hhcsupplemental2q19

Exhibit 99.2 Seaport District Hughes Landing 6100 Merriweather New York, NY Houston, TX Columbia, MD Supplemental Information Three months ended June 30, 2019 NYSE: HHC The Howard Hughes Corporation, 13355 Noel Road, 22nd Floor, Dallas, TX 75240 HowardHughes.com 214.741.7744

Cautionary Statements Cautionary 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, 2018, as filed with the Securities and Exchange Commission ("SEC") on February 27, 2019 as amended and supplemented by any risk factors contained in our quarterly reports on Form 10-Q, which have been subsequently filed with the SEC. 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), plus our share of NOI from equity investees. NOI excludes straight-line rents and amortization of tenant incentives, net interest expense, ground rent amortization, demolition costs, amortization, depreciation, development- related marketing costs and Equity in earnings from real estate and other affiliates. 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 District 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. 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 District 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, certain officers and shareholders on Forms 3, 4 and 5. HowardHughes.com 214.741.7744 2

Table of Contents Table of Contents FINANCIAL OVERVIEW OPERATING PORTFOLIO PERFORMANCE OTHER PORTFOLIO METRICS Company Profile 4 NOI by Region 11 MPC Portfolio 18 Financial Summary 6 Stabilized Properties 13 Portfolio Key Metrics 19 Balance Sheets 8 Unstabilized Properties 15 Lease Expirations 20 Statements of Operations 9 Under Construction Properties 16 Acquisitions / Dispositions 21 Income Reconciliations 10 Seaport District Operating Performance 17 Master Planned Community Land 22 Ward Village Condominiums 23 Other Assets 24 Debt Summary 25 Property-Level Debt 26 Ground Leases 28 Definitions 29 Reconciliations of Non-GAAP Measures 30 HowardHughes.com 214.741.7744 3

Company Profile - Summary & Results Company Profile - Summary & Results Company Overview - Q2 2019 Recent Company Highlights NEW YORK, June 27, 2019 -- (PRNewswire) -- The Howard Hughes Corporation (HHC) confirmed that its Board of Directors is conducting a broad review of potential strategic alternatives to maximize shareholder value. The Board Exchange / Ticker NYSE: HHC has retained Centerview Partners to assist in its strategic review. A broad range of options is being considered including a sale, joint venture or spin-off of a portion of the company's assets; a recapitalization of the company; changes in the corporate structure of the company; or a sale of the company. Share Price - June 30, 2019 $ 123.84 NEW YORK, June 24, 2019 -- (PRNewswire) -- HHC announced today it has secured a $250 million term loan for the redevelopment of the Seaport District. The five-year loan is being provided by a consortium of leading financial institutions administered by Civitas Alternative Investments. The term loan has an initial rate of 6.10% for its first two years, followed Diluted Earnings / Share $ 0.31 by London Interbank Offered Rate (LIBOR) + 4.10% with a LIBOR cap of 2.30%. NEW YORK, June 6, 2019 -- (PRNewswire) -- As part of a thoughtful and comprehensive approach to urban planning FFO / Diluted Share $ 1.21 within the Seaport District, HHC has selected Skidmore, Owings & Merrill LLP (SOM) to advance a forward-looking plan for the continuing evolution of Seaport District properties. SOM brings highly relevant expertise to this important commission and will work with HHC and local stakeholders to create a compelling vision that respects the area's character, its local community, and the dynamic role the Seaport has played throughout New York City's history. Core FFO / Diluted Share $ 1.52 HONOLULU, May 15, 2019 -- (PRNewswire) -- HHC announced that it has begun welcoming residents to Ke Kilohana®, the first reserved housing tower and fourth mixed-use residential building to be delivered at Ward Village®, the award- winning 60-acre master planned community transforming Honolulu's urban core. AFFO / Diluted Share $ 1.45 Operating Portfolio by Region Q2 2019 MPC & Condominium Results $ in millions Bridgeland Waiea 26% 27% ‘A‘ali‘i Q2 2019 37% Q2 2019 MPC Condo EBT sales $47.2M 11 units Anaha 9% Summerlin 74% Ae‘o 27% Q2 2019 MPC EBT Q2 2019 Condo Units Contracted Bridgeland $ 12.1 Waiea 3 Columbia (0.3) Anaha 1 Summerlin 35.2 Ke Kilohana — Woodlands/Woodlands Hills 0.2 Ae‘o 3 ‘A‘ali‘i 4 Total $ 47.2 Total (a) 11 (a) Total not including Kô‘ula, our newest building that began public sales in January 2019 and contracted 45 units this quarter. Kô‘ula is excluded as we have not yet commenced construction. HowardHughes.com 214.741.7744 4

Company Profile - Summary & Results (con't) Company Profile - Summary & Results (cont'd) Path to Projected Annual Stabilized NOI Currently Under Construction Currently Unstabilized Currently Stabilized Total $ in millions $ in millions $ in millions $ in millions Retail Other Other Other 5% 2% Hotel 6% 9% Hotel 2% 10% Office Projected Hotel Projected Projected Office Projected Office Stabilized 37% 41% 41% 42% Multi- Office Stabilized Stabilized Stabilized NOI NOI NOI family 50% Retail NOI Retail $65.7M 45% $71.0M 36% $180.4M 24% $317.1M Multi- Multi- Multifamily Retail family family 18% 10% 10% 12% Retail & Office S.F. 2,353,219 Retail & Office S.F. 1,459,376 Retail & Office S.F. 5,572,289 Retail & Office S.F. 9,384,884 Multi-family Units 1,510 Multi-family Units 729 Multi-family Units 1,601 Multi-family Units 3,840 Hotel Keys — Hotel Keys 704 Hotel Keys 205 Hotel Keys 909 Other Units — Other Units 1,384 Other Units — Other Units 1,384 Projected Stabilized NOI $ 65.7 Projected Stabilized NOI $ 71.0 Projected Stabilized NOI $ 180.4 Projected Stabilized NOI $ 317.1 Q2 2019 Operating Results by Property Type Currently Under Construction Currently Unstabilized Currently Stabilized Total $ in millions $ in millions $ in millions $ in millions Other Other 1% Office Other 14% 19% 17% Q2 2019 Office Hotel Office 33% Under 2Q19 3% 2Q19 38% Hotel 2Q19 Unstabilized Multi- Construction family Stabilized 16% Total NOI NOI 10% NOI NOI Hotel $12.8M $47.6M $60.4M $0.0M Retail 60% Retail 10% Multi- 31% Multi- family Retail family 10% 27% 11% Path to Projected Annual Stabilized NOI charts exclude Seaport NOI, units, and square footage until we have greater clarity with respect to the performance of our tenants. See page 17 for Seaport NOI Yield and other project information. See page 29 for definitions of "Under Construction," "Unstabilized," "Stabilized" and "Net Operating Income (NOI)." HowardHughes.com 214.741.7744 5

Financial Summary Financial Summary ($ in thousands, except share price and billions) Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 YTD Q2 2019 YTD Q2 2018 Company Profile Share price (a) $123.84 $110.00 $97.62 $124.22 $132.50 $123.84 $132.50 Market Capitalization (b) $5.4b 4.8b 4.2b $5.4b $5.7b $5.4b $5.7b Enterprise Value (c) $8.3b 7.7b 7.0b $8.2b $8.3b $8.3b $8.3b Weighted avg. shares - basic 43,113 43,106 43,075 43,066 42,573 43,109 43,014 Weighted avg. shares - diluted 43,271 43,257 43,250 43,317 42,942 43,263 43,386 Total diluted share equivalents outstanding 43,223 43,223 43,077 43,194 43,325 43,223 43,325 Debt Summary Total debt payable (d) $ 3,465,714 $ 3,274,379 $ 3,215,211 $ 3,296,486 $ 3,163,771 $ 3,465,714 $ 3,163,771 Fixed rate debt $ 1,904,165 $ 1,675,207 $ 1,663,875 $ 1,651,695 $ 1,643,194 $ 1,904,165 $ 1,643,194 Weighted avg. rate - fixed 5.18% 5.06% 5.17% 4.60% 4.60% 5.18% 4.60% Variable rate debt, excluding condominium financing $ 1,561,549 $ 1,494,918 $ 1,454,579 $ 1,411,932 $ 1,355,523 $ 1,561,549 $ 1,355,523 Weighted avg. rate - variable 4.79% 4.85% 4.88% 4.78% 3.37% 4.79% 3.37% Condominium debt outstanding at end of period $ — $ 104,254 $ 96,757 $ 232,859 $ 165,054 $ — $ 165,054 Weighted avg. rate - condominium financing N/A 5.74% 5.75% 6.04% 5.93% N/A 5.93% Leverage ratio (debt to enterprise value) 41.17% 42.16% 45.49% 39.54% 37.59% 41.17% 37.59% (a) Presented as of period end date. (b) Market capitalization = Closing share price at 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 and bond issuance costs. HowardHughes.com 214.741.7744 6

