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

Cautionary Statements Cautionary Statements Forward Looking Statements This presentation includes forward-looking statements. Forward-looking statements give our current expectations relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to current or historical facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “forecast,” “plan,” “intend,” "believe," “likely,” “may,” “realize,” “should,” “transform,” “would” and other statements of similar expression. Forward looking statements give our expectations about the future and are not guarantees. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance and achievements to materially differ from any future results, performance and achievements expressed or implied by such forward-looking statements. We caution you not to rely on these forward-looking statements. For a discussion of the risk factors that could have an impact on these forward-looking statements, see our Annual Report on Form 10-K for the fiscal year ended December 31, 2018, as filed with the Securities and Exchange Commission ("SEC") on February 27, 2019 as amended and supplemented by any risk factors contained in our quarterly reports on Form 10-Q, which have been subsequently filed with the SEC. The statements made herein speak only as of the date of this presentation, and we do not undertake to update this information except as required by law. Past performance does not guarantee future results. Performance during time periods shown is limited and may not reflect the performance for the full year or future years, or in different economic and market cycles. Non-GAAP Financial Measures Our financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP); however, we use certain non-GAAP performance measures in this presentation, in addition to GAAP measures, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer companies more meaningful. Management continually evaluates the usefulness, relevance, limitations and calculation of our reported non-GAAP performance measures to determine how best to provide relevant information to the public, and thus such reported measures could change. The non-GAAP financial measures used in this presentation are funds from operations ("FFO"), core funds from operations ("Core FFO"), adjusted funds from operations ("AFFO") and net operating income ("NOI"). FFO is defined by the National Association of Real Estate Investment Trusts ("NAREIT") as net income calculated in accordance with GAAP, excluding gains or losses from real estate dispositions, plus real estate depreciation and amortization and impairment charges (which we believe are not indicative of the performance of our operating portfolio). We calculate FFO in accordance with NAREIT’s definition. Since FFO excludes depreciation and amortization, gains and losses from depreciable property dispositions, and impairments, it can provide a performance measure that, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, acquisition, development activities and financing costs. This provides a perspective of our financial performance not immediately apparent from net income determined in accordance with GAAP. Core FFO is calculated by adjusting FFO to exclude the impact of certain non-cash and/or nonrecurring income and expense items, as set forth in the calculation herein. These items can vary greatly from period to period, depending upon the volume of our acquisition activity and debt retirements, among other factors. We believe that by excluding these items, Core FFO serves as a useful, supplementary measure of the ongoing operating performance of the core operations across all segments, and we believe it is used by investors in a similar manner. Finally, AFFO adjusts our Core FFO operating measure to deduct cash expended on recurring tenant improvements and capital expenditures of a routine nature to present an adjusted measure of Core FFO. Core FFO and AFFO are non- GAAP and non-standardized measures and may be calculated differently by other peer companies. We define NOI as operating revenues (rental income, tenant recoveries and other revenue) less operating expenses (real estate taxes, repairs and maintenance, marketing and other property expenses), plus our share of NOI from equity investees. NOI excludes straight-line rents and amortization of tenant incentives, net interest expense, ground rent amortization, demolition costs, amortization, depreciation, development- related marketing costs and Equity in earnings from real estate and other affiliates. We use NOI to evaluate our operating performance on a property-by- property basis because NOI allows us to evaluate the impact that factors which vary by property, such as lease structure, lease rates and tenant bases, have on our operating results, gross margins and investment returns. We believe that NOI is a useful supplemental measure of the performance of our Operating Assets and Seaport District segments because it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating real estate properties and the impact on operations from trends in rental and occupancy rates and operating costs. While FFO, Core FFO, AFFO and NOI are relevant and widely used measures of operating performance of real estate companies, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating our liquidity or operating performance. FFO, Core FFO, AFFO and NOI do not purport to be indicative of cash available to fund our future cash requirements. Further, our computations of FFO, Core FFO, AFFO and NOI may not be comparable to FFO, Core FFO, AFFO and NOI reported by other real estate companies. We have included in this presentation a reconciliation from GAAP net income to FFO, Core FFO and AFFO, as well as reconciliations of our GAAP Operating Assets segment Earnings Before Taxes ("EBT") to NOI and Seaport District segment EBT to NOI. Non-GAAP financial measures should not be considered independently, or as a substitute, for financial information presented in accordance with GAAP. Additional Information Our website address is www.howardhughes.com. Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other publicly filed or furnished documents are available and may be accessed free of charge through the “Investors” section of our website under the "SEC Filings" subsection, as soon as reasonably practicable after those documents are filed with, or furnished to, the SEC. Also available through the Investors section of our website are beneficial ownership reports filed by our directors, officers and certain shareholders on Forms 3, 4 and 5. HowardHughes.com 214.741.7744 2

Table of Contents Table of Contents FINANCIAL OVERVIEW OPERATING PORTFOLIO PERFORMANCE OTHER PORTFOLIO METRICS Company Profile 4 NOI by Region 11 MPC Portfolio 19 Financial Summary 6 Stabilized Properties 13 Portfolio Key Metrics 20 Balance Sheets 8 Unstabilized Properties 15 Lease Expirations 21 Statements of Operations 9 Under Construction Properties 17 Acquisitions / Dispositions 22 Income Reconciliations 10 Seaport District Operating Performance 18 Master Planned Community Land 23 Ward Village Condominiums 24 Other Assets 25 Debt Summary 26 Property-Level Debt 27 Ground Leases 29 Definitions 30 Reconciliations of Non-GAAP Measures 31 HowardHughes.com 214.741.7744 3

Company Profile - Summary & Results Company Profile - Summary & Results Company Overview - Q3 2019 Recent Company Highlights LAS VEGAS, Sept. 16, 2019 (PRNewswire) -- The Howard Hughes Corporation (HHC) celebrated Exchange / Ticker NYSE: HHC Las Vegas Ballpark being named "Ballpark of the Year" and its professional Triple-A baseball team, the Las Vegas Aviators, being named "Team of the Year", both by Ballpark Digest. This is the first time Ballpark Digest has awarded both a stadium and its affiliated team with top honors Share Price - September 30, 2019 $ 129.60 during the same year—the latest recognition during a record-setting inaugural season. DALLAS, July 18, 2019 (PRNewswire) -- HHC announced that two of its communities, Summerlin Diluted Earnings / Share $ 0.69 and Bridgeland, have ranked among the top-selling MPCs in the country, according to the recent release of RCLCO's 2019 Mid-Year Report. Summerlin ranked fourth, following three consecutive years in the top five for year-end sales, and Bridgeland jumped seven spots to number eleven FFO / Diluted Share $ 0.91 after posting year-over-year growth of 35%. HONOLULU, July 10, 2019 (PRNewswire) -- HHC continues to make strong progress at its Ward Core FFO / Diluted Share $ 1.38 Village master planned community, securing a $293.7 million loan for its fifth residential tower, 'A'ali'i, and breaking ground on its newest residential building, Kōʻula. As of the date of this release, Kōʻula was 64% pre-sold while 'A'ali'i was over 80% pre-sold, reflecting the strong underlying AFFO / Diluted Share $ 1.32 demand to live in Ward Village. Operating Portfolio by Region Q3 2019 MPC & Condominium Results $ in millions Woodlands/ Woodlands Hills 5% ‘A‘ali‘i Bridgeland 21% 24% 3Q19 Ae‘o 3Q19 MPC 2% Ke Condo EBT Kilohana sales $60.6M 5% 55 units Anaha 2% Kō'ula Waiea 68% Summerlin 2% 71% Q3 2019 MPC EBT Q3 2019 Condo Units Contracted Bridgeland $ 14.3 Waiea 1 Columbia — Anaha 1 Summerlin 43.2 Ke Kilohana 3 Woodlands/Woodlands Hills 3.1 Ae‘o 1 ‘A‘ali‘i 11 Kō'ula 38 Total $ 60.6 Total 55 HowardHughes.com 214.741.7744 4

Company Profile - Summary & Results (cont'd) Company Profile - Summary & Results (con't) Q3 2019 Path to Projected Annual Stabilized NOI Currently Under Construction Currently Unstabilized Currently Stabilized Total $ in millions $ in millions $ in millions $ in millions Other Other Retail Other 2% Hotel 5% 8% 9% Hotel 2% 10% Office Hotel Projected 36% 30% Projected Projected Office Projected Office Stabilized Stabilized Office Stabilized 41% Stabilized 42% NOI NOI 47% NOI Retail NOI $52.7M Retail 23% $89.9M 36% $180.5M $323.1M Multi- family Retail 56% 8% Multi- Multi- family family Multi-family 13% 12% 20% Retail & Office S.F. 1,856,633 Retail & Office S.F. 1,996,256 Retail & Office S.F. 5,567,865 Retail & Office S.F. 9,420,754 Multi-family Units 1,603 Multi-family Units 996 Multi-family Units 1,601 Multi-family Units 4,200 Hotel Keys — Hotel Keys 704 Hotel Keys 205 Hotel Keys 909 Other Units — Other Units 1,376 Other Units — Other Units 1,376 Projected Stabilized NOI $ 52.7 Projected Stabilized NOI $ 89.9 Projected Stabilized NOI $ 180.5 Projected Stabilized NOI $ 323.1 Q3 2019 Operating Results by Property Type Currently Under Construction Currently Unstabilized Currently Stabilized Total $ in millions $ in millions $ in millions $ in millions Hotel 3% Other Other Other 1% 4% 5% Hotel 13% 3Q19 Office Under Hotel 3Q19 37% 3Q19 Office 3Q19 Office 40% Unstabilized 43% Construction Retail Stabilized 45% Total NOI NOI 34% NOI NOI $15.0M $41.3M $0.0M Retail $56.3M 28% Multi- Multi- Retail family family Multi-family 11% 11% 13% 12% 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 18 for Seaport project information. See page 30 for definitions of "Under Construction," "Unstabilized," "Stabilized" and "Net Operating Income (NOI)." HowardHughes.com 214.741.7744 5

