# EDGAR Filing Document

**Accession Number:** 0001498828
**File Stem:** 0001628280-23-005240
**Filing Date:** 2023-2
**Character Count:** 141146
**Document Hash:** 71369a2529ab82050ed3625ebe68e7dc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-23-005240.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001628280-23-005240

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 51

**CONFORMED PERIOD OF REPORT**: 20230227

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Howard Hughes Corp
- **CENTRAL INDEX KEY:** 0001498828
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 364673192
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34856
- **FILM NUMBER:** 23674778

**BUSINESS ADDRESS:**
- **STREET 1:** 9950 WOODLOCH FOREST DR.
- **STREET 2:** SUITE 1100
- **CITY:** THE WOODLANDS
- **STATE:** TX
- **ZIP:** 77380
- **BUSINESS PHONE:** 281-929-7700

**MAIL ADDRESS:**
- **STREET 1:** 9950 WOODLOCH FOREST DR.
- **STREET 2:** SUITE 1100
- **CITY:** THE WOODLANDS
- **STATE:** TX
- **ZIP:** 77380

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Spinco, Inc.
- **DATE OF NAME CHANGE:** 20100811

?xml version="1.0" ? hhc-20230227

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): February 27, 2023

![hhc-20230227_g1.jpg](hhc-20230227_g1.jpg)

**<u>THE HOWARD HUGHES CORPORATION</u>**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-34856** | **36-4673192** |
| (State or other jurisdiction<br>of incorporation) | (Commission File Number) | (I.R.S. Employer<br>Identification No.) |

---

**9950 Woodloch Forest Drive, Suite 1100** 

**The Woodlands, Texas 77381** 

(Address of principal executive offices)

Registrant's telephone number, including area code: **(281) 719-6100** 

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class:** | **Trading Symbol(s)** | **Name of each exchange on which registered:** |
| Common stock $0.01 par value per share | HHC | New York Stock Exchange |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Results of Operations and Financial Condition**

On February 27, 2023, The Howard Hughes Corporation (the "Company") issued a press release announcing the Company's financial results for the fourth quarter ended December 31, 2022. A copy of this press release is attached hereto as Exhibit 99.1.

The information contained in this Current Report on Form 8-K pursuant to this "Item 2.02 Results of Operations and Financial Condition" is being furnished. This information shall not be deemed to be filed for the purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section or shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, unless specifically identified therein as being incorporated by reference.

**Item 7.01**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Regulation FD Disclosure.**

On February 27, 2023, the Company issued supplemental information for the fourth quarter ended December 31, 2022. The supplemental information contains key information about the Company. The supplemental information is attached hereto as Exhibit 99.2 and has been posted on our website at www.howardhughes.com under the "Investors" tab.

The information contained in this Current Report on Form 8-K pursuant to this "Item 7.01 Regulation FD Disclosure" is being furnished. This information shall not be deemed to be filed for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section or shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, unless specifically identified therein as being incorporated by reference.

**Item 9.01**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Financial Statements and Exhibits.**

(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Press release dated February 27, 2023, announcing the Company's financial results for the quarter and full year ended December 31, 2022](hhcearningsreleaseq42022.htm)</u> |
| 99.2 | <u>[Supplemental information for the quarter ended December 31, 2022](hhcsupplemental4q22.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| THE HOWARD HUGHES CORPORATION | THE HOWARD HUGHES CORPORATION |
| By: | */s/* Peter F. Riley |
|  | Peter F. Riley |
|  | *Senior Executive Vice President, Secretary and<br>General Counsel* |

---

Date: February 27, 2023

## Exhibit 99.1

 **Exhibit 99.1**

![hh_secddedondary-logotypexa.jpg](hh_secddedondary-logotypexa.jpg)

**THE HOWARD HUGHES CORPORATION**<sup>®</sup> **REPORTS FOURTH QUARTER <br>AND FULL-YEAR 2022 RESULTS**

***Solid fourth quarter results cap strong year across all segments***

**HOUSTON, February 27, 2023 –** The Howard Hughes Corporation<sup>®</sup> (NYSE: HHC) (the "Company," "HHC" or "we") today announced operating results for the fourth quarter and year ended December 31, 2022. The financial statements, exhibits and reconciliations of non-GAAP measures in the attached Appendix and the Supplemental Information at Exhibit 99.2 provide further detail of these results.

**Full-Year 2022 Highlights:**

–Net income per diluted share of $3.65 in 2022 compared to $1.03 in 2021

–Ward Village<sup>®</sup> contracted to sell a record $1.1 billion of condo units and generated $677 million of net revenue from condo closings

–Strong Master Planned Community (MPC) earnings before taxes (EBT) of $283 million accentuated by record residential price per acre and builder price participation revenue

–Robust multi-family net operating income (NOI) growth of 39% year-over-year

–Delivered six new developments including three office buildings, two multi-family complexes, and one condo building

–Celebrated the grand opening of the Tin Building by Jean-Georges at the Seaport in New York City

–Reduced G&A expense to $82 million—representing more than a 30% reduction compared to 2019 levels

–Repurchased 4.3 million shares—or 9% of the Company's shares outstanding—for $388 million

**Fourth Quarter 2022 Highlights:**

–Net income per diluted share of $1.07 in the quarter compared to $2.09 in the prior-year period

–MPC EBT totaled $77 million in the quarter with continued strong land sales and record quarterly residential price per acre sold and builder price participation revenue

–Closed on 159 condo units in Ward Village generating $217 million in net revenue

–Robust condo pre-sales at Kalae<sup>®</sup>, Ulana, and The Park Ward Village with a total of 254 units contracted

–Sold two retail assets in The Woodlands<sup>®</sup> generating $39 million in net proceeds

–Closed on nearly $1 billion in financings, reducing maturities in 2023 and 2024 to $228 million

"During 2022, we were able to maintain much of the positive momentum from our record-breaking year in 2021," commented David R. O'Reilly, Chief Executive Officer of The Howard Hughes Corporation. "Over the last year, we successfully navigated challenging market dynamics and delivered strong financial results which met or exceeded our guidance expectations in each segment. This impressive performance is a testament to our premier communities and best-in-class assets that residents and tenants desire, and further highlights the strength of our unique business model which continues to outperform through various market cycles.

"Looking deeper into our business segments, our MPCs delivered exceptional results despite significant reductions in new home sales across our communities. Excluding reduced equity earnings, primarily from The Summit—which has limited remaining inventory due to its tremendous past sales success—MPC EBT increased 11% year-over-year. This improvement was driven by robust land sales and record residential prices per acre and builder price participation revenue during 2022.

------

"In Operating Assets, we delivered 9% year-over-year NOI growth—excluding dispositions—which is impressive considering market and recessionary headwinds throughout the year. This improvement was led by multi-family, where new developments and strong rent growth contributed to significant increases in NOI. In office, we made considerable progress with the lease-up of our highly amenitized towers, executing approximately 510,000 square feet of new or expanded leases during the year, which will provide meaningful NOI growth in the coming years.

"At Ward Village, our team had another tremendous year, contracting to sell more condo units than any other year in the community's history. During the year, we completed construction on Kō'ula<sup>®</sup>, made significant progress on the construction of Victoria Place<sup>®</sup>, and commenced construction on The Park Ward Village. We also launched pre-sales at Ulana, a designated workforce housing tower, and at Kalae, which has been met with exceptional demand having pre-sold 73% of its units in just 3 months.

"The Seaport continued to improve throughout 2022 with a near 50% year-over-year increase in foot traffic which contributed to improved demand at our managed restaurants and to our most successful summer concert series to date. Together with the much-anticipated grand opening of the Tin Building by Jean-Georges—which has been met with strong demand, far-reaching media attention and positive culinary reviews—the Seaport continues to firmly establish itself as the premier dining and entertainment destination in New York City. We are confident that the best is yet to come for the Seaport in the years ahead.

"Looking forward, we maintain a positive long-term outlook for our businesses. While we do not expect to be immune to the near-term challenges of the ongoing market uncertainty— which is expected to contribute to reduced residential land sales and relatively flat Operating Assets NOI in 2023—HHC's future is bright. We are especially well-situated for growth in the years ahead with our unmatched landbank in highly desirable communities, exceptional portfolio of assets, and significant pipeline of future development. Our balance sheet is robust, and with more than $1.3 billion in financings recently completed, we are uniquely positioned to advance new developments in our world-class communities—which continue to be ranked among the best places to live, work, and play in the United States."

**<u>Financial Highlights</u>**

***Total Company***

<u>Full-Year</u>

–Net income was $184.5 million, or $3.65 per diluted share for the year, which compares to $56.1 million, or $1.03 per diluted share in 2021.

–This positive year-over-year performance included MPC EBT of $283.0 million, Operating Assets NOI of $239.5 million, and condo gross profit of $195.8 million.

–Repurchased 4.3 million shares of common stock for $388.4 million at an average share price of $90.66.

–Sold three retail properties including the Outlet Collection at Riverwalk, Lake Woodlands Crossing, and Creekside Village Green, as well as HHC's interest in 110 North Wacker in Chicago for total net proceeds of $215.9 million.

<u>Fourth Quarter</u>

–Net income was $52.8 million or $1.07 per diluted share in the quarter, compared to net income of $113.8 million or $2.09 per diluted share in the prior-year period.

–The year-over-year decline was primarily related to reduced earnings from MPC land sales and the timing of condo sales. 2021 fourth quarter results included an outsized 216-acre superpad land sale in Summerlin<sup>®</sup> and the delivery of the 'A'ali'i<sup>®</sup> tower in Ward Village.

–Sold Lake Woodlands Crossing for $23 million—subject to a 99-year ground lease with the Company—and Creekside Park Village Green for $28 million. Total net proceeds to HHC from the sale of these two retail properties were $39 million.

–Closed the fourth quarter with $626.7 million of cash on the balance sheet and total debt of $4.7 billion, with 87% of the balance maturing in 2026 or later and only $228 million maturing in the next two years. At year end, 100% of the Company's debt was either fixed or hedged.

------

***MPC***

<u>Full-Year</u>

–MPC EBT totaled $283.0 million in 2022, a 11% decrease compared to $316.6 million in the prior year.

–The reduction in EBT was impacted by a $60.8 million reduction in equity earnings, primarily from The Summit, which has limited remaining lots and condos in inventory. During the year, HHC and Discovery Land expanded this highly successful joint venture to include a second phase of future development including 54 acres of land for 28 custom home sites which is expected to begin sales later in 2023.

***–***Excluding reduced equity earnings, primarily at The Summit, MPC EBT increased $27.2 million year-over-year.

–The average price per acre of residential land sold increased 32% to $768,000 per acre, a full-year record.

–Builder price participation revenue rose to $71.8 million, an all-time high for HHC.

–JDM Partners exercised its options to repurchase a 12.0% ownership interest in Teravalis<sup>TM</sup>, resulting in an 88.0% equity interest for HHC.

<u>Fourth Quarter</u>

–MPC EBT totaled $76.7 million in the quarter, a 41% decrease compared to $129.3 million in the prior-year period.

–MPC land sales revenue was $117.0 million, a 40% decrease compared to the prior-year period. This reduction was primarily driven by an outsized 216-acre superpad sale in Summerlin during the 2021 fourth quarter, partially offset by increased commercial land sales in Bridgeland<sup>®</sup> and a higher residential price per acre in all MPCs.

–Builder price participation revenue rose to $19.9 million during the quarter—representing a 26% year-over-year increase and a quarterly record for HHC.

–The price per acre of residential land sold was approximately $857,000 per acre during the quarter, representing a 51% year-over-year increase and an all-time high for HHC.

–MPC equity losses were $18.4 million—representing a $23.2 million year-over-year reduction—primarily related to The Summit which had no unit closings this quarter and incurred initial development expenses related to Phase 2.

–New homes sold in HHC's communities totaled 251 units—representing a 58% decline compared to the prior year as home sales have tapered off in light of high mortgage rates, inflation, and market uncertainty.

***Operating Assets***

<u>Full-Year</u>

–Total Operating Assets NOI, including contribution from unconsolidated ventures, was $239.5 million, representing a $13.0 million or 6% year-over-year increase. Excluding disposed hospitality and retail assets, NOI increased $19.6 million or 9%.

–Multi-family was the largest driver of the strong NOI performance with 39% year-over-year growth predominately due to rent growth and strong lease-up at new developments in The Woodlands and Downtown Columbia<sup>®</sup>.

–Office NOI was largely unchanged compared to 2021, with strong lease-up and the expiration of rent abatements at Class-A properties in The Woodlands and Downtown Columbia being partially offset by some tenant turnover during the year. In 2022, the Company executed 510,000 square feet of new or expanded office leases including 253,000 square feet in The Woodlands, 155,000 square feet in Downtown Columbia, and 102,000 square feet in Summerlin.

<u>Fourth Quarter</u>

–Total Operating Assets NOI, including contribution from unconsolidated ventures, totaled $55.1 million in the quarter, representing a $2.3 million or 4% reduction compared to $57.4 million in the prior-year period.

–Office NOI of $27.9 million declined $2.0 million year-over-year largely due to tenant vacancies during 2022 in The Woodlands and Downtown Columbia, partially offset by strong lease-up and abatement expirations at 6100 Merriweather and 9950 Woodloch Forest. During the quarter, HHC executed new office leases totaling 52,000 square feet in The Woodlands and 30,000 square feet in Downtown Columbia.

------

***Strategic Developments***

<u>Full-Year</u>

–Strategic Developments EBT totaled $190.2 million in 2022, a $106.5 million increase compared to $83.8 million in the prior year primarily due to the timing and mix of condominium sales in Ward Village.

–Ward Village contracted to sell 1,055 condo units for a record $1.1 billion and closed on 607 condo units generating $677.1 million of net revenue.

–Delivered Kō'ula—Ward Village's sixth condo tower—closing 549 units and generating $619.8 million in net revenue.

–Launched pre-sales at Ulana and Kalae during the year—contracting to sell 916 units.

*–*In 2022, HHC completed construction on 388,000 square feet of office and retail space and 830 multi-family units across several MPCs including The Woodlands, Bridgeland, Downtown Columbia, Summerlin, and Ward Village which are expected to generate incremental Operating Assets NOI of $24.7 million upon stabilization.

<u>Fourth Quarter</u>

–Closed 151 condo units at Kō'ula—which was completed late in the 2022 third quarter—generating $206.8 million in net revenue. At quarter end, Kō'ula was 97% sold.

–Sold seven condo units at 'A'ali'i generating $8.8 million in net revenue. At quarter end, the tower was 96% sold.

–Sold the final remaining condo unit at Waiea<sup>®</sup> for $1.9 million in net revenue.

–Pre-sales for future condo towers remained strong with a total of 254 units contracted during the quarter. At year-end, The Park Ward Village was 92% pre-sold, Ulana was 97% pre-sold, and Kalae was 73% pre-sold.

–Marlow—a 472-unit multi-family development in Downtown Columbia—welcomed its first residents in November.

–Completed construction of 1700 Pavilion in Summerlin and the Creekside Park Medical Plaza in The Woodlands.

–Commenced construction on the Summerlin South Office—a 147,000-square-foot office building which is expected to be completed in late 2023.

***Seaport***

<u>Full-Year</u>

–Seaport revenue of $88.5 million increased 61% compared to 2021 driven by a nearly 50% increase in foot traffic, higher demand at all managed restaurants, a longer summer concert series, and increased private events.

–The 2022 summer concert series was the most successful to date and included 60 shows which sold over 188,000 tickets, representing over 90% of available ticket inventory. Pier 17 was recently rated the #1 Top Outdoor Music Venue in New York City by Red Bull and the #3 Top Club Worldwide by Pollstar.

–HHC signed a 15-year, 46,000-square-foot lease with Alexander Wang at the Fulton Market Building, bringing the building to 100% leased.

–Celebrated the grand opening of the Tin Building by Jean-Georges in September. After successful hiring efforts during the fourth quarter, the marketplace commenced seven-days-per-week operations in December.

***–***Acquired a minority stake in Jean-Georges Restaurants for $45.0 million and purchased a $10.0 million warrant for the option to acquire additional ownership interest at a later date.

<u>Fourth Quarter</u>

–Seaport revenue of $18.4 million rose $2.9 million or 19% compared to the 2021 fourth quarter primarily due to rental revenue related to the Tin Building.

