(State or other jurisdiction of | (I.R.S. employer |
incorporation or organization) | identification number) |
☒ | Accelerated filer | ☐ | ||
Non-accelerated filer | ☐ | Smaller reporting company | ||
Emerging growth company | ||||
Title of each class: | Trading Symbol(s) | Name of each exchange on which registered: | |||
PAGE NUMBER | |||
Item 1: | |||
Item 2: | |||
Item 3: | |||
Item 4: | |||
Item 1: | |||
Item 1A: | |||
Item 2: | |||
Item 3: | |||
Item 4: | |||
Item 5: | |||
Item 6: | |||
(In thousands, except par values and share amounts) | June 30, 2019 | December 31, 2018 | ||||||
Assets: | ||||||||
Investment in real estate: | ||||||||
Master Planned Communities assets | $ | $ | ||||||
Buildings and equipment | ||||||||
Less: accumulated depreciation | ( | ) | ( | ) | ||||
Land | ||||||||
Developments | ||||||||
Net property and equipment | ||||||||
Investment in real estate and other affiliates | ||||||||
Net investment in real estate | ||||||||
Cash and cash equivalents | ||||||||
Restricted cash | ||||||||
Accounts receivable, net | ||||||||
Municipal Utility District receivables, net | ||||||||
Notes receivable, net | ||||||||
Deferred expenses, net | ||||||||
Operating lease right-of-use assets, net | ||||||||
Prepaid expenses and other assets, net | ||||||||
Total assets | $ | $ | ||||||
Liabilities: | ||||||||
Mortgages, notes and loans payable, net | $ | $ | ||||||
Operating lease obligations | ||||||||
Deferred tax liabilities | ||||||||
Accounts payable and accrued expenses | ||||||||
Total liabilities | ||||||||
Commitments and contingencies (see Note 9) | ||||||||
Equity: | ||||||||
Preferred stock: $.01 par value; 50,000,000 shares authorized, none issued | ||||||||
Common stock: $.01 par value; 150,000,000 shares authorized, 43,661,694 shares issued and 43,141,845 outstanding as of June 30, 2019 and 43,511,473 shares issued and 42,991,624 outstanding as of December 31, 2018 | ||||||||
Additional paid-in capital | ||||||||
Accumulated deficit | ( | ) | ( | ) | ||||
Accumulated other comprehensive loss | ( | ) | ( | ) | ||||
Treasury stock, at cost, 519,849 shares as of June 30, 2019 and December 31, 2018 | ( | ) | ( | ) | ||||
Total stockholders' equity | ||||||||
Noncontrolling interests | ||||||||
Total equity | ||||||||
Total liabilities and equity | $ | $ | ||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands, except per share amounts) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenues: | ||||||||||||||||
Condominium rights and unit sales | $ | $ | $ | $ | ||||||||||||
Master Planned Communities land sales | ||||||||||||||||
Minimum rents | ||||||||||||||||
Tenant recoveries | ||||||||||||||||
Hospitality revenues | ||||||||||||||||
Builder price participation | ||||||||||||||||
Other land revenues | ||||||||||||||||
Other rental and property revenues | ||||||||||||||||
Total revenues | ||||||||||||||||
Expenses: | ||||||||||||||||
Condominium rights and unit cost of sales | ||||||||||||||||
Master Planned Communities cost of sales | ||||||||||||||||
Master Planned Communities operations | ||||||||||||||||
Other property operating costs | ||||||||||||||||
Rental property real estate taxes | ||||||||||||||||
Rental property maintenance costs | ||||||||||||||||
Hospitality operating costs | ||||||||||||||||
(Recovery) provision for doubtful accounts | ( | ) | ( | ) | ||||||||||||
Demolition costs | ||||||||||||||||
Development-related marketing costs | ||||||||||||||||
General and administrative | ||||||||||||||||
Depreciation and amortization | ||||||||||||||||
Total expenses | ||||||||||||||||
Other: | ||||||||||||||||
Loss on sale or disposal of real estate | ( | ) | ( | ) | ||||||||||||
Other income, net | ||||||||||||||||
Total other | ||||||||||||||||
Operating income (loss) | ( | ) | ( | ) | ||||||||||||
Interest income | ||||||||||||||||
Interest expense | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Equity in earnings from real estate and other affiliates | ||||||||||||||||
Income (loss) before taxes | ( | ) | ( | ) | ||||||||||||
Provision for (benefit from) income taxes | ( | ) | ( | ) | ||||||||||||
Net income (loss) | ( | ) | ( | ) | ||||||||||||
Net loss attributable to noncontrolling interests | ||||||||||||||||
Net income (loss) attributable to common stockholders | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||
Basic income (loss) per share: | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||
Diluted income (loss) per share: | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income (loss) | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||
Other comprehensive (loss) income: | ||||||||||||||||
Interest rate swaps (a) | ( | ) | ( | ) | ||||||||||||
Capitalized swap interest (expense) income (b) | ( | ) | ( | ) | ||||||||||||
Pension adjustment (c) | ( | ) | ( | ) | ||||||||||||
Adoption of ASU 2018-02 (d) | ( | ) | ||||||||||||||
Adoption of ASU 2017-12 (e) | ( | ) | ||||||||||||||
Terminated swap amortization | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Other comprehensive (loss) income | ( | ) | ( | ) | ||||||||||||
Comprehensive income | ( | ) | ( | ) | ||||||||||||
Comprehensive income attributable to noncontrolling interests | ||||||||||||||||
Comprehensive income attributable to common stockholders | $ | ( | ) | $ | ( | ) | $ | $ | ||||||||
(a) | Amounts are shown net of deferred tax benefit of $ |
(b) | The deferred tax impact was not meaningful for the three and six months ended June 30, 2019 and 2018, respectively. |
(c) | Net of deferred tax benefit of $ |
(d) | The Company adopted Accounting Standards Update ("ASU") 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, as of January 1, 2018. |
(e) | The Company adopted ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, as of January 1, 2018. |
Accumulated | ||||||||||||||||||||||||||||||||||||||
Additional | Other | Total | ||||||||||||||||||||||||||||||||||||
Common Stock | Paid-In | Accumulated | Comprehensive | Treasury Stock | Stockholders' | Noncontrolling | Total | |||||||||||||||||||||||||||||||
(In thousands, except shares) | Shares | Amount | Capital | Deficit | (Loss) Income | Shares | Amount | Equity | Interests | Equity | ||||||||||||||||||||||||||||
Balance, March 31, 2018 | $ | $ | $ | ( | ) | $ | ( | ) | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||||||||
Net loss | — | — | — | ( | ) | — | — | — | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||
Interest rate swaps, net of tax of $1,807 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Terminated swap amortization | — | — | — | — | ( | ) | — | — | ( | ) | ( | ) | ||||||||||||||||||||||||||
Pension adjustment, net of tax of $641 | — | — | — | — | ( | ) | — | — | ( | ) | — | ( | ) | |||||||||||||||||||||||||
Capitalized swap interest, net of tax of $13 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Repurchase of common shares | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Contributions to joint ventures | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Stock plan activity | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Balance, June 30, 2018 | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||||||||||
Balance, March 31, 2019 | $ | $ | $ | ( | ) | $ | ( | ) | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | ( | ) | ||||||||||||||||||||||||||||||
Interest rate swaps, net of tax of $3,770 | — | — | — | — | ( | ) | — | — | ( | ) | — | ( | ) | |||||||||||||||||||||||||
Terminated swap amortization | — | — | — | — | ( | ) | — | — | ( | ) | — | ( | ) | |||||||||||||||||||||||||
Capitalized swap interest, net of tax of $6 | — | — | — | — | ( | ) | — | — | ( | ) | — | ( | ) | |||||||||||||||||||||||||
Repurchase of common shares | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Deconsolidation of Associations of Unit Owners | — | — | — | — | — | — | — | — | ( | ) | ( | ) | ||||||||||||||||||||||||||
Contributions to joint ventures | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Stock plan activity | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Balance, June 30, 2019 | $ | $ | $ | ( | ) | $ | ( | ) | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||||||||
Accumulated | ||||||||||||||||||||||||||||||||||||||
Additional | Other | Total | ||||||||||||||||||||||||||||||||||||
Common Stock | Paid-In | Accumulated | Comprehensive | Treasury Stock | Stockholders' | Noncontrolling | Total | |||||||||||||||||||||||||||||||
(In thousands, except shares) | Shares | Amount | Capital | Deficit | (Loss) Income | Shares | Amount | Equity | Interests | Equity | ||||||||||||||||||||||||||||
Balance, December 31, 2017 | $ | $ | $ | ( | ) | $ | ( | ) | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||||||||
Net loss | — | — | — | ( | ) | — | — | — | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||
Interest rate swaps, net of tax of $3,933 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Terminated swap amortization | — | — | — | — | ( | ) | — | — | ( | ) | ( | ) | ||||||||||||||||||||||||||
Pension adjustment, net of tax of $641 | — | — | — | — | ( | ) | — | — | ( | ) | — | ( | ) | |||||||||||||||||||||||||
Capitalized swap interest, net of tax of $16 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Adoption of ASU 2014-09 | — | — | — | ( | ) | — | — | — | ( | ) | — | ( | ) | |||||||||||||||||||||||||
Adoption of ASU 2017-12 | — | — | — | ( | ) | — | — | — | — | — | ||||||||||||||||||||||||||||
Adoption of ASU 2018-02 | — | — | — | ( | ) | — | — | — | — | — | ||||||||||||||||||||||||||||
Repurchase of common shares | — | — | — | — | — | ( | ) | ( | ) | ( | ) | — | ( | ) | ||||||||||||||||||||||||
Contributions to joint ventures | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Stock plan activity | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Balance, June 30, 2018 | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||||||||||
Balance, December 31, 2018 | $ | $ | $ | ( | ) | $ | ( | ) | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | ( | ) | ||||||||||||||||||||||||||||||
Interest rate swaps, net of tax of $5,957 | — | — | — | — | ( | ) | — | — | ( | ) | — | ( | ) | |||||||||||||||||||||||||
Terminated swap amortization | — | — | — | — | ( | ) | — | — | ( | ) | — | ( | ) | |||||||||||||||||||||||||
Capitalized swap interest, net of tax of $20 | — | — | — | — | ( | ) | — | — | ( | ) | — | ( | ) | |||||||||||||||||||||||||
Repurchase of common shares | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Deconsolidation of Associations of Unit Owners | — | — | — | — | — | — | — | — | ( | ) | ( | ) | ||||||||||||||||||||||||||
Contributions to joint ventures | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Stock plan activity | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Balance, June 30, 2019 | $ | $ | $ | ( | ) | $ | ( | ) | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||||||||
Six Months Ended June 30, | ||||||||
(In thousands) | 2019 | 2018 | ||||||
Cash Flows from Operating Activities: | ||||||||
Net income (loss) | $ | $ | ( | ) | ||||
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: | ||||||||
Depreciation | ||||||||
Amortization | ||||||||
Amortization of deferred financing costs | ||||||||
Amortization of intangibles other than in-place leases | ||||||||
Straight-line rent amortization | ( | ) | ( | ) | ||||
Deferred income taxes | ( | ) | ||||||
Restricted stock and stock option amortization | ||||||||
Net decrease (increase) in minimum pension liability | ( | ) | ||||||
Equity in earnings from real estate and other affiliates, net of distributions | ( | ) | ( | ) | ||||
Provision for doubtful accounts | ||||||||
Master Planned Communities land acquisitions | ( | ) | ( | ) | ||||
Master Planned Communities development expenditures | ( | ) | ( | ) | ||||
Master Planned Communities cost of sales | ||||||||
Condominium development expenditures | ( | ) | ( | ) | ||||
Condominium rights and unit cost of sales | ||||||||
Net changes: | ||||||||
Accounts and notes receivable | ( | ) | ( | ) | ||||
Prepaid expenses and other assets | ( | ) | ||||||
Condominium deposits received | ( | ) | ||||||
Deferred expenses | ( | ) | ( | ) | ||||
Accounts payable and accrued expenses | ( | ) | ( | ) | ||||
Cash provided by (used in) operating activities | ( | ) | ||||||
Cash Flows from Investing Activities: | ||||||||
Property and equipment expenditures | ( | ) | ( | ) | ||||
Operating property improvements | ( | ) | ( | ) | ||||
Property development and redevelopment | ( | ) | ( | ) | ||||
Acquisition of assets | ( | ) | ||||||
Reimbursements under Tax Increment Financings | ||||||||
Distributions from real estate and other affiliates | ||||||||
Notes issued to real estate and other affiliates | ( | ) | ||||||
Investments in real estate and other affiliates, net | ( | ) | ( | ) | ||||
Cash used in investing activities | ( | ) | ( | ) | ||||
Cash Flows from Financing Activities: | ||||||||
Proceeds from mortgages, notes and loans payable | ||||||||
Principal payments on mortgages, notes and loans payable | ( | ) | ( | ) | ||||
Purchase of treasury stock | ( | ) | ||||||
Special Improvement District bond funds released from (held in) escrow | ||||||||
Deferred financing costs and bond issuance costs, net | ( | ) | ( | ) | ||||
Taxes paid on stock options exercised and restricted stock vested | ( | ) | ( | ) | ||||
Gain on unwinding of swaps | ||||||||
Stock options exercised | ||||||||
Contributions from noncontrolling interest | ||||||||
Cash provided by financing activities | ||||||||
Net change in cash, cash equivalents and restricted cash | ( | ) | ||||||
Cash, cash equivalents and restricted cash at beginning of period | ||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | ||||||
Six Months Ended June 30, | ||||||||
(In thousands) | 2019 | 2018 | ||||||
Supplemental Disclosure of Cash Flow Information: | ||||||||
Interest paid | $ | $ | ||||||
Interest capitalized | ||||||||
Income taxes (refunded) paid, net | ( | ) | ||||||
Non-Cash Transactions: | ||||||||
Accrued property improvements, developments and redevelopments | ||||||||
Special Improvement District bond transfers associated with land sales | ||||||||
Accrued interest on construction loan borrowing | ||||||||
Capitalized stock compensation | ||||||||
(In thousands) | June 30, 2019 | |||
Assets | ||||
Operating lease right-of-use assets | $ | |||
Total leased assets | $ | |||
Liabilities | ||||
Operating lease liabilities | $ | |||
Total leased liabilities | $ | |||
(In thousands) | Three Months Ended | Six Months Ended | ||||||
Lease Cost | June 30, 2019 | June 30, 2019 | ||||||
Operating lease cost | $ | $ | ||||||
Variable lease costs | ||||||||
Sublease income | ||||||||
Net lease cost | $ | $ | ||||||
(In thousands) | Operating | |||
Year Ended December 31, | Leases | |||
2019 (excluding the six months ended June 30, 2019) | $ | |||
2020 | ||||
2021 | ||||
2022 | ||||
2023 | ||||
Thereafter | ||||
Total lease payments | ||||
Less: imputed interest | ( | ) | ||
Present value of lease liabilities | $ | |||
(In thousands) | Six Months Ended | |||
Supplemental Condensed Consolidated Statements of Cash Flows Information | June 30, 2019 | |||
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows from operating leases | $ | |||
Other Information | June 30, 2019 | ||
Weighted-average remaining lease term (years) | |||
Operating leases | |||
Weighted-average discount rate | |||
Operating leases | % | ||
Three Months Ended | Six Months Ended | |||||||
(In thousands) | June 30, 2019 | June 30, 2019 | ||||||
Total Minimum Rent Payments | $ | $ | ||||||
Total | ||||
Minimum | ||||
Year Ending December 31, | Rent | |||
(In thousands) | ||||
2019 (excluding the six months ended June 30, 2019) | $ | |||
2020 | ||||
2021 | ||||
2022 | ||||
2023 | ||||
Thereafter | ||||
Total | $ | |||
Economic/Legal Ownership | Carrying Value | Share of Earnings/Dividends | Share of Earnings/Dividends | |||||||||||||||||||||||||||
June 30, | December 31, | June 30, | December 31, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
($ in thousands) | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||
Equity Method Investments | ||||||||||||||||||||||||||||||
Operating Assets: | ||||||||||||||||||||||||||||||
The Metropolitan Downtown Columbia (a) | % | % | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
Stewart Title of Montgomery County, TX | % | % | ||||||||||||||||||||||||||||
Woodlands Sarofim #1 | % | % | ||||||||||||||||||||||||||||
m.flats/TEN.M | % | % | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
Master Planned Communities: | ||||||||||||||||||||||||||||||
The Summit (b) | % | % | ||||||||||||||||||||||||||||
Seaport District: | ||||||||||||||||||||||||||||||
Mr. C Seaport | % | % | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
Bar Wayō (Momofuku) (b) | % | % | ||||||||||||||||||||||||||||
Strategic Developments: | ||||||||||||||||||||||||||||||
Circle T Ranch and Power Center | % | % | ||||||||||||||||||||||||||||
HHMK Development | % | % | ||||||||||||||||||||||||||||
KR Holdings | % | % | ||||||||||||||||||||||||||||
Cost method investments | ||||||||||||||||||||||||||||||
Investment in real estate and other affiliates | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
(a) | The Metropolitan Downtown Columbia was in a deficit position of $ |
(b) | Please refer to the discussion below for a description of the joint venture ownership structure. |
June 30, | December 31, | |||||||
(In millions) | 2019 | 2018 | ||||||
Total Assets | $ | $ | ||||||
Total Liabilities | ||||||||
Total Equity | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In millions) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenues (a) | $ | $ | $ | $ | ||||||||||||
Net income | ||||||||||||||||
Gross Margin | ||||||||||||||||
(a) | Revenues related to land sales at the joint venture are recognized on a percentage of completion basis as The Summit follows the private company timeline for implementation of ASU 2014-09, Revenues from Contracts with Customers (Topic 606) and will adopt by the end of 2019. |
June 30, | December 31, | |||||||
(In thousands) | 2019 | 2018 | ||||||
Condominium inventory | $ | $ | ||||||
Straight-line rent | ||||||||
Intangibles | ||||||||
Special Improvement District receivables | ||||||||
Security and escrow deposits | ||||||||
Prepaid expenses | ||||||||
Equipment, net of accumulated depreciation of $9.2 million and $8.3 million, respectively | ||||||||
Other | ||||||||
Tenant incentives and other receivables | ||||||||
TIF receivable | ||||||||
In-place leases | ||||||||
Food and beverage and lifestyle inventory | ||||||||
Above-market tenant leases | ||||||||
Federal income tax receivable | ||||||||
Interest rate swap derivative assets | ||||||||
Below-market ground leases | ||||||||
Prepaid expenses and other assets, net | $ | $ | ||||||
June 30, | December 31, | |||||||
(In thousands) | 2019 | 2018 | ||||||
Construction payables | $ | $ | ||||||
Condominium deposit liabilities | ||||||||
Deferred income | ||||||||
Interest rate swap derivative liabilities | ||||||||
Tenant and other deposits | ||||||||
Accounts payable and accrued expenses | ||||||||
Accrued payroll and other employee liabilities | ||||||||
Accrued interest | ||||||||
Accrued real estate taxes | ||||||||
Other | ||||||||
Straight-line ground rent liability | — | |||||||
Accounts payable and accrued expenses | $ | $ | ||||||
June 30, | December 31, | |||||||
(In thousands) | 2019 | 2018 | ||||||
Fixed-rate debt: | ||||||||
Unsecured 5.375% Senior Notes | $ | $ | ||||||
Secured mortgages, notes and loans payable | ||||||||
Special Improvement District bonds | ||||||||
Variable-rate debt: | ||||||||
Mortgages, notes and loans payable (a) | ||||||||
Unamortized bond issuance costs | ( | ) | ( | ) | ||||
Unamortized deferred financing costs | ( | ) | ( | ) | ||||
Total mortgages, notes and loans payable, net | $ | $ | ||||||
(a) | As more fully described in Note 8 - Derivative Instruments and Hedging Activities, as of June 30, 2019 and December 31, 2018, $ |
June 30, 2019 | December 31, 2018 | |||||||||||||||||||||||||||||||
Fair Value Measurements Using | Fair Value Measurements Using | |||||||||||||||||||||||||||||||
(In thousands) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Interest rate derivative assets | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Interest rate derivative liabilities | ||||||||||||||||||||||||||||||||
June 30, 2019 | December 31, 2018 | |||||||||||||||||
(In thousands) | Fair Value Hierarchy | Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | |||||||||||||
Assets: | ||||||||||||||||||
Cash and restricted cash | Level 1 | $ | $ | $ | $ | |||||||||||||
Accounts receivable, net (a) | Level 3 | |||||||||||||||||
Notes receivable, net (b) | Level 3 | |||||||||||||||||
Liabilities: | ||||||||||||||||||
Fixed-rate debt (c) | Level 2 | |||||||||||||||||
Variable-rate debt (c) | Level 2 | |||||||||||||||||
Fixed | Fair Value Asset (Liability) | ||||||||||||||||||||||
Notional | Interest | Effective | Maturity | June 30, | December 31, | ||||||||||||||||||
(In thousands) | Balance Sheet Location | Amount | Rate (a) | Date | Date | 2019 | 2018 | ||||||||||||||||
Derivative instruments not designated as hedging instruments: | |||||||||||||||||||||||
Interest rate cap | (b) | Prepaid expenses and other assets, net | $ | % | 9/1/2017 | 8/31/2019 | $ | $ | |||||||||||||||
Interest rate cap | (b) (c) | Prepaid expenses and other assets, net | % | 12/22/2016 | 12/23/2019 | ||||||||||||||||||
Derivative instruments designated as hedging instruments: | |||||||||||||||||||||||
Interest rate collar | (d) (e) | Prepaid expenses and other assets, net | 1.50% - 2.50% | 7/1/2018 | 5/1/2019 | ||||||||||||||||||
Interest rate collar | (d) | Accounts payable and accrued expenses | 2.00% - 3.00% | 5/1/2019 | 5/1/2020 | ( | ) | ( | ) | ||||||||||||||
Interest rate collar | (d) | Accounts payable and accrued expenses | 2.25% - 3.25% | 5/1/2020 | 5/1/2021 | ( | ) | ( | ) | ||||||||||||||
Interest rate collar | (d) | Accounts payable and accrued expenses | 2.75% - 3.50% | 5/1/2021 | 4/30/2022 | ( | ) | ( | ) | ||||||||||||||
Interest rate swap | (f) | Accounts payable and accrued expenses | % | 9/21/2018 | 9/18/2023 | ( | ) | ( | ) | ||||||||||||||
Interest rate swap | (g) | Accounts payable and accrued expenses | % | 11/1/2019 | 1/1/2032 | ( | ) | ||||||||||||||||
Total fair value derivative assets | $ | $ | |||||||||||||||||||||
Total fair value derivative liabilities | $ | ( | ) | $ | ( | ) | |||||||||||||||||
(a) | These rates represent the strike rate on HHC's interest swaps, caps and collars. |
(b) | There was |
(c) | The Company settled this Interest rate cap on February 1, 2019. |
(d) | On May 17, 2018 and May 18, 2018, the Company entered into these interest rate collars which are designated as cash flow hedges. |
(e) | On May 1, 2019, the $ |
(f) | Concurrent with the funding of the $ |
(g) | Concurrent with the closing of the $ |
Amount of (Loss) Gain Recognized | Amount of (Loss) Gain Recognized | |||||||||||||||
in AOCI on Derivative | in AOCI on Derivative | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Interest rate derivatives | $ | ( | ) | $ | $ | ( | ) | $ | ||||||||
Amount of Gain Reclassified | Amount of Gain Reclassified | |||||||||||||||
