SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2014


($ in thousands)				Initial Cost (b)				Costs Capitalized Subsequent to Acquisition (c)				Gross Amounts at Which Carried at Close of Period (d)
						Buildings				Buildings				Buildings							Date
						and				and				and				Accumulated		Date of	Acquired /
Name of Center	Location	Encumbrances (a)		Land		Improvements (f)		Land		Improvements (f)		Land		Improvements (e)		Total		Depreciation (f)		Construction	Completed
Alameda Plaza	Pocatello, ID	$	-	$	740	$	2,060	$	(740)	$	(1,381)	$	-	$	679	$	679	$	-		2002
AllenTowne	Dallas, TX		-		25,575		-		(25,575)		25,475		-		25,475		25,475		-		2006
Anaha Condominiums	Honolulu, HI		-		-		47,783		-		-		-		47,783		47,783		-		—
Bridgeland	The Woodlands, TX		15,884		257,222		-		157,571		3,523		414,793		3,523		418,316		599		2004
Bridges at Mint Hill	Charlotte, NC		-		-		-		-		21,097		-		21,097		21,097		-		2007
Century Plaza	Birmingham, AL		-		3,164		28,514		(3,164)		(24,241)		-		4,273		4,273		-		1997
Circle T Ranch and Power Center	Dallas/Fort Worth, TX		-		-		-		-		40		-		40		40		-		2005
70 Columbia Corporate Center	Howard County, MD		20,000		1,281		14,523		-		6,256		1,281		20,779		22,060		1,612		2004
Columbia Office Properties	Howard County, MD		-		1,575		28,447		23,404		83,493		24,979		111,940		136,919		12,517		2004
Columbia Regional Building	Howard County, MD		20,513		-		28,865		-		-		-		28,865		28,865		1,206		2014
Conroe	Conroe, TX		-		99,284		-		-		-		99,284		-		99,284		-		2014
Cottonwood Mall	Salt Lake City, UT		-		7,613		42,987		(7,613)		(22,271)		-		20,716		20,716		-		2002
Cottonwood Square	Salt Lake City, UT		-		1,558		4,339		-		913		1,558		5,252		6,810		1,624		2002
Creekside Village Green	The Woodlands, TX		-		-		-		-		15,054		-		15,054		15,054		-		—
Downtown Summerlin	Las Vegas, NV		229,153		-		-		17,248		339,399		17,248		339,399		356,647		2,146		2004
Elk Grove Promenade	Elk Grove, CA		-		-		-		-		8,412		-		8,412		8,412		4		2003
Hughes Landing Hotel	The Woodlands, TX		-		-		6,752		-		-		-		6,752		6,752		-		—
Hughes Landing Retail	The Woodlands, TX		17,424		-		-		-		26,320		-		26,320		26,320		-		—
One Hughes Landing	The Woodlands, TX		52,000		-		-		1,678		35,062		1,678		35,062		36,741		1,626		2012
Two Hughes Landing	The Woodlands, TX		19,992		-		-		2,109		34,941		2,109		34,941		37,050		296		—
Three Hughes Landing	The Woodlands, TX		-		-		13,008		-		-		-		13,008		13,008		-		—
1725-35 Hughes Landing Boulevard	The Woodlands, TX		47,513		-		-		-		84,599		-		84,599		84,599		-		—
Kendall Town Center	Miami, FL		-		-		-		-		18,579		-		18,579		18,579		-		2004
1701 Lake Robbins	The Woodlands, TX		4,600		1,663		3,725		-		-		1,663		3,725		5,388		39		2014
2201 Lake Woodlands Drive	The Woodlands, TX		-		3,755		-		-		-		3,755		-		3,755		-		2011
One Lake's Edge	The Woodlands, TX		40,787		-		-		-		64,800		-		64,800		64,800		-		—
Lakemoor (Volo) Land	Volo, IL		-		320		-		(320)		321		-		321		321		-		1995
Landmark Mall	Alexandria, VA		-		28,396		67,235		(19,408)		(37,427)		8,988		29,808		38,796		8,118		2003
Maryland Communities	Howard County, MD		-		457,552		-		(397,669)		6,854		59,883		6,854		66,738		106		2004
Millennium Waterway Apartments	The Woodlands, TX		55,584		15,917		56,002		-		-		15,917		56,002		71,919		5,810		2012
9303 New Trails	The Woodlands, TX		13,074		1,929		11,915		-		1,959		1,929		13,874		15,803		1,513		2011