–Seaport generated negative NOI of $4.9 million, representing an 11% year-over-year improvement. Including $15.7 million of losses from unconsolidated ventures, Total Seaport NOI was a loss of $20.6 million. This loss was primarily related to start-up costs and equity losses from the Tin Building by Jean-Georges which totaled $15.6 million.

–At the Tin Building, foot traffic and sales were strong during service hours throughout the quarter. Continued labor shortages contributed to reduced operating days and hours for much of the quarter, but by December the marketplace had hired sufficient staff to open seven days per week. Inefficiencies driven by the constrained operating hours, increased employee costs, and continued start-up costs contributed to elevated equity losses.

------

***Financing Activity***

<u>Fourth Quarter</u>

–Executed on nearly $1 billion in financings including debt related to Floreo—an unconsolidated venture—in the fourth quarter, extending the Company's weighted average debt maturity to approximately 6 years and reducing maturities in 2023 and 2024 to $228.2 million.

–Closed on $575 million of permanent financings which were used to retire $427 million of debt, including the Senior Secured Credit Facility and construction loans for Juniper, Creekside Park The Grove, and 6100 Merriweather.

–Closed on $219 million of construction financings to support development spending at Floreo—the first village in Teravalis—and Wingspan—Bridgeland's single-family for rent development already under construction. Subsequent to quarter end in early January, the Company also closed on a new $264 million construction loan for Ulana, which commenced construction early in 2023.

–Executed a new $200 million upsize loan for Bridgeland's Credit Facility which increases the total facility to $475 million. The $200 million in additional capacity can be drawn on in the future based on historical and future reimbursable development spend (MUD receivables).

–For more information on 2022 fourth quarter financings, please reference the 4Q 2022 Supplemental Financial package on the Company's website.

**<u>Full-Year 2023 Guidance</u>**

–MPC EBT is projected to be comparable to earnings generated on average during 2017 and 2018, prior to a period of outsized land and home sales in Summerlin, Bridgeland, and The Woodlands Hills<sup>®</sup> during the COVID-19 pandemic. Since mid-2022, a slowing housing market, which has been largely driven by a precipitous rise in mortgage rates and shrinking home affordability, has softened new home sales and homebuilder demand for new acreage in the near-term. As a result, 2023 MPC EBT is expected to decline 25% to 35% year-over-year.

–Operating Assets NOI is projected to benefit from multi-family rent growth and new developments in Bridgeland, Downtown Columbia, and Summerlin encompassing nearly 1,400 units. The office portfolio is expected to benefit from strong leasing momentum experienced throughout 2022, but free rent periods on many of the new leases and the impact of some tenant vacancies during 2022 will likely result in a modest year-over-year decline in office NOI. Overall, excluding the $3.4 million contribution from divested retail assets in the prior year, Operating Assets NOI is expected to be in a range of down 2% to up 2% year-over-year.

–Condo sales revenues are projected to range between $45 million and $55 million, with gross margins between 25% to 28%. Projected condo sales revenues are driven by the closing of remaining units at 'A'ali'i and Kō'ula which were 96% and 97% sold, respectively, as of December 31, 2022. The next major condo project scheduled to be completed is Victoria Place, which is on track to be delivered in early 2024 and is already 100% pre-sold.

–Cash G&A is projected to range between $80 million and $85 million, which excludes anticipated non-cash stock compensation of approximately $5 million.

**<u>Conference Call & Webcast Information</u>**

The Howard Hughes Corporation will host its fourth quarter 2022 earnings conference call on **Tuesday, February 28, 2023, at 9:00 a.m. Central Time** (10:00 a.m. Eastern Time). Please visit The Howard Hughes Corporation's website to listen to the earnings call via a live webcast. To access the call via telephone, please dial **877-270-2148** within the U.S., **866-605-3850** within Canada, or **+1 412-902-6510** when dialing internationally. All participants should dial in at least five minutes prior to the scheduled start time using **10173039** as the passcode. Institutional and retail shareholders can also participate by going to <u>app.saytechnologies.com/howardhughes</u> to submit questions to Say prior to the earnings call. Shareholders can email <u>hello@saytechnologies.com</u> for any support inquiries.

------

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.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>*$ in thousands* | **2022** | **2021** | **$ Change** | **% Change** | **2022** | **2021** | **$ Change** | **% Change** |
| **Operating Assets NOI** (1) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Office | $**27872** | $29909 | $(2037) | (7)% | $**111210** | $109838 | $1372 | 1% |
| &nbsp;&nbsp;&nbsp;Retail | **13078** | 13874 | (796) | (6)% | **51525** | 52448 | (923) | (2)% |
| &nbsp;&nbsp;&nbsp;Multi-family | **10854** | 10542 | 312 | 3% | **45564** | 32895 | 12669 | 39% |
| &nbsp;&nbsp;&nbsp;Other | **308** | 226 | 82 | 36% | **14067** | 13492 | 575 | 4% |
| &nbsp;&nbsp;&nbsp;Dispositions | **540** | 813 | (273) | (34)% | **3418** | 9993 | (6575) | (66)% |
| **Operating Assets NOI** | **52652** | 55364 | (2712) | (5)% | **225784** | 218666 | 7118 | 3% |
| &nbsp;&nbsp;&nbsp;Company's share of NOI from unconsolidated ventures (a) | **2420** | 2053 | 367 | 18% | **13699** | 7836 | 5863 | 75% |
| **Total Operating Assets NOI** | $**55072** | $57417 | $(2345) | (4)% | $**239483** | $226502 | $12981 | 6% |
| Projected stabilized NOI Operating Assets ($ in millions) |  |  |  |  | $**362.5** | $368.3 | $(5.8) | (2)% |
| **MPC** |  |  |  |  |  |  |  |  |
| Acres Sold - Residential | **108** | 333 | (226) | (68)% | **323** | 565 | (242) | (43)% |
| Acres Sold - Commercial | **84** | 40 | 44 | 111% | **135** | 67 | 68 | 101% |
| Price Per Acre - Residential | $**857** | $568 | $288 | 51% | $**768** | $583 | $185 | 32% |
| Price Per Acre - Commercial | $**453** | $174 | $278 | 160% | $**557** | $253 | $304 | 120% |
| **MPC EBT** (1) | $**76660** | $129301 | $(52641) | (41)% | $**282987** | $316607 | $(33620) | (11)% |
| **Seaport NOI** (1) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Landlord Operations | $**(5442)** | $(3801) | $(1641) | (43)% | $**(15702)** | $(15027) | $(675) | (4)% |
| &nbsp;&nbsp;&nbsp;Landlord Operations - Multi-family | **14** | (89) | 103 | 116% | **110** | (5) | 115 | NM |
| &nbsp;&nbsp;&nbsp;Managed Businesses | **(234)** | (1064) | 830 | 78% | **(85)** | (1057) | 972 | 92% |
| &nbsp;&nbsp;&nbsp;Tin Building | **2403** |  | 2403 | NM | **4015** |  | 4015 | NM |
| &nbsp;&nbsp;&nbsp;Events and Sponsorships | **(1651)** | (565) | (1086) | (192)% | **1894** | (1474) | 3368 | NM |
| **Seaport NOI** | **(4910)** | (5519) | 609 | 11% | **(9768)** | (17563) | 7795 | 44% |
| &nbsp;&nbsp;&nbsp;Company's share of NOI from unconsolidated ventures | **(15730)** | (272) | (15458) | NM | **(35581)** | (592) | (34989) | NM |
| **Total Seaport NOI** | $**(20640)** | $(5791) | $(14849) | NM | $**(45349)** | $(18155) | $(27194) | (150)% |
| **Strategic Developments** |  |  |  |  |  |  |  |  |
| Condominium rights and unit sales | **217397** | 464406 | (247009) | (53)% | **677078** | 514597 | 162481 | 32% |

---

NM - Not Meaningful

<u>Financial Data</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.

------

**About The Howard Hughes Corporation**<sup>®</sup> 

The Howard Hughes Corporation owns, manages and develops commercial, residential and mixed-use real estate throughout the U.S. Its award-winning assets include the country's preeminent portfolio of master planned cities and communities, as well as operating properties and development opportunities including: the Seaport in New York City; Downtown Columbia<sup>®</sup> in Maryland; The Woodlands<sup>®</sup>, Bridgeland<sup>®</sup>, and The Woodlands Hills<sup>®</sup> in the Greater Houston, Texas area; Summerlin<sup>®</sup>, Las Vegas; Ward Village<sup>®</sup> in Honolulu, Hawai'i; and Teravalis<sup>TM</sup> in the Greater Phoenix, Arizona area. The Howard Hughes Corporation's 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 place making, the Company is recognized for its ongoing commitment to design excellence and to the cultural life of its communities. The Howard Hughes Corporation is traded on the New York Stock Exchange as HHC. For additional information visit <u>www.howardhughes.com</u>.

The Howard Hughes Corporation has partnered with Say, the fintech startup reimagining shareholder communications, to allow investors to submit and upvote questions they would like to see addressed on the Company's fourth quarter earnings call. Say verifies all shareholder positions and provides permission to participate on the February 28, 2023 call, during which the Company's leadership will be answering top questions. Utilizing the Say platform, The Howard Hughes Corporation elevates its capabilities for responding to Company shareholders, making its investor relations Q&A more transparent and engaging.

**Safe Harbor Statement**

Certain statements contained in this press release may constitute "forward-looking statements" 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's 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 "anticipate," "believe," "estimate," "expect," "forecast," "intend," "likely," "may," "plan," "project," "realize," "should," "transform," "will," "would," 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's 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) ability to successfully dispose of non-core assets on favorable terms, if at all; (vii) 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) increases in operating costs, including construction cost increases as the result of trade disputes and tariffs on goods imported in the United States; (x) the impact of the COVID-19 pandemic on the Company's business, tenants and the economy in general, and our ability to accurately assess and predict such impacts; (xi) lack of control over certain of the Company's properties due to the joint ownership of such property; (xii) impairment charges; (xiii) the effects of geopolitical instability and risks such as terrorist attacks and trade wars; (xiv) the effects of natural disasters, including floods, droughts, wind, tornadoes and hurricanes; (xv) the inherent risks related to disruption of information technology networks and related systems, including cyber security attacks; and (xvi) the ability to attract and retain key employees. The Company refers you to the section entitled "Risk Factors" contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. 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'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.

**Financial Presentation**

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.

**Media Contact**

The Howard Hughes Corporation

Cristina Carlson, 646-822-6910

Senior Vice President, Head of Corporate Communications

cristina.carlson@howardhughes.com

**Investor Relations Contact**

The Howard Hughes Corporation

Eric Holcomb, 281-475-2144

Senior Vice President, Investor Relations

eric.holcomb@howardhughes.com

------

**THE HOWARD HUGHES CORPORATION** 

**CONSOLIDATED STATEMENTS OF OPERATIONS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>*thousands except per share amounts* | **2022** | **2021** | **2022** | **2021** |
| **REVENUES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Condominium rights and unit sales | $**217397** | $464406 | $**677078** | $514597 |
| &nbsp;&nbsp;&nbsp;Master Planned Communities land sales | **117033** | 194093 | **316065** | 346217 |
| &nbsp;&nbsp;&nbsp;Rental revenue | **103022** | 99740 | **399103** | 369330 |
| &nbsp;&nbsp;&nbsp;Other land, rental and property revenues | **24611** | 31637 | **144481** | 152619 |
| &nbsp;&nbsp;&nbsp;Builder price participation | **19942** | 15800 | **71761** | 45138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | **482005** | 805676 | **1608488** | 1427901 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Condominium rights and unit cost of sales | **154957** | 345714 | **483983** | 414199 |
| &nbsp;&nbsp;&nbsp;Master Planned Communities cost of sales | **44162** | 89702 | **119466** | 153630 |
| &nbsp;&nbsp;&nbsp;Operating costs | **80626** | 74133 | **317389** | 293999 |
| &nbsp;&nbsp;&nbsp;Rental property real estate taxes | **13719** | 12879 | **54033** | 55398 |
| &nbsp;&nbsp;&nbsp;Provision for (recovery of) doubtful accounts | **(279)** | 1485 | **1959** | (459) |
| &nbsp;&nbsp;&nbsp;General and administrative | **20898** | 20857 | **81772** | 81990 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | **52777** | 49705 | **200361** | 205100 |
| &nbsp;&nbsp;&nbsp;Other | **3992** | 2415 | **11977** | 10668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | **370852** | 596890 | **1270940** | 1214525 |
| **OTHER** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Provision for impairment | **—** |  | **—** | (13068) |
| &nbsp;&nbsp;&nbsp;Gain (loss) on sale or disposal of real estate and other assets, net | **25669** | (7395) | **29678** | 53079 |
| &nbsp;&nbsp;&nbsp;Other income (loss), net | **(588)** | 763 | **1909** | (11515) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other | **25081** | (6632) | **31587** | 28496 |
| Operating income (loss) | **136234** | 202154 | **369135** | 241872 |
| Interest income | **2545** | 23 | **3818** | 107 |
| Interest expense | **(30928)** | (32831) | **(110891)** | (130036) |
| Gain (loss) on extinguishment of debt | **(1732)** | (471) | **(2377)** | (38014) |
| Equity in earnings (losses) from unconsolidated ventures | **(34077)** | (25667) | **(14549)** | (9852) |
| Income (loss) before income taxes | **72042** | 143208 | **245136** | 64077 |
| Income tax expense (benefit) | **18678** | 31859 | **60500** | 15153 |
| Net income (loss) | **53364** | 111349 | **184636** | 48924 |
| Net (income) loss attributable to noncontrolling interests | **(613)** | 2451 | **(103)** | 7176 |
| Net income (loss) attributable to common stockholders | $**52751** | $113800 | $**184533** | $56100 |
| Basic income (loss) per share | $**1.07** | $2.09 | $**3.65** | $1.03 |
| Diluted income (loss) per share | $**1.07** | $2.09 | $**3.65** | $1.03 |

---

------

**THE HOWARD HUGHES CORPORATION**

**CONSOLIDATED BALANCE SHEETS** 

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| *thousands except par values and share amounts* | **2022** | **2021** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Master Planned Communities assets | $**2411526** | $2282768 |
| &nbsp;&nbsp;&nbsp;Buildings and equipment | **4246389** | 3962441 |
| &nbsp;&nbsp;&nbsp;Less: accumulated depreciation | **(867700)** | (743311) |
| &nbsp;&nbsp;&nbsp;Land | **312230** | 322439 |
| &nbsp;&nbsp;&nbsp;Developments | **1125027** | 1208907 |
| Net investment in real estate | **7227472** | 7033244 |
| Investments in unconsolidated ventures | **246171** | 369949 |
| Net investment in lease receivable | **2895** | 2913 |
| Cash and cash equivalents | **626653** | 843212 |
| Restricted cash | **472284** | 373425 |
| Accounts receivable, net | **103437** | 86388 |
| Municipal Utility District receivables, net | **473068** | 387199 |
| Notes receivable, net | **3339** | 7561 |
| Deferred expenses, net | **128865** | 119825 |
| Operating lease right-of-use assets, net | **46926** | 57022 |
| Prepaid expenses and other assets, net | **272353** | 300956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $**9603463** | $9581694 |
| **LIABILITIES** |  |  |
| Mortgages, notes and loans payable, net | $**4747183** | $4591157 |
| Operating lease obligations | **51321** | 69363 |
| Deferred tax liabilities, net | **254336** | 204837 |
| Accounts payable and accrued expenses | **944511** | 983167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | **5997351** | 5848524 |
| Redeemable noncontrolling interest | **—** | 22500 |
| **EQUITY** |  |  |
| Preferred stock: $0.01 par value; 50,000,000 shares authorized, none issued | **—** |  |
| Common stock: $0.01 par value; 150,000,000 shares authorized, 56,226,273 issued and 49,801,997 outstanding as of December 31, 2022, and 56,173,276 shares issued and 54,065,661 outstanding as of December 31, 2021 | **564** | 563 |
| Additional paid-in capital | **3972561** | 3960418 |
| Retained earnings (accumulated deficit) | **168077** | (16456) |
| Accumulated other comprehensive income (loss) | **10335** | (14457) |
| Treasury stock, at cost, 6,424,276 shares as of December 31, 2022, and 2,107,615 shares as of December 31, 2021 | **(611038)** | (220073) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | **3540499** | 3709995 |
| Noncontrolling interests | **65613** | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity | **3606112** | 3710670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $**9603463** | $9581694 |

---

------

**<u>Appendix – Reconciliation of Non-GAAP Measures</u>**

Below are GAAP to non-GAAP reconciliations of certain financial measures, as required under Regulation G of the Securities Exchange Act of 1934. 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.

