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

HowardHughes.com 281.719.6100 2 Cautionary StatementsCautionary Statements Forward Looking Statements This presentation includes forward-looking statements. Forward-looking statements give our current expectations relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to current or historical facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “forecast,” “plan,” “intend,” "believe," “likely,” “may,” “realize,” “should,” “transform,” “would” and other statements of similar expression. Forward-looking statements give our expectations about the future and are not guarantees. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance and achievements to materially differ from any future results, performance and achievements expressed or implied by such forward-looking statements. We caution you not to rely on these forward-looking statements. For a discussion of the risk factors that could have an impact on these forward-looking statements, see our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as filed with the Securities and Exchange Commission (SEC) on February 25, 2021. The statements made herein speak only as of the date of this presentation, and we do not undertake to update this information except as required by law. Past performance does not guarantee future results. Performance during time periods shown is limited and may not reflect the performance for the full year or future years, or in different economic and market cycles. Non-GAAP Financial Measures Our financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP); however, we use certain non-GAAP performance measures in this presentation, in addition to GAAP measures, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer companies more meaningful. Management continually evaluates the usefulness, relevance, limitations and calculation of our reported non-GAAP performance measures to determine how best to provide relevant information to the public, and thus such reported measures could change. The non-GAAP financial measures used in this presentation are funds from operations (FFO), core funds from operations (Core FFO), adjusted funds from operations (AFFO) and net operating income (NOI). FFO is defined by the National Association of Real Estate Investment Trusts (NAREIT) as net income calculated in accordance with GAAP, excluding gains or losses from real estate dispositions, plus real estate depreciation and amortization and impairment charges (which we believe are not indicative of the performance of our operating portfolio). We calculate FFO in accordance with NAREIT’s definition. Since FFO excludes depreciation and amortization, gains and losses from depreciable property dispositions, and impairments, it can provide a performance measure that, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, acquisition, development activities and financing costs. This provides a perspective of our financial performance not immediately apparent from net income determined in accordance with GAAP. Core FFO is calculated by adjusting FFO to exclude the impact of certain non-cash and/or nonrecurring income and expense items, as set forth in the calculation herein. These items can vary greatly from period to period, depending upon the volume of our acquisition activity and debt retirements, among other factors. We believe that by excluding these items, Core FFO serves as a useful, supplementary measure of the ongoing operating performance of the core operations across all segments, and we believe it is used by investors in a similar manner. Finally, AFFO adjusts our Core FFO operating measure to deduct cash expended on recurring tenant improvements and capital expenditures of a routine nature to present an adjusted measure of Core FFO. Core FFO and AFFO are non-GAAP and non-standardized measures and may be calculated differently by other peer companies. We define NOI as operating revenues (rental income, tenant recoveries and other revenue) less operating expenses (real estate taxes, repairs and maintenance, marketing and other property expenses,), plus our share of NOI from equity investees. NOI excludes straight-line rents and amortization of tenant incentives, net interest expense, ground rent amortization, demolition costs, amortization, depreciation, development-related marketing costs, gain on sale or disposal of real estate and other assets, net, provision for impairment, and Equity in earnings from real estate and other affiliates. We use NOI to evaluate our operating performance on a property-by- property basis because NOI allows us to evaluate the impact that factors which vary by property, such as lease structure, lease rates and tenant bases, have on our operating results, gross margins and investment returns. We believe that NOI is a useful supplemental measure of the performance of our Operating Assets and Seaport segments because it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating real estate properties and the impact on operations from trends in rental and occupancy rates and operating costs. While FFO, Core FFO, AFFO and NOI are relevant and widely used measures of operating performance of real estate companies, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating our liquidity or operating performance. FFO, Core FFO, AFFO and NOI do not purport to be indicative of cash available to fund our future cash requirements. Further, our computations of FFO, Core FFO, AFFO and NOI may not be comparable to FFO, Core FFO, AFFO and NOI reported by other real estate companies. We have included in this presentation a reconciliation from GAAP net income to FFO, Core FFO and AFFO, as well as reconciliations of our GAAP Operating Assets segment earnings before taxes (EBT) to NOI and Seaport segment EBT to NOI. Non-GAAP financial measures should not be considered independently, or as a substitute, for financial information presented in accordance with GAAP. Additional Information Our website address is www.howardhughes.com. Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other publicly filed or furnished documents are available and may be accessed free of charge through the “Investors” section of our website under the "SEC Filings" subsection, as soon as reasonably practicable after those documents are filed with, or furnished to, the SEC. Also available through the Investors section of our website are beneficial ownership reports filed by our directors, officers and certain shareholders on Forms 3, 4 and 5.

HowardHughes.com 281.719.6100 3 Table of Contents Table of Contents FINANCIAL OVERVIEW OPERATING PORTFOLIO PERFORMANCE OTHER PORTFOLIO METRICS Company Profile 4 NOI by Region 11 Ward Village - Sold Out Condominiums 18 Financial Summary 6 Stabilized Properties 13 Ward Village - Condominiums Remaining to be Sold 19 Balance Sheets 8 Unstabilized Properties 15 Summary of Remaining Development Costs 20 Statements of Operations 9 Under Construction Properties 16 Portfolio Key Metrics 21 Income Reconciliations 10 Seaport Operating Performance 17 MPC Portfolio 22 MPC Land 23 Lease Expirations 24 Acquisitions / Dispositions 25 Other/Non-core Assets 26 Debt Summary 27 Property-Level Debt 28 Ground Leases 30 Impact of COVID-19 31 Definitions 32 Reconciliations of Non-GAAP Measures 33

HowardHughes.com 281.719.6100 4 ‘A‘ali‘i 17% Kō'ula 17% Victoria Place 65% Bridgeland 21% Summerlin 79% Woodlands/Woodlands Hills 0% Recent Company Highlights HOUSTON, March 15, 2021 (PRNewswire) - The Howard Hughes Corporation (HHC) announced the completion of the redemption of its remaining, outstanding 5.375% senior notes due 2025 (the Notes), which were not tendered by holders in the Company's tender offer and consent solicitation that expired on February 16, 2021 (the Tender Offer). The remaining outstanding Notes were redeemed at a redemption price equal to 102.688% of the aggregate principal amount of such Notes, plus accrued and unpaid interest on such Notes to, but excluding, the redemption date. As previously announced, the Company used a portion of the proceeds from its offering of $650 million in aggregate principal amount of 4.125% senior notes due 2029 and $650 million in aggregate principal amount of 4.375% senior notes due 2031, which both closed on February 2, 2021, to redeem the outstanding Notes not tendered in the Tender Offer. HOUSTON, Feb. 3, 2021 (PRNewswire) - The Howard Hughes Corporation (HHC) announced the acceleration of plans for approximately two million square feet of development across the company's portfolio of master planned communities (MPCs). Following strong home sales in 2020 and continued market demand, the company announced plans for new development including an office building and a luxury apartment complex in Downtown Summerlin, a multifamily development in Bridgeland Central, and a new residential building in the Merriweather District in Downtown Columbia, as well as the groundbreaking of the next residential tower at Ward Village. Company Overview - Q1 2021 Exchange / Ticker NYSE: HHC Share Price - March 31, 2021 $ 95.13 Diluted Earnings / Share $ (1.20) FFO / Diluted Share $ (0.31) Core FFO / Diluted Share $ 0.16 AFFO / Diluted Share $ 0.10 Company Profile - Summary & Results Operating Portfolio by Region Company Profile - Summary & Results 1Q21 MPC EBT $63.4M 1Q21 Condo sales 46 units Q1 2021 MPC EBT Q1 2021 Condo Units Contracted Bridgeland $ 13.1 Waiea — Columbia (0.2) ‘A‘ali‘i 8 Summerlin 50.4 Kō'ula 8 Woodlands/Woodlands Hills 0.1 Victoria Place 30 Total $ 63.4 Total 46 Q1 2021 MPC & Condominium Results $ in millions

HowardHughes.com 281.719.6100 5 Multi-family 91% Retail 9% Office 69% Multi-family 29% Retail 2% Office 46% Multi-family 20% Retail 20% Hotel 8% Other 6% Office 44% Multi-family 13% Retail 25% Hotel 10% Other 8% Office 64% Multi-family 32% Retail 4% Currently Under Construction Currently Unstabilized Currently Stabilized Total $ in millions $ in millions $ in millions $ in millions Company Profile - Summary & Results (cont'd)Company Profile - Summary & Results (con't) Projected Stabilized NOI $65.3M Projected Stabilized NOI $293.3M 1Q21 Under Construction NOI $0.0M Projected Stabilized NOI $378.9M Office 55% Multi-family 13% Retail 23% Other 9% Office 53% Multi-family 14% Retail 23% Other 10% Path to Projected Annual Stabilized NOI charts exclude Seaport NOI, units, and square footage until we have greater clarity with respect to the performance of our tenants. See page 17 for Seaport NOI and other project information. See page 32 for definitions of Under Construction, Unstabilized,Stabilized and Net Operating Income (NOI). 1Q21 Stabilized NOI $52.4M 1Q21 Unstabilized NOI $(0.8)M 1Q21 Total NOI $51.6M Projected Stabilized NOI $20.3M Retail & Office S.F. 80,768 Retail & Office S.F. 2,558,078 Retail & Office S.F. 7,965,095 Retail & Office S.F. 10,603,941 Multi-family Units 1,190 Multi-family Units 931 Multi-family Units 2,909 Multi-family Units 5,030 Hotel Keys — Hotel Keys — Hotel Keys 909 Hotel Keys 909 Other S.F. / Units — / — Other S.F. / Units — / — Other S.F. / Units 135,801 / 1,357 Other S.F. / Units 135,801 / 1,357 Projected Stabilized NOI $ 20.3 Projected Stabilized NOI $ 65.3 Projected Stabilized NOI $ 293.3 Projected Stabilized NOI $ 378.9 Q1 2021 Path to Projected Annual Stabilized NOI Currently Under Construction Currently Unstabilized Currently Stabilized Total $ in millions $ in millions $ in millions $ in millions Q1 2021 Operating Results by Property Type