Financial Summary (con't) Financial Summary ($ in thousands) Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 YTD Q2 2019 YTD Q2 2018 Earnings Profile Operating Assets Segment Income Revenues $ 106,604 $ 89,107 $ 80,940 $ 83,676 $ 85,905 $ 195,711 $ 170,529 Expenses (47,901) (42,754) (41,348) (42,786) (40,849) (90,655) (82,441) Company's Share NOI - Equity investees 1,688 5,089 1,952 1,343 791 6,777 4,801 Operating Assets NOI (a) 60,391 51,442 41,544 42,233 45,847 111,833 92,889 Avg. NOI margin 57% 58% 51% 50% 53% 57% 54% MPC Segment Earnings Total revenues 72,859 50,896 47,786 143,135 62,765 123,755 118,530 Total expenses (b) 40,406 (28,679) (25,864) (70,298) (37,088) 69,085 (73,537) Interest (expense) income, net (c) (8,283) 7,543 7,093 6,626 6,808 (15,826) 13,200 Equity in earnings in real estate and other affiliates (6,499) 7,837 1,602 9,454 14,100 (14,336) 25,228 MPC Segment EBT (c) 47,235 37,597 30,617 88,917 46,585 84,832 83,421 Seaport District Segment Income (d) Revenues 12,325 6,586 9,278 12,852 3,848 18,911 6,749 Expenses (15,212) (10,571) (12,794) (15,798) (3,383) (25,783) (5,766) Company's Share NOI - Equity investees (42) (195) (134) (452) (127) (237) (127) Seaport District NOI (e) (2,929) (4,180) (3,650) (3,398) 338 (7,109) 856 Avg. NOI margin (24%) (63%) (39%) (26%) 9% (38%) 13% Condo Gross Profit Revenues (f) 235,622 198,310 317,953 8,045 20,885 433,932 31,722 Expenses (f) (220,620) (137,694) (220,849) (6,168) (28,816) (358,314) (35,545) Condo Net Income (f) $ 15,002 $ 60,616 $ 97,104 $ 1,877 $ (7,931) $ 75,618 $ (3,823) (a) Operating Assets NOI = Operating Assets NOI excluding properties sold or in redevelopment + the Howard Hughes Corporation's (the "Company" or "HHC") share of equity method investments NOI and the annual distribution from our cost basis investment. Prior periods have been adjusted to be consistent with fiscal 2019 presentation. (b) Expenses include both actual and estimated future costs of sales allocated on a relative sales value to land parcels sold, including Master Planned Communities ("MPC")-level G&A and real estate taxes on remaining residential and commercial land. (c) MPC Segment EBT (Earnings before tax, as discussed in our GAAP financial statements), includes negative interest expense relating to capitalized interest for the segment on debt held in other segments and at corporate. (d) Starting in the first quarter of 2019, the Seaport District has been moved out of our other segments and into a stand-alone segment for disclosure purposes. Segment information for all periods presented has been updated to reflect this change. (e) Seaport District NOI = Seaport District NOI excluding properties sold or in redevelopment + Company's share of equity method investments NOI. Prior periods have been adjusted to be consistent with fiscal 2019 presentation. (f) Revenues in 2019 and 2018 represent Condominium rights and unit sales and expenses represent Condominium rights and unit cost of sales as stated in our GAAP financial statements, based on the new revenue standard adopted January 1, 2018. HowardHughes.com 214.741.7744 7

Balance Sheets (In thousands, except par values and share amounts) Q2 2019 Q2 2018 FY 2018 FY 2017 Assets: Unaudited Unaudited Unaudited Unaudited Investment in real estate: Master Planned Communities assets $ 1,675,536 $ 1,640,298 $ 1,642,660 $ 1,642,278 Buildings and equipment 3,136,130 2,390,097 2,932,963 2,238,617 Less: accumulated depreciation (444,461) (341,599) (380,892) (321,882) Land 303,384 273,444 297,596 277,932 Developments 1,349,855 1,739,787 1,290,068 1,196,582 Net property and equipment 6,020,444 5,702,027 5,782,395 5,033,527 Investment in real estate and other affiliates 117,821 99,444 102,287 76,593 Net investment in real estate 6,138,265 5,801,471 5,884,682 5,110,120 Cash and cash equivalents 650,702 606,715 499,676 861,059 Restricted cash 197,898 129,654 224,539 103,241 Accounts receivable, net 19,980 13,471 12,589 13,041 Municipal Utility District receivables, net 273,169 222,857 222,269 184,811 Notes receivable, net 300 4,085 4,694 5,864 Deferred expenses, net 108,198 93,319 95,714 80,901 Operating lease right-of-use assets, net 71,176 — — — Prepaid expenses and other assets, net 249,490 262,125 411,636 370,027 Total assets $ 7,709,178 $ 7,133,697 $ 7,355,799 $ 6,729,064 Liabilities: Mortgages, notes and loans payable, net $ 3,422,490 $ 3,137,773 $ 3,181,213 $ 2,857,945 Operating lease obligations 71,125 — — — Deferred tax liabilities 166,033 141,799 157,188 160,850 Accounts payable and accrued expenses 697,763 703,514 779,272 521,718 Total liabilities 4,357,411 3,983,086 4,117,673 3,540,513 Equity: Common stock: $.01 par value; 150,000,000 shares authorized, 43,661,694 shares issued and 43,141,845 outstanding as of June 30, 2019 and 43,511,473 shares issued and 42,991,624 outstanding as of December 31, 2018 437 436 436 433 Additional paid-in capital 3,329,062 3,314,197 3,322,433 3,302,502 Accumulated deficit (75,043) (180,967) (120,341) (109,508) Accumulated other comprehensive loss (28,542) 2,515 (8,126) (6,965) Treasury stock, at cost, 519,849 shares as of June 30, 2019 and December 31, 2018 (62,190) (60,743) (62,190) (3,476) Total stockholders' equity 3,163,724 3,075,438 3,132,212 3,182,986 Noncontrolling interests 188,043 75,173 105,914 5,565 Total equity 3,351,767 3,150,611 3,238,126 3,188,551 Total liabilities and equity $ 7,709,178 $ 7,133,697 $ 7,355,799 $ 6,729,064 Share Count Details (In thousands) Shares outstanding at end of period (including restricted stock) 43,142 43,041 42,992 43,271 Dilutive effect of stock options (a) 81 127 117 200 Dilutive effect of warrants (b) — 157 — 1,446 Total diluted share equivalents outstanding 43,223 43,325 43,109 44,917 (a) Stock options assume net share settlement calculated for the period presented. (b) Warrants assume net share settlement and incremental shares for dilution calculated as of the date presented. HowardHughes.com 214.741.7744 8

Statements of Operations Comparative Statements of Operations: Total Portfolio (In thousands, except per share amounts) Q2 2019 Q2 2018 YTD Q2 2019 YTD Q2 2018 Revenues: Unaudited Unaudited Unaudited Unaudited Condominium rights and unit sales $ 235,622 $ 20,885 $ 433,932 $ 31,722 Master Planned Communities land sales 58,321 52,432 99,633 98,997 Minimum rents 54,718 50,509 108,804 99,912 Tenant recoveries 13,512 12,250 27,020 25,002 Hospitality revenues 25,576 22,569 48,505 45,630 Builder price participation 9,369 5,628 14,564 10,709 Other land revenues 5,569 4,712 10,298 8,843 Other rental and property revenues 28,629 12,020 42,450 21,869 Total revenues 431,316 181,005 785,206 342,684 Expenses: Condominium rights and unit cost of sales 220,620 28,816 358,314 35,545 Master Planned Communities cost of sales 28,006 26,383 44,824 52,426 Master Planned Communities operations 12,387 10,587 24,082 20,912 Other property operating costs 41,322 25,730 78,586 48,905 Rental property real estate taxes 9,674 7,502 19,505 15,629 Rental property maintenance costs 4,152 3,951 8,329 7,148 Hospitality operating costs 16,607 15,417 32,230 30,984 (Recovery) provision for doubtful accounts (86) 1,359 (88) 2,135 Demolition costs 550 6,660 599 13,331 Development-related marketing costs 5,839 7,188 11,541 13,266 General and administrative 30,072 26,886 55,404 51,150 Depreciation and amortization 38,918 29,087 75,049 57,275 Total expenses 408,061 189,566 708,375 348,706 Other: Loss on sale or disposal of real estate (144) — (150) — Other income, net 10,288 266 10,461 266 Total other 10,144 266 10,311 266 Operating income (loss) 33,399 (8,295) 87,142 (5,756) Interest income 2,251 2,603 4,824 4,679 Interest expense (24,203) (18,903) (47,529) (35,512) Equity in earnings from real estate and other affiliates 6,354 16,299 16,305 30,685 Income (loss) before taxes 17,801 (8,296) 60,742 (5,904) Provision for (benefit from) income taxes 4,473 (2,417) 15,489 (1,859) Net income (loss) 13,328 (5,879) 45,253 (4,045) Net loss attributable to noncontrolling interests 149 791 45 431 Net income (loss) attributable to common stockholders $ 13,477 $ (5,088) $ 45,298 $ (3,614) Basic income (loss) per share $ 0.31 $ (0.12) $ 1.05 $ (0.08) Diluted income (loss) per share $ 0.31 $ (0.12) $ 1.05 $ (0.08) HowardHughes.com 214.741.7744 9

