Exhibit 99.2

NYSE: HHC Supplemental Information For the quarter ended 6/30/2017 The Howard Hughes Corporation 13355 Noel Road, 22nd Floor Phone: 214.741.7744 Dallas, TX 75240 www.howardhughes.com

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,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “may,” “plan,” “project,” “realize,” “should,” “transform,” “would,” and other statements of similar expression. Forward-looking statements should not be relied upon. They 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. For a discussion of the risk factors that could have an impact these forward-looking statements, see our Annual Report on Form 10-K for the fiscal year ended December 31, 2016. 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 in different economic and market cycles. Non-GAAP Financial Measures 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 makes comparisons of operating results among peer companies more meaningful. Management continually evaluates the usefulness, relevance, limitations, and calculation of the Company’s 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, or FFO, core funds from operations, or Core FFO, adjusted funds from operations, or AFFO, and net operating income, or NOI. FFO is defined by the National Association of Real Estate Investment Trust (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 and 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 and 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 spent 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. Herein, 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, 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, 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 base have on our operating results, gross margins and investment returns. We believe that net operating income (“NOI”) is a useful supplemental measure of the performance of our Operating Assets 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 Core FFO, 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 a reconciliation of FFO, Core FFO and AFFO to GAAP net income in this presentation. 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 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 re asonably practicable after those documents are filed with, or furnished to, the SEC. Also available through our Investors section of our website are beneficial ownership reports filed by our directors and executive officers on Forms 3, 4 and 5. 1 www.howardhughes.com Cautionary Statements

FINANCIAL OVERVIEW PORTFOLIO OVERVIEW PORTFOLIO PERFORMANCE DEBT & OTHER Company Profile (cont'd) 4 Portfolio Key Metrics 11 Commercial Development 13 Property-Level Debt 20 Financial Summary 5 Unstabilized Assets 14 Ground Leases 21 Balance Sheet 6 Acquisitions / Dispositions 15 Definitions 22 Statement of Operations 7 MPC Land 16 Reconciliation of Non-GAAP 23 Income Reconciliation 8 Ward Village Condos 17 NOI by Region 9 Other Assets 18 2 www.howardhughes.com Company Profile 3 MPC Portfolio 10 Lease Expirations 12 Debt Summary 19 Table of Contents

DALLAS--(BUSINESS WIRE)--Jun. 15, 2017--The Howard Hughes Corporation® (NYSE: HHC) (the “Company”) announced today that it closed its previously announced offering of $200 million in aggregate principal amount of 5.375% Senior Notes due 2025 (the “Notes”). The issue price of the Notes was 102.25% of the aggregate principal amount. The Notes are unsecured senior obligations of the Company and, other than their issue date and issue price, the terms of the Notes are identical to the terms of the $800 million in aggregate principal amount of 5.375% Senior Notes due 2025 previously issued by the Company on March 16, 2017 (the “Existing 2025 Notes”). The Notes have the same CUSIP number as the Existing 2025 Notes and trade interchangeably and are fungible with the Existing 2025 Notes. The Notes were issued under the indenture dated as of March 16, 2017, between the Company and Wells Fargo Bank, National Association, as trustee, as supplemented by a First Supplemental Indenture that was entered into in connection with the issuance of the Notes. The aggregate principal amount outstanding of the 5.375% Senior Notes due 2025 is $1.0 billion. DALLAS--(BUSINESS WIRE)--May 23, 2017--The Howard Hughes Corporation’s® (NYSE:HHC) master planned communities continue to be recognized among the best places to live in the country, highlighted by Architectural Digest’s recent naming of Ward Village® in Honolulu as the “best-planned community in the U.S.” In addition, The Woodlands® was recently rated the best city to live in Texas and the number-six best city to live in the U.S. by Niche.com. Columbia, Maryland, was ranked first on Money magazine’s Best Places to Live in America list for 2016. These recent accolades demonstrate HHC’s ongoing success in creating vibrant communities with a distinct sense of place. CHICAGO--(BUSINESS WIRE)--May 4, 2017--Mayor Rahm Emanuel joined The Howard Hughes Corporation® (NYSE: HHC) and Bank of America Corporation® (NYSE: BAC) today to announce the bank will be the lead anchor tenant at 110 North Wacker Drive, a new world-class office building on the Chicago River. The agreement completes the next milestone in the highly-anticipated 51-story downtown building, a collaboration between The Howard Hughes Corporation, joint venture partner Riverside Investment & Development, architect Goettsch Partners and agency representative CBRE. Exchange / Ticker Share Price - June 30, 2017 Diluted Earnings / Share FFO / Diluted Share Core FFO / Diluted Share AFFO / Diluted Share NYSE: HHC $ $ $ $ $ 122.84 0.07 0.86 2.20 2.08 For more press releases, please visit www.howardhughes.com/press $ in millions $ in millions Summerlin 72% Ae`o 70% The Woodlands 10% Q2-17 MPC EBT $53.1M Q2-17 Condo Gross Profit $42.0M Waiea 23% Bridgeland 18% Anaha 7% 3 www.howardhughes.com Q2-17 Condo Gross Profit Waiea $9.6 Anaha 3.1 Ke Kilohana 0.1 Ae`o 29.2 Total $42.0 Q2-17 MPC EBT Bridgeland $9.8 Columbia - Summerlin 38.0 The Woodlands 5.3 Total $53.1 Q2-17 MPC & Condominium Results Operating Portfolio by Region Recent Company Highlights Company Overview - Q2-17 Company Profile - Summary & Results

$ in millions $ in millions $ in millions $ in millions Hotel 5% Retail 33% Retail 29% Hotel 29% Multifam 30% Hotel 13% Hotel 4% Other 7% Multifamily 10% Retail 33% Projected Stabilized NOI $25.1M Projected Stabilized NOI $127.5M Projected Stabilized NOI $245.2M Projected Stabilized NOI $92.6M Other 4% Other Multifamily 12% Office 65% Multifamily 9% Office 27% Office 41% Office 47% $ in millions $ in millions $ in millions $ in millions Retail 32% Hotel 37% Retail 33% Hotel 14% Multifamily Hotel 5% Other 7% 9% Q2-17 Under Construction NOI $0.0M Q2-17 Total NOI $39.0M Q2-17 Unstabilized NOI $11.5M Q2-17 Stabilized NOI $27.5M Other 5% Retail 36% Multifamil 10% Office 17% Office 38% ultifamily 10% Office 48% Note: Path to Projected Annual Stabilized NOI charts exclude Seaport NOI until we have greater clarity with respect to the performance of our tenants, however the operating portion of Seaport is included in Q2 Operating Results by Property Type. See page 13 for Stabilized NOI Yield and other project information. 4 www.howardhughes.com Total Currently Stabilized Currently Unstabilized Currently Under Construction Q2-17 - Operating Results by Property Type Retail & Office S.F. 7,285,014 Multifamily Units 2,352 Hotel Keys 985 Other Units 1,438 Projected Stabilized NOI $245.2 Retail & Office S.F. 4,578,449 Multifamily Units 1,109 Hotel Keys 205 Other Units - Projected Stabilized NOI $127.5 Retail & Office S.F. 2,041,565 Multifamily Units 514 Hotel Keys 708 Other Units 1,438 Projected Stabilized NOI $92.6 Retail & Office S.F. 665,000 Multifamily Units 729 Hotel Keys 72 Other Units - Projected Stabilized NOI $25.1 Total Currently Stabilized Currently Unstabilized Currently Under Construction Path to Projected Annual Stabilized NOI Company Profile - Summary & Results (cont'd)

