SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2018



					Initial Cost (b)				Costs Capitalized Subsequent to Acquisition (c)						Gross Amounts at Which Carried at Close of Period (d)
							Buildings					Buildings					Buildings								Date
(In thousands)							and					and					and				Accumulated			Date of	Acquired /
Name of Center	Location	Center Type	Encumbrances (a)		Land		Improvements		Land (e)			Improvements (e)(f)			Land		Improvements (f)		Total		Depreciation (g)			Construction	Completed
Bridgeland
Bridgeland	Cypress, TX	MPC	$	65,000	$	260,223	$	—	$	213,628		$	2,217		$	473,851	$	2,217	$	476,068	$	(686	)		2004
Lakeland Village Center at Bridgeland (h)	Cypress, TX	Retail	14,135		2,404		11,135		—			2,919			2,404		14,054		16,458		(853		)		2016
Lakeside Row	Cypress, TX	Development	—		—		—		—			14,063			—		14,063		14,063		—			2018
Columbia
American City Building	Columbia, MD	Other	—		—		13,534		—			—			—		13,534		13,534		—				2016
10 - 70 Columbia Corporate Center (h)	Columbia, MD	Office	99,184		24,685		94,824		—			23,385			24,685		118,209		142,894		(16,471		)		2012/2014
Columbia Office Properties	Columbia, MD	Office	—		1,175		14,913		—			264			1,175		15,177		16,352		(5,512		)		1969/1972
Columbia Regional Building	Columbia, MD	Office	25,000		—		28,865		—			2,294			—		31,159		31,159		(3,995		)		2014
Columbia Multi-family	Columbia, MD	Development	—		—		—		—			49,189			—		49,189		49,189		—			2018
Lakefront	Columbia, MD	Other	—		—		1,964		—			1,258			—		3,222		3,222		—				2004
Columbia	Columbia, MD	MPC	—		457,552		—		(440,918		)	137			16,634		137		16,771		(137		)		2004
Merriweather District	Columbia, MD	Development	—		—		—		—			104,126			—		104,126		104,126		—				2015
6100 Merriweather	Columbia, MD	Development	—		—		—		—			—			—		—		—		—			2018
One Mall North (h)	Columbia, MD	Office	12,425		7,822		10,818		—			247			7,822		11,065		18,887		(644		)		2016
One Merriweather (h)	Columbia, MD	Office	42,008		1,433		58,936		—			13,809			1,433		72,745		74,178		(3,600		)		2017
Two Merriweather	Columbia, MD	Office	24,000		1,019		4,931		—			28,085			1,019		33,016		34,035		(1,055		)		2017
Ridgely Building	Columbia, MD	Development	—		400		58,937		(400		)	(58,537		)	—		400		400		—			2017
Sterrett Place	Columbia, MD	Development	—		—		5,618		—			—			—		5,618		5,618		(16		)		2018
Seaport District
85 South Street	New York, NY	Multi-family	—		15,913		8,137		—			1,211			15,913		9,348		25,261		(2,629		)		2014
Seaport Predevelopment	New York, NY	Development	—		—		7,641		—			1,173			—		8,814		8,814		—			2013
Seaport District NYC - Tin Building	New York, NY	Development	—		—		8,290		—			27,465			—		35,755		35,755		—				2015
Seaport District NYC - Pier 17	New York, NY	Retail	—		—		—		—			430,756			—		430,756		430,756		(5,081		)	2017	2018
Seaport District NYC Historic District / Uplands	New York, NY	Retail	—		—		7,884		—			108,568			—		116,452		116,452		(8,943		)	2013	2016
250 Water Street	New York, NY	Development	129,723		—		179,471		—			—			—		179,471		179,471		—				2018
Summerlin
Aristocrat (i)	Las Vegas, NV	Office	21,334		—		—		5,004			31,875			5,004		31,875		36,879		(244		)	2017	2018
Constellation	Las Vegas, NV	Multi-family	24,200		3,069		39,759		—			270			3,069		40,029		43,098		(1,426		)		2016
Downtown Summerlin (i) (j)	Las Vegas, NV	Retail/Office	269,407		30,855		364,100		—			33,281			30,855		397,381		428,236		(57,768		)		2014
Hockey Ground Lease (i)	Las Vegas, NV	Other	141		—		—		6,705			2,198			6,705		2,198		8,903		(73		)		2017
Las Vegas Aviators	Las Vegas, NV	Other	—		—		179		—			55			—		234		234		(85		)		2017
TWO Summerlin (i)	Las Vegas, NV	Office	14,535		—		—		3,037			46,907			3,037		46,907		49,944		(276		)	2017	2018
Summerlin	Las Vegas, NV	MPC	11,608		990,179		—		(160,272		)	759			829,907		759		830,666		(252		)		2004
Summerlin Ballpark (i)	Las Vegas, NV	Development	27,110		—		—		—			61,254			—		61,254		61,254		—			2017
Tanager Apartments (i)	Las Vegas, NV	Development	281		—		—		—			39,192			—		39,192		39,192		—			2017
The Woodlands
Creekside Park Apartments	The Woodlands, TX	Multi-family	—		—		—		729			39,728			729		39,728		40,457		(292		)	2017	2018
Creekside Park West	The Woodlands, TX	Development	—		—		—		—			3,408			—		3,408		3,408		—			2018