Reconciliations of Net Income to FFO, Core FFO and AFFO (In thousands, except share amounts) Q2 2019 Q2 2018 YTD Q2 2019 YTD Q2 2018 RECONCILIATIONS OF NET INCOME TO FFO Unaudited Unaudited Unaudited Unaudited Net income (loss) attributable to common stockholders $ 13,477 $ (5,088) $ 45,298 $ (3,614) Adjustments to arrive at FFO: Segment real estate related depreciation and amortization 37,037 27,350 71,554 54,100 Loss on sale or disposal of real estate 144 — 150 — Reconciling items related to noncontrolling interests (149) (791) (45) (431) Our share of the above reconciling items included in earnings from unconsolidated joint ventures 1,923 1,172 3,750 2,685 FFO $ 52,432 $ 22,643 $ 120,707 $ 52,740 Adjustments to arrive at Core FFO: Severance expenses $ 69 $ 63 $ 923 $ 281 Non-real estate related depreciation and amortization 1,880 1,738 3,495 3,175 Straight-line amortization (2,020) (3,088) (4,154) (6,428) Deferred income tax expense (benefit) 4,118 (1,170) 14,821 (924) Non-cash fair value adjustments related to hedging instruments (92) (652) (220) (868) Share based compensation 2,928 2,828 5,653 5,354 Other non-recurring expenses (development related marketing and demolition costs) 6,389 13,848 12,140 26,597 Our share of the above reconciling items included in earnings from unconsolidated joint ventures 99 156 163 250 Core FFO $ 65,803 $ 36,366 $ 153,528 $ 80,177 Adjustments to arrive at AFFO: Tenant and capital improvements $ (2,753) $ (4,633) $ (3,795) $ (9,165) Leasing commissions (370) (1,051) (788) (1,450) AFFO $ 62,680 $ 30,682 $ 148,945 $ 69,562 FFO per diluted share value $ 1.21 $ 0.53 $ 2.79 $ 1.22 Core FFO per diluted share value $ 1.52 $ 0.85 $ 3.55 $ 1.87 AFFO per diluted share value $ 1.45 $ 0.71 $ 3.44 $ 1.62 HowardHughes.com 214.741.7744 10

NOI by Region, excluding the Seaport District % Total Q2 2019 Occupied (#) Q2 2019 Leased (#) Q2 2019 Occupied (%) Q2 2019 Leased (%) Q2 2019 Time to Ownership Annualized Stabilized Stabilize Property (a) Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units NOI (b) NOI (c) (Years) Stabilized Properties Office - Houston 100% 1,477,006 — 1,391,441 — 1,411,897 — 94% —% 96% —% $ 38,071 $ 40,070 — Office - Columbia 100% 1,256,848 — 1,149,127 — 1,196,360 — 91% —% 95% —% 22,045 22,779 — Office - Summerlin 100% 387,813 — 386,327 — 386,327 — 100% —% 100% —% 11,100 10,200 — Retail - Houston 100% 292,652 — 274,031 — 274,031 — 94% —% 94% —% 10,199 9,903 — Retail - Columbia 100% 89,199 — 89,199 — 89,199 — 100% —% 100% —% 2,085 2,200 — Retail - Hawaii 100% 925,490 — 867,243 — 867,243 — 94% —% 94% —% 18,608 19,800 — Retail - Other 100% 267,886 — 248,666 — 259,092 — 93% —% 97% —% 6,082 6,500 — Retail - Summerlin 100% 838,524 — 758,394 — 766,000 — 90% —% 91% —% 22,557 26,300 — Multi-Family - Houston (d) 100% 23,280 1,097 23,126 1,031 23,126 1,056 99% 94% 99% 96% 15,349 16,600 — Multi-Family - Columbia (d) 50% 13,591 380 13,591 362 13,591 367 100% 95% 100% 97% 2,762 2,900 — Multi-Family - Summerlin 100% — 124 — 123 — 123 —% 99% —% 99% 2,220 2,200 — Hospitality - Houston 100% — 205 — 175 — — —% 85% —% —% 5,478 4,500 — Other - Summerlin 100% — — — — — — —% —% —% —% 7,000 7,000 — Other Assets (e) — — — — — — — —% —% —% —% 9,004 9,409 — Total Stabilized Properties (f) 172,561 180,361 — Unstabilized Properties Office - Houston 100% 909,595 — 643,055 — 799,469 — 71% —% 88% —% 9,071 20,968 1.3 Office - Columbia 100% 124,635 — 92,141 — 92,141 — 74% —% 74% —% 1,291 3,500 2.0 Office - Summerlin 100% 144,615 — 113,994 — 141,886 — 79% —% 98% —% 993 3,500 1.0 Retail - Houston 100% 143,758 — 118,036 — 124,116 — 82% —% 86% —% 2,887 3,368 0.5 Retail - Hawaii 100% 108,747 — 75,397 — 104,281 — 69% —% 96% —% 1,842 3,759 0.3 Multi-Family - Houston 100% — 292 — 232 — 243 —% 79% —% 83% 1,729 3,500 1.0 Multi-Family - Columbia 50% 28,026 437 10,681 407 10,681 428 38% 93% 38% 98% 2,880 3,800 1.0 Hospitality - Houston 100% — 704 — 459 — — —% 65% —% —% 21,799 27,000 1.0 Self Storage - Houston 100% — 1,384 — 1,050 — 1,062 —% 76% —% 77% 486 1,600 1.0 Total Unstabilized Properties $ 42,977 $ 70,995 1.2 HowardHughes.com 214.741.7744 11

NOI by Region, excluding the Seaport District (con't) NOI by Region % Total Q2 2019 Occupied (#) Q2 2019 Leased (#) Q2 2019 Occupied (%) Q2 2019 Leased (%) Q2 2019 Time to Ownership Annualized Stabilized Stabilize Property (a) Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units NOI (b) NOI (c) (Years) Under Construction Properties Office - Houston 100% 383,000 — — — 383,000 — —% —% 100% —% $ (1) $ 9,500 0.5 Office - Columbia 100% 320,000 — — — 150,000 — —% —% 47% —% — 9,200 4.0 Office - Other 23% 1,500,000 — — — 1,000,000 — —% —% 67% —% — 14,421 4.0 Retail - Houston 100% 72,264 — — — 42,389 — —% —% 59% —% — 2,200 3.0 Retail - Hawaii 100% 11,336 — — — — — —% —% —% —% — 637 3.0 Multi-Family - Houston 100% — 861 — — — — —% —% —% —% — 15,914 3.6 Multi-Family - Columbia 100% 56,619 382 — — — — —% —% —% —% — 9,162 4.0 Multi-Family - Summerlin 100% — 267 — — — — —% —% —% —% — 4,400 1.0 Other - Houston 100% 10,000 — — — 10,000 — —% —% 100% —% 2 260 0.0 Total Under Construction Properties 1 65,694 3.5 Total/ Wtd. Avg. for Portfolio $ 215,539 $ 317,050 2.8 (a) Includes our share of NOI for our joint ventures. (b) Annualized 2Q19 NOI includes distribution received from cost method investment in 1Q19. For purposes of this calculation, this one time annual distribution is not annualized. (c) Table above excludes Seaport District NOI, units, and square feet until we have greater clarity with respect to the performance of our tenants. See page 17 for Seaport District Est. stabilized yield and other project information. (d) Multi-Family square feet represent ground floor retail whereas multi-family units represent residential units for rent. (e) Other assets are primarily made up of our share of equity method investments not included in other categories. These assets can be found on page 14 of this presentation. (f) For Stabilized Properties, the difference between 2Q19 Annualized NOI and Stabilized NOI is attributable to a number of factors which may include timing, free rent or other temporary abatements, tenant turnover and market factors. HowardHughes.com 214.741.7744 12

Stabilized Properties - Operating Assets Segment Stabilized Properties ($ in thousands) Rentable Q2 2019 Q2 2019 Annualized Est. Stabilized Property Location % Ownership Sq. Ft./Units % Occ. % Leased Q2 2019 NOI NOI Office 3 Waterway Square Houston, TX 100 % 232,021 100 % 100 % $ 6,235 $ 6,900 4 Waterway Square Houston, TX 100 % 218,551 100 % 100 % 6,813 6,856 1400 Woodloch Forest Houston, TX 100 % 95,667 74 % 74 % 1,488 1,900 1735 Hughes Landing Boulevard Houston, TX 100 % 318,170 100 % 100 % 7,498 7,696 2201 Lake Woodlands Drive Houston, TX 100 % 24,119 100 % 100 % 495 410 3831 Technology Forest Houston, TX 100 % 95,078 100 % 100 % 2,446 2,268 9303 New Trails Houston, TX 100 % 97,967 56 % 77 % 966 1,800 One Hughes Landing Houston, TX 100 % 197,719 94 % 94 % 5,923 6,240 Two Hughes Landing Houston, TX 100 % 197,714 98 % 98 % 6,206 6,000 10-70 Columbia Corporate Center Columbia, MD 100 % 889,603 92 % 95 % 15,655 14,330 Columbia Office Properties Columbia, MD 100 % 62,038 89 % 89 % 1,230 1,402 One Mall North Columbia, MD 100 % 98,619 93 % 97 % 1,910 1,947 One Merriweather Columbia, MD 100 % 206,588 91 % 95 % 3,251 5,100 Aristocrat Las Vegas, NV 100 % 181,534 100 % 100 % 4,346 4,500 One Summerlin Las Vegas, NV 100 % 206,279 99 % 99 % 6,754 5,700 Total Office 3,121,667 71,216 73,049 Retail 20/25 Waterway Avenue Houston, TX 100 % 50,062 85 % 85 % 1,690 2,013 1701 Lake Robbins Houston, TX 100 % 12,376 100 % 100 % 561 400 2000 Woodlands Parkway Houston, TX 100 % 7,900 100 % 100 % 214 217 Creekside Village Green Houston, TX 100 % 74,670 92 % 92 % 2,516 2,097 Hughes Landing Retail Houston, TX 100 % 126,131 100 % 100 % 4,399 4,375 Waterway Garage Retail Houston, TX 100 % 21,513 78 % 78 % 819 800 Columbia Regional Columbia, MD 100 % 89,199 100 % 100 % 2,085 2,200 Ward Village Retail Honolulu, HI 100 % 925,490 94 % 94 % 18,608 19,800 Downtown Summerlin Las Vegas, NV 100 % 838,524 90 % 91 % 22,557 26,300 Outlet Collection at Riverwalk New Orleans, LA 100 % 267,886 93 % 97 % 6,082 6,500 Total Retail 2,413,751 $ 59,531 $ 64,703 HowardHughes.com 214.741.7744 13

