{"id":13035,"date":"2024-11-24T09:33:33","date_gmt":"2024-11-24T15:33:33","guid":{"rendered":"https:\/\/1reason.com\/re\/howard-hughes-holdings-inc-reports-third-quarter-2024-results\/13035\/"},"modified":"2024-11-25T03:33:33","modified_gmt":"2024-11-25T09:33:33","slug":"howard-hughes-holdings-inc-reports-third-quarter-2024-results","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/howard-hughes-holdings-inc-reports-third-quarter-2024-results\/13035\/","title":{"rendered":"Howard Hughes Holdings Inc. Reports Third Quarter 2024 Results"},"content":{"rendered":"<div>  04, 2024  (GLOBE NEWSWIRE) &#8212; Howard Hughes Holdings Inc. (NYSE: HHH) (the \u201cCompany,\u201d \u201cHHH,\u201d or \u201cwe\u201d) today announced operating results for the third quarter ended September30, 2024. The financial statements, exhibits, and reconciliations of non-GAAP measures in the attached Appendix and the Supplemental Information, as available through the Investors section of our website, provide further detail of these results.    <\/p>\n<p align=\"justify\"><strong>Third<\/strong><strong> Quarter <\/strong><strong>2024<\/strong><strong> Highlights:<\/strong><\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt;text-align:justify\">Net income from continuing operations per diluted share of $1.95 compared to $0.64 in the prior-year<\/li>\n<li style=\"margin-top:3pt;text-align:justify\">Master Planned Community (MPC) EBT of $145million sets a new quarterly record\u2014driven by a 184% year-over-year increase in residential land sales revenue at an average price of $1 million per acre\u2014and contributed to a $30million increase in the full-year MPC EBT guidance mid-point to $330million<\/li>\n<li style=\"margin-top:3pt;text-align:justify\">Total Operating Assets NOI of $65 million was up 8% year-over-year\u2014led by strong office and multi-family performance\u2014and contributed to a $2million increase in the full-year NOI guidance mid-point to $257million<\/li>\n<li style=\"margin-top:3pt;text-align:justify\">Contracted to sell 29 condominium units in Ward Village<sup>\u00ae<\/sup> and The Woodlands<sup>\u00ae<\/sup>\u2014representing $57million of future revenue<\/li>\n<li style=\"margin-top:3pt;text-align:justify\">Completed the spinoff of Seaport Entertainment Group on July 31, 2024, providing increased focus on HHH\u2019s real estate operations and MPC development going forward<\/li>\n<li style=\"margin-top:3pt;text-align:justify\">Subsequent to quarter end, Victoria Place<sup>\u00ae<\/sup>\u2014the 7th condominium tower in Ward Village\u2014was completed with increased guidance expectations for condo sales revenue of $760million at ~27.5% gross margins<\/li>\n<\/ul>\n<p align=\"justify\">\u201cHoward Hughes continued to defy the market\u2019s national narrative in the third quarter, producing outstanding financial results\u2014including record MPC EBT\u2014across our entire portfolio of world class assets which ultimately contributed to increased full-year guidance in each of our segments,\u201d commented David R. O\u2019Reilly, Chief Executive Officer of Howard Hughes. \u201cIn the quarter, we also completed our transformative spinoff of Seaport Entertainment, embarking on a new chapter as a pure-play real estate company. With a streamlined portfolio and refined strategic focus on the development of our world-class master planned communities, we anticipate many exciting opportunities for growth and incremental value creation in the years to come.<\/p>\n<p align=\"justify\">\u201cIn our MPC segment, we delivered record quarterly EBT of $145 million as homebuilder demand for incremental acreage remained at elevated levels. During the quarter, we closed on the sale of 191 residential acres at an impressive average price of $1 million per acre\u2014representing a strong 13% year-over-year pricing increase. With this incredible pace of land sales and pricing, as well as a solid new home market and low inventories of vacant lots in our MPCs, we anticipate continued momentum for additional land sales going forward. As a result, we have meaningfully raised our 2024 full-year MPC EBT guidance range by $30million to a new mid-point of $330million.<\/p>\n<p align=\"justify\">\u201cIn Operating Assets, we delivered strong 8% year-over-year NOI growth, with solid gains in our office and multi-family portfolios. In office, we continued to benefit from expiring rent abatements in The Woodlands and Summerlin<sup>\u00ae<\/sup> which are the result of remarkable leasing performance in recent years. In multi-family, we achieved a second consecutive quarter of record NOI driven by incremental lease-up at our newest properties, as well as by continued strong demand at our stabilized assets which are almost entirely full. For the full year, we now expect record Operating Assets NOI\u2014including the contribution from joint ventures\u2014of approximately $257million, up $2million compared to our previous guidance.<\/p>\n<p align=\"justify\">\u201cIn Strategic Developments, pre-sales for our future condominium developments in Hawai\u2019i and Texas continued at a solid pace with 29 units contracted during the quarter, bringing our inventory of available units to 88% pre-sold. In early November, subsequent to quarter end, we delivered Victoria Place\u2014our seventh completed condominium tower in Hawai\u2019i. Closings for this project will begin this week, and we expect to achieve approximately $760million of condo revenue, representing the highest revenue achieved on any tower in the history of Ward Village. In Texas, we recently broke ground on The Ritz-Carlton Residences, The Woodlands. This ultra-luxury condo development on the shores of Lake Woodlands has seen incredible demand since its launch with pre-sales achieving a record price per square-foot for the Houston market.<\/p>\n<p align=\"justify\">\u201cAnd finally, we closed on our first sale of Municipal Utility District (MUD) receivables in Bridgeland<sup>\u00ae<\/sup> during the quarter, allowing us to create a liquidity mechanism to further enhance our self-funding model. We used the proceeds to significantly pay down Bridgeland\u2019s line of credit, allowing us to expand our borrowing capacity, which improves our liquidity and provides greater optionality for the future. Looking forward, we are exploring opportunities to continue improving our liquidity by accelerating the monetization of other MUD receivables.\u201d<\/p>\n<p align=\"center\"><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=cJJl6zEAP4flQ_RoAYB1XSKvEW3wjkBJdOLrSxgvaBDhLF8qqvBchkUin0qmPungSg3SBQYHmFsCWNLWAd8uiw==\" rel=\"nofollow noopener\" target=\"_blank\" title=\"\"><strong><u>Click Here<\/u><\/strong><\/a><strong>: Third Quarter 2024 Howard Hughes Quarterly Spotlight Video<\/strong><br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=cJJl6zEAP4flQ_RoAYB1XYgUgf6X66X8o5v0zQKawtRcrB5fDTQOuSoB04X87F5vMokp3p28Lc_pb_ruMQP12ZR4y5fWM-Ukh0b9tDG9tb4rOfiGzZZPpAtTY7TwDzrO\" rel=\"nofollow noopener\" target=\"_blank\" title=\"\"><strong><u>Click Here<\/u><\/strong><\/a><strong>: Third Quarter 2024 Earnings Call Webcast<\/strong><\/p>\n<p align=\"justify\"><strong><u>Financial Highlights<\/u><\/strong><\/p>\n<p align=\"justify\"><strong><em>Total Company<\/em><\/strong><\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt;text-align:justify\">HHH reported net income from continuing operations of $96.5 million, or $1.95 per diluted share in the quarter, compared to $32.1 million or $0.64 per diluted share in the prior-year period. This improvement was primarily driven by increased MPC residential land sales, improved NOI performance from Operating Assets, and the final settlement of the construction defect dispute at Waiea in Ward Village.<\/li>\n<li style=\"margin-top:3pt;text-align:justify\">The Company continues to maintain a strong liquidity position with $400.7 million of cash and cash equivalents, $1.5 billion of undrawn lender commitment available to be drawn for property development, and limited near-term debt maturities.<\/li>\n<li style=\"margin-top:3pt;text-align:justify\">On July 31, 2024, HHH completed the spinoff of Seaport Entertainment Group Inc. (SEG), with holders of HHH common stock receiving one share of SEG common stock for every nine shares of HHH common stock. All current and historical net income and losses related to SEG are reflected in discontinued operations in the Company\u2019s financial statements.<\/li>\n<\/ul>\n<p align=\"justify\"><strong><em>MPC<\/em><\/strong><\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt;text-align:justify\">MPC EBT of $144.8million represented a new quarterly all-time high for HHH, increasing 71% compared to $84.8million in the prior-year period.<\/li>\n<li style=\"margin-top:3pt;text-align:justify\">The average price per acre of residential land sold was approximately $1.0million during the quarter, up 13% year-over-year, and the second-highest quarterly result in HHH history.<\/li>\n<li style=\"margin-top:3pt;text-align:justify\">MPC land sales of $198.2million increased $122.9million year-over-year, primarily due to 129 acres of superpad sales in Summerlin at an average price per acre of $1.3million, compared to 39 acres of superpad sales at the same average price in the prior year.<\/li>\n<li style=\"margin-top:3pt;text-align:justify\">In Teravalis<sup>TM<\/sup>, 18 acres of residential land in Floreo were sold at a strong average price per acre of $762,000.<\/li>\n<li style=\"margin-top:3pt;text-align:justify\">Builder price participation declined $6.3million year-over-year as fewer homes were closed with sales prices over the predetermined breakpoints, driven in part by higher prices per acre achieved on land sold to homebuilders in recent years.<\/li>\n<li style=\"margin-top:3pt;text-align:justify\">MPC equity earnings were $0.4million\u2014representing a $13.9million year-over-year decrease\u2014primarily related to the successful sellout of clubhouse condominium units at The Summit during the prior-year period.<\/li>\n<\/ul>\n<p align=\"justify\"><strong><em>Operating Assets<\/em><\/strong><\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt;text-align:justify\">Total Operating Assets NOI\u2014including the contribution from unconsolidated ventures\u2014totaled $64.8 million in the quarter. This represented an 8% increase compared to $60.0 million in the prior-year period.<\/li>\n<li style=\"margin-top:3pt;text-align:justify\">Office NOI of $31.8 million increased 9% year-over-year primarily due to abatement expirations and improved lease-up in The Woodlands and Summerlin. During the quarter, 114,000 square feet of new or expanded office leases were executed, and the stabilized office portfolio was 88% leased at quarter end.<\/li>\n<li style=\"margin-top:3pt;text-align:justify\">Multi-family NOI of $15.9 million\u2014a new quarterly all-time high for HHH\u2014 increased 15% compared to the prior-year period primarily due to continued lease-up and improved performance at Marlow in Downtown Columbia<sup>\u00ae<\/sup>, Tanager Echo in Summerlin, and Starling at Bridgeland. At quarter end, the stabilized multi-family portfolio was 95% leased.<\/li>\n<li style=\"margin-top:3pt;text-align:justify\">Retail NOI of $13.0 million increased 2% year-over-year primarily due to improved occupancy in the ground floor retail at Juniper and Marlow in Downtown Columbia. At quarter end, the retail portfolio was 94% leased.<\/li>\n<\/ul>\n<p align=\"justify\"><strong><em>Strategic Developments<\/em><\/strong><\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt;text-align:justify\">In Hawai\u2019i, contracted to sell 20 units representing $31.2 million of future revenue at The Launiu\u2014HHH\u2019s 11th tower in Ward Village which commenced pre-sales in February. Pre-sales to date have been strong with 55% of the units already pre-sold at quarter end.<\/li>\n<li style=\"margin-top:3pt;text-align:justify\">Contracted to sell four condos at The Park Ward Village<sup>\u00ae <\/sup>and Kalae<sup>\u00ae<\/sup>. At quarter end, these towers were 96% and 92% pre-sold, respectively.<\/li>\n<li style=\"margin-top:3pt;text-align:justify\">Contracted to sell five residences at The Ritz Carlton Residences, The Woodlands. At quarter end, 77 condos\u2014or 69% of available units\u2014were pre-sold and represented future revenue of $333.5 million. Subsequent to quarter end, in early October, the Company broke ground on this development, with completion expected in 2027.<\/li>\n<li style=\"margin-top:3pt;text-align:justify\">During the quarter, the Company recovered $90.0 million of insurance proceeds related to the settlement of construction defect claims at Waiea in Ward Village\u2014including window remediation expenditures incurred since 2020. In conjunction with this settlement, the Company also recognized $12.1 million of additional condominium rights and unit cost of sales to settle final project costs previously incurred by the Waiea general contractor.