Howard Hughes Holdings Inc
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
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FY2023 · Filed Feb 27, 2024
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Schedule III - Real Estate and Accumulated Depreciation
| FINANCIAL STATEMENT SCHEDULE | Table of ContentsIndex to Financial Statements |
|---|
SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2023
| Initial Cost (b) · Costs Capitalized Subsequent to Acquisition (c) · Gross Amounts at Which Carried at Close of Period (d) | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Name of Centerthousands | Location | Center Type | Encumbrances (a) | Land | Buildings and Improvements | Land (e) | Buildings and Improvements (e) | Land | Buildings and Improvements (f) | Total | Accumulated Depreciation (f) | Date of Construction | Date Acquired / Completed |
| Bridgeland | |||||||||||||
| Bridgeland | Cypress, TX | MPC | $475,000 | $260,223 | $— | $272,809 | $1,720 | $533,032 | $1,720 | $534,752 | $(860) | 2004 | |
| Bridgeland Predevelopment | Cypress, TX | Development | — | — | 10,904 | — | — | — | 10,904 | 10,904 | — | ||
| Houston Ground Leases - Bridgeland | Cypress, TX | Other | — | 3,935 | — | — | — | 3,935 | — | 3,935 | — | Various | |
| Lakeland Village Center at Bridgeland | Cypress, TX | Retail | — | 2,404 | 11,135 | — | 3,489 | 2,404 | 14,624 | 17,028 | (3,258) | 2015 | 2016 |
| Lakeside Row | Cypress, TX | Multi-family | 35,500 | 812 | 42,875 | — | 703 | 812 | 43,578 | 44,390 | (7,496) | 2018 | 2019 |
| Starling at Bridgeland | Cypress, TX | Multi-family | 37,946 | 1,511 | 57,505 | — | — | 1,511 | 57,505 | 59,016 | (2,459) | 2021 | 2022 |
| Wingspan | Cypress, TX | Multi-family | 27,827 | 1,214 | 63,680 | — | — | 1,214 | 63,680 | 64,894 | (368) | 2022 | 2023 |
| Columbia (g) | |||||||||||||
| Color Burst Park Retail (h) | Columbia, MD | Retail | — | 337 | 6,945 | 10 | 2,157 | 347 | 9,102 | 9,449 | (832) | 2019 | 2020 |
| Columbia Office Properties (i) | Columbia, MD | Office | — | 1,175 | 14,394 | — | (1,294) | 1,175 | 13,100 | 14,275 | (6,730) | 2004 / 2007 | |
| Columbia Parking Garages (i) | Columbia, MD | Other | — | — | 42,940 | — | (157) | — | 42,783 | 42,783 | (5,794) | Various | Various |
| Columbia Predevelopment | Columbia, MD | Development | — | — | 36,236 | — | — | — | 36,236 | 36,236 | — | ||
| Juniper | Columbia, MD | Multi-family | 117,000 | 3,923 | 112,435 | — | 7,124 | 3,923 | 119,559 | 123,482 | (16,230) | 2018 | 2020 |
| 10285 Lakefront Medical Office (h) | Columbia, MD | Development | 4,400 | — | 27,195 | — | — | — | 27,195 | 27,195 | — | 2022 | |
| Lakefront District | Columbia, MD | Development | — | 400 | 80,053 | (400) | (45,892) | — | 34,161 | 34,161 | — | Various | |
| One Mall North | Columbia, MD | Office | 6,855 | 7,822 | 10,818 | — | 2,035 | 7,822 | 12,853 | 20,675 | (5,860) | 2016 | |
| Marlow | Columbia, MD | Multi-family | 72,823 | 4,088 | 130,083 | — | — | 4,088 | 130,083 | 134,171 | (5,048) | 2021 | 2022 |
| 6100 Merriweather (i) | Columbia, MD | Office | 76,000 | 2,550 | 86,867 | — | 2,762 | 2,550 | 89,629 | 92,179 | (12,987) | 2018 | 2019 |
| One Merriweather (i) | Columbia, MD | Office | 49,800 | 1,433 | 56,125 | — | 1,617 | 1,433 | 57,742 | 59,175 | (14,592) | 2015 | 2017 |
| Two Merriweather | Columbia, MD | Office | 25,600 | 1,019 | 33,016 | — | 5,302 | 1,019 | 38,318 | 39,337 | (7,877) | 2016 | 2017 |