Financial Summary Financial Summary ($ in thousands, except share price and billions) Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 YTD Q3 2019 YTD Q3 2018 Company Profile Share price (a) $129.60 $123.84 $110.00 $97.62 $124.22 $129.60 $124.22 Market Capitalization (b) $5.6b $5.4b 4.8b 4.2b $5.4b $5.6b $5.4b Enterprise Value (c) $8.8b $8.3b 7.7b 7.0b $8.2b $8.8b $8.2b Weighted avg. shares - basic 43,134 43,113 43,106 43,075 43,066 43,118 43,023 Weighted avg. shares - diluted 43,428 43,271 43,257 43,250 43,317 43,375 43,281 Total diluted share equivalents outstanding 43,426 43,223 43,223 43,077 43,194 43,426 43,194 Debt Summary Total debt payable (d) $ 3,665,263 $ 3,465,714 $ 3,274,379 $ 3,215,211 $ 3,296,486 $ 3,665,263 $ 3,296,486 Fixed rate debt $ 2,011,626 $ 1,904,165 $ 1,675,207 $ 1,663,875 $ 1,651,695 $ 2,011,626 $ 1,651,695 Weighted avg. rate - fixed 5.11% 5.18% 5.06% 5.17% 4.60% 5.11% 4.60% Variable rate debt, excluding condominium financing $ 1,625,792 $ 1,561,549 $ 1,494,918 $ 1,454,579 $ 1,411,932 $ 1,625,792 $ 1,411,932 Weighted avg. rate - variable 4.54% 4.79% 4.85% 4.88% 4.78% 4.54% 4.78% Condominium debt outstanding at end of period $ 27,846 $ — $ 104,254 $ 96,757 $ 232,859 $ 27,846 $ 232,859 Weighted avg. rate - condominium financing 5.12% N/A 5.74% 5.75% 6.04% 5.12% 6.04% Leverage ratio (debt to enterprise value) 41.17% 41.17% 42.16% 45.49% 39.54% 41.18% 39.61% (a) Presented as of period end date. (b) Market capitalization = Closing share price at of the last trading day of the respective period times total diluted share equivalents outstanding as of the date presented. (c) Enterprise Value = Market capitalization + book value of debt + noncontrolling interest - cash and equivalents. (d) Represents total mortgages, notes and loans payable, as stated in our GAAP financial statements as of the respective date, excluding unamortized deferred financing costs and bond issuance costs. HowardHughes.com 214.741.7744 6

Financial Summary (con't) Financial Summary ($ in thousands) Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 YTD Q3 2019 YTD Q3 2018 Earnings Profile Operating Assets Segment Income Revenues $ 101,694 $ 106,604 $ 89,107 $ 80,940 $ 83,676 $ 297,405 $ 254,205 Expenses (47,410) (47,901) (42,754) (41,348) (42,787) (138,065) (125,228) Company's Share NOI - Equity investees 2,043 1,688 5,089 1,952 1,343 8,820 6,144 Operating Assets NOI (a) 56,327 60,391 51,442 41,544 42,232 168,160 135,121 Avg. NOI margin 55% 57% 58% 51% 50% 57% 53% MPC Segment Earnings Total revenues 92,287 72,859 50,896 47,786 143,135 216,042 261,665 Total expenses (b) (44,723) (40,406) (28,679) (25,864) (70,297) (113,808) (143,835) Interest (expense) income, net (c) 8,550 8,283 7,543 7,093 6,626 24,376 19,826 Equity in earnings in real estate and other affiliates 4,523 6,499 7,837 1,602 9,454 18,859 34,682 MPC Segment EBT (c) 60,637 47,235 37,597 30,617 88,918 145,469 172,338 Seaport District Segment Income (d) Revenues 22,389 12,325 6,586 9,278 12,852 41,300 19,601 Expenses (25,281) (15,212) (10,571) (12,794) (15,798) (51,068) (21,564) Company's Share NOI - Equity investees (148) (42) (195) (134) (452) (385) (579) Seaport District NOI (e) (3,040) (2,929) (4,180) (3,650) (3,398) (10,153) (2,542) Avg. NOI margin (14%) (24%) (63%) (39%) (26%) (25%) (13%) Condo Gross Profit Revenues (f) 9,999 235,622 198,310 317,953 8,045 443,931 39,767 Expenses (f) (7,010) (220,620) (137,694) (220,849) (6,168) (365,324) (41,713) Condo Net Income (f) $ 2,989 $ 15,002 $ 60,616 $ 97,104 $ 1,877 $ 78,607 $ (1,946) (a) Operating Assets NOI = Operating Assets NOI excluding properties sold or in redevelopment + the Howard Hughes Corporation's (the "Company" or "HHC") share of equity method investments NOI and the annual distribution from our cost basis investment. Prior periods have been adjusted to be consistent with fiscal 2019 presentation. (b) Expenses include both actual and estimated future costs of sales allocated on a relative sales value to land parcels sold, including Master Planned Communities ("MPC")-level G&A and real estate taxes on remaining residential and commercial land. (c) MPC Segment EBT (Earnings before tax, as discussed in our GAAP financial statements), includes negative interest expense relating to capitalized interest for the segment on debt held in other segments and at corporate. (d) Starting in the first quarter of 2019, the Seaport District has been moved out of our other segments and into a stand-alone segment for disclosure purposes. Segment information for all periods presented has been updated to reflect this change. (e) Seaport District NOI = Seaport District NOI excluding properties sold or in redevelopment + Company's share of equity method investments NOI. Prior periods have been adjusted to be consistent with fiscal 2019 presentation. (f) Revenues in 2019 and 2018 represent Condominium rights and unit sales and expenses represent Condominium rights and unit cost of sales as stated in our GAAP financial statements, based on the new revenue standard adopted January 1, 2018. HowardHughes.com 214.741.7744 7

Balance Sheets (In thousands, except par values and share amounts) Q3 2019 Q3 2018 FY 2018 FY 2017 Assets: Unaudited Unaudited Unaudited Unaudited Investment in real estate: Master Planned Communities assets $ 1,683,224 $ 1,621,168 $ 1,642,660 $ 1,642,278 Buildings and equipment 3,268,926 2,510,945 2,932,963 2,238,617 Less: accumulated depreciation (478,185) (359,445) (380,892) (321,882) Land 315,643 302,858 297,596 277,932 Developments 1,345,807 1,825,847 1,290,068 1,196,582 Net property and equipment 6,135,415 5,901,373 5,782,395 5,033,527 Investment in real estate and other affiliates 121,611 107,720 102,287 76,593 Net investment in real estate 6,257,026 6,009,093 5,884,682 5,110,120 Net investment in lease receivable 78,021 — — — Cash and cash equivalents 637,979 454,080 499,676 861,059 Restricted cash 204,650 158,468 224,539 103,241 Accounts receivable, net 17,248 15,437 12,589 13,041 Municipal Utility District receivables, net 288,376 237,567 222,269 184,811 Notes receivable, net 36,425 40,220 4,694 5,864 Deferred expenses, net 110,935 95,811 95,714 80,901 Operating lease right-of-use assets, net 70,349 — — — Prepaid expenses and other assets, net 246,906 286,194 411,636 370,027 Total assets $ 7,947,915 $ 7,296,870 $ 7,355,799 $ 6,729,064 Liabilities: Mortgages, notes and loans payable, net $ 3,624,684 $ 3,261,210 $ 3,181,213 $ 2,857,945 Operating lease obligations 71,190 — — — Deferred tax liabilities 172,476 148,770 157,188 160,850 Accounts payable and accrued expenses 699,509 705,864 779,272 521,718 Total liabilities 4,567,859 4,115,844 4,117,673 3,540,513 Equity: Common stock: $.01 par value; 150,000,000 shares authorized, 43,752,777 issued and 43,232,928 outstanding as of September 30, 2019 and 43,511,473 shares issued and 42,991,624 outstanding as of December 31, 2018 438 436 436 433 Additional paid-in capital 3,334,101 3,318,747 3,322,433 3,302,502 Accumulated deficit (45,285) (157,602) (120,341) (109,508) Accumulated other comprehensive loss (35,513) 4,450 (8,126) (6,965) Treasury stock, at cost, 519,849 shares as of September 30, 2019 and December 31, 2018 (62,190) (60,743) (62,190) (3,476) Total stockholders' equity 3,191,551 3,105,288 3,132,212 3,182,986 Noncontrolling interests 188,505 75,738 105,914 5,565 Total equity 3,380,056 3,181,026 3,238,126 3,188,551 Total liabilities and equity $ 7,947,915 $ 7,296,870 $ 7,355,799 $ 6,729,064 Share Count Details (In thousands) Shares outstanding at end of period (including restricted stock) 43,233 43,033 42,992 43,271 Dilutive effect of stock options (a) 107 114 117 200 Dilutive effect of warrants (b) 86 47 — 1,446 Total diluted share equivalents outstanding 43,426 43,194 43,109 44,917 (a) Stock options assume net share settlement calculated for the period presented. (b) Warrants assume net share settlement and incremental shares for dilution calculated as of the date presented. HowardHughes.com 214.741.7744 8