<\/li>\n<li style=\"margin-top:3pt;text-align:justify\">Subsequent to quarter end, the Company completed Victoria Place\u2014a 349-unit condominium development that is 100% pre-sold. Unit closings are expected to commence in November, contributing to approximately $760million of anticipated condo sales revenue in the fourth quarter with approximately 27.5% gross margins.<\/li>\n<\/ul>\n<p align=\"justify\"><strong><em>Financing Activity<\/em><\/strong><\/p>\n<ul>\n<li>In September 2024, the Company transferred the reimbursement rights for $193.4million of existing MUD receivables and $10.4million of related accrued interest, as well as $32.6million of anticipated future MUD receivables, for total cash consideration of $176.7million, recognizing a GAAP loss of $51.5million.<\/li>\n<li>The cash consideration for the MUD receivable sale was provided by the issuance of third-party tax-exempt bonds that will be serviced by the MUD reimbursement cash flows. If the MUD reimbursement cash flows are consistent with the Company\u2019s expectations, these anticipated future MUD receivables could be either returned to Bridgeland or could be sold in a future transaction. However, if a delay or other event causes a shortfall to bondholders, the cash flows from the $32.6million of anticipated future MUD receivables would then be used to service the bonds. There are no obligations of the Company to service the bonds or provide any additional collateral.<\/li>\n<li>Proceeds from the MUD receivable sale were used to pay down the Bridgeland Notes by $192.0 million to a balance of $283.0million at the end of the third quarter. This transaction supported the modification of the Bridgeland Notes from a capacity of $475million to $600million and a maturity extension from September 2026 to September 2029 subsequent to quarter end.<\/li>\n<li>Subsequent to quarter end in October, closed on a $38.0 million loan to refinance the construction loan for Starling at Bridgeland. The five-year non-recourse loan bears interest at 5.35%.<\/li>\n<\/ul>\n<p align=\"justify\"><strong><u>Full Year 2024 Guidance<\/u><\/strong><\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt;text-align:justify\">MPC EBT is expected to significantly benefit from solid demand for new homes and strong residential land sales across our MPCs. In the fourth quarter, HHH expects continued momentum and incremental land sales in Bridgeland and The Woodlands Hills<sup>\u00ae<\/sup>. In Summerlin, following the successful sale of 217 acres of superpads year-to-date, the Company does not anticipate additional closings in the fourth quarter but does expect strong prospects for additional sales in 2025. For the full-year in 2024, growth in residential land sales revenue\u2014including record acres sold and record pricing\u2014are expected to be largely offset by reduced EBT associated with exceptional commercial land sales and builder price participation during 2023, as well as limited inventory of custom lots available to sell at Aria Isle in The Woodlands and the Summit in Summerlin due to their significant past success. As a result, 2024 MPC EBT, which was previously expected to decline 10% to 15% year-over-year with a mid-point of $300million, is being raised to be in a range of <u>down 1% to down 6%<\/u> year-over-year with a <u>mid-point of approximately $330million<\/u>.<\/li>\n<li style=\"margin-top:3pt;text-align:justify\">Operating Assets NOI, including the contribution from unconsolidated ventures, is projected to benefit from increased occupancy at new multi-family developments in Downtown Columbia, Summerlin, and Bridgeland, as well as improved retail leasing and new tenants in Downtown Columbia, Ward Village, and The Woodlands. The office portfolio is expected to benefit from strong leasing momentum experienced in the last two years, partially offset by free rent periods on many of the new leases and the impact of some tenant vacancies. 2024 Operating Assets NOI is expected to be a new full-year segment record, increasing <u>5% to 8%<\/u> year-over-year with a <u>mid-point of approximately $257million<\/u>. This compares to previous guidance which contemplated a 3% to 6% year-over-year increase\u2014inclusive of $3.1million of NOI from the Las Vegas Ballpark, which is now reflected in discontinued operations.<\/li>\n<li style=\"margin-top:3pt;text-align:justify\">Condo sales revenues, which were previously projected to range between $730million and $750million, are now expected to range between <u>$755million and $765million.<\/u> Gross margin is now expected to be in a range of <u>27%<\/u> to <u>28%<\/u>. Projected condo sales revenues will be driven entirely by the closing of units at Victoria Place\u2014a 349-unit upscale development in Ward Village that was 100% pre-sold and delivered in early November, subsequent to quarter end. This guidance contemplates approximately $10million to $20million of condo sales revenues for Victoria Place occurring in the first quarter of 2025 due to the timing of condo closings.<\/li>\n<li style=\"margin-top:3pt;text-align:justify\">Cash G&amp;A is now projected to range between <u>$83million and $88million<\/u>, excluding approximately $9million of anticipated non-cash stock compensation. This compares to the previous range of $80million to $90million. G&amp;A expenses of approximately <u>$33million<\/u> incurred during the year to complete the spinoff of Seaport Entertainment are reflected in discontinued operations.<\/li>\n<\/ul>\n<p align=\"justify\"><strong><u>Conference Call &amp; Webcast Information<\/u><\/strong><\/p>\n<p align=\"justify\">Howard Hughes Holdings Inc. will host its third quarter 2024 earnings conference call on <strong>Tuesday<\/strong><strong>, <\/strong><strong>November5, 2024<\/strong><strong>, at <\/strong><strong>12:00 p.m. Eastern Time<\/strong> (11:00 a.m. Central Time). Please visit the Howard Hughes <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=QjOEOE2LwhwlrTpiAwSbhE0LuabT8XeHTPmuKV5fT6MuW5IwuHc8YK3ApN4dXSO03QaWOlNZp58vFN_CzUCfv5X896d2wylgcaP5HG2DSZhbkS6xQpM0h7PlBuEArGw2\" rel=\"nofollow noopener\" target=\"_blank\" title=\"website\">website<\/a> to listen to the earnings call via a live webcast. For listeners who wish to participate in the question-and-answer session via telephone, please preregister using HHH\u2019s <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=MJ5Jsn-Q8iZC6POjC-RcQyv8UmCfy-Yv5qH2rHZ5aAWO_APPkA2dHGXyNdm-Ha0jIaeMHLANIfQvEKTvcTfQ5nsB2hORVspS9Ad8GOwY1sA38WPv2WyQ6W2UAJM_xZXDWgd3DxVF6zL6hx20ritUME8Cy6xxC0ZOkM2JRUX1pQeZ3MalGTGlioD53e1VP8d8\" rel=\"nofollow noopener\" target=\"_blank\" title=\"earnings call registration website\">earnings call registration website<\/a>. All registrants will receive dial-in information and a PIN allowing them to access the live call. An on-demand replay of the earnings call will be available on the Company\u2019s <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=QjOEOE2LwhwlrTpiAwSbhCO6Sv8479vlednj9FGQYKaP_YXN3pL2gz-FePtulvmu_6XMjqMX_Bu4-esO58VYTwqn0mzy2eLWqxtN09R4Ff-FUnLq_S6gilTG7U5BRkzb\" rel=\"nofollow noopener\" target=\"_blank\" title=\"website\">website<\/a>.<\/p>\n<p align=\"justify\">We are primarily focused on creating shareholder value by increasing our per-share net asset value. Often, the nature of our business results in short-term volatility in our net income due to the timing of MPC land sales, recognition of condominium revenue and operating business pre-opening expenses, and, as such, we believe the following metrics summarized below are most useful in tracking our progress towards net asset value creation.<\/p>\n<table style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"12\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Three Months Ended September 30,<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"13\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Nine Months Ended September 30,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"><em>$ in thousands<\/em><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2024<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2023<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>$ Change<\/strong><\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>% Change<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2024<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2023<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>$ Change<\/strong><\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>% Change<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\"><strong>Operating Assets NOI <\/strong>(1)<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"max-width:31%;width:31%;min-width:31%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Office<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"max-width:6%;width:6%;min-width:6%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>31,782<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:6%;width:6%;min-width:6%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">29,286<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:6%;width:6%;min-width:6%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,496<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:6%;width:6%;min-width:6%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"max-width:6%;width:6%;min-width:6%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>95,601<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:6%;width:6%;min-width:6%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">90,661<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:6%;width:6%;min-width:6%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,940<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:6%;width:6%;min-width:6%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Retail<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>13,015<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">12,819<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">196<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>42,477<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">39,986<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,491<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Multi-family<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>15,887<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">13,817<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,070<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">15<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>43,827<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">39,512<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,315<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">11<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Other<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>2,164<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,746<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">418<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">24<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>4,694<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,376<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(682<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(13<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">)%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Redevelopments (a)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>\u2014<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(36<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">36<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">100<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>\u2014<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(82<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">82<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">100<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;border-bottom: solid black 1pt;vertical-align: bottom\">Dispositions (a)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>\u2014<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">209<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(209<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td colspan=\"1\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(100<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: bottom\">)%<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(55<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">758<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(813<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td colspan=\"1\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(107<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: bottom\">)%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\"><strong>Operating Assets