from AOCI into Operations | from AOCI into Operations | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
Location of Gain Reclassified from AOCI into Operations | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Interest expense | $ | $ | $ | $ | ||||||||||||
Total Interest Expense Presented | Total Interest Expense Presented | |||||||||||||||
in the Results of Operations in which the | in the Results of Operations in which the | |||||||||||||||
Effects of Cash Flow Hedges are Recorded | Effects of Cash Flow Hedges are Recorded | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
Interest Expense Presented in Results of Operations | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Interest expense | $ | $ | $ | $ | ||||||||||||
Stock Options | Weighted Average Exercise Price | ||||||
Stock Options outstanding at December 31, 2018 | $ | ||||||
Granted | |||||||
Exercised | ( | ) | |||||
Forfeited | ( | ) | |||||
Expired | ( | ) | |||||
Stock Options outstanding at June 30, 2019 | $ | ||||||
Restricted Stock | Weighted Average Grant Date Fair Value | ||||||
Restricted stock outstanding at December 31, 2018 | $ | ||||||
Granted | |||||||
Vested | ( | ) | |||||
Forfeited | ( | ) | |||||
Restricted stock outstanding at June 30, 2019 | $ | ||||||
(In thousands) | ||||
Balance as of March 31, 2018 | $ | ( | ) | |
Other comprehensive income before reclassifications | ||||
Gain reclassified from accumulated other comprehensive loss to net income | ( | ) | ||
Pension adjustment | ( | ) | ||
Terminated swap amortization | ( | ) | ||
Net current-period other comprehensive income | ||||
Balance as of June 30, 2018 | $ | |||
Balance as of March 31, 2019 | $ | ( | ) | |
Other comprehensive loss before reclassifications | ( | ) | ||
Gain reclassified from accumulated other comprehensive loss to net income | ( | ) | ||
Terminated swap amortization | ( | ) | ||
Net current-period other comprehensive loss | ( | ) | ||
Balance as of June 30, 2019 | $ | ( | ) | |
(In thousands) | ||||
Balance as of December 31, 2017 | $ | ( | ) | |
Other comprehensive income before reclassifications | ||||
Gain reclassified from accumulated other comprehensive loss to net income | ( | ) | ||
Adjustment related to adoption of ASU 2018-02 | ( | ) | ||
Adjustment related to adoption of ASU 2017-12 | ( | ) | ||
Pension adjustment | ( | ) | ||
Terminated swap amortization | ( | ) | ||
Net current-period other comprehensive income | ||||
Balance as of June 30, 2018 | $ | |||
Balance as of December 31, 2018 | $ | ( | ) | |
Other comprehensive loss before reclassifications | ( | ) | ||
Gain reclassified from accumulated other comprehensive loss to net income | ( | ) | ||
Terminated swap amortization | ( | ) | ||
Net current-period other comprehensive loss | ( | ) | ||
Balance as of June 30, 2019 | $ | ( | ) | |
Amounts reclassified from Accumulated Other Comprehensive Income (Loss) | Amounts reclassified from Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||
(In thousands) | Three Months Ended June 30, | Six Months Ended June 30, | Affected line items in the | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) Components | 2019 | 2018 | 2019 | 2018 | Statements of Operations | |||||||||||||
(Gains) losses on cash flow hedges | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | Interest expense | |||||
Interest rate swap contracts | Provision for income taxes | |||||||||||||||||
Total reclassifications of (income) loss for the period | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | Net of tax | |||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands, except per share amounts) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Basic EPS: | ||||||||||||||||
Numerator: | ||||||||||||||||
Net income (loss) | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||
Net loss attributable to noncontrolling interests | ||||||||||||||||
Net income (loss) attributable to common stockholders | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||
Denominator: | ||||||||||||||||
Weighted-average basic common shares outstanding | ||||||||||||||||
Diluted EPS: | ||||||||||||||||
Numerator: | ||||||||||||||||
Net income attributable to common stockholders | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||
Denominator: | ||||||||||||||||
Weighted-average basic common shares outstanding | ||||||||||||||||
Restricted stock and stock options | ||||||||||||||||
Warrants | ||||||||||||||||
Weighted-average diluted common shares outstanding | ||||||||||||||||
Basic income per share: | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||
Diluted income per share: | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
(In thousands) | June 30, 2019 | June 30, 2018 | June 30, 2019 | June 30, 2018 | ||||||||||||
Revenues | ||||||||||||||||
From contracts with customers | ||||||||||||||||
Recognized at a point in time: | ||||||||||||||||
Condominium rights and unit sales | $ | $ | $ | $ | ||||||||||||
Master Planned Communities land sales | ||||||||||||||||
Hospitality revenues | ||||||||||||||||
Builder price participation | ||||||||||||||||
Total revenue from contracts with customers | ||||||||||||||||
Recognized at a point in time and/or over time: | ||||||||||||||||
Other land revenues | ||||||||||||||||
Other rental and property revenues | ||||||||||||||||
Total other income | ||||||||||||||||
Rental and other income (lease-related revenues) | ||||||||||||||||
Minimum rents | ||||||||||||||||
Tenant recoveries | ||||||||||||||||
Total rental income | ||||||||||||||||
Total revenues | $ | $ | $ | $ | ||||||||||||
Revenues by segment | ||||||||||||||||
Operating Assets revenues | $ | $ | $ | $ | ||||||||||||
Seaport District revenues | ||||||||||||||||
Master Planned Communities revenues | ||||||||||||||||
Strategic Developments revenues | ||||||||||||||||
Total revenues | $ | $ | $ | $ | ||||||||||||
Contract | Contract | |||||||
(In thousands) | Assets | Liabilities | ||||||
Balance as of January 1, 2018 | $ | $ | ||||||
Consideration earned during the period | ( | ) | ( | ) | ||||
Consideration received during the period | ||||||||
Balance as of December 31, 2018 | ||||||||
Consideration earned during the period | ( | ) | ||||||
Consideration received during the period | ||||||||
Balance as of June 30, 2019 | $ | $ | ||||||
(In thousands) | Less than 1 year | 1-2 years | 3 years and thereafter | |||||||||
Total remaining unsatisfied performance obligations | $ | $ | $ | |||||||||
• | Operating Assets – consists of retail, office, hospitality and multi-family properties along with other real estate investments. These assets are currently generating revenues and are comprised of commercial real estate properties recently developed or acquired, and properties with an opportunity to redevelop, reposition or sell to improve segment performance or to recycle capital. |
• | MPC – consists of the development and sale of land in large‑scale, long‑term community development projects in and around Las Vegas, Nevada; Houston, Texas; and Columbia, Maryland. |
• | Seaport District - consists of approximately |
• | 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. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Operating Assets Segment EBT | ||||||||||||||||
Total revenues | $ | $ | $ | $ | ||||||||||||
Total operating expenses | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Segment operating income | ||||||||||||||||
Depreciation and amortization | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Interest expense, net | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Other income, net | ||||||||||||||||
Equity in earnings from real estate and other affiliates | ( | ) | ||||||||||||||
Segment EBT | ||||||||||||||||
MPC Segment EBT | ||||||||||||||||
Total revenues | ||||||||||||||||
Total operating expenses | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Segment operating income | ||||||||||||||||
Depreciation and amortization | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Interest income, net | ||||||||||||||||
Other income, net | ||||||||||||||||
Equity in earnings from real estate and other affiliates | ||||||||||||||||
Segment EBT | ||||||||||||||||
Seaport District Segment EBT | ||||||||||||||||
Total revenues | ||||||||||||||||
Total operating expenses | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Segment operating loss | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Depreciation and amortization | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Interest (expense) income, net | ( | ) | ( | ) | ||||||||||||
Other loss, net | ( | ) | ( | ) | ||||||||||||
Equity in losses from real estate and other affiliates | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Loss on sale or disposal of real estate | ( | ) | ||||||||||||||
Segment EBT | ( | ) | ( | ) | ( | ) | ||||||||||
Strategic Developments Segment EBT | ||||||||||||||||
Total revenues | ||||||||||||||||
Total operating expenses | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Segment operating income | ( | ) | ( | ) | ||||||||||||
Depreciation and amortization | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Interest income, net | ||||||||||||||||
Other (loss) income, net | ( | ) | ||||||||||||||
Equity in earnings from real estate and other affiliates | ||||||||||||||||
Loss on sale or disposal of real estate | ( | ) | ( | ) | ||||||||||||
Segment EBT | ( | ) | ||||||||||||||
Consolidated Segment EBT | ||||||||||||||||
Total revenues | ||||||||||||||||
Total operating expenses | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Segment operating income | ||||||||||||||||
Depreciation and amortization | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Interest expense, net | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Other income, net | ||||||||||||||||
Equity in earnings from real estate and other affiliates | ||||||||||||||||
Loss on sale or disposal of real estate | ( | ) | ( | ) | ||||||||||||
Consolidated segment EBT | ||||||||||||||||
Corporate expenses and other items | ||||||||||||||||
Net income (loss) | ( | ) | ( | ) | ||||||||||||
Net loss attributable to noncontrolling interests | ||||||||||||||||
Net income (loss) attributable to common stockholders | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||
June 30, | December 31, | |||||||
(In thousands) | 2019 | 2018 | ||||||
Operating Assets | $ | $ | ||||||
Master Planned Communities | ||||||||
Seaport District | ||||||||
Strategic Developments | ||||||||
Total segment assets | ||||||||
Corporate and other | ||||||||
Total assets | $ | $ | ||||||
• | expected performance of our stabilized, income-producing properties and the performance and stabilization timing of properties that we have recently placed into service or are under construction; |
• | forecasts of our future economic performance; |
• | expected capital required for our operations and development opportunities at our properties; |
• | expected performance of our Master Planned Communities (“MPC”) segment; |
• | expected commencement and completion for property developments and timing of sales or rentals of certain properties; |
• | announcement of our strategic review; |
• | estimates of our future liquidity, development opportunities, development spending and management plans; and |
• | descriptions of assumptions underlying or relating to any of the foregoing. |
• | On June 27, 2019, we closed on a $35.5 million construction loan for 8770 New Trails. The loan bears interest at one-month London Interbank Offered Rate (“LIBOR”) plus 2.45% with an initial maturity date of June 27, 2021 and a 127-month extension option. |
• | On June 20, 2019, we closed on a $250.0 million term loan for the redevelopment of the Seaport District. The loan initially bears interest at 6.10% and matures on June 1, 2024. The loan will begin bearing interest at one-month LIBOR plus 4.10%, subject to a LIBOR cap of 2.30% and LIBOR floor of 0.00%, at the earlier of June 20, 2021 or the date certain debt coverage ratios are met. |
• | On June 6, 2019, we closed on a $293.7 million construction loan for ‘A‘ali‘i, bearing interest at one-month LIBOR plus 3.10% with an initial maturity date of June 6, 2022 and a one-year extension option. |
• | On June 5, 2019, we paid off the construction loan for Ke Kilohana with a commitment amount of $142.7 million. Total draws were approximately $121.7 million and paid off from the proceeds of Condominium sales. |
• | On June 3, 2019, we exercised the second extension option for its 250 Water Street note payable. The extension required a $30.0 million pay down, reducing the outstanding note payable balance to $99.7 million. |
• | On May 23, 2019, we modified the $512.6 million facility for the 110 North Wacker joint venture by increasing the total commitment to $558.9 million, of which the Company guaranteed approximately $100.6 million. |
• | On May 17, 2019, we modified the loan for the Mr. C Seaport joint venture to increase the total commitment to $41.0 million. The loan bears interest at one-month LIBOR plus 4.50% has an initial maturity of May 16, 2022, and has one, six-month extension option. |
• | On April 9, 2019, we modified the HHC 242 Self-Storage and HHC 2978 Self-Storage facilities to reduce the total commitments to $5.5 million and $5.4 million, respectively. The loans have an initial maturity date of December 31, 2021 and a one-year extension option. |
• | NOI increased $13.6 million for the three months ended June 30, 2019 compared to the prior year period, primarily due to increases of $7.9 million, $3.0 million and $1.9 million in NOI at our other, office and hospitality properties, respectively. The increase in our other category is a result of placing the Las Vegas Ballpark into service in March 2019, and the increases in our office and hospitality properties are mainly as a result of continued stabilization of existing assets within these categories, as well as NOI generated from assets placed in service subsequent to the second quarter of 2018. |
• | Segment earnings before taxes increased $0.7 million for three months ended June 30, 2019 compared to the prior year period primarily due to a large superpad sale at Summerlin as well as increased lot sales at Bridgeland and The Woodlands Hills, partially offset by lower Equity in earnings from real estate and other affiliates primarily attributable to a slower pace of land development and fewer lot sales at The Summit. |
• | Sold 43 acres of superpads at Summerlin, an increase of 13.2% over the prior year period. |
• | Achieved a residential price per acre of $692,000, an increase of $100,000 per acre, at Summerlin. |
• | Sold 217 and 49 single-family lots at Bridgeland and The Woodlands Hills, an increase of 110 and 12 lots over the prior year period. |
• | Revenue increased $8.4 million, or 186.5%, for the three months ended June 30, 2019 compared to the prior year period primarily due to opening new businesses including The Fulton, 10 Corso Como Retail and Café, Cobble & Co, Garden Bar and the summer concert series. |
• | NOI decreased $3.4 million for the three months ended June 30, 2019 compared to the prior year period, primarily due to opening new businesses, including Pier 17, and, in turn, incurring opening expenses. We expect to incur operating losses until the Seaport District reaches its critical mass of offerings. |
• | Celebrated the openings of The Fulton by Jean-Georges, which has been ranked as one of the top new restaurants in New York City, and the seasonal Garden Bar in the historic district. |
• | Launched our second season of the Concert Series and our summer movie series along with other events at Pier 17. |
• | Recognized revenues of $236.3 million, an increase of $211.4 million over the prior year, primarily due to closings at Ke Kilohana, which began welcoming residents in May 2019. |
• | Commenced construction of Millennium Phase III Apartments, a 163-unit multi-family development in The Woodlands. The project is anticipated to contribute approximately $3.5 million to estimated stabilized NOI. |
• | Continued robust sales at Ward Village by contracting to sell 56 condominiums in the second quarter of 2019. The primary driver of the increase is Kô‘ula, our newest building that began public sales in January 2019 and contributed 45 contracted units this quarter. The building was 65.3% presold as of July 31, 2019. |
• | Excluding Kō'ula, we have sold 1,981 residential units at five towers in Ward Village since inception, bringing the total percentage sold across the community to 92.9%. |
• | cash expenditures, or future requirements for capital expenditures or contractual commitments; |
• | corporate general and administrative expenses; |
• | interest expense on our corporate debt; |
• | income taxes that we may be required to pay; |
• | any cash requirements for replacement of fully depreciated or amortized assets; and |
• | limitations on, or costs related to, the transfer of earnings from our real estate and other affiliates to us. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
(In thousands) | 2019 | 2018 | $ Change | 2019 | 2018 | $ Change | ||||||||||||||||||
Operating Assets Segment EBT | ||||||||||||||||||||||||
Total revenues | $ | 109,219 | $ | 88,808 | $ | 20,411 | $ | 201,172 | $ | 176,555 | $ | 24,617 | ||||||||||||
Total operating expenses | (48,727 | ) | (40,988 | ) | (7,739 | ) | (91,639 | ) | (82,999 | ) | (8,640 | ) | ||||||||||||
Segment operating income | 60,492 | 47,820 | 12,672 | 109,533 | 93,556 | 15,977 | ||||||||||||||||||
Depreciation and amortization | (28,938 | ) | (24,198 | ) | (4,740 | ) | (56,046 | ) | (47,558 | ) | (8,488 | ) | ||||||||||||
Interest expense, net | (20,059 | ) | (17,308 | ) | (2,751 | ) | (39,050 | ) | (33,995 | ) | (5,055 | ) | ||||||||||||
Other income, net | 1,088 | 71 | 1,017 | 1,123 | 164 | 959 | ||||||||||||||||||
Equity in earnings from real estate and other affiliates | 45 | (1,000 | ) | 1,045 | 2,754 | 1,583 | 1,171 | |||||||||||||||||
Segment EBT | 12,628 | 5,385 | 7,243 | 18,314 | 13,750 | 4,564 | ||||||||||||||||||
MPC Segment EBT | ||||||||||||||||||||||||
Total revenues | 72,859 | 62,765 | 10,094 | 123,755 | 118,530 | 5,225 | ||||||||||||||||||
Total operating expenses | (40,392 | ) | (37,003 | ) | (3,389 | ) | (68,906 | ) | (73,371 | ) | 4,465 | |||||||||||||
Segment operating income | 32,467 | 25,762 | 6,705 | 54,849 | 45,159 | 9,690 | ||||||||||||||||||
Depreciation and amortization | (86 | ) | (86 | ) | — | (246 | ) | (167 | ) | (79 | ) | |||||||||||||
Interest income, net | 8,283 | 6,808 | 1,475 | 15,826 | 13,200 | 2,626 | ||||||||||||||||||
Other income, net | 72 | — | 72 | 67 | — | 67 | ||||||||||||||||||
Equity in earnings from real estate and other affiliates | 6,499 | 14,100 | (7,601 | ) | 14,336 | 25,228 | (10,892 | ) | ||||||||||||||||
Segment EBT | 47,235 | 46,584 | 651 | 84,832 | 83,420 | 1,412 | ||||||||||||||||||
Seaport District Segment EBT | ||||||||||||||||||||||||
Total revenues | 12,891 | 4,500 | 8,391 | 19,921 | 8,011 | 11,910 | ||||||||||||||||||
Total operating expenses | (17,972 | ) | (6,441 | ) | (11,531 | ) | (32,405 | ) | (9,976 | ) | (22,429 | ) | ||||||||||||
Segment operating income | (5,081 | ) | (1,941 | ) | (3,140 | ) | (12,484 | ) | (1,965 | ) | (10,519 | ) | ||||||||||||
Depreciation and amortization | (6,753 | ) | (1,953 | ) | (4,800 | ) | (12,946 | ) | (4,197 | ) | (8,749 | ) | ||||||||||||
Interest (expense) income, net | (1,924 | ) | 3,278 | (5,202 | ) | (3,456 | ) | 6,995 | (10,451 | ) | ||||||||||||||
Other loss, net | (61 | ) | — | (61 | ) | (147 | ) | — | (147 | ) | ||||||||||||||
Equity in losses from real estate and other affiliates | (451 | ) | (240 | ) | (211 | ) | (1,083 | ) | (240 | ) | (843 | ) | ||||||||||||
Loss on sale or disposal of real estate | — | — | — | (6 | ) | — | (6 | ) | ||||||||||||||||
Segment EBT | (14,270 | ) | (856 | ) | (13,414 | ) | (30,122 | ) | 593 | (30,715 | ) | |||||||||||||
Strategic Developments Segment EBT | ||||||||||||||||||||||||
Total revenues | 236,347 | 24,932 | 211,415 | 440,358 | 39,588 | 400,770 | ||||||||||||||||||
Total operating expenses | (224,711 | ) | (35,312 | ) | (189,399 | ) | (371,014 | ) | (47,339 | ) | (323,675 | ) | ||||||||||||
Segment operating income | 11,636 | (10,380 | ) | 22,016 | 69,344 | (7,751 | ) | 77,095 | ||||||||||||||||
Depreciation and amortization | (1,260 | ) | (1,113 | ) | (147 | ) | (2,316 | ) | (2,178 | ) | (138 | ) | ||||||||||||
Interest income, net | 3,235 | 3,139 | 96 | 6,497 | 6,946 | (449 | ) | |||||||||||||||||
Other (loss) income, net | (385 | ) | 164 | (549 | ) | 310 | 373 | (63 | ) | |||||||||||||||
Equity in earnings from real estate and other affiliates | 261 | 3,440 | (3,179 | ) | 298 | 4,112 | (3,814 | ) | ||||||||||||||||
Loss on sale or disposal of real estate | (144 | ) | — | (144 | ) | (144 | ) | — | (144 | ) | ||||||||||||||
Segment EBT | 13,343 | (4,750 | ) | 18,093 | 73,989 | 1,502 | 72,487 | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
(In thousands) | 2019 | 2018 | $ Change | 2019 | 2018 | $ Change | ||||||||||||||||||
Consolidated Segment EBT | ||||||||||||||||||||||||
Total revenues | 431,316 | 181,005 | 250,311 | 785,206 | 342,684 | 442,522 | ||||||||||||||||||
Total operating expenses | (331,802 | ) | (119,744 | ) | (212,058 | ) | (563,964 | ) | (213,685 | ) | (350,279 | ) | ||||||||||||
Segment operating income | 99,514 | 61,261 | 38,253 | 221,242 | 128,999 | 92,243 | ||||||||||||||||||
Depreciation and amortization | (37,037 | ) | (27,350 | ) | (9,687 | ) | (71,554 | ) | (54,100 | ) | (17,454 | ) | ||||||||||||
Interest expense, net | (10,465 | ) | (4,083 | ) | (6,382 | ) | (20,183 | ) | (6,854 | ) | (13,329 | ) | ||||||||||||
Other income, net | 714 | 235 | 479 | 1,353 | 537 | 816 | ||||||||||||||||||
Equity in earnings from real estate and other affiliates | 6,354 | 16,300 | (9,946 | ) | 16,305 | 30,683 | (14,378 | ) | ||||||||||||||||
Loss on sale or disposal of real estate | (144 | ) | — | (144 | ) | (150 | ) | — | (150 | ) | ||||||||||||||
Consolidated segment EBT | 58,936 | 46,363 | 12,573 | 147,013 | 99,265 | 47,748 | ||||||||||||||||||
Corporate expenses and other items | 45,608 | 52,242 | 6,634 | 101,760 | 103,310 | 1,550 | ||||||||||||||||||
Net income (loss) | 13,328 | (5,879 | ) | 19,207 | 45,253 | (4,045 | ) | 49,298 | ||||||||||||||||
Net loss attributable to noncontrolling interests | 149 | 791 | 642 | 45 | 431 | 386 | ||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | 13,477 | $ | (5,088 | ) | $ | 18,565 | $ | 45,298 | $ | (3,614 | ) | $ | 48,912 | ||||||||||
Operating Assets Segment EBT | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(In thousands) | 2019 | 2018 | $ Change | 2019 | 2018 | $ Change | ||||||||||||||||||
Total revenues | $ | 109,219 | $ | 88,808 | $ | 20,411 | $ | 201,172 | $ | 176,555 | $ | 24,617 | ||||||||||||
Total operating expenses | (48,727 | ) | (40,988 | ) | (7,739 | ) | (91,639 | ) | (82,999 | ) | (8,640 | ) | ||||||||||||
Segment operating income | 60,492 | 47,820 | 12,672 | 109,533 | 93,556 | 15,977 | ||||||||||||||||||
Depreciation and amortization | (28,938 | ) | (24,198 | ) | (4,740 | ) | (56,046 | ) | (47,558 | ) | (8,488 | ) | ||||||||||||
Interest expense, net | (20,059 | ) | (17,308 | ) | (2,751 | ) | (39,050 | ) | (33,995 | ) | (5,055 | ) | ||||||||||||