Statements of Operations Comparative Statements of Operations: Total Portfolio (In thousands, except per share amounts) Q3 2019 Q3 2018 YTD Q3 2019 YTD Q3 2018 Revenues: Unaudited Unaudited Unaudited Unaudited Condominium rights and unit sales $ 9,999 $ 8,045 $ 443,931 $ 39,767 Master Planned Communities land sales 77,368 127,730 177,001 226,727 Minimum rents 55,552 53,244 164,356 153,156 Tenant recoveries 13,704 12,806 40,724 37,808 Hospitality revenues 20,031 19,108 68,536 64,738 Builder price participation 9,660 8,685 24,224 19,394 Other land revenues 5,954 7,145 16,646 15,988 Other rental and property revenues 37,816 20,397 79,872 42,266 Interest income from sales-type leases 1,088 — 1,088 — Total revenues 231,172 257,160 1,016,378 599,844 Expenses: Condominium rights and unit cost of sales 7,010 6,168 365,324 41,713 Master Planned Communities cost of sales 33,304 57,183 78,128 109,609 Master Planned Communities operations 11,866 13,044 35,948 33,956 Other property operating costs 53,214 42,942 131,808 91,847 Rental property real estate taxes 9,080 8,519 28,585 24,148 Rental property maintenance costs 3,533 4,456 11,862 11,604 Hospitality operating costs 14,080 14,723 46,310 45,707 (Recovery) provision for doubtful accounts (107) 2,282 (195) 4,417 Demolition costs 138 2,835 737 16,166 Development-related marketing costs 5,341 7,218 16,874 20,484 General and administrative 32,519 20,645 87,923 71,795 Depreciation and amortization 40,093 31,123 115,142 88,398 Total expenses 210,071 211,138 918,446 559,844 Other: Gain on sale or disposal of real estate, net 24,201 — 24,051 — Other income (loss), net 1,337 (3,710) 11,798 (3,444) Total other 25,538 (3,710) 35,849 (3,444) Operating income 46,639 42,312 133,781 36,556 Selling profit from sales-type leases 13,537 — 13,537 — Interest income 2,872 2,080 7,696 6,759 Interest expense (28,829) (21,670) (76,358) (57,182) Equity in earnings from real estate and other affiliates 4,542 8,612 20,847 39,297 Income before taxes 38,761 31,334 99,503 25,430 Provision for income taxes 8,718 7,487 24,207 5,628 Net income 30,043 23,847 75,296 19,802 Net income attributable to noncontrolling interests (285) (482) (240) (51) Net income attributable to common stockholders $ 29,758 $ 23,365 $ 75,056 $ 19,751 Basic income per share: $ 0.69 $ 0.54 $ 1.74 $ 0.46 Diluted income per share: $ 0.69 $ 0.54 $ 1.73 $ 0.46 HowardHughes.com 214.741.7744 9

Reconciliations of Net Income to FFO, Core FFO and AFFO (In thousands, except share amounts) Q3 2019 Q3 2018 YTD Q3 2019 YTD Q3 2018 RECONCILIATIONS OF NET INCOME TO FFO Unaudited Unaudited Unaudited Unaudited Net income attributable to common stockholders $ 29,758 $ 23,365 $ 75,056 $ 19,751 Adjustments to arrive at FFO: Segment real estate related depreciation and amortization 37,769 29,329 109,323 83,429 Gain on sale or disposal of real estate, net (24,201) — (24,051) — Selling profit from sales-type leases (13,537) — (13,537) — Income tax expense adjustments: Gain on sale or disposal of real estate, net 5,868 — 5,868 — Selling profit from sales-type leases 3,303 — 3,303 — Reconciling items related to noncontrolling interests 285 482 240 51 Our share of the above reconciling items included in earnings from unconsolidated joint ventures 916 577 2,674 1,882 FFO $ 40,161 $ 53,753 $ 158,876 $ 105,113 Adjustments to arrive at Core FFO: Severance expenses $ 2,167 $ 139 $ 3,090 $ 420 Non-real estate related depreciation and amortization 2,324 1,794 5,819 4,969 Straight-line amortization (2,103) (3,676) (6,257) (10,104) Deferred income tax expense 8,368 7,179 23,189 4,621 Non-cash fair value adjustments related to hedging instruments 199 (394) (21) (1,262) Share based compensation 3,240 2,877 8,893 8,231 Other non-recurring expenses (development related marketing and demolition costs) 5,479 10,053 17,611 36,650 Our share of the above reconciling items included in earnings from unconsolidated joint ventures 24 93 101 211 Core FFO $ 59,859 $ 71,818 $ 211,301 $ 148,849 Adjustments to arrive at AFFO: Tenant and capital improvements $ (206) $ (1,519) $ (4,001) $ (10,684) Leasing commissions (1,801) (244) (2,589) (1,694) AFFO $ 57,852 $ 70,055 $ 204,711 $ 136,471 FFO per diluted share value $ 0.91 $ 1.24 $ 3.66 $ 2.43 Core FFO per diluted share value $ 1.38 $ 1.66 $ 4.87 $ 3.44 AFFO per diluted share value $ 1.32 $ 1.62 $ 4.72 $ 3.15 HowardHughes.com 214.741.7744 10

NOI by Region, excluding the Seaport District % Total Q3 2019 Occupied (#) Q3 2019 Leased (#) Q3 2019 Occupied (%) Q3 2019 Leased (%) Q3 2019 Time to Ownership Annualized Stabilized Stabilize Property (a) Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units NOI (b) NOI (c) (Years) Stabilized Properties Office - Houston 100% 1,477,006 — 1,390,297 — 1,421,426 — 94% —% 96% —% $ 42,026 $ 40,070 — Office - Columbia 100% 1,255,741 — 1,148,956 — 1,192,546 — 91% —% 95% —% 22,526 22,779 — Office - Summerlin 100% 387,813 — 387,813 — 387,813 — 100% —% 100% —% 10,241 10,200 — Retail - Houston 100% 292,652 — 271,923 — 271,923 — 93% —% 93% —% 9,527 9,903 — Retail - Columbia 100% 89,199 — 89,199 — 89,199 — 100% —% 100% —% 2,229 2,200 — Retail - Hawaii 100% 936,530 — 872,527 — 875,912 — 93% —% 94% —% 19,345 19,800 — Retail - Other 100% 268,522 — 242,673 — 256,078 — 90% —% 95% —% 6,676 6,500 — Retail - Summerlin 100% 823,531 — 770,923 — 770,923 — 94% —% 94% —% 18,264 26,300 — Multi-Family - Houston (d) 100% 23,280 1,097 23,126 1,047 23,126 1,065 99% 95% 99% 97% 16,242 16,600 — Multi-Family - Columbia (d) 50% 13,591 380 11,471 332 11,471 348 84% 87% 84% 92% 2,959 2,900 — Multi-Family - Summerlin (d) 100% — 124 — 110 — 110 —% 89% —% 89% 2,117 2,200 — Hospitality - Houston (e) 100% — 205 — 167 — — —% 81% —% —% 5,426 4,500 — Other - Summerlin 100% — — — — — — —% —% —% —% 7,000 7,000 — Other Assets (f) — — — — — — — —% —% —% —% 10,198 9,531 — Total Stabilized Properties (g) 174,776 180,483 — Unstabilized Properties Office - Houston 100% 1,113,884 — 1,003,824 — 1,006,446 — 90% —% 90% —% 14,278 26,058 1.1 Office - Columbia 100% 447,235 — 92,141 — 255,545 — 21% —% 57% —% 811 12,700 3.5 Office - Summerlin 100% 144,615 — 141,886 — 141,886 — 98% —% 98% —% 3,035 3,500 1.0 Retail - Houston 100% 143,749 — 127,932 — 127,932 — 89% —% 89% —% 4,388 3,368 0.5 Retail - Hawaii 100% 108,747 — 80,164 — 105,449 — 74% —% 97% —% 2,303 3,759 0.3 Multi-Family - Houston (d) 100% — 292 — 251 — 262 —% 86% —% 90% 2,327 3,500 1.0 Multi-Family - Columbia (d) 50% 28,026 437 13,544 364 13,544 385 48% 83% 48% 88% 3,631 3,800 1.0 Multi-Family - Summerlin (d) 100% — 267 — 85 — 113 —% 32% —% 42% 648 4,400 1.0 Hospitality - Houston (e) 100% — 704 — 453 — — —% 64% —% —% 24,028 27,000 1.0 Self Storage - Houston 100% — 1,376 — 1,144 — 1,172 —% 83% —% 85% 561 1,600 1.0 Other - Houston 100% 10,000 — 10,000 — 10,000 — 100% —% 100% —% 158 260 0.3 Total Unstabilized Properties $ 56,168 $ 89,945 1.7 HowardHughes.com 214.741.7744 11

NOI by Region, excluding the Seaport District (con't) NOI by Region % Total Q3 2019 Occupied (#) Q3 2019 Leased (#) Q3 2019 Occupied (%) Q3 2019 Leased (%) Q3 2019 Time to Ownership Annualized Stabilized Stabilize Property (a) Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units NOI (b) NOI (c) (Years) Under Construction Properties Office - Houston 100% 180,000 — — — 180,000 — —% —% 100% —% $ — $ 4,400 1.0 Office - Other 23% 1,500,000 — — — 1,000,000 — —% —% 67% —% — 14,421 4.0 Retail - Houston 100% 72,264 — — — 42,389 — —% —% 59% —% — 2,200 3.0 Retail - Hawaii 100% 47,750 — — — 1,688 — —% —% 4% —% — 1,918 3.0 Multi-Family - Houston (d) 100% — 1,221 — — — — —% —% —% —% — 20,601 3.7 Multi-Family - Columbia (d) 100% 56,619 382 — — — — —% —% —% —% — 9,162 4.0 Total Under Construction Properties — 52,702 3.5 Total/ Wtd. Avg. for Portfolio $ 230,944 $ 323,130 2.8 (a) Includes our share of NOI for our joint ventures. (b) Annualized 3Q19 NOI includes distribution received from cost method investment in 1Q19. For purposes of this calculation, this one time annual distribution is not annualized (c) Table above excludes Seaport District NOI, units, and square feet until we have greater clarity with respect to the performance of our tenants. See page 18 for Seaport District Est. stabilized yield and other project information. (d) Multi-Family square feet represent ground floor retail whereas multi-family units represent residential units for rent. (e) Hospitality percentage occupied is the average for Q3 2019. (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 14 of this presentation. (g) For Stabilized Properties, the difference between 3Q19 Annualized NOI and Stabilized NOI is attributable to a number of factors which may include timing, free rent or other temporary abatements, tenant turnover and market factors. HowardHughes.com 214.741.7744 12