NOI<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>62,848<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">57,841<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,007<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>186,544<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">176,211<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">10,333<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;border-bottom: solid black 1pt;vertical-align: bottom\">Company&#8217;s share of NOI from unconsolidated ventures<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>1,954<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,121<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(167<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td colspan=\"1\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(8<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: bottom\">)%<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>9,264<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">8,941<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">323<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\"><strong>Total Operating Assets NOI<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>64,802<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">59,962<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,840<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">8<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>195,808<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">185,152<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">10,656<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Projected stabilized NOI Operating Assets ($ in millions)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>354.5<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">364.7<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(10.2<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(3<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">)%<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>MPC<\/strong><\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Acres Sold &#8211; Residential<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>191<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">84<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">107<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">127<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>386<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">169<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">217<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">128<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Acres Sold &#8211; Commercial<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>\u2014<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">13<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(13<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(100<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">)%<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>4<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">123<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(119<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(96<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">)%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Price Per Acre &#8211; Residential<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>1,033<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">913<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">120<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">13<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>1,003<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">818<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">185<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">23<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Price Per Acre &#8211; Commercial<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>\u2014<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">262<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(262<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td colspan=\"1\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(100<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">)%<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>801<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">258<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">543<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">NM<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>MPC EBT<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>144,752<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">84,798<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">59,954<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">71<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>292,244<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">202,096<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">90,148<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">45<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Strategic Developments<\/strong><\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Condominium rights and unit sales<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>3<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">25,962<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(25,959<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td colspan=\"1\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(100<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: bottom\">)%<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>26<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">46,915<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(46,889<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td colspan=\"1\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(100<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: bottom\">)%<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">(a)Properties that were transferred to our Strategic Developments segment for redevelopment and properties that were sold are shown separately for all periods presented.<\/p>\n<p align=\"justify\">NM &#8211; Not Meaningful<\/p>\n<p align=\"justify\"><u>Financial Data<br \/><\/u>(1)See the accompanying appendix for a reconciliation of GAAP to non-GAAP financial measures and a statement indicating why management believes the non-GAAP financial measure provides useful information for investors.<\/p>\n<p align=\"justify\"><strong>About Howard Hughes Holdings Inc.<\/strong><sup><strong>\u00ae <\/strong><\/sup><\/p>\n<p align=\"justify\">Howard Hughes Holdings Inc. owns, manages, and develops commercial, residential, and mixed-use real estate throughout the U.S. Its award-winning assets include the country&#8217;s preeminent portfolio of master planned communities, as well as operating properties and development opportunities including: Downtown Columbia<sup>\u00ae<\/sup> in Maryland; The Woodlands<sup>\u00ae<\/sup>, Bridgeland<sup>\u00ae<\/sup> and The Woodlands Hills<sup>\u00ae<\/sup> in the Greater Houston, Texas area; Summerlin<sup>\u00ae<\/sup> in Las Vegas; Ward Village<sup>\u00ae<\/sup> in Honolulu, Hawai\u02bbi; and Teravalis\u2122 in the Greater Phoenix, Arizona area. The Howard Hughes portfolio is strategically positioned to meet and accelerate development based on market demand, resulting in one of the strongest real estate platforms in the country. Dedicated to innovative placemaking, the company is recognized for its ongoing commitment to design excellence and to the cultural life of its communities. Howard Hughes Holdings Inc. is traded on the New York Stock Exchange as HHH. For additional information visit <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=msY14rftW7x3kyqbv-LZW3czeSL67fjyU3_Gn4PnCt47V20qrNy71FfvjPQ3sauAjAw_ttIFNevSsO58l-gwTMQgblKRoCjswtJPT1dC7Ks=\" rel=\"nofollow noopener\" target=\"_blank\" title=\"www.howardhughes.com\">www.howardhughes.com<\/a>.<\/p>\n<p align=\"justify\"><strong>Safe Harbor Statement<\/strong><\/p>\n<p align=\"justify\">Certain statements contained in this press release may constitute \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. All statements other than statements of historical facts, including, among others, statements regarding the Company\u2019s future financial position, results or performance, are forward-looking statements. Those statements include statements regarding the intent, belief, or current expectations of the Company, members of its management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as \u201canticipate,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cforecast,\u201d \u201cintend,\u201d \u201clikely,\u201d \u201cmay,\u201d \u201cplan,\u201d \u201cproject,\u201d \u201crealize,\u201d \u201cshould,\u201d \u201ctransform,\u201d \u201cwill,\u201d \u201cwould,\u201d and other statements of similar expression. Forward-looking statements are not a guaranty of future performance and involve risks and uncertainties that actual results may differ materially from those contemplated by such forward-looking statements. Many of these factors are beyond the Company\u2019s abilities to control or predict. Some of the risks, uncertainties and other important factors that may affect future results or cause actual results to differ materially from those expressed or implied by forward-looking statements include: (i) general adverse economic and local real estate conditions; (ii) potential changes in the financial markets and interest rates; (iii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business; (iv) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms, if at all; (v) ability to compete effectively, including the potential impact of heightened competition for tenants and potential decreases in occupancy at our properties; (vi) our ability to satisfy the necessary conditions and complete the spinoff on a timely basis (or at all) and realize the anticipated benefits of the spinoff; (vii) our ability to successfully identify, acquire, develop and\/or manage properties on favorable terms and in accordance with applicable zoning and permitting laws; (xiii) changes in governmental laws and regulations; (ix) general inflation, including core and wage inflation; commodity and energy price and currency volatility; as well as monetary, fiscal, and policy interventions in anticipation of our reaction to such events; (x) lack of control over certain of the Company\u2019s properties due to the joint ownership of such property; (xi) impairment charges; (xii) the effects of catastrophic events or geopolitical conditions, such as international armed conflict, or a resurgence of the COVID-19 pandemic or the occurrence of other epidemics or pandemics; (xiii) the effects of extreme weather conditions or climate change, including natural disasters; (xiv) the inherent risks related to disruption of information technology networks and related systems, including cyber security attacks; and (xv) the ability to attract and retain key employees. The Company refers you to the section entitled \u201cRisk Factors\u201d contained in the Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2023. Additional information concerning factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the Company&#8217;s filings with the Securities and Exchange Commission. Copies of each filing may be obtained from the Company or the Securities and Exchange Commission. The risks included here are not exhaustive and undue reliance should not be placed on any forward-looking statements, which are based on current expectations. All written and oral forward-looking statements attributable to the Company, its management, or persons acting on their behalf are qualified in their entirety by these cautionary statements. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time unless otherwise required by law.<\/p>\n<p align=\"justify\"><strong>Financial Presentation<\/strong><\/p>\n<p align=\"justify\">As discussed throughout this release, we use certain non-GAAP performance measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer companies more meaningful. We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP performance measures to determine how best to provide relevant information to the public, and thus such reported measures could change. A non-GAAP financial measure used throughout this release is net operating income (NOI). We provide a more detailed discussion about this non-GAAP measure in our reconciliation of non-GAAP measures provided in the appendix in this earnings release.<\/p>\n<p align=\"justify\"><strong>Contacts<\/strong><\/p>\n<p align=\"justify\"><strong>Howard Hughes Holdings Inc.<\/strong><\/p>\n<p align=\"justify\"><strong>Media Relations:<\/strong><br \/>Cristina Carlson, 646-822-6910<br \/>Senior Vice President, Head of Corporate Communications<br \/>cristina.carlson@howardhughes.com<\/p>\n<p align=\"justify\"><strong>Investor Relations:<\/strong><br \/>Eric Holcomb, 281-475-2144<br \/>Senior Vice President, Investor Relations<br \/>eric.holcomb@howardhughes.com<\/p>\n<p align=\"center\"><strong>HOWARD HUGHES HOLDINGS INC.