				Initial Cost (b)		Costs Capitalized Subsequent to Acquisition (c)				Gross Amounts at Which Carried at Close of Period (d)
					Buildings			Buildings			Buildings					Date
(In thousands)					and			and			and		Accumulated		Date of	Acquired /
Name of Center	Location	Center Type	Encumbrances (a)	Land	Improvements	Land (e)		Improvements (e)(f)		Land	Improvements (f)	Total	Depreciation (g)		Construction	Completed
Creekside Village Green	The Woodlands, TX	Retail	17,051	—	—	1,323		16,290		1,323	16,290	17,613	(2,248	)		2015
Embassy Suites at Hughes Landing (h)	The Woodlands, TX	Hospitality	27,970	—	6,752	1,818		36,339		1,818	43,091	44,909	(4,566	)		2015
100 Fellowship Drive	The Woodlands, TX	Development	35,481	—	—	—		56,560		—	56,560	56,560	—		2017
HHC 242 Self-Storage	The Woodlands, TX	Other	6,604	878	6,802	—		1,106		878	7,908	8,786	(394	)		2017
HHC 2978 Self-Storage	The Woodlands, TX	Other	6,042	124	5,498	—		2,063		124	7,561	7,685	(343	)		2017
One Hughes Landing	The Woodlands, TX	Office	52,000	1,678	34,761	—		(121	)	1,678	34,640	36,318	(8,075	)		2013
Two Hughes Landing	The Woodlands, TX	Office	48,000	1,269	34,950	—		(323	)	1,269	34,627	35,896	(7,623	)		2014
Three Hughes Landing (h)	The Woodlands, TX	Office	55,759	2,626	46,372	—		28,403		2,626	74,775	77,401	(4,613	)		2016
1725 Hughes Landing Boulevard (h)	The Woodlands, TX	Office	56,773	1,351	36,764	—		31,618		1,351	68,382	69,733	(10,270	)		2015
1735 Hughes Landing Boulevard (h)	The Woodlands, TX	Office	54,568	3,709	97,651	—		916		3,709	98,567	102,276	(13,531	)		2015
Hughes Landing Daycare	The Woodlands, TX	Development	—	—	—	—		512		—	512	512	—		2018
Hughes Landing Retail	The Woodlands, TX	Retail	35,000	5,184	—	—		32,985		5,184	32,985	38,169	(4,595	)		2015
1701 Lake Robbins	The Woodlands, TX	Office	3,658	1,663	3,725	—		409		1,663	4,134	5,797	(429	)		2014
Lake Woodlands Crossing Retail	The Woodlands, TX	Retail	9,539	—	—	5,122		8,598		5,122	8,598	13,720	(87	)	2017	2018
2201 Lake Woodlands Drive	The Woodlands, TX	Office	—	3,755	—	—		1,162		3,755	1,162	4,917	(41	)		1994
Lakefront North	The Woodlands, TX	Office	21,120	10,260	39,357	—		331		10,260	39,688	49,948	(330	)		2018
One Lakes Edge	The Woodlands, TX	Multi-family	69,440	1,057	81,768	—		(71	)	1,057	81,697	82,754	(7,887	)		2015
Two Lakes Edge	The Woodlands, TX	Development	—	—	—	—		18,583		—	18,583	18,583	—		2018
Millennium Six Pines Apartments	The Woodlands, TX	Multi-family	42,500	4,000	54,624	7,225		102		11,225	54,726	65,951	(4,820	)		2014
Millennium Waterway Apartments	The Woodlands, TX	Multi-family	54,083	15,917	56,002	—		2,261		15,917	58,263	74,180	(15,241	)		2010
9303 New Trails	The Woodlands, TX	Office	11,610	1,929	11,915	—		422		1,929	12,337	14,266	(2,406	)		2008
3831 Technology Forest Drive	The Woodlands, TX	Office	21,571	514	14,194	—		1,703		514	15,897	16,411	(3,224	)		2014
20/25 Waterway Avenue	The Woodlands, TX	Retail	13,395	2,346	8,871	—		726		2,346	9,597	11,943	(2,418	)		2007/2009
Waterway Garage Retail	The Woodlands, TX	Retail	—	1,341	4,255	—		1,105		1,341	5,360	6,701	(1,239	)		2011
3 Waterway Square	The Woodlands, TX	Office	49,013	748	—	—		42,008		748	42,008	42,756	(10,955	)		2013
4 Waterway Square	The Woodlands, TX	Office	33,998	1,430	51,553	—		6,176		1,430	57,729	59,159	(13,231	)		2010
The Westin at the Woodlands (h)	The Woodlands, TX	Hospitality	41,793	22,473	—	(20,520	)	92,380		1,953	92,380	94,333	(7,990	)		2016
The Woodlands	The Woodlands, TX	MPC	150,000	269,411	9,814	(60,419	)	9,744		208,992	19,558	228,550	(3,507	)		2011
The Woodlands Parking Garages	The Woodlands, TX	Other	—	5,857	—	1,529		11,837		7,386	11,837	19,223	(1,456	)		2008/2009
The Woodlands Resort & Conference Center	The Woodlands, TX	Hospitality	62,500	13,258	37,983	—		78,555		13,258	116,538	129,796	(20,713	)		2014
2000 Woodlands Parkway	The Woodlands, TX	Retail	—	—	—	—		506		—	506	506	(16	)		1997
1400 Woodloch Forest	The Woodlands, TX	Office	—	—	—	1,570		14,519		1,570	14,519	16,089	(4,442	)		1981
The Woodlands Hills
The Woodlands Hills	Conroe, TX	MPC	—	99,284	—	18,702		—		117,986		117,986	—			2014
Ward Village
‘A‘ali‘i	Honolulu, HI	Development	—	—	—	—		28,950		—	28,950	28,950	(1,271	)	2018
Ae‘o	Honolulu, HI	Condominium	—	9,795	85,046	(9,795	)	(85,046	)	—	—	—	—		2016	2018
Anaha	Honolulu, HI	Condominium	—	5,546	47,450	(5,546	)	(46,470	)	—	980	980	(30	)	2014	2017
Ke Kilohana	Honolulu, HI	Development	96,757	2,615	17,784	(2,615	)	178,679		—	196,463	196,463	—		2016
Kewalo Basin Harbor	Honolulu, HI	Other	3,499	—	—	—		17,752		—	17,752	17,752	(343	)	2017
Waiea	Honolulu, HI	Condominium	—	—	20,812	—		(15,518	)	—	5,294	5,294	(63	)	2014	2017
Ward Predevelopment	Honolulu, HI	Development	—	—	24,069	—		59,814		—	83,883	83,883	(493	)	2013



