Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2011

REAL ESTATE AND ACCUMULATED DEPRECIATION[abstract="Real Estate and Accumulated Depreciation"'] [Abstract]

REAL ESTATE AND ACCUMULATED DEPRECIATION[abstract="Real Estate and Accumulated Depreciation"']

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2011

				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		Land			Buildings and Improve- ments			Land			Buildings and Improve- ments		Total		Accumulated Depreciation  (e)		Date of Construction	Date Acquired/ Completed
				(In thousands)				(In thousands)						(In thousands)
Master Planned Communities
Summerlin	Las Vegas, NV	$	50,672	$	990,179	$	—	$	(94,165	)	$	676		$	896,014		$	676	$	896,690	$	147		2004
Bridgeland	Houston, TX		20,604		257,222		—		134,562			1,556			391,784			1,556		393,340		735		2004
Maryland	Howard County, MD		—		457,552		—		(390,893	)		123			66,659			123		66,782		20		2004
The Woodlands	Houston, TX		185,757		264,889		—		(19,272	)		—			245,617			—		245,617		—		2011
Total Master Planned Communities			257,033		1,969,842		—		(369,768	)		2,355			1,600,074			2,355		1,602,429		902
Operating Properties
Ward Centers	Honolulu, HI		220,000		164,007		89,321		(9,491	)		139,650			154,516			228,971		383,487		34,593		2002
South Street Seaport	New York, NY		—		—		7,884		—			(2,454	)		—			5,430		5,430		380		2004
Landmark Mall	Alexandria, VA		—		28,396		67,235		(19,408	)		(52,109	)		8,988			15,126		24,114		276		2003
Park West	Peoria, AZ		—		16,526		77,548		1			(3,227	)		16,527			74,321		90,848		11,264	2008	2006
Rio West	Gallup, NM		—		—		19,500		—			8,163			—			27,663		27,663		16,627		1986
Riverwalk Marketplace	New Orleans, LA		—		—		94,513		—			(82,160	)		—			12,353		12,353		340		2004
Cottonwood Square	Salt Lake City, UT		—		1,558		4,339		—			315			1,558			4,654		6,212		1,097		2002
20/25 Waterway Avenue	Houston, TX		—		2,346		8,871		—			536			2,346			9,407		11,753		167		2011
Waterway Garage Retail	Houston, TX		—		1,342		4,255		—			629			1,342			4,884		6,226		41		2011
1400 Woodloch Forest	Houston, TX		—		—		—		1,570			12,237			1,570			12,237		13,807		3,856		1981
2201 Lake Woodlands Drive	Houston, TX		4,803		3,755		—		—			—			3,755			—		3,755		—		2011
4 Waterway Square	Houston, TX		41,000		1,430		51,553		396			3,615			1,826			55,168		56,994		878		2011
9303 New Trails	Houston, TX		14,000		1,929		11,915		—			639			1,929			12,554		14,483		145		2011
The Club at Carlton Woods	Houston, TX		—		13,796		457		—			307			13,796			764		14,560		5		2011
Woodlands Parking Garages	Houston, TX		—		5,857		—		—			—			5,857			—		5,857		55		2011
Woodlands Resort and Conference Center	Houston, TX		36,100		13,258		37,983		—			870			13,258			38,853		52,111		323		2011
110 N. Wacker	Chicago, IL		29,000		—		29,035		—			5,315			—			34,350		34,350		10,740		1997
Columbia Offices	Howard County, MD		—		1,575		28,447		1,571			7,234			3,146			35,681		38,827		9,686		2004
Total Operating Properties			344,903		255,775		532,856		(25,361	)		39,560			230,414			572,416		802,830		90,473
Strategic Developments
Bridges at Mint Hill	Charlotte, NC		—		—		—		—			12,450			—			12,450		12,450		—		2007
Fashion Show Air Rights	Las Vegas, NV		—		—		—		—			—			—			—		—		—		2004
Elk Grove Promenade	Elk Grove, CA		—		—		—		—			5,455			—			5,455		5,455		4		2003
Maui Ranch Land	Maui, HI		—		—		—		—			—			—			—		—		—		2002
3 Waterway Square Office	Houston, TX		—		—		—		—			—			—			—		—		—		2012
The Shops at Summerlin Centre	Las Vegas, NV		4,541		—		—		—			35,767			—			35,767		35,767		—		2004
Ala Moana Condo Project	Honolulu, HI		—		—		—		—			22,856			—			22,856		22,856		—		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	)		(26,301	)		2,900			16,686		19,586		—		2002
Kendall Town Center	Miami, FL		—		—		—		—			17,487			—			17,487		17,487		—		2004
West Windsor	Princeton, NJ		—		—		—		—			20,888			—			20,888		20,888		13		2004
Alameda Plaza	Pocatello, ID		—		740		2,060		—			26			740			2,086		2,826		491		2002
Century Plaza	Birmingham, AL		—		3,164		28,514		(2,350	)		(24,840	)		814			3,674		4,488		17		1997
Village at Redlands	Redlands, CA		—		—		—		616			6,511			616			6,511		7,127		368	2008	2004
Redlands Promenade	Redlands, CA		—		—		—		—			2,809			—			2,809		2,809		—		2004
Lakemoor (Volo) Land	Volo, IL		—		320		—		(326	)		327			(6	)		327		321		—		1995
Nouvelle at Natick	Natick, MA		—		—		—		—			82			—			82		82		—		2007
Total Strategic Development			4,541		37,412		73,561		(32,348	)		98,933			5,064			172,494		177,558		893
Corporate general and administrative			—		885		1,027		—			3,528			885			4,555		5,440		226
Total HHC		$	606,477	$	2,263,914	$	607,444	$	(427,477	)	$	144,376		$	1,836,437		$	751,820	$	2,588,257	$	92,494

(a) See description of mortgages, notes and other debt payable in Note 7 of Notes to Consolidated 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

(d) The aggregate cost of land, building and improvements for federal income tax purposes is approximately $2.3 billion.

(e) Depreciation is computed based upon the following estimated lives:

	Years
Building, improvements and carrying costs	40-45
Equipment, tenant improvements and fixtures	5-10

Reconciliation of Real Estate
	2011			2010			2009
(In thousands)
Balance at beginning of year	$	2,161,977		$	2,680,647		$	3,194,141
Change in land		69,110			13,240			179,765
Additions		450,988			116,482			238,020
Impairments		—			(503,356	)		(680,349	)
Dispositions and write-offs		(93,818	)		(145,036	)		(250,930	)
Balance at end of year	$	2,588,257		$	2,161,977		$	2,680,647
Reconciliation of Accumulated Depreciation
	2011			2010			2009
(In thousands)
Balance at beginning of year	$	78,931		$	81,180		$	94,004
Depreciation Expense		14,012			14,582			17,145
Dispositions and write-offs		(449	)		(16,831	)		(29,969	)
Balance at end of year	$	92,494		$	78,931		$	81,180