<\/strong><br \/><strong>CONSOLIDATED STATEMENTS OF OPERATIONS<\/strong><br \/><strong>UNAUDITED<\/strong><\/p>\n<table align=\"center\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"7\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Three Months Ended<br \/>September 30,<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"7\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Nine Months Ended<br \/>September 30,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:46%;width:46%;min-width:46%;border-bottom: solid black 1pt;vertical-align: middle\"><em>thousandsexceptpershareamounts<\/em><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>2024<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"max-width:2%;width:2%;min-width:2%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>2023<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"max-width:2%;width:2%;min-width:2%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>2024<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"max-width:2%;width:2%;min-width:2%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>2023<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: middle\"><strong>REVENUES<\/strong><\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong \/><\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\">Condominium rights and unit sales<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>$<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>3<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">25,962<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>$<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>26<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">46,915<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\">Master Planned Communities land sales<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>198,239<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">75,378<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>385,444<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">177,045<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\">Rental revenue<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>108,613<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">99,978<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>315,461<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">290,164<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\">Other land, rental, and property revenues<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>10,700<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">11,308<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>31,105<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">35,902<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;border-bottom: solid black 1pt;vertical-align: middle\">Builder price participation<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>9,592<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">15,847<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>35,063<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">45,763<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\">Total revenues<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>327,147<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">228,473<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>767,099<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">595,789<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>EXPENSES<\/strong><\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\">Condominium rights and unit cost of sales<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>11,833<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">22,537<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>15,694<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">56,390<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\">Master Planned Communities cost of sales<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>72,582<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">28,264<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>143,254<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">66,134<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\">Operating costs<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>50,841<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">51,856<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>149,412<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">147,926<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\">Rental property real estate taxes<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>14,484<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">14,763<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>43,799<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">44,758<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\">Provision for (recovery of) doubtful accounts<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>190<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1,399<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>327<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(1,034<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\">General and administrative<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>24,862<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">21,601<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>68,930<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">65,371<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: middle\">Depreciation and amortization<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>44,088<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">42,686<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>134,833<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">122,217<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;border-bottom: solid black 1pt;vertical-align: middle\">Other<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>3,582<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">2,195<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>11,268<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">8,834<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\">Total expenses<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>222,462<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">185,301<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>567,517<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">510,596<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle\"><strong>OTHER<\/strong><\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Gain (loss) on sale or disposal of real estate and other assets, net<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>3,165<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">16,286<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>7,959<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">21,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;border-bottom: solid black 1pt;vertical-align: bottom\">Other income (loss), net<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>90,489<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(82<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>91,870<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">4,914<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\">Total other<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>93,654<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">16,204<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>99,829<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">25,914<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Operating income (loss)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>198,339<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">59,376<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>299,411<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">111,107<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Interest income<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>5,341<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">7,682<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>19,270<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">16,766<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Interest expense<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(43,802<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(39,316<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(122,597<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(112,783<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Gain (loss) on extinguishment of debt<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>\u2014<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(198<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Loss on sale of MUD receivables<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(51,525<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(51,525<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Equity in earnings (losses) from unconsolidated ventures<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(1,630<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">15,732<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(4,230<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">26,461<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: middle\">Income (loss) from continuing operations before income taxes<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>106,723<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">43,474<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>140,131<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">41,551<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Income tax expense (benefit)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>10,195<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">11,410<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>17,236<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">10,975<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: middle\">Net income (loss) from continuing operations<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>96,528<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">32,064<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>122,895<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">30,576<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Net income (loss) from discontinued operations, net of taxes<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>(24,031<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\"><strong>)<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(576,199<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>(81,807<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\"><strong>)<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(616,479<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">Net income (loss)<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>72,497<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(544,135<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>41,088<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(585,903<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Net (income) loss attributable to noncontrolling interests<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>273<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(46<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>297<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(166<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle\">Net income (loss) attributable to common stockholders<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>72,770<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(544,181<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>41,385<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(586,069<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Basic income (loss) per share \u2014 continuing operations<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>1.95<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.65<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>2.48<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.61<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">Diluted income (loss) per share \u2014 continuing operations<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>1.95<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.64<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>2.48<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.61<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<\/table>\n<p align=\"center\"><strong><br \/><\/strong><\/p>\n<p align=\"center\"><strong>HOWARD HUGHES HOLDINGS INC.