HowardHughes.com 281.719.6100 6 $ in thousands except share price and billions Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Company Profile Share price (a) $ 95.13 $ 78.93 $ 57.60 $ 51.95 $ 50.52 Market Capitalization (b) $5.2b $4.3b $3.2b $2.9b $2.8b Enterprise Value (c) $8.7b $7.6b $6.5b $6.5b $6.3b Weighted avg. shares - basic 55,678 55,571 55,542 55,530 43,380 Weighted avg. shares - diluted 55,678 55,571 55,585 55,530 43,380 Total diluted share equivalents outstanding (a) 55,119 54,999 54,922 54,931 54,939 Debt Summary Total debt payable (d) $ 4,439,522 $ 4,320,166 $ 4,253,595 $ 4,439,153 $ 4,345,066 Fixed-rate debt $ 2,672,304 $ 2,374,822 $ 2,387,189 $ 1,902,175 $ 1,906,187 Weighted avg. rate - fixed 4.54 % 5.07 % 5.12 % 5.06 % 5.06 % Variable-rate debt, excluding condominium financing $ 1,467,039 $ 1,725,461 $ 1,686,979 $ 2,411,620 $ 2,362,424 Weighted avg. rate - variable 3.54 % 3.41 % 3.52 % 3.44 % 3.91 % Condominium debt outstanding at end of period $ 300,179 $ 219,883 $ 179,427 $ 125,358 $ 76,455 Weighted avg. rate - condominium financing 4.04 % 3.82 % 3.21 % 3.22 % 4.29 % Leverage ratio (debt to enterprise value) 50.73 % 56.31 % 64.66 % 67.61 % 68.40 % Financial SummaryFinancial Summary (a) Presented as of period end date. (b) Market capitalization = Closing share price as of the last trading day of the respective period times total diluted share equivalents outstanding as of the date presented. (c) Enterprise Value = Market capitalization + book value of debt + noncontrolling interest - cash and equivalents. (d) Represents total mortgages, notes and loans payable, as stated in our GAAP financial statements as of the respective date, excluding unamortized deferred financing costs and bond issuance costs.

HowardHughes.com 281.719.6100 7 Financial SummaryFinancial Summary (con't) (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 current period presentation. (b) Expenses include both actual and estimated future costs of sales allocated on a relative sales value to land parcels sold, including Master Planned Communities (MPC)-level G&A and real estate taxes on remaining residential and commercial land. (c) MPC Segment EBT (Earnings before tax, as discussed in our GAAP financial statements), includes negative interest expense relating to capitalized interest for the segment on debt held in other segments and at corporate. (d) Seaport NOI = Seaport NOI excluding properties sold or in redevelopment + Company's share of equity method investments NOI. (e) As a result of significantly lower available inventory, we closed on 5 condos during the three months ended March 31, 2021 and no condominium units during the twelve months ended December 31, 2020, However, as highlighted on pages 18 and 19 of this presentation, overall progress at our condominium projects remains strong. During the first quarter of 2020, the Company recorded a $97.9 million charge for the estimated costs related to construction defects at the Waiea tower. An additional $20.5 million charge related to the same construction defects was recorded during the first quarter of 2021. The Company expects to recover all the repair costs from the general contractor, other responsible parties and insurance proceeds. $ in thousands Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Earnings Profile Operating Assets Segment Income Revenues $ 91,603 $ 87,916 $ 83,430 $ 81,004 $ 111,170 Expenses (47,364) (42,166) (47,508) (42,007) (53,264) Company's Share NOI - Equity investees 7,354 1,362 2,315 1,836 5,961 Operating Assets NOI (a) $ 51,593 $ 47,112 $ 38,237 $ 40,833 $ 63,867 Avg. NOI margin 56% 54% 46% 50% 57% MPC Segment Earnings Total revenues $ 48,287 $ 112,436 $ 52,158 $ 68,913 $ 50,446 Total expenses (b) (23,339) (49,938) (23,150) (32,061) (23,813) Interest (expense) income, net (c) 10,757 10,554 9,176 8,303 8,554 Equity in earnings in real estate and other affiliates 27,650 13,442 (1,563) (2,968) 8,934 MPC Segment EBT (c) $ 63,355 $ 86,494 $ 36,621 $ 42,187 $ 44,121 Seaport Segment Income Revenues $ 6,897 $ 6,969 $ 4,214 $ 2,653 $ 8,736 Expenses (11,141) (10,014) (10,313) (6,093) (12,626) Company's Share NOI - Equity investees (135) (124) (106) (305) (376) Seaport NOI (d) $ (4,379) $ (3,169) $ (6,205) $ (3,745) $ (4,266) Avg. NOI margin (63%) (45%) (147%) (141%) (49%) Condo Gross Profit Condinium rights and unit sales $ 37,167 $ 958 $ 142 $ — $ 43 Condominium rights and unit cost of sales (54,968) (2,893) (1,087) (6,348) (97,901) Condo Net Income (e) $ (17,801) $ (1,935) $ (945) $ (6,348) $ (97,858)

HowardHughes.com 281.719.6100 8 thousands except par values and share amounts March 31, 2021 December 31, 2020 ASSETS Unaudited Unaudited Investment in real estate: Master Planned Communities assets $ 1,714,092 $ 1,687,519 Buildings and equipment 4,137,760 4,115,493 Less: accumulated depreciation (677,202) (634,064) Land 363,447 363,447 Developments 1,263,571 1,152,674 Net property and equipment 6,801,668 6,685,069 Investment in real estate and other affiliates 389,586 377,145 Net investment in real estate 7,191,254 7,062,214 Net investment in lease receivable 2,919 2,926 Cash and cash equivalents 975,784 1,014,686 Restricted cash 198,544 228,311 Accounts receivable, net 70,990 66,726 Municipal Utility District receivables, net 332,040 314,394 Notes receivable, net 1,300 622 Deferred expenses, net 110,362 112,097 Operating lease right-of-use assets, net 55,412 56,255 Prepaid expenses and other assets, net 215,557 282,101 Total assets $ 9,154,162 $ 9,140,332 LIABILITIES Mortgages, notes and loans payable, net $ 4,395,187 $ 4,287,369 Operating lease obligations 68,460 68,929 Deferred tax liabilities 168,157 187,639 Accounts payable and accrued expenses 833,373 852,258 Total liabilities 5,465,177 5,396,195 Redeemable noncontrolling interest 27,718 29,114 EQUITY Preferred stock: $.01 par value; 50,000,000 shares authorized, none issued — — Common stock: $0.01 par value; 150,000,000 shares authorized, 56,178,233 issued and 55,107,675 outstanding as of March 31, 2021, 56,042,814 shares issued and 54,972,256 outstanding as of December 31, 2020 563 562 Additional paid-in capital 3,952,537 3,947,278 Accumulated deficit (139,150) (72,556) Accumulated other comprehensive loss (31,017) (38,590) Treasury stock, at cost, 1,070,558 shares as of March 31, 2021, and 1,070,558 shares as of December 31, 2020 (122,091) (122,091) Total stockholders' equity 3,660,842 3,714,603 Noncontrolling interests 425 420 Total equity 3,661,267 3,715,023 Total liabilities and equity $ 9,154,162 $ 9,140,332 Share Count Details (thousands) Shares outstanding at end of period (including restricted stock) 55,108 54,972 Dilutive effect of stock options (a) 11 27 Total diluted share equivalents outstanding 55,119 54,999 Balance Sheets (a) Stock options assume net share settlement calculated for the period presented.

HowardHughes.com 281.719.6100 9 Comparative Statements of Operations: Total PortfolioStatements of Operations thousands except per share amounts Q1 2021 Q1 2020 REVENUES Unaudited Unaudited Condominium rights and unit sales $ 37,167 $ 43 Master Planned Communities land sales 37,477 39,732 Rental revenue 85,899 92,744 Other land, rental and property revenues 23,243 34,897 Builder price participation 6,794 7,759 Total revenues 190,580 175,175 EXPENSES Condominium rights and unit cost of sales 54,968 97,901 Master Planned Communities cost of sales 15,651 16,786 Operating costs 58,598 64,606 Rental property real estate taxes 13,991 13,578 Provision for (recovery of) doubtful accounts (578) 1,701 Development-related marketing costs 1,644 2,816 General and administrative 21,766 39,081 Depreciation and amortization 49,308 61,637 Total expenses 215,348 298,106 OTHER Provision for impairment — (48,738) Gain (loss) on sale or disposal of real estate and other assets, net — 38,124 Other income (loss), net (10,308) (3,684) Total other (10,308) (14,298) Operating income (loss) (35,076) (137,229) Interest income 41 1,146 Interest expense (34,210) (34,448) Gain (loss) on extinguishment of debt (35,915) — Equity in earnings (losses) from real estate and other affiliates 15,796 11,349 Income (loss) before income taxes (89,364) (159,182) Income tax expense (benefit) (21,205) (34,100) Net income (loss) (68,159) (125,082) Net (income) loss attributable to noncontrolling interests 1,565 (52) Net income (loss) attributable to common stockholders $ (66,594) $ (125,134) Basic income (loss) per share $ (1.20) $ (2.88) Diluted income (loss) per share $ (1.20) $ (2.88)

HowardHughes.com 281.719.6100 10 thousands except share amounts YTD Q1 2021 YTD Q1 2020 RECONCILIATIONS OF NET INCOME TO FFO Unaudited Unaudited Net income attributable to common shareholders $ (66,594) $ (125,134) Adjustments to arrive at FFO: Segment real estate related depreciation and amortization 48,156 59,816 (Gain) loss on sale or disposal of real estate and other assets, net — (38,124) Income tax expense adjustments: Gain on sale or disposal of real estate and other assets, net — 8,006 Impairment of depreciable real estate properties — 48,738 Reconciling items related to noncontrolling interests (1,565) 52 Our share of the above reconciling items included in earnings from unconsolidated joint ventures 2,479 1,147 FFO $ (17,524) $ (45,499) Adjustments to arrive at Core FFO: (Gain) loss on extinguishment of debt 35,915 — Loss on settlement of rate-lock agreement 9,995 — Severance expenses 364 2,478 Non-real estate related depreciation and amortization 1,152 1,821 Straight-line amortization (4,692) (2,967) Deferred income tax (expense) benefit (21,619) (34,625) Non-cash fair value adjustments related to hedging instruments 2,973 1,093 Share-based compensation 2,167 809 Other non-recurring expenses (development-related marketing and demolition costs) 1,644 2,816 Our share of the above reconciling items included in earnings from unconsolidated joint ventures (1,252) 92 Core FFO $ 9,123 $ (73,982) Adjustments to arrive at AFFO: Tenant and capital improvements $ (3,279) $ (3,589) Leasing commissions (290) (922) AFFO $ 5,554 $ (78,493) FFO per diluted share value $ (0.31) $ (1.05) Core FFO per diluted share value $ 0.16 $ (1.71) AFFO per diluted share value $ 0.10 $ (1.81) Reconciliations of Net Income to FFO, Core FFO and AFFO