Other income, net | 1,088 | 71 | 1,017 | 1,123 | 164 | 959 | ||||||||||||||||||
Equity in earnings from real estate and other affiliates | 45 | (1,000 | ) | 1,045 | 2,754 | 1,583 | 1,171 | |||||||||||||||||
Segment EBT | $ | 12,628 | $ | 5,385 | $ | 7,243 | $ | 18,314 | $ | 13,750 | $ | 4,564 | ||||||||||||
Reconciliation of Operating Assets Segment EBT to NOI | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(In thousands) | 2019 | 2018 | $ Change | 2019 | 2018 | $ Change | ||||||||||||||||||
Total Operating Assets segment EBT | $ | 12,628 | $ | 5,385 | $ | 7,243 | $ | 18,314 | $ | 13,750 | $ | 4,564 | ||||||||||||
Depreciation and amortization | 28,938 | 24,198 | 4,740 | 56,046 | 47,558 | 8,488 | ||||||||||||||||||
Interest expense, net | 20,059 | 17,308 | 2,751 | 39,050 | 33,995 | 5,055 | ||||||||||||||||||
Equity in earnings from real estate and other affiliates | (45 | ) | 1,000 | (1,045 | ) | (2,754 | ) | (1,583 | ) | (1,171 | ) | |||||||||||||
Impact of straight-line rent | (2,537 | ) | (2,414 | ) | (123 | ) | (5,382 | ) | (5,536 | ) | 154 | |||||||||||||
Other | (340 | ) | (421 | ) | 81 | (218 | ) | $ | (107 | ) | (111 | ) | ||||||||||||
Operating Assets NOI | $ | 58,703 | $ | 45,056 | $ | 13,647 | $ | 105,056 | $ | 88,077 | $ | 16,979 | ||||||||||||
Square Feet | Per Square Foot per Annum | |||||||||||||||||||||||||
Retail Properties (a) | Total Executed | Avg. Lease Term (Months) | Total Leased | Associated with Tenant Improvements | Associated with Leasing Commissions | Avg. Starting Rents (f) | Total Tenant Improvements | Total Leasing Commissions | ||||||||||||||||||
Pre-leased (b) | — | n.a. | — | — | — | n.a. | $ | — | $ | — | ||||||||||||||||
Comparable - Renewal (c) | 7 | 53 | 34,566 | — | — | 24.63 | — | — | ||||||||||||||||||
Comparable - New (d) | 1 | 38 | 1,800 | — | — | 19.20 | — | — | ||||||||||||||||||
Non-comparable (e) | 3 | 125 | 7,079 | 7,079 | 4,220 | 41.30 | 8.39 | 1.79 | ||||||||||||||||||
Total | 43,445 | 7,079 | 4,220 | |||||||||||||||||||||||
(a) | Excludes executed leases with a term of 12 months or less, partnerships, internal leases, and percentage rent leases. |
(b) | Pre-leased information is associated with projects under development at June 30, 2019. |
(c) | Comparable - Renewal information is associated with stabilized assets for which the space was occupied by the same tenant within 12 months prior to the executed agreement. These leases represent an increase of 7.2% in cash rents from $22.97 per square foot collected from previous leases to $24.63 per square foot collected from current leases. |
(d) | Comparable - New information is associated with stabilized assets for which the space was occupied by a different tenant within 12 months prior to the executed agreement. This lease represents an increase of 5.3% in cash rents from $18.23 per square foot collected from the previous tenant to $19.20 per square foot collected from the current tenant. |
(e) | Non-comparable information is associated with space that was previously vacant for more than 12 months or has never been occupied. |
(f) | Avg. Starting Rent is based on Base Minimum Rent only. |
Square Feet | Per Square Foot per Annum | |||||||||||||||||||||||||
Retail Properties (a) | Total Executed | Avg. Lease Term (Months) | Total Leased | Associated with Tenant Improvements | Associated with Leasing Commissions | Avg. Starting Rents (f) | Total Tenant Improvements | Total Leasing Commissions | ||||||||||||||||||
Pre-leased (b) | — | n.a. | — | — | — | n.a. | $ | — | $ | — | ||||||||||||||||
Comparable - Renewal (c) | 11 | 47 | 42,336 | — | — | 23.94 | — | — | ||||||||||||||||||
Comparable - New (d) | 3 | 68 | 11,318 | — | — | 20.45 | — | |||||||||||||||||||
Non-comparable (e) | 8 | 93 | 21,908 | 12,671 | 11,185 | 41.50 | 7.52 | 1.55 | ||||||||||||||||||
Total | 75,562 | 12,671 | 11,185 | |||||||||||||||||||||||
(a) | Excludes executed leases with a term of 12 months or less. |
(b) | Pre-leased information is associated with projects under development at June 30, 2019. |
(c) | Comparable - Renewal information is associated with stabilized assets for which the space was occupied by the same tenant within 12 months prior to the executed agreement. These leases represent an increase of 6.9% in cash rents from $22.40 per square foot collected from previous leases to $23.94 per square foot collected from current leases. |
(d) | Comparable - New information is associated with stabilized assets for which the space was occupied by a different tenant within 12 months prior to the executed agreement. These leases represent a decrease of 33.8% in cash rents from $30.87 per square foot collected from previous tenants to $20.45 per square foot collected from current tenants. The decrease is driven by the limited sample size of Comparable - New leases reported this quarter. |
(e) | Non-comparable information is associated with space that was previously vacant for more than 12 months or has never been occupied. The avg. starting rents in this category are higher than in the other categories presented due to a higher percentage of leases executed at assets with generally higher starting rents. |
(f) | Avg. Starting Rent is based on Base Minimum Rent only. |
• | Ke Kilohana retail, consisting of approximately 22,000 square feet pre-leased to CVS/Longs Drugs, was transferred from Strategic Developments. |
Square Feet | Per Square Foot per Annum | ||||||||||||||||||||||||||
Office Properties (a) | Total Executed | Avg. Lease Term (Months) | Total Leased | Associated with Tenant Improvements | Associated with Leasing Commissions | Avg. Starting Rents (f) | Total Tenant Improvements | Total Leasing Commissions | |||||||||||||||||||
Pre-leased (b) | 3 | — | 306,639 | 306,639 | 306,639 | $ | 68.93 | $ | 6.90 | $ | 1.40 | ||||||||||||||||
Comparable - Renewal (c) | 10 | — | 54,341 | 43,463 | 50,560 | 28.59 | 2.33 | 0.99 | |||||||||||||||||||
Comparable - New (d) | — | — | — | — | — | — | — | — | |||||||||||||||||||
Non-comparable (e) | 14 | — | 79,263 | 57,576 | 68,790 | 33.36 | 7.24 | 1.87 | |||||||||||||||||||
Total | 440,243 | 407,678 | 425,989 | ||||||||||||||||||||||||
(a) | Excludes executed leases with a term of 12 months or less, subleases, percentage rent leases and intercompany leases. |
(b) | Pre-leased information is associated with projects under development at June 30, 2019. |
(c) | Comparable - Renewal information is associated with stabilized assets for which the space was occupied by the same tenant within 12 months prior to the executed agreement. These leases represent a 1.6% increase in cash rents from $28.14 per square foot collected from previous leases to $28.59 per square foot collected from current leases. |
(d) | Comparable - New information is associated with stabilized assets for which the space was occupied by a different tenant within 12 months prior to the executed agreement. There are no leases classified as comparable new this quarter. |
(e) | Non-comparable information is associated with space that was previously vacant for more than 12 months or has never been occupied. |
(f) | Avg. Starting Rents is based on the gross lease value, including recoveries. |
Square Feet | Per Square Foot per Annum | ||||||||||||||||||||||||||
Office Properties (a) | Total Executed | Avg. Lease Term (Months) | Total Leased | Associated with Tenant Improvements | Associated with Leasing Commissions | Avg. Starting Rents (f) | Total Tenant Improvements | Total Leasing Commissions | |||||||||||||||||||
Pre-leased (b) | 6 | 173 | 631,126 | 631,126 | 631,126 | $ | 60.12 | $ | 6.31 | $ | 1.76 | ||||||||||||||||
Comparable - Renewal (c) | 18 | 60 | 176,167 | 78,898 | 83,251 | 30.29 | 1.99 | 0.98 | |||||||||||||||||||
Comparable - New (d) | 1 | 64 | 6,971 | 6,971 | 6,971 | 24.72 | 3.38 | 0.92 | |||||||||||||||||||
Non-comparable (e) | 25 | 73 | 211,677 | 184,116 | 195,290 | 35.40 | 6.66 | 2.07 | |||||||||||||||||||
Total | 1,025,941 | 901,111 | 916,638 | ||||||||||||||||||||||||
(a) | Excludes executed leases with a term of 12 months or less, subleases, percentage rent leases and intercompany leases. |
(b) | Pre-leased information is associated with projects under development at June 30, 2019. |
(c) | Comparable - Renewal information is associated with stabilized assets for which the space was occupied by the same tenant within 12 months prior to the executed agreement. These leases represent a 0.5% increase in cash rents from $30.13 per square foot collected from previous leases to $30.29 per square foot collected from current leases. |
(d) | Comparable - New information is associated with stabilized assets for which the space was occupied by a different tenant within 12 months prior to the executed agreement. This lease represents a 4.0% decrease in cash rents from $25.74 per square foot collected from the previous tenant to $24.72 per square foot collected from the current tenant. The decrease is driven by the limited sample size of Comparable - New leases reported this quarter. |
(e) | Non-comparable information is associated with space that was previously vacant for more than 12 months or has never been occupied. |
(f) | Avg. Starting Rents is based on the gross lease value, including recoveries. |
• | Completed the renovation of the restaurant and bar at The Westin at The Woodlands and relaunched The Westin food and beverage outlets as Sorriso, a full service modern Italian kitchen, and Como Social Club, a poolside terrace and bar; and |
• | Placed the Las Vegas Ballpark, home of the Las Vegas Aviators, into service. |
MPC Segment EBT | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(In thousands) | 2019 | 2018 | $ Change | 2019 | 2018 | $ Change | ||||||||||||||||||
Total revenues | $ | 72,859 | $ | 62,765 | $ | 10,094 | $ | 123,755 | $ | 118,530 | $ | 5,225 | ||||||||||||
Total operating expenses | (40,392 | ) | (37,003 | ) | (3,389 | ) | (68,906 | ) | (73,371 | ) | 4,465 | |||||||||||||
Segment operating income | 32,467 | 25,762 | 6,705 | 54,849 | 45,159 | 9,690 | ||||||||||||||||||
Depreciation and amortization | (86 | ) | (86 | ) | — | (246 | ) | (167 | ) | (79 | ) | |||||||||||||
Interest income, net | 8,283 | 6,808 | 1,475 | 15,826 | 13,200 | 2,626 | ||||||||||||||||||
Other income, net | 72 | — | 72 | 67 | — | 67 | ||||||||||||||||||
Equity in earnings from real estate and other affiliates | 6,499 | 14,100 | (7,601 | ) | 14,336 | 25,228 | (10,892 | ) | ||||||||||||||||
Segment EBT | $ | 47,235 | $ | 46,584 | $ | 651 | $ | 84,832 | $ | 83,420 | $ | 1,412 | ||||||||||||
MPC Net Contribution | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(In thousands) | 2019 | 2018 | $ Change | 2019 | 2018 | $ Change | ||||||||||||||||||
MPC Segment EBT (a) | $ | 47,235 | $ | 46,584 | $ | 651 | $ | 84,832 | $ | 83,420 | $ | 1,412 | ||||||||||||
Plus: | ||||||||||||||||||||||||
Cost of sales - land | 28,006 | 26,383 | 1,623 | 44,824 | 52,426 | (7,602 | ) | |||||||||||||||||
MUD and SID bonds collections, net (b) | 119 | (2,380 | ) | 2,499 | 981 | (5,004 | ) | 5,985 | ||||||||||||||||
Depreciation and amortization | 86 | 86 | — | 246 | 167 | 79 | ||||||||||||||||||
Distributions from Real estate and other affiliates | 1,306 | 2,745 | (1,439 | ) | 2,741 | 2,745 | (4 | ) | ||||||||||||||||
Less: | ||||||||||||||||||||||||
MPC development expenditures | (63,071 | ) | (49,266 | ) | (13,805 | ) | (119,843 | ) | (91,266 | ) | (28,577 | ) | ||||||||||||
MPC land acquisitions | — | (2,048 | ) | 2,048 | (752 | ) | (2,554 | ) | 1,802 | |||||||||||||||
Equity in (earnings) loss in real estate and other affiliates | (6,499 | ) | (14,100 | ) | 7,601 | (14,336 | ) | (25,228 | ) | 10,892 | ||||||||||||||
MPC Net Contribution | $ | 7,182 | $ | 8,004 | $ | (822 | ) | $ | (1,307 | ) | $ | 14,706 | $ | (16,013 | ) | |||||||||
(a) | For a detailed breakdown of our MPC segment EBT, refer to Note 16 - Segments in our Notes to our Condensed Consolidated Financial Statements. |
(b) | SID collections are shown net of SID transfers to buyers in the respective periods. |
(In thousands) | Bridgeland | Columbia | Summerlin | The Woodlands | The Woodlands Hills | Total MPC | ||||||||||||||||||
Balance at December 31, 2018 | $ | 473,851 | $ | 16,634 | $ | 829,908 | $ | 204,281 | $ | 117,986 | $ | 1,642,660 | ||||||||||||
Acquisitions | 752 | — | — | — | — | 752 | ||||||||||||||||||
Development expenditures (a) | 62,588 | — | 45,905 | 5,255 | 6,094 | 119,842 | ||||||||||||||||||
MPC Cost of Sales | (11,703 | ) | — | (20,019 | ) | (10,299 | ) | (2,803 | ) | (44,824 | ) | |||||||||||||
MUD reimbursable costs (b) | (41,729 | ) | — | — | (1,296 | ) | (3,137 | ) | (46,162 | ) | ||||||||||||||
Transfer to Strategic Developments | — | — | — | (4,233 | ) | — | (4,233 | ) | ||||||||||||||||
Transfer to Operating Assets | — | — | — | (317 | ) | — | (317 | ) | ||||||||||||||||
Other | 337 | 2 | 6,446 | (1 | ) | 1,034 | 7,818 | |||||||||||||||||
Balance at June 30, 2019 | $ | 484,096 | $ | 16,636 | $ | 862,240 | $ | 193,390 | $ | 119,174 | $ | 1,675,536 | ||||||||||||
(a) | Development expenditures are inclusive of capitalized interest and property taxes. |
(b) | MUD reimbursable costs represent land development expenditures transferred to MUD Receivables. |
Seaport District Segment EBT | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(In thousands) | 2019 | 2018 | $ Change | 2019 | 2018 | $ Change | ||||||||||||||||||
Total revenues | $ | 12,891 | $ | 4,500 | $ | 8,391 | $ | 19,921 | $ | 8,011 | $ | 11,910 | ||||||||||||
Total operating expenses | (17,972 | ) | (6,441 | ) | (11,531 | ) | (32,405 | ) | (9,976 | ) | (22,429 | ) | ||||||||||||
Segment operating income | (5,081 | ) | (1,941 | ) | (3,140 | ) | (12,484 | ) | (1,965 | ) | (10,519 | ) | ||||||||||||
Depreciation and amortization | (6,753 | ) | (1,953 | ) | (4,800 | ) | (12,946 | ) | (4,197 | ) | (8,749 | ) | ||||||||||||
Interest (expense) income, net | (1,924 | ) | 3,278 | (5,202 | ) | (3,456 | ) | 6,995 | (10,451 | ) | ||||||||||||||
Other loss, net | (61 | ) | — | (61 | ) | (147 | ) | — | (147 | ) | ||||||||||||||
Equity in losses from real estate and other affiliates | (451 | ) | (240 | ) | (211 | ) | (1,083 | ) | (240 | ) | (843 | ) | ||||||||||||
Loss on sale or disposal of real estate | — | — | — | (6 | ) | — | (6 | ) | ||||||||||||||||
Segment EBT | $ | (14,270 | ) | $ | (856 | ) | $ | (13,414 | ) | $ | (30,122 | ) | $ | 593 | $ | (30,715 | ) | |||||||
Reconciliation of Seaport District Segment EBT to NOI | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(In thousands) | 2019 | 2018 | $ Change | 2019 | 2018 | $ Change | ||||||||||||||||||
Total Seaport District segment EBT | $ | (14,270 | ) | $ | (856 | ) | $ | (13,414 | ) | $ | (30,122 | ) | $ | 593 | $ | (30,715 | ) | |||||||
Depreciation and amortization | 6,753 | 1,953 | 4,800 | 12,946 | 4,197 | 8,749 | ||||||||||||||||||
Interest expense (income), net | 1,924 | (3,278 | ) | 5,202 | 3,456 | (6,995 | ) | 10,451 | ||||||||||||||||
Equity in (earnings) loss from real estate and other affiliates | 451 | 240 | 211 | 1,083 | 240 | 843 | ||||||||||||||||||
Impact of straight-line rent | 491 | (156 | ) | 647 | 1,246 | (338 | ) | 1,584 | ||||||||||||||||
Loss on sale or disposal of real estate | — | — | — | 6 | — | 6 | ||||||||||||||||||
Other - development-related | 1,764 | 2,562 | (798 | ) | 4,513 | 3,286 | 1,227 | |||||||||||||||||
Seaport District NOI | $ | (2,887 | ) | $ | 465 | $ | (3,352 | ) | $ | (6,872 | ) | $ | 983 | $ | (7,855 | ) | ||||||||
Strategic Developments Segment EBT | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(In thousands) | 2019 | 2018 | $ Change | 2019 | 2018 | $ Change | ||||||||||||||||||
Total revenues | $ | 236,347 | $ | 24,932 | $ | 211,415 | $ | 440,358 | $ | 39,588 | $ | 400,770 | ||||||||||||
Total operating expenses | (224,711 | ) | (35,312 | ) | (189,399 | ) | (371,014 | ) | (47,339 | ) | (323,675 | ) | ||||||||||||
Segment operating income | 11,636 | (10,380 | ) | 22,016 | 69,344 | (7,751 | ) | 77,095 | ||||||||||||||||
Depreciation and amortization | (1,260 | ) | (1,113 | ) | (147 | ) | (2,316 | ) | (2,178 | ) | (138 | ) | ||||||||||||
Interest income, net | 3,235 | 3,139 | 96 | 6,497 | 6,946 | (449 | ) | |||||||||||||||||
Other (loss) income, net | (385 | ) | 164 | (549 | ) | 310 | 373 | (63 | ) | |||||||||||||||
Equity in earnings from real estate and other affiliates | 261 | 3,440 | (3,179 | ) | 298 | 4,112 | (3,814 | ) | ||||||||||||||||
Loss on sale or disposal of real estate | (144 | ) | — | (144 | ) | (144 | ) | — | (144 | ) | ||||||||||||||
Segment EBT | $ | 13,343 | $ | (4,750 | ) | $ | 18,093 | $ | 73,989 | $ | 1,502 | $ | 72,487 | |||||||||||
• | One Merriweather |
• | Two Merriweather |
• | 1725-1735 Hughes Landing Boulevard |
• | Lake Woodlands Crossing Retail |
• | Three Hughes Landing |
• | Two Summerlin |
($ in thousands) | Total Estimated Costs (a) | Costs Paid Through June 30, 2019 (b) | Estimated Remaining to be Spent | Remaining Buyer Deposits/Holdback to be Drawn | Debt to be Drawn (c) | Costs Remaining to be Paid, Net of Debt and Buyer Deposits/Holdbacks to be Drawn (c) | Estimated Completion Date | |||||||||||||||||||
Operating Assets | (A) | (B) | (A) - (B) = (C) | (D) | (E) | (C) - (D) - (E) = (F) | ||||||||||||||||||||
Columbia | ||||||||||||||||||||||||||
One Merriweather | $ | 78,187 | $ | 75,442 | $ | 2,745 | $ | — | $ | — | $ | 2,745 | (d)(e) | Open | ||||||||||||
Two Merriweather | 40,941 | 33,740 | 7,201 | — | 6,914 | 287 | (d) | Open | ||||||||||||||||||
The Woodlands | ||||||||||||||||||||||||||
1725-1735 Hughes Landing Boulevard | 204,878 | 193,690 | 11,188 | — | — | 11,188 | (d)(e) | Open | ||||||||||||||||||
Creekside Park Apartments | 42,111 | 40,058 | 2,053 | — | 30,000 | (27,947 | ) | (f)(g) | Open | |||||||||||||||||
Lake Woodlands Crossing Retail | 15,381 | 10,522 | 4,859 | 4,732 | 127 | (d) | Open | |||||||||||||||||||
Three Hughes Landing | 90,133 | 79,692 | 10,441 | — | 3,133 | 7,308 | (d) | Open | ||||||||||||||||||
Summerlin | ||||||||||||||||||||||||||
Aristocrat | 46,661 | 36,035 | 10,626 | — | 3,009 | 7,617 | Open | |||||||||||||||||||
Two Summerlin | 49,421 | 42,939 | 6,482 | — | 6,514 | (32 | ) | (d)(f) | Open | |||||||||||||||||
Las Vegas Ballpark | 127,802 | 107,078 | 20,724 | — | — | 20,724 | (h) | Open | ||||||||||||||||||
Other | ||||||||||||||||||||||||||
Kewalo Basin Harbor | 24,454 | 20,501 | 3,953 | — | 2,886 | 1,067 | Q3 2019 | |||||||||||||||||||
Total Operating Assets | 719,969 | 639,697 | 80,272 | — | 57,188 | 23,084 | ||||||||||||||||||||
Seaport Assets | ||||||||||||||||||||||||||
Seaport District NYC - Pier 17 and Historic Area / Uplands | 659,018 | 559,695 | 99,323 | — | — | 99,323 | (i)(j) | Open | ||||||||||||||||||
Seaport District NYC - Tin Building | 173,452 | 55,299 | 118,153 | — | — | 118,153 | (j) | 2021 | ||||||||||||||||||
Total Seaport Assets | 832,470 | 614,994 | 217,476 | — | — | 217,476 | ||||||||||||||||||||
Strategic Developments | ||||||||||||||||||||||||||
Chicago | ||||||||||||||||||||||||||
110 North Wacker | 722,643 | 218,699 | 503,944 | — | 503,944 | — | (k) | 2020 | ||||||||||||||||||
Columbia | ||||||||||||||||||||||||||
6100 Merriweather and Garage | 138,221 | 64,138 | 74,083 | — | 73,726 | 357 | Q3 2019 | |||||||||||||||||||
Juniper Apartments | 116,386 | 32,217 | 84,169 | — | 85,657 | (1,488 | ) | (f)(l) | Q4 2019 | |||||||||||||||||
The Woodlands | ||||||||||||||||||||||||||
100 Fellowship Drive | 63,278 | 52,443 | 10,835 | — | 8,740 | 2,095 | Q3 2019 | |||||||||||||||||||
8770 New Trails | 45,985 | 3,484 | 42,501 | — | 35,487 | 7,014 | Q1 2020 | |||||||||||||||||||
Creekside Park West | 22,625 | 5,807 | 16,818 | — | 16,666 | 152 | Q4 2019 | |||||||||||||||||||
Hughes Landing Daycare | 3,206 | 1,479 | 1,727 | — | — | 1,727 | Q3 2019 | |||||||||||||||||||
Millennium Phase III Apartments | 45,033 | 1,027 | 44,006 | — | — | 44,006 | (m) | 2020 | ||||||||||||||||||
Two Lakes Edge | 107,706 | 37,769 | 69,937 | — | 61,890 | 8,047 | 2020 | |||||||||||||||||||
Bridgeland | ||||||||||||||||||||||||||
Lakeside Row | 48,412 | 22,566 | 25,846 | — | 22,914 | 2,932 | Q4 2019 | |||||||||||||||||||
Summerlin | ||||||||||||||||||||||||||
Tanager Apartments | 59,276 | 39,986 | 19,290 | — | 19,112 | 178 | Q3 2019 | |||||||||||||||||||
Ward Village | ||||||||||||||||||||||||||
‘A‘ali‘i | 411,900 | 64,751 | 347,149 | 90,330 | 293,700 | (36,881 | ) | (f) | 2021 | |||||||||||||||||
Ae‘o | 429,651 | 384,644 | 45,007 | — | — | 45,007 | (n) | Open | ||||||||||||||||||
Anaha | 401,314 | 390,385 | 10,929 | — | — | 10,929 | Open | |||||||||||||||||||
Ke Kilohana | 218,898 | 210,528 | 8,370 | — | — | 8,370 | Open | |||||||||||||||||||
Waiea | 452,041 | 409,577 | 42,464 | — | — | 42,464 | (o) | Open | ||||||||||||||||||
Total Strategic Developments | 3,286,575 | 1,939,500 | 1,347,075 | 90,330 | 1,121,836 | 134,909 | ||||||||||||||||||||
Combined Total at June 30, 2019 | $ | 4,839,014 | $ | 3,194,191 | $ | 1,644,823 | $ | 90,330 | $ | 1,179,024 | $ | 375,469 | ||||||||||||||
Millennium Phase III Apartments estimated financing | (30,700 | ) | ||||||||||||||||||||||||
Estimated costs to be funded net of financing, assuming closing on estimated financing | $ | 344,769 | ||||||||||||||||||||||||
(a) | Total Estimated Costs represent all costs to be incurred on the project which include construction costs, demolition costs, marketing costs, capitalized leasing, payroll or project development fees, deferred financing costs and advances for certain accrued costs from lenders and excludes land costs and capitalized corporate interest allocated to the project. Total Estimated Costs for assets at Ward Village and Columbia exclude master plan infrastructure and amenity costs at Ward Village and Merriweather District. |
(b) | Costs included in (a) above which have been paid through June 30, 2019. |
(c) | With respect to our condominium projects, remaining debt to be drawn is reduced by deposits utilized for construction. |
(d) | Final completion is dependent on lease-up and tenant build-out. |
(e) | Construction loans for One Merriweather and 1725-1735 Hughes Landing Boulevard have been paid-in-full and any remaining project costs will be funded by us. |
(f) | Negative balances represent cash to be received in excess of Estimated Remaining to be Spent. These items are primarily related to June 2019 costs that were paid by us, but not yet reimbursed by our lenders. We expect to receive funds from our lenders for these costs in the future. |
(g) | The Woodlands Master Credit Facility was increased by $30.0 million in April of 2017 to fund the construction of Creekside Park Apartments. The additional funds are available to be drawn, but we have not drawn down the facility to date. |
(h) | Excludes cost to acquire the Las Vegas Aviators. |
(i) | Seaport District NYC - Pier 17 and Historic Area / Uplands Total Estimated Costs and Costs Paid Through June 30, 2019 include costs required for the Pier 17 and Historic Area/Uplands and are not reduced by the insurance proceeds received to date. |
(j) | The Company closed on a $250.0 million loan for the redevelopment of the Seaport District during the three months ended June 30, 2019. All proceeds have been received less the interest escrow, and future project costs will be funded with the loan proceeds. |