<\/strong><br \/><strong>CONSOLIDATED BALANCE SHEETS<\/strong><br \/><strong>UNAUDITED<\/strong><\/p>\n<table style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: bottom\"><em>thousandsexceptpar values and shareamounts<\/em><\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>September30,<br \/>2024<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>December 31,<br \/>2023<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: bottom\"><strong>ASSETS<\/strong><\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"max-width:70%;width:70%;min-width:70%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Master Planned Communities assets<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>$<\/strong><\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>2,491,291<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"max-width:2%;width:2%;min-width:2%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">$<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">2,445,673<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Buildings and equipment<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>3,794,960<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">3,649,376<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Less: accumulated depreciation<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>(915,279<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(829,018<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Land<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>299,406<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">294,189<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;border-bottom: solid black 1pt;vertical-align: bottom\">Developments<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>1,705,544<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1,169,571<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">Net investment in real estate<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>7,375,922<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">6,729,791<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Investments in unconsolidated ventures<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>177,908<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">182,799<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Cash and cash equivalents<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>400,728<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">629,714<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Restricted cash<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>519,998<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">379,498<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Accounts receivable, net<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>101,284<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">101,373<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Municipal Utility District receivables, net<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>461,985<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">550,884<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Deferred expenses, net<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>152,626<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">138,182<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Operating lease right-of-use assets<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>5,948<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">5,463<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Other assets, net<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>242,189<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">244,027<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Assets of discontinued operations<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>\u2014<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">615,272<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">Total assets<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>$<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>9,438,588<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">9,577,003<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\"><strong>LIABILITIES<\/strong><\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Mortgages, notes, and loans payable, net<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>$<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>5,298,760<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">5,146,992<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Operating lease obligations<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>5,764<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">5,362<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Deferred tax liabilities, net<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>76,898<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">84,293<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Accounts payable and other liabilities<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>1,376,853<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,054,267<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Liabilities of discontinued operations<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>\u2014<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">227,165<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;border-top: solid black 1pt;vertical-align: bottom\">Total liabilities<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>6,758,275<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">6,518,079<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\"><strong>EQUITY<\/strong><\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Preferred stock: $0.01 par value; 50,000,000 shares authorized, none issued<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>\u2014<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Common stock: $0.01 par value; 150,000,000 shares authorized, 56,605,697 issued, and 50,132,370 outstanding as of September30, 2024, 56,495,791 shares issued, and 50,038,014 outstanding as of December 31, 2023<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>566<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">565<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Additional paid-in capital<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>3,572,487<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">3,988,496<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Retained earnings (accumulated deficit)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(342,311<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(383,696<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Accumulated other comprehensive income (loss)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(1,375<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,272<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Treasury stock, at cost, 6,473,327 shares as of September30, 2024, and 6,457,777 shares as of December 31, 2023<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(614,981<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(613,766<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;border-top: solid black 1pt;vertical-align: bottom\">Total stockholders&#8217; equity<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>2,614,386<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,992,871<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Noncontrolling interests<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>65,927<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">66,053<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">Total equity<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>2,680,313<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">3,058,924<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">Total liabilities and equity<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>$<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>9,438,588<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">9,577,003<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<\/table>\n<p align=\"justify\"><strong><br \/>Segment Earnings Before Tax (EBT)<\/strong><\/p>\n<p align=\"justify\">As a result of our three segments\u2014Operating Assets, Master Planned Communities (MPC), and Strategic Developments\u2014being managed separately, we use different operating measures to assess operating results and allocate resources among these three segments. The one common operating measure used to assess operating results for our business segments is EBT. EBT, as it relates to each business segment, includes the revenues and expenses of each segment, as shown below. EBT excludes corporate expenses and other items that are not allocable to the segments. We present EBT because we use this measure, among others, internally to assess the core operating performance of our assets.<\/p>\n<table style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Three Months Ended September 30,<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Nine Months Ended September 30,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"><em>thousands<\/em><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2024<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2023<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>$ Change<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2024<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2023<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>$ Change<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\"><strong>Operating Assets Segment EBT<\/strong><\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"max-width:40%;width:40%;min-width:40%;vertical-align: bottom\">Total revenues<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>114,019<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">106,178<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">7,841<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:2%;width:2%;min-width:2%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>$<\/strong><\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>331,779<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">310,942<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">20,837<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Total operating expenses<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(48,987<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(47,960<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,027<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>(142,751<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\"><strong>)<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(134,486<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(8,265<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">Segment operating income (loss)<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>65,032<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">58,218<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6,814<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>189,028<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">176,456<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">12,572<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(42,252<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(40,647<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,605<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>(125,903<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(116,454<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(9,449<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Interest income (expense), net<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(36,661<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(31,337<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(5,324<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>(103,768<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(89,419<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(14,349<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Other income (loss), net<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(54<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(186<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">132<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>896<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,078<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,182<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Equity in earnings (losses) from unconsolidated ventures<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(2,109<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,363<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(3,472<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>4,044<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,311<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,267<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Gain (loss) on sale or disposal of real estate and other assets, net<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>3,165<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">16,050<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(12,885<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>7,959<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">20,764<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(12,805<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Gain (loss) on extinguishment of debt<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>\u2014<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>(198<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(198<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">Operating Assets segment EBT<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(12,879<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,461<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(16,340<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>$<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>(27,942<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\"><strong>)<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,264<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(26,678<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Master Planned Communities Segment EBT<\/strong><\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Total revenues<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>212,607<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">95,799<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">116,808<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>$<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>433,663<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">236,123<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">197,540<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Total operating expenses<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(84,532<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(41,239<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(43,293<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>(180,464<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\"><strong>)<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(103,668<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(76,796<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">Segment operating income (loss)<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>128,075<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">54,560<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">73,515<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>253,199<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">132,455<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">120,744<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(109<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(103<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(6<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>(327<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(316<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(11<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Interest income (expense), net<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>16,425<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">16,031<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">394<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>47,839<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">49,004<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,165<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Other income (loss), net<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>\u2014<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>\u2014<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(103<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">103<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Equity in earnings (losses) from unconsolidated ventures<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>361<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">14,310<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(13,949<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(8,467<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">21,056<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(29,523<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">MPC segment EBT<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>144,752<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">84,798<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">59,954<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>$<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>292,244<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">202,096<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">90,148<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Strategic Developments Segment EBT<\/strong><\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Total revenues<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>505<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">26,481<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(25,976<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>1,607<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">48,679<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(47,072<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Total operating expenses<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(16,411<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(29,620<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">13,209<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>(29,271<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\"><strong>)<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(76,020<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">46,749<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">Segment operating income (loss)<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(15,906<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(3,139<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(12,767<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>(27,664<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\"><strong>)<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(27,341<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(323<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(960<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(962<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>(6,257<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2,848<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(3,409<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Interest income (expense), net<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>4,353<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,412<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(59<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>12,971<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">11,917<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,054<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Other income (loss), net<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>90,089<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">81<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">90,008<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>90,075<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">158<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">89,917<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Equity in earnings (losses) from unconsolidated ventures<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>118<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">59<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">59<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>193<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">94<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">99<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Gain (loss) on sale or disposal of real estate and other assets, net<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>\u2014<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">236<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(236<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>\u2014<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">236<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(236<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">Strategic Developments segment EBT<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>77,694<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">687<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">77,007<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>$<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>69,318<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(17,784<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">87,102<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<\/table>\n<p align=\"center\"><strong><u><br \/>Appendix \u2013 Reconciliation of Non-GAAP Measures<\/u><\/strong><\/p>\n<p align=\"justify\">Below are GAAP to non-GAAP reconciliations of certain financial measures, as required under Regulation G promulgated by the Securities and Exchange Commission. Non-GAAP information should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. The non-GAAP financial information presented may be determined or calculated differently by other companies and may not be comparable to similarly titled measures.<\/p>\n<p align=\"justify\"><strong>Net Operating Income (NOI)<\/strong><\/p>\n<p align=\"justify\">We define NOI as operating revenues (rental income, tenant recoveries, and other revenue) less operating expenses (real estate taxes, repairs and maintenance, marketing, and other property expenses). NOI excludes straight-line rents and amortization of tenant incentives, net; interest expense, net; ground rent amortization; demolition costs; other income (loss); depreciation and amortization; development-related marketing costs; gain on sale or disposal of real estate and other assets, net; loss on extinguishment of debt; provision for impairment; and equity in earnings from unconsolidated ventures. This amount is presented as Operating Assets NOI throughout this document. Total Operating Assets NOI represents NOI as defined above with the addition of our share of NOI from unconsolidated ventures.<\/p>\n<p align=\"justify\">We believe that NOI is a useful supplemental measure of the performance of our Operating Assets segment because it provides a performance measure that reflects the revenues and expenses directly associated with owning and operating real estate properties. We use NOI to evaluate our operating performance on a property-by-property basis because NOI allows us to evaluate the impact that property-specific factors such as rental and occupancy rates, tenant mix, and operating costs have on our operating results, gross margins, and investment returns.