Company Profile Share price3 Market Capitalization1 Enterprise Value2 Weighted avg. shares - basic Weighted avg. shares - diluted Total diluted share equivalents outstanding3 $122.84 $5.3b $7.7b 40,373 43,051 43,401 $117.25 $5.1b $7.3b 39,799 42,757 43,194 $114.10 $4.9b $6.9b 39,492 42,753 42,973 $114.50 $4.9b $7.1b 39,502 42,760 43,030 $114.32 $4.9b $6.9b 39,492 42,664 42,946 $122.84 $5.3b $7.7b 40,088 43,082 43,401 $114.32 $4.9b $6.9b 39,483 42,642 42,946 Earnings Profile Operating Segment Income Revenues Expenses Company's Share of Equity Method Investments NOI and Cost Basis Investment Net Operating Income4 Avg. NOI margin $79,848 $42,198 $79,856 $39,265 $76,000 $38,340 $71,240 $39,919 $72,224 $37,218 $159,704 $81,463 $135,817 $73,361 $1,385 $4,129 $888 $569 $2,272 $5,514 $6,228 $39,035 $44,720 $38,548 $31,890 $37,278 $83,755 $68,684 49% 56% 51% 45% 52% 52% 51% MPC Segment Earnings Total revenues Total expenses5 Interest income, net6 Equity in earnings in Real Estate and Other Affiliates MPC Segment EBT6 $78,076 $40,762 $5,990 $68,706 $35,357 $5,557 $77,902 $41,592 $5,468 $52,762 $32,179 $5,253 $71,870 $38,258 $5,009 $146,782 $76,119 $11,547 $122,640 $64,638 $10,364 $9,792 $5,280 $20,928 $13,699 $8,874 $15,072 $8,874 $53,096 $44,186 $62,707 $39,535 $47,495 $97,282 $77,240 Condo Gross Profit Revenues7 Expenses7 Condo Net Income $148,211 $106,195 $80,145 $60,483 $123,021 $81,566 $115,407 $83,218 $125,112 $79,726 $228,356 $166,678 $247,206 $154,541 $42,016 $19,662 $41,455 $32,189 $45,386 $61,678 $92,665 Debt Summary Total debt payable8 Fixed rate Weighted avg. rate Variable rate Weighted avg. rate Short term condominium financing Weighted avg. rate Leverage ratio (debt to enterprise value) $3,023,122 $1,514,192 5.06% $1,324,125 3.64% $184,805 7.92% 39.1% $2,771,492 $1,324,634 4.94% $1,309,169 3.45% $137,689 7.68% 38.0% $2,708,460 $1,184,141 5.89% $1,363,472 3.33% $160,847 7.47% 39.0% $2,865,456 $1,152,897 5.99% $1,425,276 3.08% $287,283 7.28% 39.9% $2,668,522 $1,114,735 6.29% $1,403,762 2.76% $150,025 7.20% 38.4% $3,023,122 $1,514,192 5.06% $1,324,125 3.64% $184,805 7.92% 39.1% $2,668,522 $1,114,735 6.29% $1,403,762 2.76% $150,025 7.20% 38.4% (1) Market capitalization = Share price times total diluted share equivalents outstanding (2) Enterprise Value = (Market capitalization+ book value of debt + noncontrolling interest) - cash and equivalents (3) Presented as of period end date (4) Net Operating Income = Operating Assets NOI excluding properties sold or in redevelopment + Company's Share of Equity Method Investments NOI and the annual Distribution from our Cost Basis Investment. (5) Expenses include both actual and estimated future costs of sales allocated on a relative sales value to land parcels sold, including MPC-level G&A and real estate taxes on remaining residential and commercial land. (6) MPC Segment EBT (Earnings before tax, as discussed in our GAAP financial statements), includes negative interest expense relating to capitalized interest for the segment relating to debt held in other segments and at corporate. (7) Revenues 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 percentage of completion method ("POC"). (8) Represents Total mortgages, notes, and loans payable, as stated in our GAAP financial statements, excluding unamortized deferred financing costs and bond issuance costs. 5 www.howardhughes.com Q2 YTD 2016 Q2 YTD 2017 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Financial Summary

In thousands ASSET Investment in real estate: Unaudited Unaudited M Buildings and equipment 2,152,915 314,383 (282,557) 1,048,849 1,910,016 315,617 (271,451) 915,157 Land Less: accumulated depreciation Developments In Cash and cash equivalents 660,086 11,953 670,800 40,221 Accounts receivable, net Muni Defe Prep LIABIL Liabilit Mort Defe Warrant liabilities - - 473,013 322,090 9,588 $572,772 Uncertain tax position liability Accounts payable and accrued expenses Equity Preferred stock: $.01 par value; 50,000,000 shares authorized, none issued $0 $0 Com Addit Accumulated deficit (269,133) (9,157) (329,480) (24,152) Accumulated other comprehensive loss Trea Tota Noncontrolling interests 3,772 3,772 Share Count Details (in thousands) Shar Diluti Diluti (1) Stock options assume net share settlement calculated for the year-to-date period presented. (2) Warrants assume net share settlement and incremental shares for dilution calculated as of the date presented. 6 www.howardhughes.com S aster Planned Community assets $1,676,263 $1,652,056 Net property and equipment 4,909,853 4,521,395 vestment in Real Estate and Other Affiliates 81,797 65,834 Net investment in real estate $4,991,650 $4,587,229 cipal Utility District receivables, net 175,822 163,639 rred expenses, net 75,351 63,099 aid expenses and other assets, net 752,587 692,631 $1,669,561 $1,642,842 2,027,363 1,772,401 320,936 322,462 (245,814) (232,969) 961,980 1,036,927 4,734,026 4,541,663 76,376 57,811 $4,810,402 $4,599,474 665,510 445,301 10,038 11,626 150,385 139,946 64,531 61,804 666,516 463,431 Total Assets $6,667,449 $6,217,619 $6,367,382 $5,721,582 ITIES AND EQUITY ies gages, notes and loans payable $3,002,846 $2,651,805 rred tax liabilities 224,097 158,177 $2,690,747 $2,443,962 200,945 89,221 332,170 307,760 - 1,396 572,010 515,354 Total Liabilities $3,699,956 $3,714,432 $3,795,872 $3,357,693 mon stock: $.01 par value; 150,000,000 shares authorized 432 398 ional paid-in capital 3,243,342 2,853,880 sury stock, at cost, 16,382 shares as of June 30, 2017 and 12,061 shares as of December 31, 2016 (1,763) (1,231) l stockholders' equity 2,963,721 2,499,415 $0 $0 398 398 2,853,269 2,847,823 (277,912) (480,215) (6,786) (7,889) (1,231) - 2,567,738 2,360,117 3,772 3,772 Total Equity $2,967,493 $2,503,187 $2,571,510 $2,363,889 Total Liabilities and Equity $6,667,449 $6,217,619 $6,367,382 $5,721,582 es outstanding at end of period 43,186 39,834 ve effect of stock options1 213 277 ve effect of warrants2 2 2,835 39,790 39,715 289 316 2,894 2,873 Total Diluted Share Equivalents Outstanding 43,401 42,946 42,973 42,904 FY 2015 FY 2016 Q2 2016 Q2 2017 Balance Sheet

