SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2022

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, 2022

					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 (f)		Date of Construction	Date Acquired / Completed
Bridgeland
Bridgeland	Cypress, TX	MPC	$	275,000	$	260,223	$	—	$	278,701	$	1,580	$	538,924	$	1,580	$	540,504	$	(757)		2004
Bridgeland Predevelopment	Cypress, TX	Development	—		—		3,051		—		—		—		3,051		3,051		—
Lakeland Village Center at Bridgeland	Cypress, TX	Retail	—		2,404		11,135		—		3,456		2,404		14,591		16,995		(2,814)		2015	2016
Lakeside Row	Cypress, TX	Multi-family	35,500		812		42,875		—		428		812		43,303		44,115		(5,611)		2018	2019
Starling at Bridgeland	Cypress, TX	Multi-family	31,155		1,511		55,117		—		—		1,511		55,117		56,628		(271)		2021	2022
Wingspan	Cypress, TX	Development	1		—		18,604		—		—		—		18,604		18,604		—		2022
Columbia
Columbia	Columbia, MD	MPC	—		457,552		—		(440,927)		—		16,625		—		16,625		—			2004
Columbia Predevelopment	Columbia, MD	Development	—		—		9,410		—		—		—		9,410		9,410		—
10 - 70 Columbia Corporate Center	Columbia, MD	Office	58,941		24,685		94,824		—		46,813		24,685		141,637		166,322		(35,027)			2012 / 2014
Columbia Office Properties	Columbia, MD	Office	—		1,175		14,913		—		(1,403)		1,175		13,510		14,685		(6,443)			2004 / 2007
Columbia Regional Building	Columbia, MD	Retail	23,345		—		28,865		—		2,977		—		31,842		31,842		(8,129)		2013	2014
Juniper Apartments	Columbia, MD	Multi-family	117,000		3,923		112,435		—		2,414		3,923		114,849		118,772		(11,604)		2018	2020
Lakefront District	Columbia, MD	Development	—		400		80,053		(400)		(47,539)		—		32,514		32,514		—			Various
Marlow	Columbia, MD	Multi-family	50,881		4,088		120,882		—		—		4,088		120,882		124,970		(154)		2021	2022
Merriweather District	Columbia, MD	Development	—		—		76,808		—		546		—		77,354		77,354		—			2015
Merriweather District Area 3 Retail	Columbia, MD	Retail	—		337		6,945		10		2,028		347		8,973		9,320		(449)		2019	2020
One Mall North	Columbia, MD	Office	16,059		7,822		10,818		—		1,922		7,822		12,740		20,562		(2,389)			2016
One Merriweather	Columbia, MD	Office	49,800		1,433		72,745		—		1,617		1,433		74,362		75,795		(14,610)		2015	2017
Two Merriweather	Columbia, MD	Office	25,600		1,019		33,016		—		5,838		1,019		38,854		39,873		(7,171)		2016	2017
6100 Merriweather	Columbia, MD	Office	76,000		2,550		112,669		—		2,059		2,550		114,728		117,278		(11,741)		2018	2019
South Lake Medical Office Building	Columbia, MD	Development	—		—		4,711		—		—		—		4,711		4,711		—		2022
Teravalis
Teravalis	Phoenix, AZ	MPC	—		544,546		312		—		—		544,546		312		544,858		(17)			2021
Seaport
85 South Street	New York, NY	Multi-family	—		15,913		8,137		—		3,468		15,913		11,605		27,518		(5,541)			2014
Seaport Predevelopment	New York, NY	Development	—		—		11,224		—		—		—		11,224		11,224		—		2013
Tin Building	New York, NY	Retail	—		—		200,401		—		—		—		200,401		200,401		(4,315)		2017	2022
Pier 17	New York, NY	Retail	—		—		468,476		—		31,980		—		500,456		500,456		(89,988)		2013	2018
Historic District Area / Uplands	New York, NY	Retail	—		—		7,884		—		119,564		—		127,448		127,448		(26,425)		2013	2016
250 Water Street	New York, NY	Development	100,000		—		179,471		—		63,055		—		242,526		242,526		—			2018
Summerlin
1700 Pavilion (g)	Las Vegas, NV	Office	38,128		1,700		89,311		—		—		1,700		89,311		91,011		(215)		2021	2022
Aristocrat	Las Vegas, NV	Office	35,060		5,004		34,588		—		152		5,004		34,740		39,744		(5,489)		2017	2018
Constellation Apartments	Las Vegas, NV	Multi-family	24,200		3,069		39,759		—		1,691		3,069		41,450		44,519		(7,784)			2017
Downtown Summerlin (g)(h)	Las Vegas, NV	Retail/Office	1,933		30,855		364,100		—		27,315		30,855		391,415		422,270		(113,520)		2013	2014 / 2015
Hockey Ground Lease (g)	Las Vegas, NV	Other	180		—		—		6,705		2,198		6,705		2,198		8,903		(293)			2017
Las Vegas Ballpark (i)	Las Vegas, NV	Other	44,802		5,318		124,391		—		1,064		5,318		125,455		130,773		(24,161)		2018	2019
Summerlin South Office	Las Vegas, NV	Development	—		—		10,386		—		—		—		10,386		10,386		—		2022

