Item 2. Properties
Item 2. Properties
Our corporate headquarters is located in The Woodlands, Texas. We also maintain offices at certain of our properties nationwide, including Honolulu, Hawai‘i; Columbia, Maryland; Las Vegas, Nevada; and Scottsdale, Arizona. We believe our present facilities are sufficient to support our operations.
OPERATING ASSETS
In our Operating Assets segment, we own a variety of asset types including approximately 9.2 million square feet of retail and office properties, 5,587 wholly and partially owned multifamily units, and wholly and partially owned other properties and investments. Our assets in this segment are primarily located in and around Houston, Texas (The Woodlands and Bridgeland); Columbia, Maryland (Columbia); Las Vegas, Nevada (Summerlin); and Honolulu, Hawai‘i (Ward Village).
The following table summarizes certain metrics of our office assets within our Operating Assets segment as of December 31, 2024:
Office Assets Rentable Square Feet % Leased Annualized
Base Rent
(thousands)
(a) Annualized
Base Rent Per
Square Foot
(a) Effective
Annual Rent
(thousands)
(b) Effective
Annual Rent per
Square Foot
(b) Year Built /
Acquired / Redeveloped
The Woodlands
One Hughes Landing 201,268 79% $3,682 $29.35 $5,406 $43.09 2013
Two Hughes Landing 200,255 86% 4,332 27.02 6,583 41.06 2014
Three Hughes Landing 325,810 99% 7,543 24.43 10,927 35.40 2016
1725 Hughes Landing Boulevard 340,611 55% 2,818 19.81 4,315 30.34 2015
1735 Hughes Landing Boulevard 319,456 100% 8,365 26.18 12,204 38.20 2015
2201 Lake Woodlands Drive 22,259 100% 482 21.67 940 42.24 2011
Lakefront North 258,058 98% 7,194 28.49 11,606 45.96 2018
8770 New Trails (c) 180,000 100% — — — — 2020
9303 New Trails 98,283 53% 886 17.56 1,578 31.27 2011
3831 Technology Forest Drive 106,104 100% 2,491 23.48 3,928 37.02 2014
The Woodlands Towers at The Waterway 1,395,599 100% 43,588 31.70 65,040 47.31 2019
Waterway Plaza II 141,763 55% 1,678 24.76 2,446 36.09 2024
3 Waterway Square 227,617 91% 5,496 26.65 8,313 40.30 2013
4 Waterway Square 217,952 90% 5,488 28.09 8,560 43.81 2011
1400 Woodloch Forest 94,931 85% 2,577 32.12 2,764 34.45 2011
4,129,966
Columbia
Columbia Office Properties 67,066 72% 1,329 27.61 1,528 31.74 2004 / 2007
10285 Lakefront Medical Office 85,380 48% 208 41.50 241 48.21 2024
One Mall North 99,806 48% 1,493 31.36 1,653 34.72 2016
One Merriweather 209,959 94% 7,813 39.47 8,150 41.17 2017
Two Merriweather 124,639 92% 3,970 37.89 4,109 39.23 2017
6100 Merriweather 326,237 98% 8,702 38.50 8,981 39.73 2019
Merriweather Row 925,584 74% 17,115 27.21 17,753 28.23 2012 / 2014
1,838,671
Summerlin
Aristocrat (c) 181,534 100% — — — — 2018
Meridian (d) 147,602 17% — — — — 2024
1700 Pavilion 265,898 92% 8,934 37.29 9,090 37.95 2022
One Summerlin 207,292 90% 8,234 44.79 8,704 47.34 2015
Two Summerlin 147,139 100% 5,119 37.36 5,632 41.10 2018
949,465
Total 6,918,102
(a) Annualized Base Rent is calculated as the monthly Base Minimum Rent for the property for December 31, 2024, multiplied by 12. Annualized Base Rent Per Square Foot is the Annualized Base Rent for the property at December 31, 2024, divided by the average occupied square feet.
(b) Effective Annual Rent includes base minimum rent and common area maintenance recovery revenue. Effective Annual Rent Per Square Foot is the Effective Annual Rent divided by the average occupied square feet.
(c) These properties are build-to-suit projects entirely leased by a single tenant. Therefore, the Annualized Base Rent and Effective Annual Rent details have been excluded for competitive reasons.
(d) Meridian was placed in service during 2024, and no tenants have taken occupancy as of December 31, 2024. Therefore, the Annualized Base Rent and Effective Annual Rent details are not yet applicable for this property.
