hhcsupplemental4q21

The Howard Hughes Corporation, 9950 Woodloch Forest Drive, Suite 1100, The Woodlands, TX 77380 HowardHughes.com 281.719.6100 Supplemental Information Three Months Ended December 31, 2021 NYSE: HHC Seaport New York, NY Exhibit 99.2 The Woodlands Towers at the Waterway The Woodlands, TX 6100 Merriweather Columbia, MD

HowardHughes.com 281.719.6100 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, 2021, as filed with the Securities and Exchange Commission (SEC) on February 28, 2022. 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, gain on sale or disposal of real estate and other assets, net, provision for impairment, 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 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 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.

HowardHughes.com 281.719.6100 3 Table of Contents Table of Contents FINANCIAL OVERVIEW OPERATING PORTFOLIO PERFORMANCE OTHER PORTFOLIO METRICS Definitions 4 Same Store Metrics 11 Ward Village - Sold Out Condominiums 20 Company Profile 5 NOI by Region 13 Ward Village - Condominiums Remaining to be Sold 21 Financial Summary 7 Stabilized Properties 15 Summary of Remaining Development Costs 22 Balance Sheets 9 Unstabilized Properties 17 Portfolio Key Metrics 23 Statements of Operations 10 Under Construction Properties 18 MPC Portfolio 24 Seaport Operating Performance 19 MPC Performance 25 MPC Land 26 Lease Expirations 27 Acquisitions / Dispositions 28 Other/Non-core Assets 29 Debt Summary 30 Property-Level Debt 31 Ground Leases 33 Impact of COVID-19 34 Reconciliations of Non-GAAP Measures 35

HowardHughes.com 281.719.6100 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 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 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, 2021, 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, gain on sale or disposal of real estate and other assets, net, provision for impairment 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 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. 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 of unconsolidated properties 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

HowardHughes.com 281.719.6100 5 ‘A‘ali‘i 12% Kō'ula 71% Victoria Place 17% Bridgeland 26% Summerlin 71% The Woodlands/Woodlands Hills 3% Recent Company Highlights HONOLULU, Oct. 6, 2021 (PRNewswire) -- The Howard Hughes Corporation (HHC) announced that it has begun welcoming residents to ʻAʻaliʻi ®, the fifth residential tower to be delivered in Ward Village®, further enhancing the 60-acre coastal master planned community's transformation of Honolulu's urban core. PHOENIX, October 19, 2021 (PRNewswire) -- The Howard Hughes Corporation (HHC) and Jerry Colangelo announced the launch of Douglas Ranch, a new large-scale master planned community (MPC) in Phoenix's West Valley. Encompassing nearly 37,000 acres in the nation's fastest-growing metro region, Douglas Ranch is anticipated to become one of the leading MPCs in the country, with 100,000 homes, 300,000 residents and 55 million square feet of commercial development. Residential lot sales at Douglas Ranch are scheduled to begin in the first half of 2022. The MPC was acquired by Howard Hughes from JDM Partners, led by Colangelo, David Eaton and Mel Shultz, and El Dorado Holdings, led by Mike Ingram; both companies will remain as joint venture partners with HHC on Trillium, the 3,000-acre first village of Douglas Ranch, located in the city of Buckeye, Arizona. NEW YORK, Dec. 29, 2021 (PRNewswire) -- The Howard Hughes Corporation (HHC) announced the final approval by the City of New York of its planned $850 million 250 Water Street development project at the Seaport in Lower Manhattan, a key component of HHC's long-term vision for the historic neighborhood. The 26-story mixed-use project, designed by world-renowned architecture and urban design firm Skidmore, Owings & Merrill (SOM), will feature residential rental apartments, office, retail and community space. Company Overview - Q4 2021 Exchange / Ticker NYSE: HHC Share Price - December 31, 2021 $ 101.78 Diluted Earnings / Share $ 2.09 FFO / Diluted Share $ 3.08 Core FFO / Diluted Share $ 3.67 AFFO / Diluted Share $ 3.64 Company Profile - Summary & Results Operating Portfolio by Region Company Profile - Summary & Results Q4 '21 MPC EBT $129.3M Q4 '21 Condo sales 24 units Q4 2021 MPC EBT Q4 2021 Units Contracted at Under Construction Condos Bridgeland $ 33.2 ‘A‘ali‘i 3 Columbia (0.3) Kō'ula 17 Summerlin 92.1 Victoria Place 4 The Woodlands/Woodlands Hills 4.3 Total 24 Total $ 129.3 Q4 2021 MPC & Condominium Results $ in millions

HowardHughes.com 281.719.6100 6 Office 30% Multi-family 64% Retail 6% Office 33% Multi-family 31% Retail 35% Office 49% Multi-family 23% Retail 21% Other 7% Office 47% Multi-family 20% Retail 25% Other 8% Office 85% Multi-family 10% Retail 5% Currently Under Construction Currently Unstabilized Currently Stabilized Total $ in millions $ in millions $ in millions $ in millions Company Profile - Summary & Results (cont'd)Company Profile - Summary & Results (con't) Projected Stabilized NOI $48.4M Projected Stabilized NOI $289.4M Q4 '21 Under Construction NOI $0.0M Projected Stabilized NOI $368.3M Office 53% Multi-family 20% Retail 25% Other 2% Office 52% Multi-family 21% Retail 25% Other 2% 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 19 for Seaport NOI and other project information. See page 4 for definitions of Under Construction, Unstabilized,Stabilized and Net Operating Income (NOI). Q4 '21 Stabilized NOI $56.7M Q4 '21 Unstabilized NOI $0.7M Q4 '21 Total NOI $57.4M Projected Stabilized NOI $30.5M Retail & Office S.F. 367,357 Retail & Office S.F. 2,479,715 Retail & Office S.F. 8,015,542 Retail & Office S.F. 10,862,614 Multi-family Units 1,124 Multi-family Units 360 Multi-family Units 3,840 Multi-family Units 5,324 Other S.F. / Units — / — Other S.F. / Units — / — Other S.F. / Units 135,801 / 1,360 Other S.F. / Units 135,801 / 1,360 Projected Stabilized NOI $ 30.5 Projected Stabilized NOI $ 48.4 Projected Stabilized NOI $ 289.4 Projected Stabilized NOI $ 368.3 Q4 2021 Path to Projected Annual Stabilized NOI Currently Under Construction Currently Unstabilized Currently Stabilized Total $ in millions $ in millions $ in millions $ in millions Q4 2021 Operating Results by Property Type

HowardHughes.com 281.719.6100 7 $ in thousands except share price and billions Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 FY 2021 FY 2020 Company Profile Share price (a) $ 101.78 $ 87.81 $ 97.46 $ 95.13 $ 78.93 $ 101.78 $ 78.93 Market Capitalization (b) $5.5b $4.8b $5.4b $5.2b $4.3b $5.5b $4.3b Enterprise Value (c) $9.1b $8.3b $8.8b $8.7b $7.6b $9.1b $7.6b Weighted avg. shares - basic 54,487 55,727 55,704 55,678 55,571 54,596 55,571 Weighted avg. shares - diluted 54,535 55,756 55,757 55,678 55,571 54,649 55,571 Total diluted share equivalents outstanding (a) 54,068 55,126 55,130 55,119 54,999 54,068 54,999 Debt Summary Total debt payable (d) $ 4,639,416 $ 4,468,713 $ 4,494,183 $ 4,439,522 $ 4,320,166 $ 4,639,416 $ 4,320,166 Fixed-rate debt $ 3,125,559 $ 2,795,832 $ 2,726,121 $ 2,672,304 $ 2,374,822 $ 3,125,559 $ 2,374,822 Weighted avg. rate - fixed 4.41 % 4.49 % 4.51 % 4.54 % 5.07 % 4.41 % 5.07 % Variable-rate debt, excluding condominium financing $ 1,314,674 $ 1,298,358 $ 1,444,733 $ 1,467,039 $ 1,725,461 $ 1,314,674 $ 1,725,461 Weighted avg. rate - variable 3.49 % 3.95 % 3.54 % 3.54 % 3.41 % 3.49 % 3.41 % Condominium debt outstanding at end of period $ 199,183 $ 374,523 $ 323,328 $ 300,179 $ 219,883 $ 199,183 $ 219,883 Weighted avg. rate - condominium financing 4.77 % 3.99 % 4.06 % 4.04 % 3.82 % 4.77 % 3.82 % Leverage ratio (debt to enterprise value) 50.64 % 53.60 % 50.79 % 50.73 % 56.31 % 50.64 % 56.31 % General and Administrative General and administrative (G&A) $ 20,857 $ 19,033 $ 20,334 $ 21,766 $ 24,647 $ 81,990 $ 109,402 Less: Non-cash stock compensation (2,468) (2,637) (2,248) (2,533) (1,982) (9,886) (5,785) Cash G&A (e) $ 18,389 $ 16,396 $ 18,086 $ 19,233 $ 22,665 $ 72,104 $ 103,617 Financial SummaryFinancial 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 and bond issuance 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.

HowardHughes.com 281.719.6100 8 Financial SummaryFinancial Summary (con't) (a) Operating Assets NOI includes 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 current period 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) Seaport NOI includes the Company's share of equity method investments NOI. (e) Excludes a $97.9 million charge for the estimated costs related to construction defects at the Waiea tower in the first quarter of 2020 and excludes an additional $20.5 million charge related to the same construction defects in the first quarter of 2021. The Company expects to recover all the repair costs from the general contractor, other responsible parties and insurance proceeds. (f) As a result of the completion of ‘A'ali'i in October 2021, we closed on 670 condos during the year ended December 31, 2021, compared to no condominium units during 2020. As highlighted on pages 20 and 21 of this presentation, overall progress at our condominium projects remains extremely strong. $ in thousands Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 FY 2021 FY 2020 Earnings Profile Operating Assets Segment Income Revenues $ 103,177 $ 124,095 $ 109,364 $ 91,603 $ 87,916 $ 428,239 $ 363,520 Expenses (47,813) (61,120) (53,176) (47,464) (42,167) (209,573) (183,934) Company's Share NOI - Equity investees 2,053 (47) 1,690 4,140 1,362 7,836 11,474 Operating Assets NOI (a) $ 57,417 $ 62,928 $ 57,878 $ 48,279 $ 47,111 $ 226,502 $ 191,060 Avg. NOI margin 56% 51% 53% 53% 54% 53% 53% MPC Segment Earnings Total revenues $ 214,820 $ 72,061 $ 74,578 $ 48,287 $ 112,436 $ 409,746 $ 283,953 Total expenses (b) (101,205) (35,474) (33,905) (23,267) (49,846) (193,851) (128,597) Depreciation and amortization (94) (102) (98) (72) (92) (366) (365) Interest (expense) income, net (c) 10,949 10,362 10,615 10,757 10,554 42,683 36,587 Equity in earnings (losses) from real estate and other affiliates 4,831 8,277 18,641 27,650 13,442 59,399 17,845 Gain (loss) on extinguishment of debt — (1,004) — — — (1,004) — MPC Segment EBT (c) $ 129,301 $ 54,120 $ 69,831 $ 63,355 $ 86,494 $ 316,607 $ 209,423 Seaport Segment Income Revenues $ 14,749 $ 20,224 $ 10,202 $ 6,897 $ 6,969 $ 52,072 $ 22,572 Expenses (20,268) (23,749) (14,477) (11,141) (10,014) (69,635) (39,046) Company's share NOI - equity investees (272) (38) (147) (135) (124) (592) (911) Seaport NOI (d) $ (5,791) $ (3,563) $ (4,422) $ (4,379) $ (3,169) $ (18,155) $ (17,385) Avg. NOI margin (39%) (18%) (43%) (63%) (45%) (35%) (77%) Condo Gross Profit Condominium rights and unit sales $ 464,406 $ 163 $ 12,861 $ 37,167 $ 958 $ 514,597 $ 1,143 Adjusted condominium rights and unit cost of sales (e) (345,714) (82) (13,435) (34,472) (2,893) (393,703) (10,289) Condo adjusted gross profit (f) $ 118,692 $ 81 $ (574) $ 2,695 $ (1,935) $ 120,894 $ (9,146)