Stabilized Properties - Operating Assets Segment Stabilized Properties ($ in thousands) Rentable Q3 2019 Q3 2019 Annualized Est. Stabilized Property Location % Ownership Sq. Ft./Units % Occ. % Leased Q3 2019 NOI NOI Office 3 Waterway Square Houston, TX 100 % 232,021 100 % 100 % $ 6,716 $ 6,900 4 Waterway Square Houston, TX 100 % 218,551 100 % 100 % 6,599 6,856 1400 Woodloch Forest Houston, TX 100 % 95,667 70 % 73 % 1,386 1,900 1735 Hughes Landing Boulevard Houston, TX 100 % 318,170 100 % 100 % 8,509 7,696 2201 Lake Woodlands Drive Houston, TX 100 % 24,119 100 % 100 % 328 410 3831 Technology Forest Houston, TX 100 % 95,078 100 % 100 % 2,329 2,268 9303 New Trails Houston, TX 100 % 97,967 58 % 79 % 843 1,800 One Hughes Landing Houston, TX 100 % 197,719 94 % 98 % 10,225 6,240 Two Hughes Landing Houston, TX 100 % 197,714 98 % 98 % 5,090 6,000 10-70 Columbia Corporate Center Columbia, MD 100 % 888,219 91 % 95 % 15,270 14,330 Columbia Office Properties Columbia, MD 100 % 62,038 79 % 89 % 1,293 1,402 One Mall North Columbia, MD 100 % 98,619 97 % 97 % 1,749 1,947 One Merriweather Columbia, MD 100 % 206,865 93 % 97 % 4,215 5,100 Aristocrat Las Vegas, NV 100 % 181,534 100 % 100 % 4,120 4,500 One Summerlin Las Vegas, NV 100 % 206,279 100 % 100 % 6,121 5,700 Total Office 3,120,560 74,793 73,049 Retail 20/25 Waterway Avenue Houston, TX 100 % 50,062 85 % 85 % 1,619 2,014 1701 Lake Robbins Houston, TX 100 % 12,376 100 % 100 % 479 400 2000 Woodlands Parkway Houston, TX 100 % 7,900 100 % 100 % 53 217 Creekside Village Green Houston, TX 100 % 74,670 89 % 89 % 2,272 2,097 Hughes Landing Retail Houston, TX 100 % 126,131 100 % 100 % 4,498 4,375 Waterway Garage Retail Houston, TX 100 % 21,513 78 % 78 % 606 800 Columbia Regional Columbia, MD 100 % 89,199 100 % 100 % 2,229 2,200 Ward Village Retail Honolulu, HI 100 % 936,530 93 % 94 % 19,345 19,800 Downtown Summerlin Las Vegas, NV 100 % 823,531 94 % 94 % 18,264 26,300 Outlet Collection at Riverwalk New Orleans, LA 100 % 268,522 90 % 95 % 6,676 6,500 Total Retail 2,410,434 $ 56,041 $ 64,703 HowardHughes.com 214.741.7744 13

Stabilized Properties - Operating Assets Segment (con't) Stabilized Properties (cont'd) ($ in thousands) % Rentable Sq. Ft. / Q3 2019 % Q3 2019 % Annualized Est. Stabilized Property Location Ownership Units (a) Occ. (a) Leased (a) Q3 2019 NOI NOI Multi-family Millennium Six Pines Apartments Houston, TX 100% 314 96% 97% $ 4,384 $ 4,500 Millennium Waterway Apartments Houston, TX 100% 393 94% 96% 4,262 4,600 One Lakes Edge Houston, TX 100% 23,280 / 390 99% / 96% 99% / 98% 7,595 7,500 The Metropolitan Downtown Columbia Columbia, MD 50% 13,591 / 380 84% / 87% 84% / 92% 2,959 2,900 Constellation Las Vegas, NV 100% 124 89% 89% 2,117 2,200 Total Multi-family 36,871 / 1,601 21,317 21,700 Hotel Embassy Suites at Hughes Landing (b) Houston, TX 100% 205 81% 81% 5,426 4,500 Total Hotel 205 5,426 4,500 Other Sarofim Equity Investment Houston, TX 20% NA NA NA 2,353 2,202 Stewart Title of Montgomery County, TX Houston, TX 50% NA NA NA 1,332 1,117 Woodlands Ground Leases Houston, TX 100% NA NA NA 1,786 1,662 Hockey Ground Lease Las Vegas, NV 100% NA NA NA 612 458 Summerlin Hospital Medical Center Las Vegas, NV 5% NA NA NA 3,625 3,625 Las Vegas Ballpark (c) Las Vegas, NV 100% NA NA NA 7,000 7,000 Other Assets Various 100% NA NA NA 491 467 Total Other 17,199 16,531 Total Stabilized $ 174,776 $ 180,483 (a) Instances with two sets of rentable sq. ft/units, % occupied and % leased relate to multi-family assets with a retail component. In these cases, the first set of numbers relate to the retail asset and the second set relate to the multi-family asset. (b) Hotel property percentage occupied is the average for Q3 2019. (c) The Las Vegas Ballpark is home to our wholly owned team, the Las Vegas Aviators. HowardHughes.com 214.741.7744 14

Unstabilized Properties - Operating Assets Segment ($ in thousands) Est. % Rentable Sq. Q3 2019 % Q3 2019 % Develop. Costs Est. Total Cost Annualized Stabilized Est. Stab. Est. Stab. Project Name Location Ownership Ft. / Units Occ. (a) Leased (a) Incurred (Excl. Land) Q3 2019 NOI NOI (b) Date Yield Office Three Hughes Landing Houston, TX 100% 320,815 82% 82% $ 80,732 $ 90,133 $ 6,741 $ 7,600 2020 8% 1725 Hughes Landing Houston, TX 100% 331,754 95% 95% 60,705 74,994 6,246 6,900 2020 9% Lakefront North (c) Houston, TX 100% 258,058 87% 87% 55,070 77,879 128 6,458 2021 8% 100 Fellowship Drive Houston, TX 100% 203,257 100% 100% 56,267 63,278 1,163 5,100 Q4 2019 8% 6100 Merriweather and Garage Columbia, MD 100% 320,000 —% 47% 74,493 138,221 (103) 9,200 2023 7% Two Merriweather Columbia, MD 100% 127,235 72% 83% 34,096 40,941 914 3,500 2021 9% Two Summerlin Las Vegas, NV 100% 144,615 98% 98% 44,399 53,238 3,035 3,500 2020 7% Total Office 1,705,734 405,762 538,684 18,124 42,258 Retail Lakeland Village Center Houston, TX 100% 83,488 88% 88% 14,574 15,478 3,047 1,700 Q4 2019 11% Lake Woodlands Crossing Houston, TX 100% 60,261 91% 91% 11,436 12,546 1,341 1,668 2020 13% Ke Kilohana (d) Honolulu, HI 100% 21,900 —% 100% — — — 1,050 Q4 2019 n.a. Anaha & Ae‘o Retail (d) Honolulu, HI 100% 86,847 79% / 95% 100% / 95% — — 2,303 2,709 Q4 2019 n.a. Total Retail 252,496 26,010 28,024 6,691 7,127 Multi-family m.flats & TEN.M Columbia, MD 50% 28,026 / 437 48% / 83% 48% / 88% 53,979 54,673 3,631 3,800 2020 7% Creekside Apartments Houston, TX 100% 292 86% 90% 40,058 42,111 2,327 3,500 2020 8% Tanager Apartments Las Vegas, NV 100% 267 32% 42% 47,452 59,276 648 4,400 2020 7% Total Multi-family 28,026 / 996 141,489 156,060 6,606 11,700 Hotel The Woodlands Resort & Conference Center Houston, TX 100% 402 53% 53% 72,360 72,360 15,227 16,500 2020 8% The Westin at The Woodlands Houston, TX 100% 302 79% 79% 98,226 98,444 8,801 10,500 2020 11% Total Hotel 704 170,586 170,804 24,028 27,000 HowardHughes.com 214.741.7744 15

Unstabilized Properties - Operating Assets Segment (cont.) ($ in thousands) Est. % Rentable Sq. Q3 2019 % Q3 2019 % Develop. Costs Est. Total Cost Annualized Stabilized Est. Stab. Est. Stab. Project Name Location Ownership Ft. / Units Occ. (a) Leased (a) Incurred (Excl. Land) Q3 2019 NOI NOI (b) Date Yield Other HHC 242 Self-Storage Houston, TX 100% 639 85% 87% 8,228 8,228 289 800 2020 10% HHC 2978 Self-Storage Houston, TX 100% 737 81% 83% 7,828 7,828 272 800 2020 10% Hughes Landing Daycare Houston, TX 100% 10,000 / n.a. 100% 100% 2,611 3,206 158 260 Q4 2019 8% Total Other 10,000 / 1,376 18,667 19,262 719 1,860 Total Unstabilized $ 762,514 $ 912,834 $ 56,168 $ 89,945 (a) With the exception of Hotel properties, Percentage Occupied and Percentage Leased are as of September 30, 2019. Each Hotel property Percentage Occupied is the average for Q3 2019. Instances with two sets of rentable sq. ft/units, % occupied and % leased relate to multi-family assets with a retail component. In these cases, the first set of numbers relate to the retail asset and the second set relate to the multi-family asset. (b) Company estimates of stabilized NOI are based on current leasing velocity, excluding inflation and organic growth. (c) Lakefront North development costs incurred and estimated total cost are inclusive of acquisition and tenant lease-up costs. (d) Condominium retail Develop. Cost Incurred and Est. Total Costs (Excl. Land) are combined with their respective condominium costs on page 24 of this supplement. HowardHughes.com 214.741.7744 16