110 N. Wacker	Chicago, IL		29,000		-		29,035		12,249		5,461		12,249		34,496		46,745		13,366		1997
Outlet Collection at Riverwalk	New Orleans, LA		47,118		-		94,513		-		(1,896)		-		92,617		92,617		4,391		2004
Park West	Peoria, AZ		-		16,526		77,548		1,201		925		17,727		78,473		96,199		20,224	2008
80 South Street	New York, NY		-		-		144,015		-		-		-		144,015		144,015		-
South Street Seaport	New York, NY		-		-		7,884		15,913		100,630		15,913		108,514		124,427		520		2004
Summerlin	Las Vegas, NV		22,389		990,179		-		(128,520)		987		861,659		987		862,646		440		2004
3831 Technology Forest	The Woodlands, TX		-		514		14,194		-		-		514		14,194		14,708	-	21		2014
The Club at Carlton Woods	The Woodlands, TX		-		13,796		457		393		2,439		14,189		2,896		17,084		394		2011
The Metropolitan Downtown Columbia	Columbia, MD		-		-		-		-		1,484		-		1,484		1,484		-		—
The Woodlands	The Woodlands, TX		176,663		267,996		9,814		(57,180)		118		210,816		9,932		220,749		1,378		2011
The Woodlands Parking Garages	The Woodlands, TX		-		5,857		-		689		6,303		6,546		6,303		12,848		184		2011
The Woodlands Resort & Conference Center	The Woodlands, TX		76,027		13,258		37,983		-		71,345		13,258		109,328		122,586		4,022		2011
Waiea Condominiums	Honolulu, HI		-		-		30,555		-		-		-		30,555		30,555		-		—
Ward Village	Honolulu, HI		238,716		164,007		89,321		(21,157)		189,259		142,850		278,580		421,430		52,551		2002
Ward Workforce Housing	Honolulu, HI		-		-		5,114		-		-		-		5,114		5,114		-		—
Waterway Garage Retail	The Woodlands, TX		-		1,342		4,255		(1)		1,106		1,341		5,361		6,702		548		2011
3 Waterway Square	The Woodlands, TX		52,000		748		-		-		42,214		748		42,214		42,962		3,162		2012
4 Waterway Square	The Woodlands, TX		38,289		1,430		51,553		-		6,748		1,430		58,301		59,731		7,005		2011
Waterway Square Hotel	The Woodlands, TX		-		-		22,473		-		-		-		22,473		22,473		-		—
20/25 Waterway Avenue	The Woodlands, TX		14,330		2,346		8,871		-		617		2,346		9,488		11,834		1,101		2011
West Windsor	Princeton, NJ		-		-		-		53		23,617		53		23,617		23,670		-		2004
1400 Woodloch Forest	The Woodlands, TX		-		-		-		1,570		14,045		1,570		14,045		15,615		6,612		1981
Corporate	Various		762,414		885		1,027		(885)		16,336		-		17,363		17,363		4,048		—
Total HHC		$	1,993,470	$	2,386,428	$	984,767	$	(428,154)	$	1,173,515	$	1,958,273	$	2,158,282	$	4,116,556	$	157,182

(a)

See description of mortgages, notes and other debt payable in Note 8 of the 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 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 $3.5 billion.

(e)

Includes all amounts related to Developments.

(f)

Depreciation is computed based upon the following estimated lives:


		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
	2014		2013		2012
	(In thousands)
Balance at beginning of year	$	3,024,833	$	2,746,596	$	2,589,730
Change in Land		296,147		90,124		66,889
Additions		973,833		352,141		179,372
Impairments		-		-		-
Dispositions and write-offs and land and condominium costs of sales		(178,257)		(164,028)		(89,395)
Balance at end of year	$	4,116,556	$	3,024,833	$	2,746,596

Reconciliation of Accumulated Depreciation
	2014		2013		2012
	(In thousands)
Balance at beginning of year	$	111,728	$	112,491	$	91,605
Depreciation Expense		50,683		29,637		19,457
Dispositions and write-offs		(5,229)		(30,400)		1,429
Balance at end of year	$	157,182	$	111,728	$	112,491