7 www.howardhughes.com In thousands Revenues: Unaudited Unaudited Condominium rights and unit sales $148,211 $125,112 Master Planned Community land sales 69,144 61,098 Minimum rents 45,073 42,036 Tenant recoveries 11,642 10,923 Hospitality revenues 19,703 19,129 Builder price participation 4,480 6,501 Other land revenues 4,463 4,122 Other rental and property revenues 5,923 4,593 Unaudited Unaudited $228,356 $247,206 122,625 103,040 91,399 83,345 23,041 21,451 39,414 32,038 9,141 11,148 15,045 8,170 11,380 7,797 Total revenues $308,639 $273,514 $540,401 $514,195 Expenses: Condominium rights and unit cost of sales $106,195 $79,726 Master Planned Community cost of sales 33,376 29,008 Master Planned Community operations 7,307 9,169 Other property operating costs 20,291 15,236 Rental property real estate taxes 6,550 7,329 Rental property maintenance costs 3,608 2,753 Hospitality operating costs 14,164 14,242 Provision for doubtful accounts 745 (352) Demolition costs 63 490 Development-related marketing costs 4,716 6,339 General and administrative 22,944 20,053 Depreciation and amortization 34,770 24,952 $166,678 $154,541 59,245 44,696 16,701 19,778 38,799 30,978 14,087 14,077 6,636 5,885 28,009 24,717 1,280 2,689 128 962 8,921 10,870 41,061 40,377 60,294 47,924 Total expenses $254,729 $208,945 $441,839 $397,494 Operating income before other items 53,910 64,569 Other: Gains on sales of properties - - Other income, net 223 9,067 98,562 116,701 32,215 140,479 910 9,426 Total other $223 $9,067 $33,125 $149,905 Operating Income $54,133 $73,636 Interest expense, net (13,663) (16,098) Loss on redemption of senior notes due 2021 - - Warrant liability loss (30,881) (44,150) Gain on acquisition of joint venture partner's interest - - Equity in earnings from Real Estate and Other Affiliates 9,834 20,275 Income before taxes 19,423 33,663 Provision for income taxes 16,303 26,693 Net income 3,120 6,970 Net income attributable to noncontrolling interests - - $131,687 $266,606 (30,899) (31,822) (46,410) - (43,443) (14,330) 5,490 - 18,354 22,207 34,779 242,661 26,000 91,926 8,779 150,735 - - Net income (loss) attributable to common stockholders $3,120 $6,970 $8,779 $150,735 Basic income per share $ 0.08 $ 0.18 Diluted income per share $ 0.07 $ 0.16 $ 0.22 $ 3.82 $ 0.20 $ 3.53 YTD Q2 2016 YTD Q2 2017 Q2 2016 Q2 2017 Comparative Statement of Operations: Total Portfolio

8 www.howardhughes.com In thousands RECONCILIATION OF NET INCOME TO FFO Net income attributable to common shareholders $3,120 $6,970 Add: Segment real estate related depreciation and amortization 32,814 23,354 Gains on sales of properties - - Income tax expense (benefit) adjustments - deferred Gains on sales of properties - - Our share of the above reconciling items included in earnings from unconsolidated joint ventures 1,103 1,657 $8,779 $150,735 56,363 45,297 (32,215) (140,479) 12,081 52,706 1,933 2,853 FFO $ 37,037 $ 31,981 $ 46,941 $ 111,112 Adjustments to arrive at Core FFO: Acquisition expenses - - Loss on redemption of senior notes due 2021 - - Gain on acquisition of joint venture partner's interest - - Warrant (gain) loss 30,881 44,150 Severance expenses 630 4 Non-real estate related depreciation and amortization 1,956 1,598 Straight-lined rent adjustment 1,816 4,079 Deferred income tax expense (benefit) 15,576 25,713 Non-cash fair value adjustments related to hedging instruments 133 367 Share based compensation 1,501 1,948 Other non-recurring expenses (development related marketing and demolition costs) 4,779 6,829 Our share of the above reconciling items included in earnings from unconsolidated joint ventures 216 (122) 32 - 46,410 - (5,490) - 43,443 14,330 1,458 194 3,931 2,627 3,777 7,199 12,383 33,222 331 743 3,407 4,670 9,049 11,832 291 105 Core FFO $ 94,525 $ 116,547 $ 165,963 $ 186,034 Adjustments to arrive at AFFO: Tenant and capital improvements (4,245) (3,042) Leasing Commissions (603) (441) (8,967) (5,712) (686) (177) AFFO $ 89,677 $ 113,064 $ 156,310 $ 180,145 FFO per diluted share value $0.86 $0.75 Core FFO per diluted share value $2.20 $2.73 AFFO per diluted share value $2.08 $2.65 $1.09 $2.61 $3.85 $4.36 $3.63 $4.22 YTD Q2 2016 YTD Q2 2017 Q2 2016 Q2 2017 Reconciliation of Net Income to FFO, Core FFO and AFFO