Stabilized Properties - Operating Assets Segment (con't) Stabilized Properties (cont'd) ($ in thousands) % Rentable Sq. Ft. / Q2 2019 % Q2 2019 % Annualized Est. Stabilized Property Location Ownership Units (a) Occ. (a) Leased (a) Q2 2019 NOI NOI Multi-family Millennium Six Pines Apartments Houston, TX 100% 314 88% 91% $ 4,258 $ 4,500 Millennium Waterway Apartments Houston, TX 100% 393 95% 98% 4,153 4,600 One Lakes Edge Houston, TX 100% 23,280 / 390 99% / 98% 99% / 99% 6,938 7,500 The Metropolitan Downtown Columbia Columbia, MD 50% 13,591 / 380 100% / 95% 100% / 97% 2,762 2,900 Constellation Las Vegas, NV 100% 124 99% 99% 2,220 2,200 Total Multi-family 36,871 / 1,601 20,331 21,700 Hotel Embassy Suites at Hughes Landing (b) Houston, TX 100% 205 85% 85% 5,478 4,500 Total Hotel 205 5,478 4,500 Other Sarofim Equity Investment Houston, TX 20% NA NA NA 1,891 2,202 Stewart Title of Montgomery County, TX Houston, TX 50% NA NA NA 862 1,117 Woodlands Ground Leases Houston, TX 100% NA NA NA 1,850 1,662 Hockey Ground Lease Las Vegas, NV 100% NA NA NA 503 458 Summerlin Hospital Medical Center Las Vegas, NV 5% NA NA NA 3,625 3,625 Las Vegas Ballpark (c) Las Vegas, NV 100% NA NA NA 7,000 7,000 Other Assets Various 100% NA NA NA 274 344 Total Other 16,005 16,408 Total Stabilized $ 172,561 $ 180,360 (a) Instances with two sets of rentable sq. ft/units, % occupied and % leased relate to multi-family assets with a retail component. In these cases, the first set of numbers relate to the retail asset and the second set relate to the multi-family asset. (b) Hotel property percentage occupied is the average for Q2 2019. (c) The Las Vegas Ballpark is home to the Las Vegas Aviators which HHC owns 100%. HowardHughes.com 214.741.7744 14

Unstabilized Properties - Operating Assets Segment ($ in thousands) Est. % Rentable Sq. Q2 2019 % Q2 2019 % Develop. Costs Est. Total Cost Annualized Stabilized Est. Stab. Est. Stab. Project Name Location Ownership Ft. / Units Occ. (a) Leased (a) Incurred (Excl. Land) Q2 2019 NOI NOI (b) Date Yield Office Three Hughes Landing Houston, TX 100% 320,815 78% 82% $ 79,692 $ 90,133 $ 4,379 $ 7,600 2020 8% 1725 Hughes Landing Houston, TX 100% 331,754 78% 95% 58,764 74,994 5,275 6,900 2020 9% Lakefront North (c) Houston, TX 100% 257,026 51% 86% 55,070 77,879 (583) 6,468 2021 8% Two Merriweather Columbia, MD 100% 124,635 74% 74% 33,740 40,941 1,291 3,500 2021 9% Two Summerlin Las Vegas, NV 100% 144,615 79% 98% 42,939 49,421 993 3,500 2020 7% Total Office 1,178,845 270,205 333,368 11,355 27,968 Retail Lakeland Village Center Houston, TX 100% 83,497 80% 83% 14,489 $ 15,478 1,462 1,700 Q4 2019 11% Ke Kilohana (d) Honolulu, HI 100% 21,900 —% 100% — — — 1,050 Q4 2019 n.a. Anaha & Ae‘o Retail (d) Honolulu, HI 100% 86,847 79% / 89% 93% / 95% — — 1,842 2,709 Q4 2019 n.a. Lake Woodlands Crossing Houston, TX 100% 60,261 85% 91% 10,522 15,381 1,425 1,668 2020 11% Total Retail 252,505 25,011 30,859 4,729 7,127 Multi-family m.flats & TEN.M Columbia, MD 50% 28,026 / 437 38% / 93% 38% / 98% 54,165 54,673 2,880 3,800 2020 7% Creekside Apartments Houston, TX 100% 292 79% 83% 40,058 42,111 1,729 3,500 2020 8% Total Multi-family 28,026 / 729 94,223 96,784 4,609 7,300 Hotel The Woodlands Resort & Conference Center Houston, TX 100% 402 55% 55% 72,360 72,360 13,399 16,500 2020 8% The Westin at The Woodlands Houston, TX 100% 302 78% 78% 97,304 98,444 8,400 10,500 2020 11% Total Hotel 704 169,664 170,804 21,799 27,000 Other HHC 242 Self-Storage Houston, TX 100% 639 80% 80% 8,228 8,228 253 800 2020 10% HHC 2978 Self-Storage Houston, TX 100% 745 73% 74% 7,828 7,828 233 800 2020 10% Total Other 1,384 16,056 16,056 486 1,600 Total Unstabilized $ 575,159 $ 647,871 $ 42,977 $ 70,995 (a) With the exception of Hotel properties, Percentage Occupied and Percentage Leased are as of June 30, 2019. Each Hotel property Percentage Occupied is the average for Q2 2019. Instances with two sets of rentable sq. ft/ units, % occupied and % leased relate to multi-family assets with a retail component. In these cases, the first set of numbers relate to the retail asset and the second set relate to the multi-family asset. (b) Company estimates of stabilized NOI are based on current leasing velocity, excluding inflation and organic growth. (c) Lakefront North development costs incurred and estimated total cost are inclusive of acquisition and tenant lease-up costs. (d) Condominium retail Develop. Cost Incurred and Est. Total Costs (Excl. Land) are combined with their respective condominium costs on page 23 of this supplement. HowardHughes.com 214.741.7744 15

Under Construction Projects - Strategic Developments Segment Under Construction Properties ($ in thousands, except Sq. Ft. and units) (Owned & Managed) % Est. Rentable Percent Pre- Const. Est. Stabilized Develop. Est. Total Cost Est. Stabilized Est. Stab. Project Name Location Ownership Sq. Ft. Leased (a) Project Status Start Date Date (b) Costs Incurred (Excl. Land) NOI Yield Office 110 North Wacker (c) Chicago, IL 23% (d) 1,500,000 67% Under Construction Q2 2018 2023 $ 16,078 $ 16,078 $ 14,421 8% 100 Fellowship Drive Houston, TX 100% 203,000 100% Under Construction Q1 2017 Q3 2019 52,443 63,278 5,100 8% 8770 New Trails Houston, TX 100% 180,000 100% Under Construction Q1 2019 2020 3,484 45,985 4,400 10% 6100 Merriweather and Garage Columbia, MD 100% 320,000 47% Under Construction Q2 2018 2023 64,138 138,221 9,200 7% Total Office 2,203,000 136,143 263,562 33,121 Retail 'A'ali'i (e) Honolulu, HI 100% 11,336 —% Under Construction Q4 2018 2022 — — 637 —% Creekside Park West Houston, TX 100% 72,264 59% Under Construction Q4 2018 2022 5,807 22,625 2,200 10% Total Retail 83,600 5,807 22,625 2,837 Other Hughes Landing Daycare Houston, TX 100% 10,000 100% Under Construction Q3 2018 Q4 2019 1,479 3,206 260 8% Total Other 10,000 1,479 3,206 260 Est. Rentable % Sq. Ft. / # of Monthly Est. Const. Est. Stabilized Develop. Est. Total Cost Est. Stabilized Est. Stab. Project Name Location Ownership Units Rent Per Unit Project Status Start Date Date (b) Costs Incurred (Excl. Land) NOI Yield Multi-family Juniper Apartments (f) Columbia, MD 100% 56,619 / 382 $ 2,053 Under Construction Q2 2018 2023 $ 32,217 $ 116,386 $ 9,162 8% Tanager Apartments Las Vegas, NV 100% 267 1,924 Under Construction Q1 2018 2020 39,986 59,276 4,400 7% Two Lakes Edge Houston, TX 100% 386 2,690 Under Construction Q2 2018 2024 37,769 107,706 8,529 8% Lakeside Row Houston, TX 100% 312 1,686 Under Construction Q2 2018 2021 22,566 48,412 3,875 8% Millennium Phase III Houston, TX 100% 163 2,595 Under Construction Q2 2019 2021 1,027 45,033 3,510 8% Total Multi-family 56,619 / 1,510 133,565 376,813 29,476 Total Under Construction $ 276,994 $ 666,206 $ 65,694 (a) Represents leases signed as of June 30, 2019 and is calculated as the total leased square feet divided by total leasable square feet, expressed as a percentage. (b) Represents management's estimate of the second quarter of operations in which the asset may be stabilized. (c) 110 North Wacker represents our member only. We are not including overhead allocations, development fees and leasing commissions in Develop. Costs Incurred and Est. Total Cost (Excl Land). Est. Total Cost (Excl. Land) represents HHC's total cash equity requirement. Develop. Costs Incurred represent HHC's equity in the project at June 30, 2019. Est. Stabilized NOI Yield is based on the projected building NOI at stabilization and our percentage ownership of the equity capitalization of the project. It does not include the impact of the partnership distribution waterfall. (d) We revised the calculation of our effective ownership interest in 110 North Wacker based on the loan modification and joint venture funding commitment changes that occurred in May 2019. As a result of the modification and our reduced future funding commitments, our effective ownership percentage is 22.9%. Our share of estimated stabilized NOI has therefore decreased, but the 8% yield remains unchanged as our funding commitment decreased as well. (e) Condominium retail Develop. Cost Incurred and Est. Total Costs (Excl. Land) are combined with their respective condominium costs on page 23 of this supplement. (f) Columbia Multi-family was renamed to Juniper Apartments as of Q1 2019. HowardHughes.com 214.741.7744 16

