SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2021

					Initial Cost (b)				Costs Capitalized Subsequent to Acquisition (c)				Gross Amounts at Which Carried at Close of Period (d)
Name of Center thousands	Location	Center Type	Encumbrances (a)		Land		Buildings and Improvements		Land (e)		Buildings and Improvements (e)(f)		Land		Buildings and Improvements (f)		Total		Accumulated Depreciation (g)		Date of Construction	Date Acquired / Completed
Bridgeland
Bridgeland	Cypress, TX	MPC	$	275,000	$	260,223	$	—	$	259,931	$	1,498	$	520,154	$	1,498	$	521,652	$	(640)		2004
Bridgeland Predevelopment	Cypress, TX	Development	—		—		—		—		2,061		—		2,061		2,061		—
Lakeland Village Center at Bridgeland (h)	Cypress, TX	Retail	8,484		2,404		11,135		—		3,165		2,404		14,300		16,704		(2,364)		2015	2016
Lakeside Row	Cypress, TX	Multi-family	35,500		812		42,875		—		167		812		43,042		43,854		(3,773)		2018	2019
Starling at Bridgeland	Cypress, TX	Development	3,960		—		—		—		26,974		—		26,974		26,974		—		2021
Columbia
Columbia	Columbia, MD	MPC	—		457,552		—		(440,927)		—		16,625		—		16,625		—			2004
Columbia Predevelopment	Columbia, MD	Development	—		—		—		—		3,133		—		3,133		3,133		—
10 - 70 Columbia Corporate Center (h)	Columbia, MD	Office	96,607		24,685		94,824		—		32,975		24,685		127,799		152,484		(29,478)			2012/2014
Columbia Office Properties	Columbia, MD	Office	—		1,175		14,913		—		(1,463)		1,175		13,450		14,625		(5,927)			2004 / 2007
Columbia Regional Building	Columbia, MD	Retail	23,805		—		28,865		—		2,345		—		31,210		31,210		(7,084)		2013	2014
Juniper Apartments	Columbia, MD	Multi-family	72,762		3,923		112,435		—		—		3,923		112,435		116,358		(7,247)		2018	2020
Lakefront District (i)	Columbia, MD	Development	—		400		80,053		(400)		(53,068)		—		26,985		26,985		—			Various
Marlow	Columbia, MD	Development	—		—		—		—		52,538		—		52,538		52,538		—		2021
Merriweather District	Columbia, MD	Development	—		—		—		—		84,211		—		84,211		84,211		—			2015
Merriweather District Area 3 Standalone Restaurant	Columbia, MD	Retail	—		337		6,945		—		—		337		6,945		7,282		(117)		2019	2020
One Mall North (h)	Columbia, MD	Office	12,102		7,822		10,818		—		1,671		7,822		12,489		20,311		(1,885)			2016
One Merriweather (h)	Columbia, MD	Office	42,008		1,433		58,936		—		15,427		1,433		74,363		75,796		(11,824)		2015	2017
Two Merriweather	Columbia, MD	Office	—		1,019		4,931		—		33,812		1,019		38,743		39,762		(5,558)		2016	2017
6100 Merriweather	Columbia, MD	Office	66,345		2,550		112,669		—		1,147		2,550		113,816		116,366		(7,780)		2018	2019
Douglas Ranch
Douglas Ranch	Phoenix, AZ	MPC	—		—		—		510,541		—		510,541		—		510,541		—			2021
Seaport
85 South Street	New York, NY	Multi-family	—		15,913		8,137		—		3,464		15,913		11,601		27,514		(4,733)			2014
Seaport Predevelopment	New York, NY	Development	—		—		7,641		—		3,553		—		11,194		11,194		—		2013
Tin Building	New York, NY	Development	—		—		8,290		—		162,669		—		170,959		170,959		—		2017
Pier 17	New York, NY	Retail	—		—		468,476		—		24,731		—		493,207		493,207		(65,885)		2013	2018
Historic District Area / Uplands	New York, NY	Retail	—		—		7,884		—		116,746		—		124,630		124,630		(22,380)		2013	2016
250 Water Street	New York, NY	Development	100,000		—		179,471		—		23,550		—		203,021		203,021		—			2018
Summerlin
1700 Pavilion (j)	Las Vegas, NV	Development	64		—		—		—		48,381		—		48,381		48,381		—		2021
Aristocrat (j)	Las Vegas, NV	Office	36,095		5,004		34,588		—		159		5,004		34,747		39,751		(4,178)		2017	2018
Constellation Apartments	Las Vegas, NV	Multi-family	24,200		3,069		39,759		—		39		3,069		39,798		42,867		(6,222)			2017
Downtown Summerlin (j)(k)	Las Vegas, NV	Retail/Office	1,936		30,855		364,100		—		22,858		30,855		386,958		417,813		(96,978)		2013	2014 / 2015
Hockey Ground Lease (j)	Las Vegas, NV	Other	198		—		—		6,705		2,198		6,705		2,198		8,903		(238)			2017
Las Vegas Ballpark (j)(l)	Las Vegas, NV	Other	46,712		—		179		5,318		124,664		5,318		124,843		130,161		(17,899)		2018	2019
Two Summerlin (j)	Las Vegas, NV	Office	80		3,037		47,104		—		1,908		3,037		49,012		52,049		(6,166)		2017	2018
Summerlin	Las Vegas, NV	MPC	66,492		990,179		—		(58,457)		799		931,722		799		932,521		(461)			2004
Summerlin Predevelopment	Las Vegas, NV	Development	—		—		—		—		3,173		—		3,173		3,173		—