As a result of our four segments—Operating Assets, Master Planned Communities (MPC), Seaport, and Strategic Developments—being managed separately, we use different operating measures to assess operating results and allocate resources among these four segments. The one common operating measure used to assess operating results for our business segments is earnings before tax (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. However, segment EBT should not be considered as an alternative to GAAP net income.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>*thousands* | **2022** | **2021** | **$ Change** | **2022** | **2021** | **$ Change** |
| **Operating Assets Segment EBT** |  |  |  |  |  |  |
| Total revenues (a) | $**104092** | $107765 | $(3673) | $**431834** | $442698 | $(10864) |
| Total operating expenses (a) | **(47538)** | (47504) | (34) | **(194496)** | (209020) | 14524 |
| Segment operating income (loss) | **56554** | 60261 | (3707) | **237338** | 233678 | 3660 |
| Depreciation and amortization | **(39483)** | (39181) | (302) | **(154626)** | (163031) | 8405 |
| Interest income (expense), net | **(25183)** | (20212) | (4971) | **(89959)** | (75391) | (14568) |
| Other income (loss), net | **(1083)** | (207) | (876) | **(1140)** | (10746) | 9606 |
| Equity in earnings (losses) from unconsolidated ventures | **365** | (30111) | 30476 | **22263** | (67042) | 89305 |
| Gain (loss) on sale or disposal of real estate and other assets, net | **25570** | 27 | 25543 | **29588** | 39168 | (9580) |
| Gain (loss) on extinguishment of debt | **(1585)** | (471) | (1114) | **(2230)** | (1926) | (304) |
| &nbsp;&nbsp;&nbsp;Operating Assets segment EBT | **15155** | (29894) | 45049 | **41234** | (45290) | 86524 |
| **Master Planned Communities Segment EBT** |  |  |  |  |  |  |
| Total revenues | **141375** | 214820 | (73445) | **408365** | 409746 | (1381) |
| Total operating expenses | **(60818)** | (101205) | 40387 | **(173905)** | (193851) | 19946 |
| Segment operating income (loss) | **80557** | 113615 | (33058) | **234460** | 215895 | 18565 |
| Depreciation and amortization | **(108)** | (94) | (14) | **(394)** | (366) | (28) |
| Interest income (expense), net | **14608** | 10949 | 3659 | **50305** | 42683 | 7622 |
| Other income (loss), net | **—** |  |  | **23** |  | 23 |
| Equity in earnings (losses) from unconsolidated ventures | **(18397)** | 4831 | (23228) | **(1407)** | 59399 | (60806) |
| Gain (loss) on extinguishment of debt | **—** |  |  | **—** | (1004) | 1004 |
| &nbsp;&nbsp;&nbsp;MPC segment EBT | **76660** | 129301 | (52641) | **282987** | 316607 | (33620) |
| **Seaport Segment EBT** |  |  |  |  |  |  |
| Total revenues | **18415** | 15514 | 2901 | **88468** | 55008 | 33460 |
| Total operating expenses | **(25064)** | (23477) | (1587) | **(104393)** | (77198) | (27195) |
| Segment operating income (loss) | **(6649)** | (7963) | 1314 | **(15925)** | (22190) | 6265 |
| Depreciation and amortization | **(11144)** | (7941) | (3203) | **(36338)** | (30867) | (5471) |
| Interest income (expense), net | **899** | (309) | 1208 | **3902** | 357 | 3545 |
| Other income (loss), net | **(44)** | (1642) | 1598 | **245** | (3730) | 3975 |
| Equity in earnings (losses) from unconsolidated ventures | **(16050)** | (291) | (15759) | **(36273)** | (1988) | (34285) |
| &nbsp;&nbsp;&nbsp;Seaport segment EBT | **(32988)** | (18146) | (14842) | **(84389)** | (58418) | (25971) |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>*thousands* | **2022** | **2021** | **$ Change** | **2022** | **2021** | **$ Change** |
| **Strategic Developments Segment EBT** |  |  |  |  |  |  |
| Total revenues | **218108** | 467534 | (249426) | **679763** | 520109 | 159654 |
| Total operating expenses | **(159765)** | (351727) | 191962 | **(504036)** | (436698) | (67338) |
| Segment operating income (loss) | **58343** | 115807 | (57464) | **175727** | 83411 | 92316 |
| Depreciation and amortization | **(1236)** | (1576) | 340 | **(5319)** | (6512) | 1193 |
| Interest income (expense), net | **4739** | 1091 | 3648 | **17073** | 3701 | 13372 |
| Other income (loss), net | **438** | 2517 | (2079) | **1799** | 2536 | (737) |
| Equity in earnings (losses) from unconsolidated ventures | **5** | (96) | 101 | **868** | (221) | 1089 |
| Gain (loss) on sale or disposal of real estate and other assets, net | **99** | (7422) | 7521 | **90** | 13911 | (13821) |
| Provision for impairment | **—** |  |  | **—** | (13068) | 13068 |
| &nbsp;&nbsp;&nbsp;Strategic Developments segment EBT | **62388** | 110321 | (47933) | **190238** | 83758 | 106480 |
| **Consolidated Segment EBT** |  |  |  |  |  |  |
| Total revenues | **481990** | 805633 | (323643) | **1608430** | 1427561 | 180869 |
| Total operating expenses | **(293185)** | (523913) | 230728 | **(976830)** | (916767) | (60063) |
| Segment operating income (loss) | **188805** | 281720 | (92915) | **631600** | 510794 | 120806 |
| Depreciation and amortization | **(51971)** | (48792) | (3179) | **(196677)** | (200776) | 4099 |
| Interest income (expense), net | **(4937)** | (8481) | 3544 | **(18679)** | (28650) | 9971 |
| Other income (loss), net | **(689)** | 668 | (1357) | **927** | (11940) | 12867 |
| Equity in earnings (losses) from unconsolidated ventures | **(34077)** | (25667) | (8410) | **(14549)** | (9852) | (4697) |
| Gain (loss) on sale or disposal of real estate and other assets, net | **25669** | (7395) | 33064 | **29678** | 53079 | (23401) |
| Gain (loss) on extinguishment of debt | **(1585)** | (471) | (1114) | **(2230)** | (2930) | 700 |
| Provision for impairment | **—** |  |  | **—** | (13068) | 13068 |
| &nbsp;&nbsp;&nbsp;Consolidated segment EBT | **121215** | 191582 | (70367) | **430070** | 296657 | 133413 |
| Corporate income, expenses and other items | **(67851)** | (80233) | 12382 | **(245434)** | (247733) | 2299 |
| Net income (loss) | **53364** | 111349 | (57985) | **184636** | 48924 | 135712 |
| Net (income) loss attributable to noncontrolling interests | **(613)** | 2451 | (3064) | **(103)** | 7176 | (7279) |
| Net income (loss) attributable to common stockholders | $**52751** | $113800 | $(61049) | $**184533** | $56100 | $128433 |

---

(a)Total revenues includes hospitality revenues of $35.6 million for the year ended December 31, 2021. Total operating expenses includes hospitality operating costs of $30.5 million for the year ended December 31, 2021. In September 2021, the Company completed the sale of its three hospitality properties.

------

**NOI**

We believe that NOI is a useful supplemental measure of the performance of our Operating Assets and Seaport portfolio because it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating real estate properties and the impact on operations from trends in rental and occupancy rates and operating costs. 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); amortization; depreciation; development-related marketing cost; gain on sale or disposal of real estate and other assets, net; provision for impairment and equity in earnings from unconsolidated ventures. All management fees have been eliminated for all internally managed 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 lease structure, lease rates and tenant base have on our operating results, gross margins and investment returns. Variances between years in NOI typically result from changes in rental rates, occupancy, tenant mix and operating expenses. Although we believe that NOI provides useful information to investors about the performance of our Operating Assets and Seaport assets, due to the exclusions noted above, NOI should only be used as an additional measure of the financial performance of the assets of this segment of our business and not as an alternative to GAAP Net income (loss). This amount is presented as Operating Assets NOI and Seaport NOI throughout this document. Total Operating Assets NOI and Total Seaport NOI represent NOI as defined above with the addition of our share of NOI from unconsolidated ventures.

A reconciliation of segment EBT to NOI for Operating Assets and Seaport has been presented in the tables below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>*thousands* | **2022** | **2021** | **2022** | **2021** |
| **Operating Assets segment EBT (a)** | $**15155** | $(29894) | $**41234** | $(45290) |
| Add back: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | **39483** | 39181 | **154626** | 163031 |
| &nbsp;&nbsp;&nbsp;Interest (income) expense, net | **25183** | 20212 | **89959** | 75391 |
| &nbsp;&nbsp;&nbsp;Equity in (earnings) losses from unconsolidated ventures | **(365)** | 30111 | **(22263)** | 67042 |
| &nbsp;&nbsp;&nbsp;(Gain) loss on sale or disposal of real estate and other assets, net | **(25570)** | (27) | **(29588)** | (39168) |
| &nbsp;&nbsp;&nbsp;(Gain) loss on extinguishment of debt | **1585** | 471 | **2230** | 1926 |
| &nbsp;&nbsp;&nbsp;Impact of straight-line rent | **(3958)** | (4685) | **(11241)** | (14715) |
| &nbsp;&nbsp;&nbsp;Other | **1139** | (5) | **827** | 10449 |
| **Operating Assets NOI** | **52652** | 55364 | **225784** | 218666 |
| Company's share of NOI from unconsolidated ventures | **2420** | 2053 | **9061** | 4081 |
| Distributions from Summerlin Hospital Investment | **—** |  | **4638** | 3755 |
| **Total Operating Assets NOI** | $**55072** | $57417 | $**239483** | $226502 |
| **Seaport segment EBT (a)** | $**(32988)** | $(18146) | $**(84389)** | $(58418) |
| Add back: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | **11144** | 7941 | **36338** | 30867 |
| &nbsp;&nbsp;&nbsp;Interest (income) expense, net | **(899)** | 309 | **(3902)** | (357) |
| &nbsp;&nbsp;&nbsp;Equity in (earnings) losses from unconsolidated ventures | **16050** | 291 | **36273** | 1988 |
| &nbsp;&nbsp;&nbsp;Impact of straight-line rent | **(1063)** | 367 | **456** | 1632 |
| &nbsp;&nbsp;&nbsp;Other (income) loss, net | **2846** | 3719 | **5456** | 6725 |
| **Seaport NOI** | **(4910)** | (5519) | **(9768)** | (17563) |
| Company's share of NOI from unconsolidated ventures (b) | **(15730)** | (272) | **(35581)** | (592) |
| **Total Seaport NOI** | $**(20640)** | $(5791) | $**(45349)** | $(18155) |

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(a)Segment EBT excludes corporate expenses and other items that are not allocable to the segments.

(b)The Company's share of NOI related to Tin Building by Jean-Georges is calculated using our current partnership funding provisions.

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**Same Store NOI - Operating Assets Segment**

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.

We calculate Same Store Net Operating Income (Same Store NOI) as Operating Assets NOI applicable to Same Store Properties. Same Store NOI also includes the Company's share of NOI from unconsolidated ventures and the annual distribution from a cost basis investment. Same Store 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 that Same Store 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 define Same Store NOI in the same manner as we do; therefore, our computation of Same Store 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.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>*thousands* | **2022** | **2021** | **$ Change** | **2022** | **2021** | **$ Change** |
| **Same Store Office** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Houston, TX | $19249 | $19840 | $(591) | $73776 | $72764 | $1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia, MD | 5154 | 6272 | (1118) | 23413 | 22659 | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Las Vegas, NV | 3467 | 3796 | (329) | 14027 | 14416 | (389) |
| **Total Same Store Office** | **27870** | **29908** | **(2038)** | **111216** | **109839** | **1377** |
| **Same Store Retail** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Houston, TX | 2787 | 2607 | 180 | 10155 | 9673 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia, MD | 376 | 303 | 73 | 1896 | 1483 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Las Vegas, NV | 6548 | 6356 | 192 | 23876 | 24733 | (857) |
| &nbsp;&nbsp;&nbsp;&nbsp;Honolulu, HI | 3053 | 4346 | (1293) | 14574 | 15583 | (1009) |
| **Total Same Store Retail** | **12764** | **13612** | **(848)** | **50501** | **51472** | **(971)** |
| **Same Store Multi-Family** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Houston, TX | 6850 | 6671 | 179 | 27787 | 21119 | 6668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia, MD | 1558 | 1617 | (59) | 6492 | 4473 | 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Las Vegas, NV | 1746 | 1641 | 105 | 7289 | 6799 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Company's share of NOI from unconsolidated ventures | 1831 | 1633 | 198 | 7271 | 6665 | 606 |
| **Total Same Store Multi-Family** | **11985** | **11562** | **423** | **48839** | **39056** | **9783** |
| **Same Store Other** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Houston, TX | 2207 | 1696 | 511 | 7510 | 6762 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia, MD | 99 | 17 | 82 | (42) | (42) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Las Vegas, NV | (2047) | (1533) | (514) | 6246 | 6510 | (264) |
| &nbsp;&nbsp;&nbsp;&nbsp;Honolulu, HI | 15 | 24 | (9) | 237 | 238 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Company's share of NOI from unconsolidated ventures | 589 | 680 | (91) | 6428 | 6302 | 126 |
| **Total Same Store Other** | **863** | **884** | **(21)** | **20379** | **19770** | **609** |
| **Total Same Store NOI** | **53482** | **55966** | **(2484)** | **230935** | **220137** | **10798** |
| **Non-Same Store NOI** | **1590** | **1451** | **139** | **8548** | **6365** | **2183** |
| **Total Operating Assets NOI** | $**55072** | $**57417** | $**(2345)** | $**239483** | $**226502** | $**12981** |

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**Cash G&A**

The Company defines Cash G&A as General and administrative expense less non-cash stock compensation expense. Cash G&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.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>*thousands* | **2022** | **2021** | **$ Change** | **2022** | **2021** | **$ Change** |
| **General and Administrative** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative (G&A) | $20898 | $20857 | $41 | $81772 | $81990 | $(218) |
| &nbsp;&nbsp;&nbsp;Less: Non-cash stock compensation | (1366) | (2468) | 1102 | (5355) | (9886) | 4531 |
| Cash G&A (a) | $19532 | $18389 | $1143 | $76417 | $72104 | $4313 |

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(a)The first quarter of 2022 includes $2.3 million of severance and bonus costs related to our former Chief Financial Officer.