Seaport District Operating Performance NOI by Region Real Estate Managed Operations (Landlord) (a) Businesses (b) Events, Sponsorships Historic District & Historic District & & ($ in thousands) Pier 17 Multi-Family (d) Hospitality (e) Pier 17 Tin Building (f) Catering Business (c) Q2 2019 Total Revenues Rental revenue (g) $ 1,670 $ 240 $ 749 $ 5 $ — $ — $ 2,664 Tenant recoveries 357 — — — — — 357 Other rental and property revenue (29) — 30 5,505 — 4,548 10,054 Total Revenues 1,998 240 779 5,510 — 4,548 13,075 Expenses Other property operating costs (g) (3,282) (130) (795) (6,398) — (5,399) (16,004) Total Expenses (3,282) (130) (795) (6,398) — (5,399) (16,004) Net Operating Income - Seaport District (h) $ (1,284) $ 110 $ (16) $ (888) $ — $ (851) $ (2,929) Project Status Unstabilized Stabilized Unstabilized Unstabilized Under Construction Unstabilized Rentable Sq. Ft / Units Total Sq. Ft. / units 282,237 13,000 / 21 66 88,995 53,396 28,598 Leased Sq. Ft. / units (i) 133,199 — / 21 34 88,995 53,396 28,598 % Leased or occupied (i) 47% —% / 100% 52% 100% 100% 100% Development (j) Development costs incurred $ 495,695 $ — $ — $ — $ 55,299 $ — $ 550,994 Estimated total costs (excl. land) $ 595,018 $ — $ — $ — $ 173,452 $ — $ 768,470 Stabilization Statistics - Seaport Uplands, Pier 17 and Tin Building ($ in thousands) Est. stabilized NOI (k) $43,000 - $58,000 Est. stabilized year 2022 Est. stabilized yield 6% - 8% (a) Real Estate Operations (Landlord) represents physical real estate developed and owned by HHC. (b) Managed Businesses represents retail and food and beverage businesses that HHC owns, either wholly or through joint ventures, and operates, including license and management agreements. For the three months ended June 30, 2019, our managed businesses include, among others, 10 Corso Como Retail and Café, SJP by Sarah Jessica Parker, R17 and Cobble & Co. (c) Events, Sponsorships & Catering Business includes private events, catering, sponsorships, concert series and other rooftop activities. (d) Multi-Family includes 85 South Street. (e) Hospitality represents Mr. C Seaport, of which HHC has a 35% ownership interest. Percentage occupied is the average for Q2 2019. (f) Represents the food hall by Jean-Georges. (g) Rental revenue and expense earned from and paid by businesses we own and operate is eliminated in consolidation. (h) See page 31 for the reconciliation of Seaport District NOI. (i) The percent leased for Historic District & Pier 17 landlord operations includes agreements with terms of less than one year and excludes leases with our managed businesses. The decrease from Q1 2019 is due to the closing of Abercrombie & Fitch. Including managed businesses, events, sponsorships, catering and the Tin Building, we are approximately 67% leased. (j) Development costs incurred and Estimated total costs (excl. land) are shown net of insurance proceeds of approximately $65.0 million. (k) The expected range of stabilized yields is wider than our other projects because the Seaport District has a greater range of possible outcomes than our other projects, which may cause the ultimate results to fall outside of the expected range. The increased uncertainty is largely the result of (i) business operating risks, (ii) seasonality, (iii) potential sponsorship revenue and (iv) event revenue. HowardHughes.com 214.741.7744 17

MPC Portfolio Commercial 20% Commercial Master Planned 39% Commercial Communities- Remaining Residential 100% Saleable Acres (a) Residential 61% 80% Unstabilized 25% Unstabilized Unstabilized Income Producing Assets - Stabilized 43% Stabilized and Unstabilized 52% 48% Stabilized 57% Stabilized 75% ($ in thousands) Nevada Texas Maryland Total (c) MPC Performance - 2Q19 & 2Q18 MPC Net Contribution (2Q19) (b) $18,190 $(10,679) $(329) $7,182 MPC Net Contribution (2Q18) (b) $20,525 $(12,344) $(177) $8,004 Operating Asset Performance - 2019 & Future Annualized 2Q19 in-place NOI $47,998 $109,639 $31,069 $188,706 Est. stabilized NOI (future) (d) $57,683 $160,340 $53,541 $271,564 Wtd. avg. time to stab. (yrs.) 1.0 2.4 3.4 — (a) Commercial acres may be developed by us or sold. (b) Reconciliation of GAAP MPC segment EBT to MPC Net Contribution for the three months ended June 30, 2019 is found under Reconciliation of Non-GAAP Measures on page 30. (c) Total excludes NOI from non-core operating assets and NOI from core assets within Hawai‘i and New York as these regions are not defined as MPCs. (d) Est. Stabilized NOI (Future) represents all assets within the respective MPC regions, inclusive of stabilized, unstabilized and under construction. HowardHughes.com 214.741.7744 18

Portfolio Key Metrics Portfolio Key Metrics MPC Regions Non-MPC Regions The The Woodlands Woodlands Hills Bridgeland Summerlin Columbia Total Hawai‘i Seaport Other Total Houston, TX Houston, TX Houston, TX Las Vegas, NV Columbia, MD MPC Regions Honolulu, HI New York, NY Non-MPC Operating - Stabilized Properties Office Sq.Ft.. 1,477,006 — — 387,813 1,256,848 3,121,667 — — — — Retail Sq. Ft. 315,932 — — 838,524 102,790 1,257,246 925,490 13,000 267,886 1,206,376 Multifamily units 1,097 — — 124 380 1,601 — 21 — 21 Hotel Rooms 205 — — — — 205 — — — — Self Storage Units — — — — — — — — — — Operating - Unstabilized Properties Office Sq.Ft.. 909,595 — — 144,615 124,635 1,178,845 — — — — Retail Sq.Ft. (a) 60,261 — 83,497 — 28,026 171,784 108,747 399,830 — 508,577 Multifamily units 292 — — — 437 729 — — — — Hotel rooms 704 — — — — 704 — 66 — 66 Self Storage Units 1,384 — — — — 1,384 — — — — Operating - Under Construction Properties Office Sq.Ft.. 383,000 — — — 320,000 703,000 — — 1,500,000 1,500,000 Retail Sq. Ft. 72,264 — — — 56,619 128,883 11,336 53,396 — 64,732 Other Sq. Ft. 10,000 — — — — 10,000 — — — — Multifamily units 549 — 312 267 382 1,510 — — — — Hotel rooms — — — — — — — — — — Self Storage Units — — — — — — — — — — Residential Land Total gross acreage/condos (b) 28,505 ac. 2,055 ac. 11,506 ac. 22,500 ac. 16,450 ac. 81,016 ac. 2,132 n.a. n.a. 2,132 Current Residents (b) 117,100 36 10,100 110,000 112,000 349,236 n.a. n.a. n.a. — Remaining saleable acres/condos 108 1,369 2,244 3,246 n.a. 6,967 151 n.a. n.a. 151 Estimated price per acre (c) 652 318 410 565 n.a. — n.a. n.a. n.a. — Commercial Land Total acreage remaining 737 175 1,543 831 96 3,382 n.a. n.a. n.a. — Estimated price per acre (c) 1,027 515 539 1,091 580 — n.a. n.a. n.a. — Portfolio Key Metrics herein include square feet, units and rooms included in joint venture projects. Sq. Ft. and units are not shown at share. Retail Sq. Ft. includes multi-family Sq. Ft. (a) Retail Sq. Ft. within the Summerlin region excludes 381,767 Sq. Ft. of anchors. (b) Acreage shown as of June 30, 2019; current residents shown as of December 31, 2018. (c) Residential and commercial pricing represents the Company's estimate of price per acre per its 2019 land models. HowardHughes.com 214.741.7744 19