HowardHughes.com 281.719.6100 11 NOI by Region, excluding Seaport in thousands except Sq. Ft. and units Property % Ownership (a) Total Q1 2021 Occupied (#) Q1 2021 Leased (#) Q1 2021 Occupied (%) Q1 2021 Leased (%) Q1 2021 Annualized NOI (b) Stabilized NOI (c) Time to Stabilize (Years)Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Stabilized Properties Office - Houston 100 % 3,373,048 — 2,990,912 — 3,000,390 — 89 % — % 89 % — % $ 81,610 $ 91,614 — Office - Columbia 100 % 1,387,717 — 1,201,434 — 1,209,767 — 87 % — % 87 % — % 19,978 25,580 — Office - Summerlin 100 % 532,428 — 523,325 — 523,325 — 98 % — % 98 % — % 13,714 14,200 — Retail - Houston 100 % 420,527 — 338,730 — 344,509 — 81 % — % 82 % — % 10,221 13,353 — Retail - Columbia 100 % 89,199 — 89,199 — 89,199 — 100 % — % 100 % — % 2,191 2,300 — Retail - Hawaii 100 % 1,031,983 — 919,765 — 967,181 — 89 % — % 94 % — % 10,701 24,100 — Retail - Summerlin 100 % 801,098 — 741,742 — 772,176 — 93 % — % 96 % — % 22,404 26,301 — Retail - Other 100 % 264,507 — 206,957 — 219,255 — 78 % — % 83 % — % 1,812 6,500 — Multi-Family - Houston (d) 100 % 22,971 1,701 17,322 1,530 17,322 1,583 75 % 90 % 75 % 93 % 14,426 23,675 — Multi-Family - Columbia (d) 50 % 41,617 817 39,959 760 39,959 793 96 % 93 % 96 % 97 % 6,448 7,140 — Multi-Family - Summerlin (d) 100 % — 391 — 376 — 390 — % 96 % — % 100 % 6,683 7,050 — Hospitality - Houston (e) 100 % — 909 — 333 — — — % 37 % — % — % (1,602) 28,900 — Self-Storage - Houston 100 % — 1,357 — 1,261 — 1,275 — % 93 % — % 94 % 835 870 — Other - Summerlin 100 % — — — — — — — % — % — % — % 6,794 12,415 — Other Assets (f) Various 135,801 — 135,801 — 135,801 — 100 % — % 100 % — % 6,818 9,330 — Total Stabilized Properties (g) $ 203,033 $ 293,328 — Unstabilized Properties Office - Houston 100 % 595,617 — 169,761 — 184,415 — 29 % — % 31 % — % $ (1,941) $ 17,900 2.0 Office - Columbia 100 % 319,002 — 203,436 — 203,436 — 64 % — % 64 % — % (1,053) 9,200 2.0 Office - Other 23 % 1,491,651 — 627,064 — 1,146,824 — 42 % — % 77 % — % 6,428 14,421 2.0 Retail - Columbia 100 % 10,700 — — — 10,700 — — % — % 100 % — % (3) 400 1.0 Retail - Houston 100 % 72,977 — 51,416 — 51,416 — 70 % — % 70 % — % 169 2,200 1.0 Multi-Family - Houston (d) 100 % 11,448 549 6,146 235 6,146 292 54 % 43 % 54 % 53 % 2,075 12,029 2.4 Multi-Family - Columbia (d) 100 % 56,683 382 1,390 244 11,370 307 2 % 64 % 20 % 80 % 1,037 9,162 2.0 Total Unstabilized Properties $ 6,712 $ 65,312 1.9

HowardHughes.com 281.719.6100 12 NOI by RegionNOI by Region, excluding Seaport (con't) in thousands except Sq. Ft. and units Property % Ownership (a) Total Q1 2021 Occupied (#) Q1 2021 Leased (#) Q1 2021 Occupied (%) Q1 2021 Leased (%) Q1 2021 Annualized NOI (b) Stabilized NOI (c) Time to Stabilize (Years)Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Under Construction Properties Retail - Hawaii 100 % 48,357 — — — 1,688 — — % — % 3 % — % n/a $ 1,918 1.7 Multi-Family - Houston (d) 100 % — 718 — — — — — % — % — % — % n/a 9,057 2.5 Multi-Family - Columbia (d) 100 % 32,411 472 — — — — — % — % — % — % n/a 9,325 5.0 Total Under Construction Properties n/a $ 20,300 3.7 Total/ Wtd. Avg. for Portfolio $ 209,745 $ 378,940 2.7 (a) Includes our share of NOI for our joint ventures. (b) Annualized Q1 2021 NOI also includes distribution received from cost method investment in Q1 2020. For purposes of this calculation, this one time annual distribution is not annualized. (c) Table above excludes Seaport NOI, units, and square feet until we have greater clarity with respect to the performance of our tenants. See page 17 for Seaport 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 Q1 2021. As a result of COVID-19, we continue to see lower occupancy in the first quarter of 2021, compared to levels achieved prior to the impact of the pandemic. However, with an increase in business and leisure travel during the first quarter of 2021, the performance of our hospitality assets has improved when compared to the fourth quarter of 2020, with increases in occupancy at Embassy Suites at Hughes Landing and The Westin at The Woodlands. (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 Annualized NOI and Stabilized NOI is attributable to a number of factors which may include temporary abatements, deferrals or lost revenue due to COVID-19 restrictions, timing of lease turnovers, free rent and other market factors.

HowardHughes.com 281.719.6100 13 in thousands except Sq. Ft. and units Property Location % Ownership Rentable Sq. Ft. Q1 2021 % Occ. Q1 2021 % Leased Annualized Q1 2021 NOI (a) Est. Stabilized NOI (a) Office One Hughes Landing Houston, TX 100 % 197,719 92 % 97 % $ 5,350 $ 5,900 Two Hughes Landing Houston, TX 100 % 197,714 70 % 70 % 3,974 6,000 Three Hughes Landing Houston, TX 100 % 320,815 90 % 90 % 8,032 8,200 1725 Hughes Landing Boulevard Houston, TX 100 % 331,176 63 % 63 % 5,288 6,900 1735 Hughes Landing Boulevard Houston, TX 100 % 318,170 100 % 100 % 8,139 8,200 2201 Lake Woodlands Drive Houston, TX 100 % 24,119 100 % 100 % 497 500 Lakefront North Houston, TX 100 % 258,058 82 % 82 % 5,129 6,458 8770 New Trails Houston, TX 100 % 180,000 100 % 100 % 2,440 4,400 9303 New Trails Houston, TX 100 % 97,967 75 % 75 % 1,324 1,800 3831 Technology Forest Drive Houston, TX 100 % 95,078 100 % 100 % 2,560 2,600 3 Waterway Square Houston, TX 100 % 232,021 87 % 87 % 6,237 6,500 4 Waterway Square Houston, TX 100 % 218,551 100 % 100 % 6,832 6,856 1201 Lake Robbins Tower (b) Houston, TX 100 % 805,993 100 % 100 % 25,411 25,800 1400 Woodloch Forest Houston, TX 100 % 95,667 48 % 48 % 397 1,500 10 - 70 Columbia Corporate Center Columbia, MD 100 % 898,054 84 % 85 % 11,038 14,331 Columbia Office Properties Columbia, MD 100 % 62,038 52 % 52 % 568 1,402 One Mall North Columbia, MD 100 % 96,977 95 % 95 % 1,674 1,947 One Merriweather Columbia, MD 100 % 206,632 100 % 100 % 4,758 4,800 Two Merriweather Columbia, MD 100 % 124,016 93 % 93 % 1,940 3,100 Aristocrat Las Vegas, NV 100 % 181,534 100 % 100 % 4,228 4,300 One Summerlin Las Vegas, NV 100 % 206,279 96 % 96 % 6,027 6,100 Two Summerlin Las Vegas, NV 100 % 144,615 100 % 100 % 3,459 3,800 Total Office 5,293,193 $ 115,302 $ 131,394 Retail Creekside Village Green Houston, TX 100 % 74,670 77 % 77 % $ 1,799 $ 2,097 Hughes Landing Retail Houston, TX 100 % 125,798 82 % 82 % 3,408 4,375 1701 Lake Robbins Houston, TX 100 % 12,376 100 % 100 % 628 630 Lake Woodlands Crossing Retail Houston, TX 100 % 60,261 85 % 85 % 1,472 1,668 Lakeland Village Center at Bridgeland Houston, TX 100 % 67,947 66 % 68 % 849 1,700 20/25 Waterway Avenue Houston, TX 100 % 50,062 89 % 98 % 1,488 2,013 Waterway Garage Retail Houston, TX 100 % 21,513 78 % 78 % 329 600 2000 Woodlands Parkway Houston, TX 100 % 7,900 100 % 100 % 248 270 Columbia Regional Building Columbia, MD 100 % 89,199 100 % 100 % 2,191 2,300 Ward Village Retail Honolulu, HI 100 % 1,031,983 89 % 94 % 10,701 24,100 Downtown Summerlin (c) Las Vegas, NV 100 % 801,098 93 % 96 % 22,404 26,301 Outlet Collection at Riverwalk New Orleans, LA 100 % 264,507 78 % 83 % 1,812 6,500 Total Retail 2,607,314 $ 47,329 $ 72,554 Stabilized PropertiesStabilized Properties - Operating Assets Segment