## Exhibit 99.2

![](hhcsupplemental4q22001.jpg)

The Howard Hughes Corporation Supplemental Information Three Months Ended December 31, 2022 NYSE: HHC Exhibit 99.2

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HOWARD HUGHES 2 Cautionary StatementsCautionary Statements Forward Looking Statements This presentation includes forward-looking statements. Forward-looking statements give our current expectations relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to current or historical facts. These statements may include words such as "anticipate," "estimate," "expect," "project," "forecast," "plan," "intend," "believe," "likely," "may," "realize," "should," "transform," "would" and other statements of similar expression. Forward-looking statements give our expectations about the future and are not guarantees. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance and achievements to materially differ from any future results, performance and achievements expressed or implied by such forward-looking statements. We caution you not to rely on these forward-looking statements. For a discussion of the risk factors that could have an impact on these forward-looking statements, see our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as filed with the Securities and Exchange Commission (SEC) on February 27, 2023. The statements made herein speak only as of the date of this presentation, and we do not undertake to update this information except as required by law. Past performance does not guarantee future results. Performance during time periods shown is limited and may not reflect the performance for the full year or future years, or in different economic and market cycles. Non-GAAP Financial Measures Our financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP); however, we use certain non-GAAP performance measures in this presentation, in addition to GAAP measures, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer companies more meaningful. Management continually evaluates 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. The non-GAAP financial measures used in this presentation are funds from operations (FFO), core funds from operations (Core FFO), adjusted funds from operations (AFFO) and net operating income (NOI). FFO is defined by the National Association of Real Estate Investment Trusts (NAREIT) as net income calculated in accordance with GAAP, excluding gains or losses from real estate dispositions, plus real estate depreciation and amortization and impairment charges (which we believe are not indicative of the performance of our operating portfolio). We calculate FFO in accordance with NAREIT's definition. Since FFO excludes depreciation and amortization, gains and losses from depreciable property dispositions, and impairments, it can provide a performance measure that, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, acquisition, development activities and financing costs. This provides a perspective of our financial performance not immediately apparent from net income determined in accordance with GAAP. Core FFO is calculated by adjusting FFO to exclude the impact of certain non-cash and/or nonrecurring income and expense items, as set forth in the calculation herein. These items can vary greatly from period to period, depending upon the volume of our acquisition activity and debt retirements, among other factors. We believe that by excluding these items, Core FFO serves as a useful, supplementary measure of the ongoing operating performance of the core operations across all segments, and we believe it is used by investors in a similar manner. Finally, AFFO adjusts our Core FFO operating measure to deduct cash expended on recurring tenant improvements and capital expenditures of a routine nature to present an adjusted measure of Core FFO. Core FFO and AFFO are non-GAAP and non-standardized measures and may be calculated differently by other peer companies. 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, ground rent amortization, demolition costs, amortization, depreciation, development-related marketing costs, gain on sale or disposal of real estate and other assets, net, provision for impairment, and Equity in earnings from unconsolidated ventures. We use NOI to evaluate our operating performance on a property-by- property basis because NOI allows us to evaluate the impact that factors which vary by property, such as lease structure, lease rates and tenant bases, have on our operating results, gross margins and investment returns. We believe that NOI is a useful supplemental measure of the performance of our Operating Assets and Seaport segments because it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating real estate properties and the impact on operations from trends in rental and occupancy rates and operating costs. This amount is presented as Operating Assets NOI and Seaport NOI throughout this document. Total Operating Assets NOI and Total Seaport NOI represent NOI as defined above with the addition of our share of NOI from equity investees. While FFO, Core FFO, AFFO and NOI are relevant and widely used measures of operating performance of real estate companies, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating our liquidity or operating performance. FFO, Core FFO, AFFO and NOI do not purport to be indicative of cash available to fund our future cash requirements. Further, our computations of FFO, Core FFO, AFFO and NOI may not be comparable to FFO, Core FFO, AFFO and NOI reported by other real estate companies. We have included in this presentation a reconciliation from GAAP net income to FFO, Core FFO and AFFO, as well as reconciliations of our GAAP Operating Assets segment earnings before taxes (EBT) to NOI and Seaport segment EBT to NOI. Non-GAAP financial measures should not be considered independently, or as a substitute, for financial information presented in accordance with GAAP. Additional Information Our website address is www.howardhughes.com. Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other publicly filed or furnished documents are available and may be accessed free of charge through the "Investors" section of our website under the "SEC Filings" subsection, as soon as reasonably practicable after those documents are filed with, or furnished to, the SEC. Also available through the Investors section of our website are beneficial ownership reports filed by our directors, officers and certain shareholders on Forms 3, 4 and 5.

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3 **Table of Contents** **Table of Contents** FINANCIAL OVERVIEW Definitions 4 Company Profile 5 Financial Summary 7 Balance Sheets 9 Statements of Operations 10 OPERATING PORTFOLIO PERFORMANCE Same Store Metrics 11 NOI by Region 13 Stabilized Properties 15 Unstabilized Properties 17 Under Construction Properties 18 Seaport Operating Performance 19 OTHER PORTFOLIO METRICS Ward Village - Sold Out Condominiums 20 Ward Village - Completed or Under Construction Condominiums to be Sold 21 Summary of Remaining Development Costs 22 Portfolio Key Metrics 23 MPC Performance 24 MPC Land 25 Lease Expirations 26 Acquisition / Disposition Activity 27 Other Assets 28 Debt Summary 29 Property-Level Debt 30 Reconciliations of Non-GAAP Measures 32

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HOWARD HUGHES 4 Stabilized - Properties in the Operating Assets and Seaport segments that have been in service for more than 36 months or have reached 90% occupancy, whichever occurs first. If an office, retail or multi-family property has been in service for more than 36 months but does not exceed 90% occupancy, the asset is considered underperforming. Unstabilized - Properties in the Operating Assets and Seaport segments that have been in service for less than 36 months and do not exceed 90% occupancy. Under Construction - Projects in the Strategic Developments and Seaport segments for which construction has commenced as of December 31, 2022, unless otherwise noted. This excludes Master Planned Community (MPC) and condominium development. Net Operating Income (NOI) - We define net operating income (NOI) as operating cash revenues (rental income, tenant recoveries and other revenue) less operating cash 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, ground rent amortization, demolition costs, amortization, other (loss) income, depreciation, development-related marketing costs, gain on sale or disposal of real estate and other assets, net, provision for impairment and, unless otherwise indicated, equity in earnings from unconsolidated ventures. 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 factor, such as lease structure, lease rates and tenant bases, have on our operating results, gross margins and investment returns. We believe that NOI is a useful supplemental measure of the performance of our Operating Assets and Seaport segments because it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating real estate properties and the impact on operations from trends in rental and occupancy rates and operating costs. This amount is presented as Operating Assets NOI and Seaport NOI throughout this document. Total Operating Assets NOI and Total Seaport NOI These terms represent NOI as defined above with the addition of our share of NOI from equity investees. Estimated Stabilized NOI - Stabilized NOI is initially projected prior to the development of the asset based on market assumptions and is revised over the life of the asset as market conditions evolve. On a quarterly basis, each asset's Annualized NOI is compared to its projected Stabilized NOI in conjunction with forecast data to determine if an adjustment is needed. Adjustments to Stabilized NOI are made when changes to the asset's long-term performance are thought to be more than likely and permanent. Remaining Development Costs - Development costs and related debt held for projects that are under construction or substantially complete and in service in the Operating Assets or the Seaport segment but have not reached stabilized occupancy status are disclosed on the Summary of Remaining Development Costs slide if the project has more than $1.0 million of estimated costs remaining to be incurred. The total estimated costs and costs paid are prepared on a cash basis to reflect the total anticipated cash requirements for the projects. Projects not yet under construction are not included. Same Store Properties - 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. Same Store NOI - We calculate Same Store Net Operating Income (Same Store NOI) as Operating Assets NOI applicable to consolidated properties 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 NOI also includes the Company's share of NOI from unconsolidated ventures and the annual distribution from a cost basis investment. Same Store 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 that Same Store 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 define Same Store NOI in the same manner as we do; therefore, our computation of Same Store 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. DefinitionsDefinitions

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HOWARD HUGHES 5 The Park at Ward Village 29% 'A'ali'i 42% Kō'ula 29% Bridgeland 54% Summerlin 34% The Woodlands/ Woodlands Hills 12% Recent Company Highlights HONOLULU, Oct. 20, 2022 (PRNewswire) - Ward Village®, an award-winning 60-acre master planned community located in the heart of Honolulu, broke ground on The Park Ward Village, the neighborhood's eighth residential development with integrated retail. HOUSTON, Oct. 27, 2022 (PRNewswire) - The Howard Hughes Corporation® (HHC) announced plans for Village Green at Bridgeland Central®, the first phase of commercial development of Northwest Houston's 925-acre mixed-use urban destination in the acclaimed master planned community of Bridgeland®. The 23-acre, mixed-use Village Green will be anchored by an over 100,000-square-foot H-E-B, the top-ranked Texas-based grocery store. PHOENIX, Oct. 31, 2022 (PRNewswire) - The Howard Hughes Corporation® (HHC) has broken ground on Teravalis™, a 37,000-acre mixed-use master planned community in the Phoenix West Valley projected to include 100,000 homes and 55 million square feet of commercial development. THE WOODLANDS, Nov. 14, 2022 (PRNewswire) - The Howard Hughes Corporation® (HHC) announced it has been recognized by GRESB for its sustainability leadership, earning the top ranking in the U.S. Diversified Listed peer group for the 2022 GRESB Real Estate Assessment's Standing Investments Benchmark. COLUMBIA, Dec. 14, 2022 (PRNewswire) - The Howard Hughes Corporation® (HHC) has broken ground on a four-story, $45.8 million medical office building in the Lakefront District in Downtown Columbia®, Maryland, signifying the next phase in the revitalization of the city's urban core. Q4 2022 Company Performance Share Price - December 31, 2022 $76.42 Diluted Earnings / Share $1.07 FFO / Diluted Share $1.75 Core FFO / Diluted Share $2.37 AFFO / Diluted Share $2.27 Company Profile - Summary & Results Operating Portfolio by Region Q4'22 MPC EBT $76.7M Q4'22 Condos Contracted 14 units NYSE: HHC Company Profile - Summary & Results

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HOWARD HUGHES 6 Office 37% Multi-family 53% Retail 10% Multi-family 14% Retail 86% Office 49% Multi-family 25% Retail 19% Other 7% Office 51% Multi-family 20% Retail 21% Other 8% Office 38% Multi-family 54% Retail 8% Q4 2022 Path to Projected Annual Stabilized NOI Currently Under Construction Currently Unstabilized Currently Stabilized (a) Total Projected Stabilized NOI $25.3M Projected Stabilized NOI $317.0M Projected Stabilized NOI $362.5M Office 51% Multi-family 24% Retail 23% Other 2% Office 51% Multi-family 23% Retail 24% Other 2% Path to Projected Annual Stabilized NOI charts exclude Seaport NOI, units, and square footage. See page 19 for Seaport NOI and other project information. See page 4 for definitions of Under Construction, Unstabilized,Stabilized and Net Operating Income (NOI). (a) Increase in Stabilized square footage from the prior quarter is primarily due to the transfer of 6100 Merriweather Dr and 9950 Woodloch Forest from Unstabilized to Stabilized. Q4 '22 Stabilized NOI $54.5M Q4 '22 Unstabilized NOI $0.6M Q4 '22 Total NOI $55.1M Projected Stabilized NOI $20.2M Retail Sq. Ft. 26,800 Retail Sq. Ft. 80,721 Retail Sq. Ft. 2,248,413 Retail Sq. Ft. 2,355,934 Office Sq. Ft. 233,000 Office Sq. Ft. 318,587 Office Sq. Ft. 6,202,095 Office Sq. Ft. 6,753,682 Multi-family Units 557 Multi-family Units 830 Multi-family Units 4,200 Multi-family Units 5,587 Q4 2022 Operating Results by Property Type Currently Unstabilized Currently Stabilized Total Company Profile - Summary & Results (cont.)

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HOWARD HUGHES 7 thousands except share price and billions Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 FY 2022 FY 2021 Company Profile Share price (a) $76.42 $55.39 $68.05 $103.61 $101.78 $76.42 $101.78 Market Capitalization (b) $3.8b $2.8b $3.4b $5.4b $5.5b $3.8b $5.5b Enterprise Value (c) $8.0b $7.1b $7.7b $9.4b $9.3b $8.0b $9.3b Weighted avg. shares - basic 49,426 49,445 50,786 52,453 54,487 50,513 54,596 Weighted avg. shares - diluted 49,464 49,471 50,822 52,501 54,535 50,558 54,649 Total diluted share equivalents outstanding (a) 49,802 49,901 50,263 52,433 54,068 49,802 54,068 Debt Summary Total debt payable (d) $4,802,188 $4,675,327 $4,847,318 $4,722,552 $4,639,416 $4,802,188 $4,639,416 Fixed-rate debt $3,610,618 $3,316,050 $3,320,845 $3,197,722 $3,125,559 $3,610,618 $3,125,559 Weighted avg. rate - fixed 4.55 % 4.40 % 4.40 % 4.40 % 4.41 % 4.55 % 4.41 % Variable-rate debt, excluding condominium financing $1,142,570 $1,310,277 $1,255,498 $1,291,921 $1,314,674 $1,142,570 $1,314,674 Weighted avg. rate - variable 6.07 % 5.19 % 4.45 % 3.58 % 3.49 % 6.07 % 3.49 % Condominium debt outstanding at end of period $49,000 $49,000 $270,975 $232,909 $199,183 $49,000 $199,183 Weighted avg. rate - condominium financing 7.00 % 8.14 % 5.00 % 4.79 % 4.77 % 7.00 % 4.77 % Leverage ratio (debt to enterprise value) 59.40 % 65.16 % 62.36 % 49.63 % 50.64 % 59.40 % 50.64 % General and Administrative General and administrative (G&A) $20,898 $19,471 $15,512 $25,891 $20,857 $81,772 $81,990 Less: Non-cash stock compensation (1,366) (1,298) (1,254) (1,437) (2,468) (5,355) (9,886) Cash G&A (e)(f) $19,532 $18,173 $14,258 $24,454 $18,389 $76,417 $72,104 Financial Summary (a) Presented as of period end date. (b) Market capitalization = Closing share price as of the last trading day of the respective period times total diluted share equivalents outstanding as of the date presented. (c) Enterprise Value = Market capitalization + book value of debt + noncontrolling interest - cash and equivalents. (d) Represents total mortgages, notes and loans payable, as stated in our GAAP financial statements as of the respective date, excluding unamortized deferred financing costs. (e) Cash G&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. (f) The first quarter of 2022 includes $2.3 million of severance and bonus costs related to our former Chief Financial Officer. Financial Summary

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HOWARD HUGHES 8 Financial Summary (a) Company's share of NOI for the Tin Building by Jean-Georges has been updated for the first and second quarters of 2022 using our current partnership funding provisions compared to the stated ownership of 65% used previously. (b) Excludes $2.7 million charge in the second quarter of 2022 and $20.5 million charge in the first quarter of 2021, for the estimated costs related to construction defects at the Waiea tower. The Company expects to recover all the repair costs from the general contractor, other responsible parties and insurance proceeds. thousands except percentages Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 FY 2022 FY 2021 Segment Metrics Operating Assets Operating Asset NOI $52,652 $58,657 $63,961 $50,514 $55,364 $225,784 $218,666 Company's share of NOI from unconsolidated ventures 2,420 2,139 2,386 6,754 2,053 13,699 7,836 Total Operating Assets NOI (a) $55,072 $60,796 $66,347 $57,268 $57,417 $239,483 $226,502 MPC MPC Segment EBT $76,660 $75,383 $71,266 $59,678 $129,301 $282,987 $316,607 Seaport Seaport NOI $(4,910) $1,568 $(684) $(5,742) $(5,519) $(9,768) $(17,563) Company's share of NOI from unconsolidated ventures (a) (15,730) (11,034) (4,979) (3,838) (272) (35,581) (592) Total Seaport NOI (e) $(20,640) $(9,466) $(5,663) $(9,580) $(5,791) $(45,349) $(18,155) Condo Gross Profit Condominium rights and unit sales $217,397 $418,645 $21,420 $19,616 $464,406 $677,078 $514,597 Adjusted condominium rights and unit cost of sales (b) (154,957) (295,300) (16,833) (14,180) (345,714) (481,270) (393,703) Condo adjusted gross profit $62,440 $123,345 $4,587 $5,436 $118,692 $195,808 $120,894 Financial Summary (cont.)