Lease Expirations Lease Expirations Office and Retail Lease Expirations Total Office and Retail Portfolio as of June 30, 2019 30% g n i r i p x 24% E t n e R 18% h s a C d e 12% z i l a u n n A 6% f o % 0% Office Retail Office Retail Office Retail Office Retail Office Retail Office Retail Office Retail Office Retail Office Retail Office Retail Office Retail 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029+ Houston Summerlin Columbia Hawaii Other Office Expirations (a) Retail Expirations (a) Annualized Cash Rent Percentage of Wtd. Avg. Annualized Cash Annualized Cash Rent Percentage of Wtd. Avg. Annualized Cash Expiration Year (In thousands) Annualized Cash Rent Rent Per Leased Sq. Ft. (In thousands) Annualized Cash Rent Rent Per Leased Sq. Ft. 2019 $ 3,969 2.60% $ 21.84 $ 2,167 2.00% $ 34.49 2020 7,582 4.97% 29.97 8,368 7.74% 50.24 2021 6,719 4.40% 31.91 6,524 6.04% 26.80 2022 16,781 11.00% 32.54 6,117 5.66% 45.98 2023 12,889 8.45% 29.74 8,634 7.99% 46.16 2024 16,386 10.74% 30.59 7,663 7.09% 42.52 2025 12,383 8.12% 34.78 25,687 23.77% 54.47 2026 5,994 3.93% 36.16 5,837 5.40% 38.63 2027 15,100 9.90% 29.49 5,357 4.96% 40.61 2028 9,824 6.44% 42.08 7,662 7.09% 46.58 Thereafter 44,924 29.45% 39.20 24,070 22.26% 25.52 Total $ 152,551 100.00% $ 108,086 100.00% (a) Excludes leases with an initial term of 12 months or less. HowardHughes.com 214.741.7744 20

Acquisition / Disposition Activity Acquisition / Disposition Activity (In thousands, except rentable Sq. Ft. / Units / Acres) Q2 2019 Acquisitions Rentable Date Acquired Property % Ownership Location Sq. Ft. / Units / Acres Acquisition Price No acquisition activity in Q2 2019 Q2 2019 Dispositions Rentable Date Sold Property % Ownership Location Sq. Ft. / Units / Acres Sale Price No disposition activity in Q2 2019 HowardHughes.com 214.741.7744 21

Master Planned Community Land Master Planned Community Land The Woodlands The Woodlands Hills Bridgeland Summerlin Maryland Total ($ in thousands) Q2 2019 Q2 2018 Q2 2019 Q2 2018 Q2 2019 Q2 2018 Q2 2019 Q2 2018 Q2 2019 Q2 2018 Q2 2019 Q2 2018 Revenues: Residential land sale revenues $ 9,013 $ 10,910 $ 3,142 $ 2,273 $ 16,432 $ 9,011 $ 29,701 $ 28,838 $ — $ — $ 58,288 $ 51,032 Commercial land sale revenues — — — — 34 1,400 — — — — 34 1,400 Builder price participation 89 90 44 — 280 125 8,956 5,413 — — 9,369 5,628 Other land sale revenues 1,884 1,795 1 4 71 42 3,212 2,864 — — 5,168 4,705 Total revenues 10,986 12,795 3,187 2,277 16,817 10,578 41,869 37,115 — — 72,859 62,765 Expenses: Cost of sales - residential land (4,576) (4,209) (1,613) (1,043) (6,377) (3,010) (15,432) (17,789) — — (27,998) (26,051) Cost of sales - commercial land — — — — (8) (331) — — — — (8) (331) Real estate taxes (1,237) (1,528) (67) (83) (500) (430) (815) (674) (129) (150) (2,748) (2,865) Land sales operations (4,263) (3,301) (1,148) (482) (1,795) (1,656) (2,259) (2,133) (173) (184) (9,638) (7,756) Depreciation and amortization (34) (34) — — (33) (33) (20) (19) — — (87) (86) Other (loss) income, net 73 — — — — — — — — — 73 — Total operating expenses (10,037) (9,072) (2,828) (1,608) (8,713) (5,460) (18,526) (20,615) (302) (334) (40,406) (37,089) Net interest capitalized (expense) (1,316) (1,175) 303 206 3,971 3,155 5,325 4,471 — 151 8,283 6,808 Equity in earnings from real estate affiliates — — — — — — 6,499 14,100 — — 6,499 14,100 EBT $ (367) $ 2,548 $ 662 $ 875 $ 12,075 $ 8,273 $ 35,167 $ 35,071 $ (302) $ (183) $ 47,235 $ 46,584 Key Performance Metrics: Residential Total acres closed in current period 16.1 13.7 11.1 8.8 40.7 22.6 44.3 38.6 NM NM Price per acre achieved (a) $560 $798 $283 $260 $404 $399 $692 $592 NM NM Avg. gross margins 49.2% 61.4% 48.7% 54.1% 61.2% 66.6% 48.0% 38.3% NM NM Commercial Total acres closed in current period — — — — — 2.0 — — — — Price per acre achieved NM NM NM NM NM $573 NM NM NM NM Avg. gross margins NM NM NM NM NM 76.4% NM NM NM NM Avg. combined before-tax net margins 49.2% 61.0% 48.7% 54.0% 61.2% 68.0% 48.0% 38.0% NM NM Key Valuation Metrics The Woodlands The Woodlands Hills Bridgeland Summerlin Maryland Remaining saleable acres Residential 108 (b) 1,369 2,244 3,246 — Commercial 737 175 1,543 831 96 (c) Projected est. % superpads / lot size —% / — —% / — —% / — 88% / 0.25 ac NM Projected est. % single-family detached lots / lot size 56% / 0.32 ac 86% / 0.23 ac 89% / 0.17 ac —% / — NM Projected est. % single-family attached lots / lot size 44% / 0.07 ac 14% / 0.13 ac 10% / 0.10 ac —% / — NM Projected est. % custom homes / lot size —% / — —% / — 1% / 1.00 ac 12% / 0.45 ac NM Estimated builder sale velocity (blended total - TTM) (d) 33 9 68 100 NM Projected GAAP gross margin, residential / commercial (e) 55.5% / 75.6% 62.4% / 62.4% 66.6% / 66.6% 53.7% / 53.7% NM Projected cash gross margin (f) 99.0% 88.6% 80.1% 71.3% NM Residential sellout / Commercial buildout date estimate Residential 2023 2029 2034 2039 — Commercial 2027 2027 2045 2039 2023 (a) The 2019 price per acre achieved for Summerlin residential lots is mostly attributable to custom lots sales, which positively impacted results. (b) The Woodlands Residential reports remaining saleable acres on a gross basis due to potential changes in land usage and the unknown acreage that may be set aside for drainage, parks and roads for undeveloped land. (c) Does not include 31 commercial acres held in the Strategic Developments segment in Downtown Columbia. (d) Represents the average monthly builder homes sold over the last twelve months ended June 30, 2019. (e) GAAP gross margin is net of MUDs and 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. The projected margin is the Company's estimate of the 2019 margin. (f) Projected cash gross margin is net of MUDs and includes all future projected revenue less all future projected development costs, net of expected reimbursable costs, and capitalized overhead, taxes and interest based on the Company's 2019 land models. NM Not meaningful. HowardHughes.com 214.741.7744 22

Ward Village Condominiums Ward Village Condominiums Waiea (a) Anaha (b) Ae‘o (c) Ke Kilohana (d) ‘A‘ali‘i (e) Total (h) Key Metrics ($ in thousands) Type of building Ultra-Luxury Luxury Upscale Workforce Upscale Number of units 177 (f) 317 465 423 750 2,132 Avg. unit Sq. Ft. 2,138 1,417 838 696 518 891 Condo Sq. Ft. 378,488 449,205 389,663 294,273 388,210 1,899,839 Street retail Sq. Ft. 8,200 16,100 70,800 21,900 11,336 128,336 Stabilized retail NOI $ 453 $ 1,152 $ 1,557 $ 1,081 $ 637 $ 4,880 Stabilization year 2017 2019 2019 2020 2022 Development progress ($ in millions) Status Opened Opened Opened Opened Under Construction Start date 2Q14 4Q14 1Q16 4Q16 4Q18 Completion date/status Complete Complete Complete Complete 2021 Total development cost $ 452 $ 401 $ 430 $ 219 $ 412 $ 1,914 Cost-to-date $ 410 $ 390 $ 385 $ 211 $ 65 $ 1,461 Remaining to be funded $ 42 $ 11 $ 45 $ 8 $ 347 $ 453 Financial Summary ($ in thousands, except per Sq. Ft.) Units closed (through Q2 2019) 169 314 463 418 — 1,364 Units under contract (through Q2 2019) 2 — 1 2 612 617 Total % of units closed or under contract 96.6% 99.1% 99.8% 99.3% 81.6% 92.9% Units closed (current quarter) 3 1 3 418 — 425 Units under contract (current quarter) 3 1 3 — 4 11 Square footage closed or under contract (total) 357,479 434,157 388,680 292,056 298,075 1,770,447 Total % square footage closed or under contract 94.4% 96.7% 99.7% 99.2% 76.8% 93.2% Target condo profit margin at completion (excl. land cost) ~30% Total cash received (closings & deposits) $ 1,944,600 Total GAAP revenue recognized $ 1,862,097 Expected avg. price per Sq. Ft. $ 1,900 - $1,950 $ 1,100 - $1,150 $ 1,300 - $1,350 $ 700 - $750 $ 1,300 - $1,350 $ 1,300 - 1,325 Expected construction costs per retail Sq. Ft. $ ~1,100 Deposit Reconciliation (in thousands) Deposits from sales commitment Spent towards construction $ — $ — $ — $ — $ — $ — Held for future use (g) — — — — 75,660 75,660 Total deposits from sales commitment $ — $ — $ — $ — $ 75,660 $ 75,660 (a) We began delivering units at Waiea in November 2016. As of June 30, 2019, we have closed on 169 units. We have two under contract, and six units remain to be sold. (b) We began delivering units at Anaha in October 2017. As of June 30, 2019, we have closed on 314 units. We have no units under contract, and three units remain to be sold. (c) We began delivering units at Ae‘o in November 2018. As of June 30, 2019, we have closed on 463 units. We have one unit under contract, and one units remains to be sold. (d) Ke Kilohana consists of 375 workforce units and 48 market rate units. As of June 30, 2019, we have closed on 418 units. We have two under contract, and three units remain to be sold. (e) We broke ground on ‘A‘ali‘i in the fourth quarter of 2018. As of June 30, 2019, we have entered into contracts for 612 of the units. (f) The increase in number of units at Waiea from 2018 is a result of subdividing one large unit due to demand for smaller units in the tower. (g) Total deposits held for future use are presented above only for projects under construction and are included in Restricted cash on the balance sheet. (h) Total not including Kô‘ula, our newest building that began public sales in January 2019 and contracted 45 units this quarter. Kô‘ula is excluded as we have not yet commenced construction. HowardHughes.com 214.741.7744 23