Dollars in thousands Property Ownership Annualized Stabilize SF / Units Occupied Leased % Occupied % Leased NOI (c) Stabilized Properties Office - Houston Office - Columbia Office - Other Retail - Houston Retail - Columbia Retail - Hawaii Retail - Other Multi-Family - Houston Multi-Family - Columbia Multi-Family - New York (d) Hospitality - Houston Other Assets (e) Total Stabilized Properties (f) 100% 100% 100% 100% 100% 100% 100% 100% 50% 100% 100% NA 1,460,787 1,085,176 226,000 233,362 89,199 1,142,507 341,418 707 380 22 205 NA 1,403,925 991,462 226,000 225,955 89,199 1,073,563 337,458 650 365 22 170 NA 1,403,925 1,016,950 226,000 231,657 89,199 1,076,932 337,458 680 365 22 NA NA 96% 91% 100% 97% 100% 94% 99% 92% 96% 100% 83% NA 96% 94% 100% 99% 100% 94% 99% 96% 96% 100% NA NA $37,035 $14,138 $1,160 $6,797 $1,334 $20,746 $6,193 $6,533 $3,413 $301 $5,081 $8,997 $38,749 $14,500 $6,100 $6,500 $2,200 $25,600 $7,200 $9,100 $3,500 $600 $4,500 $8,997 NA NA NA NA NA NA NA NA NA NA NA NA $111,729 $127,546 NA Unstabilized Properties Office - Houston Office - Columbia Office - Summerlin Retail - Houston (g) Retail - Summerlin Multi-Family - Houston Multi-Family - Summerlin Hospitality - Houston Self Storage - Houston Total Unstabilized Properties 100% 100% 100% 100% 100% 100% 50% 100% 100% 676,688 204,020 206,279 158,135 796,443 390 124 708 1,438 302,011 98,412 136,627 109,417 665,846 319 103 436 144 342,766 121,822 167,193 123,318 687,293 345 116 NA 144 45% 48% 66% 69% 84% 82% 83% 62% 10% 51% 60% 81% 78% 86% 88% 94% NA 10% $2,735 $1,674 $3,368 $3,006 $18,923 $3,935 $777 $17,411 ($119) $14,500 $5,100 $5,700 $3,797 $26,300 $7,500 $1,100 $27,000 $1,600 3.0 3.0 1.0 0.5 1.0 1.0 1.0 3.0 2.0 $51,712 $92,597 2.3 Under Construction Properties Office - Houston Office - Columbia Office - Summerlin Multi-Family - Houston Multi-Family - Columbia Hospitality - New York 100% 100% 100% 100% 50% 35% 203,000 130,000 332,000 292 437 72 - - - - - - 203,000 72,523 180,000 - - - 0% 0% 0% NA NA NA 100% 56% 54% 0% 0% 0% NA NA NA NA NA NA $5,100 $3,600 $7,600 $3,500 $4,000 $1,300 2.0 4.0 2.5 2.0 2.0 1.0 Total Under Construction Properties NA $25,100 2.6 Total/ Wtd. Avg for Portfolio $163,440 $245,243 2.4 Notes (a) Includes our share of NOI where we do not own 100%. (b) Annualized 2Q17 NOI includes distribution received from cost method investment in 1Q17. For purposes of this calculation, this one time annual distribution is not annualized. (c) Table above excludes Seaport NOI until we have greater clarity with respect to the performance of our tenants. See page 13 for Stabilized NOI Yield and other project information. (d) Annualized NOI excludes one-time settlement fee of $250k to buyout a tenant in a rent controlled unit. (e) Other assets are primarily made up of Kewalo Basin, Summerlin Baseball and Summerlin Hockey ground lease, and our share of other equity method investments not included in other categories. (f) For Stabilized Properties, the difference between 2Q17 cash 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 considered nonpermanent. (g) Retail - Houston is inclusive of retail in The Woodlands and Bridgeland. 9www.howardhughe s.com % Total 2Q17 SF/Units 2Q17 SF/Units 2Q17 2Q17 2Q17 Stabilized Time to (a) Cash NOI (b) (Years) NOI by Region

Commercial 19% Commercial 37% Master Planned Communities - ReRmeaminianigniSnagleSaable AbclreesA(car)es Commercial 100% Residential 63% Residential 81% Stabilized 9% Stabilized 62% InIcnocmoemPer-oPdruocdinugciAnsgsAetsss-ets Stabilized & Unstabilized Unstabilized 38% Unstabilized 50% Stabilized 50% Unstabilized 91% ($ in thousands) MPC Performance - 2Q17 & 2Q16 MPC Net Contribution (2Q17) (b) MPC Net Contribution (2Q16) (b) Operating Asset Performance - 2017 & Future Annualized 2Q17 In-Place Cash NOI Est. Stabilized NOI (Future) Wtd. Avg. Time to Stab. (yrs.) Note (a) Commercial acres may be developed internally or sold. (b) Reconciliation from GAAP MPC segment earnings before tax (EBT) measure to MPC Net Contribution for the three months ended June 30, 2017 is found on Reconciliation of Non-GAAP Measures. 10 www.howardhughes.com $131,267 $204,050 — $20,973 $33,313 3.0 $86,403 $125,833 1.9 $23,891 $44,904 1.8 $25,014 $28,460 $244 ($285) $1,133 ($13,948) $23,637 $42,693 Total Maryland Texas Nevada MPC Portfolio

MPC Regions Non-MPC Regions Operating - Stabilized Properties Office s.f. Retail s.f. Multifamily units Hotel Rooms Self Storage Operating - Unstabilized Properties Office s.f. Retail s.f. (a) Multifamily units Hotel rooms Self Storage Operating - Under Construction Properties Office s.f. Retail s.f. (b) Multifamily units Hotel rooms Self Storage Residential Land Total gross acreage/condos (c) Current Residents (c) Remaining saleable acres/condos Estimated price per acre (d) Commercial Land Total acreage remaining Estimated price per acre (e) Notes Portfolio Key Metrics herein include square feet, units and rooms included in joint venture projects. Sq. ft. and units are not shown at share. (a) Retail s.f. within the Summerlin region excludes 381,767 sq. ft. of anchors. (b) Retail s.f. within New York region excludes Pier 17 and Uplands, pending final plans for this project. (c) Acreage and current residents shown as of December 31, 2016. (d) Residential pricing: average 2016 acreage pricing for Bridgeland, Summerlin and The Woodlands. Summerlin avarage pricing excludes the sale of approximately 117 acres to Pulte with an atypical economic structure. Pro forma acreage pricing for The Woodlands Hills. (e) Commercial pricing: estimate of current value based upon recent sales, third party appraisals and third party MPC experts. The Woodlands Hills commercial is valued at cost. 11 www.howardhughes.com Hawaii Honolulu, HI Seaport New York, NY Other Total Non-MPC - - 226,000 1,142,507 - 341,418 - 22 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 72 - - - - 1,381 n.a. n.a. n.a. n.a. n.a. 206 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 226,000 1,483,925 22 - - - - - - - - - - 72 - 1,381 - 206 - - Woodlands Houston, TX Woodlands Hills Houston, TX Bridgeland Houston, TX Summerlin Las Vegas, NV Columbia Columbia, MD Total MPC Regions 1,460,787 - - - 1,085,176 233,362 - - - 89,199 707 - - - 380 205 - - - - - - - - - 676,688 - - 206,279 204,020 74,669 - 83,466 796,443 - 390 - - 124 - 708 - - - - 1,438 - - - - 203,000 - - 332,000 130,000 - - - - - 292 - - - 437 - - - - - - - - - - 28,475 ac. 2,055 ac. 11,400 ac. 22,500 ac. 16,450 ac. 115,000 - 8,300 107,000 112,000 273 1,439 2,450 3,608 n.a. $560 $207 $372 $577 n.a. 752 171 1,530 826 107 $957 $552 $394 $759 $316 2,545,963 322,561 1,087 205 - 1,086,987 954,578 514 708 1,438 665,000 - 729 - - 80,880 ac. 342,300 7,770 3,386 Portfolio Key Metrics