| Merriweather District | Columbia, MD | Development | — | — | 76,808 | — | 8,492 | — | 85,300 | 85,300 | — | 2015 | |
| Merriweather Row (h) | Columbia, MD | Office | 67,265 | 24,685 | 94,824 | — | 51,706 | 24,685 | 146,530 | 171,215 | (38,982) | 2012/2014 | |
| Rouse Building (h) | Columbia, MD | Retail | 22,865 | — | 28,865 | — | 3,063 | — | 31,928 | 31,928 | (9,198) | 2013 | 2014 |
| Teravalis | |||||||||||||
| Teravalis | Phoenix, AZ | MPC | — | 544,546 | 312 | 278 | 4 | 544,824 | 316 | 545,140 | (58) | 2021 | |
| Seaport | |||||||||||||
| Historic District Area / Uplands | New York, NY | Retail | — | — | 7,884 | — | 66,012 | — | 73,896 | 73,896 | (30,799) | 2013 | 2016 |
| Pier 17 | New York, NY | Retail | — | — | 468,476 | — | (218,115) | — | 250,361 | 250,361 | (109,036) | 2013 | 2018 |
| 85 South Street | New York, NY | Multi-family | — | 15,913 | 8,137 | (11,735) | (563) | 4,178 | 7,574 | 11,752 | (6,248) | 2014 | |
| Tin Building | New York, NY | Retail | — | — | 61,872 | — | — | — | 61,872 | 61,872 | (13,963) | 2017 | 2022 |
| 250 Water Street | New York, NY | Development | 115,000 | — | 179,471 | — | (83,450) | — | 96,021 | 96,021 | — | 2018 | |
| 199 Water Street, 28th Floor (j) | New York, NY | Lease | — | — | 14,054 | — | 782 | — | 14,836 | 14,836 | (12,563) | Various | Various |
| Summerlin | |||||||||||||
| Aristocrat | Las Vegas, NV | Office | 33,987 | 5,004 | 34,588 | — | 152 | 5,004 | 34,740 | 39,744 | (6,801) | 2017 | 2018 |
| Constellation | Las Vegas, NV | Multi-family | 24,200 | 3,069 | 39,759 | — | 2,264 | 3,069 | 42,023 | 45,092 | (9,339) | 2017 | |
| Downtown Summerlin (k)(l) | Las Vegas, NV | Retail/Office | 1,732 | 30,855 | 364,100 | — | 30,257 | 30,855 | 394,357 | 425,212 | (128,533) | 2013 | 2014 / 2015 |
| Hockey Ground Lease (k) | Las Vegas, NV | Other | 161 | — | — | 6,705 | 2,198 | 6,705 | 2,198 | 8,903 | (348) | 2017 | |
| Las Vegas Ballpark (m) | Las Vegas, NV | Other | 42,990 | 5,318 | 124,391 | — | 2,222 | 5,318 | 126,613 | 131,931 | (30,599) | 2018 | 2019 |
| Meridian (h) | Las Vegas, NV | Development | — | — | 37,533 | — | — | — | 37,533 | 37,533 | — | 2022 | |
| 1700 Pavilion (k) | Las Vegas, NV | Office | 57,460 | 1,700 | 101,760 | — | — | 1,700 | 101,760 | 103,460 | (3,149) | 2021 | 2022 |
| FINANCIAL STATEMENT SCHEDULE | Table of ContentsIndex to Financial Statements |
|---|
| Initial Cost (b) · Costs Capitalized Subsequent to Acquisition (c) · Gross Amounts at Which Carried at Close of Period (d) | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Name of Centerthousands | Location | Center Type | Encumbrances (a) | Land | Buildings and Improvements | Land (e) | Buildings and Improvements (e) | Land | Buildings and Improvements (f) | Total | Accumulated Depreciation (f) | Date of Construction | Date Acquired / Completed |
| Two Summerlin (k) | Las Vegas, NV | Office | 40,865 | 3,037 | 47,104 | — | 1,999 | 3,037 | 49,103 | 52,140 | (10,810) | 2017 | 2018 |
| Summerlin (k) | Las Vegas, NV | MPC | 63,322 | 990,179 | — | 89,747 | 1,076 | 1,079,926 | 1,076 | 1,081,002 | (619) | 2004 | |
| Summerlin Grocery Anchored Center (k) | Las Vegas, NV | Development | 114 | — | 10,460 | — | — | — | 10,460 | 10,460 | — | 2023 | |
| Summerlin Predevelopment | Las Vegas, NV | Development | — | — | 12,796 | — | — | — | 12,796 | 12,796 | — | ||
| Tanager (k) | Las Vegas, NV | Multi-family | 58,633 | 7,331 | 53,978 | — | 351 | 7,331 | 54,329 | 61,660 | (9,422) | 2017 | 2019 |