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HOWARD HUGHES 9 thousands except par values and share amounts December 31, 2022 December 31, 2021 ASSETS Master Planned Communities assets $2,411,526 $2,282,768 Buildings and equipment 4,246,389 3,962,441 Less: accumulated depreciation (867,700) (743,311) Land 312,230 322,439 Developments 1,125,027 1,208,907 Net investment in real estate 7,227,472 7,033,244 Investments in unconsolidated ventures 246,171 369,949 Net investment in lease receivable 2,895 2,913 Cash and cash equivalents 626,653 843,212 Restricted cash 472,284 373,425 Accounts receivable, net 103,437 86,388 Municipal Utility District receivables, net 473,068 387,199 Notes receivable, net 3,339 7,561 Deferred expenses, net 128,865 119,825 Operating lease right-of-use assets, net 46,926 57,022 Prepaid expenses and other assets, net 272,353 300,956 Total assets $9,603,463 $9,581,694 LIABILITIES Mortgages, notes and loans payable, net $4,747,183 $4,591,157 Operating lease obligations 51,321 69,363 Deferred tax liabilities, net 254,336 204,837 Accounts payable and accrued expenses 944,511 983,167 Total liabilities 5,997,351 5,848,524 Redeemable noncontrolling interest — 22,500 EQUITY Preferred stock: $0.01 par value; 50,000,000 shares authorized, none issued — — Common stock: $0.01 par value; 150,000,000 shares authorized, 56,226,273 issued and 49,801,997 outstanding as of December 31, 2022, 56,173,276 shares issued and 54,065,661 outstanding as of December 31, 2021 564 563 Additional paid-in capital 3,972,561 3,960,418 Retained earnings (accumulated deficit) 168,077 (16,456) Accumulated other comprehensive income (loss) 10,335 (14,457) Treasury stock, at cost, 6,424,276 shares as of December 31, 2022, and 2,107,615 shares as of December 31, 2021 (611,038) (220,073) Total stockholders' equity 3,540,499 3,709,995 Noncontrolling interests 65,613 675 Total equity 3,606,112 3,710,670 Total liabilities and equity $9,603,463 $9,581,694 Share Count Details (thousands) Shares outstanding at end of period (including restricted stock) 49,802 54,066 Dilutive effect of stock options (a) — 2 Total diluted share equivalents outstanding 49,802 54,068 (a) Stock options assume net share settlement calculated for the period presented. Balance Sheets

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HOWARD HUGHES 10 thousands except per share amounts Q4 2022 Q4 2021 FY 2022 FY 2021 REVENUES Condominium rights and unit sales $217,397 $464,406 $677,078 $514,597 Master Planned Communities land sales 117,033 194,093 316,065 346,217 Rental revenue 103,022 99,740 399,103 369,330 Other land, rental and property revenues 24,611 31,637 144,481 152,619 Builder price participation 19,942 15,800 71,761 45,138 Total revenues 482,005 805,676 1,608,488 1,427,901 EXPENSES Condominium rights and unit cost of sales 154,957 345,714 483,983 414,199 Master Planned Communities cost of sales 44,162 89,702 119,466 153,630 Operating costs 80,626 74,133 317,389 293,999 Rental property real estate taxes 13,719 12,879 54,033 55,398 Provision for (recovery of) doubtful accounts (279) 1,485 1,959 (459) General and administrative 20,898 20,857 81,772 81,990 Depreciation and amortization 52,777 49,705 200,361 205,100 Other 3,992 2,415 11,977 10,668 Total expenses 370,852 596,890 1,270,940 1,214,525 OTHER Provision for impairment — — — (13,068) Gain (loss) on sale or disposal of real estate and other assets, net 25,669 (7,395) 29,678 53,079 Other income (loss), net (588) 763 1,909 (11,515) Total other 25,081 (6,632) 31,587 28,496 Operating income (loss) 136,234 202,154 369,135 241,872 Interest income 2,545 23 3,818 107 Interest expense (30,928) (32,831) (110,891) (130,036) Gain (loss) on extinguishment of debt (1,732) (471) (2,377) (38,014) Equity in earnings (losses) from unconsolidated ventures (34,077) (25,667) (14,549) (9,852) Income (loss) before income taxes 72,042 143,208 245,136 64,077 Income tax expense (benefit) 18,678 31,859 60,500 15,153 Net income (loss) 53,364 111,349 184,636 48,924 Net (income) loss attributable to noncontrolling interests (613) 2,451 (103) 7,176 Net income (loss) attributable to common stockholders $52,751 $113,800 $184,533 $56,100 Basic income (loss) per share $1.07 $2.09 $3.65 $1.03 Diluted income (loss) per share $1.07 $2.09 $3.65 $1.03 Statements of Operations

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HOWARD HUGHES 11 thousands Q4 2022 Q4 2021 $ Change % Change FY 2022 FY 2021 $ Change % Change Same Store Office Houston, TX $19,249 $19,840 $(591) (3) % $73,776 $72,764 $1,012 1 % Columbia, MD 5,154 6,272 (1,118) (18) % 23,413 22,659 754 3 % Las Vegas, NV 3,467 3,796 (329) (9) % 14,027 14,416 (389) (3) % Total Same Store Office 27,870 29,908 (2,038) (7) % 111,216 109,839 1,377 1 % Same Store Retail Houston, TX 2,787 2,607 180 7 % 10,155 9,673 482 5 % Columbia, MD 376 303 73 24 % 1,896 1,483 413 28 % Las Vegas, NV 6,548 6,356 192 3 % 23,876 24,733 (857) (3) % Honolulu, HI 3,053 4,346 (1,293) (30) % 14,574 15,583 (1,009) (6) % Total Same Store Retail 12,764 13,612 (848) (6) % 50,501 51,472 (971) (2) % — — — Same Store Multi-Family Houston, TX 6,850 6,671 179 3 % 27,787 21,119 6,668 32 % Columbia, MD 1,558 1,617 (59) (4) % 6,492 4,473 2,019 45 % Las Vegas, NV 1,746 1,641 105 6 % 7,289 6,799 490 7 % Company's share of NOI from unconsolidated ventures 1,831 1,633 198 12 % 7,271 6,665 606 9 % Total Same Store Multi-Family 11,985 11,562 423 4 % 48,839 39,056 9,783 25 % Same Store Other Houston, TX 2,207 1,696 511 30 % 7,510 6,762 748 11 % Columbia, MD 99 17 82 482 % (42) (42) — — % Las Vegas, NV (2,047) (1,533) (514) (34) % 6,246 6,510 (264) (4) % Honolulu, HI 15 24 (9) (38) % 237 238 (1) — % Company's share of NOI from unconsolidated ventures 589 680 (91) (13) % 6,428 6,302 126 2 % Total Same Store Other 863 884 (21) (2) % 20,379 19,770 609 3 % Total Same Store NOI 53,482 55,966 (2,484) (4) % 230,935 220,137 10,798 5 % Non-Same Store NOI 1,590 1,451 139 10 % 8,548 6,365 2,183 34 % Total Operating Assets NOI $55,072 $57,417 $(2,345) (4) % $239,483 $226,502 $12,981 6 % See page 4 for definitions of Same Store Properties and Same Store NOI. Same Store NOI - Operating Assets Segment

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HOWARD HUGHES 12 thousands Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Same Store Metrics Stabilized Leasing Percentages Office 85 % 89 % 88 % 90 % 91 % Retail 95 % 96 % 95 % 94 % 94 % Multi-Family 95 % 96 % 96 % 98 % 99 % Unstabilized Leasing Percentages (a) Office — % 71 % 64 % 52 % 52 % Retail — % 90 % 78 % 72 % 72 % Same Store NOI Office $27,870 $28,430 $29,739 $25,177 $29,908 Retail 12,764 12,312 13,594 11,831 13,612 Multi-Family 11,985 12,559 12,435 11,860 11,562 Other 863 5,856 7,890 5,770 884 Total Same Store NOI $53,482 $59,157 $63,658 $54,638 $55,966 Quarter over Quarter Change in Same Store NOI (10) % (7) % 17 % (2) % See page 4 for definitions of Same Store Properties and Same Store NOI. (a) As of Q4 2022, all same store properties are stabilized. Same Store Performance - Operating Assets Segment

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HOWARD HUGHES 13 thousands except Sq. Ft. and units % Ownership (a) Total Q4 2022 Occupied (#) Q4 2022 Leased (#) Q4 2022 Occupied (%) Q4 2022 Leased (%) Q4 2022 Annualized NOI (b) Stabilized NOI Time to Stabilize (Years) (c)Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Stabilized Properties Office - Houston 100 % 3,968,103 — 3,213,673 — 3,316,328 — 81 % — % 84 % — % $77,140 $110,040 — Office - Columbia 100 % 1,701,564 — 1,318,482 — 1,446,247 — 77 % — % 85 % — % 21,790 35,380 — Office - Summerlin 100 % 532,428 — 502,699 — 508,953 — 94 % — % 96 % — % 14,480 14,900 — Retail - Houston 100 % 358,577 — 310,138 — 327,606 — 86 % — % 91 % — % 11,240 12,700 — Retail - Columbia 100 % 99,899 — 99,899 — 99,899 — 100 % — % 100 % — % 2,760 2,710 — Retail - Hawai'i 100 % 855,079 — 755,961 — 768,923 — 88 % — % 90 % — % 18,570 24,810 — Retail - Summerlin 100 % 803,145 — 786,983 — 801,090 — 98 % — % 100 % — % 26,970 26,300 — Multi-Family - Houston (d) 100 % 34,419 2,610 32,438 2,429 33,473 2,503 94 % 93 % 97 % 96 % 33,180 39,980 — Multi-Family - Columbia (d) Various 97,294 1,199 53,587 1,090 84,420 1,118 55 % 91 % 87 % 93 % 14,170 16,860 — Multi-Family - Summerlin (d) 100 % — 391 — 365 — 370 — % 93 % — % 95 % 7,160 7,650 — Self-Storage - Houston 100 % — 1,364 — 1,256 — 1,266 — % 92 % — % 93 % 1,390 1,390 — Other - Summerlin (e) Various — — — — — — — % — % — % — % 12,820 14,270 — Other Assets (e) Various 135,801 — 135,801 — 135,801 — 100 % — % 100 % — % 8,390 10,000 — Total Stabilized Properties (f) $250,060 $316,990 — Unstabilized Properties Office - Houston 100 % 52,689 — — — 20,000 — — % — % 38 % — % $— $1,390 1.8 Office - Summerlin 100 % 265,898 — 4,078 — 132,992 — 2 % — % 50 % — % — 8,370 3.0 Retail - Hawai'i 100 % 48,029 — 17,674 — 20,544 — 37 % — % 43 % — % 410 1,920 2.7 Multi-Family - Houston (d) 100 % — 358 — 80 — 126 — % 22 % — % 35 % — 4,360 2.5 Multi-Family - Columbia (d) 100 % 32,692 472 — 28 15,946 52 — % 6 % 49 % 11 % — 9,320 3.0 Total Unstabilized Properties $410 $25,360 2.7 NOI by Region, excluding Seaport

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HOWARD HUGHES 14 NOI by RegionNOI by Region, excluding Seaport (cont.) (a) Includes our share of NOI from our unconsolidated ventures. (b) To better reflect the full-year performance of the properties, the impacts of certain prior period accruals and adjustments included in Q4 2022 NOI were not annualized. (c) The expected stabilization date used in the Time to Stabilize calculation for all unstabilized and under construction assets is set 36 months from the in-service or expected in-service date. (d) Multi-Family square feet represent ground floor retail whereas multi-family units represent residential units for rent. (e) These assets can be found on page 16 of this presentation. (f) For Stabilized Properties, the difference between Annualized NOI and Stabilized NOI is attributable to a number of factors which may include temporary abatements, timing of lease turnovers, free rent and other market factors. thousands except Sq. Ft. and units % Ownership (a) Total Q4 2022 Occupied (#) Q4 2022 Leased (#) Q4 2022 Occupied (%) Q4 2022 Leased (%) Q4 2022 Annualized NOI (b) Stabilized NOI Time to Stabilize (Years) (c)Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Under Construction Properties Office - Columbia 100 % 86,000 — — — — — — % — % — % — % n/a $3,200 4.0 Office - Summerlin 100 % 147,000 — — — — — — % — % — % — % n/a 4,300 4.0 Retail - Hawai'i 100 % 26,800 — — — — — — % — % — % — % n/a 1,900 5.3 Multi-Family - Houston (d) 100 % — 263 — — — — — % — % — % — % n/a 4,860 3.0 Multi-Family - Summerlin (d) 100 % — 294 — — — — — % — % — % — % n/a 5,900 4.0 Total Under Construction Properties n/a $20,160 4.2 Total / Wtd. Avg. for Portfolio $250,470 $362,510 3.6

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HOWARD HUGHES 15 thousands except Sq. Ft. and units Location % Ownership Rentable Sq. Ft. Q4 2022 % Occ. (a) Q4 2022 % Leased (a) Annualized Q4 2022 NOI (b) (c) Est. Stabilized NOI (b) Office One Hughes Landing Houston, TX 100 % 197,719 55 % 55 % $2,840 $6,170 Two Hughes Landing Houston, TX 100 % 197,714 78 % 78 % 4,090 6,000 Three Hughes Landing Houston, TX 100 % 320,815 93 % 95 % 9,340 8,240 1725 Hughes Landing Boulevard Houston, TX 100 % 331,176 56 % 65 % 5,390 6,900 1735 Hughes Landing Boulevard Houston, TX 100 % 318,170 100 % 100 % 8,580 8,900 2201 Lake Woodlands Drive Houston, TX 100 % 24,119 100 % 100 % 520 570 Lakefront North Houston, TX 100 % 258,058 98 % 98 % 4,970 6,450 8770 New Trails Houston, TX 100 % 180,000 100 % 100 % 4,530 4,400 9303 New Trails Houston, TX 100 % 97,967 37 % 42 % 170 1,530 3831 Technology Forest Drive Houston, TX 100 % 95,078 100 % 100 % 2,540 2,620 3 Waterway Square Houston, TX 100 % 232,021 91 % 91 % 6,000 6,500 4 Waterway Square Houston, TX 100 % 218,551 80 % 80 % 3,150 6,860 The Woodlands Towers at the Waterway (d) Houston, TX 100 % 1,401,048 78 % 83 % 24,330 43,400 1400 Woodloch Forest Houston, TX 100 % 95,667 84 % 84 % 690 1,500 10 - 70 Columbia Corporate Center Columbia, MD 100 % 890,797 77 % 79 % 9,080 14,330 Columbia Office Properties Columbia, MD 100 % 63,831 52 % 84 % 280 1,400 One Mall North Columbia, MD 100 % 97,088 58 % 62 % 810 1,950 One Merriweather Columbia, MD 100 % 206,632 100 % 100 % 5,530 5,400 Two Merriweather Columbia, MD 100 % 124,016 98 % 98 % 2,430 3,100 6100 Merriweather Columbia, MD 100 % 319,200 68 % 94 % 3,660 9,200 Aristocrat Las Vegas, NV 100 % 181,534 100 % 100 % 4,390 4,520 One Summerlin Las Vegas, NV 100 % 206,279 86 % 89 % 6,270 6,440 Two Summerlin Las Vegas, NV 100 % 144,615 100 % 100 % 3,820 3,940 Total Office 6,202,095 $113,410 $160,320 Retail Creekside Park West Houston, TX 100 % 72,976 86 % 97 % $2,330 $2,200 Hughes Landing Retail Houston, TX 100 % 125,803 85 % 93 % 3,690 4,990 1701 Lake Robbins Houston, TX 100 % 12,376 100 % 100 % 560 540 Lakeland Village Center at Bridgeland Houston, TX 100 % 67,947 84 % 84 % 1,590 1,800 20/25 Waterway Avenue Houston, TX 100 % 50,062 83 % 83 % 1,660 2,000 Waterway Garage Retail Houston, TX 100 % 21,513 100 % 100 % 1,100 870 2000 Woodlands Parkway Houston, TX 100 % 7,900 100 % 100 % 310 300 Columbia Regional Building Columbia, MD 100 % 89,199 100 % 100 % 2,230 2,310 Merriweather District Area 3 Retail Columbia, MD 100 % 10,700 100 % 100 % 530 400 Ward Village Retail Honolulu, HI 100 % 855,079 88 % 90 % 18,570 24,810 Downtown Summerlin (e) Las Vegas, NV 100 % 803,145 98 % 100 % 26,970 26,300 Total Retail 2,116,700 $59,540 $66,520 Stabilized PropertiesStabilized Properties - Operating Assets Segment