				Initial Cost (b)		Costs Capitalized Subsequent to Acquisition (c)		Gross Amounts at Which Carried at Close of Period (d)
Name of Center thousands	Location	Center Type	Encumbrances (a)	Land	Buildings and Improvements	Land (e)	Buildings and Improvements (e)(f)	Land	Buildings and Improvements (f)	Total	Accumulated Depreciation (g)	Date of Construction	Date Acquired / Completed
Tanager Apartments (j)	Las Vegas, NV	Multi-family	58,604	9,633	55,858	(2,302)	(1,869)	7,331	53,989	61,320	(5,002)	2017	2019
Tanager Echo (j)	Las Vegas, NV	Development	75	—	—	—	27,617	—	27,617	27,617	—	2021
The Woodlands
Creekside Park Apartments	The Woodlands, TX	Multi-family	37,730	729	40,116	—	192	729	40,308	41,037	(4,908)	2017	2018
Creekside Park Medical Plaza	The Woodlands, TX	Development	—	—	—	—	829	—	829	829	—
Creekside Park The Grove	The Woodlands, TX	Multi-family	39,503	—	—	1,876	51,685	1,876	51,685	53,561	(1,303)	2019	2021
Creekside Park West	The Woodlands, TX	Retail	15,497	1,228	17,922	—	332	1,228	18,254	19,482	(1,296)	2018	2019
Creekside Village Green (h)	The Woodlands, TX	Retail	10,234	2,551	33,822	(1,228)	(18,193)	1,323	15,629	16,952	(3,338)	2013	2015
HHC 242 Self-Storage	The Woodlands, TX	Other	—	878	6,802	—	1,114	878	7,916	8,794	(1,020)	2015	2017
HHC 2978 Self-Storage	The Woodlands, TX	Other	—	124	5,498	—	2,063	124	7,561	7,685	(939)	2016	2017
One Hughes Landing	The Woodlands, TX	Office	49,578	1,678	34,761	—	617	1,678	35,378	37,056	(12,176)	2012	2013
Two Hughes Landing	The Woodlands, TX	Office	47,184	1,269	34,950	—	(4,072)	1,269	30,878	32,147	(9,024)	2013	2014
Three Hughes Landing	The Woodlands, TX	Office	70,000	2,626	46,372	—	32,290	2,626	78,662	81,288	(16,135)	2014	2016
1725 Hughes Landing Boulevard	The Woodlands, TX	Office	61,207	1,351	36,764	—	38,374	1,351	75,138	76,489	(22,793)	2013	2015
1735 Hughes Landing Boulevard	The Woodlands, TX	Office	58,793	3,709	97,651	—	(330)	3,709	97,321	101,030	(26,286)	2013	2015
Hughes Landing Daycare	The Woodlands, TX	Other	—	138	—	—	—	138	—	138	—	2018	2019
Hughes Landing Retail	The Woodlands, TX	Retail	33,633	5,184	—	—	32,290	5,184	32,290	37,474	(8,293)	2013	2015
1701 Lake Robbins (h)	The Woodlands, TX	Retail	2,195	1,663	3,725	—	459	1,663	4,184	5,847	(853)		2014
Lake Woodlands Crossing Retail	The Woodlands, TX	Retail	12,329	5,122	11,440	—	10	5,122	11,450	16,572	(1,391)	2017	2018
2201 Lake Woodlands Drive	The Woodlands, TX	Office	—	3,755	—	—	1,210	3,755	1,210	4,965	(410)		2011
Lakefront North	The Woodlands, TX	Office	—	10,260	39,357	—	12,303	10,260	51,660	61,920	(5,586)		2018
Memorial Hermann Health System Build-to-Suit	The Woodlands, TX	Development	—	—	—	—	1,058	—	1,058	1,058	—	2021
One Lakes Edge	The Woodlands, TX	Multi-family	68,648	1,057	81,768	—	613	1,057	82,381	83,438	(16,713)	2013	2015
Two Lakes Edge	The Woodlands, TX	Multi-family	68,806	1,870	96,349	—	—	1,870	96,349	98,219	(6,670)	2018	2020
Millennium Six Pines Apartments	The Woodlands, TX	Multi-family	42,500	4,000	54,624	7,225	675	11,225	55,299	66,524	(11,193)		2016
Millennium Waterway Apartments	The Woodlands, TX	Multi-family	50,813	15,917	56,002	—	3,620	15,917	59,622	75,539	(22,453)		2012
The Lane at Waterway	The Woodlands, TX	Multi-family	27,279	2,029	40,033	—	—	2,029	40,033	42,062	(1,795)	2019	2020
8770 New Trails	The Woodlands, TX	Office	35,482	2,204	35,033	—	—	2,204	35,033	37,237	(3,104)	2019	2020
9303 New Trails	The Woodlands, TX	Office	10,308	1,929	11,915	—	1,405	1,929	13,320	15,249	(3,665)		2011
3831 Technology Forest Drive	The Woodlands, TX	Office	20,210	514	14,194	—	1,813	514	16,007	16,521	(5,635)	2014	2014
20/25 Waterway Avenue	The Woodlands, TX	Retail	12,564	2,346	8,871	—	(74)	2,346	8,797	11,143	(2,573)		2011
Waterway Garage Retail	The Woodlands, TX	Retail	—	1,341	4,255	—	853	1,341	5,108	6,449	(1,447)		2011
3 Waterway Square	The Woodlands, TX	Office	44,747	748	—	—	38,967	748	38,967	39,715	(13,142)	2012	2013
4 Waterway Square	The Woodlands, TX	Office	30,185	1,430	51,553	—	6,257	1,430	57,810	59,240	(19,830)		2011
The Woodlands	The Woodlands, TX	MPC	—	269,411	9,814	(81,992)	(9,744)	187,419	70	187,489	(58)		2011
The Woodlands Predevelopment	The Woodlands, TX	Development	—	—	—	—	28,876	—	28,876	28,876	(427)
The Woodlands Ground Leases	The Woodlands, TX	Other	—	1,770	—	3,659	—	5,429	—	5,429	—		Various
The Woodlands Parking Garages	The Woodlands, TX	Other	—	5,857	—	2,497	14,776	8,354	14,776	23,130	(2,958)		2011 / 2013
2000 Woodlands Parkway	The Woodlands, TX	Retail	—	—	—	—	655	—	655	655	(172)		2016
The Woodlands Towers at the Waterway	The Woodlands, TX	Office	333,820	11,044	437,561	—	16,929	11,044	454,490	465,534	(29,379)		2019
The Woodlands Warehouse	The Woodlands, TX	Other	13,700	4,480	4,389	—	—	4,480	4,389	8,869	(359)		2019
1400 Woodloch Forest	The Woodlands, TX	Office	—	—	—	1,570	16,025	1,570	16,025	17,595	(5,764)		2011