HowardHughes.com 281.719.6100 14 in thousands except Sq. Ft. and units Q1 2021 %Occ.(d) Q1 2021 % Leased (d) Property Location % Ownership Rentable Sq. Ft. Units Rentable Sq. Ft. Units Rentable Sq. Ft. Units Annualized Q1 2021 NOI (a) (b) Est. Stabilized NOI (a) Multi-family Creekside Park Apartments Houston, TX 100 % — 292 n/a 95 % n/a 97 % $ 2,410 $ 3,500 Lakeside Row Houston, TX 100 % — 312 n/a 92 % n/a 94 % 2,237 3,875 Millennium Six Pines Apartments Houston, TX 100 % — 314 n/a 89 % n/a 93 % 2,330 4,500 Millennium Waterway Apartments Houston, TX 100 % — 393 n/a 89 % n/a 94 % 2,555 4,600 One Lakes Edge Houston, TX 100 % 22,971 390 75 % 86 % 75 % 89 % 4,894 7,200 The Metropolitan Downtown Columbia Columbia, MD 50 % 13,591 380 88 % 94 % 88 % 98 % 2,908 3,132 m.flats/TEN.M Columbia, MD 50 % 28,026 437 100 % 92 % 100 % 97 % 3,540 4,008 Constellation Apartments Las Vegas, NV 100 % — 124 n/a 96 % n/a 98 % 1,841 2,200 Tanager Apartments Las Vegas, NV 100 % — 267 n/a 96 % n/a 100 % 4,842 4,850 Total Multi-family (e) 64,588 2,909 $ 27,557 $ 37,865 Hotel Embassy Suites at Hughes Landing (f) Houston, TX 100 % — 205 n/a 63 % n/a n/a $ 785 $ 5,600 The Westin at The Woodlands (f) Houston, TX 100 % — 302 n/a 38 % n/a n/a (1,587) 9,600 The Woodlands Resort & Conference Center (f) Houston, TX 100 % — 402 n/a 22 % n/a n/a (800) 13,700 Total Hotel — 909 $ (1,602) $ 28,900 Other Hughes Landing Daycare Houston, TX 100 % 10,000 — 100 % — % 100 % — % $ 259 $ 278 The Woodlands Warehouse Houston, TX 100 % 125,801 — 100 % — % 100 % — % 1,280 1,300 HHC 242 Self-Storage Houston, TX 100 % — 629 n/a 92 % n/a 93 % 418 450 HHC 2978 Self-Storage Houston, TX 100 % — 728 n/a 94 % n/a 95 % 417 420 Woodlands Sarofim #1 Houston, TX 20 % n/a n/a n/a n/a n/a n/a 248 250 Stewart Title of Montgomery County, TX Houston, TX 50 % n/a n/a n/a n/a n/a n/a 1,272 1,900 The Woodlands Ground Leases Houston, TX 100 % n/a n/a n/a n/a n/a n/a 1,945 1,950 Kewalo Basin Harbor Honolulu, HI 100 % n/a n/a n/a n/a n/a n/a 1,345 1,350 Hockey Ground Lease Las Vegas, NV 100 % n/a n/a n/a n/a n/a n/a 556 560 Summerlin Hospital Medical Center Las Vegas, NV 5 % n/a n/a n/a n/a n/a n/a 3,755 3,755 Las Vegas Ballpark (f)(g) Las Vegas, NV 100 % n/a n/a n/a n/a n/a n/a 2,483 8,100 Other Assets Various 100 % n/a n/a n/a n/a n/a n/a 469 2,302 Total Other 135,801 1,357 $ 14,447 $ 22,615 Total Stabilized $ 203,033 $ 293,328 Stabilized Properties (cont'd) (a) For Stabilized Properties, the difference between Annualized NOI and Stabilized NOI is attributable to a number of factors which may include temporary abatements, deferrals or lost revenue due to COVID-19 restrictions, timing of lease turnovers, free rent and other market factors. (b) 1201 Lake Robbins Tower and 9950 Woodloch Forest Tower, are collectively known as The Woodlands Towers at the Waterway. 9950 Woodloch Forest Tower is an unstabilized property as of March 31, 2021. (c) Downtown Summerlin rentable sq. ft. excludes 381,767 sq. ft. of anchor space and 41,606 sq. ft. of office space. (d) With the exception of Hotel properties, Percentage Occupied and Percentage Leased are as of March 31, 2021. Each Hotel property Percentage Occupied is the average for Q1 2021. (e) Multi-Family square feet represent ground floor retail whereas multi-family units represent residential units for rent. (f) Annualized NOI for these properties are based on a trailing 12-month calculation due to seasonality of the respective businesses. (g) The Las Vegas Ballpark presentation is inclusive of the results from both the stadium operations and those of our wholly owned team, the Las Vegas Aviators. Stabilized Properties - Operating Assets Segment (con't)

HowardHughes.com 281.719.6100 15 Unstabilized Properties - Operating Assets Segment thousands except Sq. Ft. and units Q1 2021 %Occ.(a) Q1 2021 % Leased (a) Project Name Location % Ownership Rentable Sq. Ft. Units Rentable Sq. Ft. Units Rentable Sq. Ft. Units Develop. Costs Incurred Est. Total Cost (Excl. Land) Annualized Q1 2021 NOI Est. Stabilized NOI (b) Est. Stab. Date Est. Stab. Yield Office 9950 Woodloch Forest Tower (c)(d) Houston, TX 100 % 595,617 — 29 % n/a 31 % n/a $ 151,189 $ 210,571 $ (1,941) $ 17,900 2023 9 % 110 North Wacker (e) Chicago, IL 23 % 1,491,651 — 42 % n/a 77 % n/a 16,078 16,078 6,428 14,421 2023 8 % 6100 Merriweather Columbia, MD 100 % 319,002 — 64 % n/a 64 % n/a 109,869 138,221 (1,053) 9,200 2023 7 % Total Office 2,406,270 — $ 277,136 $ 364,870 $ 3,434 $ 41,521 Retail Creekside Park West Houston, TX 100 % 72,977 — 70 % n/a 70 % n/a $ 19,295 $ 20,777 $ 169 $ 2,200 2022 11 % Merriweather District Area 3 Standalone Restaurant Columbia, MD 100 % 10,700 — — % n/a 100 % n/a 4,000 6,530 (3) 400 2022 6 % Total Retail 83,677 — $ 23,295 $ 27,307 $ 166 $ 2,600 Multi-family Juniper Apartments Columbia, MD 100 % 56,683 382 2 % 64 % 20 % 80 % $ 97,257 $ 116,386 $ 1,037 $ 9,162 2023 8 % The Lane at Waterway Houston, TX 100 % — 163 n/a 13 % n/a 26 % 35,743 45,033 (251) 3,500 2022 8 % Two Lakes Edge Houston, TX 100 % 11,448 386 54 % 55 % 54 % 65 % 99,118 107,706 2,326 8,529 2024 8 % Total Multi-family (f) 68,131 / 931 $ 232,118 $ 269,125 $ 3,112 $ 21,191 Total Unstabilized $ 532,549 $ 661,302 $ 6,712 $ 65,312 (a) Percentage Occupied and Percentage Leased are as of March 31, 2021. (b) Company estimates of stabilized NOI are based on current leasing velocity, excluding inflation and organic growth. (c) 9950 Woodloch Forest Tower development costs incurred and estimated total cost are inclusive of acquisition and tenant lease-up costs. (d) 1201 Lake Robbins Tower and 9950 Woodloch Forest Tower, are collectively known as The Woodlands Towers at the Waterway. 1201 Lake Robbins Tower is a stabilized property as of March 31, 2021 as Occidental Petroleum has leased 100% of the building through 2032. (e) The above represents only our membership interest and HHC’s total cash equity requirement. Est. Stabilized NOI Yield is based on the projected building NOI at stabilization and our percentage ownership of the equity capitalized of the projects. It does not include the impact of the partnership distribution waterfall. (f) Multi-Family square feet represent ground floor retail whereas multi-family units represent residential units for rent.

HowardHughes.com 281.719.6100 16 Under Construction PropertiesUnder Construction Projects - Strategic Developments Segment in thousands except Sq. Ft. and units (Owned & Managed) Project Name Location % Ownership Est. Rentable Sq. Ft. Percent Pre- Leased (a) Project Status Const. Start Date Est. Stabilized Date (b) Develop. Costs Incurred Est. Total Cost (Excl. Land) Est. Stabilized NOI Est. Stab. Yield Retail ‘A‘ali‘i (c) Honolulu, HI 100 % 11,570 — % Under Construction Q4 2018 2022 $ — $ — $ 637 — % Kō'ula (c) Honolulu, HI 100 % 36,787 5 % Under Construction Q3 2019 2023 — — 1,281 — % Total Retail 48,357 $ — $ — $ 1,918 Project Name Location % Ownership # of Units Monthly Est. Rent Per Unit Project Status Const. Start Date Est. Stabilized Date (b) Develop. Costs Incurred Est. Total Cost (Excl. Land) Est. Stabilized NOI Est. Stab. Yield Multi-family Creekside Park The Grove Houston, TX 100 % 360 $ 1,744 Under Construction Q3 2019 2023 $ 36,475 $ 57,472 $ 4,697 8 % Marlow Columbia, MD 100 % 472 1,984 Under Construction Q1 2021 2026 10,644 130,490 9,325 7 % Starling at Bridgeland Houston, TX 100 % 358 1,622 Under Construction Q4 2020 2024 1,374 58,072 4,360 8 % Total Multi-family 1,190 $ 48,493 $ 246,034 $ 18,382 Total Under Construction $ 48,493 $ 246,034 $ 20,300 (a) Represents leases signed as of March 31, 2021, and is calculated as the total leased square feet divided by total leasable square feet, expressed as a percentage. (b) Represents management's estimate of the first quarter of operations in which the asset may be stabilized. (c) Condominium retail Develop. Cost Incurred and Est. Total Costs (Excl. Land) are combined with their respective condominium costs on page 18 and 19 of this supplement.