Under Construction Projects - Strategic Developments Segment Under Construction Properties ($ in thousands, except Sq. Ft. and units) (Owned & Managed) Project % Est. Rentable Percent Pre- Const. Est. Stabilized Develop. Est. Total Cost Est. Stabilized Est. Stab. Name Location Ownership Sq. Ft. Leased (a) Project Status Start Date Date (b) Costs Incurred (Excl. Land) NOI Yield Office 110 North Wacker (c) Chicago, IL 23% (d) 1,500,000 67% Under Construction Q2 2018 2023 $ 16,078 $ 16,078 $ 14,421 8% 8770 New Trails Houston, TX 100% 180,000 100% Under Construction Q1 2019 2020 11,878 45,985 4,400 10% Total Office 1,680,000 27,956 62,063 18,821 Retail 'A'ali'i (e) Honolulu, HI 100% 11,336 —% Under Construction Q4 2018 2022 — — 637 —% Kō'ula (e) Honolulu, HI 100% 36,414 5% Under Construction Q3 2019 2023 — — 1,281 —% Creekside Park West Houston, TX 100% 72,264 59% Under Construction Q4 2018 2022 9,517 22,625 2,200 10% Total Retail 120,014 9,517 22,625 4,118 Est. Rentable % Sq. Ft. / # of Monthly Est. Const. Est. Stabilized Develop. Est. Total Cost Est. Stabilized Est. Stab. Project Name Location Ownership Units Rent Per Unit Project Status Start Date Date (b) Costs Incurred (Excl. Land) NOI Yield Multi-family Juniper Apartments (f) Columbia, MD 100% 56,619 / 382 $ 2,053 Under Construction Q2 2018 2023 $ 45,607 $ 116,386 $ 9,162 8% Two Lakes Edge Houston, TX 100% 386 2,690 Under Construction Q2 2018 2024 54,391 107,706 8,529 8% Lakeside Row Houston, TX 100% 312 1,686 Under Construction Q2 2018 2021 29,900 48,412 3,875 8% Millennium Phase III Houston, TX 100% 163 2,595 Under Construction Q2 2019 2021 1,719 45,033 3,500 8% Creekside Park Apartments Phase II Houston, TX 100% 360 1,744 Under Construction Q3 2019 2023 865 57,472 4,697 8% Total Multi-family 56,619 / 1,603 132,482 375,009 29,763 Total Under Construction $ 169,955 $ 459,697 $ 52,702 (a) Represents leases signed as of September 30, 2019 and is calculated as the total leased square feet divided by total leasable square feet, expressed as a percentage. (b) Represents management's estimate of the first quarter of operations in which the asset may be stabilized. (c) 110 North Wacker represents our member only. We are not including overhead allocations, development fees and leasing commissions in Develop. Costs Incurred and Est. Total Cost (Excl Land). Est. Total Cost (Excl. Land) represents HHC's total cash equity requirement. Develop. Costs Incurred represent HHC's equity in the project at September 30, 2019. Est. Stabilized NOI Yield is based on the projected building NOI at stabilization and our percentage ownership of the equity capitalization of the project. It does not include the impact of the partnership distribution waterfall. (d) In Q2 2019, we revised the calculation of our effective ownership interest in 110 North Wacker based on the loan modification and joint venture funding commitment changes that occurred in May 2019. As a result of the modification and our reduced future funding commitments, our effective ownership percentage is 23%. Our share of estimated stabilized NOI therefore decreased, but the 8% yield remained unchanged as our funding commitment decreased as well. (e) Condominium retail Develop. Cost Incurred and Est. Total Costs (Excl. Land) are combined with their respective condominium costs on page 24 of this supplement. (f) Columbia Multi-family was renamed to Juniper Apartments as of Q1 2019. HowardHughes.com 214.741.7744 17

Seaport District Operating Performance NOI by Region Real Estate Managed Operations (Landlord) (a) Businesses (b) Events, Sponsorships Historic District & Historic District & & ($ in thousands) Pier 17 Multi-Family (d) Hospitality (e) Pier 17 (f) Tin Building (g) Catering Business (c) Q3 2019 Total Revenues Rental revenue (h) $ 1,381 $ 249 $ 829 $ 2 $ — $ — $ 2,461 Tenant recoveries 393 — — — — — 393 Other rental and property revenue 10 — — 10,196 — 10,413 20,619 Total Revenues 1,784 249 829 10,198 — 10,413 23,473 Expenses Other property operating costs (h) (3,934) (137) (817) (11,237) — (10,388) (26,513) Total Expenses (3,934) (137) (817) (11,237) — (10,388) (26,513) Net Operating (Loss) Income - Seaport District (i) $ (2,150) $ 112 $ 12 $ (1,039) $ — $ 25 $ (3,040) Project Status Unstabilized Stabilized Unstabilized Unstabilized Under Construction Unstabilized Rentable Sq. Ft / Units Total Sq. Ft. / units 290,865 13,000 / 21 66 87,888 53,396 21,077 Leased Sq. Ft. / units (j) 128,066 — / 21 57 73,488 53,396 21,077 % Leased or occupied (j) 44% —% / 100% 86% 84% 100% 100% Development (k) Development costs incurred $ 508,365 $ — $ — $ — $ 66,045 $ — $ 574,410 Estimated total costs (excl. land) $ 595,018 $ — $ — $ — $ 173,452 $ — $ 768,470 (a) Real Estate Operations (Landlord) represents physical real estate developed and owned by HHC. (b) Managed Businesses represents retail and food and beverage businesses that HHC owns, either wholly or through joint ventures, and operates, including license and management agreements. For the three months ended September 30, 2019, our managed businesses include, among others, 10 Corso Como Retail and Café, SJP by Sarah Jessica Parker, R17, Cobble & Co and the recently opened Bar Wayō, Malibu Farm and The Lookout at Pier 17. (c) Events, Sponsorships & Catering Business includes private events, catering, sponsorships, concert series and other rooftop activities. (d) Multi-Family includes 85 South Street. (e) Hospitality represents Mr. C Seaport, of which HHC has a 35% ownership interest. Percentage occupied is the average for Q3 2019. (f) Includes our share of NOI from Bar Wayō. (g) Represents the food hall by Jean-Georges. (h) Rental revenue and expense earned from and paid by businesses we own and operate is eliminated in consolidation. (i) See page 32 for the reconciliation of Seaport District NOI. (j) The percent leased for Historic District & Pier 17 landlord operations includes agreements with terms of less than one year and excludes leases with our managed businesses. (k) Development costs incurred and Estimated total costs (excl. land) are shown net of insurance proceeds of approximately $65.0 million. HowardHughes.com 214.741.7744 18

MPC Portfolio Commercial 20% Commercial Master Planned 40% Commercial Communities- Remaining Residential 100% Saleable Acres (a) Residential 60% 80% Unstabilized 14% Stabilized Income Producing Assets - Stabilized Unstabilized 44% Stabilized and Unstabilized 46% Unstabilized 54% 56% Stabilized 86% ($ in thousands) Nevada Texas Maryland Total (c) MPC Performance - 3Q19 & 3Q18 MPC Net Contribution (3Q19) (b) $37,197 $2,850 $(12) $40,035 MPC Net Contribution (3Q18) (b) $90,697 $(2,349) $(395) $87,953 Operating Asset Performance - 2019 & Future Annualized 3Q19 in-place NOI $45,542 $123,823 $32,186 $201,551 Est. stabilized NOI (future) (d) $57,683 $165,018 $53,541 $276,242 Wtd. avg. time to stab. (yrs.) 1.0 2.2 3.4 — (a) Commercial acres may be developed by us or sold. (b) Reconciliation of GAAP MPC segment EBT to MPC Net Contribution for the three months ended September 30, 2019 is found under Reconciliation of Non-GAAP Measures on page 33. (c) Total excludes NOI from non-core operating assets and NOI from core assets within Hawai‘i and New York as these regions are not defined as MPCs. (d) Est. Stabilized NOI (Future) represents all assets within the respective MPC regions, inclusive of stabilized, unstabilized and under construction. HowardHughes.com 214.741.7744 19

Portfolio Key Metrics Portfolio Key Metrics MPC Regions Non-MPC Regions The The Woodlands Woodlands Hills Bridgeland Summerlin Columbia Total Hawai‘i Seaport Other Total Houston, TX Houston, TX Houston, TX Las Vegas, NV Columbia, MD MPC Regions Honolulu, HI New York, NY Non-MPC Operating - Stabilized Properties Office Sq.Ft.. 1,477,006 — — 387,813 1,255,741 3,120,560 — — — — Retail Sq. Ft. 315,932 — — 823,531 102,790 1,242,253 936,530 13,000 268,522 1,218,052 Multifamily units 1,097 — — 124 380 1,601 — 21 — 21 Hotel Rooms 205 — — — — 205 — — — — Self Storage Units — — — — — — — — — — Operating - Unstabilized Properties Office Sq.Ft.. 1,113,884 — — 144,615 447,235 1,705,734 — — — — Retail Sq.Ft. (a) 60,261 — 83,488 — 28,026 171,775 108,747 399,830 — 508,577 Multifamily units 292 — — 267 437 996 — — — — Hotel rooms 704 — — — — 704 — 66 — 66 Self Storage Units 1,376 — — — — 1,376 — — — — Other Sq. Ft. 10,000 — — — — 10,000 — — — — Operating - Under Construction Properties Office Sq.Ft.. 180,000 — — — — 180,000 — — 1,500,000 1,500,000 Retail Sq. Ft. 72,264 — — — 56,619 128,883 47,750 53,396 — 101,146 Other Sq. Ft. — — — — — — — — — — Multifamily units 909 — 312 — 382 1,603 — — — — Hotel rooms — — — — — — — — — — Self Storage Units — — — — — — — — — — Residential Land Total gross acreage/condos (b) 28,505 ac. 2,055 ac. 11,506 ac. 22,500 ac. 16,450 ac. 81,016 ac. 2,697 n.a. n.a. 2,697 Current Residents (b) 117,100 36 10,100 110,000 112,000 349,236 n.a. n.a. n.a. — Remaining saleable acres/condos 88 1,358 2,202 3,168 n.a. 6,816 302 n.a. n.a. 302 Estimated price per acre (c) 652 318 410 565 n.a. — n.a. n.a. n.a. — Commercial Land Total acreage remaining 737 175 1,543 831 96 3,382 n.a. n.a. n.a. — Estimated price per acre (c) 1,027 515 539 1,091 580 — n.a. n.a. n.a. — Portfolio Key Metrics herein include square feet, units and rooms included in joint venture projects. Sq. Ft. and units are not shown at share. Retail Sq. Ft. includes multi-family Sq. Ft. (a) Retail Sq. Ft. within the Summerlin region excludes 381,767 Sq. Ft. of anchors. (b) Acreage shown as of September 30, 2019; current residents shown as of December 31, 2018. (c) Residential and commercial pricing represents the Company's estimate of price per acre per its 2019 land models. HowardHughes.com 214.741.7744 20