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HOWARD HUGHES 16 Q4 2022 % Occ.(a) Q4 2022 % Leased (a) thousands except Sq. Ft. and units Location % Ownership Rentable Sq. Ft. Units Rentable Sq. Ft. Units Rentable Sq. Ft. Units Annualized Q4 2022 NOI (b) (c) Est. Stabilized NOI (b) Multi-family Creekside Park Apartments Houston, TX 100 % — 292 n/a 93 % n/a 96 % $2,570 $3,000 Creekside Park The Grove Houston, TX 100 % — 360 n/a 93 % n/a 96 % 4,100 4,780 Lakeside Row Houston, TX 100 % — 312 n/a 94 % n/a 96 % 2,580 3,870 Millennium Six Pines Apartments Houston, TX 100 % — 314 n/a 91 % n/a 95 % 3,510 4,500 Millennium Waterway Apartments Houston, TX 100 % — 393 n/a 94 % n/a 96 % 3,050 4,600 One Lakes Edge Houston, TX 100 % 22,971 390 91 % 93 % 96 % 94 % 6,820 7,200 The Lane at Waterway Houston, TX 100 % — 163 n/a 94 % n/a 96 % 2,600 3,500 Two Lakes Edge Houston, TX 100 % 11,448 386 100 % 94 % 100 % 98 % 7,950 8,530 Juniper Apartments Columbia, MD 100 % 55,677 382 21 % 93 % 77 % 96 % 6,730 9,160 The Metropolitan Downtown Columbia Columbia, MD 50 % 13,591 380 100 % 88 % 100 % 90 % 3,430 3,450 m.flats/TEN.M Columbia, MD 50 % 28,026 437 100 % 91 % 100 % 94 % 4,010 4,250 Constellation Apartments Las Vegas, NV 100 % — 124 n/a 94 % n/a 95 % 2,050 2,500 Tanager Apartments Las Vegas, NV 100 % — 267 n/a 93 % n/a 94 % 5,110 5,150 Total Multi-family (f) 131,713 4,200 $54,510 $64,490 Other Hughes Landing Daycare Houston, TX 100 % 10,000 — 100 % — % 100 % — % $250 $280 The Woodlands Warehouse Houston, TX 100 % 125,801 — 100 % — % 100 % — % 1,390 1,520 HHC 242 Self-Storage Houston, TX 100 % — 634 n/a 92 % n/a 93 % 710 710 HHC 2978 Self-Storage Houston, TX 100 % — 730 n/a 92 % n/a 92 % 680 680 Woodlands Sarofim #1 Houston, TX 20 % n/a n/a n/a n/a n/a n/a 20 250 Stewart Title of Montgomery County, TX Houston, TX 50 % n/a n/a n/a n/a n/a n/a 2,260 2,380 Houston Ground Leases Houston, TX 100 % n/a n/a n/a n/a n/a n/a 1,940 2,300 Kewalo Basin Harbor Honolulu, HI 100 % n/a n/a n/a n/a n/a n/a 1,760 2,180 Hockey Ground Lease Las Vegas, NV 100 % n/a n/a n/a n/a n/a n/a 580 580 Summerlin Hospital Medical Center Las Vegas, NV 5 % n/a n/a n/a n/a n/a n/a 4,640 4,640 Las Vegas Ballpark (g) Las Vegas, NV 100 % n/a n/a n/a n/a n/a n/a 7,600 9,050 Other Assets Various 100 % n/a n/a n/a n/a n/a n/a 770 1,090 Total Other 135,801 1,364 $22,600 $25,660 Total Stabilized $250,060 $316,990 (a) Percentage Occupied and Percentage Leased are as of December 31, 2022. (b) For Stabilized Properties, the difference between Annualized NOI and Stabilized NOI is attributable to a number of factors which may include temporary abatements, timing of lease turnovers, free rent and other market factors. (c) To better reflect the full-year performance of the properties, the impacts of certain prior period accruals and adjustments included in Q4 2022 NOI were not annualized. (d) 1201 Lake Robbins and 9950 Woodloch Forest, are collectively known as The Woodlands Towers at the Waterway. (e) Downtown Summerlin rentable sq. ft. excludes 381,767 sq. ft. of anchor space and 39,700 sq. ft. of office space. (f) Multi-Family square feet represent ground floor retail whereas multi-family units represent residential units for rent. (g) The Las Vegas Ballpark presentation is inclusive of the results from both the stadium operations and those of our wholly owned team, the Las Vegas Aviators. Annualized NOI is based on a trailing 12-month calculation due to seasonality. Stabilized Properties - Operating Assets Segment (cont.)

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HOWARD HUGHES 17 Q4 2022 % Occ. (a) Q4 2022 % Leased (a) Develop. Costs Incurred Est. Total Cost (Excl. Land) Annualized Q4 2022 NOI Est. Stabilized NOI (b) Est. Stab. Date Est. Stab. Yield thousands except Sq. Ft. and units Location % Ownership Rentable Sq. Ft. Units Rentable Sq. Ft. Units Rentable Sq. Ft. Units Office Creekside Park Medical Plaza Houston, TX 100 % 32,689 — — % n/a — % n/a $5,387 $10,351 $— $790 2025 8 % Memorial Hermann Medical Office Building Houston, TX 100 % 20,000 — — % n/a 100 % n/a 4,368 6,237 — 600 2023 10 % 1700 Pavilion Las Vegas, NV 100 % 265,898 — 2 % n/a 50 % n/a 85,429 121,515 — 8,370 2025 7 % Total Office 318,587 — $95,184 $138,103 $— $9,760 Retail A'ali'i (c) Honolulu, HI 100 % 11,175 — 88 % n/a 88 % n/a $— $— $410 $640 2024 — % Kō'ula (c) Honolulu, HI 100 % 36,854 — 21 % n/a 29 % n/a — — — 1,280 2025 — % Total Retail 48,029 — $— $— $410 $1,920 Multi-Family Starling at Bridgeland Houston, TX 100 % — 358 — % 22 % — % 35 % $51,228 $60,572 $— $4,360 2025 7 % Marlow Columbia, MD 100 % 32,692 472 — % 6 % 49 % 11 % 98,034 130,490 — 9,320 2025 7 % Total Multi-Family 32,692 830 $149,262 $191,062 $— $13,680 Total Unstabilized $244,446 $329,165 $410 $25,360 (a) Percentage Occupied and Percentage Leased are as of December 31, 2022. (b) Company estimates of stabilized NOI are based on current leasing velocity, excluding inflation and organic growth. (c) Condominium retail Develop. Cost Incurred and Est. Total Costs (Excl. Land) are combined with their respective condominium costs on page 20 and 21 of this supplement. Unstabilized Properties - Operating Assets Segment

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HOWARD HUGHES 18 Under Construction Properties thousands except Sq. Ft. and units Location % Ownership Est. Rentable Sq. Ft. Percent Pre- Leased (a) Const. Start Date Est. Stabilized Date (b) Develop. Costs Incurred Est. Total Cost (Excl. Land) Est. Stabilized NOI Est. Stab. Yield Office South Lake Medical Office Building Columbia, MD 100 % 86,000 21 % Q3 2022 2027 $4,594 $44,833 $3,200 7 % Summerlin South Office Las Vegas, NV 100 % 147,000 — % Q4 2022 2026 4,635 53,942 4,300 8 % Total Office 233,000 $9,229 $98,775 $7,500 Retail The Park Ward Village (c) Honolulu, HI 100 % 26,800 — % Q4 2022 2028 $— $— $1,900 — % Total Retail 26,800 $— $— $1,900 in thousands except Sq. Ft. and units Location % Ownership # of Units Monthly Est. Rent Per Unit Const. Start Date Est. Stabilized Date (b) Develop. Costs Incurred Est. Total Cost (Excl. Land) Est. Stabilized NOI Est. Stab. Yield Multi-family Tanager Echo Las Vegas, NV 100 % 294 $2,148 Q2 2021 2026 $57,494 $86,853 $5,900 7 % Wingspan (d) Houston, TX 100 % 263 2,460 Q2 2022 2026 11,699 86,548 4,860 6 % Total Multi-family 557 $69,193 $173,401 $10,760 Total Under Construction $78,422 $272,176 $20,160 (a) Represents leases signed as of December 31, 2022. (b) Represents management's estimate of the first quarter of operations in which the asset may be stabilized. (c) Condominium retail Develop. Cost Incurred and Est. Total Costs (Excl. Land) are combined with their respective condominium costs on page 20 and 21 of this supplement. (d) Wingspan is our first single-family rental community in Bridgeland. The project, which will include 263 homes, is expected to start welcoming residents in 2024. Under Construction Properties - Strategic Developments Segment

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HOWARD HUGHES 19 NOI by Region Q4 2022 Landlord Operations (a) Landlord Operations - Multi-family (b) Managed Businesses (c) Tin Building (d) Events and Sponsorships (e) Q4 2022 Totalthousands except sq. ft. and percentages Revenues (f) $3,703 $331 $9,074 $3,212 $2,095 $18,415 Operating expenses (f) (10,202) (225) (10,125) (767) (3,745) (25,064) Adjustments to arrive at NOI 1,057 (92) 817 (42) (1) 1,739 Seaport NOI $(5,442) $14 $(234) $2,403 $(1,651) $(4,910) Company's share of NOI from unconsolidated ventures (f) — — (112) (15,618) — (15,730) Total Seaport NOI (g) $(5,442) $14 $(346) $(13,215) $(1,651) $(20,640) Rentable Sq. Ft. / Units Total Sq. Ft. / units 346,136 13,000 / 21 51,606 53,783 21,077 Leased Sq. Ft. / units (h) 195,201 — / 21 50,970 53,783 21,077 % Leased or occupied (h) 56 % — % / 100 % 99 % 100 % 100 % Development Development costs incurred $564,791 $— $— $195,524 $— $760,315 Estimated total costs (excl. land) $594,368 $— $— $204,870 $— $799,238 (a) Landlord Operations represents physical real estate in the Historic District and Pier 17 developed and owned by HHC and leased to third parties. (b) Landlord Operations - Multi-family represents 85 South Street which includes base level retail in addition to residential units. (c) Managed Businesses represents retail and food and beverage businesses in the Historic District and Pier 17 that HHC owns, either wholly or through joint ventures, and operates, including license and management agreements. For the three months ended December 31, 2022, these businesses include, among others, The Fulton, Mister Dips, Carne Mare and Malibu Farm. Managed Businesses also includes the Company's share of NOI from Ssäm Bar and Jean-Georges Restaurants. (d) The Company owns 100% of the Tin Building which was completed and placed in service during the third quarter of 2022. The Company leased 100% of the space to The Tin Building by Jean-Georges joint venture, in which the Company has an equity ownership interest. (e) Events and Sponsorships includes private events, catering, sponsorships, concert series and other rooftop activities. (f) Rental revenue earned from and expense paid by businesses we wholly own and operate is eliminated in consolidation. For joint ventures where the Company is the landlord, the Company recognizes 100% of rental revenue earned. The Company's share of rental expense paid by joint ventures is included in the Company's share of NOI from unconsolidated ventures. (g) Total Seaport NOI includes NOI from businesses we wholly own and operate as well as the Company's share of NOI from unconsolidated ventures. See page 33 for the reconciliation of Total Seaport NOI. (h) Leased square footage and percent leased for Landlord Operations includes agreements with terms of less than one year. Seaport Operating Performance

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HOWARD HUGHES 20 As of December 31, 2022 Waiea Anaha Ae'o Ke Kilohana (a) Victoria Place Total Key Metrics ($ in thousands) Type of building Luxury Luxury Upscale Workforce Luxury Number of units 177 317 465 423 349 1,731 Avg. unit Sq. Ft. 2,138 1,417 838 696 1,164 1,108 Condo Sq. Ft. 378,488 449,205 389,663 294,273 406,351 1,917,980 Street retail Sq. Ft. 7,716 16,048 70,800 28,386 n/a 122,950 Stabilized retail NOI $450 $1,200 $2,400 $1,200 n/a $5,250 Stabilization year 2017 2020 2019 2020 n/a Development progress ($ in thousands) Status Completed Completed Completed Completed Under Construction Start date Q2 2014 Q4 2014 Q1 2016 Q4 2016 Q1 2021 Completion date Q4 2016 Q4 2017 Q4 2018 Q2 2019 2024 Total development cost $598,664 $403,974 $430,737 $218,406 $503,271 $2,155,052 Cost-to-date 548,779 403,708 430,028 217,002 182,607 1,782,124 Remaining to be funded $49,885 $266 $709 $1,404 $320,664 $372,928 Financial Summary ($ in thousands) Units closed through December 31, 2022 177 317 465 423 — 1,382 Units under contract through December 31, 2022 — — — — 349 349 Total % of units closed or under contract 100% 100% 100% 100% 100% 100% Units closed in Q4 2022 1 — — — — 1 Square footage closed or under contract (total) 378,488 449,205 389,663 294,273 406,351 1,917,980 Total % square footage closed or under contract 100% 100% 100% 100% 100% 100% Total cash received (closings & deposits) $698,243 $515,877 $512,770 $218,536 $157,526 $2,102,952 Total GAAP revenue recognized $698,243 $515,877 $512,770 $218,536 $— $1,945,426 Total future GAAP revenue for units under contract $— $— $— $— $774,584 $774,584 Deposit Reconciliation (thousands) Spent towards construction $— $— $— $— $106,018 $106,018 Held for future use (b) — — — — 51,508 51,508 Total deposits from sales commitment $— $— $— $— $157,526 $157,526 (a) Ke Kilohana consists of 375 workforce units and 48 market rate units. (b) Total deposits held for future use are presented above only for projects under construction and are included in Restricted cash on the balance sheet. Ward Village - Sold Out Condominiums

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HOWARD HUGHES 21 As of December 31, 2022 'A'ali'i Kō'ula The Park Ward Village Total Key Metrics ($ in thousands) Type of building Upscale Upscale Upscale Number of units 750 565 545 1,860 Avg. unit Sq. Ft. 520 725 846 678 Condo Sq. Ft. 390,097 409,612 460,864 1,260,573 Street retail Sq. Ft. (a) 11,175 36,854 26,800 74,829 Stabilized retail NOI $640 $1,280 $1,900 $3,820 Stabilization year 2024 2025 2028 Development progress ($ in thousands) Status Completed Completed Under Construction Start date Q4 2018 Q3 2019 Q4 2022 Completion / Est. Completion date Q4 2021 Q3 2022 2025 Total development cost $394,908 $487,039 $620,065 $1,502,012 Cost-to-date 381,273 399,029 49,274 829,576 Remaining to be funded $13,635 $88,010 $570,791 $672,436 Financial Summary ($ in thousands) Units closed through December 31, 2022 719 549 — 1,268 Units under contract through December 31, 2022 — 1 501 502 Units remaining to be sold through December 31, 2022 31 15 44 90 Total % of units closed or under contract 95.9% 97.3% 91.9% 95.2% Units closed in Q4 2022 7 151 — 158 Units under contract in Q4 2022 6 4 4 14 Square footage closed or under contract (total) 365,665 400,893 427,878 1,194,436 Total % square footage closed or under contract 93.7% 97.9% 92.8% 94.8% Total cash received (closings & deposits) $504,701 $619,932 $129,727 $1,254,360 Total GAAP revenue recognized $504,701 $619,796 $— $1,124,497 Total future GAAP revenue for units under contract $— $1,399 $651,359 $652,758 Expected avg. price per Sq. Ft. $1,300 - $1,350 $1,500 - $1,550 $1,500 - $1,550 Deposit Reconciliation (thousands) Spent towards construction $— $— $— $— Held for future use (b) — — 129,727 129,727 Total deposits from sales commitment $— $— $129,727 $129,727 (a) Expected construction cost per retail square foot for all sold and remaining to be sold condos is approximately $1,100. (b) Total deposits held for future use are presented above only for projects under construction and are included in Restricted cash on the balance sheet. Ward Village - Completed or Under Construction Condominiums Remaining to be Sold

