SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2015


				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 /
Asset	Location	Encumbrances (a)		Land		Improvements		Land (e)		Improvements (e) (f)		Land		Improvements (f)		Total		Depreciation (g)		Construction	Completed
Ae`o	Honolulu, HI	$	-	$	-	$	16,294	$	-	$	-	$	-	$	16,294	$	16,294	$	-	2015	—
Alameda Plaza	Pocatello, ID		-		740		2,060		(740)		(1,793)		-		267		267		-	—	2002
Alden Bridge Self-Storage	The Woodlands, TX		-		-		1,679		-		-		-		1,679		1,679		-	2015	—
AllenTowne	Dallas, TX		-		25,575		-		(25,575)		25,475		-		25,475		25,475		-	—	2006
Anaha	Honolulu, HI		6,091		-		30,555		-		6,174		-		36,729		36,729		-	—	—
Bridgeland	Cypress, TX		40,077		257,222		-		177,998		1,268		435,220		1,268		436,488		709	—	2004
Bridges at Mint Hill	Charlotte, NC		-		-		-		-		21,470		-		21,470		21,470		-	—	2007
Century Plaza Mall	Birmingham, AL		-		3,164		28,514		(3,164)		(24,279)		-		4,235		4,235		-	—	1997
Circle T Ranch and Power Center	Dallas/Fort Worth, TX		-		-		-		-		(10)		-		(10)		(10)		-	—	2005
10 - 70 Columbia Corporate Center	Howard County, MD		100,000		24,685		94,824		-		7,733		24,685		102,557		127,242		4,665	—	2004
Columbia Office Properties	Howard County, MD		-		1,575		28,447		-		4,168		1,575		32,615		34,190		14,101	—	2004
Columbia Regional Building (e)	Howard County, MD		22,188		-		28,865		-		337		-		29,202		29,202		2,079	—	2014
Cottonwood Mall	Salt Lake City, UT		-		7,613		42,987		(7,613)		(21,626)		-		21,361		21,361		-	—	2002
Cottonwood Square	Salt Lake City, UT		-		1,558		4,339		-		923		1,558		5,262		6,820		1,844	—	2002
Creekside Village Green	The Woodlands, TX		-		-		-		1,323		15,732		1,323		15,732		17,055		279	—	—
Downtown Summerlin	Las Vegas, NV		293,389		-		-		30,855		364,100		30,855		364,100		394,955		12,715	—	2004
Hughes Landing Hotel (Embassy Suites)	The Woodlands, TX		20,064		-		6,752		1,818		33,012		1,818		39,764		41,582		109	—	—
Hughes Landing Retail	The Woodlands, TX		28,726		-		-		4,186		31,735		4,186		31,735		35,921		521	—	—
One Hughes Landing	The Woodlands, TX		52,000		-		-		1,678		35,029		1,678		35,029		36,707		3,212	—	2012
Two Hughes Landing	The Woodlands, TX		48,000		-		-		1,269		32,483		1,269		32,483		33,752		1,678	—	—
Three Hughes Landing	The Woodlands, TX		23,268		-		13,008		-		41,405		-		54,413		54,413		-	—	—
1725 Hughes Landing Boulevard	The Woodlands, TX		-		1,351		36,764		-		-		1,351		36,764		38,115		446	—	—
1735 Hughes Landing Boulevard	The Woodlands, TX		89,677		3,709		123,846		-		(3,044)		3,709		120,802		124,511		826	—	2015
IBM Building	Honolulu, HI		-		3,326		23,123		-		8,201		3,326		31,324		34,650		5,576	—	2014
Ke Kilohana	Honolulu, HI		-		-		5,114		-		5,152		-		10,266		10,266		-	2015	—
Kendall Town Center	Miami, FL		-		-		-		-		18,797		-		18,797		18,797		-	—	2004
Kewalo Basin Harbor	Honolulu, HI		-		-		1,735		-		-		-		1,735		1,735		-	2015	—
1701 Lake Robbins	The Woodlands, TX		4,600		1,663		3,725		-		8		1,663		3,733		5,396		133	—	2014
2201 Lake Woodlands Drive	The Woodlands, TX		-		3,755		-		-		-		3,755		-		3,755		-	—	2011
One Lake's Edge	The Woodlands, TX		67,517		-		-		1,057		80,765		1,057		80,765		81,822		1,455	—	—
Lakeland Village Center	Cypress, TX		-		-		11,135		-		-		-		11,135		11,135		-	2015	—
Lakemoor (Volo) Land	Volo, IL		-		320		-		(320)		321		-		321		321		-	—	1995
Landmark Mall	Alexandria, VA		-		28,396		67,235		(19,408)		(34,773)		8,988		32,462		41,450		12,743	—	2003
Maryland Communities	Howard County, MD		-		457,552		-		(435,462)		197		22,090		197		22,287		127	—	2004
Merriweather Post Pavilion	Columbia, MD		-		1,571		67,510		-		1,646		1,571		69,156		70,727		37	2015	—
Millennium Waterway Apartments	The Woodlands, TX		55,584		15,917		56,002		-		222		15,917		56,224		72,141		8,234	—	2012
9303 New Trails	The Woodlands, TX		12,734		1,929		11,915		-		2,042		1,929		13,957		15,886		2,048	—	2011
110 N. Wacker	Chicago, IL		26,481		-		29,035		12,249		5,498		12,249		34,533		46,782		14,242	—	1997
