THE HOWARD HUGHES CORPORATION, INC.
SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2012

($ in thousands)				Initial Cost (b)				Costs Capitalized Subsequent to Acquisition (c)						Gross Amounts at Which Carried at Close of Period (d)

Name of Center	Location	Encum- brances (a)		Land		Buildings and Improve- ments (f)		Land			Buildings and Improve- ments (f)			Land		Buildings and Improve- ments (f)		Total		Accumulated Depreciation (e)		Date of Construction		Date Acquired/ Completed
Summerlin	Las Vegas, NV	$	45,425	$	990,179	$	—	$	(92,788	)	$	794		$	897,391	$	794	$	898,185	$	253				2004
Bridgeland	Houston, TX		18,066		257,222		—		134,785			1,627			392,007		1,627		393,634		868				2004
Maryland	Howard County, MD		—		457,552		—		(390,028	)		143			67,524		143		67,667		42				2004
The Woodlands	Houston, TX		176,704		264,141		—		(58,941	)		18,074			206,200		18,074		224,274		9				2011
Ward Centers	Honolulu, HI		229,000		164,007		89,321		(9,491	)		155,662			154,516		244,983		399,499		39,841				2002
South Street Seaport	New York, NY		—		—		7,884		—			4,029			—		11,913		11,913		465				2004
Landmark Mall	Alexandria, VA		—		28,396		67,235		(19,408	)		(50,417	)		8,988		16,818		25,806		863				2003
Park West	Peoria, AZ		—		16,526		77,548		1,201			(2,297	)		17,727		75,251		92,978		14,299		2008		2006
Rio West Mall	Gallup, NM		—		—		19,500		—			8,456			—		27,956		27,956		17,347				1986
Riverwalk Marketplace	New Orleans, LA		—		—		94,513		—			(78,141	)		—		16,372		16,372		688				2004
Cottonwood Square	Salt Lake City, UT		—		1,558		4,339		—			636			1,558		4,975		6,533		1,224				2002
20/25 Waterway Avenue	Houston, TX		14,450		2,346		8,871		—			1,144			2,346		10,015		12,361		543				2011
Waterway Garage Retail	Houston, TX		—		1,342		4,255		(1	)		698			1,341		4,953		6,294		151				2011
1400 Woodloch Forest	Houston, TX		—		—		—		1,570			13,023			1,570		13,023		14,593		5,887				1981
2201 Lake Woodlands Drive	Houston, TX		—		3,755		—		—			—			3,755		—		3,755		—				2011
4 Waterway Square	Houston, TX		40,140		1,430		51,553		—			6,576			1,430		58,129		59,559		2,831				2011
9303 New Trails	Houston, TX		13,706		1,929		11,915		—			1,619			1,929		13,534		15,463		533				2011
The Club at Carlton Woods	Houston, TX		—		13,796		457		393			589			14,189		1,046		15,235		65				2011
Woodlands Parking Garages	Houston, TX		—		5,857		—		—			138			5,857		138		5,995		51				2011
Woodlands Resort and Conference Center	Houston, TX		36,100		13,258		37,983		—			4,010			13,258		41,993		55,251		1,249				2011
Millennium Waterway Apartments	Houston, TX		55,584		15,917		56,002		—			—			15,917		56,002		71,919		1,338				2012
110 N. Wacker	Chicago, IL		29,000		—		29,035		—			5,315			—		34,350		34,350		11,616				1997
Columbia Offices	Howard County, MD		—		1,575		28,447		1,571			8,394			3,146		36,841		39,987		11,121				2004
70 Columbia Corporate Center	Columbia, MD		16,037		1,281		14,523		—			—			1,281		14,523		15,804		139				2012

($ in thousands)				Initial Cost (b)				Costs Capitalized Subsequent to Acquisition (c)						Gross Amounts at Which Carried at Close of Period (d)