						Initial Cost (b)				Costs Capitalized Subsequent to Acquisition (c)						Gross Amounts at Which Carried at Close of Period (d)
								Buildings					Buildings					Buildings								Date
(In thousands)								and					and					and				Accumulated			Date of	Acquired /
Name of Center	Location	Center Type	Encumbrances (a)			Land		Improvements		Land (e)			Improvements (e)(f)			Land		Improvements (f)		Total		Depreciation (g)			Construction	Completed
Ward Village Retail (h)	Honolulu, HI	Retail	245,435			164,007		89,321		(76,405		)	275,643			87,602		364,964		452,566		(70,610		)		2002
Other
Bridges at Mint Hill	Charlotte, NC	Development	—			—		—		—			21,978			—		21,978		21,978		—				2007
Cottonwood Mall	Salt Lake City, UT	Development	—			7,613		42,987		(7,613		)	(21,429		)	—		21,558		21,558		—				2002
Landmark Mall	Alexandria, VA	Development	—			28,396		67,235		(28,396		)	(12,041		)	—		55,194		55,194		(128		)		2004
Monarch City	Dallas, TX	Development	—			25,575		—		(25,575		)	26,918			—		26,918		26,918		—				2006
110 North Wacker	Chicago, IL	Development	50,000			—		29,035		—			118,901			—		147,936		147,936		—				1957
Outlet Collection at Riverwalk	New Orleans, LA	Retail	47,552			—		94,513		—			338			—		94,851		94,851		(15,476		)		2014
The Elk Grove Collection	Elk Grove, CA	Development	—			—		—		—			10,808			—		10,808		10,808		5				2003
West Windsor	Princeton, NJ	Development	—			—		—		—			27,144			—		27,144		27,144		(9		)		2004
Total excluding Corporate, Deferred financing costs and Unamortized bond issuance costs			2,202,802			2,512,338		2,081,799		(572,082		)	2,095,381			1,940,256		4,177,180		6,117,436		(355,146		)
Corporate	Various		1,012,409			885		1,027		(885		)	44,824			—		45,851		45,851		(25,746		)
Unamortized bond issuance costs	N/A		(6,096		)	—		—		—			—			—		—		—		—
Deferred financing costs	N/A		(27,902		)	—		—		—			—			—		—		—		—
		Total	$	3,181,213		$	2,513,223	$	2,082,826	$	(572,967	)	$	2,140,205		$	1,940,256	$	4,223,031	$	6,163,287	$	(380,892	)