Outlet Collection at Elk Grove	Elk Grove, CA		-		-		-		-		12,865		-		12,865		12,865		4	—	2003
Outlet Collection at Riverwalk	New Orleans, LA		56,100		-		94,513		-		(3,623)		-		90,890		90,890		7,990	—	2004
Park West	Peoria, AZ		-		16,526		77,548		1,201		1,427		17,727		78,975		96,702		23,725	—	—
Seaport District Assemblage	New York, NY		-		-		243,610		-		3,691		-		247,301		247,301		-	—	2014/2015
85 South Street	New York, NY		-		15,913		8,137		-		42		15,913		8,179		24,092		760	—	2014
South Street Seaport	New York, NY		-		-		7,884		-		220,088		-		227,972		227,972		959	—	2004
Summerlin	Las Vegas, NV		50,154		990,179		-		(125,903)		1,019		864,276		1,019		865,295		533	—	2004
3831 Technology Forest	The Woodlands, TX		22,759		514		14,194		-		1,819		514		16,013		16,527		859	—	2014
The Club at Carlton Woods	The Woodlands, TX		-		13,796		457		(13,796)		(457)		-		-		-		-	—	—
The Metropolitan Downtown Columbia	Columbia, MD		-		-		-		-		-		-		-		-		-	—	—
The Woodlands	The Woodlands, TX		192,710		267,996		9,814		(43,726)		5,569		224,270		15,383		239,653		1,887	—	2011
The Woodlands Hills	Conroe, TX		-		99,284		-		1,820		-		101,104		-		101,104		-	—	2014
The Woodlands Parking Garages	The Woodlands, TX		-		5,857		-		1,529		11,269		7,386		11,269		18,655		508	—	2011
The Woodlands Resort & Conference Center	The Woodlands, TX		85,000		13,258		37,983		-		73,701		13,258		111,684		124,942		7,823	—	2011
Waiea	Honolulu, HI		21,726		-		20,812		-		20,510		-		41,322		41,322		-	—	—
Ward Gateway Towers	Honolulu, HI		-		-		28,450		-		-		-		28,450		28,450		-	2015	—
Ward Village	Honolulu, HI		238,716		164,007		89,321		(32,411)		170,218		131,596		259,539		391,135		68,360	—	2002
Waterway Garage Retail	The Woodlands, TX		-		1,342		4,255		(1)		1,348		1,341		5,603		6,944		759	—	2011
3 Waterway Square	The Woodlands, TX		52,000		748		-		-		42,329		748		42,329		43,077		5,310	—	2012
4 Waterway Square	The Woodlands, TX		37,293		1,430		51,553		-		6,985		1,430		58,538		59,968		9,110	—	2011
Waterway Square Hotel	The Woodlands, TX		33,361		-		22,473		-		55,936		-		78,409		78,409		-	—	—
20/25 Waterway Avenue	The Woodlands, TX		14,112		2,346		8,871		-		767		2,346		9,638		11,984		1,447	—	2011
West Windsor	Princeton, NJ		-		-		-		53		24,101		53		24,101		24,154		-	—	2004
1400 Woodloch Forest	The Woodlands, TX		-		-		-		1,570		14,079		1,570		14,079		15,649		7,098	—	1981
Corporate	Various		762,027		885		1,027		(885)		30,912		-		31,939		31,939		8,058	—	—
	Deferred financing costs		(12,392)		-		-		-		-		-		-		-		-
		$	2,443,962	$	2,435,702	$	1,456,365	$	(470,398)	$	1,352,963	$	1,965,304	$	2,809,328	$	4,774,632	$	232,969

(a)

See description of mortgages, notes and loans payable in Note 8 of the Consolidated Financial Statements.

(b)

Initial cost for projects undergoing development or redevelopment 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 MPCs, costs capitalized subsequent to acquisitions are net of the cost of land sales.

(d)

The aggregate cost of land, building and improvements for federal income tax purposes is approximately $4.0 billion.

(e)

Reductions in Land reflect transfers to Buildings and Improvements for projects which we are internally developing.

(f)

Includes all amounts related to Developments.

(g)

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
(In thousands)	2015		2014		2013


Balance at beginning of year	$	4,116,556	$	3,024,833	$	2,746,596
Change in Land		95,095		296,147		90,124
Additions		834,346		973,833		352,141
Dispositions and write-offs and land and condominium costs of sales		(271,365)		(178,257)		(164,028)
Balance at end of year	$	4,774,632	$	4,116,556	$	3,024,833


Reconciliation of Accumulated Depreciation
(In thousands)	2015		2014		2013

Balance at beginning of year	$	157,182	$	111,728	$	112,491
Depreciation Expense		82,275		50,683		29,637
Dispositions and write-offs		(6,488)		(5,229)		(30,400)
Balance at end of year	$	232,969	$	157,182	$	111,728