(k) | 110 North Wacker is a consolidated joint venture discussed further in Note 3 - Real Estate and Other Affiliates. Total Estimated Costs excludes the land value of $86.0 million; the Debt to be Drawn includes future draws on the construction loan and anticipated equity partner and joint venture partner contributions. Costs Remaining to be Paid represent our remaining equity commitment. At loan closing, we received a $52.2 million cash distribution from the venture. In May 2019, we closed on a loan modification which reduced the amount of equity we are required to put into the project by $35.3 million. |
(l) | Formerly known as Columbia Multi-family. |
(m) | Positive balances represent future spending which we anticipate will be funded through a combination of construction loans which we are currently seeking and equity. |
(n) | The Ae‘o facility was repaid in December 2018 in conjunction with closing on the sales of units at the property. |
(o) | Total estimate includes amounts necessary for warranty repairs. However, we anticipate recovering a substantial amount of these costs in the future which is not reflected in this schedule. |
• | increase of $9.5 million in corporate other income, net primarily due to the receipt of insurance proceeds related to our claim for Superstorm Sandy; |
• | decrease of $6.1 million in Demolition costs primarily related to the absence of costs at Tin Building and 110 North Wacker; and |
• | decrease of $1.3 million in Development-related marketing costs primarily driven by a decrease in costs at the Seaport District. |
• | decrease of $12.7 million in Demolition costs primarily related to the absence of costs at Tin Building and 110 North Wacker; and |
• | increase of $9.4 million in corporate other income, net primarily due to receipt of insurance proceeds related to our claim for Superstorm Sandy. |
(In thousands) Segment Basis (a) | Operating Assets | Master Planned Communities | The Seaport District | Strategic Developments | Segment Totals | Non- Segment Amounts | June 30, 2019 | ||||||||||||||||||
Mortgages, notes and loans payable | $ | 1,780,882 | (b) | $ | 231,913 | (d) | $ | 351,684 | (f) | $ | 154,994 | $ | 2,519,473 | $ | 1,003,244 | $ | 3,522,717 | ||||||||
Less: Cash and cash equivalents | (70,497 | ) | (c) | (177,002 | ) | (e) | (1,605 | ) | (g) | (34,556 | ) | (h) | (283,660 | ) | (429,276 | ) | (712,936 | ) | |||||||
Special Improvement District receivables | — | (18,091 | ) | — | — | (18,091 | ) | — | (18,091 | ) | |||||||||||||||
Municipal Utility District receivables, net | — | (273,169 | ) | — | — | (273,169 | ) | — | (273,169 | ) | |||||||||||||||
TIF receivable | — | — | — | (5,820 | ) | (5,820 | ) | — | (5,820 | ) | |||||||||||||||
Net Debt | $ | 1,710,385 | $ | (236,349 | ) | $ | 350,079 | $ | 114,618 | $ | 1,938,733 | $ | 573,968 | $ | 2,512,701 | ||||||||||
(a) | Please refer to Note 16 - Segments in our Condensed Consolidated Financial Statements. |
(b) | Includes our $79.3 million share of debt of our real estate and other affiliates in Operating Assets (Woodlands Sarofim #1, The Metropolitan Downtown Columbia and m.flats/TEN.M). |
(c) | Includes our $2.9 million share of Cash and cash equivalents of our real estate and other affiliates in Operating Assets (Woodlands Sarofim #1, The Metropolitan Downtown Columbia, Stewart Title of Montgomery County, TX and m.flats/TEN.M). |
(d) | Includes our $6.5 million share of debt of our real estate and other affiliates in MPC related to The Summit. |
(e) | Includes our $58.5 million share of Cash and cash equivalents of our real estate and other affiliates in MPC related to The Summit. |
(f) | Includes our $14.4 million share of debt of our real estate and other affiliates in the Seaport District related to Mr. C Seaport. |
(g) | Includes our $0.3 million share of Cash and cash equivalents of our real estate and other affiliates in Seaport District related to Mr. C Seaport. |
(h) | Includes our $0.5 million share of Cash and cash equivalents of our real estate and other affiliates in Strategic Developments (KR Holdings, HHMK Development and Circle T Ranch and Power Center). |
3.1 | Second Amended and Restated Certificate of Incorporation of The Howard Hughes Corporation (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed May 24, 2016) | |
3.2 | Amended and Restated Bylaws of The Howard Hughes Corporation (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K, filed November 12, 2010) | |
3.3 | Amendment No. 1 to the Amended and Restated Bylaws of The Howard Hughes Corporation (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K, filed May 24, 2016) | |
3.4 | Certificate of Designations of Series A Junior Participating Preferred Stock, filed with the Secretary of State of Delaware on February 29, 2012 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed February 29, 2012) | |
31.1+ | ||
31.2+ | ||
32.1+ | ||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |
101.SCH+ | XBRL Taxonomy Extension Schema Document | |
101.CAL+ | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.LAB+ | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE+ | XBRL Taxonomy Extension Presentation Linkbase Document | |
101.DEF+ | XBRL Taxonomy Extension Definition Linkbase Document | |
The Howard Hughes Corporation | |||
By: | /s/ David R. O’Reilly | ||
David R. O’Reilly | |||
Chief Financial Officer | |||
August 7, 2019 | |||
1. | I have reviewed this Quarterly Report on Form 10-Q of The Howard Hughes Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
By: | /s/ David R. Weinreb | |
David R. Weinreb | ||
Chief Executive Officer (principal executive officer) | ||
August 7, 2019 | ||
1. | I have reviewed this Quarterly Report on Form 10-Q of The Howard Hughes Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
By: | /s/ David R. O’Reilly | |
David R. O’Reilly | ||
Chief Financial Officer | ||
August 7, 2019 | ||
7 | |||
By: | /s/ David R. Weinreb | ||
David R. Weinreb | |||
Chief Executive Officer (principal executive officer) | |||
August 7, 2019 | |||
By: | /s/ David R. O’Reilly | ||
David R. O’Reilly | |||
Chief Financial Officer | |||
August 7, 2019 | |||
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
| Preferred stock, shares issued (in shares) | 0 | 0 |
| Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
| Common stock, shares issued (in shares) | 43,661,694 | 43,511,473 |
| Common stock, shares outstanding (in shares) | 43,141,845 | 42,991,624 |
| Treasury stock, shares held (in shares) | 519,849 | 519,849 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
||||||||||||
| Statement of Comprehensive Income [Abstract] | |||||||||||||||
| Net income (loss) | $ 13,328 | $ (5,879) | $ 45,253 | $ (4,045) | |||||||||||
| Other comprehensive (loss) income: | |||||||||||||||
| Interest rate swaps | [1] | (13,108) | 5,353 | (19,052) | 13,398 | ||||||||||
| Capitalized swap interest (expense) income | [2] | (22) | 49 | (73) | 59 | ||||||||||
| Pension adjustment | [3] | 0 | (2,010) | 0 | (2,010) | ||||||||||
| Adoption of ASU 2018-02 | [4] | 0 | 0 | 0 | (1,148) | ||||||||||
| Adoption of ASU 2017-12 | [5] | 0 | 0 | 0 | (739) | ||||||||||
| Terminated swap amortization | (653) | (80) | (1,291) | (80) | |||||||||||
| Other comprehensive (loss) income | (13,783) | 3,312 | (20,416) | 9,480 | |||||||||||
| Comprehensive income | (455) | (2,567) | 24,837 | 5,435 | |||||||||||
| Comprehensive income attributable to noncontrolling interests | 149 | 791 | 45 | 431 | |||||||||||
| Comprehensive income attributable to common stockholders | $ (306) | $ (1,776) | $ 24,882 | $ 5,866 | |||||||||||
| |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Statement of Comprehensive Income [Abstract] | ||||
| Interest rate swaps, tax (benefit) expense | $ (3,770) | $ (1,807) | $ (2,187) | $ (3,933) |
| Pension deferred tax benefit | $ 641 | $ 620 | ||
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY UNAUDITED (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Statement of Stockholders' Equity [Abstract] | ||||
| Interest rate swaps, tax (benefit) expense | $ 3,770 | $ 1,807 | $ 2,187 | $ 3,933 |
| Pension deferred tax benefit | 641 | 620 | ||
| Capitalized swap interest, tax (benefit) | $ 6 | $ 13 | $ 14 | $ 16 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Cash Flows from Operating Activities: | ||
| Net income (loss) | $ 45,253 | $ (4,045) |
| Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: | ||
| Depreciation | 68,916 | 50,810 |
| Amortization | 4,872 | 5,959 |
| Amortization of deferred financing costs | 4,669 | 3,427 |
| Amortization of intangibles other than in-place leases | 448 | 506 |
| Straight-line rent amortization | (3,188) | (5,914) |
| Deferred income taxes | 14,823 | (2,558) |
| Restricted stock and stock option amortization | 6,230 | 5,705 |
| Net decrease (increase) in minimum pension liability | 0 | (2,652) |
| Equity in earnings from real estate and other affiliates, net of distributions | (9,429) | (23,531) |
| Provision for doubtful accounts | 1,518 | 2,135 |
| Master Planned Communities land acquisitions | (752) | (2,554) |
| Master Planned Communities development expenditures | (119,843) | (90,403) |
| Master Planned Communities cost of sales | 44,740 | 46,937 |
| Condominium development expenditures | (97,125) | (142,673) |
| Condominium rights and unit cost of sales | 358,315 | 35,545 |
| Net changes: | ||
| Accounts and notes receivable | (10,269) | (5,475) |
| Prepaid expenses and other assets | 1,103 | (3,302) |
| Condominium deposits received | (105,472) | 47,906 |
| Deferred expenses | (27,961) | (6,825) |
| Accounts payable and accrued expenses | (16,591) | (20,823) |
| Cash provided by (used in) operating activities | 160,257 | (111,825) |
| Cash Flows from Investing Activities: | ||
| Property and equipment expenditures | (2,612) | (2,965) |
| Operating property improvements | (36,765) | (29,774) |
| Property development and redevelopment | (311,455) | (198,684) |
| Acquisition of assets | 0 | (179,471) |
| Reimbursements under Tax Increment Financings | 1,880 | 12,319 |
| Distributions from real estate and other affiliates | 315 | 1,503 |
| Notes issued to real estate and other affiliates | 0 | (3,795) |
| Investments in real estate and other affiliates, net | (5,509) | (244) |
| Cash used in investing activities | (354,146) | (401,111) |
| Cash Flows from Financing Activities: | ||
| Proceeds from mortgages, notes and loans payable | 409,263 | 299,974 |
| Principal payments on mortgages, notes and loans payable | (163,555) | (41,573) |
| Purchase of treasury stock | 0 | (57,267) |
| Special Improvement District bond funds released from (held in) escrow | 936 | 1,468 |
| Deferred financing costs and bond issuance costs, net | (13,661) | (1,980) |
| Taxes paid on stock options exercised and restricted stock vested | (88) | (3,234) |
| Gain on unwinding of swaps | 0 | 9,390 |
| Stock options exercised | 490 | 9,227 |
| Contributions from noncontrolling interest | 84,889 | 69,000 |
| Cash provided by financing activities | 318,274 | 285,005 |
| Net change in cash, cash equivalents and restricted cash | 124,385 | (227,931) |
| Cash, cash equivalents and restricted cash at beginning of period | 724,215 | 964,300 |
| Cash, cash equivalents and restricted cash at end of period | 848,600 | 736,369 |
| Supplemental Disclosure of Cash Flow Information: | ||
| Interest paid | 81,697 | 67,969 |
| Interest capitalized | 36,981 | 37,122 |
| Income taxes (refunded) paid, net | (409) | 70 |
| Non-Cash Transactions: | ||
| Accrued property improvements, developments and redevelopments | 37,461 | 62,873 |
| Special Improvement District bond transfers associated with land sales | 84 | 5,489 |
| Accrued interest on construction loan borrowing | 1,973 | 1,794 |
| Capitalized stock compensation | $ 966 | $ 921 |
BASIS OF PRESENTATION AND ORGANIZATION |
6 Months Ended |
|---|---|
Jun. 30, 2019 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| BASIS OF PRESENTATION AND ORGANIZATION | BASIS OF PRESENTATION AND ORGANIZATION The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), with intercompany transactions between consolidated subsidiaries eliminated. 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’s (“HHC” or the “Company”) audited Consolidated Financial Statements, which are included in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2018, filed with the SEC on February 27, 2019 (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 six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 and future fiscal years. Management has evaluated for disclosure or recognition all material events occurring subsequent to the date of the Condensed Consolidated Financial Statements up to the date and time this Quarterly Report was filed. Impact of new accounting standard related to Leases In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by requiring the recognition of right-of-use assets and lease liabilities on the balance sheet. The Company adopted Topic 842 (the "New Leases Standard") as of January 1, 2019 (the "Adoption Date") using the modified retrospective approach that provides a method for applying the guidance to leases that had commenced as of the beginning of the reporting period in which the standard is first applied with a cumulative-effect adjustment as of that date. The Company elected the package of practical expedients permitted under the transition guidance within the New Leases Standard, which allowed the Company to carry forward the historical lease classification for leases that existed at the beginning of the reporting period. The Company elected the practical expedient to not separate lease components from non-lease components of its lease agreements for all classes of underlying assets including ground leases, office leases and other leases. Certain of the Company’s lease agreements include non-lease components such as fixed common area maintenance charges. The Company elected the hindsight practical expedient to determine the lease term for existing leases where it is the lessee. The Company’s election of the hindsight practical expedient resulted in the extension of lease terms for certain existing leases. In the application of hindsight, the Company evaluated the performance of the property and associated markets in relation to its overall strategies, which resulted in the determination that most renewal options would not be reasonably certain in determining the expected lease term. Adoption of the New Leases Standard resulted in the recording of right-of-use assets and lease liabilities of $73.1 million and $72.0 million, respectively, as of the Adoption Date. The standard did not materially impact the Company’s consolidated net income and had no impact on cash flows. See Note 2 - Accounting Policies and Pronouncements for further discussion of accounting policies impacted by the Company's adoption of the New Leases Standard and disclosures required by the New Leases Standard. Segment Presentation Starting in the first quarter of 2019, the Seaport District has been moved out of the Company's existing segments and into a stand-alone segment for disclosure purposes. The Company believes that by providing this additional detail, investors and analysts will be able to better track the Company's progress towards stabilization. See Note 16 - Segments for results of the new segment. The respective segment earnings and total segment assets presented in these Condensed Consolidated Financial Statements and elsewhere in this Quarterly Report have been adjusted in all periods reported to reflect this change.
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ACCOUNTING POLICIES AND PRONOUNCEMENTS |
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| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACCOUNTING POLICIES AND PRONOUNCEMENTS | ACCOUNTING POLICIES AND PRONOUNCEMENTS The following is a summary of recently issued and other notable accounting pronouncements which relate to the Company's business. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. The amendments in this update provide clarification on certain aspects of the amendments in ASU 2016-13, Financial Instruments—Credit Losses, ASU 2017-12, Derivatives and Hedging, and ASU 2016-01, Financial Instruments—Overall. The effective date of the standard is for fiscal years, and interim periods within those year, beginning after December 15, 2019. The Company is currently evaluating the impact that the adoption of ASU 2016-13 may have on its consolidated financial statements. The Company does not expect the amendments in this ASU to ASU 2017-12 and ASU 2016-01 to have a material impact on its consolidated financial statements. In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. This standard is intended to improve the accounting when considering indirect interests held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests. The effective date of the standard is for fiscal years, and interim periods within those years, beginning after December 15, 2019. The new standard must be adopted retrospectively with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2018-17 may have on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. This standard is intended to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal use software (and hosting arrangements that include an internal use software license). The standard requires an entity in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. This standard also requires the entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. The effective date of the standard is for fiscal periods, and interim periods within those years, beginning after December 15, 2019. The new standard may be adopted prospectively or retrospectively with early adoption permitted. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement that eliminates, adds and modifies certain disclosure requirements for fair value measurements. The effective date of the standard is for fiscal periods, and interim periods within those years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted-average of significant unobservable inputs used to develop Level-3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively. All other amendments should be applied retrospectively. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of ASU 2018-13 may have on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350). This standard is intended to simplify the subsequent measurement of goodwill by eliminating step two from the goodwill impairment test. In computing the implied fair value of goodwill under step two, an entity determined the fair value at the impairment testing date of its assets and liabilities, including unrecognized assets and liabilities, following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, an entity will perform only step one of its quantitative goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and then recognizing the impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. An entity will still have the option to perform a qualitative assessment for a reporting unit to determine if the quantitative step one impairment test is necessary. The effective date of the standard is for fiscal periods, and interim periods within those years, beginning after December 15, 2019. The new standard must be adopted prospectively with early adoption permitted. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses. The standard modifies the impairment model for most financial assets, including trade accounts receivables and loans, and will require the use of an “expected loss” model for instruments measured at amortized cost. Under this model, entities will be required to estimate the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. The effective date of the standard is for fiscal years, and for interim periods within those years, beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2016-13 may have on its consolidated financial statements. The New Leases Standard and related policy updates As discussed in Note 1 - Basis of Presentation and Organization, as of the Adoption Date of the New Leases Standard, the recognition of right-of-use assets and lease liabilities is required on the balance sheet. 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 liabilities on the condensed consolidated balance sheet. Right-of-use assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of future minimum lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, the Company uses an estimate of the incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future lease payments. The operating lease right-of-use asset also includes any lease payments made, less any lease incentives and initial direct costs incurred. The Company does not have any finance leases as of June 30, 2019. The Company’s lessee agreements consist of operating leases primarily for ground leases and other real estate. The Company’s leases have remaining lease terms of less than one year to 54 years. Most leases include one or more options to renew, with renewal terms that can extend the lease term from two to 40 years, and some of which may include options to terminate the leases within one year. The Company considers its strategic plan and the life of associated agreements in determining when options to extend or terminate lease terms are reasonably certain of being exercised. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Certain of the Company’s lease agreements include variable lease payments based on a percentage of income generated through subleases, changes in price indices and market rates, and other costs arising from operating, maintenance, and taxes. The Company’s lease agreements do not contain residual value guarantees or restrictive covenants. The Company leases certain buildings and office space constructed on its ground leases to third parties. The Company’s leased assets and liabilities are as follows:
The components of lease expense are as follows:
Future minimum lease payments as of June 30, 2019 are as follows:
Other information related to the Company’s lessee agreements is as follows:
The Company receives rental income from the leasing of retail, office, multi-family and other space under operating leases, as well as certain variable tenant recoveries. Such operating leases are with a variety of tenants and have a remaining average term of approximately four years. Lease terms generally vary among tenants and may include early termination options, extension options and fixed rental rate increases or rental rate increases based on an index. The minimum rentals based on operating leases of the consolidated properties held as of June 30, 2019 are as follows:
Total future minimum rents associated with operating leases are as follows:
Minimum rent revenues are recognized on a straight‑line basis over the terms of the related leases when collectability is reasonably assured and the tenant has taken possession of, or controls, the physical use of the leased asset. Percentage rent in lieu of fixed minimum rent is recognized as sales are reported from tenants. Minimum rent revenues reported on the Condensed Consolidated Statements of Operations also include amortization related to above and below‑market tenant leases on acquired properties.