Office and Retail Lease Expirations Total Office and Retail Portfolio as of June 30, 2017 30% 25% Years 20% N.Y. - 12 Years ears 15% 10% 5% 0% Office Expirations Retail Expirations 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. Expiration Year 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Thereafter $3,978 4,122 7,187 8,846 4,976 11,656 9,750 10,345 9,116 947 14,604 4.65% 4.82% 8.40% 10.34% 5.82% 13.63% 11.40% 12.10% 10.66% 1.11% 17.08% 31.91 24.39 29.67 30.64 33.05 33.34 28.84 29.55 33.76 35.99 24.42 $6,592 8,096 5,139 7,209 6,988 4,915 6,600 4,587 2,708 5,558 20,185 8.39% 10.30% 6.54% 9.17% 8.89% 6.25% 8.40% 5.84% 3.45% 7.07% 25.69% 27.97 39.90 37.13 48.12 28.11 48.87 47.04 35.50 55.80 37.93 18.57 $85,527 100.00% $78,576 100.00% Total % of Annualized Cash Rent Expiring 12www.howardhughes.com Weighte D.C. - 7 d Avg. Lease Term Blended - 10 y Office Retail 2017 Office Retail 2018 Office Retail 2019 Office Retail 2020 Office Retail 2021 Office Retail 2022 Office Retail 2023 Office Retail 2024 Office Retail 2025 Office Retail 2026 Office Retail 2027+ HoustonLas VegasColumbiaHawaiiOther Office Retail Lease Expirations

Dollars in thousands, except per sq. ft. and unit amounts Owned & Managed Office 130,000 Two Merriweather Columbia, MD 100% 56% Under construction Q3 2016 Q2 2020 $ 14,303 $ 40,941 $ 3,685 9% 152,000 Downtown Summerlin Office Las Vegas, NV 100% 0% Under construction Q2 2017 2020 $ 2,153 $ 48,257 $ 3,500 7% Retail Seaport - Uplands / Pier 174 New York, NY 100% 401,787 51% Under construction Q4 2013 Q1 2021 $ 344,326 $ 731,000 $43,000 - $58,000 6%-8% Total 1,066,787 $ 366,091 $ 930,105 Multifamily 437 $1,982 m.flats/Ten.M Building Columbia, MD 50% Under construction Q1 2016 Q3 2019 $ 83,000 $ 109,345 $ 8,100 7% Total 729 $ 88,479 $ 151,456 (1) Based on leases signed as of Q2 2017 and is calculated as the total est. rentable square feet leased divided by total est. rentable square feet, expressed as a percentage. (2) Represents management's estimate of the first quarter of operations in which the asset may be stabilized. (3) Total Develop. Costs Incurred, Est. Total Cost, and Est. Stabilized NOI shown gross, not at share. (4) Seaport - Uplands / Pier 17 Estimated Rentable sq. ft. and costs are inclusive of the Tin Building, the status of which is still pending. Develop. Costs Incurred and Est. Total Costs are shown net of insurance proceeds of approximately $55 million. 13www.howardhughes.com Creekside ApartmentsHouston, TX100%292$1,538Under constructionQ1 2017Q4 2019$5,479$ 42,111$3,4998% Project Status Est. Number of Units % Ownership City, State Project Name Stabilized NOI Yield Est. Stabilized NOI3 Est. Total Cost Develop. Costs Incurred Est. Stabilized Date2 Const. Start Date Monthly Est. Rent Per Unit AristocratLas Vegas, NV100%180,000100%Under constructionQ2 20172019$2,348$ 46,629$4,0719% 100 Fellowship DrHouston, TX100%203,000100%Under constructionQ2 2017Q4 2019$2,961$ 63,278$5,0628% Project Status Percent Pre-Leased1 Est. Rentable Sq. Ft. % Ownership City, State Project Name Stabilized NOI Yield Est. Stabilized NOI3 Est. Total Cost Develop. Costs Incurred Est. Stabilized Date2 Const. Start Date Commercial Development

Dollars in thousands Office 100% 331,754 66% 68% 52,847 74,994 3,671 6,900 2020 1725 Hughes Landing Houston, TX One Summerlin (c) Las Vegas, NV 100% 206,279 66% 81% — — 3,368 5,700 2018 Retail 100% 83,466 57% 69% 13,154 16,274 909 1,700 2018 Lakeland Village Center Houston, TX Residential 50% 124 83% 94% 20,760 20,760 777 1,100 2018 Constellation Las Vegas, NV Hotel 100% 302 71% NA 91,442 97,380 6,877 10,500 2020 The Westin at The Woodlands Houston, TX Other 100% 784 6% 6% 6,894 8,476 NM 800 2020 HHC 2978 Self-Storage Houston, TX Notes (a) With the exception of Hotel properties, Percentage Occupied and Percentage Leased are as of June 30, 2017. Each Hotel property Percentage Occupied and Percentage Leased are the average for the most recent quarter. (b) Company estimates of stabilized NOI based solely on current leasing velocity, excluding inflation and organic growth. (c) One Summerlin development costs are combined with Downtown Summerlin. 14www.howardhughes.com HHC 242 Self-StorageHouston, TX100%65414%14%8,0098,607NM8002020 The Woodlands Resort & Conference CenterHouston, TX100%40655%NA72,36072,36010,53416,5002020 One Lakes EdgeHouston, TX100%39082%88%81,72981,7293,9357,5002018 Downtown Summerlin (c)Las Vegas, NV100%796,44384%86%417,613418,30418,92326,3002018 Creekside Village GreenHouston, TX100%74,66983%88%15,77915,7792,0972,0972017 One MerriweatherColumbia, MD100%204,02048%60%64,88178,1871,6745,1002020 Three Hughes LandingHouston, TX100%320,81524%34%$64,123$90,162NM$7,6002020 Est. Stab. Date 2Q17 % Leased (a) 2Q17 % Occ. (a) Rentable Sq. Ft. / Units % Ownership Location Project Name Annualized Est. Stab. NOI (b) Annualized 2Q17 Cash NOI Est. Total Cost Develop. Costs Incurred Unstabilized Assets