<\/p>\n<p align=\"justify\">A reconciliation of segment EBT to NOI for Operating Assets is presented in the tables below:<\/p>\n<table style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Three Months Ended September 30,<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Nine Months Ended September 30,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: bottom\"><em>thousands<\/em><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2024<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2023<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Change<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2024<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2023<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>$ Change<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\"><strong>Operating Assets Segment<\/strong><\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"max-width:40%;width:40%;min-width:40%;vertical-align: bottom\">Total revenues<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>114,019<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">106,178<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">7,841<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:2%;width:2%;min-width:2%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>$<\/strong><\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>331,779<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">310,942<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">20,837<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Total operating expenses<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(48,987<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(47,960<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,027<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>(142,751<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\"><strong>)<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(134,486<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(8,265<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">Segment operating income (loss)<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>65,032<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">58,218<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6,814<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>189,028<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">176,456<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">12,572<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(42,252<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(40,647<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,605<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>(125,903<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(116,454<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(9,449<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Interest income (expense), net<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(36,661<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(31,337<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(5,324<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>(103,768<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(89,419<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(14,349<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Other income (loss), net<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(54<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(186<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">132<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>896<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,078<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,182<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Equity in earnings (losses) from unconsolidated ventures<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(2,109<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,363<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(3,472<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>4,044<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,311<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,267<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Gain (loss) on sale or disposal of real estate and other assets, net<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>3,165<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">16,050<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(12,885<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>7,959<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">20,764<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(12,805<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Gain (loss) on extinguishment of debt<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>\u2014<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>(198<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(198<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\"><strong>Operating Assets segment EBT<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(12,879<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,461<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(16,340<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(27,942<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,264<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(26,678<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Add back:<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>42,252<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">40,647<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,605<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>125,903<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">116,454<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,449<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Interest (income) expense, net<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>36,661<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">31,337<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,324<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>103,768<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">89,419<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">14,349<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Equity in (earnings) losses from unconsolidated ventures<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>2,109<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,363<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,472<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(4,044<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(5,311<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,267<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">(Gain) loss on sale or disposal of real estate and other assets, net<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(3,165<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(16,050<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">12,885<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(7,959<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(20,764<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">12,805<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">(Gain) loss on extinguishment of debt<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>\u2014<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>198<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">198<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Impact of straight-line rent<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(2,182<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(470<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,712<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(3,005<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2,664<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(341<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;vertical-align: bottom\">Other<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>52<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">279<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(227<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(375<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">341<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(716<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: bottom\"><strong>Operating Assets NOI<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>62,848<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">57,841<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,007<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>186,544<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">176,211<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">10,333<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Company&#8217;s share of NOI from equity investments<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>1,954<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,121<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(167<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>6,022<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,908<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">114<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Distributions from Summerlin Hospital investment<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>\u2014<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>3,242<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,033<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">209<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">Company&#8217;s share of NOI from unconsolidated ventures<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>1,954<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,121<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(167<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>9,264<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">8,941<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">323<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: bottom\"><strong>Total Operating Assets NOI<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>64,802<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">59,962<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,840<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>195,808<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">185,152<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">10,656<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<\/table>\n<p align=\"justify\"><strong><br \/>Same Store NOI &#8211; Operating Assets Segment<\/strong><\/p>\n<p align=\"justify\">The Company defines Same Store Properties as consolidated and unconsolidated properties that are acquired or placed in-service prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented. Same Store Properties exclude properties placed in-service, acquired, repositioned or in development or redevelopment after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired or treated as in-service for that property to be included in Same Store Properties.<\/p>\n<p align=\"justify\">We calculateSameStoreNet Operating Income (SameStoreNOI) as Operating Assets NOI applicable to Same Store Properties.Same Store NOI also includes the Company&#8217;s share of NOI from unconsolidated ventures and the annual distribution from a cost basis investment. SameStore NOI is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of our operating performance. We believe thatSameStore NOI is helpful to investors as a supplemental comparative performance measure of the income generated from the same group of properties from one period to the next. Other companies may not defineSameStore NOI in the same manner as we do; therefore, our computation ofSameStore NOI may not be comparable to that of other companies. Additionally, we do not control investments in unconsolidated properties and while we consider disclosures of our share of NOI to be useful, they may not accurately depict the legal and economic implications of our investment arrangements.<\/p>\n<table style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"10\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Three Months Ended September 30,<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"9\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Nine Months Ended September 30,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"><em>thousands<\/em><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2024<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2023<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>$ Change<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2024<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2023<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>$ Change<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\"><strong>Same Store Office<\/strong><\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"max-width:43%;width:43%;min-width:43%;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Houston, TX<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>21,283<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">20,449<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">834<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:2%;width:2%;min-width:2%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>63,453<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">63,426<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">27<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Columbia, MD<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>5,376<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,572<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(196<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>17,734<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">17,881<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(147<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;border-bottom: solid black 1pt;vertical-align: bottom\">Las Vegas, NV<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>4,913<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,272<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,641<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>14,241<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,368<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,873<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\"><strong>Total Same Store