HowardHughes.com 281.719.6100 9 thousands except par values and share amounts December 31, 2021 December 31, 2020 ASSETS Unaudited Unaudited Investment in real estate: Master Planned Communities assets $ 2,282,768 $ 1,687,519 Buildings and equipment 3,962,441 4,115,493 Less: accumulated depreciation (743,311) (634,064) Land 322,439 363,447 Developments 1,208,907 1,152,674 Net property and equipment 7,033,244 6,685,069 Investment in real estate and other affiliates 369,949 377,145 Net investment in real estate 7,403,193 7,062,214 Net investment in lease receivable 2,913 2,926 Cash and cash equivalents 843,212 1,014,686 Restricted cash 373,425 228,311 Accounts receivable, net 86,388 66,726 Municipal Utility District receivables, net 387,199 314,394 Notes receivable, net 7,561 622 Deferred expenses, net 119,825 112,097 Operating lease right-of-use assets, net 57,022 56,255 Prepaid expenses and other assets, net 300,956 282,101 Total assets $ 9,581,694 $ 9,140,332 LIABILITIES Mortgages, notes and loans payable, net $ 4,591,157 $ 4,287,369 Operating lease obligations 69,363 68,929 Deferred tax liabilities 204,837 187,639 Accounts payable and accrued expenses 983,167 852,258 Total liabilities 5,848,524 5,396,195 Redeemable noncontrolling interest 22,500 29,114 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, 56,173,276 issued and 54,065,661 outstanding as of December 31, 2021, and 56,042,814 shares issued and 54,972,256 outstanding as of December 31, 2020 563 562 Additional paid-in capital 3,960,418 3,947,278 Accumulated deficit (16,456) (72,556) Accumulated other comprehensive loss (14,457) (38,590) Treasury stock, at cost, 2,107,615 shares as of December 31, 2021, and 1,070,558 shares as of December 31, 2020 (220,073) (122,091) Total stockholders' equity 3,709,995 3,714,603 Noncontrolling interests 675 420 Total equity 3,710,670 3,715,023 Total liabilities and equity $ 9,581,694 $ 9,140,332 Share Count Details (thousands) Shares outstanding at end of period (including restricted stock) 54,066 54,972 Dilutive effect of stock options (a) 2 27 Total diluted share equivalents outstanding 54,068 54,999 Balance Sheets (a) Stock options assume net share settlement calculated for the period presented.

HowardHughes.com 281.719.6100 10 Comparative Statements of Operations: Total PortfolioStatements of Operations thousands except per share amounts Q4 2021 Q4 2020 FY 2021 FY 2020 REVENUES Unaudited Unaudited Unaudited Unaudited Rental revenue $ 99,740 $ 81,660 $ 369,330 $ 323,182 Master Planned Communities land sales 194,093 96,991 346,217 233,044 Condominium rights and unit sales 464,406 958 514,597 1,143 Other land, rental and property revenues 31,637 22,956 152,619 105,048 Builder price participation 15,800 11,136 45,138 37,072 Total revenues 805,676 213,701 1,427,901 699,489 EXPENSES Operating costs 74,133 58,028 293,999 226,791 Master Planned Communities cost of sales 89,702 42,945 153,630 101,505 Condominium rights and unit cost of sales 345,714 2,893 414,199 108,229 Rental property real estate taxes 12,879 8,590 55,398 52,815 Provision for (recovery of) doubtful accounts 1,485 1,055 (459) 6,009 Demolition costs 163 — 355 — Development-related marketing costs 2,252 1,625 10,313 8,166 General and administrative 20,857 24,647 81,990 109,402 Depreciation and amortization 49,705 56,472 205,100 217,467 Total expenses 596,890 196,255 1,214,525 830,384 OTHER Provision for impairment — — (13,068) (48,738) Gain (loss) on sale or disposal of real estate and other assets, net (7,395) 13,710 53,079 59,942 Other income (loss), net 763 923 (11,515) 130 Total other (6,632) 14,633 28,496 11,334 Operating income (loss) 202,154 32,079 241,872 (119,561) Interest income 23 460 107 2,368 Interest expense (32,831) (33,540) (130,036) (132,257) Gain (loss) on extinguishment of debt (471) (3) (38,014) (13,169) Equity in earnings (losses) from real estate and other affiliates (25,667) 1,464 (9,852) 271,099 Income (loss) before income taxes 143,208 460 64,077 8,480 Income tax expense (benefit) 31,859 8,450 15,153 11,653 Net income (loss) 111,349 (7,990) 48,924 (3,173) Net (income) loss attributable to noncontrolling interests 2,451 1,344 7,176 (22,981) Net income (loss) attributable to common stockholders $ 113,800 $ (6,646) $ 56,100 $ (26,154) Basic income (loss) per share $ 2.09 $ (0.12) $ 1.03 $ (0.50) Diluted income (loss) per share $ 2.09 $ (0.12) $ 1.03 $ (0.50)

HowardHughes.com 281.719.6100 11 Same Store NOI - Operating Assets Segment thousands except percentages Q4 2021 Q4 2020 $ Change % Change FY 2021 FY 2020 $ Change % Change Same Store Office Houston, TX $ 18,866 $ 19,684 $ (818) (4) % $ 69,469 $ 80,314 $ (10,845) (14) % Columbia, MD 6,272 4,420 1,852 42 % 22,659 20,033 2,626 13 % Las Vegas, NV 3,796 3,598 198 6 % 14,416 13,616 800 6 % Total Same Store Office 28,934 27,702 1,232 4 % 106,544 113,963 (7,419) (7) % Same Store Retail Houston, TX 3,379 3,808 (429) (11) % 12,640 12,031 609 5 % Columbia, MD 555 643 (88) (14) % 2,226 2,272 (46) (2) % Las Vegas, NV 6,356 3,892 2,464 63 % 24,732 15,520 9,212 59 % Honolulu, HI 4,498 1,733 2,765 160 % 16,199 9,389 6,810 73 % Other (45) (482) 437 (91) % 1,998 646 1,352 209 % Total Same Store Retail 14,743 9,594 5,149 54 % 57,795 39,858 17,937 45 % — — — — — — Same Store Multi-Family Houston, TX 4,676 3,569 1,107 31 % 15,943 14,409 1,534 11 % Las Vegas, NV 1,642 1,276 366 29 % 6,799 4,687 2,112 45 % Company's Share NOI - Equity Investees 1,633 1,543 90 6 % 6,665 6,630 35 1 % Total Same Store Multi-Family 7,951 6,388 1,563 24 % 29,407 25,726 3,681 14 % Same Store Other Houston, TX 1,696 1,857 (161) (9) % 6,762 5,892 870 15 % Columbia, MD 17 (18) 35 194 % (42) (25) (17) 68 % Las Vegas, NV (1,533) (372) (1,161) (312) % 6,510 (3,048) 9,558 314 % Honolulu, HI 24 (198) 222 112 % 238 (290) 528 182 % Company's Share NOI - Equity and Cost Investees 680 532 148 28 % 6,302 5,557 745 13 % Total Same Store Other 884 1,801 (917) (51) % 19,770 8,086 11,684 144 % Total Same Store NOI 52,512 45,485 7,027 15 % 213,516 187,633 25,883 14 % Non-Same Store NOI 4,905 1,626 3,279 (202) % 12,986 3,427 9,559 (279) % Total Operating Assets NOI $ 57,417 $ 47,111 $ 10,306 22 % $ 226,502 $ 191,060 $ 35,442 19 % See page 4 for definitions of Same Store Properties and Same Store NOI.

HowardHughes.com 281.719.6100 12 Same Store Performance - Operating Assets Segment thousands except percentages Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Same Store Metrics Stabilized Leasing Percentages Office 90 % 88 % 89 % 89 % 93 % Retail 92 % 90 % 92 % 92 % 89 % Multi-Family 99 % 97 % 97 % 95 % 92 % Unstabilized Leasing Percentages Office 52 % 45 % 43 % 42 % 42 % Retail 72 % 70 % 70 % 70 % 62 % Multi-Family (a) — % — % — % — % 91 % Same Store NOI Office $ 28,934 $ 26,784 $ 25,604 $ 25,222 $ 27,702 Retail 14,743 16,095 14,867 12,090 9,594 Multi-Family 7,951 7,724 7,048 6,684 6,388 Other 884 8,409 5,523 4,954 1,801 Total Same Store NOI $ 52,512 $ 59,012 $ 53,042 $ 48,950 $ 45,485 Quarter over Quarter Change in Same Store NOI (11) % 11 % 8 % 8 % See page 4 for definitions of "Same Store Properties" and "Same Store NOI" (a) As of Q1 2021, all same store multi-family properties are stabilized.