				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 (f)	Date of Construction	Date Acquired / Completed
Two Summerlin (g)	Las Vegas, NV	Office	40,873	3,037	47,104	—	1,908	3,037	49,012	52,049	(8,488)	2017	2018
Summerlin (g)	Las Vegas, NV	MPC	57,328	990,179	—	24,332	884	1,014,511	884	1,015,395	(489)		2004
Summerlin Predevelopment	Las Vegas, NV	Development	—	—	10,697	—	—	—	10,697	10,697	—
Tanager Apartments (g)	Las Vegas, NV	Multi-family	58,648	7,331	53,978	—	87	7,331	54,065	61,396	(7,195)	2017	2019
Tanager Echo (g)	Las Vegas, NV	Development	31,552	—	68,341	—	—	—	68,341	68,341	—	2021
The Woodlands
Creekside Park Apartments	The Woodlands, TX	Multi-family	37,730	729	40,116	—	578	729	40,694	41,423	(6,668)	2017	2018
Creekside Park Medical Plaza	The Woodlands, TX	Office	2,845	306	6,912	—	—	306	6,912	7,218	(15)	2022	2022
Creekside Park The Grove	The Woodlands, TX	Multi-family	57,000	1,876	52,382	—	—	1,876	52,382	54,258	(3,399)	2019	2021
Creekside Park West	The Woodlands, TX	Retail	15,869	1,228	17,922	—	549	1,228	18,471	19,699	(1,924)	2018	2019
HHC 242 Self-Storage	The Woodlands, TX	Other	—	878	6,802	—	1,123	878	7,925	8,803	(1,218)	2015	2017
HHC 2978 Self-Storage	The Woodlands, TX	Other	—	124	5,498	—	2,065	124	7,563	7,687	(1,130)	2016	2017
Houston Ground Leases	The Woodlands, TX	Other	—	15,762	1,989	—	—	15,762	1,989	17,751	(125)		Various
One Hughes Landing	The Woodlands, TX	Office	48,286	1,678	34,761	—	(3,940)	1,678	30,821	32,499	(9,880)	2012	2013
Two Hughes Landing	The Woodlands, TX	Office	46,332	1,269	34,950	—	(3,618)	1,269	31,332	32,601	(10,138)	2013	2014
Three Hughes Landing	The Woodlands, TX	Office	70,000	2,626	46,372	—	32,701	2,626	79,073	81,699	(19,843)	2014	2016
1725 Hughes Landing Boulevard	The Woodlands, TX	Office	61,207	1,351	36,764	—	38,203	1,351	74,967	76,318	(26,798)	2013	2015
1735 Hughes Landing Boulevard	The Woodlands, TX	Office	59,006	3,709	97,651	—	(305)	3,709	97,346	101,055	(30,541)	2013	2015
Hughes Landing Daycare	The Woodlands, TX	Other	—	138	—	—	—	138	—	138	—	2018	2019
Hughes Landing Retail	The Woodlands, TX	Retail	32,912	5,184	32,562	—	(36)	5,184	32,526	37,710	(9,643)	2013	2015
1701 Lake Robbins	The Woodlands, TX	Retail	—	1,663	3,725	—	459	1,663	4,184	5,847	(996)		2014
2201 Lake Woodlands Drive	The Woodlands, TX	Office	—	3,755	—	—	1,210	3,755	1,210	4,965	(535)		2011
Lakefront North	The Woodlands, TX	Office	50,000	10,260	39,357	—	15,544	10,260	54,901	65,161	(7,932)		2018
One Lakes Edge	The Woodlands, TX	Multi-family	67,535	1,057	81,768	—	597	1,057	82,365	83,422	(19,645)	2013	2015