Office<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>31,572<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">29,293<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,279<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>95,428<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">90,675<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,753<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Same Store Retail<\/strong><\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Houston, TX<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>2,841<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,989<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(148<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>9,208<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,057<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">151<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Columbia, MD<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>1,008<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">660<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">348<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>3,165<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,997<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,168<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Las Vegas, NV<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>6,008<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,856<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">152<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>17,351<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">18,113<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(762<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Honolulu, HI<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>3,434<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,407<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">27<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>12,708<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">11,123<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,585<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\"><strong>Total Same Store Retail<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>13,291<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">12,912<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">379<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>42,432<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">40,290<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,142<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Same Store Multi-family<\/strong><\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Houston, TX<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>10,335<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,420<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">915<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>29,307<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">28,231<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,076<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Columbia, MD<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>3,590<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,854<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">736<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>9,422<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,997<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,425<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Las Vegas, NV<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>1,691<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,863<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(172<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>5,078<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,604<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(526<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;border-bottom: solid black 1pt;vertical-align: bottom\">Company&#8217;s share of NOI from unconsolidated ventures<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>1,804<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,906<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(102<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>5,644<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,520<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">124<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\"><strong>Total Same Store Multi-family<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>17,420<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">16,043<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,377<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>49,451<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">45,352<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,099<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Same Store Other<\/strong><\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Houston, TX<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>1,289<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,555<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(266<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>3,306<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,728<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,422<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Columbia, MD<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>17<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(3<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">20<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>444<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">8<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">436<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Las Vegas, NV<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>369<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">144<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">225<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>811<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">444<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">367<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Honolulu, HI<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>27<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">45<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(18<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>121<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">183<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(62<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;border-bottom: solid black 1pt;vertical-align: bottom\">Company&#8217;s share of NOI from unconsolidated ventures<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>150<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">215<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(65<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>3,620<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,421<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">199<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"><strong>Total Same Store Other<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>1,852<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,956<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(104<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>8,302<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">8,784<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(482<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"><strong>Total Same Store NOI<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>64,135<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">60,204<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,931<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>195,613<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">185,101<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">10,512<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"><strong>Non-Same Store NOI<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>667<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(242<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">909<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>195<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">51<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">144<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"><strong>Total Operating Assets NOI<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>64,802<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">59,962<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,840<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>195,808<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">185,152<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">10,656<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<\/table>\n<p align=\"justify\"><strong><br \/>Cash G&amp;A<\/strong><\/p>\n<p align=\"justify\">The Company defines Cash G&amp;A as General and administrative expense less non-cash stock compensation expense. Cash G&amp;A is a non-GAAP financial measure that we believe is useful to our investors and other users of our financial statements as an indicator of overhead efficiency without regard to non-cash expenses associated with stock compensation. However, it should not be used as an alternative to general and administrative expenses in accordance with GAAP.<\/p>\n<table style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Three Months Ended September 30,<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Nine Months Ended September 30,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\"><em>thousands<\/em><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2024<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2023<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>$ Change<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2024<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2023<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>$ Change<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\"><strong>General and Administrative<\/strong><\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"max-width:40%;width:40%;min-width:40%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">General and administrative (G&amp;A)<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>24,862<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">21,601<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,261<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:2%;width:2%;min-width:2%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>68,930<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">65,371<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:7%;width:7%;min-width:7%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,559<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;vertical-align: bottom\">Less: Non-cash stock compensation<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(2,911<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,699<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,212<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(6,875<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(6,748<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(127<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\"><strong>Cash G&amp;A<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>21,951<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">19,902<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,049<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>62,055<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">58,623<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,432<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<\/table>\n<p><img src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"lazyload\" data-src=\"https:\/\/ml.globenewswire.com\/media\/MzE0M2ViMDMtNjI0ZS00Y2ZkLWI0MzgtNTRiMmEyMjZmZmY0LTUwMDEyMDY2MQ==\/tiny\/Howard-Hughes-Holdings-Inc-.png\"><\/div>\n","protected":false},"excerpt":{"rendered":"<div>\n<p>Strong demand for MPC residential land and impressive financial performance across the portfolio solidify positive full-year outlook with upgraded guidance in all segments<\/p>\n<p align=\"justify\">THE WOODLANDS, Texas, Nov.<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/13035"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=13035"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/13035\/revisions"}],"predecessor-version":[{"id":13052,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/13035\/revisions\/13052"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=13035"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=13035"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=13035"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}