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 9.3 million square feet of retail and office properties, 5,855 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, 2025:
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 78% $2,524 $16.99 $3,681 $24.78 2013
Two Hughes Landing 200,255 61% 2,799 23.36 4,324 36.09 2014
Three Hughes Landing 325,810 98% 9,049 28.48 13,626 42.88 2016
1725 Hughes Landing Boulevard 340,611 69% 3,430 16.40 4,885 23.35 2015
1735 Hughes Landing Boulevard 319,456 95% 8,071 26.71 11,996 39.70 2015
2201 Lake Woodlands Drive (c) 22,259 —% — — — — 2011
Lakefront North 258,058 100% 7,425 28.77 11,881 46.04 2018
8770 New Trails (c) 180,000 100% — — — — 2020
9303 New Trails 98,283 51% 1,102 21.98 1,767 35.25 2011
3831 Technology Forest Drive 106,104 93% 1,960 19.94 3,092 31.46 2014
The Woodlands Towers at The Waterway 1,395,599 100% 45,024 32.43 69,213 49.85 2019
3 Waterway Square 227,617 91% 3,200 15.51 4,872 23.62 2013
4 Waterway Square 217,952 90% 804 4.73 1,242 7.32 2011
6 Waterway (d) 141,763 82% 1,887 23.29 2,757 34.01 2024
1400 Woodloch Forest 94,931 85% 2,636 32.85 2,846 35.48 2011
4,129,966
Bridgeland
One Bridgeland Green 49,502 80% 568,544 43.27 824,774 62.77 2025
49,502
Columbia
Columbia Office Properties 67,066 72% 1,302 27.05 1,517 31.51 2004 / 2007
10285 Lakefront Medical Office 85,380 50% 1,063 24.77 1,469 34.21 2024
One Mall North 99,806 37% 1,190 31.81 1,329 35.52 2016
One Merriweather 209,950 94% 8,151 41.18 8,656 43.73 2017
Two Merriweather 124,639 96% 4,496 42.54 4,649 43.98 2017
6100 Merriweather 326,237 98% 11,809 40.56 12,176 41.82 2019
Merriweather Row 925,584 74% 18,890 28.81 19,670 30.00 2012 / 2014
1,838,662
Summerlin
Aristocrat (c) 181,534 100% — — — — 2018
Meridian 147,602 46% 877 34.20 877 34.20 2024
1700 Pavilion 265,898 94% 11,654 47.57 12,137 49.54 2022
One Summerlin 207,292 85% 7,794 44.74 8,187 47.00 2015
Two Summerlin 147,139 100% 5,984 40.67 6,472 43.98 2018
949,465
Total 6,967,595
(a) Annualized Base Rent is calculated as the monthly Base Minimum Rent for the property at December 31, 2025, multiplied by 12. Annualized Base Rent Per Square Foot is the Annualized Base Rent for the property at December 31, 2025, divided by the average occupied square feet.
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(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 entirely leased by a single tenant. Therefore, the Annualized Base Rent and Effective Annual Rent details have been excluded for competitive reasons. The lease for the single tenant at 2201 Lake Woodlands Drive expired in December 2025.
(d) In 2025, this property was rebranded to 6 Waterway (formerly Waterway Plaza II).
The following table summarizes certain metrics of our retail properties within the Operating Assets segment as of December 31, 2025, 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 72,976 100% $2,104 $31.76 2019
Grogan’s Mill Retail 31,363 68% 445 30.19 2025
Hughes Landing Retail 125,721 96% 4,419 39.00 2015
1701 Lake Robbins 12,376 100% 551 44.49 2014
20/25 Waterway Avenue 51,688 100% 1,705 37.85 2011
Waterway Square Retail 21,513 100% 876 40.83 2011
315,637
Bridgeland
Village Green at Bridgeland Central 27,944 90% 661 32.33 2024
Columbia
Color Burst Park Retail 12,410 100% 588 47.42 2020
Rouse Building 89,199 100% 2,285 25.62 2014
101,609
Summerlin
Downtown Summerlin (b) 801,010 100% 25,585 38.95 2014 / 2015
Summerlin Grocery Anchored Center 67,147 85% 1,652 28.86 2024
868,157
Ward Village
Ward Village Retail - Pending Redevelopment 336,616 79% 6,225 23.46 2002
Ward Village Retail - New or Renovated 500,015 84% 19,268 45.64 2012 - 2023
836,631
Total 2,149,978
(a) Annualized Base Rent is calculated as the monthly Base Minimum Rent for the property at December 31, 2025, multiplied by 12. Annualized Base Rent Per Square Foot is the Annualized Base Rent for the property at December 31, 2025, divided by the average occupied square feet.