HowardHughes.com 281.719.6100 13 NOI by Region, excluding Seaport in thousands except Sq. Ft. and units Property % Ownership (a) Total Q4 2021 Occupied (#) Q4 2021 Leased (#) Q4 2021 Occupied (%) Q4 2021 Leased (%) Q4 2021 Annualized NOI (b) Stabilized NOI (c) Time to Stabilize (Years) (d)Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Stabilized Properties Office - Houston 100 % 3,373,048 — 2,983,325 — 3,062,816 — 88 % — % 91 % — % $ 83,553 $ 91,579 — Office - Columbia 100 % 1,390,317 — 1,149,808 — 1,206,891 — 83 % — % 87 % — % 22,507 26,004 — Office - Summerlin 100 % 532,428 — 524,309 — 524,309 — 98 % — % 98 % — % 14,183 14,892 — Retail - Houston 100 % 420,527 — 347,267 — 373,571 — 83 % — % 89 % — % 10,058 13,586 — Retail - Columbia 100 % 99,899 — 99,899 — 99,899 — 100 % — % 100 % — % 2,202 2,712 — Retail - Hawai‘i 100 % 1,001,976 — 865,161 — 884,496 — 86 % — % 88 % — % 16,295 24,600 — Retail - Summerlin 100 % 800,548 — 762,117 — 786,852 — 95 % — % 98 % — % 26,183 26,301 — Retail - Other 100 % 264,080 — 222,938 — 231,341 — 84 % — % 88 % — % 52 6,500 — Multi-Family - Houston (e) 100 % 34,419 2,250 27,152 2,182 27,152 2,228 79 % 97 % 79 % 99 % 27,902 35,204 — Multi-Family - Columbia (e) 50 % 98,300 1,199 48,867 1,150 56,322 1,178 50 % 96 % 57 % 98 % 11,727 16,302 — Multi-Family - Summerlin (e) 100 % — 391 — 374 — 388 — % 96 % — % 99 % 6,575 7,398 — Self-Storage - Houston 100 % — 1,360 — 1,271 — 1,282 — % 93 % — % 94 % 1,220 1,220 — Other - Summerlin 100 % — — — — — — — % — % — % — % 10,481 12,415 — Other Assets (f) Various 135,801 — 135,801 — 135,801 — 100 % — % 100 % — % 8,521 10,670 — Total Stabilized Properties (g) $ 241,459 $ 289,383 — Unstabilized Properties Office - Houston 100 % 595,617 — 204,411 — 260,641 — 34 % — % 44 % — % $ (1,107) $ 17,900 1.0 Office - Columbia 100 % 319,470 — 206,931 — 211,643 — 65 % — % 66 % — % 3,025 9,200 0.8 Office - Other 23 % 1,491,651 — 857,151 — 1,174,975 — 57 % — % 79 % — % (260) 14,421 1.8 Retail - Houston 100 % 72,977 — 52,810 — 52,810 — 72 % — % 72 % — % 1,164 2,200 1.0 Multi-Family - Houston (e) 100 % — 360 — 274 — 280 — % 76 % — % 78 % 2,411 4,697 2.5 Total Unstabilized Properties $ 5,233 $ 48,418 1.7

HowardHughes.com 281.719.6100 14 NOI by RegionNOI by Region, excluding Seaport (con't) in thousands except Sq. Ft. and units Property % Ownership (a) Total Q4 2021 Occupied (#) Q4 2021 Leased (#) Q4 2021 Occupied (%) Q4 2021 Leased (%) Q4 2021 Annualized NOI (b) Stabilized NOI (c) Time to Stabilize (Years) (d)Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Under Construction Properties Office - Houston 100 % 20,000 — — — — — — % — % — % — % n/a $ 596 1.3 Office - Summerlin 100 % 267,000 — — — — — — % — % — % — % n/a 8,374 4.0 Retail - Hawai‘i 100 % 48,357 — 3,076 — 10,508 — 6 % — % 22 % — % n/a 1,918 3.5 Multi-Family - Houston (e) 100 % — 358 — — — — — % — % — % — % n/a 4,360 3.5 Multi-Family - Summerlin (e) 100 % — 294 — — — — — % — % — % — % n/a 5,899 5.0 Multi-Family - Columbia (e) 100 % 32,000 472 — — — — — % — % — % — % n/a 9,325 4.3 Total Under Construction Properties n/a $ 30,472 4.0 Total/ Wtd. Avg. for Portfolio $ 246,692 $ 368,273 3.4 (a) Includes our share of NOI for our joint ventures. (b) To better reflect the full-year performance of the properties, the impacts of certain prior period accruals and adjustments included in Q4 2021 NOI were not annualized. Annualized Q4 2021 NOI also includes distribution received from cost method investment in Q1 2020. For purposes of this calculation, this one time annual distribution is not annualized. (c) Table above excludes Seaport NOI, units, and square feet until we have greater clarity with respect to the performance of our tenants. See page 19 for Seaport Est. stabilized yield and other project information. (d) The expected stabilization date used in the Time to Stabilized calculation for all unstabilized and under construction assets is set 36 months from the in-service or expected in-service date. (e) Multi-Family square feet represent ground floor retail whereas multi-family units represent residential units for rent. (f) 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 16 of this presentation. (g) For Stabilized Properties, the difference between Annualized NOI and Stabilized NOI is attributable to a number of factors which may include temporary abatements, deferrals or lost revenue due to COVID-19 restrictions, timing of lease turnovers, free rent and other market factors.

HowardHughes.com 281.719.6100 15 in thousands except Sq. Ft. and units Property Location % Ownership Rentable Sq. Ft. Q4 2021 % Occ. Q4 2021 % Leased Annualized Q4 2021 NOI (a) (b) Est. Stabilized NOI (a) Office One Hughes Landing Houston, TX 100 % 197,719 97 % 97 % $ 6,169 $ 6,170 Two Hughes Landing Houston, TX 100 % 197,714 68 % 68 % 3,999 6,000 Three Hughes Landing Houston, TX 100 % 320,815 89 % 91 % 8,244 8,245 1725 Hughes Landing Boulevard Houston, TX 100 % 331,176 64 % 64 % 5,849 6,900 1735 Hughes Landing Boulevard Houston, TX 100 % 318,170 100 % 100 % 8,897 8,900 2201 Lake Woodlands Drive Houston, TX 100 % 24,119 100 % 100 % 367 500 Lakefront North Houston, TX 100 % 258,058 74 % 96 % 3,851 6,458 8770 New Trails Houston, TX 100 % 180,000 100 % 100 % 3,900 4,400 9303 New Trails Houston, TX 100 % 97,967 79 % 79 % 1,521 1,525 3831 Technology Forest Drive Houston, TX 100 % 95,078 100 % 100 % 2,623 2,625 3 Waterway Square Houston, TX 100 % 232,021 87 % 91 % 5,895 6,500 4 Waterway Square Houston, TX 100 % 218,551 100 % 100 % 6,727 6,856 1201 Lake Robbins (c) Houston, TX 100 % 805,993 100 % 100 % 24,934 25,000 1400 Woodloch Forest Houston, TX 100 % 95,667 49 % 57 % 577 1,500 10 - 70 Columbia Corporate Center Columbia, MD 100 % 898,746 78 % 84 % 12,316 14,330 Columbia Office Properties Columbia, MD 100 % 63,831 52 % 64 % 17 1,402 One Mall North Columbia, MD 100 % 97,092 93 % 93 % 1,744 1,947 One Merriweather Columbia, MD 100 % 206,632 100 % 100 % 5,758 5,225 Two Merriweather Columbia, MD 100 % 124,016 93 % 93 % 2,672 3,100 Aristocrat Las Vegas, NV 100 % 181,534 100 % 100 % 4,512 4,520 One Summerlin Las Vegas, NV 100 % 206,279 96 % 96 % 5,824 6,437 Two Summerlin Las Vegas, NV 100 % 144,615 100 % 100 % 3,847 3,935 Total Office 5,295,793 $ 120,243 $ 132,475 Retail Creekside Village Green Houston, TX 100 % 74,670 82 % 85 % $ 1,797 $ 2,000 Hughes Landing Retail Houston, TX 100 % 125,798 85 % 89 % 2,939 4,988 1701 Lake Robbins Houston, TX 100 % 12,376 100 % 100 % 518 540 Lake Woodlands Crossing Retail Houston, TX 100 % 60,261 85 % 85 % 1,548 1,668 Lakeland Village Center at Bridgeland Houston, TX 100 % 67,947 62 % 82 % 707 1,700 20/25 Waterway Avenue Houston, TX 100 % 50,062 98 % 98 % 1,820 1,820 Waterway Garage Retail Houston, TX 100 % 21,513 79 % 100 % 478 600 2000 Woodlands Parkway Houston, TX 100 % 7,900 100 % 100 % 251 270 Columbia Regional Building Columbia, MD 100 % 89,199 100 % 100 % 2,233 2,312 Merriweather District Area 3 Standalone Restaurant Columbia, MD 100 % 10,700 100 % 100 % (31) 400 Ward Village Retail Honolulu, HI 100 % 1,001,976 86 % 88 % 16,295 24,600 Downtown Summerlin (d) Las Vegas, NV 100 % 800,548 95 % 98 % 26,183 26,301 Outlet Collection at Riverwalk New Orleans, LA 100 % 264,080 84 % 88 % 52 6,500 Total Retail 2,587,030 $ 54,790 $ 73,699 Stabilized PropertiesStabilized Properties - Operating Assets Segment

