SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2017


				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
Bridgeland
Bridgeland	Cypress, TX	$	65,000	$	260,223	$	—	$	198,685	$	1,960	$	458,908	$	1,960	$	460,868	$	(801)		2004
Lakeland Village Center at Bridgeland	Cypress, TX		11,470		2,404		11,135		—		3,038		2,404		14,173		16,577		(335)		2016
Columbia
American City Building	Columbia, MD		—		—		13,534		—		—		—		13,534		13,534		—		2016
Aristocrat	Columbia, MD		—		—		15,313		—		—		—		15,313		15,313		—	2017
10 - 70 Columbia Corporate Center	Columbia, MD		100,000		24,685		94,824		—		18,680		24,685		113,504		138,189		(12,067)		2012/2014
Columbia Office Properties	Columbia, MD		—		1,175		14,913		—		268		1,175		15,181		16,356		(4,527)		1969/1972
Columbia Regional Building	Columbia, MD		25,000		—		28,865		—		2,223		—		31,088		31,088		(3,213)		2014
Lakefront	Columbia, MD		—		—		1,964		—		—		—		1,964		1,964		—		2004
Maryland Communities	Columbia, MD		—		457,552		—		(440,924)		197		16,628		197		16,825		(150)		2004
Merriweather District Predevelopment	Columbia, MD		—		—		—		—		76,808		—		76,808		76,808		—		2015
One Mall North	Columbia, MD		14,463		7,822		10,818		—		—		7,822		10,818		18,640		(335)		2016
One Merriweather	Columbia, MD		42,332		1,433		58,936		—		8,065		1,433		67,001		68,434		(1,396)		2017
Ridgely Building	Columbia, MD		—		400		58,937		—		(58,937)		400		—		400		—	2017
Two Merriweather	Columbia, MD		19,429		1,019		4,931		—		25,691		1,019		30,622		31,641		(127)		2017
Seaport District
Seaport Predevelopment	New York, NY		—		—		7,641		—		581		—		8,222		8,222		—	2013
85 South Street	New York, NY		—		15,913		8,137		—		949		15,913		9,086		24,999		(1,985)		2014
Seaport District NYC - Tin Building	New York, NY		—		—		8,290		—		5,022		—		13,312		13,312		—		2015
Seaport District NYC - Pier 17	New York, NY		—		—		—		—		344,168		—		344,168		344,168		—	2017
Seaport District NYC Historic District / Uplands	New York, NY		—		—		7,884		—		105,078		—		112,962		112,962		(7,252)	2013	2016
Summerlin
Constellation	Las Vegas, NV		24,200		3,069		39,759		—		—		3,069		39,759		42,828		—		2016
Downtown Summerlin (h)	Las Vegas, NV		276,900		30,855		364,100		—		25,484		30,855		389,584		420,439		(42,046)		2014
Downtown Summerlin Apartments	Las Vegas, NV		—		—		—		—		12,661		—		12,661		12,661		—	2017
Hockey Ground Lease	Las Vegas, NV		—		—		—		4,710		2,156		4,710		2,156		6,866		(33)	2017
Las Vegas 51s	Las Vegas, NV		—		—		179		—		—		—		179		179		(40)		2017
Las Vegas Ballpark	Las Vegas, NV		—		—		—		—		7,651		—		7,651		7,651		—	2017
Summerlin	Las Vegas, NV		24,764		990,179		—		(137,946)		1,186		852,233		1,186		853,419		(660)		2004
Two Summerlin	Las Vegas, NV		—		—		18,676		—		—		—		18,676		18,676		—	2017
The Woodlands
Creekside Park Apartments	The Woodlands, TX		—		—		—		—		20,030		—		20,030		20,030		—	2017
Creekside Village Green	The Woodlands, TX		—		—		—		1,323		16,263		1,323		16,263		17,586		(1,590)		2015
Embassy Suites at Hughes Landing	The Woodlands, TX		31,245		—		6,752		1,818		36,117		1,818		42,869		44,687		(3,029)		2015
100 Fellowship Drive	The Woodlands, TX		1		—		—		—		21,691		—		21,691		21,691		—	2017
HHC 242 Self-Storage	The Woodlands, TX		6,243		878		6,802		—		1,090		878		7,892		8,770		(208)		2017
HHC 2978 Self-Storage	The Woodlands, TX		5,634		124		5,498		—		2,015		124		7,513		7,637		(160)		2017
One Hughes Landing	The Woodlands, TX		52,000		1,678		34,761		—		—		1,678		34,761		36,439		(6,287)		2013
Two Hughes Landing	The Woodlands, TX		48,000		1,269		34,950		—		—		1,269		34,950		36,219		(5,693)		2014
Three Hughes Landing	The Woodlands, TX		45,058		2,626		46,372		—		21,638		2,626		68,010		70,636		(1,814)		2016
1725 Hughes Landing Boulevard	The Woodlands, TX		58,815		1,351		36,764		—		30,252		1,351		67,016		68,367		(6,510)		2015
1735 Hughes Landing Boulevard	The Woodlands, TX		58,602		3,709		97,651		—		—		3,709		97,651		101,360		(9,292)		2015
Hughes Landing Retail	The Woodlands, TX		35,000		5,184		—		—		32,987		5,184		32,987		38,171		(3,145)		2015