Lease Expirations Lease Expirations Office and Retail Lease Expirations Total Office and Retail Portfolio as of September 30, 2019 30% g n i r i p x 24% E t n e R 18% h s a C d e 12% z i l a u n n A 6% f o % 0% Office Retail Office Retail Office Retail Office Retail Office Retail Office Retail Office Retail Office Retail Office Retail Office Retail Office Retail 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029+ Houston Summerlin Columbia Hawaii Other Office Expirations (a) Retail Expirations (a) Annualized Cash Rent Percentage of Wtd. Avg. Annualized Cash Annualized Cash Rent Percentage of Wtd. Avg. Annualized Cash Expiration Year (In thousands) Annualized Cash Rent Rent Per Leased Sq. Ft. (In thousands) Annualized Cash Rent Rent Per Leased Sq. Ft. 2019 $ 3,969 2.60% $ 21.84 $ 1,466 1.39% $ 34.27 2020 7,582 4.97% 29.97 7,204 6.84% 49.72 2021 6,719 4.40% 31.91 6,646 6.31% 27.12 2022 16,781 11.00% 32.54 6,313 5.99% 45.65 2023 12,889 8.45% 29.74 8,668 8.23% 46.38 2024 16,386 10.74% 30.59 7,807 7.41% 41.36 2025 12,383 8.12% 34.78 26,522 25.18% 55.20 2026 5,994 3.93% 36.16 5,825 5.53% 40.60 2027 15,100 9.90% 29.49 5,312 5.04% 42.77 2028 9,824 6.44% 42.08 7,481 7.10% 46.81 Thereafter 44,924 29.45% 39.20 22,068 20.98% 24.12 Total $ 152,551 100.00% $ 105,312 100.00% (a) Excludes leases with an initial term of 12 months or less. HowardHughes.com 214.741.7744 21

Acquisition / Disposition Activity Acquisition / Disposition Activity (In thousands, except rentable Sq. Ft. / Units / Acres) Q3 2019 Acquisitions Rentable Date Acquired Property % Ownership Location Sq. Ft. / Units / Acres Acquisition Price No acquisition activity in Q3 2019 Q3 2019 Dispositions Rentable Date Sold Property % Ownership Location Sq. Ft. / Units / Acres Sale Price 9/16/2019 Cottonwood Mall 100% Holladay, UT 196,975 sq ft / 54 acres $46.0 million HowardHughes.com 214.741.7744 22

Master Planned Community Land Master Planned Community Land The Woodlands The Woodlands Hills Bridgeland Summerlin Maryland Total ($ in thousands) Q3 2019 Q3 2018 Q3 2019 Q3 2018 Q3 2019 Q3 2018 Q3 2019 Q3 2018 Q3 2019 Q3 2018 Q3 2019 Q3 2018 Revenues: Residential land sale revenues $ 11,722 $ 7,205 $ 2,988 $ 1,688 $ 17,618 $ 16,035 $ 45,039 $ 101,313 $ — $ — $ 77,367 $ 126,241 Commercial land sale revenues — 1,362 — — — 127 — — — — — 1,489 Builder price participation 119 39 33 — 153 225 9,356 8,421 — — 9,661 8,685 Other land sale revenues 1,957 1,893 — 10 20 1,055 3,282 3,349 — 413 5,259 6,720 Total revenues 13,798 10,499 3,021 1,698 17,791 17,442 57,677 113,083 — 413 92,287 143,135 Expenses: Cost of sales - residential land (5,216) (3,426) (1,123) (753) (5,885) (5,758) (21,079) (45,787) — — (33,303) (55,724) Cost of sales - commercial land — (1,426) — — — (32) — — — — — (1,458) Real estate taxes (1,501) (1,395) 39 (82) (577) (625) (1,011) (989) (133) (134) (3,183) (3,225) Land sales operations (4,266) (4,457) (593) (1,216) (1,446) (1,296) (2,185) (2,193) (193) (668) (8,683) (9,830) Depreciation and amortization (34) (34) — — (33) (36) (21) (8) — — (88) (78) Other (loss) income, net — 18 — — 223 — — — 311 — 534 18 Total operating expenses (11,017) (10,720) (1,677) (2,051) (7,718) (7,747) (24,296) (48,977) (15) (802) (44,723) (70,297) Net interest capitalized (expense) (1,317) (1,182) 284 223 4,249 3,315 5,334 4,270 — — 8,550 6,626 Equity in earnings from real estate affiliates — — — — — — 4,523 9,454 — — 4,523 9,454 EBT $ 1,464 $ (1,403) $ 1,628 $ (130) $ 14,322 $ 13,010 $ 43,238 $ 77,830 $ (15) $ (389) $ 60,637 $ 88,918 Key Performance Metrics: Residential Total acres closed in current period 15.9 13.3 11 5.6 42.9 42.4 77.6 160.8 NM NM Price per acre achieved (a) $737 $542 $272 $301 $411 $378 $674 $572 NM NM Avg. gross margins 55.5% 52.4 % 62.4% 55.4% 66.6% 64.1% 53.2% 54.8% NM NM Commercial Total acres closed in current period — 1.6 (b) — — — — — — — — Price per acre achieved NM 851 NM NM NM NM NM NM NM NM Avg. gross margins NM (4.7)% NM NM NM 74.8% NM NM NM NM Avg. combined before-tax net margins 55.5% 43.4 % 62.4% 55.4% 66.6% 64.0% 53.2% 54.8% NM NM Key Valuation Metrics The Woodlands The Woodlands Hills Bridgeland Summerlin Maryland Remaining saleable acres Residential 88 (c) 1,358 2,202 3,168 — Commercial 737 175 1,543 831 96 (d) Projected est. % superpads / lot size —% / — —% / — —% / — 88% / 0.25 ac NM Projected est. % single-family detached lots / lot size 49% / 0.35 ac 86% / 0.23 ac 89% / 0.17 ac —% / — NM Projected est. % single-family attached lots / lot size 51% / 0.07 ac 14% / 0.13 ac 10% / 0.10 ac —% / — NM Projected est. % custom homes / lot size —% / — —% / — 1% / 1.00 ac 12% / 0.45 ac NM Estimated builder sale velocity (blended total - TTM) (e) 26 11 75 102 NM Projected GAAP gross margin, residential / commercial (f) 55.5% / 75.6% 62.4% / 62.4% 66.6% / 66.6% 53.7% / 53.7% NM Projected cash gross margin (g) 99.0% 88.6% 80.1% 71.3% NM Residential sellout / Commercial buildout date estimate Residential 2023 2029 2034 2039 — Commercial 2027 2027 2045 2039 2023 (a) The 2019 price per acre achieved for Summerlin residential lots is mostly attributable to custom lots sales, which positively impacted results. (b) The 1.6 acre commercial site sold in Q3 2018 was reacquired in 2014 at market value as the original purchaser did not proceed with construction. Our cost basis plus holding costs slightly exceeded the Q3 2018 sale price. (c) The Woodlands Residential reports remaining saleable acres on a gross basis due to potential changes in land usage and the unknown acreage that may be set aside for drainage, parks and roads for undeveloped land. (d) Does not include 31 commercial acres held in the Strategic Developments segment in Downtown Columbia. (e) Represents the average monthly builder homes sold over the last twelve months ended September 30, 2019. (f) GAAP gross margin is net of MUDs and is based on GAAP revenues and expenses which exclude revenues deferred on sales closed where revenue did not meet criteria for recognition and includes revenues previously deferred that met criteria for recognition in the current period. The projected margin is the Company's estimate of the 2019 margin. (g) Projected cash gross margin is net of MUDs and includes all future projected revenue less all future projected development costs, net of expected reimbursable costs, and capitalized overhead, taxes and interest based on the Company's 2019 land models. NM Not meaningful. HowardHughes.com 214.741.7744 23

Ward Village Condominiums Waiea (a) Anaha (b) Ae‘o (c) Ke Kilohana (d) ‘A‘ali‘i (e) Kō'ula (f) Total Key Metrics ($ in thousands) Type of building Ultra-Luxury Luxury Upscale Workforce Upscale Upscale Number of units 177 (g) 317 465 423 750 565 2,697 Avg. unit Sq. Ft. 2,138 1,417 838 696 518 725 856 Condo Sq. Ft. 378,488 449,205 389,663 294,273 388,210 409,576 2,309,415 Street retail Sq. Ft. 8,200 16,100 70,800 21,900 11,336 36,414 164,750 Stabilized retail NOI $ 453 $ 1,152 $ 1,557 $ 1,081 $ 637 $ 1,281 $ 6,161 Stabilization year 2017 2019 2019 2020 2022 2023 Development progress ($ in millions) Status Opened Opened Opened Opened Under Construction Under Construction Start date 2Q14 4Q14 1Q16 4Q16 4Q18 3Q19 Completion date/status Complete Complete Complete Complete 2021 2022 Total development cost $ 453 $ 401 $ 430 $ 219 $ 412 $ 485 $ 2,400 Cost-to-date $ 414 $ 392 $ 418 $ 211 $ 83 $ 37 $ 1,555 Remaining to be funded $ 39 $ 9 $ 12 $ 8 $ 329 $ 448 $ 845 Financial Summary ($ in thousands, except per Sq. Ft.) Units closed (through Q3 2019) 170 314 465 422 — — 1,371 Units under contract (through Q3 2019) 2 1 — 1 623 397 1,024 Total % of units closed or under contract 97.2% 99.4% 100.0% 100.0% 83.1% 70.3% 88.8% Units closed (current quarter) 1 — 2 4 — — 7 Units under contract (current quarter) 1 1 1 3 11 38 55 Square footage closed or under contract (total) 360,161 436,649 389,663 294,273 304,414 295,178 2,080,338 Total % square footage closed or under contract 95.2% 97.2% 100.0% 100.0% 78.4% 72.1% 90.1% Target condo profit margin at completion (excl. land cost) ~30% Total cash received (closings & deposits) $ 2,042,201 Total GAAP revenue recognized $ 1,872,096 Expected avg. price per Sq. Ft. $1,900 - $1,950 $1,100 - $1,150 $1,300 - $1,350 $700 - $750 $1,300 - $1,350 $1,500 - $1,550 $1,300 - 1,325 Expected construction costs per retail Sq. Ft. $~1,100 Deposit Reconciliation (in thousands) Deposits from sales commitment Spent towards construction $ — $ — $ — $ — $ 9,478 $ — $ 9,478 Held for future use (h) — 4,491 24 24 68,185 87,131 159,855 Total deposits from sales commitment $ — $ 4,491 $ 24 $ 24 $ 77,663 $ 87,131 $ 169,333 (a) We began delivering units at Waiea in November 2016. As of September 30, 2019, we have closed on 170 units. We have two under contract, and five units remain to be sold. (b) We began delivering units at Anaha in October 2017. As of September 30, 2019, we have closed on 314 units. We have one unit under contract, and two units remain to be sold. (c) We began delivering units at Ae‘o in November 2018. As of September 30, 2019, we have closed on all 465 units. (d) Ke Kilohana consists of 375 workforce units and 48 market rate units. As of September 30, 2019, we have closed on 422 unit and have one under contract. (e) We broke ground on ‘A‘ali‘i in the fourth quarter of 2018. As of September 30, 2019, we have entered into contracts for 623 of the units. (f) We broke ground on Kō'ula in the third quarter of 2019. As of September 30, 2019, we have entered into contracts for 397 of the units. (g) The increase in number of units at Waiea from 2018 is a result of subdividing one large unit due to demand for smaller units in the tower. (h) 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 214.741.7744 24