Other Assets Other Assets Property Name City, State % Own Acres Notes Planned Future Development The Elk Grove Collection Elk Grove, CA 100% 64 Sold 36 acres for $36 million in total proceeds in 2017. We are assessing our plans for the remaining acres. Previous development plans have been placed on hold as we believe we can allocate capital into core assets and achieve a better risk-adjusted return. Landmark Mall Alexandria, VA 100% 33 Plan to transform the mall into an open-air, mixed-use community. In January 2017, we acquired the 11.4 acre Macy's site for $22.2 million. Cottonwood Mall Holladay, UT 100% 54 Under contract as of June 30, 2019. Circle T Ranch and Power Center Westlake, TX 50% 207 50/50 joint venture with Hillwood Development Company. In 2016, HHC sold 72 acres to an affiliate of Charles Schwab Corporation. West Windsor West Windsor, NJ 100% 658 Zoned for approximately 6 million square feet of commercial uses. Monarch City Allen, TX 100% 238 Located 27 miles north of Downtown Dallas, this 261-acre mixed-use development received unanimous zoning approval June 26, 2019. Bridges at Mint Hill Charlotte, NC 91% 210 Zoned for approximately 1.3 million square feet of commercial uses. Maui Ranch Land Maui, HI 100% 20 Two, non-adjacent, ten-acre parcels zoned for native vegetation. 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 The one-acre site is situated at the entrance of the Seaport District. While the Company is in the initial planning stages for this strategic site, it will continue to be used as a parking lot. Sterrett Place Columbia, MD 100% 3 In November 2017, we acquired the note secured by the land and improvements for a purchase price of $5.3 million. In 2018, we foreclosed on the property, resulting in the acquisition of the land and improvements. We are in the process of relocating the last tenants in the building and plan to commence demolition in late 2019. American City Building Columbia, MD 100% 3 On December 20, 2016, we acquired the American City Building, a 117,098 square foot building in Columbia, Maryland, for $13.5 million. We are in the process of formulating redevelopment plans for this property. HowardHughes.com 214.741.7744 24

Debt Summary Debt Summary (In thousands) June 30, 2019 December 31, 2018 Fixed-rate debt: Unsecured 5.375% Senior Notes $ 1,000,000 $ 1,000,000 Secured mortgages, notes and loans payable 889,654 648,707 Special Improvement District bonds 14,511 15,168 Variable-rate debt: Mortgages, notes and loans payable, excluding condominium financing (a) 1,561,549 1,454,579 Condominium financing (a) — 96,757 Mortgages, notes and loans payable 3,465,714 3,215,211 Unamortized bond issuance costs (5,678) (6,096) Deferred financing costs (37,546) (27,902) Total mortgages, notes and loans payable, net 3,422,490 3,181,213 Total unconsolidated mortgages, notes and loans payable at pro-rata share 100,228 96,185 Total Debt $ 3,522,718 $ 3,277,398 Net Debt on a Segment Basis, at share as of June 30, 2019 Master Non- Operating Seaport Planned Strategic Segment Segment (In thousands) Assets District Communities Developments Totals Amounts Total Mortgages, notes and loans payable, excluding condominium financing (a) (b) $ 1,780,882 $ 351,684 $ 231,913 $ 154,994 $ 2,519,473 $ 1,003,244 $ 3,522,717 Condominium financing (a) — — — — — — — Less: cash and cash equivalents (b) (70,497) (1,605) (177,002) (34,556) (283,660) (429,276) (712,936) Special Improvement District receivables — — (18,091) — (18,091) — (18,091) Municipal Utility District receivables — — (273,169) — (273,169) — (273,169) TIF Receivable — — — (5,820) (5,820) — (5,820) Net Debt $ 1,710,385 $ 350,079 $ (236,349) $ 114,618 $ 1,938,733 $ 573,968 $ 2,512,701 Consolidated Debt Maturities and Contractual Obligations by Extended Maturity Date as of June 30, 2019 (c) Remaining (In thousands) in 2019 2020 2021 2022 2023 2024 Thereafter Total Mortgages, notes and loans payable $ 46,032 $ 206,693 $ 418,782 $ 248,434 $ 787,783 $ 353,299 $ 1,404,692 $ 3,465,715 Interest payments 87,334 167,240 152,981 137,706 119,882 80,454 122,311 867,908 Ground lease and other leasing commitments 3,028 7,272 7,111 6,373 6,390 6,432 266,855 303,461 Total consolidated debt maturities and contractual obligations $ 136,394 $ 381,205 $ 578,874 $ 392,513 $ 914,055 $ 440,185 $ 1,793,858 $ 4,637,084 (a) As of June 30, 2019 and December 31, 2018, $615.0 million of variable‑rate debt has been swapped to a fixed rate for the term of the related debt. An additional $55.0 million and $50.0 million of variable rate debt was subject to interest rate collars as of June 30, 2019 and December 31, 2018, respectively, and $75.0 million of variable rate debt was capped at a maximum interest rate as of June 30, 2019 and December 31, 2018. (b) Each segment includes our share of related cash and debt balances for all joint ventures included in Investments in real estate and other affiliates. (c) Mortgages, notes and loans payable and Condominium financing are presented based on extended maturity date. Extension periods generally may be exercised at our option at the initial maturity date, subject to customary extension terms that are based on property performance as of the initial maturity date and/or extension date. Such extension terms may include, but are not limited to, minimum debt service coverage, minimum occupancy levels or condominium sales levels, as applicable, and other performance criteria. We may have to pay down a portion of the debt if we do not meet the requirements to exercise the extension option. HowardHughes.com 214.741.7744 25

Property-Level Debt Property-Level Debt ($ in thousands) Q2 2019 Principal Asset Balance Contract Interest Rate Interest Rate Hedge Current Annual Interest Rate Initial / Extended Maturity (a) Master Planned Communities The Woodlands Master Credit Facility $ 150,000 L+275 Floating/Cap 5.15% Apr-20 / Apr-21 Bridgeland Credit Facility 65,000 L+315 Floating 5.47% Nov-20 / Nov-22 215,000 Operating Assets Outlet Collection at Riverwalk 46,584 L+250 Floating 4.90% Oct-19 / Oct-20 Three Hughes Landing 58,456 L+260 Floating 5.00% Dec-19 / Dec-20 Downtown Summerlin 262,997 L+215 Floating 4.55% Sep-20 / Sep-21 Two Merriweather 26,242 L+250 Floating 4.90% Oct-20 / Oct-21 HHC 242 Self-Storage 5,499 L+260 Floating 5.00% Dec-21 / Dec-22 HHC 2978 Self-Storage 5,395 L+260 Floating 5.00% Dec-21 / Dec-22 20/25 Waterway Avenue 13,263 0.0479 Fixed 4.79% May-22 Millennium Waterway Apartments 53,560 3.75% Fixed 3.75% Jun-22 Aristocrat 27,795 P+40 Floating 5.90% Oct-22 Two Summerlin 26,918 P+40 Floating 5.90% Oct-22 Lake Woodlands Crossing Retail 10,791 L+180 Floating 4.20% Jan-23 A'ali'i — L+310 Floating 5.50% Jun-22 / June-23 Senior Secured Credit Facility 615,000 4.61% Floating/Swap 4.61% (b) Sep-23 The Woodlands Resort & Conference Center 62,500 L+250 Floating 4.90% Dec-21 / Dec-23 Lakefront North 26,153 L+200 Floating 4.40% Dec-22 / Dec-23 9303 New Trails 11,406 4.88% Fixed 4.88% Dec-23 4 Waterway Square 33,401 4.88% Fixed 4.88% Dec-23 3831 Technology Forest Drive 21,356 0.045 Fixed 4.50% Mar-26 Kewalo Basin Harbor 8,676 L+275 Floating 5.15% Sep-27 Millennium Six Pines Apartments 42,500 3.39% Fixed 3.39% Aug-28 3 Waterway Square 48,337 3.94% Fixed 3.94% Aug-28 One Hughes Landing 52,000 4.30% Fixed 4.30% Dec-29 One Lakes Edge 69,440 4.50% Fixed 4.50% Mar-29 Two Hughes Landing 48,000 4.2% Fixed 4.20% Dec-30 Constellation Apartments 24,200 4.07% Fixed 4.07% Jan-33 Hughes Landing Retail 35,000 3.5% Fixed 3.50% Dec-36 Columbia Regional Building 24,867 0.0448 Fixed 4.48% Feb-37 Las Vegas Ballpark 51,231 4.92% Fixed 4.92% Dec-39 $ 1,711,567 HowardHughes.com 214.741.7744 26