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The following table summarizes certain metrics of our retail properties within the Operating Assets segment as of December 31, 2024, and does not include any retail square footage in our multifamily assets:
Retail Properties Rentable Square Feet % Leased Annualized
Base Rent
(thousands)
(a) Annualized
Base Rent Per
Square Foot
(a) Year Built / Acquired / Redeveloped
The Woodlands
Creekside Park West 72,976 97% $2,066 $30.33 2019
Hughes Landing Retail 125,721 92% 4,310 37.12 2015
1701 Lake Robbins 12,376 100% 542 43.77 2014
20/25 Waterway Avenue 51,543 87% 1,696 37.65 2011
Waterway Square Retail 21,513 100% 863 40.22 2011
284,129
Bridgeland
Village Green at Bridgeland Central (b) 27,908 73% — — 2024
Columbia
Color Burst Park Retail 12,410 100% 576 46.38 2020
Rouse Building 89,199 100% 2,930 32.84 2014
101,609
Summerlin
Downtown Summerlin (c) 803,170 99% 25,373 38.43 2014 / 2015
Summerlin Grocery Anchored Center (b) 67,000 77% — — 2024
870,170
Ward Village
Ward Village Retail - Pending Redevelopment 357,376 92% 8,105 24.71 2002
Ward Village Retail - New or Renovated 500,015 92% 20,531 44.89 2012 - 2023
857,391
Total 2,141,207
(a) Annualized Base Rent is calculated as the monthly Base Minimum Rent for the property for December 31, 2024, multiplied by 12. Annualized Base Rent Per Square Foot is the Annualized Base Rent for the property at December 31, 2024, divided by the average occupied square feet.
(b) These properties were placed in service during the fourth quarter of 2024, and no tenants have taken occupancy as of December 31, 2024. Therefore, the Annualized Base Rent and Effective Annual Rent details are not yet applicable.
(c) Excludes 381,767 square feet of anchors and 39,700 square feet of additional office space above our retail space.
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The following tables summarize certain metrics of our multifamily Operating Assets as of December 31, 2024:
Multifamily Assets
Ownership % Units Retail Square Feet % Units Leased Average Monthly Rate Per Unit Average Monthly Rate Per Square Foot Year Built / Acquired / Redeveloped
The Woodlands
Creekside Park 100% 292 — 93% $1,845 $1.88 2018
Creekside Park The Grove 100% 360 — 95% 1,789 1.82 2021
One Lakes Edge 100% 390 22,971 95% 2,477 2.51 2015
Two Lakes Edge 100% 386 11,415 97% 2,862 2.87 2020
Millennium Six Pines 100% 314 — 96% 2,015 2.10 2016
Millennium Waterway 100% 393 — 96% 1,837 2.04 2012
The Lane at Waterway 100% 163 — 96% 2,620 2.38 2020
Bridgeland
Lakeside Row 100% 312 — 95% 1,909 1.94 2019
Starling at Bridgeland 100% 358 — 96% 1,980 2.03 2022
Wingspan 100% 263 — 52% 2,542 2.03 2023
Columbia
Juniper 100% 382 55,677 96% 2,612 2.93 2020
Marlow 100% 472 32,607 72% 2,057 2.63 2022
The Metropolitan 50% 380 13,591 98% 2,201 2.33 2015
TEN.m.flats 50% 437 28,026 96% 2,193 2.47 2018
Summerlin
Constellation 100% 124 — 99% 2,564 2.29 2017
Tanager 100% 267 — 96% 2,474 2.54 2019
Tanager Echo 100% 294 — 79% 2,662 3.04 2023
Total 5,587 164,287
The following tables summarize certain metrics of our other Operating Assets as of December 31, 2024:
Other Assets
Ownership % Asset Type Size % Leased Year Built / Acquired / Redeveloped
The Woodlands
Hughes Landing Daycare 100% Other N/A N/A 2019
Houston Ground Leases 100% Ground lease N/A N/A Various
Stewart Title of Montgomery County, TX 50% Title Company N/A N/A —
The Woodlands Warehouse 100% Warehouse 125,801 sq ft 100% 2019
Woodlands Sarofim 20% Industrial 129,790 sq ft 84% late 1980s
Summerlin
Hockey Ground Lease 100% Ground lease N/A N/A 2017
Summerlin Hospital Medical Center 5% Hospital N/A N/A 1997
Ward Village
Kewalo Basin Harbor 100% Marina 55 acres N/A 2019
Other
Columbia Ground Leases 100% Ground lease N/A N/A 2024
Parking Garages (a) 100% Garage 9,696 spaces N/A Various
(a) Includes parking garages in The Woodlands, Columbia, and Ward Village.