Name of Center	Location	Encum- brances (a)		Land		Buildings and Improve- ments (f)		Land			Buildings and Improve- ments (f)			Land		Buildings and Improve- ments (f)		Total		Accumulated Depreciation (e)		Date of Construction		Date Acquired/ Completed
Bridges at Mint Hill	Charlotte, NC	$	—	$	—	$	—	$	—		$	16,619		$	—	$	16,619	$	16,619	$	—				2007
Elk Grove Promenade	Elk Grove, CA		—		—		—		—			5,666			—		5,666		5,666		4				2003
3 Waterway Square	Houston, TX		9,150		748		—		(748	)		23,581			—		23,581		23,581		—				2012
One Hughes Landing	Houston, TX		10		—		—		—			5,304			—		5,304		5,304		—				2012
The Shops at Summerlin	Las Vegas, NV		4,287		—		—		—			44,781			—		44,781		44,781		—				2004
Ala Moana Condo Project	Honolulu, HI		—		—		—		—			24,377			—		24,377		24,377		—				2002
AllenTowne	Dallas, TX		—		25,575		—		(25,575	)		25,416			—		25,416		25,416		—				2006
Cottonwood Mall	Salt Lake City, UT		—		7,613		42,987		(4,713	)		(25,996	)		2,900		16,991		19,891		—				2002
Kendall Town Center	Miami, FL		—		—		—		—			17,666			—		17,666		17,666		—				2004
West Windsor	Princeton, NJ		—		—		—		—			21,835			—		21,835		21,835		—				2004
Alameda Plaza	Pocatello, ID		—		740		2,060		(740	)		(999	)		—		1,061		1,061		30				2002
Century Plaza Mall	Birmingham, AL		—		3,164		28,514		(3,164	)		(23,163	)		—		5,351		5,351		—				1997
Village at Redlands	Redlands, CA		—		—		—		—			6,600			—		6,600		6,600		—		2008		2004
Redlands Promenade	Redlands, CA		—		—		—		—			2,907			—		2,907		2,907		—				2004
Lakemoor (Volo) Land	Volo, IL		—		320		—		(320	)		321			—		321		321		—				1995
Corporate general and administrative			653		885		1,027		—			7,926			885		8,953		9,838		1,034

Total HHC		$	688,312	$	2,281,112	$	677,969	$	(465,397	)	$	252,913		$	1,815,715	$	930,882	$	2,746,597	$	112,491

(a): See description of mortgages, notes and other debt payable in Note 8 of the Consolidated and Combined Financial Statements.
(b): Initial cost for constructed malls is cost at end of first complete calendar year subsequent to opening.
(c): For retail and other properties, costs capitalized subsequent to acquisitions is net of cost of disposals or other property write-downs. For Master Planned Communities, costs capitalized subsequent to acquisitions are net of land sales.
(d): The aggregate cost of land, building and improvements for federal income tax purposes is approximately $2.6 billion.
(e): Depreciation is computed based upon the following estimated lives.
(f): Includes all amounts related to Developments:

		Years

Building and improvements		10-45
Equipment, tenant improvements and fixtures		5-10
Computer hardware and software, and vehicles		3-5


Reconciliation of Real Estate
	2012			2011			2010
		(In thousands)
Balance at beginning of year	$	2,589,730		$	2,161,977		$	2,680,647
Change in Land		66,889			69,110			13,240
Additions		179,372			452,461			116,482
Impairments		—			—			(503,356	)
Dispositions and write-offs and land costs of sales		(89,395	)		(93,818	)		(145,036	)

Balance at end of year	$	2,746,596		$	2,589,730		$	2,161,977


Reconciliation of Accumulated Depreciation
	2012		2011			2010
		(In thousands)
Balance at beginning of year	$	91,605	$	78,931		$	81,180
Depreciation Expense		19,457		14,012			14,582
Dispositions and write-offs		1,429		(1,338	)		(16,831	)

Balance at end of year	$	112,491	$	91,605		$	78,931