HowardHughes.com 281.719.6100 17 NOI by RegionSeaport Operating Performance Q1 2021 Landlord Operations (a) Managed Businesses (b) Events, Sponsorships & Catering Business (f) Q1 2021 Total$ in thousands Historic District & Pier 17 Multi-Family (c) Historic District & Pier 17 (d) Tin Building (e) Revenues Rental revenue (g) $ 1,752 $ 204 $ — $ — $ — $ 1,956 Tenant recoveries 250 — (6) — — 244 Other rental and property (expense) revenue 2 1 3,235 — 1,459 4,697 Total Revenues 2,004 205 3,229 — 1,459 6,897 Expenses Other property operating costs (g) (5,244) (113) (4,024) — (1,895) (11,276) Total Expenses (5,244) (113) (4,024) — (1,895) (11,276) Net Operating (Loss) Income - Seaport (h) $ (3,240) $ 92 $ (795) $ — $ (436) $ (4,379) Project Status Unstabilized Stabilized Unstabilized Under Construction Unstabilized Rentable Sq. Ft. / Units Total Sq. Ft. / units 325,079 13,000 / 21 52,379 53,000 21,077 Leased Sq. Ft. / units (i) 138,303 — / 20 52,379 53,000 21,077 % Leased or occupied (i) 43 % — % / 95 % 100 % 100 % 100 % Development (j) Development costs incurred $ 541,628 $ — $ — $ 119,354 $ — $ 660,982 Estimated total costs (excl. land) $ 594,368 $ — $ — $ 194,613 $ — $ 788,981 (a) Landlord operations represents physical real estate developed and owned by HHC and leased to third parties. (b) Managed businesses represents retail and food and beverage businesses that HHC owns, either wholly or through joint ventures, and operates, including license and management agreements. For the three months ended March 31, 2021, our managed businesses include, among others, The Fulton, SJP by Sarah Jessica Parker, R17, Cobble & Co., Malibu Farm and Ssäm Bar (formerly Bar Wayō). (c) Multi-family represents 85 South Street which includes base level retail in addition to residential units.. (d) Includes our 90% share of NOI from Ssäm Bar. (e) Represents the marketplace by Jean-Georges. As a result of impacts related to COVID-19, there were delays in construction on the Tin Building, however construction is still on track for completion in the fourth quarter of 2021 with opening expected in early 2022. (f) Events, sponsorships & catering business includes private events, catering, sponsorships, concert series and other rooftop activities. (g) Rental revenue and expense earned from and paid by businesses we own and operate is eliminated in consolidation. (h) See page 34 for the reconciliation of Seaport NOI. (i) The percent leased for Historic District & Pier 17 landlord operations includes agreements with terms of less than one year and excludes leases with our managed businesses. (j) Development costs incurred and Estimated total costs (excl. land) are shown net of insurance proceeds of approximately $64.7 million.

HowardHughes.com 281.719.6100 18 Ward Village - Sold Out Condominiums As of March 31, 2021 Anaha Ae‘o Ke Kilohana (a) Total Key Metrics ($ in thousands) Type of building Luxury Upscale Workforce Number of units 317 465 423 1,205 Avg. unit Sq. Ft. 1,417 838 696 940 Condo Sq. Ft. 449,205 389,663 294,273 1,133,141 Street retail Sq. Ft. 16,048 70,800 28,386 115,234 Stabilized retail NOI $1,200 $1,900 $1,231 $4,331 Stabilization year 2020 2019 2020 Development progress ($ in millions) Status Opened Opened Opened Start date Q4 2014 Q1 2016 Q4 2016 Completion / Est. Completion date Q4 2017 Q4 2018 Q2 2019 Total development cost $404,038 $430,737 $217,483 $1,052,258 Cost-to-date 400,509 428,839 215,841 1,045,189 Remaining to be funded $3,529 $1,898 $1,642 $7,069 Financial Summary ($ in thousands except per Sq. Ft.) Units closed (through Q1 2021) 316 465 423 1,204 Units under contract (through Q1 2021) 1 — — 1 Units remaining to be sold (through Q1 2021) — — — — Total % of units closed or under contract 100.0% 100.0% 100.0% 100.0% Units closed (current quarter) 1 — — 1 Units under contract (current quarter) — — — — Square footage closed or under contract (total) 449,205 389,663 294,273 1,133,141 Total % square footage closed or under contract 100.0% 100.0% 100.0% 100.0% Total cash received (closings & deposits) $503,872 $512,647 $218,576 $1,235,095 Total GAAP revenue recognized $1,234,089 Expected avg. price per Sq. Ft. $1,100 - 1,150 $1,300 - 1,350 $700 - 750 (a) Ke Kilohana consists of 375 workforce units and 48 market rate units.

HowardHughes.com 281.719.6100 19 Ward Village - Condominiums Remaining to be Sold As of March 31, 2021 Waiea ‘A‘ali‘i Kō'ula Victoria Place Total Key Metrics ($ in thousands) Type of building Ultra-Luxury Upscale Upscale Ultra-Luxury Number of units 177 750 565 349 1,841 Avg. unit Sq. Ft. 2,138 520 725 1,164 861 Condo Sq. Ft. 378,488 390,097 409,612 406,351 1,584,548 Street retail Sq. Ft. (a) 7,716 11,570 36,787 n/a 56,073 Stabilized retail NOI $453 $637 $1,281 n/a $2,371 Stabilization year 2017 2022 2023 n/a Development progress ($ in millions) Status Opened Under Construction Under Construction Under Construction Start date Q2 2014 Q4 2018 Q3 2019 Q1 2021 Completion / Est. Completion date Q4 2016 Q4 2021 2022 2024 Total development cost $594,571 $411,900 $487,039 $503,271 $1,996,781 Cost-to-date 451,194 296,219 140,939 46,317 934,669 Remaining to be funded $143,377 $115,681 $346,100 $456,954 $1,062,112 Financial Summary ($ in thousands except per Sq. Ft.) Units closed (through Q1 2021) 174 — — — 174 Units under contract (through Q1 2021) — 648 447 298 1,393 Units remaining to be sold (through Q1 2021) 3 102 118 51 274 Total % of units closed or under contract 98.3% 86.4% 79.1% 85.4% 85.1% Units closed (current quarter) 4 — — — 4 Units under contract (current quarter) — 8 8 30 46 Square footage closed or under contract (total) 369,937 318,883 333,887 356,120 1,378,827 Total % square footage closed or under contract 97.7% 81.7% 81.5% 87.6% 87.0% Total cash received (closings & deposits) $681,326 $87,269 $105,802 $130,058 $1,004,455 Total GAAP revenue recognized $681,326 Expected avg. price per Sq. Ft. (b) $1,900 - 1,950 $1,300 - 1,350 $1,500 - 1,550 $1,850 - $1,900 Deposit Reconciliation (in thousands) Spent towards construction $— $84,759 $63,985 $— $148,744 Held for future use (c) — 2,510 41,817 130,058 174,385 Total deposits from sales commitment $— $87,269 $105,802 $130,058 $323,129 Target condo profit margin across all sold and remaining to be sold condos at completion (excluding land cost) is approximately 30%. (a) Expected construction cost per retail square foot for all sold and remaining to be sold condos is approximately $1,100. (b) Expected average price per square foot for all sold and remaining to be sold condos is between $1,300 and $1,350. (c) Total deposits held for future use are presented above only for projects under construction and are included in Restricted cash on the balance sheet.

HowardHughes.com 281.719.6100 20 Summary of Remaining Development Costs in thousands Property Location Total Estimated Costs (a) Costs Paid Through March 31, 2021 Estimated Remaining to be Spent Remaining Buyer Deposits/ Holdback to be Drawn Debt to be Drawn (b) Costs Remaining to be Paid, Net of Debt and Buyer Deposits/ Holdbacks to be Drawn (c) Estimated Completion Date Operating Assets (A) (B) (A) - (B) = (C) (D) (E) (C) - (D) - (E) = (F) 6100 Merriweather Columbia, MD $ 138,221 $ 109,869 $ 28,352 $ — $ 25,960 $ 2,392 (d) Open Juniper Apartments Columbia, MD 116,386 97,257 19,129 — 17,674 1,455 (d) Open Merriweather District Area 3 Standalone Restaurant Columbia, MD 6,530 4,000 2,530 — — 2,530 (d) Open Creekside Park West Houston, TX 20,777 19,295 1,482 — 2,890 (1,408) (d)(e) Open The Lane at Waterway Houston, TX 45,033 35,743 9,290 — 8,119 1,171 Open Two Lakes Edge Houston, TX 107,706 99,118 8,588 — 7,181 1,407 (d) Open Total Operating Assets 434,653 365,282 69,371 — 61,824 7,547 Seaport Assets Pier 17 and Historic District Area / Uplands New York, NY 594,368 541,628 52,740 — — 52,740 (d)(f) Open Tin Building New York, NY 194,613 119,354 75,259 — — 75,259 Q4 2021 Total Seaport Assets 788,981 660,982 127,999 — — 127,999 Strategic Developments Creekside Park The Grove Houston, TX 57,472 36,475 20,997 — 18,016 2,981 Q2 2021 Marlow Columbia, MD 130,490 10,644 119,846 — — 119,846 2023 Starling at Bridgeland Houston, TX 58,072 1,374 56,698 — — 56,698 2022 ‘A‘ali‘i Honolulu, HI 411,900 296,219 115,681 5,571 103,084 7,026 Q4 2021 Anaha Honolulu, HI 404,038 400,509 3,529 — — 3,529 Open Ke Kilohana Honolulu, HI 217,483 215,841 1,642 — — 1,642 Open Kō'ula Honolulu, HI 487,039 140,939 346,100 31,920 289,957 24,223 2022 Victoria Place Honolulu, HI 503,271 46,317 456,954 137,805 309,912 9,237 2024 Waiea Honolulu, HI 594,571 451,194 143,377 — — 143,377 (g) Open Total Strategic Developments 2,864,336 1,599,512 1,264,824 175,296 720,969 368,559 Combined Total $ 4,087,970 $ 2,625,776 $ 1,462,194 $ 175,296 $ 782,793 $ 504,105 Starling at Bridgeland financing $ (42,668) (h) Marlow financing (82,570) (h) Estimated costs to be funded net of financing, assuming closing on estimated financing $ 378,867 See page 32 for definition of "Remaining Development Costs". (a) Total Estimated Costs represent all costs to be incurred on the project which include construction costs, demolition costs, marketing costs, capitalized leasing, payroll or project development fees, deferred financing costs and advances for certain accrued costs from lenders and excludes land costs and capitalized corporate interest allocated to the project. Total Estimated Costs for assets at Ward Village and Columbia exclude master plan infrastructure and amenity costs at Ward Village and Merriweather District. (b) With respect to our condominium projects, remaining debt to be drawn is reduced by deposits utilized for construction. (c) We expect to be able to meet our cash funding requirements with a combination of existing and anticipated construction loans, condominium buyer deposits, free cash flow from our Operating Assets and MPC segments, net proceeds from condominium sales, our existing cash balances and as necessary, the postponement of certain projects. (d) Final completion is dependent on lease-up and tenant build-out. (e) Negative balances represent cash to be received in excess of Estimated Remaining to be Spent. These items are primarily related to December 2020 costs that were paid by us, but not yet reimbursed by our lenders. We expect to receive funds from our lenders for these costs in the future. (f) Development costs incurred and Estimated total costs (excl. land) are shown net of insurance proceeds of approximately $64.7 million. (g) Total estimate includes $136.0 million for necessary warranty repairs. However, we anticipate recovering a substantial amount of these costs in the future, which is not reflected in this schedule. (h) The financing for Marlow and Starling at Bridgeland closed in April 2021.