HowardHughes.com 281.719.6100 16 in thousands except Sq. Ft. and units Q4 2021 % Occ.(e) Q4 2021 % Leased (e) Property Location % Ownership Rentable Sq. Ft. Units Rentable Sq. Ft. Units Rentable Sq. Ft. Units Annualized Q4 2021 NOI (a) (b) Est. Stabilized NOI (a) Multi-family Creekside Park Apartments Houston, TX 100 % — 292 n/a 96 % n/a 98 % $ 2,909 $ 3,000 Lakeside Row Houston, TX 100 % — 312 n/a 98 % n/a 99 % 4,232 3,875 Millennium Six Pines Apartments Houston, TX 100 % — 314 n/a 96 % n/a 99 % 2,927 4,500 Millennium Waterway Apartments Houston, TX 100 % — 393 n/a 97 % n/a 98 % 3,166 4,600 One Lakes Edge Houston, TX 100 % 22,971 390 81 % 97 % 81 % 100 % 6,534 7,200 The Lane at Waterway Houston, TX 100 % — 163 n/a 99 % n/a 99 % 2,557 3,500 Two Lakes Edge Houston, TX 100 % 11,448 386 75 % 97 % 75 % 100 % 5,577 8,529 Juniper Apartments Columbia, MD 100 % 56,683 382 17 % 95 % 30 % 97 % 5,195 9,162 The Metropolitan Downtown Columbia Columbia, MD 50 % 13,591 380 84 % 97 % 84 % 100 % 2,848 3,132 m.flats/TEN.M Columbia, MD 50 % 28,026 437 100 % 96 % 100 % 98 % 3,684 4,008 Constellation Apartments Las Vegas, NV 100 % — 124 n/a 96 % n/a 100 % 2,231 2,250 Tanager Apartments Las Vegas, NV 100 % — 267 n/a 96 % n/a 99 % 4,344 5,148 Total Multi-family (f) 132,719 3,840 $ 46,204 $ 58,904 Other Hughes Landing Daycare Houston, TX 100 % 10,000 — 100 % — % 100 % — % $ 249 $ 281 The Woodlands Warehouse Houston, TX 100 % 125,801 — 100 % — % 100 % — % 1,243 1,516 HHC 242 Self-Storage Houston, TX 100 % — 631 n/a 94 % n/a 95 % 623 622 HHC 2978 Self-Storage Houston, TX 100 % — 729 n/a 93 % n/a 93 % 597 598 Woodlands Sarofim #1 Houston, TX 20 % n/a n/a n/a n/a n/a n/a 128 250 Stewart Title of Montgomery County, TX Houston, TX 50 % n/a n/a n/a n/a n/a n/a 2,592 1,900 The Woodlands Ground Leases Houston, TX 100 % n/a n/a n/a n/a n/a n/a 1,940 2,100 Kewalo Basin Harbor Honolulu, HI 100 % n/a n/a n/a n/a n/a n/a 1,613 2,183 Hockey Ground Lease Las Vegas, NV 100 % n/a n/a n/a n/a n/a n/a 543 560 Summerlin Hospital Medical Center Las Vegas, NV 5 % n/a n/a n/a n/a n/a n/a 3,755 3,755 Las Vegas Ballpark (g) Las Vegas, NV 100 % n/a n/a n/a n/a n/a n/a 6,183 8,100 Other Assets Various 100 % n/a n/a n/a n/a n/a n/a 756 2,440 Total Other 135,801 1,360 $ 20,222 $ 24,305 Total Stabilized $ 241,459 $ 289,383 (a) For Stabilized Properties, the difference between Annualized NOI and Stabilized NOI is attributable to a number of factors which may include temporary abatements, deferrals or lost revenue due to COVID-19 restrictions, timing of lease turnovers, free rent and other market factors. (b) To better reflect the full-year performance of the properties, the impacts of certain prior period accruals and adjustments included in Q4 2021 NOI were not annualized. (c) 1201 Lake Robbins and 9950 Woodloch Forest, are collectively known as The Woodlands Towers at the Waterway. 9950 Woodloch Forest is an unstabilized property as of December 31, 2021. (d) Downtown Summerlin rentable sq. ft. excludes 381,767 sq. ft. of anchor space and 40,846 sq. ft. of office space. (e) Percentage Occupied and Percentage Leased are as of December 31, 2021. (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 (con't)

HowardHughes.com 281.719.6100 17 Unstabilized Properties - Operating Assets Segment thousands except Sq. Ft. and units Q4 2021 % Occ.(a) Q4 2021 % Leased (a) Property Location % Ownership Rentable Sq. Ft. Units Rentable Sq. Ft. Units Rentable Sq. Ft. Units Develop. Costs Incurred Est. Total Cost (Excl. Land) Annualized Q4 2021 NOI Est. Stabilized NOI (b) Est. Stab. Date Est. Stab. Yield Office 9950 Woodloch Forest (c)(d) Houston, TX 100 % 595,617 — 34 % n/a 44 % n/a $ 157,728 $ 210,571 $ (1,107) $ 17,900 2022 9 % 110 North Wacker (e) Chicago, IL 23 % 1,491,651 — 57 % n/a 79 % n/a 16,078 16,078 (260) 14,421 2023 8 % 6100 Merriweather Columbia, MD 100 % 319,470 — 65 % n/a 66 % n/a 111,368 138,221 3,025 9,200 2022 7 % Total Office 2,406,738 — $ 285,174 $ 364,870 $ 1,658 $ 41,521 Retail Creekside Park West Houston, TX 100 % 72,977 — 72 % n/a 72 % n/a $ 19,416 $ 20,777 $ 1,164 $ 2,200 2022 11 % Total Retail 72,977 — $ 19,416 $ 20,777 $ 1,164 $ 2,200 Multi-family Creekside Park The Grove Houston, TX 100 % — 360 — % 76 % — % 78 % $ 51,751 $ 57,472 $ 2,411 $ 4,697 2024 8 % Total Multi-family (f) — 360 $ 51,751 $ 57,472 $ 2,411 $ 4,697 Total Unstabilized $ 356,341 $ 443,119 $ 5,233 $ 48,418 (a) Percentage Occupied and Percentage Leased are as of December 31, 2021. (b) Company estimates of stabilized NOI are based on current leasing velocity, excluding inflation and organic growth. (c) 9950 Woodloch Forest development costs incurred and estimated total cost are inclusive of acquisition and tenant lease-up costs. (d) 1201 Lake Robbins and 9950 Woodloch Forest, are collectively known as The Woodlands Towers at the Waterway. 1201 Lake Robbins is a stabilized property as of December 31, 2021, as Occidental Petroleum has leased 100% of the building through 2032. (e) The above represents only our membership interest and HHC’s total cash equity requirement. Est. Stabilized NOI Yield is based on the projected building NOI at stabilization and our percentage ownership of the equity capitalized of the projects. As the amounts in this table do not include the impact of the partnership distribution waterfall, actual NOI results will vary. (f) Multi-Family square feet represent ground floor retail whereas multi-family units represent residential units for rent.

HowardHughes.com 281.719.6100 18 Under Construction PropertiesUnder Construction Projects - Strategic Developments Segment in thousands except Sq. Ft. and units Project Name Location % Ownership Est. Rentable Sq. Ft. Percent Pre- Leased (a) Project Status Const. Start Date Est. Stabilized Date (b) Develop. Costs Incurred Est. Total Cost (Excl. Land) Est. Stabilized NOI Est. Stab. Yield Office Memorial Hermann Health System Build-to-Suit Houston, TX 100 % 20,000 100 % Under Construction Q4 2021 2023 $ 471 $ 6,032 $ 596 10 % 1700 Pavilion Las Vegas, NV 100 % 267,000 25 % Under Construction Q2 2021 2025 35,518 121,515 8,374 7 % Total Office 287,000 $ 35,989 $ 127,547 $ 8,970 Retail A'ali'i (c)(d) Honolulu, HI 100 % 11,570 76 % Under Construction Q4 2018 2024 $ — $ — $ 637 — % Kō'ula (c) Honolulu, HI 100 % 36,787 5 % Under Construction Q3 2019 2025 — — 1,281 — % Total Retail 48,357 $ — $ — $ 1,918 Project Name Location % Ownership # of Units Monthly Est. Rent Per Unit Project Status Const. Start Date Est. Stabilized Date (b) Develop. Costs Incurred Est. Total Cost (Excl. Land) Est. Stabilized NOI Est. Stab. Yield Multi-family Marlow Columbia, MD 100 % 472 $ 1,984 Under Construction Q1 2021 2026 $ 41,791 $ 130,490 $ 9,325 7 % Starling at Bridgeland Houston, TX 100 % 358 1,622 Under Construction Q4 2020 2025 20,105 60,572 4,360 7 % Tanager Echo Las Vegas, NV 100 % 294 2,148 Under Construction Q2 2021 2026 22,025 86,160 5,899 7 % Total Multi-family 1,124 $ 83,921 $ 277,222 $ 19,584 Total Under Construction $ 119,910 $ 404,769 $ 30,472 (a) Represents leases signed as of December 31, 2021, 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 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) We completed construction at ‘A‘ali‘i and began welcoming residents in October 2021. However, landlord work is still ongoing for the retail section of the property as of December 31, 2021. The retail space is expected to be placed in service in early 2022.

HowardHughes.com 281.719.6100 19 NOI by RegionSeaport Operating Performance Q4 2021 Landlord Operations (a) Managed Businesses (b) Events, Sponsorships & Catering Business (f) Q4 2021 Total$ in thousands Historic District & Pier 17 Multi-Family (c) Historic District & Pier 17 (d) Tin Building (e) Revenues Rental revenue (g) $ 1,471 $ 194 $ — $ — $ — $ 1,665 Tenant recoveries 185 — — — — 185 Other rental and property (expense) revenue — 2 9,941 — 3,659 13,602 Total Revenues 1,656 196 9,941 — 3,659 15,452 Expenses Other property operating costs (g) (5,457) (285) (11,277) — (4,224) (21,243) Total Expenses (5,457) (285) (11,277) — (4,224) (21,243) Net Operating (Loss) Income - Seaport (h) $ (3,801) $ (89) $ (1,336) $ — $ (565) $ (5,791) Project Status Unstabilized Stabilized Unstabilized Under Construction Unstabilized Rentable Sq. Ft. / Units Total Sq. Ft. / units 333,803 13,000 / 22 52,370 53,783 21,077 Leased Sq. Ft. / units (i) 149,728 — / 20 52,370 53,783 21,077 % Leased or occupied (i) 45 % — % / 91 % 100 % 100 % 100 % Development (j) Development costs incurred $ 557,783 $ — $ — $ 161,593 $ — $ 719,376 Estimated total costs (excl. land) $ 594,368 $ — $ — $ 194,613 $ — $ 788,981 (a) Landlord operations represents physical real estate developed and owned by HHC and leased to third parties. (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 December 31, 2021, our managed businesses include, among others, The Fulton, Cobble & Co., Mr. Dips, Carne Mare, Malibu Farm and Ssäm Bar (formerly Bar Wayō). (c) Multi-family represents 85 South Street which includes base level retail in addition to residential units. (d) Includes our equity share of NOI from Ssäm Bar. (e) Represents the marketplace by Jean-Georges. As a result of impacts related to COVID-19, there were delays in construction on the Tin Building, however the core and shell of the building was completed as of December 31, 2021, and the building is expected to open in the first half of 2022. (f) Events, sponsorships & catering business includes private events, catering, sponsorships, concert series and other rooftop activities. (g) Rental revenue and expense earned from and paid by businesses we own and operate is eliminated in consolidation. (h) See page 36 for the reconciliation of Seaport NOI. (i) The percent leased for Historic District & Pier 17 landlord operations includes agreements with terms of less than one year. (j) Development costs incurred and Estimated total costs (excl. land) are shown net of insurance proceeds of approximately $64.7 million.