Other Assets Other Assets Property Name City, State % Own Acres Notes Planned Future Development The Elk Grove Collection Elk Grove, CA 100% 64 Sold 36 acres for $36 million in total proceeds in 2017. We are assessing our plans for the remaining acres. Previous development plans have been placed on hold as we believe we can allocate capital into core assets and achieve a better risk-adjusted return. Landmark Mall Alexandria, VA 100% 33 Plan to transform the mall into an open-air, mixed-use community. In January 2017, we acquired the 11.4 acre Macy's site for $22.2 million. Circle T Ranch and Power Center Westlake, TX 50% 207 50/50 joint venture with Hillwood Development Company. In 2016, HHC sold 72 acres to an affiliate of Charles Schwab Corporation. West Windsor West Windsor, NJ 100% 658 Under contract as of September 30, 2019. Monarch City Allen, TX 100% 238 Located 27 miles north of Downtown Dallas, this 261-acre mixed-use development received unanimous zoning approval June 26, 2019. Bridges at Mint Hill Charlotte, NC 91% 210 Zoned for approximately 1.3 million square feet of commercial uses. Maui Ranch Land Maui, HI 100% 20 Two, non-adjacent, ten-acre parcels zoned for native vegetation. Fashion Show Air Rights Las Vegas, NV 80% N/A Air rights above the Fashion Show Mall located on the Las Vegas Strip. 250 Water Street New York, NY 100% 1 The one-acre site is situated at the entrance of the Seaport District. While the Company is in the initial planning stages for this strategic site, it will continue to be used as a parking lot. Sterrett Place Columbia, MD 100% 3 In November 2017, we acquired the note secured by the land and improvements for a purchase price of $5.3 million. In 2018, we foreclosed on the property, resulting in the acquisition of the land and improvements. We are in the process of relocating the last tenants in the building and plan to commence demolition in the fourth quarter of 2019. American City Building Columbia, MD 100% 3 On December 20, 2016, we acquired the American City Building, a 117,098 square foot building in Columbia, Maryland, for $13.5 million. We are in the process of formulating redevelopment plans for this property. HowardHughes.com 214.741.7744 25

Debt Summary Debt Summary (In thousands) September 30, 2019 December 31, 2018 Fixed-rate debt: Unsecured 5.375% Senior Notes $ 1,000,000 $ 1,000,000 Secured mortgages, notes and loans payable 997,243 648,707 Special Improvement District bonds 14,382 15,168 Variable-rate debt: Mortgages, notes and loans payable, excluding condominium financing (a) 1,625,792 1,454,579 Condominium financing (a) 27,845 96,757 Mortgages, notes and loans payable 3,665,262 3,215,211 Unamortized bond issuance costs (5,465) (6,096) Deferred financing costs (35,113) (27,902) Total mortgages, notes and loans payable, net 3,624,684 3,181,213 Total unconsolidated mortgages, notes and loans payable at pro-rata share 100,794 96,185 Total Debt $ 3,725,478 $ 3,277,398 Net Debt on a Segment Basis, at share as of September 30, 2019 Master Non- Operating Planned Seaport Strategic Segment Segment (In thousands) Assets Communities District Developments Totals Amounts Total Mortgages, notes and loans payable, excluding condominium financing (a) (b) $ 1,914,080 $ 231,906 $ 352,669 $ 195,918 $ 2,694,573 $ 1,003,059 $ 3,697,632 Condominium financing (a) — — — 27,846 27,846 — 27,846 Less: cash and cash equivalents (b) (76,618) (163,091) (5,249) (54,951) (299,909) (399,090) (698,999) Special Improvement District receivables — (17,352) — — (17,352) — (17,352) Municipal Utility District receivables — (288,376) — — (288,376) — (288,376) TIF Receivable — — — (5,792) (5,792) — (5,792) Net Debt $ 1,837,462 $ (236,913) $ 347,420 $ 163,021 $ 2,110,990 $ 603,969 $ 2,714,959 Consolidated Debt Maturities and Contractual Obligations by Extended Maturity Date as of September 30, 2019 (c) Remaining (In thousands) in 2019 2020 2021 2022 2023 2024 Thereafter Total Mortgages, notes and loans payable $ 38,341 $ 209,995 $ 425,719 $ 202,768 $ 842,386 $ 447,075 $ 1,498,979 $ 3,665,263 Interest payments 47,192 171,629 158,154 144,270 127,933 85,504 120,823 855,505 Ground lease and other leasing commitments 1,698 7,272 7,111 6,373 6,389 6,432 266,855 302,130 Total consolidated debt maturities and contractual obligations $ 87,231 $ 388,896 $ 590,984 $ 353,411 $ 976,708 $ 539,011 $ 1,886,657 $ 4,822,898 (a) As of September 30, 2019 and December 31, 2018, $616.7 million of variable‑rate debt has been swapped to a fixed rate for the term of the related debt. An additional $114.3 million and $50.0 million of variable rate debt was subject to interest rate collars as of September 30, 2019 and December 31, 2018, respectively, and $75.0 million of variable rate debt was capped at a maximum interest rate as of September 30, 2019 and December 31, 2018. (b) Each segment includes our share of related cash and debt balances for all joint ventures included in Investments in real estate and other affiliates. (c) Mortgages, notes and loans payable and Condominium financing are presented based on extended maturity date. Extension periods generally may be exercised at our option at the initial maturity date, subject to customary extension terms that are based on property performance as of the initial maturity date and/or extension date. Such extension terms may include, but are not limited to, minimum debt service coverage, minimum occupancy levels or condominium sales levels, as applicable, and other performance criteria. We may have to pay down a portion of the debt if we do not meet the requirements to exercise the extension option. HowardHughes.com 214.741.7744 26

Property-Level Debt Property-Level Debt ($ in thousands) Q3 2019 Principal Asset Balance Contract Interest Rate Interest Rate Hedge Current Annual Interest Rate Initial / Extended Maturity (a) Master Planned Communities The Woodlands Master Credit Facility $ 150,000 L+275 Floating/Cap 4.77% Apr-20 / Apr-21 Bridgeland Credit Facility 65,000 L+315 Floating 5.24% Nov-20 / Nov-22 215,000 Operating Assets Outlet Collection at Riverwalk 46,100 L+250 Floating 4.52% Oct-19 / Oct-20 Three Hughes Landing 59,279 L+260 Floating 4.62% Dec-19 / Dec-20 Downtown Summerlin 261,096 L+215 Floating 4.17% Sep-20 / Sep-21 Two Merriweather 27,277 L+250 Floating 4.52% Oct-20 / Oct-21 20/25 Waterway Avenue 13,198 4.79% Fixed 4.79% May-22 100 Fellowship Drive 46,562 L+150 Floating 3.52% May-22 Millennium Waterway Apartments 53,300 3.75% Fixed 3.75% Jun-22 HHC 242 Self-Storage 5,499 L+260 Floating 4.62% Dec-21 / Dec-22 HHC 2978 Self-Storage 5,395 L+260 Floating 4.62% Dec-21 / Dec-22 Lake Woodlands Crossing Retail 11,866 L+180 Floating 3.82% Jan-23 Senior Secured Credit Facility 615,000 4.61% Floating/Swap 4.61% (b) Sep-23 The Woodlands Resort & Conference Center 62,500 L+250 Floating 4.52% Dec-21 / Dec-23 Lakefront North 28,980 L+200 Floating 4.02% Dec-22 / Dec-23 9303 New Trails 11,302 4.88% Fixed 4.88% Dec-23 4 Waterway Square 33,097 4.88% Fixed 4.88% Dec-23 Tanager Apartments 28,767 L+225 Floating 4.27% Oct-21 / Oct-24 Two Summerlin 33,372 4.25% Fixed 4.25% Oct-22 / Oct-25 3831 Technology Forest Drive 21,248 4.50% Fixed 4.50% Mar-26 Kewalo Basin Harbor 9,654 L+275 Floating 4.77% Sep-27 Millennium Six Pines Apartments 42,500 3.39% Fixed 3.39% Aug-28 3 Waterway Square 47,993 3.94% Fixed 3.94% Aug-28 One Lakes Edge 69,440 4.50% Fixed 4.50% Mar-29 Aristocrat 38,290 3.67% Fixed 3.67% Sep-29 Creekside Park Apartments 37,730 3.52% Fixed 3.52% Oct-29 One Hughes Landing 52,000 4.30% Fixed 4.30% Dec-29 Two Hughes Landing 48,000 4.20% Fixed 4.20% Dec-30 Constellation Apartments 24,200 4.07% Fixed 4.07% Jan-33 Hughes Landing Retail 35,000 3.50% Fixed 3.50% Dec-36 Columbia Regional Building 24,766 4.48% Fixed 4.48% Feb-37 Las Vegas Ballpark 51,231 4.92% Fixed 4.92% Dec-39 $ 1,844,642 HowardHughes.com 214.741.7744 27