1701 Lake Robbins	The Woodlands, TX		—		1,663		3,725		—		10		1,663		3,735		5,398		(320)		2014
Lake Woodlands Crossing Retail	The Woodlands, TX		—		—		6,525		—		—		—		6,525		6,525		—	2017
2201 Lake Woodlands Drive	The Woodlands, TX		—		3,755		—		—		47		3,755		47		3,802		(5)		1994
One Lakes Edge	The Woodlands, TX		69,440		1,057		81,768		—		—		1,057		81,768		82,825		(5,784)		2015
Millennium Six Pines Apartments	The Woodlands, TX		42,500		4,000		54,624		7,225		—		11,225		54,624		65,849		(2,819)		2014
Millennium Waterway Apartments	The Woodlands, TX		55,095		15,917		56,002		—		1,394		15,917		57,396		73,313		(12,898)		2010
9303 New Trails	The Woodlands, TX		12,003		1,929		11,915		—		601		1,929		12,516		14,445		(2,182)		2008
3831 Technology Forest Drive	The Woodlands, TX		21,954		514		14,194		—		1,703		514		15,897		16,411		(2,435)		2014
The Westin at the Woodlands	The Woodlands, TX		57,946		22,473		—		(20,520)		88,892		1,953		88,892		90,845		(5,229)		2016
The Woodlands	The Woodlands, TX		150,000		269,411		9,814		(63,362)		6,793		206,049		16,607		222,656		(3,098)		2011
The Woodlands Parking Garages	The Woodlands, TX		—		5,857		—		1,529		11,837		7,386		11,837		19,223		(1,126)		2008/2009
The Woodlands Resort & Conference Center	The Woodlands, TX		65,500		13,258		37,983		—		76,801		13,258		114,784		128,042		(15,795)		2014
20/25 Waterway Avenue	The Woodlands, TX		13,646		2,346		8,871		—		775		2,346		9,646		11,992		(2,122)		20072009
Waterway Garage Retail	The Woodlands, TX		—		1,341		4,255		—		1,411		1,341		5,666		7,007		(1,169)		2011
3 Waterway Square	The Woodlands, TX		50,327		748		—		—		42,329		748		42,329		43,077		(9,387)		2013
4 Waterway Square	The Woodlands, TX		35,151		1,430		51,553		—		4,288		1,430		55,841		57,271		(10,551)		2010
2000 Woodlands Parkway	The Woodlands, TX		—		—		—		—		135		—		135		135		—		1997
1400 Woodloch Forest	The Woodlands, TX		—		—		—		1,570		14,341		1,570		14,341		15,911		(4,102)		1981
The Woodlands Hills
The Woodlands Hills	Conroe, TX		—		99,284		—		9,176		—		108,460		—		108,460		—		2014
Ward Village
Ae`o	Honolulu, HI		33,603		9,795		85,046		(9,795)		51,818		—		136,864		136,864		—	2016
Anaha	Honolulu, HI		—		5,546		47,450		(5,546)		(8,609)		—		38,841		38,841		(2)	2014	2017
Ke Kilohana	Honolulu, HI		—		2,615		17,784		(2,615)		57,233		—		75,017		75,017		—	2016
Kewalo Harbor	Honolulu, HI		—		—				—		7,535		—		7,535		7,535		(1)	2017
Waiea	Honolulu, HI		—		—		20,812		—		39,294		—		60,106		60,106		(3)	2014	2017
Ward Predevelopment	Honolulu, HI		—		—		24,069		—		72,172		—		96,241		96,241		(59)	2013	2015
Ward Village	Honolulu, HI		238,718		164,007		89,321		(77,860)		186,930		86,147		276,251		362,398		(61,380)		2002
Other
AllenTowne	Dallas, TX		—		25,575		—		(25,575)		25,886		—		25,886		25,886		—		2006
Bridges at Mint Hill	Charlotte, NC		—		—		—		—		21,874		—		21,874		21,874		—		2007
Circle T Ranch and Power Center	Dallas/Fort Worth, TX		—		—		—		—		229		—		229		229		—		2005
Cottonwood Mall	Salt Lake City, UT		—		7,613		42,987		(7,613)		(21,440)		—		21,547		21,547		—		2002
Landmark Mall	Alexandria, VA		—		28,396		67,235		(28,396)		(12,652)		—		54,583		54,583		(10)		2004
Outlet Collection at Riverwalk	New Orleans, LA		53,841		—		94,513		—		1,161		—		95,674		95,674		(16,175)		2014
The Elk Grove Collection	Elk Grove, CA		—		—		—		—		10,396		—		10,396		10,396		(5)		2003
110 North Wacker	Chicago, IL		18,926		—		29,035		12,249		17,983		12,249		47,018		59,267		(34,165)		1957
West Windsor	Princeton, NJ		—		—		—		—		26,158		—		26,158		26,158		(100)		2004
Total excluding Corporate, Deferred financing costs and Unamortized bond issuance costs			1,862,806		2,502,078		1,897,867		(581,867)		1,492,337		1,920,211		3,390,204		5,310,415		(303,617)
Corporate	Various		1,014,983		885		1,027		(885)		43,967		—		44,994		44,994		(18,265)
Unamortized bond issuance costs	N/A		(6,898)		—		—		—		—		—		—		—		—
Deferred financing costs	N/A		(12,946)		—		—		—		—		—		—		—		—
	Total	$	2,857,945	$	2,502,963	$	1,898,894	$	(582,752)	$	1,536,304	$	1,920,211	$	3,435,198	$	5,355,409	$	(321,882)