HowardHughes.com 281.719.6100 20 Ward Village - Sold Out Condominiums As of December 31, 2021 Anaha Ae‘o Ke Kilohana (a) Total Key Metrics ($ in thousands) Type of building Luxury Upscale Workforce Number of units 317 465 423 1,205 Avg. unit Sq. Ft. 1,417 838 696 940 Condo Sq. Ft. 449,205 389,663 294,273 1,133,141 Street retail Sq. Ft. 16,048 70,800 28,386 115,234 Stabilized retail NOI $1,200 $2,400 $1,200 $4,800 Stabilization year 2020 2019 2020 Development progress ($ in millions) Status Opened Opened Opened Start date Q4 2014 Q1 2016 Q4 2016 Completion date Q4 2017 Q4 2018 Q2 2019 Total development cost $403,974 $430,737 $217,483 $1,052,194 Cost-to-date 402,810 429,731 216,262 1,048,803 Remaining to be funded $1,164 $1,006 $1,221 $3,391 Financial Summary ($ in thousands) Units closed (through Q4 2021) 317 465 423 1,205 Total % of units closed or under contract 100.0% 100.0% 100.0% 100.0% Square footage closed or under contract (total) 449,205 389,663 294,273 1,133,141 Total % square footage closed or under contract 100.0% 100.0% 100.0% 100.0% Total cash received (closings & deposits) $515,854 $512,752 $218,536 $1,247,142 Total GAAP revenue recognized $515,854 $512,752 $218,536 $1,247,142 (a) Ke Kilohana consists of 375 workforce units and 48 market rate units.

HowardHughes.com 281.719.6100 21 Ward Village - Condominiums Remaining to be Sold As of December 31, 2021 Waiea ‘A‘ali‘i Kō'ula Victoria Place Total Key Metrics ($ in thousands) Type of building Luxury Upscale Upscale Luxury Number of units 177 750 565 349 1,841 Avg. unit Sq. Ft. 2,138 520 725 1,164 861 Condo Sq. Ft. 378,488 390,097 409,612 406,351 1,584,548 Street retail Sq. Ft. (a) 7,716 11,570 36,787 n/a 56,073 Stabilized retail NOI $453 $637 $1,281 n/a $2,371 Stabilization year 2017 2024 2025 n/a Development progress ($ in millions) Status Opened Opened Under Construction Under Construction Start date Q2 2014 Q4 2018 Q3 2019 Q1 2021 Completion / Est. Completion date Q4 2016 Q4 2021 Q3 2022 2024 Total development cost $595,470 $394,908 $487,039 $503,271 $1,980,688 Cost-to-date 477,879 367,629 267,927 90,815 1,204,250 Remaining to be funded $117,591 $27,279 $219,112 $412,456 $776,438 Financial Summary ($ in thousands) Units closed (through Q4 2021) 175 663 — — 838 Units under contract (through Q4 2021) — 9 505 346 860 Units remaining to be sold (through Q4 2021) 2 78 60 3 143 Total % of units closed or under contract 98.9% 89.6% 89.4% 99.1% 92.2% Units closed (current quarter) 1 663 — — 664 Units under contract (current quarter) — 3 17 4 24 Square footage closed or under contract (total) 374,688 333,673 374,157 403,675 1,486,193 Total % square footage closed or under contract 99.0% 85.5% 91.3% 99.3% 93.8% Total cash received (closings & deposits) $692,486 $455,355 $119,581 $151,174 $1,418,596 Total GAAP revenue recognized $692,393 $453,309 $— $— $1,145,702 Total future GAAP revenue for units under contract $— $7,441 $578,948 $760,925 $1,347,314 Expected avg. price per Sq. Ft. $1,900 - $1,950 $1,300 - $1,350 $1,500 - $1,550 $1,850 - $1,900 Deposit Reconciliation (thousands) Spent towards construction $— $— $114,161 $23,807 $137,968 Held for future use (b) — — 5,420 127,367 132,787 Total deposits from sales commitment $— $— $119,581 $151,174 $270,755 Target condo profit margin across all sold and remaining to be sold condos at completion (excluding land cost) is approximately 30%. (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.

HowardHughes.com 281.719.6100 22 Summary of Remaining Development Costs thousands Location Total Estimated Costs (a) Costs Paid Through December 31, 2021 Estimated Remaining to be Spent Remaining Buyer Deposits/ Holdback to be Drawn Debt to be Drawn (b) Costs Remaining to be Paid, Net of Debt and Buyer Deposits/ Holdbacks to be Drawn (c) Estimated Completion Date Operating Assets (A) (B) (A) - (B) = (C) (D) (E) (C) - (D) - (E) = (F) 6100 Merriweather (d) Columbia, MD $ 138,221 $ 111,368 $ 26,853 $ — $ 23,499 $ 3,354 Open Juniper Apartments (d) Columbia, MD 116,386 101,058 15,328 — 12,895 2,433 Open Creekside Park The Grove Houston, TX 57,472 51,751 5,721 — 3,884 1,837 Open The Lane at Waterway Houston, TX 45,033 40,045 4,988 — 3,421 1,567 Open Two Lakes Edge (d) Houston, TX 107,706 99,873 7,833 — 5,229 2,604 Open Total Operating Assets 464,818 404,095 60,723 — 48,928 11,795 Seaport Assets Pier 17 and Historic District Area / Uplands (d)(e) New York, NY 594,368 557,783 36,585 — — 36,585 Open Tin Building New York, NY 194,613 161,593 33,020 — — 33,020 Q2 2022 Total Seaport Assets 788,981 719,376 69,605 — — 69,605 Strategic Developments Marlow Columbia, MD 130,490 41,791 88,699 — 82,570 6,129 Q1 2023 Memorial Hermann Health System Build-to-Suit Houston, TX 6,032 471 5,561 — — 5,561 Q1 2023 Starling at Bridgeland Houston, TX 60,572 20,105 40,467 — 38,708 1,759 Q2 2022 1700 Pavilion Las Vegas, NV 121,515 35,518 85,997 — 74,999 10,998 Q4 2022 Tanager Echo Las Vegas, NV 86,160 22,025 64,135 — 59,499 4,636 Q1 2023 ‘A‘ali‘i Honolulu, HI 394,908 367,629 27,279 — — 27,279 Open Anaha Honolulu, HI 403,974 402,810 1,164 — — 1,164 Open Ke Kilohana Honolulu, HI 217,483 216,262 1,221 — — 1,221 Open Kō'ula Honolulu, HI 487,039 267,927 219,112 — 188,361 30,751 Q3 2022 Victoria Place (f) Honolulu, HI 503,271 90,815 412,456 113,998 303,630 (5,172) 2024 Waiea (g) Honolulu, HI 595,470 477,879 117,591 — — 117,591 Open Total Strategic Developments 3,006,914 1,943,232 1,063,682 113,998 747,767 201,917 Combined Total $ 4,260,713 $ 3,066,703 $ 1,194,010 $ 113,998 $ 796,695 $ 283,317 Memorial Hermann Health System Build-to-Suit financing (h) (4,900) Estimated costs to be funded net of financing costs, assuming closing on estimated financing $ 278,417 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) With respect to our condominium projects, remaining debt to be drawn is reduced by deposits utilized for construction. (c) 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. (d) Final completion is dependent on lease-up and tenant build-out. (e) Development costs incurred and Estimated total costs (excl. land) are shown net of insurance proceeds of approximately $64.7 million. (f) 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. (g) Total estimated cost includes $136.5 million for warranty repairs. However, we anticipate recovering a substantial amount of these costs in the future, which is not reflected in this schedule. (h) The financing for Memorial Hermann Health System Build-to-Suit is anticipated to close in Q1 2022.

HowardHughes.com 281.719.6100 23 MPC Regions Non-MPC Regions The Woodlands The Woodlands Hills Bridgeland Summerlin Douglas Ranch Trillium Columbia Total Hawai‘i Seaport Other Total 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. 3,373,048 — — 532,428 — — 1,390,317 5,295,793 — — — — Retail Sq. Ft. (a) 386,999 — 67,947 800,548 — — 198,199 1,453,693 1,001,976 13,000 264,080 1,279,056 Multifamily units 1,938 — 312 391 — — 1,199 3,840 — 22 — 22 Self-Storage Units 1,360 — — — — — — 1,360 — — — — Other Sq. Ft. 135,801 — — — — — — 135,801 — — — — Unstabilized Properties Office Sq.Ft. 595,617 — — — — — 319,470 915,087 — 146,935 1,491,6511,638,586 Retail Sq.Ft. 72,977 — — — — — — 72,977 — 260,315 — 260,315 Multifamily units 360 — — — — — — 360 — — — — Under Construction Properties Office Sq.Ft. 20,000 — — 267,000 — — — 287,000 — — — — Retail Sq.Ft. — — — — — — 32,000 32,000 48,357 53,783 — 102,140 Multifamily units — — 358 294 — — 472 1,124 — — — — 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 3,046 n/a n/a 3,046 Current Residents (b) 120,000 1,600 17,500 120,000 — — 112,000 371,100 n/a n/a n/a — Remaining saleable acres/condos 32 ac 1,212 ac 2,483 ac 2,543 ac 17,770 ac 1,230 ac n/a 25,270 ac 143 n/a n/a 143 Estimated price per acre (c) $1,983,000 $315,000 $494,000 $977,000 $332,000 $305,000 n/a n/a n/a n/a Commercial Land Total acreage remaining 749 ac 175 ac 1,346 ac 825 ac 9,578 ac 337 ac 96 ac 13,106 ac n/a n/a n/a — Estimated price per acre (c) $961,000 $515,000 $629,000 $1,039,000 $204,000 $173,000 $580,000 n/a 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 40,846 Sq. Ft of additional office space above our retail space. (b) Acreage and current residents shown as of December 31, 2021. (c) Residential and commercial pricing represents the Company's estimate of price per acre per its 2022 land models. Portfolio Key Metrics

HowardHughes.com 281.719.6100 24 MPC Portfolio Master Planned Communities- Remaining Saleable Acres (a) Income Producing Assets - Stabilized and Unstabilized (b) Commercial 24% Residential 76% Stabilized 100% Commercial 38% Residential 62% Unstabilized 6% Stabilized 94% Unstabilized 6% Stabilized 94% Commercial 100% $ in thousands Nevada Arizona Texas Maryland Total MPC Performance - 4Q21 & 4Q20 MPC Net Contribution (4Q21) (c) $ 120,994 $ (569,544) $ 32,165 $ (270) $ (416,655) MPC Net Contribution (4Q20) (c) $ 57,742 $ — $ 37,486 $ (229) $ 94,999 Operating Asset Performance - 2021 & Future Annualized 4Q21 in-place NOI $ 57,422 $ — $ 133,594 $ 39,310 $ 230,326 Est. stabilized NOI (future) (d) $ 75,279 $ — $ 179,829 $ 63,543 $ 318,651 Wtd. avg. time to stab. (yrs.) (d) 5.0 — 2.4 3.7 — Commercial 34% Residential 66% (a) Commercial acres may be developed by Howard Hughes or sold. (b) Douglas Ranch is in its early stages of development and does not have income producing assets for the year-ended December 31, 2021. (c) Reconciliation of GAAP MPC segment EBT to MPC Net Contribution is found under Reconciliation of Non-GAAP Measures on page 35. (d) Est. Stabilized NOI (Future) and Wtd. avg. time to stabilize (yrs.) represents all assets within the respective MPC regions, inclusive of stabilized, unstabilized and under construction.