Two Lakes Edge	The Woodlands, TX	Multi-family	105,000	1,870	96,349	—	460	1,870	96,809	98,679	(10,560)	2018	2020
The Lane at Waterway	The Woodlands, TX	Multi-family	37,500	2,029	40,033	—	352	2,029	40,385	42,414	(3,478)	2019	2020
Memorial Hermann Medical Office Building	The Woodlands, TX	Office	2,769	586	4,091	—	—	586	4,091	4,677	(59)	2021	2022
Millennium Six Pines Apartments	The Woodlands, TX	Multi-family	42,500	4,000	54,624	7,225	893	11,225	55,517	66,742	(13,294)		2016
Millennium Waterway Apartments	The Woodlands, TX	Multi-family	51,000	15,917	56,002	—	2,471	15,917	58,473	74,390	(23,237)		2012
8770 New Trails	The Woodlands, TX	Office	35,296	2,204	35,033	—	80	2,204	35,113	37,317	(4,731)	2019	2020
9303 New Trails	The Woodlands, TX	Office	9,830	1,929	11,915	—	1,448	1,929	13,363	15,292	(3,884)		2011
3831 Technology Forest Drive	The Woodlands, TX	Office	19,712	514	14,194	—	1,813	514	16,007	16,521	(6,447)	2014	2014
20/25 Waterway Avenue	The Woodlands, TX	Retail	14,500	2,346	8,871	—	65	2,346	8,936	11,282	(2,826)		2011
Waterway Garage Retail	The Woodlands, TX	Retail	—	1,341	4,255	—	1,284	1,341	5,539	6,880	(1,599)		2011
3 Waterway Square	The Woodlands, TX	Office	43,209	748	42,214	—	(2,767)	748	39,447	40,195	(14,907)	2012	2013
4 Waterway Square	The Woodlands, TX	Office	28,786	1,430	51,553	—	7,199	1,430	58,752	60,182	(21,529)		2011
The Woodlands	The Woodlands, TX	MPC	—	269,411	9,814	(84,054)	(9,744)	185,357	70	185,427	(70)		2011
The Woodlands Predevelopment	The Woodlands, TX	Development	—	—	36,647	—	—	—	36,647	36,647	(611)
The Woodlands Parking Garages	The Woodlands, TX	Other	—	5,857	—	2,496	14,967	8,353	14,967	23,320	(3,391)		2011 / 2013
2000 Woodlands Parkway	The Woodlands, TX	Retail	—	—	—	—	655	—	655	655	(225)		2016
The Woodlands Towers at the Waterway (j)	The Woodlands, TX	Office	347,446	11,044	437,561	(1)	24,894	11,043	462,455	473,498	(45,425)		2019
The Woodlands Warehouse	The Woodlands, TX	Other	13,700	4,480	4,389	—	—	4,480	4,389	8,869	(538)		2019
1400 Woodloch Forest	The Woodlands, TX	Office	—	1,570	13,023	—	4,962	1,570	17,985	19,555	(6,311)		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)		Land		Buildings and Improvements		Total		Accumulated Depreciation (f)		Date of Construction	Date Acquired / Completed
The Woodlands Hills
The Woodlands Hills	Conroe, TX	MPC	—		99,284		—		12,280		43		111,564		43		111,607		(16)			2014
Ward Village
‘A‘ali‘i	Honolulu, HI	Condominium	—		—		714		—		1,046		—		1,760		1,760		(26)		2018	2021
Ae‘o	Honolulu, HI	Condominium	—		—		1,162		—		—		—		1,162		1,162		(116)		2016	2018
Anaha	Honolulu, HI	Condominium	—		—		1,097		—		—		—		1,097		1,097		(139)		2014	2017