HowardHughes.com 281.719.6100 21 MPC Regions Non-MPC Regions The Woodlands The 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. 3,373,048 — — 532,428 1,387,717 5,293,193 — — — — Retail Sq. Ft. (a) 375,551 — 67,947 801,098 130,816 1,375,412 1,031,983 13,000 264,507 1,309,490 Multifamily units 1,389 — 312 391 817 2,909 — 21 — 21 Hotel Rooms 909 — — — — 909 — — — — Self-Storage Units 1,357 — — — — 1,357 — — — — Other Sq. Ft. 135,801 — — — — 135,801 — — — — Operating - Unstabilized Properties Office Sq.Ft. 595,617 — — — 319,002 914,619 — 146,935 1,491,651 1,638,586 Retail Sq.Ft. 84,425 — — — 67,383 151,808 — 251,600 — 251,600 Multifamily units 549 — — — 382 931 — — — — Hotel rooms — — — — — — — — — — Self-Storage Units — — — — — — — — — — Other Sq. Ft. — — — — — — — — — — Operating - Under Construction Properties Office Sq.Ft. — — — — — — — — — — Retail Sq.Ft. — — — — 32,411 32,411 48,357 53,000 — 101,357 Other Sq. Ft. — — — — — — — — — — Multifamily units 360 — 358 — 472 1,190 — — — — 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. 3,046 n.a. n.a. 3,046 Current Residents (b) 119,000 750 15,500 116,000 112,000 363,250 n.a. n.a. n.a. — Remaining saleable acres/condos 27 ac. 1,276 ac. 2,743 ac. 2,854 ac. n/a 6,900 ac. 274 n.a. n.a. 274 Estimated price per acre (c) $ 1,402 $ 286 $ 451 $ 743 n/a $ — n.a. n.a. n.a. $ — Commercial Land Total acreage remaining 721 ac. 175 ac. 1,342 ac. 831 ac. 96 ac. 3,165 ac. n.a. n.a. n.a. — Estimated price per acre (c) $ 987 $ 515 $ 615 $ 1,012 $ 580 $ — n.a. n.a. n.a. $ — Portfolio Key Metrics 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 and 41,606 Sq. Ft of additional office space above our retail space. (b) Acreage shown as of March 31, 2021; current residents shown as of March 31, 2021. (c) Residential and commercial pricing represents the Company's estimate of price per acre per its 2022 land models. Portfolio Key Metrics

HowardHughes.com 281.719.6100 22 (a) Commercial acres may be developed by us or sold. (b) Reconciliation of GAAP MPC segment EBT to MPC Net Contribution is found under Reconciliation of Non-GAAP Measures on page 35. (c) Est. Stabilized NOI (Future) and Wtd. avg. time to stabilize (yrs.) represents all assets within the respective MPC regions, inclusive of stabilized, unstabilized and under construction. MPC Portfolio Master Planned Communities- Remaining Saleable Acres (a) Income Producing Assets - Stabilized and Unstabilized Commercial 23% Residential 77% Stabilized 100% Commercial 36% Residential 64% Unstabilized 7% Stabilized 93% Unstabilized 17% Stabilized 83% Commercial 100% $ in thousands Nevada Texas Maryland Total MPC Performance - 1Q21 & 1Q20 MPC Net Contribution (1Q21) (b) $ 9,472 $ (6,785) $ (201) $ 2,486 MPC Net Contribution (1Q20) (b) $ (1,860) $ (8,348) $ (328) $ (10,536) Operating Asset Performance - 2021 & Future Annualized 1Q21 in-place NOI $ 48,331 $ 112,950 $ 28,516 $ 189,797 Est. stabilized NOI (future) (c) $ 59,966 $ 207,594 $ 63,091 $ 330,651 Wtd. avg. time to stab. (yrs.) (c) — 2.4 3.7 —

HowardHughes.com 281.719.6100 23 Master Planned Community Land The Woodlands The Woodlands Hills Bridgeland Summerlin Columbia Total $ in thousands Q1 2021 Q1 2020 Q1 2021 Q1 2020 Q1 2021 Q1 2020 Q1 2021 Q1 2020 Q1 2021 Q1 2020 Q1 2021 Q1 2020 Revenues: Residential land sale revenues (a) $ — $ 8,701 $ 5,004 $ 2,573 $ 12,666 $ 17,547 $ 19,684 $ 9,120 $ — $ — $ 37,354 $ 37,941 Commercial land sale revenues (a) — — — — 123 1,791 — — — — 123 1,791 Builder price participation 18 40 78 16 362 284 6,336 7,418 — — 6,794 7,758 Other land sale revenues 167 115 — — 10 16 3,839 2,825 — — 4,016 2,956 Total revenues 185 8,856 5,082 2,589 13,161 19,638 29,859 19,363 — — 48,287 50,446 Expenses: Cost of sales - residential land — (4,968) (2,002) (978) (3,407) (5,720) (10,209) (4,536) — — (15,618) (16,202) Cost of sales - commercial land — — — — (33) (584) — — — — (33) (584) Real estate taxes (959) (1,143) (26) 25 (633) (604) (557) (632) (145) (144) (2,320) (2,498) Land sales operations (1,828) (1,505) (348) (440) (803) (875) (2,262) (1,434) (55) (184) (5,296) (4,438) Depreciation and amortization (13) (34) — — (35) (34) (24) (23) — — (72) (91) Total operating expenses (2,800) (7,650) (2,376) (1,393) (4,911) (7,817) (13,052) (6,625) (200) (328) (23,339) (23,813) Net interest capitalized (expense) (436) (962) 408 295 4,885 3,936 5,900 5,285 — — 10,757 8,554 Equity in earnings from real estate affiliates — — — — — — 27,650 8,934 — — 27,650 8,934 EBT $ (3,051) $ 244 $ 3,114 $ 1,491 $ 13,135 $ 15,757 $ 50,357 $ 26,957 $ (200) $ (328) $ 63,355 $ 44,121 Key Performance Metrics: Residential Total acres closed in current period — ac. 7.4 ac. 16.3 ac. 8.5 ac. 27.6 ac. 40.0 ac. 9.8 ac. 0.6 ac. — — Price per acre achieved (b) NM $ 1,176 $ 307 $ 303 $ 459 $ 439 $ 1,741 $ 1,542 NM NM Avg. gross margins NM 42.9 % 60.0 % 62.0 % 73.1 % 67.4 % 48.1 % 50.3 % NM NM Commercial Total acres closed in current period — — — — 18.1 16.0 ac. — — ac. — — Price per acre achieved NM NM NM NM $ 130 $ 131 NM NM NM NM Avg. gross margins NM NM NM NM 73.1 % 67.4 % NM NM NM NM Avg. combined before-tax net margins NM 46.4 % 60.0 % 62.0 % 73.1 % 67.4 % 48.1 % 50.3 % NM NM Key Valuation Metrics The Woodlands The Woodlands Hills Bridgeland Summerlin Columbia Remaining saleable acres Residential 27 ac. 1,276 ac. 2,743 ac. 2,854 ac. — Commercial (c) 721 ac. 175 ac. 1,342 ac. 831 ac. 96 ac. Projected est. % superpads / lot size —% / — —% / — —% / — 87% / 0.25 ac NM Projected est. % single-family detached lots / lot size 34% / 0.80 ac 85% / 0.21 ac 88% / 0.22 ac —% / — NM Projected est. % single-family attached lots / lot size 66% / 0.12 ac 15% / 0.13 ac 9% / 0.11 ac —% / — NM Projected est. % custom homes / lot size —% / — —% / — 3% / 0.63 ac 13% / 0.45 ac NMEstimated builder sale velocity (blended total - TTM) (d) 9 33 84 130 NM Projected GAAP gross margin (e) 76.2% / 75.6% 60.0% / 62.4% 73.1% / 67.4% 52.8% / 53.7% NM Projected cash gross margin (e) 96.8% 86.1% 86.8% 74.6% NMResidential sellout / Commercial buildout date estimate Residential 2023 2030 2035 2039 — Commercial 2034 2030 2045 2039 2023 (a) Summerlin's residential revenues for 2020 includes the recognition of $8.2 million in deferred revenue. Bridgeland’s commercial revenues for 2021 exclude $2.2 million in deferred revenue due to post-closing development obligations associated with the land sold. (b) The price per acre achieved for Summerlin residential lots is mostly attributable to custom lots sales, impacting results. The price per acre achieved for The Woodlands residential lots is mostly attributable to the mix of lots sold, positively impacting results. (c) Columbia Commercial excludes 31 commercial acres held in the Strategic Developments segment in Downtown Columbia. (d) Represents the average monthly builder homes sold over the last twelve months ended March 31, 2021. (e) Projected GAAP gross margin is based on GAAP revenues and expenses which exclude revenues deferred on sales closed where revenue did not meet criteria for recognition and includes revenues previously deferred that met criteria for recognition in the current period. Gross margin for each MPC may vary from period to period based on the locations of the land sold and the related costs associated with developing the land sold. Projected cash gross margin includes all future projected revenues less all future projected development costs, net of expected reimbursable costs, and capitalized overhead, taxes and interest. NM Not meaningful. Master Planned Community Land