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HOWARD HUGHES 22 As of December 31, 2022 thousands Location Total Estimated Costs (a) Costs Paid Through December 31, 2022 Estimated Remaining to be Spent Remaining Buyer Deposits/ Holdback to be Drawn Debt to be Drawn Costs Remaining to be Paid, Net of Debt and Buyer Deposits/ Holdbacks to be Drawn (b) Estimated Completion Date Juniper Apartments (c) Columbia, MD $116,386 $108,241 $8,145 $— $— $8,145 Completed Marlow Columbia, MD 130,490 98,034 32,456 — 31,689 767 Completed 6100 Merriweather (c) Columbia, MD 138,221 118,804 19,417 — — 19,417 Completed Creekside Park Medical Plaza (c)(d) Houston, TX 10,351 5,387 4,964 — 5,052 (88) Completed Memorial Hermann Medical Office Building (c)(d) Houston, TX 6,237 4,368 1,869 — 2,094 (225) Completed Starling at Bridgeland (d) Houston, TX 60,572 51,228 9,344 — 11,514 (2,170) Completed 1700 Pavilion (c)(d) Las Vegas, NV 121,515 85,429 36,086 — 36,935 (849) Completed Total Operating Assets 583,772 471,491 112,281 — 87,284 24,997 Pier 17 and Historic District Area / Uplands (c) New York, NY 594,368 564,791 29,577 — — 29,577 Completed Tin Building New York, NY 204,870 195,524 9,346 — — 9,346 Completed Total Seaport Assets 799,238 760,315 38,923 — — 38,923 South Lake Medical Office Building Columbia, MD 44,833 4,594 40,239 — — 40,239 2024 Wingspan Houston, TX 86,548 11,699 74,849 — 54,065 20,784 2024 Summerlin South Office Las Vegas, NV 53,942 4,635 49,307 — — 49,307 Q4 2023 Tanager Echo Las Vegas, NV 86,853 57,494 29,359 — 28,001 1,358 Q2 2023 'A'ali'i Honolulu, HI 394,908 381,273 13,635 — — 13,635 Completed Kō'ula Honolulu, HI 487,039 399,029 88,010 75,633 — 12,377 Completed The Park Ward Village Honolulu, HI 620,065 49,274 570,791 136,902 392,000 41,889 2025 Victoria Place (e) Honolulu, HI 503,271 182,607 320,664 44,624 303,630 (27,590) 2024 Waiea (f) Honolulu, HI 598,664 548,779 49,885 — — 49,885 Completed Total Strategic Developments 2,876,123 1,639,384 1,236,739 257,159 777,696 201,884 Total $4,259,133 $2,871,190 $1,387,943 $257,159 $864,980 $265,804 South Lake Medical Office Building financing (g) (23,760) Summerlin South Office financing (g) (27,000) Estimated costs to be funded net of financing costs, assuming closing on estimated financing $215,044 See page 4 for definition of Remaining Development Costs. (a) Total Estimated Costs represent all costs to be incurred on the project which include construction costs, demolition costs, marketing costs, capitalized leasing, payroll or project development fees, deferred financing costs and advances for certain accrued costs from lenders and excludes land costs and capitalized corporate interest allocated to the project. Total Estimated Costs for assets at Ward Village and Columbia exclude master plan infrastructure and amenity costs at Ward Village and Merriweather District. (b) We expect to be able to meet our cash funding requirements with a combination of existing and anticipated construction loans, condominium buyer deposits, free cash flow from our Operating Assets and MPC segments, net proceeds from condominium sales, our existing cash balances and as necessary, the postponement of certain projects. (c) Final completion is dependent on lease-up and tenant build-out. (d) Negative balance relates to costs paid by HHC, but not yet reimbursed by our lenders. We expect to receive funds from our lenders for these costs in the future. (e) The negative balance represents equity that will be paid out as loan proceeds in Q1 2023. Until that period, costs remaining (net of debt) will reflect a negative balance. (f) Total estimated cost includes $139.2 million for warranty repairs. However, we anticipate recovering a substantial amount of these costs in the future, which is not reflected in this schedule. (g) We expect to secure financing to fund these developments in early 2023. Summary of Remaining Development Costs

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HOWARD HUGHES 23 MPC Regions Non-MPC Regions The Woodlands The Woodlands Hills Bridgeland Summerlin Teravalis Floreo Columbia Total Hawai'i Seaport Total As of December 31, 2022 Houston, TX Houston, TX Houston, TX Las Vegas, NV Phoenix, AZ Phoenix, AZ Columbia, MD MPC Regions Honolulu, HI New York, NY Non- MPC Stabilized Properties Office Sq.Ft. 3,968,103 — — 532,428 — — 1,701,564 6,202,095 — — — Retail Sq. Ft. (a) 325,049 — 67,947 803,145 — — 197,193 1,393,334 855,079 13,000 868,079 Multi-family units 2,298 — 312 391 — — 1,199 4,200 — 21 21 Self-Storage Units 1,364 — — — — — — 1,364 — — — Other Sq. Ft. 135,801 — — — — — — 135,801 — — — Unstabilized Properties Office Sq.Ft. 52,689 — — 265,898 — — — 318,587 — 188,450 188,450 Retail Sq.Ft. — — — — — — 32,692 32,692 48,029 284,152 332,181 Multi-family units — — 358 — — — 472 830 — — — Under Construction Properties Office Sq.Ft. — — — 147,000 — — 86,000 233,000 — — — Retail Sq.Ft. — — — — — — — — 26,800 — 26,800 Multi-family units — — 263 294 — — — 557 — — — Residential Land Total gross acreage/condos (b) 28,545 ac 2,055 ac 11,506 ac 22,500 ac 33,810 ac 3,029 ac 16,450 ac 117,895 ac 3,591 n/a 3,591 Current Residents (b) 120,000 2,375 20,000 123,000 — — 112,000 377,375 n/a n/a — Remaining saleable acres/ condos under construction or complete 43 ac 736 ac 2,179 ac 2,618 ac 17,770 ac 1,230 ac n/a 24,576 ac 90 n/a 90 Estimated price per acre (c) $2,493,000 $333,000 $544,000 $902,000 $332,000 $305,000 n/a n/a n/a Commercial Land Total acreage remaining 737 ac 167 ac 1,157 ac 700 ac 9,578 ac 337 ac 96 ac 12,772 ac n/a n/a — Estimated price per acre (c) $961,000 $531,000 $679,000 $1,172,000 $204,000 $173,000 $580,000 n/a n/a Portfolio Key Metrics Portfolio Key Metrics include 100% of square footage and units associated with joint venture projects. Retail space in Multi-family assets shown as Retail square feet. (a) Retail Sq. Ft. within the Summerlin region excludes 381,767 Sq. Ft. of anchors and 39,700 Sq. Ft. of additional office space above our retail space. (b) Acreage and current residents shown as of December 31, 2022. (c) Residential and commercial pricing represents the Company's estimate of price per acre per its 2023 land models. Portfolio Key Metrics

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HOWARD HUGHES 24 Master Planned Community Land Consolidated MPC Segment EBT The Woodlands The Woodlands Hills Bridgeland Summerlin Teravalis Columbia Total Floreo (a) thousands Q4 2022 Q4 2021 Q4 2022 Q4 2021 Q4 2022 Q4 2021 Q4 2022 Q4 2021 Q4 2022 Q4 2021 Q4 2022 Q4 2021 Q4 2022 Q4 2021 Q4 2022 Q4 2021 Revenues: Residential land sale revenues $21,864 $2,063 $6,097 $10,789 $33,833 $41,571 $33,924 $139,065 $— $— $— $— $95,718 $193,488 $— $— Commercial land sale revenues — — — — 21,315 605 — — — — — — 21,315 605 — — Builder price participation 305 454 880 622 2,370 1,007 16,387 13,718 — — — — 19,942 15,801 — — Other land sale revenues 140 133 1 4 60 101 4,199 4,688 — — — — 4,400 4,926 — — Total revenues 22,309 2,650 6,978 11,415 57,578 43,284 54,510 157,471 — — — — 141,375 214,820 — — Expenses: Cost of sales - residential land (12,310) (1,108) (2,506) (4,316) (9,643) (11,182) (13,628) (72,933) — — — — (38,087) (89,539) — — Cost of sales - commercial land — — — — (6,075) (163) — — — — — — (6,075) (163) — — Real estate taxes (2,673) (985) (7) 66 (1,301) (907) (545) (580) (4) — (154) (152) (4,684) (2,558) (45) — Land sales operations (2,123) (2,754) (1,225) (1,321) (3,234) (1,758) (4,081) (2,991) (261) (3) (1,048) (118) (11,972) (8,945) (826) (3) Total operating expenses (17,106) (4,847) (3,738) (5,571) (20,253) (14,010) (18,254) (76,504) (265) (3) (1,202) (270) (60,818) (101,205) (871) (3) Depreciation and amortization (32) (33) (2) (2) (35) (35) (29) (24) (10) — — — (108) (94) (26) (3) Interest income (expense), net 394 330 564 404 5,481 3,924 8,169 6,291 — — — — 14,608 10,949 (364) (10) Gain (loss) on extinguishment of debt — — — — — — — — — — — — — — (296) — Equity in earnings (losses) from unconsolidated ventures (b) — — — — — — (17,665) 4,839 (732) (8) — — (18,397) 4,831 — — MPC Segment EBT $5,565 $(1,900) $3,802 $6,246 $42,771 $33,163 $26,731 $92,073 $(1,007) $(11) $(1,202) $(270) $76,660 $129,301 $(1,557) $(16) (a) This represents 100% of Floreo EBT. The Company owns a 50% interest in Floreo and accounts for its investment under the equity method. (b) Equity in earnings (losses) from unconsolidated ventures for Teravalis reflects our share of earnings in our Floreo joint venture and for Summerlin our share of earnings in The Summit joint venture. MPC Performance

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HOWARD HUGHES 25 Master Planned Community Land Consolidated MPC Segment The Woodlands The Woodlands Hills Bridgeland Summerlin Teravalis Columbia Floreo (a) thousands Q4 2022 Q4 2021 Q4 2022 Q4 2021 Q4 2022 Q4 2021 Q4 2022 Q4 2021 Q4 2022 Q4 2021 Q4 2022 Q4 2021 Q4 2022 Q4 2021 Key Performance Metrics: Residential Total acres closed in current period 7.4 ac 2.4 ac 15.4 ac 30.8 ac 61.0 ac 83.6 ac 23.7 ac 216.4 ac — — — — — — Price per acre achieved $2,955 $860 $393 $350 $555 $497 $1,273 $624 $— $— $— $— $— $— Avg. gross margins 43.7% 46.3% 58.9% 60.0% 71.5% 73.1% 59.8% 47.6% —% —% —% —% —% —% Commercial Total acres closed in current period — — — — 84.3 ac 40.0 ac — — — — — — — — Price per acre achieved $— $— $— $— $453 $174 $— $— $— $— $— $— $— $— Avg. gross margins — % — % — % — % 71.5 % 73.1% — % —% — % —% — % —% —% —% Avg. combined before-tax net margins 43.7 % 46.3% 58.9% 60.0% 71.5 % 73.1% 59.8% 47.6% —% —% — % —% —% —% Key Valuation Metrics: Remaining saleable acres Residential 43 ac 736 ac 2,179 ac 2,618 ac 17,770 ac — 1,230 ac Commercial 737 ac 167 ac 1,157 ac 700 ac 9,578 ac 96 ac 337 ac Projected est. % superpads / lot size —% / — —% / — —% / — 63% / 0.25 ac —% / — NM —% / — Projected est. % single-family detached lots / lot size 56% / 0.32 ac 83% / 0.21 ac 89% / 0.24 ac —% / — 81% / 0.22 ac NM 100% / 0.24 ac Projected est. % single-family attached lots / lot size 44% / 0.12 ac 17% / 0.14 ac 9% / 0.09 ac —% / — 19% / 0.11 ac NM —% / —% Projected est. % custom homes / lot size —% / — —% / — 2% / 0.63 ac 37% / 0.45 ac —% / — NM —% / — Estimated builder sale velocity (blended total - TTM) (b) 2 19 54 65 NM NM NM Projected GAAP gross margin (c) 74.7% 76.2% 58.9% 60.0% 71.5% 73.1% 61.4% 52.8% 87.3% 87.3% NM 44.4% 44.4% Projected cash gross margin (c) 96.3% 86.0% 87.2% 78.0% 87.6% NM 60.5% Residential sellout / Commercial buildout date estimate Residential 2025 2030 2036 2043 2081 — 2034 Commercial 2034 2030 2045 2039 2081 2024 (d) 2035 (a) This represents 100% of Floreo performance and valuation metrics. The Company owns a 50% interest in Floreo and accounts for its investment under the equity method. (b) Represents the average monthly builder homes sold over the last twelve months ended December 31, 2022. (c) Projected GAAP gross margin is based on GAAP revenues and expenses which exclude revenues deferred on sales closed where revenue did not meet criteria for recognition and includes revenues previously deferred that met criteria for recognition in the current period. Gross margin for each MPC may vary from period to period based on the locations of the land sold and the related costs associated with developing the land sold. Projected cash gross margin includes all future projected revenues less all future projected development costs, net of expected reimbursable costs, and capitalized overhead, taxes and interest. (d) Columbia land development is complete. The sale of remaining land and/or development of additional commercial assets will occur as the market dictates. NM Not meaningful. MPC Land

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HOWARD HUGHES 26 Office Expirations (a) Retail Expirations (a) Expiration Year Annualized Cash Rent ($ in thousands) Percentage of Annualized Cash Rent Wtd. Avg. Annualized Cash Rent Per Leased Sq. Ft. Annualized Cash Rent ($ in thousands) Percentage of Annualized Cash Rent Wtd. Avg. Annualized Cash Rent Per Leased Sq. Ft. 2023 $9,284 3.83 % $38.04 $11,059 10.22 % $52.48 2024 14,376 5.93 % 39.55 6,726 6.22 % 46.79 2025 25,988 10.72 % 43.08 19,471 18.00 % 54.62 2026 10,840 4.48 % 42.66 9,219 8.52 % 41.53 2027 31,391 12.95 % 40.77 7,185 6.64 % 44.68 2028 18,870 7.79 % 43.80 5,620 5.20 % 47.18 2029 16,011 6.61 % 44.70 6,384 5.90 % 42.80 2030 23,017 9.50 % 47.26 6,055 5.60 % 64.39 2031 8,351 3.45 % 51.90 5,584 5.16 % 56.02 2032 52,153 21.51 % 52.47 6,542 6.05 % 57.71 Thereafter 32,204 13.23 % 43.08 24,382 22.49 % 42.73 Total $242,485 100.00 % $108,227 100.00 % (a) Excludes leases with an initial term of 12 months or less. Also excludes Seaport leases. Office and Retail Lease Expirations Total Office and Retail Portfolio as of December 31, 2022 % o f A nn ua liz ed C as h R en t E xp iri ng Houston Summerlin Columbia Hawaii Other Office 2023 Retail 2023 Office 2024 Retail 2024 Office 2025 Retail 2025 Office 2026 Retail 2026 Office 2027 Retail 2027 Office 2028 Retail 2028 Office 2029 Retail 2029 Office 2030 Retail 2030 Office 2031 Retail 2031 Office 2032 Retail 2032 Office 2033+ Retail 2033+ 0% 6% 12% 18% 24% 30% Lease Expirations

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HOWARD HUGHES 27 Acquisition / Disposition Activity thousands except rentable Sq. Ft. / Units / Acres Q4 2022 Acquisitions Date Acquired Property % Ownership Location Acres Acquisition Price No acquisition activity to report for Q4 2022 Q4 2022 Dispositions Date Sold Property % Ownership Location Acres / Rentable Sq. Ft. Sale Price December 30, 2022 Creekside Village Green 100% The Woodlands, Texas 74,670 sq. ft. $28.4 million December 21, 2022 Lake Woodlands Crossing 100% The Woodlands, Texas 60,261 sq. ft. $22.5 million Acquisition/Disposition Activity

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HOWARD HUGHES 28 Other Assets Property Name Location % Ownership Acres Notes West End Alexandria (formerly Landmark Mall) Alexandria, VA 58% 41.1 West End Alexandria is a joint venture formed to redevelop the former Landmark Mall into four million square feet of residential, retail, commercial and entertainment offerings with a central plaza and a network of parks and public transportation. The development will be anchored by a new state-of-the-art hospital and medical campus. Demolition began in the second quarter of 2022, with completion of the first buildings expected in 2025. 80% Interest in Fashion Show Air Rights Las Vegas, NV 80% N/A Air rights above the Fashion Show Mall located on the Las Vegas Strip. 250 Water Street New York, NY 100% 1.0 The Company plans to transform the underutilized full-block surface parking lot at the entrance of the Seaport into a mixed-use development including affordable and market rate apartments, community-oriented spaces and office space. Other Assets

