Howard Hughes : Texas

TEXAS

HOWARD HUGHES

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Forward-Looking Statements

Statements made in this presentation that are not historical facts, including statements accompanied by words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "likely," "may," "plan," "project," "realize," "should," "transform," "would," and other statements of similar expression and other words of similar expression, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934.

These statements are based on management's expectations, estimates, assumptions and projections as of the date of this presentation and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission. In this presentation, forward-looking statements include, but are not limited to, expectations about the performance of our Master Planned Communities segment and other current income-producing properties and future liquidity, development opportunities, development spending and management plans. We caution you not to place undue reliance on the forward-looking statements contained in this presentation and do not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this presentation except as required by law.

Non-GAAP Financial Measures

We define NOI as operating revenues (rental income, tenant recoveries, and other revenues) 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 costs; gain on sale or disposal of real estate and other assets, net; provision for impairment; and equity in earnings from unconsolidated ventures. This amount is presented as Operating Assets NOI. Total Operating Assets NOI represents NOI as defined above with the addition of our share of NOI from equity unconsolidated ventures.

We believe that net operating income or NOI is a useful supplemental measure of the performance of our Operating Assets segment because it provides a performance measure that reflects the revenues and expenses directly associated with owning and operating real estate properties. We use NOI to evaluate our operating performance on a property-by-property basis because NOI allows us to evaluate the impact that property-specific factors such as rental and occupancy rates, tenant mix, and operating costs have on our operating results, gross margins, and investment returns.

Although we believe that NOI provides useful information to the investors about the performance of our segments, due to the exclusions noted above, NOI should only be used as an additional measure of the financial performance of such assets and not as an alternative to GAAP net income (loss). No reconciliation of in-place or projected stabilized NOI is included in this presentation because we are unable to quantify certain forecasted amounts that would be required to be included in the GAAP measure without unreasonable efforts and we believe such reconciliations would imply a degree of precision that would be confusing or misleading to investors.

For reconciliations of NOI to the most directly comparable GAAP measure, please see the Reconciliation to Non-GAAP Measures on the Company's Investor Relations websitein the Quarterly Results section under Financial Performance.

HOWARD HUGHES

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The Woodlands

HOWARD HUGHES

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The Woodlands at a Glance

LEED Precertification

U.S. Green Building Council

Community Snapshot

731 Acres of Remaining Commercial Land

• Size: 28,545 acres
• Population: 120,000 residents
• Established in 1974 by real estate and oil industry investor George Mitchell
• Self-containedcommunity where residents can live, work and play all in one place
• Rated the #1 Best Community to Live in America by Niche.com in 2021 & 2022

	Demographics	The	Houston
	Woodlands	MSA
	Average Household Income	$178k	$110k
	Median Home Value	$588k	$313k
	% College Graduates	64%	35%
				Yellow areas represent commercial land available for development.
HOWARD HUGHES		4

Source: Company filings and data, Redfin.com, Census.gov, Point2homes.com

The Woodlands - An Oasis Outside of Houston

OVERALL SCALE		THOUGHTFUL PRESENTATION
▪ 28,545 acres in total		▪	Manicured landscaping
▪	45 Square Miles		▪	Thoughtful design
▪	Population of +120k		▪	Open space

SELF-CONTAINED LIFE	TANGIBLE INFLUENCE
	Office	Home		▪ Significant commercial & residential property
Shopping	Outsized	Church		▪ Development flexibility; limited permitting
	Demand			▪ Retain restrictive rights over third parties
Medical		Amenities
Schools		▪ Price maker, not taker

OPPORTUNITY TO SHAPE A COMMUNITY

HOWARD HUGHES	Source: Company filings and data.	5

Consistently Recognized as an Exceptional Community

2023

2022

2021

2020

• #1 Best City to Buy a House in America - Niche
• #2 Best City to Raise a Family in America - Niche
• #3 Best City to Live in America - Niche
• #1 Best City to Live in America - Niche
• Largest MPC in world to receive LEED Precertification by the U.S. Green Building Council
• #1 Best City to Live in America - Niche
• 2nd Best City to Raise a Family in America - Niche
• 2nd Best City to Buy a House in America - Niche
• 2nd Best City to Live in America - Niche
• 2nd Best City to Raise a Family in America - Niche
• 3rd Best City to Buy a House in America - Niche

HOWARD HUGHES Source: Company filings and data. Niche.com, Nrpa.org, HoustonChronicle.com

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The Woodlands Amenities and Lifestyle

7,700 ACRES OF GREENSPACE

220 MILES OF TRAILS

UPSCALE RETAIL AND DINING

TOP-RATED AMPHITHEATER

BEST-IN-CLASS MEDICAL

CHAMPIONSHIP GOLF

HOWARD HUGHES	Source: Company filings and data, woodlandscenter.org, Memorial Hermann, visitthewoodlands.com	7

Variety of

Housing Options​

Multiple villages attracting a wide range of residents with different age and income profiles wanting to benefit from living in a self-sustaining suburban community

SINGLE-FAMILY DETACHED

SINGLE-FAMILY ATTACHED

MULTI-FAMILY

MPC infrastructure and grading of lots by Howard Hughes;		Built and operated
construction and sale of homes by independent home builders		by Howard Hughes

OUR BUILDER

PARTNERS

INCLUDED:

HOWARD HUGHES	Source: Company filings and data.	8

The Woodlands: Aria Isle at East Shore Custom Lot Sales

1 Premier Lot Remains to be Sold

Residential Acres

16

Revenue

$45M

EBT

$22M

Price per Acre

$2.8M

HOWARD HUGHES Source: Company filings and data.	9
Note: As of September 30, 2023

Generating NOI Through Commercial Properties

Office

• Size: 4M SF
• Stabilized Leased %: 88%
• In-PlaceNOI: $78M
• Stabilized NOI: $111M
• 16 Office Buildings

Multi-Family

• Size: 2,566 units
• Stabilized Leased %: 96%
• In-PlaceNOI: $34M
• Stabilized NOI: $46M
• 7 Premier Multi-Family Assets

Retail

• Size: 326k SF
• Stabilized Leased %: 99%
• In-PlaceNOI: $9M
• Stabilized NOI: $11M
• Street Retail, Neighborhood Centers & Grocers

$126M of In-Place NOI with $177M Expected at Stabilization(1)

HOWARD HUGHES	Source: Company filings and data. Note: As of September 30, 2023.	10
Size and Stabilized NOI total is inclusive of projects under construction.

(1) In-place and stabilized NOI is inclusive of 'Other' assets such as ground leases, Hughes Landing Daycare, and Stewart Title.