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| Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| REAL ESTATE AND OTHER AFFILIATES | REAL ESTATE AND OTHER AFFILIATES Investments in real estate and other affiliates that are reported in accordance with the equity and cost methods are as follows:
As of June 30, 2019, the Company is not the primary beneficiary of any of the joint ventures listed above because it does not have the power to direct activities that most significantly impact the economic performance of the joint ventures; therefore, the Company reports its interests in accordance with the equity method. As of June 30, 2019 and at December 31, 2018, the Mr. C Seaport variable interest entity ("VIE") does not have sufficient equity at risk to finance its operations without additional financial support. As of June 30, 2019 and at December 31, 2018, Bar Wayō is also classified as a VIE because the equity holders, as a group, lack the characteristics of a controlling financial interest. The aggregate carrying values of Mr. C Seaport and Bar Wayō as of June 30, 2019 are $8.5 million and $5.3 million, respectively, and are classified as Investment in real estate and other affiliates in the Condensed Consolidated Balance Sheets. The Company's maximum exposure to loss as a result of these investments is limited to the aggregate carrying value of the investments as the Company has not provided any guarantees or otherwise made firm commitments to fund amounts on behalf of these VIEs. As of June 30, 2019, approximately $209.2 million of indebtedness was secured by the properties owned by the Company's real estate and other affiliates of which the Company's share was approximately $100.2 million based upon economic ownership. All of this indebtedness is without recourse to the Company. As of June 30, 2019, the Company is the primary beneficiary of three VIEs, Bridges at Mint Hill, 110 North Wacker and Ke Kilohana's Association of Unit Owners ("AOUO"), which are consolidated in its financial statements. In addition to these three entities, as of December 31, 2018, the Company was also the primary beneficiary of the Anaha, Waiea and Ae'o AOUOs, none of which were related parties, and consolidated these entities in its financial statements. The Company deconsolidated these entities during the three months ended June 30, 2019 as the Company no longer controls these AOUOs. The creditors of the consolidated VIEs do not have recourse to the Company, except for 18%, or $9.9 million, of the 110 North Wacker outstanding loan balance. As of June 30, 2019, the carrying values of the assets and liabilities associated with the operations of the consolidated VIEs were $296.0 million and $65.9 million, respectively. As of December 31, 2018, the carrying values of the assets and liabilities associated with the operations of the consolidated VIEs were $190.6 million and $99.8 million, respectively. The assets of the VIEs are restricted for use only by the particular VIEs and are not available for the Company's general operations. Significant activity for real estate and other affiliates and the related accounting considerations are described below. 110 North Wacker During the second quarter of 2018, the Company's partnership with the local developer (the "Partnership") executed a joint venture agreement with USAA related to 110 North Wacker. At execution, the Company contributed land with a carrying value of $33.6 million and an agreed upon fair value of $85.0 million, and USAA contributed $64.0 million in cash. The Company had subsequent capital obligations of $42.7 million, and USAA was required to fund up to $105.6 million in addition to its initial contribution. The Company and its joint venture partners have also entered into a construction loan agreement further described in Note 6 - Mortgages, Notes and Loans Payable, Net. On May 23, 2019, the Company and its joint venture partners increased the construction loan. Concurrently with the increase in the construction loan, the Company and its joint venture partners agreed to eliminate the Company's subsequent capital obligations. USAA agreed to fund an additional $8.8 million, for a total commitment of $178.4 million. No changes were made to the rights of either the Company or the joint venture partners under the joint venture agreement. The Company has concluded that it is the primary beneficiary of the VIE because it has the power to direct activities that most significantly impact the joint venture’s economic performance during the development phase of the project. Given the nature of the venture’s capital structure and the provisions for the liquidation of assets, the Company's share of the venture’s income-producing activities is recognized based on the Hypothetical Liquidation Book Value ("HLBV") method, which represents an economic interest of approximately 23% for the Company. Under this method, the Company recognizes income or loss in Equity in earnings from real estate and other affiliates based on the change in its underlying share of the venture's net assets on a hypothetical liquidation basis as of the reporting date. After USAA receives a 9.0% preferred return on its capital contribution, the Partnership is entitled to cash distributions from the venture until it receives a 9.0% return. Subsequently, USAA is entitled to cash distributions equal to 11.11% of the amount distributed to the Partnership that resulted in a 9.0% return. Thereafter, the Partnership and USAA are entitled to distributions pari passu to their profit ownership interests of 90% and 10%, respectively. The Summit During the first quarter of 2015, the Company formed DLV/HHPI Summerlin, LLC (“The Summit”), a joint venture with Discovery Land Company (“Discovery”). The Company contributed land with a carrying value of $13.4 million and transferred Special Improvement District ("SID") bonds related to such land with a carrying value of $1.3 million to the joint venture at the agreed upon capital contribution value of $125.4 million, or $226,000 per acre. Discovery is required to fund up to a maximum of $30.0 million of cash as its capital contribution, and the Company has no further capital obligations. The gains on the contributed land are recognized in Equity in earnings from real estate and other affiliates as the joint venture sells lots. After the Company receives its capital contribution of $125.4 million and a 5.0% preferred return on such capital contribution, Discovery is entitled to cash distributions by the joint venture until it has received two times its equity contribution. Any further cash distributions are shared equally. Given the nature of the venture’s capital structure and the provisions for the liquidation of assets, the Company's share of the venture’s income-producing activities is recognized based on the HLBV method. Relevant financial statement information for The Summit is summarized as follows:
Bar Wayō During the first quarter of 2016, the Company formed Pier 17 Restaurant C101, LLC (“Bar Wayō”), a joint venture with MomoPier, LLC (“Momofuku”), an affiliate of the Momofuku restaurant group, to construct and operate a restaurant and bar at Pier 17 in the Seaport District. Under the terms of the joint venture agreement, the Company will fund 89.75% of the costs to construct the restaurant, and Momofuku will contribute the remaining 10.25%. |
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IMPAIRMENT |
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| Asset Impairment Charges [Abstract] | |
| IMPAIRMENT | IMPAIRMENT |
OTHER ASSETS AND LIABILITIES |
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| OTHER ASSETS AND LIABILITIES | OTHER ASSETS AND LIABILITIES Prepaid Expenses and Other Assets The following table summarizes the significant components of Prepaid expenses and other assets:
The $162.1 million net decrease primarily relates to $136.3 million and $18.3 million decreases in Condominium inventory and Below-market ground leases, respectively. Condominium inventory represents completed units for which sales have not yet closed. The decrease in Condominium inventory from December 31, 2018 is primarily attributable to the contracted units at Ae‘o and Ke Kilohana, which have closed in the first and second quarters of 2019, respectively. The decrease in Below-market ground leases is attributable to the adoption of the New Leases Standard as of the Adoption Date. The balance of unamortized below-market ground leases was reclassified to Operating lease right-of-use assets upon adoption. Accounts Payable and Accrued Expenses The following table summarizes the significant components of Accounts payable and accrued expenses:
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MORTGAGES, NOTES AND LOANS PAYABLE, NET |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| MORTGAGES, NOTES AND LOANS PAYABLE, NET | MORTGAGES, NOTES AND LOANS PAYABLE, NET Mortgages, notes and loans payable, net are summarized as follows:
Certain of the Company's loans contain provisions which grant the lender a security interest in the operating cash flow of the property that represents the collateral for the loan. Certain mortgage notes may be prepaid subject to a prepayment penalty equal to a yield maintenance premium, defeasance or percentage of the loan balance. As of June 30, 2019, land, buildings and equipment and developments with a net book value of $4.9 billion have been pledged as collateral for HHC's Mortgages, notes and loans payable, net. As of June 30, 2019, the Company was in compliance with all of its financial covenants included in the agreements governing its indebtedness. The Summerlin master planned community ("MPC") uses Special Improvement District (“SID”) bonds to finance certain common infrastructure improvements. These bonds are issued by the municipalities and are secured by the assessments on the land. The majority of proceeds from each bond issued is held in a construction escrow and disbursed to the Company as infrastructure projects are completed, inspected by the municipalities and approved for reimbursement. Accordingly, the SID bonds have been classified as debt, and the Summerlin MPC pays the debt service on the bonds semi‑annually. As Summerlin sells land, the buyers assume a proportionate share of the bond obligation at closing, and the residential sales contracts provide for the reimbursement of the principal amounts that the Company previously paid with respect to such proportionate share of the bond. In the six months ended June 30, 2019, no new SID bonds were issued and $0.1 million in obligations were assumed by buyers. Recent Financing Activity On August 6, 2019, the Company closed on a $30.7 million construction loan for Millennium Phase III Apartments. The loan bears interest at one-month LIBOR plus 1.75% with an initial maturity date of August 6, 2023 and a one-year extension option. Financing Activity During the Six Months Ended June 30, 2019 On June 27, 2019, the Company closed on a $35.5 million construction loan for 8770 New Trails. The loan bears interest at one-month LIBOR plus 2.45% with an initial maturity date of June 27, 2021 and a 127-month extension option. The Company entered into a swap agreement to fix the interest rate to 4.89%. On June 20, 2019, the Company closed on a $250.0 million term loan for the redevelopment of the Seaport District. The loan initially bears interest at 6.10% and matures on June 1, 2024. The loan will begin bearing interest at one-month LIBOR plus 4.10%, subject to a LIBOR cap of 2.30% and LIBOR floor of 0.00%, at the earlier of June 20, 2021 or the date certain debt coverage ratios are met. On June 6, 2019, the Company closed on a $293.7 million construction loan for ‘A‘ali‘i, bearing interest at one-month LIBOR plus 3.10% with an initial maturity date of June 6, 2022 and a one-year extension option. On June 5, 2019, the Company paid off the construction loan for Ke Kilohana with a commitment amount of $142.7 million. Total draws were approximately $121.7 million and were paid off from the proceeds of condominium sales. On June 3, 2019, the Company exercised the second extension option for its 250 Water Street note payable. The extension required a $30.0 million pay down, reducing the outstanding note payable balance to $99.7 million. On May 23, 2019, the Company and its joint venture partners closed on an amendment to increase the $512.6 million construction loan for 110 North Wacker to $558.9 million, and modify the commitments included in the loan syndication. The amendment also increased the Company's guarantee from approximately $92.3 million to approximately $100.6 million. In addition, the Company also guaranteed an additional $46.3 million, the increase in principal of the construction loan, which will become payable in fiscal year 2020 if a certain leasing threshold is not achieved. The guarantee of the $46.3 million will immediately expire on the date the leasing threshold is first achieved. On May 17, 2019, the Company modified the facility for its Mr. C Seaport joint venture to increase the total commitment to $41.0 million. The loan bears interest at one-month LIBOR plus 4.50%, has an initial maturity of May 16, 2022, and has one, six-month extension option. On April 9, 2019, the Company modified the HHC 242 Self-Storage and HHC 2978 Self-Storage facilities to reduce the total commitments to $5.5 million and $5.4 million, respectively. The loans have an initial maturity date of December 31, 2021 and a one-year extension option. On March 12, 2019, the Company closed on an $18.0 million construction loan for Creekside Park West, bearing interest at one-month LIBOR plus 2.25% with an initial maturity date of March 12, 2023 and a one-year extension option. On February 28, 2019, the Company amended the $62.5 million Woodlands Resort & Conference Center financing to extend the initial maturity date to December 30, 2021. The financing bears interest at one-month LIBOR plus 2.50% and has two, one-year extension options.
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FAIR VALUE |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE | FAIR VALUE ASC 820, Fair Value Measurement, emphasizes that fair value is a market-based measurement that should be determined using assumptions market participants would use in pricing an asset or liability. The standard establishes a hierarchal disclosure framework which prioritizes and ranks the level of market price observability used in measuring assets or liabilities at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the asset or liability. Assets or liabilities with readily available active quoted prices, or for which fair value can be measured from actively quoted prices, generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. The following table presents the fair value measurement hierarchy levels required under ASC 820 for each of the Company's assets and liabilities that are measured at fair value on a recurring basis:
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:
(a)Accounts receivable, net is shown net of an allowance of $10.0 million and $10.7 million at June 30, 2019 and December 31, 2018, respectively. (b)Notes receivable, net is shown net of an allowance of $0.1 million at June 30, 2019 and December 31, 2018. (c)Excludes related unamortized financing costs. The carrying amounts of Cash and restricted cash, Accounts receivable, net and Notes receivable, net approximate fair value because of the short‑term maturity of these instruments. The fair value of the Company's $1.0 billion, 5.375% senior notes due 2025, 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 (please refer to Note 6 - Mortgages, Notes and Loans Payable, Net in the Company's Condensed Consolidated Financial Statements), was estimated based on a discounted future cash payment model, which includes risk premiums and risk-free rates derived from the current LIBOR or U.S. Treasury obligation interest rates. 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.
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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 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. To add stability to interest costs by reducing the Company's exposure to interest rate movements, the Company uses interest rate swaps, collars and caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company's fixed‑rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate collars designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above an established ceiling rate and payment of variable amounts to a counterparty if interest rates fall below an established floor rate, in exchange for an up-front premium. No payments or receipts are exchanged on interest rate collar contracts unless interest rates rise above or fall below the established ceiling and floor rates. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up‑front premium. The Company's interest rate caps are not currently designated as hedges, and therefore, any gain or loss is recognized in current-period earnings. These derivatives are recorded on a gross basis at fair value on the balance sheet. Assessments of hedge effectiveness are performed quarterly using regression analysis. The change in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in Accumulated Other Comprehensive Income (“AOCI”) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings within the same income statement line item being hedged. The Company is exposed to credit risk in the event of non-performance by its derivative counterparties. The Company evaluates counterparty credit risk through monitoring the creditworthiness of counterparties, which includes review of debt ratings and financial performance. To mitigate its credit risk, the Company enters into agreements with counterparties that are considered credit-worthy, such as large financial institutions with favorable credit ratings. As of June 30, 2019 and December 31, 2018, there was one termination event and four termination events, respectively, as discussed below. There were no events of default as of June 30, 2019 and December 31, 2018. If the derivative contracts are terminated prior to their maturity, the amounts previously recorded in AOCI are recognized into earnings over the period that the hedged transaction impacts earnings. If the hedging relationship is discontinued because it is probable that the forecasted transaction will not occur in accordance with the original strategy, any related amounts previously recorded in AOCI are recognized in earnings immediately. During the three and six months ended June 30, 2019, the Company recorded a $0.9 million and $2.0 million reduction in Interest expense, respectively, related to the amortization of terminated swaps. During the six months ended June 30, 2019, the Company settled one interest rate cap agreement with a notional amount of $230.0 million and received payment of $0.2 million. During the year ended December 31, 2018, the Company settled four interest rate swap agreements with notional amounts of $18.9 million, $250.0 million, $40.0 million and $119.4 million, all designated as cash flow hedges of interest rate variability, and received total payments of $15.8 million, net of a termination fee of $0.3 million. The Company has deferred the effective portion of the fair value changes of three interest rate swap agreements in Accumulated other comprehensive loss on the accompanying Condensed Consolidated Balance Sheets and will recognize the impact as a component of Interest expense, net, over the next 8.5, 2.2 and 0.8 years, which are what remain of the original forecasted periods. Amounts reported in AOCI related to derivatives will be reclassified to Interest expense as interest payments are made on the Company's variable‑rate debt. Over the next 12 months, HHC estimates that an additional $3.6 million of net loss will be reclassified to Interest expense. The following table summarizes certain terms of the Company's derivative contracts:
The tables below present the effect of the Company's derivative financial instruments on the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2019 and 2018 (in thousands):
Credit-risk-related Contingent Features The Company has agreements with certain derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has agreements with certain derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness. As of June 30, 2019 and December 31, 2018, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk related to these agreements, was $43.8 million and $18.2 million, respectively. As of June 30, 2019, the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions at June 30, 2019, it could have been required to settle its obligations under the agreements at their termination value of $43.8 million.
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COMMITMENTS AND CONTINGENCIES |
6 Months Ended |
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Jun. 30, 2019 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES In the normal course of business, from time to time, the Company is involved in legal proceedings relating to the ownership and operations of its properties. In addition, on June 14, 2018, the Company was served with a petition involving approximately 500 individuals or entities who claim that their properties, located in the Timarron Park neighborhood of The Woodlands, were damaged by flood waters that resulted from the unprecedented rainfall that occurred throughout Harris County and surrounding areas during Hurricane Harvey in August 2017. The complaint was filed in State Court in Harris County of the State of Texas. In general, the plaintiffs allege negligence in the development of Timarron Park and violations of Texas’ Deceptive Trade Practices Act and name as defendants The Howard Hughes Corporation, The Woodlands Land Development Company and two unaffiliated parties involved in the planning and engineering of Timarron Park. The plaintiffs are seeking restitution for damages to their property and diminution of their property values. The Company intends to vigorously defend the matter as it believes that these claims are without merit and that it has substantial legal and factual defenses to the claims and allegations contained in the complaint. Based upon the present status of this matter, the Company does not believe it is probable that a loss will be incurred. Accordingly, the Company has not recorded a charge as a result of this action. In management’s opinion, the liabilities, if any, that may ultimately result from normal course of business legal actions, and The Woodlands legal proceeding discussed above, are not expected to have a material effect on the Company's consolidated financial position, results of operations or liquidity. The Company purchased its 250 Water Street property in the Seaport District in June 2018. The site is currently used as a parking lot while the Company evaluates redevelopment plans. The Company engaged a third party specialist to perform a Phase I Environmental Site Assessment (“ESA”) of the property, and the ESA identified, among other findings, the existence of mercury levels above regulatory criteria. The site does not require remediation until the Company begins redevelopment activities. The normal operations of the parking lot do not require the property to be remediated, and the Company has not started any redevelopment activities as of June 30, 2019. As a result, the potential remediation has no financial impact as of June 30, 2019, and for the three and six months then ended. As of June 30, 2019 and December 31, 2018, the Company had outstanding letters of credit totaling $15.4 million and $15.3 million, respectively, and surety bonds totaling $211.3 million and $101.2 million, respectively. These letters of credit and bonds were issued primarily in connection with insurance requirements, special real estate assessments and construction obligations. The Company leases land or buildings at certain properties from third parties. As discussed in Note 2 - Accounting Policies and Pronouncements, the Company adopted the New Leases Standard on the Adoption Date and recorded right-of-use assets and lease liabilities on the balance sheet. See Note 2 - Accounting Policies and Pronouncements for further discussion. Prior to the adoption of the New Leases Standard, rental payments were expensed as incurred and, to the extent applicable, straight-lined over the term of the lease. Contractual rental expense, including participation rent, was $2.0 million and $2.3 million for the three months ended June 30, 2019 and 2018, respectively, and $4.1 million and $5.0 million for the six months ended June 30, 2019 and 2018, respectively. The amortization of above and below‑market ground leases and straight‑line rents included in the contractual rent amount was not significant. The Company entered into guarantee agreements as part of certain development projects. In conjunction with the execution of the ground lease for the Seaport District NYC, the Company executed a completion guarantee for the redevelopment of Seaport District NYC - Pier 17 and Seaport District NYC - Tin Building. The Company satisfied its completion guarantee for Pier 17 in the second quarter of 2019. As part of the funding agreement for the Downtown Columbia Redevelopment District TIF bonds, one of the Company's wholly-owned subsidiaries has agreed to complete certain defined public improvements and to indemnify Howard County, Maryland for certain matters. The Company has guaranteed these obligations, with a limit of $1.0 million, expiring on October 31, 2020. To the extent that increases in taxes do not cover debt service payments on the TIF bonds, the Company’s wholly-owned subsidiary is obligated to pay special taxes. The Company evaluates the likelihood of future performance under these guarantees and did not record an obligation as of June 30, 2019 and December 31, 2018.
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STOCK BASED PLANS |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| STOCK BASED PLANS | STOCK BASED PLANS The Company's stock based plans are described and informational disclosures are provided in the Notes to the Financial Statements included in the Annual Report. Stock Options The following table summarizes the Company's stock option plan activity for the six months ended June 30, 2019:
Compensation costs related to stock options were $0.8 million and $1.5 million for the three and six months ended June 30, 2019, respectively, of which $0.2 million and $0.4 million were capitalized to development projects, respectively. Compensation costs related to stock options were $1.0 million and $1.6 million for the three and six months ended June 30, 2018, respectively, of which $0.6 million and $0.9 million were capitalized to development projects, respectively. Restricted Stock The following table summarizes restricted stock activity for the six months ended June 30, 2019:
Compensation costs related to restricted stock awards were $2.4 million and $4.7 million for the three and six months ended June 30, 2019, respectively, of which $0.3 million and $0.6 million were capitalized to development projects, respectively. Compensation costs related to restricted stock awards were $2.1 million and $4.1 million for the three and six months ended June 30, 2018, respectively, of which $0.3 million and $0.6 million were capitalized to development projects, respectively.
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INCOME TAXES |
6 Months Ended |
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Jun. 30, 2019 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | INCOME TAXES |
WARRANTS |
6 Months Ended |
|---|---|
Jun. 30, 2019 | |
| Other Liabilities [Abstract] | |
| WARRANTS | WARRANTS On October 7, 2016, the Company entered into a warrant agreement with its Chief Financial Officer, David R. O’Reilly, (the "O'Reilly Warrant") prior to his appointment to the position. Upon exercise of his warrant, Mr. O’Reilly may acquire 50,125 shares of common stock at an exercise price of $112.08 per share. The O'Reilly Warrant was issued at fair value in exchange for a $1.0 million payment in cash from Mr. O'Reilly. The O'Reilly Warrant becomes exercisable on April 6, 2022, subject to earlier exercise upon certain change in control, separation and termination provisions. On June 16, 2017 and October 4, 2017, the Company entered into warrant agreements with its Chief Executive Officer, David R. Weinreb, (the "Weinreb Warrant") and President, Grant Herlitz, (the "Herlitz Warrant") to acquire 1,965,409 shares and 87,951 shares of common stock for the purchase prices of $50.0 million and $2.0 million, respectively. The Weinreb Warrant becomes exercisable on June 15, 2022, at an exercise price of $124.64 per share, and the Herlitz Warrant becomes exercisable on October 3, 2022, at an exercise price of $117.01 per share, subject to earlier exercise upon certain change in control, separation and termination provisions. The purchase prices paid by the respective executives for the O’Reilly Warrant, the Weinreb Warrant and the Herlitz Warrant, which qualify as equity instruments, are included within Additional paid-in capital in the Condensed Consolidated Balance Sheets at June 30, 2019 and December 31, 2018.