In thousands, except rentable sq. ft. and acres 2Q 2017 Acquisitions Ownership Sq. Ft./ Acres Price No acquisition activity in 2Q17 2Q 2017 Dispositions Sale Price Ownership Sq. Ft./ Acres No disposition activity in 2Q17 15www.howardhughes.com Date Sold Property Type of % Ownership Location Rentable Date Acquired Property Type of % Ownership Location RentableAcquisition Acquisition / Disposition Activity

Summerlin Bridgeland Woodlands Maryland Woodlands Hills Total Dollars in thousands Q2 2017 Q2 2016 Q2 2017 Q2 2016 Q2 2017 Q2 2016 Q2 2017 Q2 2016 Q2 2017 Q2 2016 Q2 2017 Q2 2016 Revenues: Residential land sale revenues $13,600 $1,386 $0 $0 $9,374 $4,500 $41,956 $54,937 $0 $0 $64,930 $60,823 Commercial land sale revenues — — — — 3,655 — 59 275 500 — 4,214 275 Builder price participation 259 896 — — 232 180 3,989 5,425 — — 4,480 6,501 Other land sale revenues 1,651 1,466 5 9 49 34 2,716 2,760 31 2 4,452 4,271 Total revenues $15,510 $3,748 $5 $9 $13,310 $4,714 $48,720 $63,397 $531 $2 $78,076 $71,870 Expenses: Cost of sales - residential land ($7,005) ($572) — — ($3,230) ($1,532) ($21,830) ($26,777) — — (32,065) (28,881) Cost of sales - commercial land — — — — (1,058) — (34) (127) (219) — (1,311) (127) Real estate taxes (1,422) (1,254) (75) (23) (340) (251) (717) (613) (159) (158) (2,713) (2,299) Land sales operations (736) (3,713) (101) (47) (1,324) (1,259) (2,294) (1,811) (138) (40) (4,593) (6,870) Depreciation and amortization (30) (30) — — (23) (23) (25) (23) (1) (5) (79) (81) Total Expenses ($9,193) ($5,569) ($176) ($70) ($5,975) ($3,065) ($24,900) ($29,351) ($517) ($203) ($40,761) ($38,258) Net interest capitalized (expense) (1,040) (1,443) 141 144 2,510 2,220 4,378 4,090 — (2) 5,989 5,009 Equity in earnings from real estate affiliates — — — — — — 9,792 8,874 — — 9,792 8,874 EBT $5,277 ($3,264) ($30) $83 $9,845 $3,869 $37,990 $47,010 $14 ($203) $53,096 $47,495 Key Performance Metrics: Residential Total acres closed in current period 24.0 2.3 — — 24.3 12.9 51.8 53.7 NM NM Price per acre achieved $567 $603 NM NM $386 $361 $559 $512 NM NM Avg. gross margins 49% 59% NM NM 66% 66% 48% 51% NM NM Commercial Total acres closed in current period — — — — — — — 10 1.0 NM Price per acre achieved NM NM NM NM NM NM NM $35 $500 NM Avg. gross margins NM NM NM NM 71% NM 38% 54% 56% NM Avg. combined before-tax net margins 49% 59% NM NM 67% 66% 48% 51% 56% NM Key Valuation Metrics: Maryland Woodlands Woodlands Hills Bridgeland Summerlin Remaining saleable acres Residential 273 1,439 2,450 3,608 NM Commercial 752 171 1,530 826 107 (a) Projected est. % superpads / lot size 0% / — 0% / — 0% / — 79% / 0.25 ac NM Projected est. % single-family detached lots / lot size 73% / 0.28 ac 87% / 0.32 ac 89% / 0.16 ac 0% / — NM Projected est. % single-family attached lots / lot size 27% / 0.07 ac 13% / 0.13 ac 10% / 0.12 ac 0% / — NM Projected est. % custom homes / lot size 0% / — 0% / — 1% / 1.0 ac 21% / 0.4 ac NM Estimated builder sale velocity (blended total) - 2Q17 (b) NM — 40 47 75 Gross margin range (GAAP), net of MUDs (c) NM NM 54.3% 46.6% 68.0% Gross margin range (Cash), net of MUDs (c) 85.5% 80.0% 66.8% 97.0% NM Residential sellout / Commercial buildout date estimate Residential — 2029 2022 2035 2036 Commercial 2020 2025 2028 2039 2045 Notes (a) Does not include 31 commercial acres held in the Strategic Development segment in Downtown Columbia. (b) Represents the average monthly builder homes sold over the last twelve months ended June 30, 2017. (c) 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 forrecognition 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 marginincludes all future projected revenue less all future projected development costs, net of expected reimbursable costs, and capitalized overhead, taxes and interest. 16 www.howardhughes.com

Key Metrics Development progress Fi Deposit Reconciliation (Dollars in thousands) Notes (a) We began delivering units at Waiea in November 2016. As of June 30, 2017, we have closed 156 units, have 9 units under contract and 9 units remaining to be sold. (b) Ke Kilohana consists of 375 workforce units and 49 market rate units. (c) $0.3 million, $67.0 million, and $19.3 million can be used for development at Anaha, Ae`o and Ke Kilohana, respectively. (d) Total deposits held for future use are shown in Other Assets on the balance sheet. U/C = Under Construction 17www.howardhughes.com Type of buildingUltra-LuxuryLuxuryUpscaleWorkforce Number of units174317466424 Avg. unit s.f.2,1741,417836694 Condo s.f.378,238449,205389,368294,273 Street retail s.f.8,00016,00067,00022,000 1,381 1,094 1,511,084 113,000 Total s.f.386,238465,205456,368316,273 1,624,084 StatusOpenedU/C U/C U/C Start date (actual or est.)2Q144Q141Q164Q16 Completion date (actual or est.)2Q174Q174Q182019 Total development cost ($m)$414.2$401.3$428.5$218.9 Cost-to-date ($m)$391.3$315.8$129.5$38.9 $1,462.9 $875.5 Remaining to be funded ($m)$22.9$85.5$299.0$180.0 $587.4 nancial Summary (Dollars in thousands, except per sq. ft.) # of units closed or under contract in 2Q17 165 302 321 387 Total % of units closed or under contract 95% 95% 69% 91% Number of units closed or under contract (current quarter) 2 1 32 0 Square footage closed or under contract (total) 340,797 403,796 248,213 256,666 Total % square footage closed or under contract 90% 90% 64% 87% Target condo profit margin at completion (excl. land cost) — — — — Total cash received (closings & deposits) — — — — Total GAAP revenue recognized — — — — Expected avg. price per sq. ft. $1,900 - $1,950 $1,100 - $1,150 $1,300 - $1,350 $700 - $750 Expected construction costs per retail sq. ft. — — — — Deposits from sales commitment spent towards constructionN/A$80,554$0$0 held for future use (c) (d)N/A$21,247$75,959$19,307 Total deposits from sales commitment N/A $101,801 $75,959 $19,307 1,175 85% 35 1,249,472 83% ~30% $797,875 $1,088,308 $1,300 - $1,325 ~$1,100 $80,554 $116,513 $197,067 Total Ke Kilohana (b) Ae'o Anaha Waiea (a) Ward Village Condominiums

