Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of fair value of the derivative financial instruments

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

					Fair Value Asset (Liability)
	Notional	Fixed Interest	Effective	Maturity	December 31,		December 31,
thousands	Amount	Rate (a)	Date	Date	2022		2021
Derivative instruments not designated as hedging instruments: (b)
Interest rate cap	285,000	2.00%	3/12/2021	9/15/2023	$	5,748	$	300
Interest rate cap	83,200	2.00%	3/12/2021	9/15/2023	1,677		87
Interest rate cap	75,000	2.50%	10/12/2021	9/29/2025	3,791		485
Interest rate cap	59,500	2.50%	10/12/2021	9/29/2025	3,007		385
Derivative instruments designated as hedging instruments:
Interest rate swap	615,000	2.96%	9/21/2018	9/18/2023	$	8,262	$	(23,477)
Interest rate swap	200,000	3.69%	1/3/2023	1/1/2027	978		—
Interest rate cap	127,000	5.50%	11/10/2022	11/7/2024	378		—
Interest rate cap	75,000	5.00%	12/22/2022	12/21/2025	655		—
Interest rate swap	40,800	1.68%	3/1/2022	2/18/2027	3,321		—
Interest rate swap	35,296	4.89%	11/1/2019	1/1/2032	3,043		(2,975)
Total fair value derivative assets					$	30,860	$	1,257
Total fair value derivative liabilities					—		(26,452)
Total fair value derivatives asset (liability), net					$	30,860	$	(25,195)

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

(b)Interest income related to these contracts was $13.0 million for the year ended December 31, 2022, and was not material in 2021.

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

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

Derivatives in Cash Flow Hedging Relationships	Amount of Gain (Loss) Recognized in AOCI on Derivatives
thousands	2022		2021		2020
Interest rate derivatives	$	25,657	$	5,300	$	(34,906)

Location of Gain (Loss) Reclassified from AOCI into Statements of Operations	Amount of Gain (Loss) Reclassified from AOCI into Statements of Operations
thousands	2022		2021		2020
Interest expense	$	(6,041)	$	(12,660)	$	(11,836)