Presentation of Financial Statements and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of estimated useful lives

Depreciation or amortization expense is computed using the straight‑line method based upon the following estimated useful lives:

Asset Type	Years	Balance Sheet Location
Buildings and improvements	7 - 40	Buildings and Equipment
Equipment and fixtures	5 - 20	Buildings and Equipment
Computer hardware and software, and vehicles	3 - 5	Buildings and Equipment
Tenant improvements	Related lease term	Buildings and Equipment
Leasing costs	Related lease term	Other assets, net

Categories of developments

Developments consist of the following categories as of December 31:

thousands	2023		2022
Land and improvements	$	238,921	$	339,540
Development costs	1,033,524		785,487
Total Developments	$	1,272,445	$	1,125,027

Components of accounts receivable, net

The following table represents the components of Accounts Receivable, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets as of December 31:

thousands	2023		2022
Straight-line rent receivables	$	87,669	$	84,145
Tenant receivables	4,780		12,044
Other receivables	22,596		7,248
Accounts receivable, net (a)	$	115,045	$	103,437

(a)As of December 31, 2023, the total reserve balance for amounts considered uncollectible was $15.0 million, comprised of $12.6 million related to ASC 842 and $2.4 million related to ASC 450. As of December 31, 2022, the total reserve balance was $8.9 million, comprised of $3.4 million related to ASC 842 and $5.5 million related to ASC 450.

Schedule of impacts of the ASC 842 and ASC 450 reserves in the accompanying condensed consolidated statement of operations

The following table summarizes the impacts of the ASC 842 and ASC 450 reserves in the accompanying Consolidated Statements of Operations for the years ended December 31:

thousands	Statements of Operations Location	2023		2022		2021
ASC 842 reserve	Rental revenue	$	11,272	$	(3,715)	$	(1,562)
ASC 450 reserve	Provision for (recovery of) doubtful accounts	(2,561)		1,959		(459)
Total (income) expense impact (a)		$	8,711	$	(1,756)	$	(2,021)

(a)Total expense recognized for the year ended December 31, 2023, is primarily comprised of reserves for two retail tenants in Ward Village and an office tenant with leases in both The Woodlands and Summerlin. The ASC 450 recovery amount for the year ended December 31, 2023, primarily relates to the reclassification of the reserve for the two Ward Village tenants to an ASC 842 reserve as full collection is not considered probable.