HowardHughes.com 281.719.6100 25 Master Planned Community Land Consolidated MPC Segment EBT The Woodlands The Woodlands Hills Bridgeland Summerlin Douglas Ranch Columbia Total Trillium (a) thousands Q4 2021 Q4 2020 Q4 2021 Q4 2020 Q4 2021 Q4 2020 Q4 2021 Q4 2020 Q4 2021 Q4 2020 Q4 2021 Q4 2020 Q4 2021 Q4 2020 Q4 2021 Q4 2020 Revenues: Residential land sale revenues $ 2,063 $ 2,569 $ 10,789 $ 5,769 $ 41,571 $ 22,708 $ 139,065 $ 65,946 $ — $ — $ — $ — $ 193,488 $ 96,992 $ — $ — Commercial land sale revenues — — — — 605 — — — — — — — 605 — — — Builder price participation 454 24 622 92 1,007 599 13,718 10,420 — — — — 15,801 11,135 — — Other land sale revenues 133 45 4 — 101 45 4,688 4,219 — — — — 4,926 4,309 — — Total revenues 2,650 2,638 11,415 5,861 43,284 23,352 157,471 80,585 — — — — 214,820 112,436 — — Expenses: Cost of sales - residential land (1,108) (1,467) (4,316) (2,192) (11,182) (7,403) (72,933) (31,883) — — — — (89,539) (42,945) — — Cost of sales - commercial land — — — — (163) — — — — — — — (163) — — — Real estate taxes (985) (439) 66 157 (907) (124) (580) (429) — — (152) (145) (2,558) (980) — — Land sales operations (2,754) (1,437) (1,321) (828) (1,758) (920) (2,991) (2,652) (3) — (118) (84) (8,945) (5,921) (3) — Total operating expenses (4,847) (3,343) (5,571) (2,863) (14,010) (8,447) (76,504) (34,964) (3) — (270) (229) (101,205) (49,846) (3) — Depreciation and amortization (33) (34) (2) — (35) (33) (24) (25) — — — — (94) (92) (3) — Interest income (expense), net 330 (459) 404 277 3,924 4,700 6,291 6,036 — — — — 10,949 10,554 (10) — Equity in earnings (losses) from real estate and other affiliates (b) — — — — — — 4,839 13,442 (8) — — — 4,831 13,442 — — EBT $ (1,900) $ (1,198) $ 6,246 $ 3,275 $ 33,163 $ 19,572 $ 92,073 $ 65,074 $ (11) $ — $ (270) $ (229) $ 129,301 $ 86,494 $ (16) $ — MPC Performance (a) This represents 100% of Trillium EBT. The Company owns a 50% interest in Trillium and accounts for its investment under the equity method. (b) Equity in earnings (losses) from real estate and other affiliates for Douglas Ranch reflects our share of earnings in our Trillium joint venture and for Summerlin our share of earnings in The Summit joint venture.

HowardHughes.com 281.719.6100 26 Master Planned Community Land Consolidated MPC Segment The Woodlands The Woodlands Hills Bridgeland Summerlin Douglas Ranch Columbia Trillium (a) $ in thousands Q4 2021 Q4 2020 Q4 2021 Q4 2020 Q4 2021 Q4 2020 Q4 2021 Q4 2020 Q4 2021 Q4 2020 Q4 2021 Q4 2020 Q4 2021 Q4 2020 Key Performance Metrics: Residential Total acres closed in current period 2.4 ac 4.1 ac 30.8 ac 17.6 ac 83.6 ac 51.4 ac 216.4 ac 86.5 ac — — — — — — Price per acre achieved $860 $627 $350 $328 $497 $442 $624 $762 NM NM NM NM NM NM Avg. gross margins 46.3% 42.9% 60.0% 62.0% 73.1% 67.4% 47.6% 51.7% NM NM NM NM NM NM Commercial Total acres closed in current period — — — — 40 ac — — — — — — — — — Price per acre achieved NM NM NM NM $174 NM NM NM NM NM NM NM NM NM Avg. gross margins NM NM NM NM 73.1% NM NM NM NM NM NM NM NM NM Avg. combined before-tax net margins 46.3% 42.9% 60.0% 62.0% 73.1% 67.4% 47.6% 51.7% NM NM NM NM NM NM Key Valuation Metrics: Remaining saleable acres Residential 32 ac 1,212 ac 2,483 ac 2,543 ac 17,770 ac — 1,230 ac Commercial (b) 749 ac 175 ac 1,346 ac 825 ac 9,578 ac 96 ac 337 ac Projected est. % superpads / lot size —% / — —% / — —% / — 82% / 0.25 ac —% / — NM NM Projected est. % single-family detached lots / lot size 60% / 0.36 ac 83% / 0.21 ac 89% / 0.23 ac —% / — 81% / 0.22 ac NM 100% / 0.24 ac Projected est. % single-family attached lots / lot size 40% / 0.12 ac 17% / 0.13 ac 9% / 0.09 ac —% / — 19% / 0.11 ac NM —% / — Projected est. % custom homes / lot size —% / — —% / — 2% / 0.63 ac 18% / 0.45 ac —% / — NM —% / — Estimated builder sale velocity (blended total - TTM) (c) 7 40 75 132 NM NM NM Projected GAAP gross margin (d) 76.2% / 76.2% 60.0% / 60.0% 73.1% / 73.1% 52.8% / 52.8% 87.3% / —% NM 44.4% / —% Projected cash gross margin (d) 96.8% 86.1% 86.8% 74.6% 87.6% NM 60.5% Residential sellout / Commercial buildout date estimate Residential 2025 2030 2036 2039 2081 — 2033 Commercial 2034 2030 2045 2039 2081 2024 2026 Master Planned Community Land (a) This represents 100% of Trillium performance and valuation metrics. The Company owns a 50% interest in Trillium and accounts for its investment under the equity method. (b) Columbia Commercial excludes 15 commercial acres held in the Strategic Developments segment in Downtown Columbia. (c) Represents the average monthly builder homes sold over the last twelve months ended December 31, 2021. (d) 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. NM Not meaningful.

HowardHughes.com 281.719.6100 27 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. 2022 $ 10,704 5.05 % $ 36.29 $ 4,721 5.51 % $ 42.06 2023 8,327 3.93 % 39.19 7,318 8.54 % 48.05 2024 16,937 7.99 % 39.86 7,272 8.49 % 49.58 2025 25,798 12.17 % 40.79 19,886 23.22 % 55.13 2026 10,899 5.14 % 41.57 7,994 9.33 % 52.60 2027 28,571 13.48 % 41.88 5,021 5.86 % 57.56 2028 11,319 5.34 % 42.66 4,688 5.47 % 54.85 2029 11,510 5.44 % 37.84 5,265 6.15 % 49.18 2030 14,867 7.02 % 37.87 4,593 5.36 % 64.77 2031 6,461 3.05 % 40.15 4,464 5.21 % 55.88 Thereafter 66,518 31.39 % 49.74 14,447 16.86 % 52.40 Total $ 211,911 100.00 % $ 85,669 100.00 % (a) Excludes leases with an initial term of 12 months or less. Also excludes Seaport leases. Lease ExpirationsLease Expirations Office and Retail Lease Expirations Total Office and Retail Portfolio as of December 31, 2021 % o f A nn ua liz ed C as h R en t E xp iri ng Houston Summerlin Columbia Hawaii Other Office 2022 Retail 2022 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+ 0% 6% 12% 18% 24% 30%

HowardHughes.com 281.719.6100 28 Acquisition / Disposition Activity Acquisition / Disposition Activity thousands except rentable Sq. Ft. / Units / Acres Q4 2021 Acquisitions Date Acquired Property % Ownership Location Acres Acquisition Price October 18, 2021 Douglas Ranch (a) 100% Phoenix, Arizona 33,810 acres $541 million October 18, 2021 Trillium 50% Phoenix, Arizona 3,029 acres $59 million Q4 2021 Dispositions Date Sold Property % Ownership Location Acres / Rentable Sq. Ft. Sale Price December 22, 2021 Century Park 100% Houston, Texas 63-acre/1,302,597 sq ft. $25 million (a) The purchase price includes an option for the seller to re-acquire a 50% interest in the property, with $33.8 million of the purchase price being credited to the Seller upon exercise of the option. If the option is not exercised by the seller, the $33.8 million will be returned to the Company.

HowardHughes.com 281.719.6100 29 Other Assets Property Name City, State % Ownership Acres Notes West End Alexandria (formerly Landmark Mall) Alexandria, VA 58.33% 41.1 In June 2021, a Contribution Agreement was executed by and between affiliates of HHC, Seritage, and Foulger-Pratt which establishes a framework for a joint venture to redevelop the 52-acre site previously known as Landmark Mall in Alexandria, VA. In July, the Alexandria City Council unanimously approved the redevelopment agreements which will result in up to approximately four million square feet of residential, retail, commercial and entertaiment offerings intergrated into a cohesive neighborhood with a central plaze, a network of parks and public transportation. The development will be anchored by a new state-of-the-art Inova Hospital and medical campus. Alexandria City Council approved the use of $54 million in public bond financing to allow the City to acquire the land for the hospital and lease it to Inova, as well as $86 million in public bond financing for site preparation and infrastructure at the site and adjacent Duke Street and Van Dorn Street corridors. West End Alexandria executed a Purchase and Sale Agreement with the City of Alexandria to sell approximately 11 acres to the City of Alexandria for $54 million for the Inova Hospital and medical campus. Demolition on the remaining 41 acres is expected to begin in Spring 2022, with completion of the first buildings expected in 2025. Maui Ranch Land Maui, HI 100% 20 Two, non-adjacent, ten-acre parcels zoned for native vegetation. 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 The one-acre site is situated at the entrance of the Seaport. In October 2020, we announced our comprehensive proposal for the redevelopment of 250 Water Street, which includes the transformation of this underutilized full-block surface parking lot into a mixed-use development that would include affordable and market rate apartments, community-oriented spaces and office space. This project, which includes approximately 547000 zoning square feet, presents a unique opportunity at the Seaport to redevelop this site into a vibrant mixed-use asset, provide long-term viability to the South Street Seaport Museum and deliver much-needed affordable housing and economic stimulus to the area. In May 2021, we received approval from the New York City Landmarks Preservation Commission (LPC) on our proposed design for the 250 Water Street and in September 2021, the New York State Supreme Court dismissed on procedural grounds a lawsuit challenging the LPC approval. We received final approvals in December 2021 through the New York City Uniform Land Use Review Procedure known as ULURP, which will allow the necessary transfer of development rights to the parking lot site. Also in December 2021, an amendment to the Seaport ground lease was executed giving the Company extension options, at the discretion of the Company, for an additional 48 years from its current expiration in 2072 until 2120. We expect to begin comprehensive remediation of the site through the New York State Brownfield Cleanup program and break ground on the development in 2022. In February 2022, an additional lawsuit was filed challenging the land use approvals previously granted to the Company under the ULURP for the redevelopment and construction of 250 Water Street. The Company intends to vigorously contest the matter as it believes that these claims are without merit. Other/Non-core Assets