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ACCUMULATED OTHER COMPREHENSIVE LOSS |
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| Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACCUMULATED OTHER COMPREHENSIVE LOSS | ACCUMULATED OTHER COMPREHENSIVE LOSS The following tables summarize changes in AOCI by component, all of which are presented net of tax:
The following table summarizes the amounts reclassified out of AOCI:
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EARNINGS PER SHARE |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted‑average number of common shares outstanding. Diluted EPS is computed after adjusting the numerator and denominator of the basic EPS computation for the effects of all potentially dilutive common shares. The dilutive effect of options and non-vested stock issued under stock‑based compensation plans is computed using the treasury stock method. The dilutive effect of the warrants is computed using the if‑converted method. Information related to the Company's EPS calculations is summarized as follows:
The diluted EPS computation for the three and six months ended June 30, 2019 excludes 569,408 stock options because their inclusion would have been anti-dilutive. The diluted EPS computation for the three and six months ended June 30, 2019 excludes 278,379 shares of restricted stock because performance conditions provided for in the restricted stock awards have not been satisfied. |
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REVENUE |
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| Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| REVENUE | REVENUE The core principle of ASC 606, Revenues from Contracts with Customers, is that revenues from contracts with customers (excluding lease-related revenues) are recognized when control of the promised goods or services is transferred to the Company's customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Condominium rights and unit sales revenues were previously required to be recognized under the percentage of completion method. Under ASC 606, revenue and cost of sales for condominium units sold are not recognized until the construction is complete, the sale closes and the title to the property has transferred to the buyer (point in time). Additionally, certain real estate selling costs, such as the costs related to the Company's condominium model units, are either expensed immediately or capitalized as property and equipment and depreciated over their estimated useful life. The following table presents the Company's revenues disaggregated by revenue source:
Contract Assets and Liabilities Contract assets are the Company's right to consideration in exchange for goods or services that have been transferred to a customer, excluding any amounts presented as a receivable. Contract liabilities are the Company's obligation to transfer goods or services to a customer for which the Company has received consideration. The beginning and ending balances of contract assets and liabilities and significant activity during the period is as follows:
Remaining Unsatisfied Performance Obligations The Company’s remaining unsatisfied performance obligations as of June 30, 2019 represent a measure of the total dollar value of work to be performed on contracts executed and in progress. These performance obligations are associated with contracts that generally are noncancellable by the customer after 30 days; however, purchasers of condominium units have the right to cancel the contract should the Company elect not to construct the condominium unit within a certain period of time or materially change the design of the condominium unit. The aggregate amount of the transaction price allocated to the Company's remaining unsatisfied performance obligations as of June 30, 2019 is $1.1 billion. The Company expects to recognize this amount as revenue over the following periods:
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SEGMENTS |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SEGMENTS | SEGMENTS The Company has four business segments which offer different products and services. HHC's four segments are managed separately because each requires different operating strategies or management expertise and are reflective of management’s operating philosophies and methods. As further discussed in Item 2. -Management’s Discussion and Analysis of Financial Condition and Results of Operations, one common operating measure used to assess operating results for the Company's business segments is earnings before taxes ("EBT"). The Company's segments or assets within such segments could change in the future as development of certain properties commences or other operational or management changes occur. All operations are within the United States. The Company's reportable segments are as follows:
of third party tenants, tenants either directly or jointly owned and operated by the Company, and businesses owned and operated by the Company under licensing agreements.
Effective January 1, 2019, the Company moved the Seaport District out of its existing segments and into a stand-alone segment for disclosure purposes. The respective segment earnings and total segment assets presented in the Condensed Consolidated Financial Statements and elsewhere in this Quarterly Report have been adjusted in all periods reported to reflect this change. See the Seaport District section of Item 2. - Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional information. Segment operating results are as follows:
The assets by segment and the reconciliation of total segment assets to the Total assets in the Condensed Consolidated Balance Sheets are summarized as follows:
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ACCOUNTING POLICIES AND PRONOUNCEMENTS (Policies) |
6 Months Ended |
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Jun. 30, 2019 | |
| Accounting Policies [Abstract] | |
| Accounting Policies and Pronouncements | The following is a summary of recently issued and other notable accounting pronouncements which relate to the Company's business. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. The amendments in this update provide clarification on certain aspects of the amendments in ASU 2016-13, Financial Instruments—Credit Losses, ASU 2017-12, Derivatives and Hedging, and ASU 2016-01, Financial Instruments—Overall. The effective date of the standard is for fiscal years, and interim periods within those year, beginning after December 15, 2019. The Company is currently evaluating the impact that the adoption of ASU 2016-13 may have on its consolidated financial statements. The Company does not expect the amendments in this ASU to ASU 2017-12 and ASU 2016-01 to have a material impact on its consolidated financial statements. In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. This standard is intended to improve the accounting when considering indirect interests held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests. The effective date of the standard is for fiscal years, and interim periods within those years, beginning after December 15, 2019. The new standard must be adopted retrospectively with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2018-17 may have on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. This standard is intended to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal use software (and hosting arrangements that include an internal use software license). The standard requires an entity in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. This standard also requires the entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. The effective date of the standard is for fiscal periods, and interim periods within those years, beginning after December 15, 2019. The new standard may be adopted prospectively or retrospectively with early adoption permitted. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement that eliminates, adds and modifies certain disclosure requirements for fair value measurements. The effective date of the standard is for fiscal periods, and interim periods within those years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted-average of significant unobservable inputs used to develop Level-3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively. All other amendments should be applied retrospectively. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of ASU 2018-13 may have on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350). This standard is intended to simplify the subsequent measurement of goodwill by eliminating step two from the goodwill impairment test. In computing the implied fair value of goodwill under step two, an entity determined the fair value at the impairment testing date of its assets and liabilities, including unrecognized assets and liabilities, following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, an entity will perform only step one of its quantitative goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and then recognizing the impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. An entity will still have the option to perform a qualitative assessment for a reporting unit to determine if the quantitative step one impairment test is necessary. The effective date of the standard is for fiscal periods, and interim periods within those years, beginning after December 15, 2019. The new standard must be adopted prospectively with early adoption permitted. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses. The standard modifies the impairment model for most financial assets, including trade accounts receivables and loans, and will require the use of an “expected loss” model for instruments measured at amortized cost. Under this model, entities will be required to estimate the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. The effective date of the standard is for fiscal years, and for interim periods within those years, beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2016-13 may have on its consolidated financial statements. The New Leases Standard and related policy updates As discussed in Note 1 - Basis of Presentation and Organization, as of the Adoption Date of the New Leases Standard, the recognition of right-of-use assets and lease liabilities is required on the balance sheet. 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 liabilities on the condensed consolidated balance sheet. Right-of-use assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of future minimum lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, the Company uses an estimate of the incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future lease payments. The operating lease right-of-use asset also includes any lease payments made, less any lease incentives and initial direct costs incurred. The Company does not have any finance leases as of June 30, 2019. |
ACCOUNTING POLICIES AND PRONOUNCEMENTS (Tables) |
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| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lease Assets and Liabilities | The Company’s leased assets and liabilities are as follows:
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| Lease Cost | Other information related to the Company’s lessee agreements is as follows:
The Company receives rental income from the leasing of retail, office, multi-family and other space under operating leases, as well as certain variable tenant recoveries. Such operating leases are with a variety of tenants and have a remaining average term of approximately four years. Lease terms generally vary among tenants and may include early termination options, extension options and fixed rental rate increases or rental rate increases based on an index. The minimum rentals based on operating leases of the consolidated properties held as of June 30, 2019 are as follows:
The components of lease expense are as follows:
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| Operating Lease Liability Maturity | Future minimum lease payments as of June 30, 2019 are as follows:
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| Schedule of Minimum Rent Payments | The minimum rentals based on operating leases of the consolidated properties held as of June 30, 2019 are as follows:
Total future minimum rents associated with operating leases are as follows:
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| Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Investments in Real Estate and Other Affiliates | Relevant financial statement information for The Summit is summarized as follows:
(a) Revenues related to land sales at the joint venture are recognized on a percentage of completion basis as The Summit follows the private company timeline for implementation of ASU 2014-09, Revenues from Contracts with Customers (Topic 606) and will adopt by the end of 2019. Investments in real estate and other affiliates that are reported in accordance with the equity and cost methods are as follows:
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OTHER ASSETS AND LIABILITIES (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OTHER ASSETS AND LIABILITIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of the significant components of prepaid expenses and other assets | The following table summarizes the significant components of Prepaid expenses and other assets:
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| Summary of the significant components of accounts payable and accrued expenses | The following table summarizes the significant components of Accounts payable and accrued expenses:
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MORTGAGES, NOTES AND LOANS PAYABLE, NET (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of mortgages, notes and loans payable | Mortgages, notes and loans payable, net are summarized as follows:
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FAIR VALUE (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of assets and liabilities measured on a recurring basis | The following table presents the fair value measurement hierarchy levels required under ASC 820 for each of the Company's assets and liabilities that are measured at fair value on a recurring basis:
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| Summary of assets and liabilities that were measured at fair value on a non-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:
(a)Accounts receivable, net is shown net of an allowance of $10.0 million and $10.7 million at June 30, 2019 and December 31, 2018, respectively. (b)Notes receivable, net is shown net of an allowance of $0.1 million at June 30, 2019 and December 31, 2018. (c)Excludes related unamortized financing costs. |
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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of fair value of the Company's derivative financial instruments | The following table summarizes certain terms of the Company's derivative contracts:
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| Summary of effect of the Company's 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 six months ended June 30, 2019 and 2018 (in thousands):
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STOCK BASED PLANS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of stock option plan activity | The following table summarizes the Company's stock option plan activity for the six months ended June 30, 2019:
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| Summary of restricted stock activity | The following table summarizes restricted stock activity for the six months ended June 30, 2019:
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ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of AOCI | The following tables summarize changes in AOCI by component, all of which are presented net of tax:
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| Summary of the amounts reclassified out of AOCI | The following table summarizes the amounts reclassified out of AOCI:
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EARNINGS PER SHARE (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of EPS calculations | Information related to the Company's EPS calculations is summarized as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVENUE (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue disaggregated by revenue source | The following table presents the Company's revenues disaggregated by revenue source:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Contract with customer, asset and liability | The beginning and ending balances of contract assets and liabilities and significant activity during the period is as follows:
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| Remaining performance obligation, expected timing of satisfaction | The Company expects to recognize this amount as revenue over the following periods:
|
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SEGMENTS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of segment operating results | Segment operating results are as follows:
|
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| 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 the Total assets in the Condensed Consolidated Balance Sheets are summarized as follows:
|
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BASIS OF PERSENTATION AND ORGANIZATION (Narrative) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
|---|---|---|---|
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
| Operating lease right-of-use assets, net | $ 71,176 | $ 0 | |
| Operating lease obligations | $ 71,125 | $ 0 | |
| Accounting Standards Update 2016-02 | |||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
| Operating lease right-of-use assets, net | $ 73,100 | ||
| Operating lease obligations | $ 72,000 |
ACCOUNTING POLICIES AND PRONOUNCEMENTS (Narrative) (Details) |
6 Months Ended |
|---|---|
Jun. 30, 2019 | |
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
| Lease termination period | 1 year |
| Average remaining term of lease | 4 years |
| Minimum | |
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
| Operating leases remaining lease term | 1 year |
| Lease renewal term | 2 years |
| Maximum | |
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
| Operating leases remaining lease term | 54 years |
| Lease renewal term | 40 years |
ACCOUNTING POLICIES AND PRONOUNCEMENTS (Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Assets: | ||
| Operating lease right-of-use assets, net | $ 71,176 | $ 0 |
| Liabilities: | ||
| Operating lease obligations | $ 71,125 | $ 0 |
ACCOUNTING POLICIES AND PRONOUNCEMENTS (Lease Costs) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2019 |
|
| Accounting Policies [Abstract] | ||
| Operating lease cost | $ 2,312 | $ 4,677 |
| Variable lease costs | 331 | 508 |
| Sublease income | 0 | 0 |
| Net lease cost | $ 2,643 | $ 5,185 |
ACCOUNTING POLICIES AND PRONOUNCEMENTS (Lease Liability Maturity) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Operating Lease | ||
| 2019 (excluding the six months ended June 30, 2019) | $ 3,028 | |
| 2020 | 7,272 | |
| 2021 | 7,111 | |
| 2022 | 6,373 | |
| 2023 | 6,389 | |
| Thereafter | 273,287 | |
| Total lease payments | 303,460 | |
| Less: imputed interest | (232,335) | |
| Present value of lease liabilities | $ 71,125 | $ 0 |
ACCOUNTING POLICITES AND PRONOUNCEMENTS (Cash Flows) (Details) $ in Thousands |
6 Months Ended |
|---|---|
|
Jun. 30, 2019
USD ($)
| |
| Accounting Policies [Abstract] | |
| Operating cash flows from operating leases | $ 3,641 |
ACCOUNTING POLICIES AND PRONOUNCEMENTS (Other Information) (Details) |
Jun. 30, 2019 |
|---|---|
| Weighted-average remaining lease term (years) | |
| Operating leases | 36 years 10 months 24 days |
| Weighted-average discount rate | |
| Operating leases | 7.70% |
ACCOUNTING POLICIES AND PRONOUNCEMENTS ACCOUNTING POLICIES AND PRONOUNCEMENTS (Minimum Rent Payments Received) (Details) $ in Thousands |
3 Months Ended | 6 Months Ended |
|---|---|---|
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2019
USD ($)
|
|
| Accounting Policies [Abstract] | ||
| Total Minimum Rent Payments | $ 53,736 | $ 106,590 |
| 2019 (excluding the six months ended June 30, 2019) | 94,483 | 94,483 |
| 2020 | 191,409 | 191,409 |
| 2021 | 203,964 | 203,964 |
| 2022 | 211,000 | 211,000 |
| 2023 | 198,087 | 198,087 |
| Thereafter | 1,351,947 | 1,351,947 |
| Total | $ 2,250,890 | $ 2,250,890 |
REAL ESTATE AND OTHER AFFILIATES (Summary of Investments in Real Estate and Other Affiliates) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
| Investment in Real Estate and Other Affiliates | |||||
| Carrying Value | $ 117,821 | $ 117,821 | $ 102,287 | ||
| Share of Earnings/Dividends | 6,354 | $ 16,299 | 16,305 | $ 30,685 | |
| Cost method investments | |||||
| Investment in Real Estate and Other Affiliates | |||||
| Carrying Value | 3,856 | 3,856 | 3,856 | ||
| Share of Earnings/Dividends | 0 | 1 | 3,625 | 3,342 | |
| Accounts payable and accrued expenses | The Metropolitan Downtown Columbia | |||||
| Investment in Real Estate and Other Affiliates | |||||
| Investment deficit position | $ 4,000 | $ 4,000 | $ 3,800 | ||
| Operating Assets | The Metropolitan Downtown Columbia | Equity Method Investments | |||||
| Investment in Real Estate and Other Affiliates | |||||
| Economic/Legal Ownership | 50.00% | 50.00% | 50.00% | ||
| Carrying Value | $ 0 | $ 0 | $ 0 | ||
| Share of Earnings/Dividends | $ 123 | 204 | $ 306 | 284 | |
| Operating Assets | Stewart Title of Montgomery County, TX | Equity Method Investments | |||||
| Investment in Real Estate and Other Affiliates | |||||
| Economic/Legal Ownership | 50.00% | 50.00% | 50.00% | ||
| Carrying Value | $ 3,842 | $ 3,842 | $ 3,920 | ||
| Share of Earnings/Dividends | $ 170 | 145 | $ 272 | 227 | |
| Operating Assets | Woodlands Sarofim 1 | Equity Method Investments | |||||
| Investment in Real Estate and Other Affiliates | |||||
| Economic/Legal Ownership | 20.00% | 20.00% | 20.00% | ||
| Carrying Value | $ 2,811 | $ 2,811 | $ 2,760 | ||
| Share of Earnings/Dividends | $ 31 | 16 | $ 51 | 36 | |
| Operating Assets | m.flats/TEN.M | Equity Method Investments | |||||
| Investment in Real Estate and Other Affiliates | |||||
| Economic/Legal Ownership | 50.00% | 50.00% | 50.00% | ||
| Carrying Value | $ 3,236 | $ 3,236 | $ 4,701 | ||
| Share of Earnings/Dividends | $ (279) | (1,367) | $ (1,500) | (2,304) | |
| Master Planned Communities | The Summit | Equity Method Investments | |||||
| Investment in Real Estate and Other Affiliates | |||||
| Economic/Legal Ownership | 0.00% | 0.00% | 0.00% | ||
| Carrying Value | $ 83,767 | $ 83,767 | $ 72,171 | ||
| Share of Earnings/Dividends | $ 6,499 | 14,100 | $ 14,336 | 25,228 | |
| Seaport District | Mr. C Seaport | Equity Method Investments | |||||
| Investment in Real Estate and Other Affiliates | |||||
| Economic/Legal Ownership | 35.00% | 35.00% | 35.00% | ||
| Carrying Value | $ 8,547 | $ 8,547 | $ 8,721 | ||
| Share of Earnings/Dividends | $ (451) | (240) | $ (1,083) | (240) | |
| Seaport District | Bar Wayo (Momofuku) | Equity Method Investments | |||||
| Investment in Real Estate and Other Affiliates | |||||
| Economic/Legal Ownership | 0.00% | 0.00% | 0.00% | ||
| Carrying Value | $ 5,306 | $ 5,306 | $ 0 | ||
| Share of Earnings/Dividends | 0 | 0 | 0 | 0 | |
| Strategic Developments | Equity Method Investments | |||||
| Investment in Real Estate and Other Affiliates | |||||