HowardHughes.com 281.719.6100 24 Office Expirations (a) Retail Expirations (a) Expiration Year Annualized Cash Rent ($ in thousands) Percentage of Annualized Cash Rent Wtd. Avg. Annualized Cash Rent Per Leased Sq. Ft. Annualized Cash Rent ($ in thousands) Percentage of Annualized Cash Rent Wtd. Avg. Annualized Cash Rent Per Leased Sq. Ft. 2021 $ 5,151 2.47 % $ 18.95 $ 3,484 4.52 % $ 20.84 2022 18,116 8.67 % 11.60 5,002 6.50 % 34.63 2023 12,176 5.83 % 21.69 7,825 10.16 % 44.39 2024 18,516 8.86 % 29.37 6,662 8.65 % 44.43 2025 17,678 8.46 % 20.61 20,149 26.17 % 46.32 2026 9,899 4.74 % 39.65 6,310 8.19 % 43.69 2027 20,931 10.02 % 36.01 4,720 6.13 % 52.08 2028 11,197 5.36 % 39.75 4,266 5.54 % 41.37 2029 8,495 4.07 % 17.09 3,514 4.56 % 36.99 2030 15,497 7.42 % 40.44 3,137 4.07 % 45.70 Thereafter 71,278 34.12 % 45.42 11,927 15.49 % 38.71 Total $ 208,934 100.00 % $ 76,996 100.00 % (a) Excludes leases with an initial term of 12 months or less. Also excludes Seaport leases. Lease ExpirationsLease Expirations Office and Retail Lease Expirations Total Office and Retail Portfolio as of March 31, 2021 % o f A nn ua liz ed C as h R en t E xp iri ng Houston Summerlin Columbia Hawaii Other Office 2021 Retail 2021 Office 2022 Retail 2022 Office 2023 Retail 2023 Office 2024 Retail 2024 Office 2025 Retail 2025 Office 2026 Retail 2026 Office 2027 Retail 2027 Office 2028 Retail 2028 Office 2029 Retail 2029 Office 2030 Retail 2030 Office 2031+ Retail 2031+ 0% 6% 12% 18% 24% 30%

HowardHughes.com 281.719.6100 25 thousands except rentable Sq. Ft. / Units / Acres Q1 2021 Acquisitions Date Acquired Property % Ownership Location Rentable Sq. Ft. / Units / Acres Acquisition Price No acquisition activity in Q1 2021 Q1 2021 Dispositions Date Sold Property % Ownership Location Rentable Sq. Ft. / Units / Acres Sale Price No disposition activity in Q1 2021 Acquisition / Disposition ActivityAcquisition / Disposition Activity

HowardHughes.com 281.719.6100 26 Other Assets Property Name City, State % Own Acres Notes 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. Monarch City Allen, TX 100 % 230 Located north of Downtown Dallas, this 230-acre mixed-use development received unanimous zoning approval June 26, 2019. Century Park Houston, TX 100 % 63 In conjunction with the acquisition of the Occidental Towers in The Woodlands in December 2019, we acquired Century Park, a 63-acre, 1.3 million square foot campus with 17 office buildings in the West Houston Energy Corridor in Houston, TX. Maui Ranch Land Maui, HI 100 % 20 Two, non-adjacent, ten-acre parcels zoned for native vegetation. 80% Interest in Fashion Show Air Rights Las Vegas, NV 80 % N/A Air rights above the Fashion Show Mall located on the Las Vegas Strip. 250 Water Street New York, NY 100 % 1 The one-acre site is situated at the entrance of the Seaport. In October 2020, we announced our comprehensive proposal for the redevelopment of 250 Water Street, which includes the transformation of this underutilized full-block surface parking lot into a mixed-use development that would include affordable housing, condominium units, community-oriented spaces and office space. In May 2021, we received approval from the New York City Landmarks Preservation Commission on our proposed design for the building at the site. This favorable ruling confirms that the proposed architecture is appropriate for the Seaport Historic District and allows us to proceed with the formal New York City Uniform Land Use Review Procedure known as ULURP. Approval from the NYC City Planning Commission via this process will be required to allow us to complete the necessary transfer of development rights to the parking lot site. While we move forward in the planning and approval stages for this strategic site, it will continue to be rented to a third party and used as a parking lot. Other/Non-core Assets

HowardHughes.com 281.719.6100 27 thousands March 31, 2021 December 31, 2020 Fixed-rate debt: Unsecured 5.375% Senior Notes due 2025 $ — $ 1,000,000 Unsecured 5.375% Senior Notes due 2028 750,000 750,000 Unsecured 4.125% Senior Notes due 2029 650,000 — Unsecured 4.375% Senior Notes due 2031 650,000 — Secured mortgages, notes and loans payable 588,203 590,517 Special Improvement District bonds 34,101 34,305 Variable-rate debt: Mortgages, notes and loans payable, excluding condominium financing (a) 1,467,039 1,725,461 Condominium financing (a) (c) 300,179 219,883 Mortgages, notes and loans payable 4,439,522 4,320,166 Unamortized bond issuance costs — (4,355) Deferred financing costs (44,335) (28,442) Total mortgages, notes and loans payable, net $ 4,395,187 $ 4,287,369 Net Debt on a Segment Basis, at share as of March 31, 2021 (b) thousands Operating Assets Master Planned Communities Seaport Strategic Developments Segment Totals Non- Segment Amounts Total Mortgages, notes and loans payable, net (a) (c) $ 1,771,448 $ 179,994 $ 99,201 $ 325,261 $ 2,375,904 $ 2,019,283 $ 4,395,187 Mortgages, notes and loans payable of real estate and other affiliates (d) $ 281,355 $ 5,584 $ — $ — $ 286,939 $ — $ 286,939 Less: Cash and cash equivalents (97,501) (103,928) (9,616) (8,489) (219,534) (756,250) (975,784) Cash and cash equivalents of real estate and other affiliates (d) (4,429) (140,887) (101) (259) (145,676) — (145,676) Special Improvement District receivables — (51,952) — — (51,952) — (51,952) Municipal Utility District receivables, net — (332,040) — — (332,040) — (332,040) TIF receivable — — — (1,103) (1,103) — (1,103) Net Debt $ 1,950,873 $ (443,229) $ 89,484 $ 315,410 $ 1,912,538 $ 1,263,033 $ 3,175,571 Consolidated Debt Maturities and Contractual Obligations by Extended Maturity Date as of March 31, 2021 (e) thousands 2021 2022 2023 2024 2025 Thereafter Total Mortgages, notes and loans payable (e) $ 38,403 $ 77,689 $ 1,128,042 $ 437,126 $ 153,077 $ 2,605,185 $ 4,439,522 Interest payments (f) 139,337 182,981 171,610 136,149 122,480 460,127 1,212,684 Ground lease and other leasing commitments 2,896 4,325 4,371 4,419 4,468 249,941 270,420 Total consolidated debt maturities and contractual obligations $ 180,636 $ 264,995 $ 1,304,023 $ 577,694 $ 280,025 $ 3,315,253 $ 5,922,626 Debt Summary (a) As of March 31, 2021, $650.5 million of variable-rate debt has been swapped to a fixed rate for the term of the related debt. As of December 31, 2020, $649.9 million of variable‑rate debt has been swapped to a fixed rate for the term of the related debt. As of March 31, 2021, $117.7 million of variable rate debt was capped at a maximum interest rate. As of December 31, 2020, $75.0 million of variable-rate debt was capped at a maximum interest rate. (b) Net debt is a non-GAAP financial measure that we believe is useful to our investors and other users of our financial statements as its components are important indicators of our overall liquidity, capital structure and financial position. However, it should not be used as an alternative to our debt calculated in accordance with GAAP. (c) As of March 31, 2021, $300.2 million of the Mortgages, notes and loans payable, net related to financing for the condominium towers at Ward Village in the Strategic Developments segment. (d) Each segment includes our share of the Mortgages, notes and loans payable, net and Cash and cash equivalents for all joint ventures included in Investments in real estate and other affiliates. (e) Mortgages, notes and loans payable and Condominium financing are presented based on extended maturity date, subject to customary extension terms. (f) Interest is based on the borrowings that are presently outstanding and current floating interest rates. Debt Summary

HowardHughes.com 281.719.6100 28 $ in thousands Asset Q1 2021 Principal Balance Contract Interest Rate Interest Rate Hedge Current Annual Interest Rate Initial / Extended Maturity (a) Operating Assets Outlet Collection at Riverwalk 28,194 L+250 Floating 3.50 % Oct-21 20/25 Waterway Avenue 12,781 0.0479 Fixed 4.79 % May-22 Millennium Waterway Apartments 51,660 0.0375 Fixed 3.75 % Jun-22 Lake Woodlands Crossing Retail 12,329 L+180 Floating 1.91 % Jan-23 Lakeside Row 31,889 L+225 Floating 2.36 % Jul-22 / Jul-23 Senior Secured Credit Facility 615,000 4.61 % Floating/Swap 4.61 % (b) (c) Sep-23 Two Lakes Edge 66,854 L+215 Floating 2.40 % Oct-22 / Oct-23 The Woodlands Resort & Conference Center 62,500 L+250 Floating 3.00 % Dec-21 / Dec-23 9303 New Trails 10,651 0.0488 Fixed 4.88 % Dec-23 4 Waterway Square 31,192 0.0488 Fixed 4.88 % Dec-23 Creekside Park West 15,110 L+225 Floating 2.36 % Mar-23 / Mar-24 The Lane at Waterway 22,581 L+175 Floating 1.86 % Aug-23 / Aug-24 6100 Merriweather 63,884 L+275 Floating 2.86 % Sep-22 / Sep-24 Juniper Apartments 67,982 L+275 Floating 2.86 % Sep-22 / Sep-24 Tanager Apartments 39,992 L+225 Floating 2.50 % Oct-21 / Oct-24 9950 Woodloch Forest Drive 78,656 L+195 Floating 2.06 % Mar-25 Ae‘o Retail 30,370 L+265 Floating 2.90 % Oct-25 Ke Kilohana Retail 9,278 L+265 Floating 2.90 % Oct-25 3831 Technology Forest Drive 20,566 0.045 Fixed 4.50 % Mar-26 Kewalo Basin Harbor 11,562 L+275 Floating 2.86 % Sep-27 Millennium Six Pines Apartments 42,500 3.39 % Fixed 3.39 % Aug-28 3 Waterway Square 45,861 3.94 % Fixed 3.94 % Aug-28 One Lakes Edge 69,440 4.50 % Fixed 4.50 % Mar-29 Aristocrat 36,847 3.67 % Fixed 3.67 % Sep-29 Creekside Park Apartments 37,730 3.52 % Fixed 3.52 % Oct-29 One Hughes Landing 50,511 4.30 % Fixed 4.30 % Dec-29 Two Hughes Landing 47,799 4.20 % Fixed 4.20 % Dec-30 8770 New Trails 35,487 4.89 % Floating/Swap 4.89 % (d) Jun-21 / Jan-32 Constellation Apartments 24,200 4.07 % Fixed 4.07 % Jan-33 Hughes Landing Retail 34,157 3.50 % Fixed 3.50 % Dec-36 Columbia Regional Building 24,136 4.48 % Fixed 4.48 % Feb-37 Las Vegas Ballpark 48,173 4.92 % Fixed 4.92 % Dec-39 $ 1,779,872 Property-Level DebtProperty-Level Debt