Property-Level Debt (con't) ($ in thousands) Q2 2019 Principal Asset Balance Contract Interest Rate Interest Rate Hedge Current Annual Interest Rate Initial / Extended Maturity (a) Seaport District 250 Water Street $ 99,723 6.00% Fixed 6.00% Jun-20 Seaport District (c) 250,000 6.10% Fixed to Floating 6.10% Jun-24 349,723 Strategic Developments 100 Fellowship Drive 42,686 L+150 Floating 3.90% May-22 Lakeside Row 11,317 L+225 Floating 4.65% Jul-22 / Jul-23 Two Lakes Edge 12,145 L+215 Floating 4.55% Oct-22 / Oct-23 Creekside Park West 1,334 L+225 Floating 4.65% Mar-23 / Mar-24 110 North Wacker 54,956 L+300 Floating/Collar 5.40% Apr-22 / Apr-24 6100 Merriweather 16,118 L+275 Floating 5.15% Sep-22 / Sep-24 Juniper Apartments (d) — L+275 Floating 5.15% Sep-22 / Sep-24 Tanager Apartments 24,988 L+225 Floating 4.65% Oct-21 / Oct-24 8770 New Trails — L+245 Floating 4.85% Jun-21 / Jan-32 163,544 Total (e) $ 2,439,834 (a) Extended maturity assumes all extension options are exercised if available based on property performance. (b) The credit facility bears interest at one-month LIBOR plus 1.65%, but the $615.0 million term loan is swapped to an overall rate equal to 4.61%. The following properties are included as collateral for the credit facility: 10-70 Columbia Corporate Center, One Mall North, One Merriweather, 1701 Lake Robbins, 1725-1735 Hughes Landing Boulevard, Creekside Village Green, Lakeland Village Center at Bridgeland, Embassy Suites at Hughes Landing, The Westin at The Woodlands and certain properties at Ward Village. (c) The loan initially bears interest at 6.10% and matures on June 1, 2024. The loan will begin bearing interest at one-month LIBOR plus 4.10%, subject to a LIBOR cap of 2.30% and LIBOR floor of 0.00%, at the earlier of June 20, 2021 or the date certain debt coverage ratios are met. (d) Formerly known as Columbia Multi-family. (e) Excludes JV debt, Corporate level debt, and SID bond debt related to Summerlin MPC and retail. HowardHughes.com 214.741.7744 27

Summary of Ground Leases Summary of Ground Leases Minimum Contractual Ground Lease Payments ($ in thousands) Future Cash Payments Pro-Rata Three months ended Remaining Year Ending December 31, Ground Leased Asset Share Expiration Date June 30, 2019 2019 2020 Thereafter Total Riverwalk (a) 100% 2045-2046 $ 780 $ 441 $ 1,737 $ 42,185 $ 44,363 Seaport 100% 2031 (b) 534 1,089 2,199 221,019 224,307 Kewalo Basin Harbor 100% 2049 — — 300 8,600 8,900 $ 1,314 $ 1,530 $ 4,236 $ 271,804 $ 277,570 (a) Includes base ground rent, deferred ground rent and participation rent, as applicable. Future payments of participation rent are calculated based on the floor only. (b) Initial expiration is December 30, 2031 but subject to extension options through December 31, 2072. Future cash payments are inclusive of extension options. HowardHughes.com 214.741.7744 28

Definitions Definitions Stabilized - Properties in the Operating Assets and Seaport District segments that have been in service for more than 36 months or have reached 90% occupancy, whichever occurs first. If an office, retail or multifamily 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 District 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 District segments for which construction has commenced as of June 30, 2019, unless otherwise noted. This excludes 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), including our share of NOI from equity investees. 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 and, unless otherwise indicated, Equity in earnings from real estate and other affiliates. 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 District 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. HowardHughes.com 214.741.7744 29

Reconciliation of Non-GAAP Measures Reconciliation of Non-GAAP Measures Reconciliation of Operating Assets segment EBT to Total NOI: (In thousands) Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 YTD Q2 2019 YTD Q2 2018 Total Operating Assets segment EBT (a) $ 12,628 $ 5,686 $ (5,793) $ (4,115) $ 5,385 $ 18,314 $ 13,750 Depreciation and amortization 28,938 27,108 29,265 26,470 24,198 56,046 47,558 Interest expense, net 20,059 18,991 18,664 18,892 17,308 39,050 33,995 Equity in earnings from real estate and other affiliates (45) (2,709) (487) 75 1,000 (2,754) (1,583) Impact of straight-line rent (2,537) (2,845) (3,277) (3,243) (2,414) (5,382) (5,536) Other (340) 122 707 2,811 (421) (218) (107) Total Operating Assets NOI - Consolidated 58,703 46,353 39,079 40,890 45,056 105,056 88,077 Redevelopments 110 North Wacker — — 513 — — — — Total Operating Asset Redevelopments NOI — — 513 — — — — Dispositions Cottonwood Square — — — — — — 11 Park West — — — — — — — Total Operating Asset Dispositions NOI — — — — — — 11 Consolidated Operating Assets NOI excluding properties sold or in redevelopment 58,703 46,353 39,592 40,890 45,056 105,056 88,088 Company's Share NOI - Equity investees 1,688 1,464 1,952 1,343 791 3,152 1,366 Distributions from Summerlin Hospital Investment — 3,625 — — — 3,625 3,435 Total Operating Assets NOI $ 60,391 $ 51,442 $ 41,544 $ 42,233 $ 45,847 $ 111,833 $ 92,889 (a) EBT excludes corporate expenses and other items that are not allocable to the segments. Prior periods have been adjusted to be consistent with fiscal 2019 presentation. HowardHughes.com 214.741.7744 30

Reconciliation of Non-GAAP Measures (con't) Reconciliation of Non-GAAP Measures Reconciliation of Seaport District segment EBT to Total NOI: (In thousands) Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 YTD Q2 2019 YTD Q2 2018 Total Seaport District segment EBT (a) $ (14,270) $ (15,852) $ (15,660) $ (8,798) $ (856) $ (30,122) $ 593 Depreciation and amortization 6,753 6,193 5,959 2,309 1,953 12,946 4,197 Interest expense (income), net 1,924 1,532 2,176 (1,471) (3,278) 3,456 (6,995) Equity in (earnings) loss from real estate and other affiliates 451 632 14 452 240 1,083 240 Impact of straight-line rent 491 755 179 (274) (156) 1,246 (338) Loss on sale or disposal of real estate — 6 — — — 6 — Other - development related 1,764 2,749 3,816 4,836 2,562 4,513 3,286 Total Seaport District NOI - Consolidated (2,887) (3,985) (3,516) (2,946) 465 (6,872) 983 Company's Share NOI - Equity investees (42) (195) (134) (452) (127) (237) (127) Total Seaport District NOI $ (2,929) $ (4,180) $ (3,650) $ (3,398) $ 338 $ (7,109) $ 856 (a) EBT excludes corporate expenses and other items that are not allocable to the segments. Prior periods have been adjusted to be consistent with fiscal 2019 presentation. HowardHughes.com 214.741.7744 31

Reconciliation of Non-GAAP Measures (con't) Reconciliations of Non-GAAP Measures (In thousands) Three Months Ended June 30, Six Months Ended June 30, Reconciliation of MPC Land Sales Closed to GAAP Land Sales Revenue 2019 2018 2019 2018 Total residential land sales closed in period $ 59,248 $ 45,063 $ 98,727 $ 87,842 Total commercial land sales closed in period — 1,398 — 1,398 Net recognized (deferred) revenue: Bridgeland 34 2 34 4 Summerlin (970) 3,134 475 3,887 Total net recognized (deferred) revenue (936) 3,136 509 3,891 Special Improvement District bond revenue 10 2,834 398 5,866 Total land sales revenue - GAAP basis $ 58,322 $ 52,431 $ 99,634 $ 98,997 Three Months Ended June 30, Six Months Ended June 30, Reconciliation of MPC Segment EBT to MPC Net Contribution 2019 2018 2019 2018 MPC segment EBT $ 47,235 $ 46,584 $ 84,832 $ 83,420 Plus: Cost of sales - land 28,006 26,383 44,824 52,426 Depreciation and amortization 86 86 246 167 MUD and SID bonds collections, net 119 (2,380) 981 (5,004) Distributions from real estate and other affiliates 1,306 2,745 2,741 2,745 Less: MPC development expenditures (63,071) (49,266) (119,843) (91,266) MPC land acquisitions — (2,048) (752) (2,554) Equity in earnings in real estate and other affiliates (6,499) (14,100) (14,336) (25,228) MPC Net Contribution $ 7,182 $ 8,004 $ (1,307) $ 14,706 Three Months Ended June 30, Six Months Ended June 30, Reconciliation of Segment EBTs to Net Income 2019 2018 2019 2018 Operating Assets segment EBT $ 12,628 $ 5,385 $ 18,314 $ 13,750 MPC segment EBT 47,235 46,584 84,832 83,420 Seaport District segment EBT (14,270) (856) (30,122) 593 Strategic Developments segment EBT 13,343 (4,750) 73,989 1,502 Corporate and other items (41,135) (54,659) (86,271) (105,169) Income before taxes 17,801 (8,296) 60,742 (5,904) (Provision for) benefit from income taxes (4,473) 2,417 (15,489) 1,859 Net income (loss) 13,328 (5,879) 45,253 (4,045) Net loss attributable to noncontrolling interests 149 791 45 431 Net income (loss) attributable to common stockholders $ 13,477 $ (5,088) $ 45,298 $ (3,614) HowardHughes.com 214.741.7744 32