| Tanager Echo (k) | Las Vegas, NV | Multi-family | 59,007 | 2,302 | 85,329 | — | — | 2,302 | 85,329 | 87,631 | (1,750) | 2021 | 2023 |
| The Woodlands | |||||||||||||
| Creekside Park | The Woodlands, TX | Multi-family | 37,615 | 729 | 40,116 | — | 891 | 729 | 41,007 | 41,736 | (8,400) | 2017 | 2018 |
| Creekside Park Medical Plaza (n) | The Woodlands, TX | Office | — | 306 | 8,361 | — | — | 306 | 8,361 | 8,667 | (241) | 2022 | 2022 |
| Creekside Park The Grove | The Woodlands, TX | Multi-family | 57,000 | 1,876 | 52,382 | — | 213 | 1,876 | 52,595 | 54,471 | (5,518) | 2019 | 2021 |
| Creekside Park West | The Woodlands, TX | Retail | 15,969 | 1,228 | 17,922 | — | 1,122 | 1,228 | 19,044 | 20,272 | (2,603) | 2018 | 2019 |
| Houston Ground Leases - The Woodlands | The Woodlands, TX | Other | — | 14,582 | 2,582 | — | — | 14,582 | 2,582 | 17,164 | (275) | Various | |
| One Hughes Landing | The Woodlands, TX | Office | 46,938 | 1,678 | 34,761 | — | (3,193) | 1,678 | 31,568 | 33,246 | (10,614) | 2012 | 2013 |
| Two Hughes Landing | The Woodlands, TX | Office | 45,445 | 1,269 | 34,950 | — | (2,692) | 1,269 | 32,258 | 33,527 | (11,483) | 2013 | 2014 |
| Three Hughes Landing | The Woodlands, TX | Office | 70,000 | 2,626 | 46,372 | — | 32,342 | 2,626 | 78,714 | 81,340 | (23,027) | 2014 | 2016 |
| 1725 Hughes Landing Boulevard | The Woodlands, TX | Office | 61,221 | 1,351 | 36,764 | — | 24,841 | 1,351 | 61,605 | 62,956 | (16,959) | 2013 | 2015 |
| 1735 Hughes Landing Boulevard | The Woodlands, TX | Office | 59,134 | 3,709 | 97,651 | — | (305) | 3,709 | 97,346 | 101,055 | (34,797) | 2013 | 2015 |
| Hughes Landing Daycare | The Woodlands, TX | Other | — | 138 | — | — | — | 138 | — | 138 | — | 2018 | 2019 |
| Hughes Landing Retail | The Woodlands, TX | Retail | 32,166 | 5,184 | 32,562 | — | 803 | 5,184 | 33,365 | 38,549 | (11,027) | 2013 | 2015 |
| 1701 Lake Robbins | The Woodlands, TX | Retail | — | 1,663 | 3,725 | — | 856 | 1,663 | 4,581 | 6,244 | (1,139) | 2014 | |
| 2201 Lake Woodlands Drive | The Woodlands, TX | Office | — | 3,755 | — | — | 1,210 | 3,755 | 1,210 | 4,965 | (658) | 2011 | |
| Lakefront North | The Woodlands, TX | Office | 50,000 | 10,260 | 39,357 | — | 17,535 | 10,260 | 56,892 | 67,152 | (10,798) | 2018 | |
| One Lakes Edge | The Woodlands, TX | Multi-family | 66,370 | 1,057 | 81,768 | — | 901 | 1,057 | 82,669 | 83,726 | (22,839) | 2013 | 2015 |
| Two Lakes Edge | The Woodlands, TX | Multi-family | 105,000 | 1,870 | 96,349 | — | 962 | 1,870 | 97,311 | 99,181 | (14,517) | 2018 | 2020 |
| Millennium Six Pines | The Woodlands, TX | Multi-family | 42,234 | 4,000 | 54,624 | 7,225 | 1,024 | 11,225 | 55,648 | 66,873 | (15,426) | 2016 | |
| Millennium Waterway | The Woodlands, TX | Multi-family | 51,000 | 15,917 | 56,002 | — | 2,494 | 15,917 | 58,496 | 74,413 | (25,240) | 2012 | |
| 8770 New Trails | The Woodlands, TX | Office | 34,857 | 2,204 | 35,033 | — | 80 | 2,204 | 35,113 | 37,317 | (6,358) | 2019 | 2020 |
| 9303 New Trails | The Woodlands, TX | Office | 7,352 | 1,929 | 11,915 | — | 1,618 | 1,929 | 13,533 | 15,462 | (4,340) | 2011 | |
| 1 Riva Row | The Woodlands, TX | Development | 1 | — | 18,385 | — | — | — | 18,385 | 18,385 | — | 2023 | |
| 3831 Technology Forest Drive | The Woodlands, TX | Office | 19,192 | 514 | 14,194 | — | 1,813 | 514 | 16,007 | 16,521 | (7,258) | 2014 | 2014 |