(a)

See description of Encumbrances in Note 8 – Mortgages, Notes and Loans Payable 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 $4.6 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 useful lives below.

(h)

Downtown Summerlin includes ONE Summerlin office property, which was placed in service in 2015.


Asset Type	Years	Location of Asset
Buildings and improvements	10 - 45	Buildings and Equipment
Equipment and fixtures	5 - 10	Buildings and Equipment
Computer hardware and software, and vehicles	3 - 5	Prepaid expenses and other assets, net
Tenant improvements	Lesser of lease term or useful life	Prepaid expenses and other assets, net
Leasing costs	Related lease term	Prepaid expenses and other assets, net


Reconciliation of Real Estate
(In thousands)	2017		2016		2015
Balance at beginning of year	$	4,979,840	$	4,774,632	$	4,116,556
Change in land		93,833		122,446		95,095
Additions		790,183		830,896		834,346
Impairments		—		(35,734)		—
Dispositions and write-offs and land and condominium costs of sales		(508,447)		(712,400)		(271,365)
Balance at end of year	$	5,355,409	$	4,979,840	$	4,774,632


Reconciliation of Accumulated Depreciation
(In thousands)	2017		2016		2015
Balance at beginning of year	$	245,814	$	232,969	$	157,182
Depreciation Expense		116,401		81,878		82,275
Dispositions and write-offs		(40,333)		(69,033)		(6,488)
Balance at end of year	$	321,882	$	245,814	$	232,969