(b) 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, 2025:
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 — 92% $1,845 $1.88 2018
Creekside Park The Grove 100% 360 — 94% 1,789 1.82 2021
One Lakes Edge 100% 390 22,971 94% 2,478 2.51 2015
Two Lakes Edge 100% 386 11,415 94% 2,843 2.85 2020
Millennium Six Pines 100% 314 — 90% 2,015 2.10 2016
Millennium Waterway 100% 393 — 92% 1,838 2.04 2012
The Lane at Waterway 100% 163 — 90% 2,620 2.38 2020
1 Riva Row 100% 268 — 28% 4,298 3.75 2025
Bridgeland
Lakeside Row 100% 312 — 92% 1,909 1.94 2019
Starling at Bridgeland 100% 358 — 91% 1,980 2.03 2022
Wingspan 100% 263 — 89% 2,542 2.03 2023
Columbia
Juniper 100% 382 55,677 96% 2,526 2.83 2020
Marlow 100% 472 32,607 87% 2,414 3.09 2022
The Metropolitan 50% 380 13,591 96% 2,382 2.52 2015
TEN.m.flats 50% 437 28,026 97% 2,439 2.75 2018
Summerlin
Constellation 100% 124 — 95% 2,562 2.29 2017
Tanager 100% 267 — 100% 2,468 2.54 2019
Tanager Echo 100% 294 — 96% 2,662 3.04 2023
Total 5,855 164,287
The following tables summarize certain metrics of our other Operating Assets as of December 31, 2025:
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 N/A N/A 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 Number of Expiring Leases (a) Total Square Feet Expiring Total Annualized Base Rent Expiring % of Total Annual Gross Rent Expiring
Year
2026 106 426,562 $ 17,332 4.2 %
2027 124 1,017,147 43,550 10.7 %
2028 93 578,094 28,422 6.9 %
2029 92 834,163 42,334 10.4 %
2030 87 918,064 47,772 11.7 %
2031 58 543,220 27,574 6.7 %
2032 44 1,292,975 68,058 16.7 %
2033 43 709,240 36,225 8.9 %
2034 31 411,409 21,250 5.2 %
2035 51 559,942 23,664 5.8 %
2036+ 60 887,940 52,289 12.8 %
Total 789 8,178,756 $ 408,470 100.0 %
(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, 2025:
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 29,000 1,234 1,093 $662 $767 2032 2046 89%
Summerlin Las Vegas, NV 22,500 132,000 1,978 494 1,719 1,378 2043 2039 81%
Teravalis Phoenix, AZ 33,810 — 15,908 10,531 832 206 2086 2086 81%
The Woodlands (d) The Woodlands, TX 28,545 124,800 64 685 N/A 1,020 2031 2034 96%
The Woodlands Hills Conroe, TX 2,055 3,793 624 181 391 511 2035 2032 87%
Total 98,416 289,593 19,808 12,984
Floreo (e) Phoenix, AZ 3,029 35 1,061 116 836 335 2038 2032 52%
(a) Encompasses 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 (if any).
(b) Residential and commercial pricing represents the Company's estimate of price per acre that will be achieved in 2026 per its land models.
(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 consist of 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 4 - 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. In late 2025, the Company welcomed the first residents and celebrated the grand opening of the community. See Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Note 4 - 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, 2025:
$ in thousands Asset Type Location Size (a) Total Estimated Cost (b) Estimated Completion Estimated Stabilization Date
Strategic Developments Under Construction
Bridgeland
Memorial Hermann Medical Office Office Cypress, TX 50,895 sq ft $23,661 Q2 2026 2029
The Woodlands
7 Waterway (c) Office The Woodlands, TX 186,369 sq ft 39,181 Q2 2026 2029
Condominiums
Under Construction
Kalae Condominium Honolulu, HI 329 units / 2,000 sq ft 623,745 2028 N/A
The Park Ward Village Condominium Honolulu, HI 545 units / 26,800 sq ft 613,807 Q2 2026 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 390,138 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 481,302 Completed N/A
Ulana Ward Village (d) Condominium Honolulu, HI 696 units / 32,100 sq ft 402,914 Completed N/A
Victoria Place Condominium Honolulu, HI 349 units 539,017 Completed N/A
Waiea Condominium Honolulu, HI 177 units / 7,716 sq ft 542,631 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, 2025, total estimated cost remaining to be spent on these properties was $857.9 million, of which $180.9 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 Company acquired this office property in the second quarter of 2025 for $16.3 million, and commenced a redevelopment project in the third quarter of 2025. Total estimated cost for 7 Waterway is inclusive of acquisition, closing, redevelopment, and tenant lease-up costs.
(d) The Company completed construction at Ulana in November 2025. However, landlord work is still ongoing for the retail section of the property as of December 31, 2025. The retail space is expected to be placed in service as leases are executed.
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The following table summarizes future Strategic Developments projects as of December 31, 2025:
Location Size
Future Strategic Developments Rights or Pending Construction
The Woodlands
2000 Woodlands Parkway (a) The Woodlands, TX 7,900 sq ft
Ward Village
‘Ilima (b) Honolulu, HI 148 units / 5,000 sq ft
The Launiu (c) Honolulu, HI 485 units / 10,000 sq ft
Melia (b) Honolulu, HI 220 units / 6,000 sq ft
Other
West End Alexandria (d) Alexandria, VA 41 acres
Commercial Land
Columbia
Columbia Commercial Land (e) Columbia, MD 99 acres
Merriweather District (e)(f) Columbia, MD 26 acres
Ward Village
Ward Commercial Land (e) Honolulu, HI 6 acres
(a) 2000 Woodlands Parkway was transferred to Strategic Developments in 2023. The Company expects to execute a new lease in 2026, and transfer the property back to Operating Assets.
(b) We launched pre-sales for these condominiums in June 2025, and as of December 31, 2025 we have entered into contracts for 51% of the total units at ‘Ilima and 65% of the total units at Melia.
(c) As of December 31, 2025, we have entered into contracts for 346 units at The Launiu, representing 71% of total units. Construction is expected to begin in early 2026.
(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) Includes acreage from the Lakefront District development that is now considered a part of Merriweather District following rebranding efforts for the area.
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