					Initial Cost (b)				Costs Capitalized Subsequent to Acquisition (c)				Gross Amounts at Which Carried at Close of Period (d)
Name of Center thousands	Location	Center Type	Encumbrances (a)		Land		Buildings and Improvements		Land (e)		Buildings and Improvements (e)(f)		Land		Buildings and Improvements (f)		Total		Accumulated Depreciation (g)		Date of Construction	Date Acquired / Completed
The Woodlands Hills
The Woodlands Hills	Conroe, TX	MPC	—		99,284		—		17,022		39		116,306		39		116,345		(8)			2014
Ward Village
‘A‘ali‘i	Honolulu, HI	Condominium	—		—		—		—		12,148		—		12,148		12,148		(3,890)		2018	2021
Ae‘o	Honolulu, HI	Condominium	—		9,795		85,046		(9,795)		(83,884)		—		1,162		1,162		(87)		2016	2018
Anaha	Honolulu, HI	Condominium	—		5,546		47,450		(5,546)		(46,353)		—		1,097		1,097		(112)		2014	2017
Ke Kilohana	Honolulu, HI	Condominium	—		152		12,842		(152)		(12,186)		—		656		656		(44)		2016	2019
Kewalo Basin Harbor	Honolulu, HI	Other	11,479		—		24,116		—		10		—		24,126		24,126		(3,628)		2017	2019
Kō'ula	Honolulu, HI	Development	150,183		—		—		—		305,602		—		305,602		305,602		(3,961)		2019
Victoria Place	Honolulu, HI	Development	49,000		—		—		—		90,085		—		90,085		90,085		(4,426)		2021
Waiea	Honolulu, HI	Condominium	—		—		20,812		—		(19,249)		—		1,563		1,563		(171)		2014	2017
Ward Predevelopment	Honolulu, HI	Development	—		—		24,069		—		82,154		—		106,223		106,223		(4,934)		2013
Ward Village Retail (h)	Honolulu, HI	Retail	184,038		164,007		89,321		(81,359)		297,778		82,648		387,099		469,747		(112,972)			Various
Other
Outlet Collection at Riverwalk	New Orleans, LA	Retail	26,742		—		94,513		—		(35,573)		—		58,940		58,940		(19,462)		2013	2014
Total excluding Corporate, Deferred financing costs and Unamortized bond issuance costs			2,589,416		2,471,021		3,514,596		134,186		1,635,681		2,605,207		5,150,277		7,755,484		(730,602)
Corporate	Various		2,050,000		885		1,027		(885)		20,044		—		21,071		21,071		(12,709)
Unamortized bond issuance costs	N/A		—		—		—		—		—		—		—		—		—
Deferred financing costs	N/A		(48,259)		—		—		—		—		—		—		—		—
		Total	$	4,591,157	$	2,471,906	$	3,515,623	$	133,301	$	1,655,725	$	2,605,207	$	5,171,348	$	7,776,555	$	(743,311)