| Carrying Value | 113,965 | 113,965 | $ 98,431 | ||
| Share of Earnings/Dividends | $ 6,354 | 16,298 | $ 12,680 | 27,343 | |
| Strategic Developments | Circle T Ranch and Power Center | Equity Method Investments | |||||
| Investment in Real Estate and Other Affiliates | |||||
| Economic/Legal Ownership | 50.00% | 50.00% | 50.00% | ||
| Carrying Value | $ 6,281 | $ 6,281 | $ 5,989 | ||
| Share of Earnings/Dividends | $ 256 | 3,436 | $ 291 | 3,436 | |
| Strategic Developments | HHMK Development | Equity Method Investments | |||||
| Investment in Real Estate and Other Affiliates | |||||
| Economic/Legal Ownership | 50.00% | 50.00% | 50.00% | ||
| Carrying Value | $ 10 | $ 10 | $ 10 | ||
| Share of Earnings/Dividends | $ 0 | 0 | $ 0 | 0 | |
| Strategic Developments | KR Holdings | Equity Method Investments | |||||
| Investment in Real Estate and Other Affiliates | |||||
| Economic/Legal Ownership | 50.00% | 50.00% | 50.00% | ||
| Carrying Value | $ 165 | $ 165 | $ 159 | ||
| Share of Earnings/Dividends | $ 5 | $ 4 | $ 7 | $ 676 | |
REAL ESTATE AND OTHER AFFILIATES (Narrative) (Details) |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|---|
|
May 23, 2019
USD ($)
|
Jun. 30, 2018
USD ($)
|
Mar. 31, 2016 |
Mar. 31, 2015
USD ($)
item
|
Jun. 30, 2019
USD ($)
entity
|
Dec. 31, 2018
USD ($)
entity
|
|
| Real Estate and Other Affiliates | ||||||
| Investment in real estate and other affiliates | $ 117,821,000 | $ 102,287,000 | ||||
| Number of variable interest entities in which entity is primary beneficiary | entity | 3 | 6 | ||||
| Carrying values of the assets associated with the operations of the consolidated VIEs | $ 296,000,000.0 | $ 190,600,000 | ||||
| Carrying values of the liabilities associated with the operations of the consolidated VIEs | $ 65,900,000 | 99,800,000 | ||||
| Bar Wavo | ||||||
| Real Estate and Other Affiliates | ||||||
| Preferred return on capital of cash distribution | 75.00% | |||||
| Preferred return on capital | 10.00% | |||||
| Joint venture real estate, percentage funded | 89.75% | |||||
| Join venture real estate, remaining cash distribution percentage | 50.00% | |||||
| USAA Joint Venture | ||||||
| Real Estate and Other Affiliates | ||||||
| Contribution of property | $ 33,600,000 | |||||
| Fair value of property contributed | 85,000,000.0 | |||||
| Joint venture capital obligations | $ 42,700,000 | |||||
| Equity ownership in joint venture | 23.00% | |||||
| Preferred return on capital | 9.00% | |||||
| Ownership interest | 90.00% | |||||
| The Summit | ||||||
| Real Estate and Other Affiliates | ||||||
| Preferred return on capital | 5.00% | |||||
| Cash distribution entitlement by the joint venture | item | 2 | |||||
| Equity Method Investments | The Summit | ||||||
| Real Estate and Other Affiliates | ||||||
| Contribution of property | $ 13,400,000 | |||||
| SID bonds transferred to joint venture | 1,300,000 | |||||
| Transaction value of land contributed to joint venture | 125,400,000 | |||||
| Transactional value per acre of land contributed to joint venture | 226,000 | |||||
| Maximum contribution required to joint venture by co-venturer | $ 30,000,000.0 | |||||
| Unconsolidated Properties | ||||||
| Real Estate and Other Affiliates | ||||||
| Secured debt real estate affiliates | $ 209,200,000 | |||||
| Share of entity in secured debt | $ 100,200,000 | |||||
| USAA | USAA Joint Venture | ||||||
| Real Estate and Other Affiliates | ||||||
| Capital contribution to joint venture | $ 178,400,000 | $ 64,000,000.0 | ||||
| Joint venture capital obligations | $ 8,800,000 | $ 105,600,000 | ||||
| Preferred return on capital | 9.00% | |||||
| Ownership interest | 10.00% | |||||
| Preferred return on capital of cash distribution | 11.11% | |||||
| Seaport District | Equity Method Investments | Mr. C Seaport | ||||||
| Real Estate and Other Affiliates | ||||||
| Investment in real estate and other affiliates | $ 8,547,000 | 8,721,000 | ||||
| Seaport District | Equity Method Investments | Bar Wavo | ||||||
| Real Estate and Other Affiliates | ||||||
| Investment in real estate and other affiliates | $ 5,306,000 | $ 0 | ||||
| Wacker110 N | Operating Assets | ||||||
| Real Estate and Other Affiliates | ||||||
| Recourse percentage | 18.00% | |||||
| Facility amount | $ 9,900,000 | |||||
| Momofuku | Bar Wavo | ||||||
| Real Estate and Other Affiliates | ||||||
| Preferred return on capital of cash distribution | 25.00% | |||||
| Joint venture real estate, percentage funded | 10.25% | |||||
REAL ESTATE AND OTHER AFFILIATES (Relevant Financial Information) (Details) - The Summit - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
| Real Estate and Other Affiliates | |||||
| Total Assets | $ 222.5 | $ 222.5 | $ 218.9 | ||
| Total Liabilities | 136.6 | 136.6 | 144.6 | ||
| Total Equity | 85.9 | 85.9 | $ 74.3 | ||
| Revenues | 27.7 | $ 37.5 | 58.2 | $ 60.9 | |
| Net income | 6.5 | 14.1 | 14.3 | 25.2 | |
| Gross Margin | $ 8.4 | $ 14.2 | $ 16.7 | $ 27.5 | |
IMPAIRMENT (Details) - USD ($) |
3 Months Ended | 6 Months Ended | 12 Months Ended |
|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2019 |
Dec. 31, 2018 |
|
| Asset Impairment Charges [Abstract] | |||
| Impairment on real estate | $ 0 | $ 0 | $ 0 |
OTHER ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
|
| Prepaid Expenses and Other Assets | ||
| Condominium inventory | $ 62,039 | $ 198,352 |
| Straight-line rent | 53,692 | 50,493 |
| Intangibles | 33,615 | 33,955 |
| Security and escrow deposits | 17,960 | 17,670 |
| Prepaid expenses | 15,669 | 16,981 |
| Equipment, net of accumulated depreciation of $9.2 million and $8.3 million, respectively | 14,707 | 15,543 |
| Other | 10,233 | 18,429 |
| Tenant incentives and other receivables | 8,398 | 8,745 |
| TIF receivable | 5,820 | 2,470 |
| Food and beverage and lifestyle inventory | 3,353 | 1,935 |
| Federal income tax receivable | 200 | 2,000 |
| Interest rate swap derivative assets | 0 | 346 |
| Prepaid expenses and other assets, net | 249,490 | 411,636 |
| Accumulated depreciation on other equipment | 9,200 | 8,300 |
| Decrease in prepaid expenses and other assets | 162,100 | |
| Decrease in condominium inventory | 136,300 | |
| Accounts Payable and Accrued Liabilities [Abstract] | ||
| Construction payables | 300,014 | 258,749 |
| Condominium deposit liabilities | 158,164 | 263,636 |
| Deferred income | 54,102 | 42,734 |
| Interest rate swap derivative liabilities | 40,848 | 16,517 |
| Tenant and other deposits | 33,032 | 20,893 |
| Accounts payable and accrued expenses | 26,928 | 38,748 |
| Accrued payroll and other employee liabilities | 26,281 | 42,591 |
| Accrued interest | 22,933 | 23,080 |
| Accrued real estate taxes | 20,541 | 26,171 |
| Other | 14,920 | 29,283 |
| Straight-line ground rent liability | 16,870 | |
| Accounts payable and accrued expenses | 697,763 | 779,272 |
| Decrease in accounts payable and accrued expenses | 81,500 | |
| Decrease in condominium deposits liability | 105,500 | |
| Increase in construction payables | 41,300 | |
| Increase in interest rate swap derivative liabilities | 24,300 | |
| Decrease in accrued payroll and other employee liabilities | 16,300 | |
| Decrease in straight-line ground rent liability | 16,900 | |
| In-place leases | ||
| Prepaid Expenses and Other Assets | ||
| Net carrying amount | 4,923 | 6,539 |
| Above-market tenant leases | ||
| Prepaid Expenses and Other Assets | ||
| Net carrying amount | 790 | 1,044 |
| Decrease in below-market ground leases | 18,300 | |
| Below-market ground leases | ||
| Prepaid Expenses and Other Assets | ||
| Special Improvement District receivables | 18,091 | 18,838 |
| Net carrying amount | $ 0 | $ 18,296 |
MORTGAGES, NOTES AND LOANS PAYABLE, NET (Summary of Mortgages, Notes and Loans Payable) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Mortgages, notes and loans payable | $ 1,561,549 | $ 1,551,336 |
| Unamortized bond issuance costs | (5,678) | (6,096) |
| Unamortized deferred financing costs | (37,546) | (27,902) |
| Total mortgages, notes and loans payable | 3,422,490 | 3,181,213 |
| Unsecured 5.375% Senior Notes | ||
| Debt Instrument [Line Items] | ||
| Fixed-rate debt: | $ 1,000,000 | 1,000,000 |
| Interest rate (as a percent) | 5.375% | |
| Secured mortgages, notes and loans payable | ||
| Debt Instrument [Line Items] | ||
| Fixed-rate debt: | $ 889,654 | 648,707 |
| Amount of variable-rate debt swapped to fixed rate | 615,000 | 615,000 |
| Special Improvement District bonds | ||
| Debt Instrument [Line Items] | ||
| Fixed-rate debt: | 14,511 | 15,168 |
| Secured mortgages, notes and loans payable | Interest Rate Collar | ||
| Debt Instrument [Line Items] | ||
| Mortgages, notes and loans payable | 55,000 | 50,000 |
| Secured mortgages, notes and loans payable | Interest Rate Cap | ||
| Debt Instrument [Line Items] | ||
| Mortgages, notes and loans payable | $ 75,000 | $ 75,000 |
MORTGAGES, NOTES AND LOANS PAYABLE, NET (Narrative) (Details) |
6 Months Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Aug. 06, 2019
USD ($)
|
Jun. 27, 2019
USD ($)
|
Jun. 20, 2019
USD ($)
|
Jun. 06, 2019
USD ($)
|
Jun. 05, 2019
USD ($)
|
Jun. 03, 2019
USD ($)
|
May 23, 2019
USD ($)
|
May 22, 2019
USD ($)
|
May 17, 2019
USD ($)
|
Apr. 09, 2019
USD ($)
|
Mar. 12, 2019
USD ($)
|
Feb. 28, 2019
USD ($)
extention_option
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2018
USD ($)
|
|
| Mortgages, notes and loans payable | ||||||||||||||
| Land, buildings and equipment and developments in progress pledged as collateral | $ 4,900,000,000 | |||||||||||||
| Repayments of long-term debt | 163,555,000 | $ 41,573,000 | ||||||||||||
| Summerlin | Special Improvement District bonds | ||||||||||||||
| Mortgages, notes and loans payable | ||||||||||||||
| New SIDs issued | 0 | |||||||||||||
| Bond obligation | $ 100,000 | |||||||||||||
| 8770 New Trails | ||||||||||||||
| Mortgages, notes and loans payable | ||||||||||||||
| Term of extension option | 127 months | |||||||||||||
| 8770 New Trails | Construction Loans | ||||||||||||||
| Mortgages, notes and loans payable | ||||||||||||||
| Loan amount | $ 35,500,000 | |||||||||||||
| 8770 New Trails | Construction Loans | London Interbank Offered Rate (LIBOR) | ||||||||||||||
| Mortgages, notes and loans payable | ||||||||||||||
| Interest rate margin (as a percent) | 2.45% | |||||||||||||
| Seaport District | Term Loan | ||||||||||||||
| Mortgages, notes and loans payable | ||||||||||||||
| Loan amount | $ 250,000,000.0 | |||||||||||||
| Interest rate (as a percent) | 6.10% | |||||||||||||
| Seaport District | Term Loan | London Interbank Offered Rate (LIBOR) | ||||||||||||||
| Mortgages, notes and loans payable | ||||||||||||||
| Interest rate margin (as a percent) | 4.10% | |||||||||||||
| Debt instrument, LIBOR cap | 2.30% | |||||||||||||
| Debt instrument, LIBOR floor | 0.00% | |||||||||||||
| A'ali'i | ||||||||||||||
| Mortgages, notes and loans payable | ||||||||||||||
| Term of extension option | 1 year | |||||||||||||
| A'ali'i | Construction Loans | ||||||||||||||
| Mortgages, notes and loans payable | ||||||||||||||
| Loan amount | $ 293,700,000 | |||||||||||||
| A'ali'i | Construction Loans | London Interbank Offered Rate (LIBOR) | ||||||||||||||
| Mortgages, notes and loans payable | ||||||||||||||
| Interest rate margin (as a percent) | 3.10% | |||||||||||||
| Ke Kilohana | Construction Loans | ||||||||||||||
| Mortgages, notes and loans payable | ||||||||||||||
| Repayments of long-term debt | $ 142,700,000 | |||||||||||||
| Long-term line of credit | $ 121,700,000 | |||||||||||||
| 250 Water Street | Mortgages | ||||||||||||||
| Mortgages, notes and loans payable | ||||||||||||||
| Repayments of long-term debt | $ 30,000,000.0 | |||||||||||||
| Facility amount | $ 99,700,000 | |||||||||||||
| Wacker110 N | ||||||||||||||
| Mortgages, notes and loans payable | ||||||||||||||
| Joint venture debt guaranteed | $ 100,600,000 | $ 92,300,000 | ||||||||||||
| Increase in joint venture debt guaranteed | 46,300,000 | |||||||||||||
| Wacker110 N | Construction Loans | ||||||||||||||
| Mortgages, notes and loans payable | ||||||||||||||
| Loan amount | $ 558,900,000 | $ 512,600,000 | ||||||||||||
| Mr. C Seaport | ||||||||||||||
| Mortgages, notes and loans payable | ||||||||||||||
| Loan amount | $ 41,000,000.0 | |||||||||||||
| Term of extension option | 6 months | |||||||||||||
| Mr. C Seaport | London Interbank Offered Rate (LIBOR) | ||||||||||||||
| Mortgages, notes and loans payable | ||||||||||||||
| Interest rate margin (as a percent) | 4.50% | |||||||||||||
| Hhc242 Self Storage Facility | ||||||||||||||
| Mortgages, notes and loans payable | ||||||||||||||
| Long-term line of credit | $ 5,500,000 | |||||||||||||
| Hhc242 Self Storage Facility | Construction Loans | ||||||||||||||
| Mortgages, notes and loans payable | ||||||||||||||
| Term of extension option | 1 year | |||||||||||||
| Hhc2978 Self Storage Facility | ||||||||||||||
| Mortgages, notes and loans payable | ||||||||||||||
| Long-term line of credit | $ 5,400,000 | |||||||||||||
| Hhc2978 Self Storage Facility | Construction Loans | ||||||||||||||
| Mortgages, notes and loans payable | ||||||||||||||
| Term of extension option | 1 year | |||||||||||||
| Creekside Park West | Construction Loans | ||||||||||||||
| Mortgages, notes and loans payable | ||||||||||||||
| Loan amount | $ 18,000,000.0 | |||||||||||||
| Term of extension option | 1 year | |||||||||||||
| Creekside Park West | Construction Loans | London Interbank Offered Rate (LIBOR) | ||||||||||||||
| Mortgages, notes and loans payable | ||||||||||||||
| Interest rate margin (as a percent) | 2.25% | |||||||||||||
| Resort And Conference Center | Mortgages | ||||||||||||||
| Mortgages, notes and loans payable | ||||||||||||||
| Loan amount | $ 62,500,000 | |||||||||||||
| Term of extension option | 1 year | |||||||||||||
| Number of extension options | extention_option | 2 | |||||||||||||
| Resort And Conference Center | Mortgages | London Interbank Offered Rate (LIBOR) | ||||||||||||||
| Mortgages, notes and loans payable | ||||||||||||||
| Effective interest rate | 2.50% | |||||||||||||
| Subsequent Event | Millennium Phase III Apartments | Construction Loans | ||||||||||||||
| Mortgages, notes and loans payable | ||||||||||||||
| Loan amount | $ 30,700,000 | |||||||||||||
| Interest rate margin (as a percent) | 1.75% | |||||||||||||
| Term of extension option | 1 year | |||||||||||||
FAIR VALUE (Assets and Liabilities Measured on a Recurring Basis) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Liabilities: | ||
| Interest rate derivative liabilities | $ 40,848 | $ 16,517 |
| Interest rate derivatives | ||
| Assets: | ||
| Interest rate derivative assets | 0 | 346 |
| Liabilities: | ||
| Interest rate derivative liabilities | 40,848 | 16,517 |
| Interest rate derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
| Assets: | ||
| Interest rate derivative assets | 0 | 0 |
| Liabilities: | ||
| Interest rate derivative liabilities | 0 | 0 |
| Interest rate derivatives | Significant Other Observable Inputs (Level 2) | ||
| Assets: | ||
| Interest rate derivative assets | 0 | 346 |
| Liabilities: | ||
| Interest rate derivative liabilities | 40,848 | 16,517 |
| Interest rate derivatives | Significant Unobservable Inputs (Level 3) | ||
| Assets: | ||
| Interest rate derivative assets | 0 | 0 |
| Liabilities: | ||
| Interest rate derivative liabilities | $ 0 | $ 0 |
FAIR VALUE (Assets and Liabilities Not Measured at Fair Value) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
Jun. 30, 2018 |
Dec. 31, 2017 |
|---|---|---|---|---|
| Assets: | ||||
| Cash and restricted cash | $ 848,600 | $ 724,215 | $ 736,369 | $ 964,300 |
| Liabilities: | ||||
| Variable-rate debt (c) | 1,561,549 | 1,551,336 | ||
| Allowance for doubtful accounts | 10,000 | 10,700 | ||
| Allowance for notes receivable | 100 | 100 | ||
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Carrying Amount | ||||
| Assets: | ||||
| Cash and restricted cash | 848,600 | 724,215 | ||
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Estimated Fair Value | ||||
| Assets: | ||||
| Cash and restricted cash | 848,600 | 724,215 | ||
| Significant Unobservable Inputs (Level 3) | Carrying Amount | ||||
| Assets: | ||||
| Accounts receivable, net (a) | 19,980 | 12,589 | ||
| Notes receivable, net (b) | 300 | 4,694 | ||
| Significant Unobservable Inputs (Level 3) | Estimated Fair Value | ||||
| Assets: | ||||
| Accounts receivable, net (a) | 19,980 | 12,589 | ||
| Notes receivable, net (b) | 300 | 4,694 | ||
| Significant Other Observable Inputs (Level 2) | Carrying Amount | ||||
| Liabilities: | ||||
| Fixed-rate debt (c) | 1,904,165 | 1,663,875 | ||
| Variable-rate debt (c) | 1,561,549 | 1,551,336 | ||
| Significant Other Observable Inputs (Level 2) | Estimated Fair Value | ||||
| Liabilities: | ||||
| Fixed-rate debt (c) | 1,933,715 | 1,608,635 | ||
| Variable-rate debt (c) | $ 1,561,549 | $ 1,551,336 |
FAIR VALUE (Narrative) (Details) - Unsecured 5.375% Senior Notes |
Jun. 30, 2019
USD ($)
|
|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
| Loan amount | $ 1,000,000,000.0 |
| Interest rate (as a percent) | 5.375% |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Narrative) (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
|
Jun. 30, 2019
USD ($)
derivative_instrument
|
Jun. 30, 2019
USD ($)
settled_derivative
derivative_instrument
|
Jun. 30, 2018
USD ($)
|
Dec. 31, 2018
USD ($)
settled_derivative
|
|
| Derivative [Line Items] | ||||
| Payment received from derivative settlement | $ 0 | $ 9,390 | ||
| Derivative liability fair value gross | $ 40,848 | $ 40,848 | $ 16,517 | |
| Interest Rate Cap | ||||
| Derivative [Line Items] | ||||
| Interest rate swap agreements settled | settled_derivative | 1 | |||
| Interest rate derivatives | ||||
| Derivative [Line Items] | ||||
| Interest rate swap agreements settled | settled_derivative | 4 | |||
| Reduction in interest expense | 900 | $ 2,000 | ||
| Credit Risk Contract | ||||
| Derivative [Line Items] | ||||
| Derivative liability fair value gross | 43,800 | 43,800 | $ 18,200 | |
| Designated as Hedging Instrument | Interest Rate Cap | ||||
| Derivative [Line Items] | ||||
| Notional amount | $ 230,000 | 230,000 | ||
| Payment received from derivative settlement | $ 200 | |||
| Designated as Hedging Instrument | Interest rate derivatives | ||||
| Derivative [Line Items] | ||||
| Notional amount | 250,000 | |||
| Payment received from derivative settlement | 15,800 | |||
| Termination fee | 300 | |||
| Derivatives deferred effective portion of fair value change | derivative_instrument | 3 | 3 | ||
| Derivative change in fair value recognition period | 8 years 6 months | |||
| Gain on derivative expected amount to be reclassified | $ 3,600 | $ 3,600 | ||
| Fixed Interest Rate 2.96%, Maturing October 2019 | Designated as Hedging Instrument | Interest rate derivatives | ||||
| Derivative [Line Items] | ||||
| Notional amount | 18,900 | |||
| Fixed Interest Rate 1.66%, Maturing May 2020 | Designated as Hedging Instrument | Interest rate derivatives | ||||
| Derivative [Line Items] | ||||
| Notional amount | 40,000 | |||
| Derivative change in fair value recognition period | 2 years 2 months 12 days | |||
| Fixed Interest Rate 1.14%, Maturing September 2021 | Designated as Hedging Instrument | Interest rate derivatives | ||||
| Derivative [Line Items] | ||||
| Notional amount | $ 119,400 | |||
| Derivative change in fair value recognition period | 9 months 18 days | |||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Summary of the Notional Amount and Fair Value of Derivatives) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2019 |
Dec. 31, 2018 |
Sep. 21, 2018 |
|
| Fair value of derivative instruments | ||||
| Total fair value derivative assets | $ 0 | $ 0 | $ 346,000 | |
| Total fair value derivative liabilities | (40,848,000) | (40,848,000) | (16,517,000) | |
| Interest income | 0 | 200,000 | 200,000 | |
| Interest Rate Cap | Derivative instruments designated as hedging instruments | ||||
| Fair value of derivative instruments | ||||
| Notional amount | 230,000,000.0 | 230,000,000.0 | ||
| Interest Rate Cap | Derivative instruments not designated as hedging instruments | Prepaid expenses and other assets, net | Fixed Interest Rate 5.0 Maturing August 2019 | ||||
| Fair value of derivative instruments | ||||
| Notional amount | $ 75,000,000 | $ 75,000,000 | ||
| Fixed interest rate | 5.00% | 5.00% | ||
| Total fair value derivative assets | $ 0 | $ 0 | 0 | |
| Interest Rate Cap | Derivative instruments not designated as hedging instruments | Prepaid expenses and other assets, net | Fixed Interest Rate 2.50%, Maturing December 2019 | ||||
| Fair value of derivative instruments | ||||
| Notional amount | $ 230,000,000 | $ 230,000,000 | ||
| Fixed interest rate | 2.50% | 2.50% | ||
| Total fair value derivative assets | $ 0 | $ 0 | 333,000 | |
| Interest Rate Collar | Derivative instruments designated as hedging instruments | Prepaid expenses and other assets, net | Fixed Interest Rate 1.50% To 2.50%, Maturing May 2019 | ||||
| Fair value of derivative instruments | ||||
| Notional amount | 51,592,000 | 51,592,000 | ||
| Total fair value derivative assets | 0 | 0 | 13,000 | |
| Interest Rate Collar | Derivative instruments designated as hedging instruments | Accounts payable and accrued expenses | Fixed Interest Rate 2.00% To 3.00%, Maturing May 2020 | ||||
| Fair value of derivative instruments | ||||
| Notional amount, liability | 193,967,000 | 193,967,000 | ||
| Total fair value derivative liabilities | (276,000) | (276,000) | (37,000) | |
| Interest Rate Collar | Derivative instruments designated as hedging instruments | Accounts payable and accrued expenses | Fixed Interest Rate 2.25% To 3.25%, Maturing May 2021 | ||||
| Fair value of derivative instruments | ||||
| Notional amount, liability | 354,217,000 | 354,217,000 | ||
| Total fair value derivative liabilities | (2,275,000) | (2,275,000) | (730,000) | |
| Interest Rate Collar | Derivative instruments designated as hedging instruments | Accounts payable and accrued expenses | Fixed Interest Rate 2.75% To 3.50%, Maturing April 2022 | ||||
| Fair value of derivative instruments | ||||
| Notional amount, liability | 381,404,000 | 381,404,000 | ||
| Total fair value derivative liabilities | (4,415,000) | (4,415,000) | (1,969,000) | |
| Interest rate derivatives | Derivative instruments designated as hedging instruments | ||||
| Fair value of derivative instruments | ||||
| Notional amount | 250,000,000.0 | |||
| Interest rate derivatives | Derivative instruments designated as hedging instruments | Prepaid expenses and other assets, net | Fixed Interest Rate 4.89% Maturing January 2032 | ||||
| Fair value of derivative instruments | ||||
| Notional amount | $ 1,810,000 | $ 1,810,000 | ||
| Fixed interest rate | 4.89% | 4.89% | ||
| Total fair value derivative assets | $ (1,676,000) | $ (1,676,000) | 0 | |
| Interest rate derivatives | Derivative instruments designated as hedging instruments | Accounts payable and accrued expenses | Fixed Interest Rate 2.96%, Maturing September 2023 | ||||
| Fair value of derivative instruments | ||||
| Notional amount, liability | $ 615,000,000 | $ 615,000,000 | ||
| Fixed interest rate | 2.96% | 2.96% | ||
| Total fair value derivative liabilities | $ (32,206,000) | $ (32,206,000) | $ (13,781,000) | |
| Minimum | Interest Rate Collar | Derivative instruments designated as hedging instruments | Prepaid expenses and other assets, net | Fixed Interest Rate 1.50% To 2.50%, Maturing May 2019 | ||||
