SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2016


				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		Land (e)		Improvements (e)(f)		Land		Improvements (f)		Total		Depreciation (g)		Construction	Completed
Ae`o	Honolulu, HI	$	—	$	9,795	$	85,046	$	(9,795)	$	9,795	$	—	$	94,841	$	94,841	$	—	2015
HHC 242 Self-Storage	The Woodlands, TX		3,708		878		6,802		(878)		878		—		7,680		7,680		—	2016
HHC 2978 Self-Storage	The Woodlands, TX		1,715		124		5,498		(124)		124		—		5,622		5,622		—	2016
AllenTowne	Dallas, TX		—		25,575		—		(25,575)		25,491		—		25,491		25,491		—		2006
Anaha	Honolulu, HI		114,954		5,546		47,450		(5,546)		5,546		—		52,996		52,996		—
Bridgeland	Cypress, TX		65,000		257,222		—		184,376		1,617		441,598		1,617		443,215		(744)		2004
Bridges at Mint Hill	Charlotte, NC		—		—		—		—		21,713		—		21,713		21,713		—		2007
Century Plaza Mall	Birmingham, AL		—		3,164		28,514		(3,164)		(24,309)		—		4,205		4,205		—		1997
Circle T Ranch and Power Center	Dallas/Fort Worth, TX		—		—		—		—		96		—		96		96		—		2005
10 - 70 Columbia Corporate Center	Howard County, MD		100,000		24,685		94,824		—		12,212		24,685		107,036		131,721		(8,188)		2004
Columbia Office Properties	Howard County, MD		—		1,575		28,447		—		(7,115)		1,575		21,332		22,907		(5,440)		2004
Columbia Regional Building (e)	Howard County, MD		22,188		—		28,865		—		318		—		29,183		29,183		(2,775)		2014
Cottonwood Mall	Salt Lake City, UT		—		7,613		42,987		(7,613)		(21,472)		—		21,515		21,515		—		2002
Cottonwood Square	Salt Lake City, UT		—		1,558		4,339		—		957		1,558		5,296		6,854		(2,061)		2002
Creekside Village Green	The Woodlands, TX		—		—		—		1,323		16,012		1,323		16,012		17,335		(895)
Downtown Summerlin	Las Vegas, NV		306,566		—		—		30,855		380,237		30,855		380,237		411,092		(26,622)		2004
Embassy Suites at Hughes Landing	The Woodlands, TX		29,461		—		6,752		1,818		35,761		1,818		42,513		44,331		(1,541)
Hughes Landing Retail	The Woodlands, TX		35,000		—		—		5,184		32,562		5,184		32,562		37,746		(1,694)
One Hughes Landing	The Woodlands, TX		52,000		—		—		1,678		35,029		1,678		35,029		36,707		(4,823)		2012
Two Hughes Landing	The Woodlands, TX		48,000		—		—		1,269		35,015		1,269		35,015		36,284		(3,612)
Three Hughes Landing	The Woodlands, TX		35,053		—		46,372		2,626		13,370		2,626		59,742		62,368		(147)
1725 Hughes Landing Boulevard	The Woodlands, TX		52,830		1,351		36,764		—		25,795		1,351		62,559		63,910		(3,080)
1735 Hughes Landing Boulevard	The Woodlands, TX		52,818		3,709		123,846		—		(25,887)		3,709		97,959		101,668		(5,052)		2015
IBM Building	Honolulu, HI		—		3,326		23,123		—		8,397		3,326		31,520		34,846		(8,213)		2014
Ke Kilohana	Honolulu, HI		—		2,615		17,784		(2,615)		2,615		—		20,399		20,399		—	2015
Kendall Town Center	Miami, FL		—		—		—		—		19,521		—		19,521		19,521		—		2004
Kewalo Basin Harbor	Honolulu, HI		—		—		1,735		—		671		—		2,406		2,406		—	2015
1701 Lake Robbins	The Woodlands, TX		4,600		1,663		3,725		—		8		1,663		3,733		5,396		(227)		2014
2201 Lake Woodlands Drive	The Woodlands, TX		—		3,755		—		—		47		3,755		47		3,802		—		2011
One Lakes Edge	The Woodlands, TX		68,874		—		—		1,057		81,384		1,057		81,384		82,441		(3,496)
Lakeland Village Center at Bridgeland	Cypress, TX		9,979		—		11,135		2,404		1,554		2,404		12,689		15,093		(16)	2015
Lakemoor (Volo) Land	Volo, IL		—		321		—		(321)		321		—		321		321		—		1995
Landmark Mall	Alexandria, VA		—		28,396		67,235		(19,408)		(33,081)		8,988		34,154		43,142		(12,754)		2003
Maryland Communities	Howard County, MD		—		457,552		—		(435,177)		197		22,375		197		22,572		(143)		2004
One Merriweather	Columbia, MD		23,589		1,432		58,936		(1,432)		88,863		—		147,799		147,799		—	2015
Two Merriweather	Columbia, MD		—		1,019		4,931		(1,019)		1,019		—		5,950		5,950		—
Millennium Waterway Apartments	The Woodlands, TX		55,584		15,917		56,002		—		471		15,917		56,473		72,390		(10,580)		2012