(a)See description of Encumbrances in Note 7 - Mortgages, Notes and Loans Payable, Net in the Notes to Consolidated Financial Statements under Item 8 of this Form 10-K.

(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 $6.5 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 in the Notes to Consolidated Financial Statements under Item 8 of this Form 10-K.

(h)Property is collateral for the Senior Secured Credit Facility. See Note 7 - Mortgages, Notes and Loans Payable, Net in the Notes to Consolidated Financial Statements under Item 8 of this Form 10-K for additional information. The Ward Village Retail line includes $29.9 million related to Ae’o Retail and $9.1 million related to Ke Kilohana retail that are not collateral for the Senior Secured Credit Facility.

(i)Lakefront District includes American City Building acquired in 2016, Ridgley Building acquired in 2017 and Sterrett Place acquired in 2018, all of which have been demolished and now represent future development rights.

(j)Encumbrances balance either represents or is inclusive of SIDs. See Note 7 - Mortgages, Notes and Loans Payable, Net in the Notes to Consolidated Financial Statements under Item 8 of this Form 10-K for additional information.

(k)Downtown Summerlin includes the One Summerlin office property, which was placed in service in 2015.

(l)Includes the Las Vegas Aviators.

Reconciliation of Real Estate
thousands	2021		2020		2019
Balance as of January 1,	$	7,319,133	$	7,268,288	$	6,163,287
Change in land	896,508		228,402		239,558
Additions	657,760		716,614		1,513,888
Impairments	(13,068)		(48,738)		—
Dispositions and write-offs and land and condominium costs of sales	(1,083,778)		(845,433)		(648,445)
Balance as of December 31,	$	7,776,555	$	7,319,133	$	7,268,288

Reconciliation of Accumulated Depreciation
thousands	2021		2020		2019
Balance as of January 1,	$	634,064	$	507,933	$	380,892
Depreciation Expense	185,418		198,556		143,698
Dispositions and write-offs	(76,171)		(72,425)		(16,657)
Balance as of December 31,	$	743,311	$	634,064	$	507,933