| The Lane at Waterway | The Woodlands, TX | Multi-family | 37,500 | 2,029 | 40,033 | — | 456 | 2,029 | 40,489 | 42,518 | (5,186) | 2019 | 2020 |
| The Woodlands | The Woodlands, TX | MPC | — | 269,411 | 9,814 | (96,758) | (9,744) | 172,653 | 70 | 172,723 | (70) | 2011 | |
| The Woodlands Parking Garages | The Woodlands, TX | Other | — | 5,857 | — | 2,497 | 15,066 | 8,354 | 15,066 | 23,420 | (3,832) | 2011 / 2013 | |
| The Woodlands Predevelopment | The Woodlands, TX | Development | — | — | 49,643 | — | — | — | 49,643 | 49,643 | (1,193) | ||
| The Woodlands Towers at the Waterway (o) | The Woodlands, TX | Office | 362,537 | 11,044 | 437,561 | — | 38,140 | 11,044 | 475,701 | 486,745 | (62,368) | 2019 | |
| The Woodlands Warehouse | The Woodlands, TX | Other | 13,700 | 4,480 | 4,389 | — | 103 | 4,480 | 4,492 | 8,972 | (718) | 2019 | |
| 20/25 Waterway Avenue | The Woodlands, TX | Retail | 14,500 | 2,346 | 8,871 | — | 575 | 2,346 | 9,446 | 11,792 | (3,088) | 2011 | |
| 3 Waterway Square | The Woodlands, TX | Office | 41,610 | 748 | 42,214 | — | (2,758) | 748 | 39,456 | 40,204 | (16,477) | 2012 | 2013 |
| 4 Waterway Square | The Woodlands, TX | Office | 21,530 | 1,430 | 51,553 | — | 7,610 | 1,430 | 59,163 | 60,593 | (22,918) | 2011 | |
| Waterway Square Retail (h) | The Woodlands, TX | Retail | — | 1,341 | 4,255 | — | 1,314 | 1,341 | 5,569 | 6,910 | (1,802) | 2011 | |
| 1400 Woodloch Forest | The Woodlands, TX | Office | — | 1,570 | 13,023 | — | 5,538 | 1,570 | 18,561 | 20,131 | (7,171) | 2011 | |
| The Woodlands Hills | |||||||||||||
| The Woodlands Hills | Conroe, TX | MPC | — | 99,284 | — | 15,955 | 43 | 115,239 | 43 | 115,282 | (23) | 2014 | |
| FINANCIAL STATEMENT SCHEDULE | Table of ContentsIndex to Financial Statements |
|---|
| Initial Cost (b) · Costs Capitalized Subsequent to Acquisition (c) · Gross Amounts at Which Carried at Close of Period (d) | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Name of Centerthousands · Location · Center Type · Encumbrances (a) · Land · Buildings and Improvements · Land (e) · Buildings and Improvements (e) · Land · Buildings and Improvements (f) · Total · Accumulated Depreciation (f) · Date of Construction · Date Acquired / Completed | |||||||||||||||
| Ward Village | |||||||||||||||
| ‘A‘ali‘i | Honolulu, HI | Condominium | — | — | 714 | — | 1,188 | — | 1,902 | 1,902 | (47) | 2018 | 2021 | ||
| Ae‘o | Honolulu, HI | Condominium | — | — | 1,162 | — | — | — | 1,162 | 1,162 | (146) | 2016 | 2018 | ||
| Anaha | Honolulu, HI | Condominium | — | — | 1,097 | — | — | — | 1,097 | 1,097 | (167) | 2014 | 2017 | ||
| Ke Kilohana | Honolulu, HI | Condominium | — | — | 656 | — | — | — | 656 | 656 | (77) | 2016 | 2019 | ||
| Kewalo Basin Harbor | Honolulu, HI | Other | 10,984 | — | 24,116 | — | (786) | — | 23,330 | 23,330 | (5,960) | 2017 | 2019 | ||
| Kō‘ula | Honolulu, HI | Condominium | — | — | 1,184 | — | — | — | 1,184 | 1,184 | (43) | 2019 | 2022 | ||
| The Park Ward Village | Honolulu, HI | Development | 41,242 | — | 156,957 | — | — | — | 156,957 | 156,957 | (3,427) | 2022 | |||
| Ulana Ward Village | Honolulu, HI | Development | 31,527 | — | 115,061 | — | — | — | 115,061 | 115,061 | (594) | 2023 | |||
| Victoria Place | Honolulu, HI | Development | 197,017 | — | 373,729 | — | — | — | 373,729 | 373,729 | (6,210) | 2021 | |||
| Waiea | Honolulu, HI | Condominium | — | — | 1,206 | — | 417 | — | 1,623 | 1,623 | (253) | 2014 | 2017 | ||