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The following table summarizes our Operating Assets segment lease expirations:
$ in thousands
Year Number of Expiring Leases (a) Total Square Feet Expiring Total Annualized Base Rent Expiring % of Total Annual Gross Rent Expiring
2025 130 529,435 $ 23,928 6.1 %
2026 111 539,939 22,812 5.8 %
2027 98 950,314 40,102 10.1 %
2028 84 560,674 27,205 6.9 %
2029 84 811,493 40,992 10.4 %
2030 70 858,520 43,529 11.0 %
2031 39 433,450 23,112 5.9 %
2032 33 1,210,763 63,775 16.1 %
2033 32 575,186 29,303 7.4 %
2034 35 429,427 22,245 5.6 %
2035+ 71 1,193,292 58,198 14.7 %
Total 787 8,092,493 $ 395,201 100.0 %
(a) Excludes leases with an initial term of 12 months or less.
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MASTER PLANNED COMMUNITIES
Our MPCs are located in and around Houston, Texas; Las Vegas, Nevada; and Phoenix, Arizona and are summarized in the following table as of December 31, 2024:
Total Gross Approx. No. Remaining Saleable Acres Estimated Price Per Acre (thousands) (b) Projected Community Sell-Out Date Projected Cash Margin (c)
Community Location Acres (a) Residents Residential Commercial Residential Commercial Residential Commercial Residential
Bridgeland Cypress, TX 11,506 26,000 1,400 1,075 $580 $763 2033 2046 87%
Summerlin Las Vegas, NV 22,500 130,000 2,443 473 1,633 1,404 2043 2039 82%
Teravalis Phoenix, AZ 33,810 — 15,804 10,531 791 206 2086 2086 76%
The Woodlands (d) The Woodlands, TX 28,545 124,800 34 728 N/A 981 2027 2034 97%
The Woodlands Hills Conroe, TX 2,055 3,230 681 173 356 523 2032 2032 90%
Total 98,416 284,030 20,362 12,980
Floreo (e) Phoenix, AZ 3,029 — 715 571 777 180 2033 2036 42%
(a) Encompasses all of the land located within the borders of the master planned community, including parcels already sold, saleable parcels, and non-saleable areas such as roads, parks and recreation areas, conservation areas, and parcels acquired during the year.
(b) Residential and commercial pricing represents the Company's estimate of price per acre that will be achieved in 2025 per its land models. For Summerlin, this estimate excludes an anticipated bulk sale. For bulk sales, the Company does not incur the usual development costs associated with superpad sales, resulting in a lower price per acre.
(c) Projected cash gross margin represents the net cash margin expected to be received in the future and includes all future projected revenues less all remaining future projected cash development costs. The projected cash gross margin does not include remaining historical development costs incurred to date. Gross margin for each MPC may vary from period to period based on the locations of the land sold and the related costs associated with developing the land sold.
(d) The Woodlands residential land development is nearing completion.
(e) The Company owns a 50% interest in this unconsolidated venture, however the data above is presented at 100%. See below for additional detail.
The Summit
Within our Summerlin MPC, an exclusive luxury community named The Summit is being developed and managed through a joint venture with Discovery Land Company, a leading developer of luxury communities and private clubs. The original 555-acre community, which is expected to include approximately 245 homes and 32 condominiums, is nearing completion. In 2022, the Company contributed an additional 54 acres to The Summit adjacent to the existing Summit community to develop approximately 28 custom home sites. See Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Note 3 - Investments in Unconsolidated Ventures in the Notes to Consolidated Financial Statements under Item 8 of this Annual Report for further details.
Floreo
Floreo, the first village to be developed in our Teravalis MPC, is being developed and managed through a 50% joint venture. The 3,029-acre village is located in the greater Phoenix, Arizona area and is expected to consist of approximately 5,000 residential lots, commercial sites, as well as a planned business park. The first land sales closed in the first quarter of 2024. See Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Note 3 - Investments in Unconsolidated Ventures in the Notes to Consolidated Financial Statements under Item 8 of this Annual Report for further details .