(a)	See description of Encumbrances in Note 7 - Mortgages, Notes and Loans Payable, Net 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 $5.0 billion.


(e)	Reductions in Land reflect transfers to Buildings and Improvements for projects which the Company is internally developing.


(f)	Includes all amounts related to Developments.


(g)	Depreciation is computed based upon the useful lives in Note 1 - Summary of Significant Accounting Policies.


(h)	Property is collateral for the Senior Secured Credit Facility. See Note 7 - Mortgages, Notes and Loans Payable, Net of the Consolidated Financial Statements for additional information.


(i)	Encumbrances balance either represents or is inclusive of SIDs. See Note 7 - Mortgages, Notes and Loans Payable, Net of the Consolidated Financial Statements for additional information.


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



Reconciliation of Real Estate
(In thousands)	2018			2017			2016
Balance at beginning of year	$	5,355,409		$	4,979,840		$	4,774,632
Change in land	199,069			93,833			122,446
Additions	1,148,826			790,183			830,896
Impairments	—			—			(35,734		)
Dispositions and write-offs and land and condominium costs of sales	(540,017		)	(508,447		)	(712,400		)
Balance at end of year	$	6,163,287		$	5,355,409		$	4,979,840



Reconciliation of Accumulated Depreciation
(In thousands)	2018			2017			2016
Balance at beginning of year	$	321,882		$	245,814		$	232,969
Depreciation Expense	113,518			116,401			81,878
Dispositions and write-offs	(54,508		)	(40,333		)	(69,033		)
Balance at end of year	$	380,892		$	321,882		$	245,814