Ke Kilohana	Honolulu, HI	Condominium	—		—		656		—		—		—		656		656		(60)		2016	2019
Kewalo Basin Harbor	Honolulu, HI	Other	11,232		—		24,116		—		22		—		24,138		24,138		(4,794)		2017	2019
Kō‘ula	Honolulu, HI	Condominium	—		—		29,726		—		—		—		29,726		29,726		(10)		2019	2022
The Park Ward Village	Honolulu, HI	Development	—		—		52,066		—		—		—		52,066		52,066		(2,047)		2022
Victoria Place	Honolulu, HI	Development	47,155		—		208,168		—		—		—		208,168		208,168		(6,208)		2021
Waiea	Honolulu, HI	Condominium	—		—		1,206		—		365		—		1,571		1,571		(211)		2014	2017
Ward Predevelopment	Honolulu, HI	Development	1,845		—		135,068		—		—		—		135,068		135,068		(6,116)		2013
Ward Village Retail	Honolulu, HI	Retail	200,000		164,007		89,321		(103,657)		307,414		60,350		396,735		457,085		(119,245)			Various
Total excluding Corporate and Deferred financing costs			2,752,188		3,021,046		4,631,835		(297,290)		719,154		2,723,756		5,350,989		8,074,745		(853,630)
Corporate	Various		2,050,000		885		1,027		(885)		19,400		—		20,427		20,427		(14,070)
Deferred financing costs	N/A		(55,005)		—		—		—		—						—
		Total	$	4,747,183	$	3,021,931	$	4,632,862	$	(298,175)	$	738,554	$	2,723,756	$	5,371,416	$	8,095,172	$	(867,700)

(a)Refer to 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.

(b)Initial cost for projects undergoing development or redevelopment is cost through the end of first complete calendar year subsequent to the asset being placed in service.

(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 $7.2 billion.

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

(f)Depreciation is 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.

(g)Encumbrances balance either represents or is inclusive of SIDs.

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

(i)Includes the Las Vegas Aviators.

(j)The Woodlands Towers at the Waterway includes 1201 Lake Robbins and 9950 Woodloch Forest.

Reconciliation of Real Estate
thousands	2022		2021		2020
Balance as of January 1	$	7,776,555	$	7,319,133	$	7,268,288
Change in land	396,125		896,508		228,402
Additions	750,610		657,760		716,614
Impairments	—		(13,068)		(48,738)
Dispositions and write-offs and land and condominium costs of sales	(828,118)		(1,083,778)		(845,433)
Balance as of December 31	$	8,095,172	$	7,776,555	$	7,319,133

Reconciliation of Accumulated Depreciation
thousands	2022		2021		2020
Balance as of January 1	$	743,311	$	634,064	$	507,933
Depreciation Expense	180,201		185,418		198,556
Dispositions and write-offs	(55,812)		(76,171)		(72,425)
Balance as of December 31	$	867,700	$	743,311	$	634,064