| Fair value of derivative instruments | ||||
| Fixed interest rate | 1.50% | 1.50% | ||
| Minimum | Interest Rate Collar | Derivative instruments designated as hedging instruments | Accounts payable and accrued expenses | Fixed Interest Rate 2.00% To 3.00%, Maturing May 2020 | ||||
| Fair value of derivative instruments | ||||
| Fixed interest rate | 2.00% | 2.00% | ||
| Minimum | Interest Rate Collar | Derivative instruments designated as hedging instruments | Accounts payable and accrued expenses | Fixed Interest Rate 2.25% To 3.25%, Maturing May 2021 | ||||
| Fair value of derivative instruments | ||||
| Fixed interest rate | 2.25% | 2.25% | ||
| Minimum | Interest Rate Collar | Derivative instruments designated as hedging instruments | Accounts payable and accrued expenses | Fixed Interest Rate 2.75% To 3.50%, Maturing April 2022 | ||||
| Fair value of derivative instruments | ||||
| Fixed interest rate | 2.75% | 2.75% | ||
| Maximum | Interest Rate Collar | Derivative instruments designated as hedging instruments | Prepaid expenses and other assets, net | Fixed Interest Rate 1.50% To 2.50%, Maturing May 2019 | ||||
| Fair value of derivative instruments | ||||
| Fixed interest rate | 2.50% | 2.50% | ||
| Maximum | Interest Rate Collar | Derivative instruments designated as hedging instruments | Accounts payable and accrued expenses | Fixed Interest Rate 2.00% To 3.00%, Maturing May 2020 | ||||
| Fair value of derivative instruments | ||||
| Fixed interest rate | 3.00% | 3.00% | ||
| Maximum | Interest Rate Collar | Derivative instruments designated as hedging instruments | Accounts payable and accrued expenses | Fixed Interest Rate 2.25% To 3.25%, Maturing May 2021 | ||||
| Fair value of derivative instruments | ||||
| Fixed interest rate | 3.25% | 3.25% | ||
| Maximum | Interest Rate Collar | Derivative instruments designated as hedging instruments | Accounts payable and accrued expenses | Fixed Interest Rate 2.75% To 3.50%, Maturing April 2022 | ||||
| Fair value of derivative instruments | ||||
| Fixed interest rate | 3.50% | 3.50% | ||
| Term Loan | $700 Million Loan Maturity September 2023 | ||||
| Fair value of derivative instruments | ||||
| Loan amount | $ 615,000,000.0 |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Impact of Financial Instruments on Statement of Operations) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Effect of the Company's derivative financial instruments on the income statement | ||||
| Total Interest Expense Presented in the Results of Operations in which the Effects of Cash Flow Hedges are Recorded | $ 24,203 | $ 18,903 | $ 47,529 | $ 35,512 |
| Interest expense | ||||
| Effect of the Company's derivative financial instruments on the income statement | ||||
| Amount of Gain (Loss) Reclassified from AOCI into Operations | 92 | 652 | 220 | 868 |
| Interest rate derivatives | ||||
| Effect of the Company's derivative financial instruments on the income statement | ||||
| Amount of Gain (Loss) Reclassified from AOCI into Operations | (900) | (2,000) | ||
| Cash Flow Hedging | Interest rate derivatives | ||||
| Effect of the Company's derivative financial instruments on the income statement | ||||
| Amount of Gain (Loss) Recognized in AOCI on Derivative | $ (13,016) | $ 6,005 | $ (18,832) | $ 14,266 |
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
| Lessor, Lease, Description [Line Items] | |||||
| Outstanding letters of credit | $ 15.4 | $ 15.4 | $ 15.3 | ||
| Amount of outstanding surety bonds | 211.3 | 211.3 | $ 101.2 | ||
| Rent expense | 2.0 | $ 2.3 | 4.1 | $ 5.0 | |
| Guarantee Obligations | Downtown Columbia | |||||
| Lessor, Lease, Description [Line Items] | |||||
| Loss contingency guaranteed amount limit | $ 1.0 | $ 1.0 | |||
STOCK BASED PLANS (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Stock Options | ||||
| Stock options outstanding at the beginning of the period (in shares) | 817,998 | |||
| Granted (in shares) | 21,500 | |||
| Exercised (in shares) | (6,189) | |||
| Forfeited (in shares) | (10,600) | |||
| Expired (in shares) | (400) | |||
| Stock options outstanding at the end of the period (in shares) | 822,309 | 822,309 | ||
| Weighted Average Exercise Price | ||||
| Stock options outstanding at the beginning of the period (in dollars per share) | $ 105.06 | |||
| Granted (in dollars per share) | 105.37 | |||
| Exercised (in dollars per share) | 64.93 | |||
| Forfeited (in dollars per share) | 123.17 | |||
| Expired (in dollars per share) | 116.56 | |||
| Stock options outstanding at the end of the period (in dollars per share) | $ 105.13 | $ 105.13 | ||
| Stock based compensation expense | $ 6,230 | $ 5,705 | ||
| Stock Option | ||||
| Weighted Average Exercise Price | ||||
| Stock based compensation expense | $ 800 | $ 1,000 | 1,500 | 1,600 |
| Share based compensation costs capitalized | $ 200 | $ 600 | $ 400 | $ 900 |
STOCK BASED PLANS (Summary of Restricted Stock Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Weighted Average Grant Date Fair Value | ||||
| Stock based compensation expense | $ 6,230 | $ 5,705 | ||
| Restricted Stock | ||||
| Restricted stock activity | ||||
| Restricted stock outstanding at the beginning of the period (in shares) | 406,544 | |||
| Granted (in shares) | 163,945 | |||
| Vested (in shares) | (11,217) | |||
| Forfeited (in shares) | (19,913) | |||
| Restricted stock outstanding at the end of the period (in shares) | 539,359 | 539,359 | ||
| Weighted Average Grant Date Fair Value | ||||
| Restricted stock outstanding at the beginning of the period (in dollars per share) | $ 82.10 | |||
| Granted (in dollars per share) | 85.88 | |||
| Vested (in shares) | 133.43 | |||
| Forfeited (in dollars per share) | 74.88 | |||
| Restricted stock outstanding at the end of the period (in dollars per share) | $ 82.45 | $ 82.45 | ||
| Stock based compensation expense | $ 2,400 | $ 2,100 | $ 4,700 | 4,100 |
| Share based compensation costs capitalized | $ 300 | $ 300 | $ 600 | $ 600 |
INCOME TAXES (Narrative) (Details) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Income Tax Disclosure [Abstract] | ||||
| Effective tax rate (as a percent) | 24.90% | 32.20% | 25.50% | 34.00% |
WARRANTS (Details) - Management Warrants - USD ($) $ / shares in Units, $ in Millions |
Oct. 07, 2016 |
Oct. 04, 2017 |
Jun. 16, 2017 |
|---|---|---|---|
| Chief Financial Officer | |||
| Class of Warrant or Right [Line Items] | |||
| Number of shares called by warrants (in shares) | 50,125 | ||
| Exercise price (in dollars per share) | $ 112.08 | ||
| Proceeds from issuance of Management warrants | $ 1.0 | ||
| Chief Executive Officer | |||
| Class of Warrant or Right [Line Items] | |||
| Number of shares called by warrants (in shares) | 1,965,409 | ||
| Exercise price (in dollars per share) | $ 124.64 | ||
| Total warrant price | $ 50.0 | ||
| President | |||
| Class of Warrant or Right [Line Items] | |||
| Number of shares called by warrants (in shares) | 87,951 | ||
| Exercise price (in dollars per share) | $ 117.01 | ||
| Total warrant price | $ 2.0 |
ACCUMULATED OTHER COMPREHENSIVE LOSS (Summary of Changes in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Jan. 01, 2018 |
|||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
| Balance at the beginning of the period | $ 3,307,473 | $ 3,079,363 | $ 3,238,126 | $ 3,188,551 | |||
| Other comprehensive income before reclassifications | (13,038) | 6,054 | (18,905) | 14,325 | |||
| Adjustment related to adoption of ASU 2018-02 | [1] | 0 | 0 | 0 | (1,148) | ||
| Adjustment related to adoption of ASU 2017-12 | $ (739) | ||||||
| Net current-period other comprehensive income (loss) | (13,783) | 3,312 | (20,416) | 9,480 | |||
| Balance at the end of the period | 3,351,767 | 3,150,611 | 3,351,767 | 3,150,611 | |||
| Total | |||||||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
| Balance at the beginning of the period | (14,759) | (797) | (8,126) | (6,965) | |||
| Adjustment related to adoption of ASU 2018-02 | (1,148) | ||||||
| Balance at the end of the period | (28,542) | 2,515 | (28,542) | 2,515 | |||
| Gain reclassified from accumulated other comprehensive loss to net income | |||||||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
| Reclassifications | (92) | (652) | (220) | (868) | |||
| Gain reclassified from accumulated other comprehensive loss to net income | Terminated swap | |||||||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
| Reclassifications | $ (653) | (80) | $ (1,291) | (80) | |||
| Pension adjustment | |||||||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
| Reclassifications | $ (2,010) | $ (2,010) | |||||
| |||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS (Summary of Amounts Reclassified Out of AOCI) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Reclassifications out of accumulated other comprehensive income (loss) | ||||
| Interest expense | $ (24,203) | $ (18,903) | $ (47,529) | $ (35,512) |
| Provision for (benefit from) income taxes | 4,473 | (2,417) | 15,489 | (1,859) |
| Net income | (13,328) | 5,879 | (45,253) | 4,045 |
| Reclassification out of Accumulated Other Comprehensive Income | ||||
| Reclassifications out of accumulated other comprehensive income (loss) | ||||
| Net income | (92) | (652) | (220) | (868) |
| (Gains) losses on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income | ||||
| Reclassifications out of accumulated other comprehensive income (loss) | ||||
| Interest expense | (116) | (825) | (278) | (1,099) |
| (Gains) losses on cash flow hedges | Interest rate swap contracts | Reclassification out of Accumulated Other Comprehensive Income | ||||
| Reclassifications out of accumulated other comprehensive income (loss) | ||||
| Provision for (benefit from) income taxes | $ 24 | $ 173 | $ 58 | $ 231 |
EARNINGS PER SHARE (Information Related to EPS Calculation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Numerator: | ||||
| Net income (loss) | $ 13,328 | $ (5,879) | $ 45,253 | $ (4,045) |
| Net loss attributable to noncontrolling interests | 149 | 791 | 45 | 431 |
| Net income (loss) attributable to common stockholders | $ 13,477 | $ (5,088) | $ 45,298 | $ (3,614) |
| Denominator: | ||||
| Weighted-average basic common shares outstanding (in shares) | 43,113 | 42,573 | 43,109 | 43,014 |
| Numerator: | ||||
| Net income attributable to common stockholders | $ 13,477 | $ (5,088) | $ 45,298 | $ (3,614) |
| Denominator: | ||||
| Weighted-average basic common shares outstanding (in shares) | 43,113 | 42,573 | 43,109 | 43,014 |
| Restricted stock and stock options (in shares) | 158 | 212 | 154 | 215 |
| Warrants (in shares) | 0 | 157 | 0 | 157 |
| Weighted-average diluted common shares outstanding (in shares) | 43,271 | 42,942 | 43,263 | 43,386 |
| Basic income per share: (in dollars per share) | $ 0.31 | $ (0.12) | $ 1.05 | $ (0.08) |
| Diluted income per share: (in dollars per share) | $ 0.31 | $ (0.12) | $ 1.05 | $ (0.08) |
EARNINGS PER SHARE (Narrative) (Details) - shares |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Employees Directors and Consultants Stock Options | ||||
| Antidilutive securities excluded from computation of diluted earnings per share | ||||
| Antidilutive securities excluded from computation of diluted earnings per share (in shares) | 569,408 | 374,500 | 569,408 | 413,000 |
| Restricted Stock | ||||
| Antidilutive securities excluded from computation of diluted earnings per share | ||||
| Antidilutive securities excluded from computation of diluted earnings per share (in shares) | 278,379 | 233,721 | 278,379 | 233,721 |
REVENUE (Schedule of Disaggregation of Revenue) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Disaggregation of Revenue [Line Items] | ||||
| Minimum rents | $ 54,718 | $ 108,804 | ||
| Minimum rents | $ 50,509 | $ 99,912 | ||
| Tenant recoveries | 13,512 | 27,020 | ||
| Tenant recoveries | 12,250 | 25,002 | ||
| Total rental income | 68,230 | 135,824 | ||
| Total rental income | 62,759 | 124,914 | ||
| Total revenues | 431,316 | 181,005 | 785,206 | 342,684 |
| Recognized at a point in time: | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue | 328,888 | 101,514 | 596,634 | 187,058 |
| Recognized at a point in time and/or over time: | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue | 34,198 | 16,732 | 52,748 | 30,712 |
| Operating Assets | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total revenues | 109,219 | 88,808 | 201,172 | 176,555 |
| Master Planned Communities | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total revenues | 12,891 | 4,500 | 19,921 | 8,011 |
| Seaport District | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total revenues | 72,859 | 62,765 | 123,755 | 118,530 |
| Strategic Developments | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total revenues | 236,347 | 24,932 | 440,358 | 39,588 |
| Condominium rights and unit sales | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue | 235,622 | 20,885 | 433,932 | 31,722 |
| Condominium rights and unit sales | Recognized at a point in time: | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue | 235,622 | 20,885 | 433,932 | 31,722 |
| Master Planned Communities land sales | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue | 58,321 | 52,432 | 99,633 | 98,997 |
| Master Planned Communities land sales | Recognized at a point in time: | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue | 58,321 | 52,432 | 99,633 | 98,997 |
| Hospitality revenues | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue | 25,576 | 22,569 | 48,505 | 45,630 |
| Hospitality revenues | Recognized at a point in time: | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue | 25,576 | 22,569 | 48,505 | 45,630 |
| Builder price participation | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue | 9,369 | 5,628 | 14,564 | 10,709 |
| Builder price participation | Recognized at a point in time: | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue | 9,369 | 5,628 | 14,564 | 10,709 |
| Other land revenues | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue | 5,569 | 4,712 | 10,298 | 8,843 |
| Other land revenues | Recognized at a point in time and/or over time: | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue | 5,569 | 4,712 | 10,298 | 8,843 |
| Other rental and property revenues | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue | 28,629 | 12,020 | 42,450 | 21,869 |
| Other rental and property revenues | Recognized at a point in time and/or over time: | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue | $ 28,629 | $ 12,020 | $ 42,450 | $ 21,869 |
REVENUE (Schedule of Contract with Customer, Asset and Liability) (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
|---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
|
| Change In Contract With Customer, Asset [Roll Forward] | ||
| Beginning balance | $ 0 | $ 0 |
| Consideration earned during the period | 0 | (35,834) |
| Consideration received during the period | 0 | 35,834 |
| Ending balance | 0 | 0 |
| Change In Contract With Customer, Liability [Roll Forward] | ||
| Beginning balance | 296,496 | 179,179 |
| Consideration earned during the period | (410,322) | (308,898) |
| Consideration received during the period | 322,771 | 426,215 |
| Ending balance | $ 208,945 | $ 296,496 |
REVENUE (Schedule of Remaining Unsatisfied Performance Obligations) (Details) $ in Thousands |
Jun. 30, 2019
USD ($)
|
|---|---|
| Revenue from Contract with Customer [Abstract] | |
| Remaining performance obligation | $ 1,100,000 |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | |
| Revenue from Contract with Customer [Abstract] | |
| Remaining performance obligation | $ 296,426 |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
| Remaining performance obligation, expected timing of satisfaction period | 6 months |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
| Revenue from Contract with Customer [Abstract] | |
| Remaining performance obligation | $ 17,290 |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
| Remaining performance obligation, expected timing of satisfaction period | |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
| Revenue from Contract with Customer [Abstract] | |
| Remaining performance obligation | $ 814,334 |
SEGMENTS (Summary of Segment Operating Results) (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|
|
Jun. 30, 2019
USD ($)
ft²
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2019
USD ($)
ft²
segment
location
|
Jun. 30, 2018
USD ($)
|
Dec. 31, 2018
USD ($)
|
|
| Segments reporting | |||||
| Number of reportable segments | segment | 4 | ||||
| Total revenues | $ 431,316 | $ 181,005 | $ 785,206 | $ 342,684 | |
| Total operating expenses | (408,061) | (189,566) | (708,375) | (348,706) | |
| Depreciation and amortization | (38,918) | (29,087) | (75,049) | (57,275) | |
| Interest (expense) income, net | 0 | 200 | $ 200 | ||
| Other (income) loss, net | 10,288 | 266 | 10,461 | 266 | |
| Equity in (earnings) loss from real estate and other affiliates | 6,354 | 16,299 | 16,305 | 30,685 | |
| Loss on sale or disposal of real estate | (144) | 0 | (150) | 0 | |
| Segment EBT | 17,801 | (8,296) | 60,742 | (5,904) | |
| Net income (loss) | 13,328 | (5,879) | 45,253 | (4,045) | |
| Net loss attributable to noncontrolling interests | 149 | 791 | 45 | 431 | |
| Net income (loss) attributable to common stockholders | 13,477 | (5,088) | 45,298 | (3,614) | |
| Operating Assets | |||||
| Segments reporting | |||||
| Total revenues | 109,219 | 88,808 | 201,172 | 176,555 | |
| Master Planned Communities | |||||
| Segments reporting | |||||
| Total revenues | $ 12,891 | 4,500 | $ 19,921 | 8,011 | |
| Seaport District | |||||
| Segments reporting | |||||
| Area of real estate property (in sqft) | ft² | 450,000 | 450,000 | |||
| Operating locations | location | 2 | ||||
| Total revenues | $ 72,859 | 62,765 | $ 123,755 | 118,530 | |
| Strategic Developments | |||||
| Segments reporting | |||||
| Total revenues | 236,347 | 24,932 | 440,358 | 39,588 | |
| Operating Segments | |||||
| Segments reporting | |||||
| Total revenues | 431,316 | 181,005 | 785,206 | 342,684 | |
| Total operating expenses | (331,802) | (119,744) | (563,964) | (213,685) | |
| Segment operating income | 99,514 | 61,261 | 221,242 | 128,999 | |
| Depreciation and amortization | (37,037) | (27,350) | (71,554) | (54,100) | |
| Interest (expense) income, net | (10,465) | (4,083) | (20,183) | (6,854) | |
| Other (income) loss, net | 714 | 235 | 1,353 | 537 | |
| Equity in (earnings) loss from real estate and other affiliates | 6,354 | 16,300 | 16,305 | 30,683 | |
| Loss on sale or disposal of real estate | (144) | 0 | (150) | 0 | |
| Segment EBT | 58,936 | 46,363 | 147,013 | 99,265 | |
| Operating Segments | Operating Assets | |||||
| Segments reporting | |||||
| Total revenues | 109,219 | 88,808 | 201,172 | 176,555 | |
| Total operating expenses | (48,727) | (40,988) | (91,639) | (82,999) | |
| Segment operating income | 60,492 | 47,820 | 109,533 | 93,556 | |
| Depreciation and amortization | (28,938) | (24,198) | (56,046) | (47,558) | |
| Interest (expense) income, net | (20,059) | (17,308) | (39,050) | (33,995) | |
| Other (income) loss, net | 1,088 | 71 | 1,123 | 164 | |
| Equity in (earnings) loss from real estate and other affiliates | 45 | (1,000) | 2,754 | 1,583 | |
| Segment EBT | 12,628 | 5,385 | 18,314 | 13,750 | |
| Operating Segments | Master Planned Communities | |||||
| Segments reporting | |||||
| Total revenues | 72,859 | 62,765 | 123,755 | 118,530 | |
| Total operating expenses | (40,392) | (37,003) | (68,906) | (73,371) | |
| Segment operating income | 32,467 | 25,762 | 54,849 | 45,159 | |
| Depreciation and amortization | (86) | (86) | (246) | (167) | |
| Interest (expense) income, net | 8,283 | 6,808 | 15,826 | 13,200 | |
| Other (income) loss, net | 72 | 0 | 67 | 0 | |
| Equity in (earnings) loss from real estate and other affiliates | 6,499 | 14,100 | 14,336 | 25,228 | |
| Segment EBT | 47,235 | 46,584 | 84,832 | 83,420 | |
| Operating Segments | Seaport District | |||||
| Segments reporting | |||||
| Total revenues | 12,891 | 4,500 | 19,921 | 8,011 | |
| Total operating expenses | (17,972) | (6,441) | (32,405) | (9,976) | |
| Segment operating income | (5,081) | (1,941) | (12,484) | (1,965) | |
| Depreciation and amortization | (6,753) | (1,953) | (12,946) | (4,197) | |
| Interest (expense) income, net | (1,924) | 3,278 | (3,456) | 6,995 | |
| Other (income) loss, net | (61) | 0 | (147) | 0 | |
| Equity in (earnings) loss from real estate and other affiliates | (451) | (240) | (1,083) | (240) | |
| Loss on sale or disposal of real estate | 0 | 0 | (6) | 0 | |
| Segment EBT | (14,270) | (856) | (30,122) | 593 | |
| Operating Segments | Strategic Developments | |||||
| Segments reporting | |||||
| Total revenues | 236,347 | 24,932 | 440,358 | 39,588 | |
| Total operating expenses | (224,711) | (35,312) | (371,014) | (47,339) | |
| Segment operating income | 11,636 | (10,380) | 69,344 | (7,751) | |
| Depreciation and amortization | (1,260) | (1,113) | (2,316) | (2,178) | |
| Interest (expense) income, net | 3,235 | 3,139 | 6,497 | 6,946 | |
| Other (income) loss, net | (385) | 164 | 310 | 373 | |
| Equity in (earnings) loss from real estate and other affiliates | 261 | 3,440 | 298 | 4,112 | |
| Loss on sale or disposal of real estate | (144) | 0 | (144) | 0 | |
| Segment EBT | 13,343 | (4,750) | 73,989 | 1,502 | |
| Corporate expenses and other items | |||||
| Segments reporting | |||||
| Corporate expenses and other items | $ 45,608 | $ 52,242 | $ 101,760 | $ 103,310 | |
| Tin Building | Seaport District | |||||
| Segments reporting | |||||
| Area of real estate property (in sqft) | ft² | 53,000 | 53,000 | |||
SEGMENTS (Summary of Assets by Segment and Reconciliation of Segment Assets to Total Assets) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Reconciliation of total segment assets to total assets | ||
| Assets | $ 7,709,178 | $ 7,355,799 |
| Operating Segments | ||
| Reconciliation of total segment assets to total assets | ||
| Assets | 7,241,363 | 7,017,374 |
| Operating Segments | Operating Assets | ||
| Reconciliation of total segment assets to total assets | ||
| Assets | 2,713,098 | 2,562,257 |
| Operating Segments | Master Planned Communities | ||
| Reconciliation of total segment assets to total assets | ||
| Assets | 2,192,267 | 2,076,678 |
| Operating Segments | Seaport District | ||
| Reconciliation of total segment assets to total assets | ||
| Assets | 919,329 | 839,522 |
| Operating Segments | Strategic Developments | ||
| Reconciliation of total segment assets to total assets | ||
| Assets | 1,416,669 | 1,538,917 |
| Corporate and other | ||
| Reconciliation of total segment assets to total assets | ||
| Assets | $ 467,815 | $ 338,425 |
| Label | Element | Value |
|---|---|---|
| Accounting Standards Update 2017-12 [Member] | AOCI Attributable to Parent [Member] | ||
| Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (739,000) |
| Accounting Standards Update 2017-12 [Member] | Retained Earnings [Member] | ||
| Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 739,000 |
| Accounting Standards Update 2014-09 [Member] | ||
| Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (69,732,000) |
| Accounting Standards Update 2014-09 [Member] | Parent [Member] | ||
| Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (69,732,000) |
| Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | ||
| Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (69,732,000) |