Future Development 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. Mall is completely vacant. We are evaluating potential redevelopment opportunities. Century Plaza Mall Birmingham, AL 100% 59 Kendall Town Center Kendall, FL 100% 70 Zoned for 730,000 Sq. Ft. of commercial space. Going through re-entitlement process. AllenTowne Allen, TX 100% 238 Located 27 miles north of Downtown Dallas. Agricultural property tax exemptions are in place for most of the property, significantly reducing carrying costs. Lakemoor Land Volo, IL 100% 40 Located 50 miles north of Chicago. The project is currently designated as farmland. Fashion Show Air Rights Las Vegas, NV 80% N/A Air rights above the Fashion Show Mall located on the Las Vegas Strip. 18 www.howardhughes.com Maui Ranch Land Maui, HI 100% 20 Two, non-adjacent, ten-acre parcels zoned for native vegetation. Bridges at Mint Hill Charlotte, NC 91% 210 Zoned for approximately 1.3 million Sq. Ft. of commercial uses. West Windsor West Windsor, NJ 100% 658 Current zoning allows for approximately 6 million Sq. Ft. of commercial uses. Circle T Ranch and Power Center Westlake, TX 50% 207 50/50 joint venture with Hillwood Development Company. We sold 72-acres to an affiliate of Charles Schwab Corporation. Cottonwood Mall Holladay, UT 100% 54 Under contract to sell in pieces. First closing expected in 2017. The Elk Grove Collection Elk Grove, CA 100% 64 Plan to build a 400,000 Sq. Ft. outlet retail center. Recently sold 36 acres for $36 million in total proceeds. Notes Acres % Own City, State Property Name Other Assets

(In thousands) Fixed-rate debt: Collateralized mortgages, notes and loans payable Special Improvement District bonds Variable-rate debt: Collateralized mortgages, notes and loans payable, excluding condominium financing Condominium financing Mortgages, notes and loans payable Deferred Financing Costs, net Unamortized bond issuance costs Total consolidated mortgages, notes and loans payable Total unconsolidated mortgages, notes and loans payable at pro-rata share Total Debt $ 1,477,807 36,385 $ 1,140,118 44,023 1,324,125 184,805 1,363,472 160,847 $ 3,023,122 (7,280) (12,996) $ 2,708,460 (5,779) (11,934) $ 3,002,846 $ 2,690,747 $ 83,401 $ 55,481 $ 3,086,247 $ 2,746,228 Net Debt on a Segment Basis, at share (In thousands) Segment Basis (a) $ 248,498 - (113,921) (60,233) (175,822) $ 1,613,197 - (91,367) - - $ 44,557 184,805 (23,413) - - $ 1,906,252 184,805 (228,701) (60,233) (175,822) $ 995,190 - (489,277) - - $ 2,901,442 184,805 (717,978) (60,233) (175,822) Mortgages, notes and loans payable, excluding condominium financing (a) Condominium financing Less: cash and cash equivalents (a) Special Improvement District receivables Municipal Utility District receivables Net Debt $ (101,478) $ 1,521,830 $ 205,949 $ 1,626,301 $ 505,913 $ 2,132,214 Consolidated Debt Maturities and Contractual Obligations by Final Due Date (b) (In thousands) Mortgages, notes and loans payable Interest Payments Ground lease and other leasing commitments Total consolidated debt maturities and contractual obligations $ 15,451 104,431 9,885 $ 961,962 310,469 14,504 $ 422,603 152,288 11,830 $ 1,623,106 210,821 293,377 $ 3,023,122 778,009 329,597 $ 129,767 $ 1,286,935 $ 586,721 $ 2,127,304 $ 4,130,728 (a) Each segment includes our share of related cash and debt balances for all joint ventures included in Investments in Real estate and Other Affiliates. Please see our Liquidity and Capital Resources discussion in quarterly filing on Form 10-Q for further details. (b) Mortgages, notes and loans payable and Short term condominium financing are presented based on extended maturity date. Extension periods generally can 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. In certain cases due to property performance not meeting covenants, we may have to pay down a portion of the loan in order to obtain the extension. 19 www.howardhughes.com Total 2023 and thereafter 2021-2022 2018-2020 2017 Master Planned Communities Operating Assets Strategic Developments Segment Totals Non-Segment Amounts Total December 31, 2016 June 30, 2017 Debt Summary

Master Planned Communities Bridgeland Credit Facility $65,000 4.60% Fixed 4.60% Nov-22 Operating Assets 1723-35 Hughes Landing Boulevard $112,021 L+165 Floating 2.82% Jun-19 The Westin at The Woodlands $57,946 L+265 Floating 3.82% Aug-19 Three Hughes Landing $39,339 L+235 Floating 3.52% Dec-19 Embassy Suites at Hughes Landing $30,505 L+250 Floating 3.67% Oct-20 One Merriweather $39,247 L+215 Floating 3.32% Feb-21 HHC 2978 Self-Storage $4,639 L+260 Floating 3.77% Jan-22 One Mall North $14,463 L+225 Floating 3.42% May-22 20/25 Waterway $13,767 4.79% Fixed 4.79% May-22 Ward Village $238,718 L+250 Floating / Swap 3.66% Sep-23 4 Waterway Square $35,707 4.88% Fixed 4.88% Dec-23 Millennium Six Pines Apartments $42,500 3.39% Fixed 3.39% 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-31 Columbia Regional Building $25,000 4.48% Fixed 4.48% Feb-37 $1,566,293 Strategic Developments Ke Kilohana $0 L+325 Floating 4.42% Dec-20 Ae'o $0 L+400 Floating 5.17% Dec-21 $189,978 Total (c) $1,971,271 Notes (a) Maturity dates shown assumes all extension options are exercised. (b) The Woodlands Master Credit Facility has been extended to 2021. (c) Excludes JV debt, Corporate level debt, and SID bond debt related to Summerlin MPC & Retail. Above balances are as of June 30, 2017. 20www.howardhughes.com 100 Fellowship Drive $0 L+150 Floating2.67% May-22 Two Merriweather $5,173 L+250 Floating3.67% Oct-21 Waiea and Anaha $184,805 L+675 Floating7.92% Nov-19 Hughes Landing Retail $35,000 3.50% Fixed 3.50% Dec-36 Two Hughes Landing $48,000 4.20% Fixed 4.20% Dec-30 3 Waterway Square $50,965 3.94% Fixed 3.94% Aug-28 3831 Technology Forest Drive $22,185 4.50% Fixed 4.50% Mar-26 9303 New Trails $12,193 4.88% Fixed 4.88% Dec-23 Millennium Waterway Apartments$55,584 3.75% Fixed 3.75% Jun-22 10-60 Corporate Centers $80,000 L+175 Floating / Swap 3.16% May-22 70 Columbia Corporate Center $20,000 L+200 Floating3.17% May-22 HHC 242 Self-Storage $6,013 L+260 Floating3.77% Oct-21 The Woodlands Resort & Conference Center $68,500 L+325 Floating4.42% Dec-20 Lakeland Village Center at Bridgeland $11,049 L+235 Floating3.52% May-20 110 N. Wacker $20,815 5.21% Fixed / Swap 5.21% Oct-19 Downtown Summerlin $305,888 L+225 Floating 3.42% Jul-19 Outlet Collection at Riverwalk $54,809 L+275 Floating3.92% Oct-18 $215,000 The Woodlands Master Credit Facility (b) $150,000 L+275 Floating3.92% Apr-21 Contract Interest Rate Current Annual Asset Principal Balance Interest Rate Hedge Interest Rate Maturity Date (a) Property Level Debt