Millennium Six Pines Apartments	The Woodlands, TX		42,500		4,000		—		7,225		54,492		11,225		54,492		65,717		(834)		2016
9303 New Trails	The Woodlands, TX		12,378		1,929		11,915		—		2,076		1,929		13,991		15,920		(2,582)		2011
110 N. Wacker	Chicago, IL		22,704		—		29,035		12,249		6,597		12,249		35,632		47,881		(15,119)		1997
One Mall North	Columbia, MD		—		22,200		—		(14,378)		13,016		7,822		13,016		20,838		(31)
Outlet Collection at Elk Grove	Elk Grove, CA		—		—		—		—		13,759		—		13,759		13,759		(5)		2003
Outlet Collection at Riverwalk	New Orleans, LA		55,778		—		94,513		—		562		—		95,075		95,075		(12,047)		2004
Seaport Tin Building	New York, NY		—		—		8,290		—		—		—		8,290		8,290		—
Seaport Mixed-Use	New York, NY		—		—		7,641		—		—		—		7,641		7,641		—
85 South Street	New York, NY		—		15,913		8,137		—		468		15,913		8,605		24,518		(1,370)		2014
South Street Seaport	New York, NY		—		—		7,884		—		369,868		—		377,752		377,752		(3,997)		2004
Summerlin	Las Vegas, NV		40,438		990,179		—		(107,635)		1,157		882,544		1,157		883,701		(567)		2004
3831 Technology Forest Drive	The Woodlands, TX		22,383		514		14,194		—		1,703		514		15,897		16,411		(1,645)		2014
The Metropolitan Downtown Columbia	Columbia, MD		—		—		—		—		7		—		7		7		—
The Woodlands	The Woodlands, TX		150,000		267,996		9,814		(43,318)		7,685		224,678		17,499		242,177		(2,513)		2011
The Woodlands Hills	Conroe, TX		—		99,284		—		3,738		—		103,022		—		103,022		—		2014
The Woodlands Parking Garages	The Woodlands, TX		—		5,857		—		1,529		11,728		7,386		11,728		19,114		(796)		2011
The Woodlands Resort & Conference Center	The Woodlands, TX		70,000		13,258		37,983		—		75,193		13,258		113,176		126,434		(11,737)		2011
The Westin at the Woodlands	The Woodlands, TX		58,077		22,473		—		(20,520)		88,136		1,953		88,136		90,089		(2,330)
Waiea	Honolulu, HI		45,892		—		20,812		—		29,307		—		50,119		50,119		—
Ward Gateway Towers	Honolulu, HI		—		5,201		24,069		(5,201)		5,200		—		29,269		29,269		—	2015
Ward Village Retail	Honolulu, HI		238,718		164,007		89,321		(42,205)		171,851		121,802		261,172		382,974		(50,568)		2002
Waterway Garage Retail	The Woodlands, TX		—		1,342		4,255		(1)		1,386		1,341		5,641		6,982		(993)		2011
3 Waterway Square	The Woodlands, TX		51,590		748		—		—		42,332		748		42,332		43,080		(7,422)		2012
4 Waterway Square	The Woodlands, TX		36,249		1,430		51,553		—		7,016		1,430		58,569		59,999		(11,225)		2011
20/25 Waterway Avenue	The Woodlands, TX		13,886		2,346		8,871		—		767		2,346		9,638		11,984		(1,790)		2011
West Windsor	Princeton, NJ		—		—		—		53		24,859		53		24,859		24,912		—		2004
1400 Woodloch Forest	The Woodlands, TX		—		—		—		1,570		14,085		1,570		14,085		15,655		(3,609)		1981
Corporate	Various		760,169		885		1,027		(885)		39,935		—		40,962		40,962		(12,531)
	Deferred Financing Costs		(11,934)		—		—		—		—		—		—		—		—
		$	2,690,747	$	2,478,353	$	1,260,426	$	(487,856)	$	1,728,917	$	1,990,497	$	2,989,343	$	4,979,840	$	(245,814)

(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:


Asset Type		Years
Buildings 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)	2016		2015		2014
Balance at beginning of year	$	4,774,632	$	4,116,556	$	3,024,833
Change in Land		122,446		95,095		296,147
Additions		830,896		834,346		973,833
Impairments		(35,734)		—		—
Dispositions and write-offs and land and condominium costs of sales		(712,400)		(271,365)		(178,257)
Balance at end of year	$	4,979,840	$	4,774,632	$	4,116,556

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Reconciliation of Accumulated Depreciation
(In thousands)	2016		2015		2014
Balance at beginning of year	$	232,969	$	157,182	$	111,728
Depreciation Expense		81,878		82,275		50,683
Dispositions and write-offs		(69,033)		(6,488)		(5,229)
Balance at end of year	$	245,814	$	232,969	$	157,182