| Ward Predevelopment | Honolulu, HI | Development | 37,617 | — | 193,023 | — | — | — | 193,023 | 193,023 | (7,771) | 2013 | |||
| Ward Village Retail | Honolulu, HI | Retail | 175,000 | 164,548 | 138,723 | (105,692) | 289,422 | 58,856 | 428,145 | 487,001 | (132,829) | Various | |||
| Total excluding Corporate and Deferred financing costs | 3,302,610 | 2,568,718 | 5,160,466 | 180,641 | 277,115 | 2,749,359 | 5,437,581 | 8,186,940 | (1,028,495) | ||||||
| Corporate | Various | 2,050,000 | 885 | 1,027 | (885) | 11,513 | — | 12,540 | 12,540 | (3,731) | |||||
| Deferred financing costs | N/A | (49,990) | |||||||||||||
| Total | $5,302,620 | $2,569,603 | $5,161,493 | $179,756 | $288,628 | $2,749,359 | $5,450,121 | $8,199,480 | $(1,032,226) | ||||||
(a)Refer to Note 7 -Mortgages, Notes, and Loans Payable, Net 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 $7.3 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 -Presentation of Financial Statements and Significant Accounting Policies.
(g)Columbia MPC land development is complete, and the sale of remaining land or development of additional commercial assets will occur as the market dictates. As such, the remaining Columbia land was transferred to the Strategic Developments segment in the first quarter of 2023.
(h)In 2023, the Company rebranded Color Burst Park Retail (formerly Merriweather District Area 3 Retail), 10285 Lakefront Medical Office (formerly South Lake Medical Office Building), Merriweather Row (formerly 10 - 70 Columbia Corporate Center), Rouse Building (formerly Columbia Regional Building), Meridian (formerly Summerlin South Office), and Waterway Square Retail (formerly Waterway Garage Retail).
(i)In 2023, the Company reclassed the freestanding Columbia Parking Garages from Columbia Office Properties, 6100 Merriweather, and One Merriweather to Columbia Parking Garages.
(j)The 199 Water Street, 28th Floor line relates to tenant improvement for the Seaport office lease.
(k)Encumbrances balance either represents or is inclusive of SIDs.
(l)Downtown Summerlin includes the One Summerlin office property, which was placed in service in 2015.
(m)Includes the Las Vegas Aviators.
(n)Subsequent to period end, in February 2024, the Company completed the sale of Creekside Park Medical Plaza, a 32,689 square-foot medical office building in The Woodlands, Texas, for $14.0 million.
(o)The Woodlands Towers at the Waterway includes 1201 Lake Robbins and 9950 Woodloch Forest.
| FINANCIAL STATEMENT SCHEDULE | Table of ContentsIndex to Financial Statements |
|---|
| Reconciliation of Real Estate | |||
|---|---|---|---|
| thousands | 2023 | 2022 | 2021 |
| Balance at January 1 | $8,095,172 | $7,776,555 | $7,319,133 |
| Change in land | 403,633 | 396,125 | 896,508 |
| Additions | 817,308 | 750,610 | 657,760 |
| Impairments | (672,492) | — | (13,068) |
| Dispositions, write-offs, and land and condominium costs of sales | (444,141) | (828,118) | (1,083,778) |
| Balance at December 31 | $8,199,480 | $8,095,172 | $7,776,555 |
| Reconciliation of Accumulated Depreciation | |||
|---|---|---|---|
| thousands | 2023 | 2022 | 2021 |
| Balance at January 1 | $867,700 | $743,311 | $634,064 |
| Depreciation Expense | 195,630 | 180,201 | 185,418 |
| Dispositions and write-offs | (31,104) | (55,812) | (76,171) |
| Balance at December 31 | $1,032,226 | $867,700 | $743,311 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.