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HOWARD HUGHES 29 thousands December 31, 2022 December 31, 2021 Fixed-rate debt Unsecured 5.375% Senior Notes due 2028 $750,000 $750,000 Unsecured 4.125% Senior Notes due 2029 650,000 650,000 Unsecured 4.375% Senior Notes due 2031 650,000 650,000 Secured mortgages payable 1,500,841 1,006,428 Special Improvement District bonds 59,777 69,131 Variable-rate debt (a) Senior Secured Credit Facility — 316,656 Secured mortgages payable, excluding condominium financing 867,570 723,018 Condominium financing 49,000 199,183 Secured Bridgeland Notes due 2026 275,000 275,000 Mortgages, notes and loans payable 4,802,188 4,639,416 Deferred financing costs (55,005) (48,259) Mortgages, notes and loans payable, net $4,747,183 $4,591,157 Net Debt on a Segment Basis as of December 31, 2022 (b) thousands Operating Assets Master Planned Communities Seaport Strategic Developments Segment Totals Non- Segment Amounts Total Mortgages, notes and loans payable, net $2,213,179 $329,297 $99,762 $78,682 $2,720,920 $2,026,263 $4,747,183 Mortgages, notes and loans payable of unconsolidated ventures (c) 90,380 34,680 107 — 125,167 — 125,167 Less: Cash and cash equivalents (143,197) (148,184) (11,928) (559) (303,868) (322,785) (626,653) Cash and cash equivalents of unconsolidated ventures (c) (2,053) (25,060) (8,860) (3,883) (39,856) — (39,856) Special Improvement District receivables — (64,091) — — (64,091) — (64,091) Municipal Utility District receivables, net — (473,068) — — (473,068) — (473,068) TIF receivable — — — (1,893) (1,893) — (1,893) Net Debt $2,158,309 $(346,426) $79,081 $72,347 $1,963,311 $1,703,478 $3,666,789 Consolidated Debt Maturities and Contractual Obligations as of December 31, 2022 thousands 2023 2024 2025 2026 2027 Thereafter Total Mortgages, notes and loans payable $166,062 $62,150 $386,314 $556,475 $298,458 $3,332,729 $4,802,188 Interest payments (d) 261,983 242,078 221,851 194,918 155,947 389,564 1,466,341 Ground lease commitments (e) 2,791 2,847 2,905 2,965 3,026 240,574 255,108 Total $430,836 $307,075 $611,070 $754,358 $457,431 $3,962,867 $6,523,637 Debt Summary (a) The Company has entered into derivative instruments to manage a portion of our variable interest rate exposure. See page 30 and 31 for additional detail. (b) Net debt is a non-GAAP financial measure that we believe is useful to our investors and other users of our financial statements as its components are important indicators of our overall liquidity, capital structure and financial position. However, it should not be used as an alternative to our debt calculated in accordance with GAAP. (c) Each segment includes our share of the Mortgages, notes and loans payable, net and Cash and cash equivalents for all joint ventures included in Investments in unconsolidated ventures. (d) Interest is based on the borrowings that are presently outstanding and current floating interest rates without the effects of interest rate derivatives. (e) Primarily relates to Seaport ground lease with initial expiration in 2072 and extension options through 2120. Future cash payments are not inclusive of extension options. Debt Summary

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HOWARD HUGHES 30 thousands Q4 2022 Principal Contract Interest Rate Interest Rate Hedge Current Annual Interest Rate Initial / Extended Maturity (a) Operating Assets 9303 New Trails $9,830 4.88 % Fixed 4.88 % Dec-23 4 Waterway Square 28,786 4.88 % Fixed 4.88 % Dec-23 Creekside Park West 15,869 L+225 Floating Swap to fixed 5.23 % (b) Mar-23 / Mar-24 6100 Merriweather 76,000 7.67 % Fixed 7.67 % Dec-25 9950 Woodloch Forest 97,446 L+195 Floating Swap to fixed 4.93 % (b)(c) Mar-25 3831 Technology Forest Drive 19,712 4.50 % Fixed 4.50 % Mar-26 Marlow 50,881 S+305 Floating Swap to fixed 6.03 % (b) Apr-25 / Apr-26 Creekside Park Medical Plaza 2,845 S+205 Floating Swap to fixed 5.03 % (b) Feb-25 / Feb-27 Memorial Hermann Medical Office Building 2,769 S+205 Floating Swap to fixed 5.03 % (b) Feb-25 / Feb-27 Starling at Bridgeland 31,155 S+275 Floating Swap to fixed 5.73 % (b) Apr-26 / Apr-27 20/25 Waterway Avenue 14,500 S+250 Floating Swap to fixed 5.48 % (b) Apr-26 / Apr-27 1700 Pavilion 38,065 L+380 Floating Cap at 2.50% LIBOR 6.30 % Sep-25 / Sep-27 Kewalo Basin Harbor 11,232 L+275 Floating Swap to fixed 5.73 % (b) Sep-27 10 - 70 Columbia Corporate Center 58,941 S+300 Floating Cap at 5.00% SOFR 7.30 % Dec-25 / Dec-27 One Mall North 16,059 S+300 Floating Cap at 5.00% SOFR 7.30 % Dec-25 / Dec-27 Ward Village Retail 200,000 S+260 Floating Swap to fixed 6.29 % Dec-26 / Dec-27 Juniper Apartments 117,000 5.68 % Fixed 5.68 % Dec-27 Millennium Six Pines Apartments 42,500 3.39 % Fixed 3.39 % Aug-28 3 Waterway Square 43,209 3.94 % Fixed 3.94 % Aug-28 Two Summerlin 40,800 S+175 Floating Swap to fixed 3.43 % Feb-27 / Feb-29 One Lakes Edge 67,535 4.50 % Fixed 4.50 % Mar-29 Aristocrat 35,060 3.67 % Fixed 3.67 % Sep-29 Creekside Park Apartments 37,730 3.52 % Fixed 3.52 % Oct-29 One Hughes Landing 48,287 4.30 % Fixed 4.30 % Dec-29 / Dec-34 1725 Hughes Landing Boulevard 61,207 S+405 Floating Cap at 5.50% SOFR 8.35 % Jan-27 / Jan-30 1735 Hughes Landing Boulevard 59,006 S+405 Floating Cap at 5.50% SOFR 8.35 % Jan-27 / Jan-30 Two Hughes Landing 46,332 4.20 % Fixed 4.20 % Dec-30 Tanager Apartments 58,500 3.13 % Fixed 3.13 % May-31 Lakeside Row 35,500 3.15 % Fixed 3.15 % Sept-31 1201 Lake Robbins 250,000 3.83 % Fixed 3.83 % (c) Oct-31 Three Hughes Landing 70,000 3.55 % Fixed 3.55 % Dec-31 Property-Level DebtProperty-Level Debt

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HOWARD HUGHES 31 (a) Extended maturity assumes exercise of all extension options, some of which have performance requirements. (b) The Company's interest rate swap with a notional amount of $615 million matures in September 2023. (c) 1201 Lake Robbins and 9950 Woodloch Forest, are collectively known as The Woodlands Towers at the Waterway. (d) In December 2022, the borrowing capacity was expanded from $275.0 million to $475.0 million, resulting in available capacity of $200.0 million as of December 31, 2022. (e) Excludes JV debt, Corporate bond debt, and SID bond debt related to Summerlin. thousands Q4 2022 Principal Contract Interest Rate Interest Rate Hedge Current Annual Interest Rate Initial / Extended Maturity (a) Operating Assets (cont.) The Woodlands Warehouse 13,700 3.65 % Fixed 3.65 % Jan-32 8770 New Trails 35,296 L+245 Floating Swap to fixed 4.89 % Jan-32 / Jan-42 One Merriweather 49,800 3.53 % Fixed 3.53 % Feb-32 Two Merriweather 25,600 3.83 % Fixed 3.83 % Feb-32 Millennium Waterway Apartments 51,000 3.94 % Fixed 3.94 % Jun-32 Two Lakes Edge 105,000 4.39 % Fixed 4.39 % Jun-32 The Lane at Waterway 37,500 4.85 % Fixed 4.85 % Jul-32 Creekside Park The Grove 57,000 4.12 % Fixed 4.12 % Nov-32 Lakefront North 50,000 6.75 % Fixed 6.75 % Dec-32 Constellation Apartments 24,200 4.07 % Fixed 4.07 % Jan-33 Hughes Landing Retail 32,912 3.50 % Fixed 3.50 % Dec-36 Columbia Regional Building 23,345 4.48 % Fixed 4.48 % Feb-37 Las Vegas Ballpark 44,802 4.92 % Fixed 4.92 % Dec-39 $2,236,911 Master Planned Communities Bridgeland Notes due 2026 $275,000 S+230 Floating Swap to fixed 5.28 % (b),(d) Sep-26 $275,000 Seaport 250 Water Street $100,000 S+361 Floating Swap to fixed 6.59 % (b) Nov-23 $100,000 Strategic Developments Victoria Place $49,000 L+500 Floating Cap at 2.00% LIBOR 7.00 % Sep-24 / Sep-26 Tanager Echo 31,499 L+290 Floating Cap at 2.00% LIBOR 5.40 % Sep-25 / Sep-27 Wingspan 1 S+275 Floating Swap to fixed 5.73 % (b) Dec-25 / Dec 27 $80,500 Total (e) $2,692,411 Property-Level Debt (cont.)

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HOWARD HUGHES 32 (a) EBT excludes corporate expenses and other items that are not allocable to the segments. (b) The Company's share of NOI related to 110 North Wacker in 2021 is calculated using our stated ownership of 23% and does not include the impact of the partnership distribution waterfall. Reconciliation of Operating Assets segment EBT to Total NOI thousands Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 FY 2022 FY 2021 Operating Assets segment EBT (a) $15,155 $3,998 $12,833 $9,248 $(29,894) $41,234 $(45,290) Add back: Depreciation and amortization 39,483 37,714 38,999 38,430 39,181 154,626 163,031 Interest (income) expense, net 25,183 23,340 21,318 20,118 20,212 89,959 75,391 Equity in (earnings) losses from unconsolidated ventures (365) (4,132) (2,591) (15,175) 30,111 (22,263) 67,042 (Gain) loss on sale or disposal of real estate and other assets, net (25,570) — (4,018) — (27) (29,588) (39,168) (Gain) loss on extinguishment of debt 1,585 — 363 282 471 2,230 1,926 Impact of straight-line rent (3,958) (1,744) (3,101) (2,438) (4,685) (11,241) (14,715) Other 1,139 (519) 158 49 (5) 827 10,449 Operating Assets NOI 52,652 58,657 63,961 50,514 55,364 225,784 218,666 Company's share of NOI from unconsolidated ventures (b) 2,420 2,139 2,386 2,116 2,053 9,061 4,081 Distributions from Summerlin Hospital Investment — — — 4,638 — 4,638 3,755 Total Operating Assets NOI $55,072 $60,796 $66,347 $57,268 $57,417 $239,483 $226,502 Reconciliation of Non-GAAP Measures

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HOWARD HUGHES 33 Reconciliation of Seaport segment EBT to Total NOI thousands Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 FY 2022 FY 2021 Seaport segment EBT (a) $(32,988) $(18,114) $(12,573) $(20,714) $(18,146) $(84,389) $(58,418) Add back: Depreciation and amortization 11,144 9,651 7,720 7,823 7,941 36,338 30,867 Interest (income) expense, net (899) (1,731) (1,319) 47 309 (3,902) (357) Equity in (earnings) losses from unconsolidated ventures 16,050 11,273 5,239 3,711 291 36,273 1,988 Impact of straight-line rent (1,063) (185) (184) 1,888 367 456 1,632 Other (income) loss, net (b) 2,846 674 433 1,503 3,719 5,456 6,725 Seaport NOI (4,910) 1,568 (684) (5,742) (5,519) (9,768) (17,563) Company's share of NOI from unconsolidated ventures (c) (15,730) (11,034) (4,979) (3,838) (272) (35,581) (592) Total Seaport NOI $(20,640) $(9,466) $(5,663) $(9,580) $(5,791) $(45,349) $(18,155) (a) EBT excludes corporate expenses and other items that are not allocable to the segments. (b) Includes miscellaneous development-related items. (c) Company's share of NOI for the Tin Building by Jean-Georges has been updated for the first and second quarters of 2022 using our current partnership funding provisions. Reconciliation of Non-GAAP Measures (cont.)

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HOWARD HUGHES 34 Reconciliation of MPC Land Sales Closed to GAAP Land Sales Revenue Three Months Ended December 31, Year Ended December 31, thousands 2022 2021 2022 2021 Total residential land sales closed in period $92,094 $189,423 $247,949 $329,492 Total commercial land sales closed in period 38,176 6,977 75,383 17,106 Net recognized (deferred) revenue: Bridgeland (16,860) (6,372) (18,388) (8,174) Woodlands Hills — — (172) — Summerlin 1,596 3,274 3,248 (1,568) Total net recognized (deferred) revenue (15,264) (3,098) (15,312) (9,742) Special Improvement District bond revenue 2,027 791 8,045 9,361 MPC land sales revenue - GAAP basis $117,033 $194,093 $316,065 $346,217 Reconciliation of MPC Segment EBT to MPC Net Contribution Three Months Ended December 31, Year Ended December 31, thousands 2022 2021 2022 2021 MPC segment EBT $76,660 $129,301 $282,987 $316,607 Plus: Master Planned Communities cost of sales 44,162 89,702 119,466 153,630 Depreciation and amortization 108 94 394 366 MUD and SID bonds collections, net 92,398 47,528 131,126 46,460 Distributions from unconsolidated ventures — 2,500 — 114,172 Less: MPC development expenditures (109,924) (106,696) (396,102) (322,255) MPC land acquisitions — (574,253) — (574,253) Equity in (earnings) losses from unconsolidated ventures 18,397 (4,831) 1,407 (59,399) MPC Net Contribution $121,801 $(416,655) $139,278 $(324,672) Reconciliation of Segment EBTs to Net Income Three Months Ended December 31, Year Ended December 31, thousands 2022 2021 2022 2021 Operating Assets segment EBT $15,155 $(29,894) $41,234 $(45,290) MPC segment EBT 76,660 129,301 282,987 316,607 Seaport segment EBT (32,988) (18,146) (84,389) (58,418) Strategic Developments segment EBT 62,388 110,321 190,238 83,758 Consolidated segment EBT 121,215 191,582 430,070 296,657 Corporate income, expenses and other items (67,851) (80,233) (245,434) (247,733) Net income (loss) 53,364 111,349 184,636 48,924 Net (income) loss attributable to noncontrolling interests (613) 2,451 (103) 7,176 Net income (loss) attributable to common stockholders $52,751 $113,800 $184,533 $56,100 Reconciliation of Non-GAAP Measures (cont.)

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HOWARD HUGHES 35 RECONCILIATIONS OF NET INCOME TO FFO Q4 2022 Q4 2021 FY 2022 FY 2021 thousands except share amounts Net income attributable to common shareholders $52,751 $113,800 $184,533 $56,100 Adjustments to arrive at FFO: Segment real estate related depreciation and amortization 51,971 48,792 196,677 200,776 (Gain) loss on sale or disposal of real estate and other assets, net (25,669) 7,395 (29,678) (53,079) Income recognized upon sale of interest in 110 North Wacker (4) — 4,910 — Income tax expense adjustments: Gain on sale or disposal of real estate and other assets, net 5,760 (1,560) 6,678 11,502 Income recognized upon sale of interest in 110 North Wacker 1 — (1,124) — Impairment of depreciable real estate properties — — — 13,068 Reconciling items related to noncontrolling interests 613 (2,451) 103 (7,176) Company's share of the above reconciling items from unconsolidated joint ventures 1,088 2,004 4,136 8,622 FFO $86,511 $167,980 $366,235 $229,813 Adjustments to arrive at Core FFO: (Gain) loss on extinguishment of debt 1,732 471 2,377 38,014 Loss on settlement of rate-lock agreement — — — 9,995 Severance expenses 9 84 2,524 763 Non-real estate related depreciation and amortization 806 913 3,684 4,324 Straight-line amortization (5,022) (4,315) (10,785) (13,047) Deferred income tax expense (benefit) 25,829 28,331 42,022 10,356 Non-cash fair value adjustments related to hedging instruments (724) 3,474 6,041 12,660 Share-based compensation 3,861 2,217 12,772 8,830 Other non-recurring expenses (development-related marketing and demolition costs) 3,992 2,415 11,977 10,668 Company's share of the above reconciling items from unconsolidated joint ventures 149 (1,510) 461 (4,834) Core FFO $117,143 $200,060 $437,308 $307,542 Adjustments to arrive at AFFO: Tenant and capital improvements (2,845) (555) (11,218) (7,998) Leasing commissions (1,987) (1,200) (8,142) (5,400) AFFO $112,311 $198,305 $417,948 $294,144 FFO per diluted share value $1.75 $3.08 $7.24 $4.21 Core FFO per diluted share value $2.37 $3.67 $8.65 $5.63 AFFO per diluted share value $2.27 $3.64 $8.27 $5.38 Reconciliations of Net Income to FFO, Core FFO and AFFO

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