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STRATEGIC DEVELOPMENTS
We continue to plan, develop, and hold or seek development rights for unique properties primarily in Ward Village, The Woodlands, Bridgeland, Summerlin, Columbia, and Teravalis. We continue to execute our strategic plans for developing several of these assets with construction either actively underway or pending. Strategic Developments are transferred into our Operating Assets segment when the asset is placed in service.
The following table summarizes our Strategic Developments projects under construction as of December 31, 2024:
$ in thousands Asset Type Location Size (a) Total Estimated Cost (b) Estimated Completion Estimated Stabilization Date
Strategic Developments Under Construction
Bridgeland
One Bridgeland Green Office Cypress, TX 49,501 sq ft $35,365 Q2 2025 2028
The Woodlands
Grogan’s Mill Retail Retail The Woodlands, TX 38,378 sq ft 8,583 Q2 2025 2028
Grogan’s Mill Library and Community Center (c) Other The Woodlands, TX 53,863 sq ft 16,498 Q2 2025 N/A
1 Riva Row Multifamily The Woodlands, TX 268 units 155,997 Q4 2025 2028
Condominiums
Under Construction
Kalae Condominium Honolulu, HI 329 units / 2,000 sq ft 623,745 2027 N/A
The Park Ward Village Condominium Honolulu, HI 545 units / 26,800 sq ft 613,807 2026 N/A
Ulana Ward Village Condominium Honolulu, HI 696 units / 32,100 sq ft 402,914 Q4 2025 N/A
The Ritz-Carlton Residences Condominium The Woodlands, TX 111 units / 5,800 sq ft 369,465 2027 N/A
Completed and Sold Out
‘A‘ali‘i Condominium Honolulu, HI 750 units / 11,175 sq ft 386,405 Completed N/A
Ae`o Condominium Honolulu, HI 465 units / 70,800 sq ft 430,086 Completed N/A
Anaha Condominium Honolulu, HI 317 units / 16,048 sq ft 403,796 Completed N/A
Ke Kilohana Condominium Honolulu, HI 423 units / 28,386 sq ft 217,318 Completed N/A
Kō'ula Condominium Honolulu, HI 565 units / 36,995 sq ft 484,238 Completed N/A
Victoria Place Condominium Honolulu, HI 349 units 536,155 Completed N/A
Waiea Condominium Honolulu, HI 177 units / 7,716 sq ft 542,717 Completed N/A
(a) For condominium units and multifamily assets, square feet represents ground floor retail space whereas units represents residential units for sale or rent.
(b) As of December 31, 2024, total estimated cost remaining to be spent on these properties was $1.4 billion, of which $229.1 million is expected to be funded by HHH with the remaining cost to be funded with existing construction loans and condominium buyer deposits.
(c) The Grogan’s Mill Library and Community Center is being developed in connection with a land swap agreement entered into with Montgomery County, Texas. Upon completion of construction, the Company will transfer the Grogan's Mill Library and Community Center to Montgomery County in exchange for land parcels elsewhere in The Woodlands. As such, a stabilization date is not applicable to this development project.
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The following table summarizes future Strategic Developments projects as of December 31, 2024:
Location Size
Future Strategic Developments Rights or Pending Construction
Columbia
Lakefront District (a) Columbia, MD 1,914,000 sq ft
The Woodlands
2000 Woodlands Parkway (b) The Woodlands, TX 7,900 sq ft
Ward Village
The Launiu (c) Honolulu, HI 485 units / 10,000 sq ft
Other
West End Alexandria (d) Alexandria, VA 41 acres
Commercial Land
Columbia
Columbia Commercial Land (e)(f) Columbia, MD 96 acres
Merriweather District (e) Columbia, MD 16 acres
Ward Village
Ward Commercial Land (e) Honolulu, HI 7 acres
(a) Represents remaining square footage approved for new mixed-use development in the Lakefront District which will include office, retail, and residential assets.
(b) 2000 Woodlands Parkway was transferred to Strategic Developments in the fourth quarter of 2023 and is currently pending redevelopment.
(c) We have launched presales for our next condominium tower, The Launiu and as of December 31, 2024, we have entered into contracts for 283 units, representing 58.4% of total units. Construction is expected to begin in 2025.
(d) Represents acreage owned through a joint venture.
(e) Represents land acquired or transferred to the Strategic Developments segment for future development, excluding acreage related to assets that are now in service in our Operating Assets segment or related to completed or under construction condominium towers.
(f) Columbia residential land development is complete and the sale of remaining land or development of additional commercial assets will occur as the market dictates.
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