HowardHughes.com 281.719.6100 30 thousands December 31, 2021 December 31, 2020 Fixed-rate debt Unsecured 5.375% Senior Notes due 2025 $ — $ 1,000,000 Unsecured 5.375% Senior Notes due 2028 750,000 750,000 Unsecured 4.125% Senior Notes due 2029 650,000 — Unsecured 4.375% Senior Notes due 2031 650,000 — Secured mortgages, notes and loans payable 1,006,428 590,517 Special Improvement District bonds 69,131 34,305 Variable-rate debt (a) Mortgages, notes and loans payable, excluding condominium financing 1,039,674 1,725,461 Condominium financing 199,183 219,883 Secured Bridgeland Notes due 2026 275,000 — Mortgages, notes and loans payable 4,639,416 4,320,166 Unamortized bond issuance costs — (4,355) Deferred financing costs (48,259) (28,442) Total mortgages, notes and loans payable, net $ 4,591,157 $ 4,287,369 Net Debt on a Segment Basis as of December 31, 2021 (b) thousands Operating Assets Master Planned Communities Seaport Strategic Developments Segment Totals Non- Segment Amounts Total Mortgages, notes and loans payable, net $ 1,931,339 $ 339,512 $ 99,579 $ 198,500 $ 2,568,930 $ 2,022,227 $ 4,591,157 Mortgages, notes and loans payable of real estate and other affiliates (c) 286,243 9,270 — — 295,513 — 295,513 Less: Cash and cash equivalents (71,094) (114,241) (8,202) (5,668) (199,205) (644,007) (843,212) Cash and cash equivalents of real estate and other affiliates (c) (5,655) (45,307) (133) (14,914) (66,009) — (66,009) Special Improvement District receivables — (86,165) — — (86,165) — (86,165) Municipal Utility District receivables, net — (387,199) — — (387,199) — (387,199) TIF receivable — — — (855) (855) — (855) Net Debt $ 2,140,833 $ (284,130) $ 91,244 $ 177,063 $ 2,125,010 $ 1,378,220 $ 3,503,230 Consolidated Debt Maturities and Contractual Obligations by Extended Maturity Date as of December 31, 2021 thousands 2022 2023 2024 2025 2026 Thereafter Total Mortgages, notes and loans payable (d) $ 103,022 $ 547,744 $ 343,950 $ 172,275 $ 359,603 $ 3,112,822 $ 4,639,416 Interest payments (e) 197,420 198,142 174,225 163,549 153,838 470,626 1,357,800 Ground lease and other leasing commitments 4,611 4,521 4,577 4,635 4,695 275,229 298,268 Total consolidated debt maturities and contractual obligations $ 305,053 $ 750,407 $ 522,752 $ 340,459 $ 518,136 $ 3,858,677 $ 6,295,484 Debt SummaryDebt Summary (a) The Company has entered into derivative instruments to manage a portion of our variable interest rate exposure. See page 31 and 32 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 real estate and other affiliates. (d) Mortgages, notes and loans payable are presented based on extended maturity date, subject to customary extension terms. (e) Interest is based on the borrowings that are presently outstanding and current floating interest rates.

HowardHughes.com 281.719.6100 31 $ in thousands Asset Q4 2021 Principal Balance Contract Interest Rate Interest Rate Hedge Current Annual Interest Rate Initial / Extended Maturity (a) Operating Assets 20/25 Waterway Avenue $ 12,564 4.79 % Fixed 4.79 % May-22 Millennium Waterway Apartments 50,813 3.75 % Fixed 3.75 % Jun-22 Lake Woodlands Crossing Retail 12,329 4.61 % Floating/Swap 4.61 % (d) Jan-23 Senior Secured Credit Facility 316,656 4.61 % Floating/Swap 4.61 % (b),(c),(d) Sep-23 Two Lakes Edge 68,806 L+215 Floating 2.40 % Oct-22 / Oct-23 Outlet Collection at Riverwalk 26,742 S+300 Floating 3.50 % Oct-22 / Oct-23 9303 New Trails 10,308 4.88 % Fixed 4.88 % Dec-23 4 Waterway Square 30,185 4.88 % Fixed 4.88 % Dec-23 Creekside Park West 15,497 4.61 % Floating/Swap 4.61 % (d) Mar-23 / Mar-24 The Lane at Waterway 27,279 L+175 Floating 1.85 % Aug-23 / Aug-24 6100 Merriweather 66,345 L+275 Floating 2.85 % Sep-22 / Sep-24 Juniper Apartments 72,762 L+275 Floating 2.85 % Sep-22 / Sep-24 Creekside Park The Grove 39,503 4.61 % Floating/Swap 4.61 % (d) Jan-24 / Jan -25 9950 Woodloch Forest 83,820 L+195 Floating 2.05 % Mar-25 Ae‘o Retail 29,883 L+265 Floating 2.90 % Oct-25 Ke Kilohana Retail 9,129 L+265 Floating 2.90 % Oct-25 3831 Technology Forest Drive 20,210 4.50 % Fixed 4.50 % Mar-26 Kewalo Basin Harbor 11,479 L+275 Floating 2.85 % Sep-27 Millennium Six Pines Apartments 42,500 3.39 % Fixed 3.39 % Aug-28 3 Waterway Square 44,747 3.94 % Fixed 3.94 % Aug-28 One Lakes Edge 68,648 4.50 % Fixed 4.50 % Mar-29 Aristocrat 36,095 3.67 % Fixed 3.67 % Sep-29 Creekside Park Apartments 37,730 3.52 % Fixed 3.52 % Oct-29 1725 Hughes Landing Boulevard 61,207 L+395 Floating 4.10 % Jan-27 / Jan-30 1735 Hughes Landing Boulevard 58,793 L+395 Floating 4.10 % Jan-27 / Jan-30 One Hughes Landing 49,578 4.30 % Fixed 4.30 % Dec-29 Two Hughes Landing 47,184 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 % Oct-31 Three Hughes Landing 70,000 3.55 % Fixed 3.55 % Dec-31 The Woodlands Warehouse 13,700 3.65 % Fixed 3.65 % Jan-32 8770 New Trails 35,482 4.89 % Floating/Swap 4.89 % (e) Jan-32 Constellation Apartments 24,200 4.07 % Fixed 4.07 % Jan-33 Hughes Landing Retail 33,633 3.50 % Fixed 3.50 % Dec-36 Columbia Regional Building 23,805 4.48 % Fixed 4.48 % Feb-37 Las Vegas Ballpark 46,528 4.92 % Fixed 4.92 % Dec-39 $ 1,942,140 Property-Level DebtProperty-Level Debt

HowardHughes.com 281.719.6100 32 (a) Extended maturity assumes exercise of all extension options. (b) The following properties are included as collateral for the credit facility: 10-70 Columbia Corporate Center, One Mall North, One Merriweather, 1701 Lake Robbins, Creekside Village Green, Lakeland Village Center at Bridgeland and certain properties at Ward Village. (c) Balance includes zero drawn on the revolver portion of the loan that is intended for general corporate use. (d) $615 million of outstanding debt is swapped to a fixed rate of 4.61% (e) Concurrent with the closing of the $35.5 million construction loan for 8770 New Trails in June 2019, the Company entered into an interest rate swap. The loan will bear interest at LIBOR plus 2.45% but it is currently swapped to a fixed rate equal to 4.89%. (f) In the first quarter of 2021, the Company closed on a $368.2 million construction loan for the development of Victoria Place in Ward Village, which bears interest at LIBOR, with a floor of 0.25%, plus 5.00%. Concurrently, the Company entered into interest rate cap agreements with a total notional amount of $368.2 million and a LIBOR strike rate of 2.00%. (g) In the third quarter of 2021, the Company closed on a $59.5 million construction loan for the development of Tanager Echo, which bears interest at LIBOR, with a floor of 0.10%, plus 2.90%. The Company entered into an interest rate cap agreement with a LIBOR strike rate of 2.50%. (h) In the third quarter of 2021, the Company closed on a $75.0 million construction loan for the development of 1700 Pavillion, which bears interest at LIBOR, with a floor of 0.10%, plus 3.80%. The Company entered into an interest rate cap agreement with a LIBOR strike rate of 2.50%. (i) Excludes JV debt, Corporate bond debt, and SID bond debt related to Summerlin. Property-Level Debt (con't) $ in thousands Asset Q4 2021 Principal Balance Contract Interest Rate Interest Rate Hedge Current Annual Interest Rate Initial / Extended Maturity (a) Master Planned Communities Bridgeland Notes due 2026 $ 275,000 S+230 Floating 2.40 % Sep-26 $ 275,000 Seaport 250 Water Street $ 100,000 4.61 % Floating/Swap 4.61 % (d) Nov-22 / Nov-23 $ 100,000 Strategic Developments Kō‘ula 150,183 4.61 % Floating/Swap 4.61 % (d) Mar-23 / Mar-24 Victoria Place 49,000 L+500 Floating/Cap 5.25 % (f) Sep-24 / Sep-26 Starling at Bridgeland 3,960 L+275 Floating 3.75 % April-26 / April-27 Tanager Echo 1 L+290 Floating/Cap 3.00 % (g) Sep-25 / Sep-27 1700 Pavillion 1 L+380 Floating/Cap 3.90 % (h) Sep-25 / Sep-27 $ 203,145 Total (i) $ 2,520,285

HowardHughes.com 281.719.6100 33 Minimum Contractual Ground Lease Payments ($ in thousands) Future Cash Payments Pro-Rata Three months ended Year Ended Year Ended Ground Leased Asset Share Expiration Date December 31, 2021 December 31, 2021 December 31, 2022 Thereafter Total Riverwalk (a) 100% 2045-2046 $ 415 $ 1,677 $ 1,730 $ 38,549 $ 40,279 Seaport 100% 2072 (b) 755 2,098 2,581 247,408 249,989 Kewalo Basin Harbor 100% 2049 300 300 300 7,700 8,000 $ 1,470 $ 4,075 $ 4,611 $ 293,657 $ 298,268 (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 31, 2072, but subject to extension options through December 31, 2120. Future cash payments are not inclusive of extension options. Summary of Ground Leases