Property-Level Debt (con't) ($ in thousands) Q3 2019 Principal Asset Balance Contract Interest Rate Interest Rate Hedge Current Annual Interest Rate Initial / Extended Maturity (a) Seaport District 250 Water Street $ 99,723 6.00% Fixed 6.00% Jun-20 Seaport District (c) 250,000 6.10% Fixed to Floating 6.10% Jun-24 349,723 Strategic Developments A'ali'i 27,846 L+310 Floating 5.12% Jun-22 / Jun-23 Lakeside Row 18,798 L+225 Floating 4.27% Jul-22 / Jul-23 Two Lakes Edge 22,665 L+215 Floating 4.17% Oct-22 / Oct-23 Creekside Park West 6,048 L+225 Floating 4.27% Mar-23 / Mar-24 110 North Wacker 114,296 L+300 Floating/Collar 5.02% Apr-22 / Apr-24 Millennium Phase III 1 L+175 Floating 3.77% Aug-23 / Aug-24 6100 Merriweather 26,816 L+275 Floating 4.77% Sep-22 / Sep-24 Juniper Apartments 12,510 L+275 Floating 4.77% Sep-22 / Sep-24 8770 New Trails 1,682 L+245 Floating 4.47% Jun-21 / Jan-32 230,662 Total (d) $ 2,640,027 (a) Extended maturity assumes all extension options are exercised if available based on property performance. (b) The credit facility bears interest at one-month LIBOR plus 1.65%, but the $615.0 million term loan is swapped to an overall rate equal to 4.61%. The following properties are included as collateral for the credit facility: 10-70 Columbia Corporate Center, One Mall North, One Merriweather, 1701 Lake Robbins, 1725-1735 Hughes Landing Boulevard, Creekside Village Green, Lakeland Village Center at Bridgeland, Embassy Suites at Hughes Landing, The Westin at The Woodlands and certain properties at Ward Village. (c) The loan initially bears interest at 6.10% and matures on June 1, 2024. The loan will begin bearing interest at one-month LIBOR plus 4.10%, subject to a LIBOR cap of 2.30% and LIBOR floor of 0.00%, at the earlier of June 20, 2021 or the date certain debt coverage ratios are met. (d) Excludes JV debt, Corporate level debt, and SID bond debt related to Summerlin MPC and retail. HowardHughes.com 214.741.7744 28

Summary of Ground Leases Summary of Ground Leases Minimum Contractual Ground Lease Payments ($ in thousands) Future Cash Payments Pro-Rata Three months ended Remaining Year Ending December 31, Ground Leased Asset Share Expiration Date September 30, 2019 2019 2020 Thereafter Total Riverwalk (a) 100% 2045-2046 $ 34 $ 407 $ 1,737 $ 42,185 $ 44,329 Seaport 100% 2031 (b) 544 544 2,199 221,019 223,762 Kewalo Basin Harbor 100% 2049 — — 300 8,600 8,900 $ 578 $ 951 $ 4,236 $ 271,804 $ 276,991 (a) Includes base ground rent, deferred ground rent and participation rent, as applicable. Future payments of participation rent are calculated based on the floor only. (b) Initial expiration is December 30, 2031 but subject to extension options through December 31, 2072. Future cash payments are inclusive of extension options. HowardHughes.com 214.741.7744 29

Definitions Definitions Stabilized - Properties in the Operating Assets and Seaport District segments that have been in service for more than 36 months or have reached 90% occupancy, whichever occurs first. If an office, retail or multifamily property has been in service for more than 36 months but does not exceed 90% occupancy, the asset is considered underperforming. Unstabilized - Properties in the Operating Assets and Seaport District segments that have been in service for less than 36 months and do not exceed 90% occupancy. Under Construction - Projects in the Strategic Developments and Seaport District segments for which construction has commenced as of September 30, 2019, unless otherwise noted. This excludes MPC and condominium development. Net Operating Income (NOI) - We define net operating income ("NOI") as operating cash revenues (rental income, tenant recoveries and other revenue) less operating cash expenses (real estate taxes, repairs and maintenance, marketing and other property expenses), including our share of NOI from equity investees. NOI excludes straight-line rents and amortization of tenant incentives, net interest expense, ground rent amortization, demolition costs, amortization, other (loss) income, depreciation, development-related marketing costs and, unless otherwise indicated, Equity in earnings from real estate and other affiliates. We use NOI to evaluate our operating performance on a property-by-property basis because NOI allows us to evaluate the impact that factors which vary by property, such as lease structure, lease rates and tenant bases, have on our operating results, gross margins and investment returns. We believe that NOI is a useful supplemental measure of the performance of our Operating Assets and Seaport District segments because it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating real estate properties and the impact on operations from trends in rental and occupancy rates and operating costs. HowardHughes.com 214.741.7744 30

Reconciliation of Non-GAAP Measures Reconciliation of Non-GAAP Measures Reconciliation of Operating Assets segment EBT to Total NOI: (In thousands) Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 YTD Q3 2019 YTD Q3 2018 Total Operating Assets segment EBT (a) $ 19,825 $ 12,628 $ 5,686 $ (5,793) $ (4,115) $ 38,139 $ 9,635 Depreciation and amortization 28,844 28,938 27,108 29,265 26,470 84,890 74,028 Interest expense, net 21,645 20,059 18,991 18,664 18,891 60,695 52,886 Equity in (earnings) loss from real estate and other affiliates (441) (45) (2,709) (487) 76 (3,195) (1,507) Selling profit from sales-type leases (13,537) — — — — (13,537) — Impact of straight-line rent (2,529) (2,537) (2,845) (3,277) (3,241) (7,911) (8,777) Other 477 (340) 122 707 2,808 259 2,701 Total Operating Assets NOI - Consolidated 54,284 58,703 46,353 39,079 40,889 159,340 128,966 Redevelopments 110 North Wacker — — — 513 — — — Total Operating Asset Redevelopments NOI — — — 513 — — — Dispositions Cottonwood Square — — — — — — 11 Total Operating Asset Dispositions NOI — — — — — — 11 Consolidated Operating Assets NOI excluding properties sold or in redevelopment 54,284 58,703 46,353 39,592 40,889 159,340 128,977 Company's Share NOI - Equity investees 2,043 1,688 1,464 1,952 1,343 5,195 2,709 Distributions from Summerlin Hospital Investment — — 3,625 — — 3,625 3,435 Total Operating Assets NOI $ 56,327 $ 60,391 $ 51,442 $ 41,544 $ 42,232 $ 168,160 $ 135,121 (a) EBT excludes corporate expenses and other items that are not allocable to the segments. Prior periods have been adjusted to be consistent with fiscal 2019 presentation. HowardHughes.com 214.741.7744 31

Reconciliation of Non-GAAP Measures (con't) Reconciliation of Non-GAAP Measures Reconciliation of Seaport District segment EBT to Total NOI: (In thousands) Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 YTD Q3 2019 YTD Q3 2018 Total Seaport District segment EBT (a) $ (16,656) $ (14,270) $ (15,852) $ (15,660) $ (8,798) $ (46,778) $ (8,205) Depreciation and amortization 6,767 6,753 6,193 5,959 2,309 19,713 6,506 Interest expense (income), net 4,984 1,924 1,532 2,176 (1,471) 8,440 (8,466) Equity in losses from real estate and other affiliates 705 451 632 14 452 1,788 692 Impact of straight-line rent 412 491 755 179 (274) 1,658 (612) Loss on sale or disposal of real estate — — 6 — — 6 — Other - development related 896 1,764 2,749 3,816 4,836 5,405 8,122 Total Seaport District NOI - Consolidated (2,892) (2,887) (3,985) (3,516) (2,946) (9,768) (1,963) Company's Share NOI - Equity investees (148) (42) (195) (134) (452) (385) (579) Total Seaport District NOI $ (3,040) $ (2,929) $ (4,180) $ (3,650) $ (3,398) $ (10,153) $ (2,542) (a) EBT excludes corporate expenses and other items that are not allocable to the segments. Prior periods have been adjusted to be consistent with fiscal 2019 presentation. HowardHughes.com 214.741.7744 32

Reconciliation of Non-GAAP Measures (con't) Reconciliations of Non-GAAP Measures (In thousands) Three Months Ended September 30, Nine Months Ended September 30, Reconciliation of MPC Land Sales Closed to GAAP Land Sales Revenue 2019 2018 2019 2018 Total residential land sales closed in period $ 84,608 $ 116,973 $ 183,335 $ 204,812 Total commercial land sales closed in period — 1,362 — 2,760 Net recognized (deferred) revenue: Bridgeland — 127 34 131 Summerlin (7,244) 1,345 (6,769) 5,232 Total net recognized (deferred) revenue (7,244) 1,472 (6,735) 5,363 Special Improvement District bond revenue 3 7,923 401 13,789 Total land sales revenue - GAAP basis $ 77,367 $ 127,730 $ 177,001 $ 226,724 Three Months Ended September 30, Nine Months Ended September 30, Reconciliation of MPC Segment EBT to MPC Net Contribution 2019 2018 2019 2018 MPC segment EBT $ 60,637 $ 88,918 $ 145,469 $ 172,338 Plus: Cost of sales - land 33,304 57,183 78,128 109,609 Depreciation and amortization 88 78 334 245 MUD and SID bonds collections, net 10,099 (347) 11,080 (5,351) Distributions from real estate and other affiliates 1,320 925 4,061 3,670 Less: MPC development expenditures (60,890) (48,339) (180,733) (139,605) MPC land acquisitions — (1,011) (752) (3,565) Equity in earnings in real estate and other affiliates (4,523) (9,454) (18,859) (34,682) MPC Net Contribution $ 40,035 $ 87,953 $ 38,728 $ 102,659 Three Months Ended September 30, Nine Months Ended September 30, Reconciliation of Segment EBTs to Net Income 2019 2018 2019 2018 Operating Assets segment EBT $ 19,825 $ (4,115) $ 38,139 $ 9,635 MPC segment EBT 60,637 88,918 145,469 172,338 Seaport District segment EBT (16,656) (8,798) (46,778) (8,205) Strategic Developments segment EBT 25,958 20 99,947 1,522 Corporate income, expenses and other items (51,003) (44,691) (137,274) (149,860) Income before taxes 38,761 31,334 99,503 25,430 Provision for income taxes (8,718) (7,487) (24,207) (5,628) Net income 30,043 23,847 75,296 19,802 Net loss attributable to noncontrolling interests (285) (482) (240) (51) Net income attributable to common stockholders $ 29,758 $ 23,365 $ 75,056 $ 19,751 HowardHughes.com 214.741.7744 33