
Assets	$ 290,376	$ 514,244