Minimum Contractual Ground Lease Payments ($ in thousands) Future Cash Payments Year Ended December 31 Pro-Rata Share Three months ended 2016 2017 2018 Thereafter Total Ground Leased Asset Expiration Date June 30, 2017 Riverwalk (a) Seaport Kewalo Basin Harbor 100% 100% 100% 2045-2046 2031 (b) 2049 $995 382 75 $3,300 1,429 300 $3,305 1,550 300 $2,718 1,594 300 $59,599 205,641 9,200 $65,622 208,785 9,800 $5,029 $5,155 $4,612 $274,440 $284,207 (a) Includes base ground rent, deferred ground rent and the participation rent floor, as appropriate. (b) Initially expires 12/30/2031 but subject to options to extend through 12/31/2072. owardhughes.com 21www.h Summary of Ground Leases

Under Construction - Projects that reside in the Strategic segment for which construction has commenced as of June 30, 2017. This excludes MPC and condominium development. Unstabilized - Properties in the Operating segment that have not been in service for more than 36 months and do not exceed 90% occupancy. 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 and is included in Stabilized. Stabilized - Properties in the Operating segment that have been in service for more than 36 months or have reached 90% occupancy, which ever occurs first. If an office, retail or multifamily property has been in service for more than 36 months but does not exceed 90% occupany, the asset is considered underperforming. NOI - We define 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, 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 base have on our operating results, gross margins and investment returns. We believe that net operating income (“NOI”) is a useful supplemental measure of the performance of our Operating Assets 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. 22www.howardhughes.com Definitions

Reconciliation of Operating Assets segment EBT to Total NOI: (In thousands) Total Operating Assets segment EBT $ (9,068) $ 7,922 $ 5,191 $ (35,943) $ 7,345 (1,146) 7,767 Straight-line lease amortization Demolition costs Development-related marketing costs Depreciation and Amortization Provision for impairment Write-off of lease intangibles and other Other income, net Equity in earnings from Real Estate Affiliates Interest, net Total Operating Assets NOI - Consolidated 1,816 (63) (832) (32,244) - (15) 162 37 (15,540) 1,961 (65) (418) (22,789) - (27) (178) 3,385 (14,524) 1,057 (194) (46) (21,767) - (61) 1,475 185 (13,458) 2,550 - (457) (20,732) (35,734) - 13 (209) (12,904) 4,079 - (187) (22,613) - (116) 2,750 899 (12,736) 3,777 (128) (1,250) (55,033) - (42) (16) 3,422 (30,064) 7,199 - (443) (43,814) - (117) 3,113 2,826 (24,065) 37,611 40,577 38,000 31,530 35,269 78,188 63,068 Redevelopments Landmark Mall Total Operating Asset Redevelopments NOI - - (150) (202) (173) - (324) - - (150) (202) (173) - (324) Dispositions Park West Total Operating Asset Dispositions NOI (39) (14) 490 411 436 (53) 936 (39) (14) 490 411 436 (53) 936 Consolidated Operating Assets NOI excluding properties sold or in redevelopment $ 37,650 $ 40,591 $ 37,660 $ 31,321 $ 35,006 78,241 62,456 Company's Share NOI - Equity investees 1,385 746 888 569 2,272 2,131 3,612 Distributions from Summerlin Hospital Investment - 3,383 - - - 3,383 2,616 Total NOI $ 39,035 $ 44,720 $ 38,548 $ 31,890 $ 37,278 $ 83,755 $ 68,684 (a) - Effective January 1, 2017, we moved South Street Seaport assets under construction and related activities out of the Operating Assets segment into the Strategic Developments segment. Amounts for all 2016 periods presented have been adjusted from previous filings to reflect this change. Reconciliation of MPC Land Sales Closed to GAAP Land Sales Revenue: (In thousands) Total residential land sales closed in period Total commercial land sales closed in period Net recognized (deferred) revenue: Bridgeland Summerlin Total net recognized (deferred) revenue Special Improvement District bond revenue Total land sales revenue - GAAP basis $ 51,909 500 $ 33,534 348 3,655 9,455 (156) 23,671 13,110 23,515 3,625 3,701 $ 69,144 $ 61,098 Total MPC segment revenue - GAAP basis $ 78,076 $ 71,870 Reconciliation of MPC segment EBT to MPC Net Contribution: (In thousands) Three Months Ended June 30, MPC segment EBT Plus: Cost of sales - land Depreciation and amortization MUD and SID bonds collections, net Distributions from Real Estate and Other Affiliates Less: MPC development expenditures MPC land acquisitions Equity in earnings in Real Estate and Other Affiliates MPC Net Contribution $ 53,096 $ 47,495 33,376 79 (4,395) — 29,008 81 (3,040) — (47,350) — (9,792) (36,210) — (8,874) $ 25,014 $ 28,460 Reconciliation of Segment EBTs to Net Income (In thousands) Three Months Ended June 30, MPC segment EBT Operating Assets segment EBT Strategic Developments segment EBT Corporate and other items Income before taxes Provision for income taxes Net income Net income attributable to noncontrolling interests Net income attributable to common stockholders $ 53,096 (9,068) 41,962 (66,567) $ 47,495 7,345 51,330 (72,507) 19,423 (16,303) 33,663 (26,693) 3,120 6,970 — — $ 3,120 $ 6,970 23 www.howardhughes.com 2017 2016 2017 2016 Q2 2016 Q2 2017 Q2 YTD 2016 (a) Q2 YTD 2017 Q2 2016 (a) Q3 2016 (a) Q4 2016 (a) Q1 2017 Q2 2017 Reconciliation of Non-GAAP Measures