HowardHughes.com 281.719.6100 34 Impact of COVID-19 thousands except percentages Billed Rent Comparison OPR SEA Q1 2020 Billed Rent $ 96,176 $ 4,951 Difference from Q1 2020 to Q4 2021 in Billed Rent (0.5) % 25.1 % Q1 2020 Net Recurring Revenues $ 89,610 $ 4,676 Difference from Q1 2020 to Q4 2021 in Net Recurring Revenues 2.9 % 20.1 % thousands Q4 2021 Bad Debt Breakout OPR SEA Bad Debt Type Billed Rent Deemed Uncollectible - Operating Tenants $ 2,236 $ 578 Billed Rent Deemed Uncollectible - Tenants Declared Bankruptcy 1,233 — Cash Impact 3,469 578 Recovery of Previous Bad Debt, net of Increase in Reserve (5,036) (87) Increase (Reduction) in Straight-Line Rent Reserve 320 29 Total Bad Debt Expense $ (1,247) $ 520 thousands Q4 2021 Revenue Breakdown OPR SEA Billed Rent $ 95,688 $ 6,195 Billed Rent Deemed Uncollectible (3,469) (578) Recovery of Previous Bad Debt, net of Increase in Reserve 5,036 87 Other Revenues 11,864 9,811 Total Revenues $ 109,119 $ 15,515 Total Revenues $ 109,119 $ 15,515 Recovery of Previous Bad Debt, net of Increase in Reserve (5,036) (87) Other Revenues (11,864) (9,811) Net Recurring Revenue $ 92,219 $ 5,617

HowardHughes.com 281.719.6100 35 Reconciliation of Non-GAAP Measures (a) EBT excludes corporate expenses and other items that are not allocable to the segments. (b) During the third quarter of 2020, 110 North Wacker was completed and placed in service, resulting in the deconsolidation of 110 North Wacker and subsequent treatment as an equity method investment. The Company's share of NOI related to 110 North Wacker is calculated using our stated ownership of 23% and does not include the impact of the partnership distribution waterfall. Reconciliation of Non-GAAP Measures Reconciliation of Operating Assets segment EBT to Total NOI: thousands Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 FY 2021 FY 2020 Operating Assets segment EBT (a) $ (29,894) $ 24,905 $ (8,517) $ (31,784) $ (32,294) $ (45,290) $ (86,011) Add back: Depreciation and amortization 39,181 44,224 39,975 39,651 46,845 163,031 162,324 Interest (income) expense, net 20,212 18,027 18,152 19,000 21,070 75,391 91,411 Equity in (earnings) losses from real estate and other affiliates 30,111 15,108 10,419 11,404 13,197 67,042 7,366 (Gain) loss on sale or disposal of real estate and other assets, net (27) (39,141) — — — (39,168) (38,232) (Gain) loss on extinguishment of debt 471 573 46 836 — 1,926 1,521 Provision for impairment — — — — — — 48,738 Impact of straight-line rent (4,685) (936) (3,987) (5,107) (3,045) (14,715) (7,630) Other (5) 215 100 10,139 (24) 10,449 99 Operating Assets NOI 55,364 62,975 56,188 44,139 45,749 218,666 179,586 Company's Share NOI - Equity Investees (b) 2,053 (47) 1,690 385 1,362 4,081 7,750 Distributions from Summerlin Hospital Investment — — — 3,755 — 3,755 3,724 Total Operating Assets NOI $ 57,417 $ 62,928 $ 57,878 $ 48,279 $ 47,111 $ 226,502 $ 191,060

HowardHughes.com 281.719.6100 36 Reconciliation of Seaport segment EBT to Total NOI: thousands Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 FY 2021 FY 2020 Seaport segment EBT (a) $ (18,146) $ (14,929) $ (12,869) $ (12,474) $ (11,730) $ (58,418) $ (99,968) Add back: Depreciation and amortization 7,941 9,087 7,004 6,835 6,777 30,867 41,602 Interest (income) expense, net 309 (377) (187) (102) 22 (357) 12,512 Equity in (earnings) losses from real estate and other affiliates 291 1,009 336 352 328 1,988 9,292 (Gain) loss on extinguishment of debt — — — — 3 — 11,648 Impact of straight-line rent 367 398 463 404 441 1,632 2,801 Other (income) loss, net (b) 3,719 1,287 978 741 1,114 6,725 5,639 Seaport NOI (5,519) (3,525) (4,275) (4,244) (3,045) (17,563) (16,474) Company's Share NOI - Equity Investees (272) (38) (147) (135) (124) (592) (911) Total Seaport NOI $ (5,791) $ (3,563) $ (4,422) $ (4,379) $ (3,169) $ (18,155) $ (17,385) Reconciliation of Non-GAAP Measures (a) EBT excludes corporate expenses and other items that are not allocable to the segments. (b) Includes miscellaneous development-related items as well as the loss related to the write-off of inventory due to the permanent closure of 10 Corso Como Retail and Café in the first quarter of 2020 and income related to inventory liquidation sales in the third quarter of 2020. Reconciliation of Non-GAAP Measures (con't)

HowardHughes.com 281.719.6100 37 Reconciliation of Non-GAAP Measures (con't) Reconciliations of Non-GAAP Measures thousands Three Months Ended December 31, Year Ended December 31, Reconciliation of MPC Land Sales Closed to GAAP Land Sales Revenue 2021 2020 2021 2020 Total residential land sales closed in period $ 189,423 $ 97,946 $ 329,492 $ 215,872 Total commercial land sales closed in period 6,977 — 17,106 2,164 Net recognized (deferred) revenue: Bridgeland (6,372) — (8,174) (305) Summerlin 3,274 (8,146) (1,568) 5,019 Total net recognized (deferred) revenue (3,098) (8,146) (9,742) 4,714 Special Improvement District bond revenue 791 7,191 9,361 10,294 Total land sales revenue - GAAP basis $ 194,093 $ 96,991 $ 346,217 $ 233,044 thousands Three Months Ended December 31, Year Ended December 31, Reconciliation of MPC Segment EBT to MPC Net Contribution 2021 2020 2021 2020 MPC segment EBT $ 129,301 $ 86,494 $ 316,607 $ 209,423 Plus: Cost of sales - land 89,702 42,945 153,630 101,505 Depreciation and amortization 94 92 366 365 MUD and SID bonds collections, net 47,528 45,289 46,460 51,247 Distributions from real estate and other affiliates 2,500 2,470 114,172 6,000 Less: MPC development expenditures (106,696) (68,849) (322,255) (229,065) MPC land acquisitions (574,253) — (574,253) — Equity in (earnings) losses from real estate and other affiliates (4,831) (13,442) (59,399) (17,845) MPC Net Contribution $ (416,655) $ 94,999 $ (324,672) $ 121,630 thousands Three Months Ended December 31, Year Ended December 31, Reconciliation of Segment EBTs to Net Income 2021 2020 2021 2020 Operating Assets segment EBT $ (29,894) $ (32,294) $ (45,290) $ (86,011) MPC segment EBT 129,301 86,494 316,607 209,423 Seaport segment EBT (18,146) (11,730) (58,418) (99,968) Strategic Developments segment EBT 110,321 9,143 83,758 177,801 Consolidated segment EBT 191,582 51,613 296,657 201,245 Corporate income, expenses and other items (80,233) (59,603) (247,733) (204,418) Net income (loss) 111,349 (7,990) 48,924 (3,173) Net (income) loss attributable to noncontrolling interests 2,451 1,344 7,176 (22,981) Net income (loss) attributable to common stockholders $ 113,800 $ (6,646) $ 56,100 $ (26,154)

HowardHughes.com 281.719.6100 38 thousands except share amounts Q4 2021 Q4 2020 FY 2021 FY 2020 RECONCILIATIONS OF NET INCOME TO FFO Unaudited Unaudited Unaudited Unaudited Net income attributable to common shareholders $ 113,800 $ (6,646) $ 56,100 $ (26,154) Adjustments to arrive at FFO: Segment real estate related depreciation and amortization 48,792 55,205 200,776 210,836 (Gain) loss on sale or disposal of real estate and other assets, net 7,395 (13,710) (53,079) (59,942) (Gain) on 110 North Wacker deconsolidation — — — (267,518) Development management fees recognized at the time of 110 North Wacker deconsolidation — — — (15,353) Income tax expense adjustments: Gain on sale or disposal of real estate and other assets, net (1,560) 4,977 11,502 14,686 Gain on 110 North Wacker deconsolidation — — — 56,179 Development management fees recognized at the time of 110 North Wacker deconsolidation — — — 3,224 Impairment of depreciable real estate properties — — 13,068 48,738 Reconciling items related to noncontrolling interests (2,451) (1,344) (7,176) 22,981 Our share of the above reconciling items included in earnings from unconsolidated joint ventures 2,004 2,176 8,622 11,195 FFO $ 167,980 $ 40,658 $ 229,813 $ (1,128) Adjustments to arrive at Core FFO: (Gain) loss on extinguishment of debt 471 3 38,014 13,169 Loss on settlement of rate-lock agreement — — 9,995 — Severance expenses 84 592 763 2,650 Non-real estate related depreciation and amortization 913 1,267 4,324 6,631 Straight-line amortization (4,315) (2,594) (13,047) (4,786) Deferred income tax (expense) benefit 28,331 9,641 10,356 10,827 Non-cash fair value adjustments related to hedging instruments 3,474 623 12,660 9,064 Share-based compensation 2,217 4,154 8,830 7,150 Other non-recurring expenses (development-related marketing and demolition costs) 2,415 1,625 10,668 8,166 Our share of the above reconciling items included in earnings from unconsolidated joint ventures (1,510) (735) (4,834) (499) Core FFO $ 200,060 $ 55,234 $ 307,542 $ 51,244 Adjustments to arrive at AFFO: Tenant and capital improvements $ (555) $ (6,719) $ (7,998) $ (19,728) Leasing commissions (1,200) (2,180) (5,400) (5,218) Condominium inventory writedown — 1,622 — 7,644 AFFO $ 198,305 $ 47,957 $ 294,144 $ 33,942 FFO per diluted share value $ 3.08 $ 0.73 $ 4.21 $ (0.02) Core FFO per diluted share value $ 3.67 $ 0.99 $ 5.63 $ 0.98 AFFO per diluted share value $ 3.64 $ 0.86 $ 5.38 $ 0.65 Reconciliations of Net Income to FFO, Core FFO and AFFO