HowardHughes.com 281.719.6100 29 (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) Balance includes zero drawn on the revolver portion of the loan that is intended for general corporate use. (d) Concurrent with the closing of the $35.5 million construction loan for 8770 New Trails on June 27, 2019, the Company entered into an interest rate swap which is designated as a cash flow hedge. The Loan will bear interest at one-month LIBOR plus 2.45% but it is currently swapped to a fixed rate equal to 4.89%. (e) Balance includes $50 million drawn on the revolver portion of the The Woodlands and Bridgeland Credit Facility. (f) Concurrent with the closing of the $368.2 million construction loan for Victoria Place in Ward Village in the first quarter of 2021, the Company entered into interest rate cap agreements which are not designated as a hedging instruments. The loan will bear interest at one-month LIBOR plus 5.00%, subject to a LIBOR cap of 2.00% and a LIBOR floor of 0.25%, but is currently capped at an interest rate of 2.00%. (g) Excludes JV debt, Corporate bond debt, and SID bond debt related to Summerlin MPC and retail. Property-Level Debt (con't) $ in thousands Asset Q1 2021 Principal Balance Contract Interest Rate Interest Rate Hedge Current Annual Interest Rate Initial / Extended Maturity (a) Master Planned Communities The Woodlands Master Credit Facility $ 75,000 L+250 Floating/Cap 2.61 % (e) Oct-22 / Oct-24 Bridgeland Credit Facility 75,000 L+250 Floating/Cap 2.61 % (e) Oct-22 / Oct-24 $ 150,000 Seaport 250 Water Street $ 100,000 L+350 Floating 3.61 % Nov-22 / Nov-23 $ 100,000 Strategic Developments ‘A‘ali‘i $ 190,616 L+310 Floating 4.10 % Jun-22 / Jun-23 Kō‘ula 66,844 L+300 Floating 3.11 % Mar-23 / Mar-24 Creekside Park The Grove 25,371 L+175 Floating 1.86 % Jan-24 / Jan -25 Victoria Place 42,718 L+500 Floating/Cap 5.25 % (f) Sep-24 / Sep-26 $ 325,549 Total (g) $ 2,355,421

HowardHughes.com 281.719.6100 30 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 March 31, 2021 2021 2022 Thereafter Total Riverwalk (a) 100% 2045-2046 $ 510 $ 1,209 $ 1,737 $ 38,711 $ 41,657 Seaport 100% 2031 (b) 555 1,687 2,288 216,488 220,463 Kewalo Basin Harbor 100% 2049 — — 300 8,000 8,300 $ 1,065 $ 2,896 $ 4,325 $ 263,199 $ 270,420 (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. Summary of Ground Leases

HowardHughes.com 281.719.6100 31 Impact of COVID-19 thousands except percentages Billed Rent Comparison OPR SEA Q1 2020 Billed Rent $ 96,176 $ 4,951 Difference from Q1 2020 to Q1 2021 in Billed Rent (5.4) % (33.2) % Q1 2020 Net Recurring Revenues $ 89,610 $ 4,676 Difference from Q1 2020 to Q1 2021 in Net Recurring Revenues (3.8) % (45.5) % thousands Q1 2021 Bad Debt Breakout OPR SEA Bad Debt Type Billed Rent Deemed Uncollectible - Operating Tenants $ 4,524 $ 762 Billed Rent Deemed Uncollectible - Tenants Declared Bankruptcy 259 — Cash Impact 4,783 762 Recovery of Previous Bad Debt, net of Increase in Reserve (2,746) (650) Increase (Reduction) in Straight-Line Rent Reserve (1,801) 60 Total Bad Debt Expense $ 236 $ 172 thousands Q1 2021 Revenue Breakdown OPR SEA Billed Rent $ 91,013 $ 3,309 Billed Rent Deemed Uncollectible (4,783) (762) Recovery of Previous Bad Debt, net of Increase in Reserve 2,746 650 Other Revenues 7,463 4,256 Total Revenues $ 96,439 $ 7,453 Total Revenues $ 96,439 $ 7,453 Recovery of Previous Bad Debt, net of Increase in Reserve (2,746) (650) Other Revenues (7,463) (4,256) Net Recurring Revenue $ 86,230 $ 2,547

HowardHughes.com 281.719.6100 32 Stabilized - Properties in the Operating Assets and Seaport segments that have been in service for more than 36 months or have reached 90% occupancy, whichever occurs first. If an office, retail or multifamily property has been in service for more than 36 months but does not exceed 90% occupancy, the asset is considered underperforming. Unstabilized - Properties in the Operating Assets and Seaport segments that have been in service for less than 36 months and do not exceed 90% occupancy. Under Construction - Projects in the Strategic Developments and Seaport segments for which construction has commenced as of March 31, 2021, unless otherwise noted. This excludes MPC and condominium development. Net Operating Income (NOI) - We define net operating income (NOI) as operating cash revenues (rental income, tenant recoveries and other revenue) less operating cash expenses (real estate taxes, repairs and maintenance, marketing and other property expenses), including our share of NOI from equity investees. NOI excludes straight-line rents and amortization of tenant incentives, net interest expense, ground rent amortization, demolition costs, amortization, other (loss) income, depreciation, development-related marketing costs, gain on sale or disposal of real estate and other assets, net, provision for impairment and, unless otherwise indicated, Equity in earnings from real estate and other affiliates. We use NOI to evaluate our operating performance on a property-by-property basis because NOI allows us to evaluate the impact that factors which vary by property, such as lease structure, lease rates and tenant bases, have on our operating results, gross margins and investment returns. We believe that NOI is a useful supplemental measure of the performance of our Operating Assets and Seaport segments because it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating real estate properties and the impact on operations from trends in rental and occupancy rates and operating costs. Estimated Stabilized NOI - Stabilized NOI is initially projected prior to the development of the asset based on market assumptions and is revised over the life of the asset as market conditions evolve. On a quarterly basis, each asset’s Annualized NOI is compared to its projected Stabilized NOI and Stabilization Date in conjunction with forecast data to determine if an adjustment is needed. Adjustments to Stabilized NOI are made when changes to the asset's long-term performance are thought to be more than likely and permanent. Projected Stabilized Dates are adjusted when the asset is believed to reach its Stabilized NOI prior to or later than originally assumed. Remaining Development Costs - Development costs and related debt held for projects that are under construction or substantially complete and in service in the Operating Assets or the Seaport segment but have not reached stabilized occupancy status are disclosed on the Summary of Remaining Development Costs slide if the project has more than $1.0 million of estimated costs remaining to be incurred. The total estimated costs and costs paid are prepared on a cash basis to reflect the total anticipated cash requirements for the projects. Projects not yet under construction are not included. DefinitionsDefinitions

HowardHughes.com 281.719.6100 33 Reconciliation of Non-GAAP Measures (a) EBT excludes corporate expenses and other items that are not allocable to the segments. (b) During the third quarter of 2020, 110 North Wacker was completed and placed in service, resulting in the deconsolidation of 110 North Wacker and subsequent treatment as an equity method investment. The Company's share of NOI related to 110 North Wacker is calculated using our stated ownership of 23% and does not include the impact of the partnership distribution waterfall. Reconciliation of Non-GAAP Measures Reconciliation of Operating Assets segment EBT to Total NOI: thousands Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Total Operating Assets segment EBT (a) $ (31,784) $ (32,294) $ (28,831) $ (17,342) $ (7,544) Add back: Depreciation and amortization 39,651 46,845 41,395 36,995 37,089 Interest (income) expense, net 19,000 21,070 21,045 23,103 26,193 Equity in (earnings) losses from real estate and other affiliates 11,404 13,197 (962) (475) (4,394) (Gain) loss on sale or disposal of real estate and other assets, net — — (108) — (38,124) (Gain) loss on extinguishment of debt 836 — 1,521 — — Provision for impairment — — — — 48,738 Impact of straight-line rent (5,107) (3,045) 1,766 (3,248) (3,103) Other 10,139 (24) 69 (119) 173 Total Operating Assets NOI - Consolidated 44,139 45,749 35,895 38,914 59,028 Redevelopments 110 North Wacker (b) — — (11) 10 1 Total Operating Asset Redevelopments NOI — — (11) 10 1 Dispositions 100 Fellowship Drive — 1 38 73 (1,123) Elk Grove 100 — — — — Total Operating Asset Dispositions NOI 100 1 38 73 (1,123) Consolidated Operating Assets NOI excluding properties sold or in redevelopment 44,239 45,750 35,922 38,997 57,906 Company's Share NOI - Equity Investees (b) 3,599 1,362 2,315 1,836 2,237 Distributions from Summerlin Hospital Investment 3,755 — — — 3,724 Total Operating Assets NOI $ 51,593 $ 47,112 $ 38,237 $ 40,833 $ 63,867

HowardHughes.com 281.719.6100 34 Reconciliation of Seaport segment EBT to Total NOI: thousands Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Total Seaport segment EBT (a) $ (12,474) $ (11,730) $ (27,646) $ (24,636) $ (35,956) Add back: Depreciation and amortization 6,835 6,777 7,174 6,776 20,875 Interest (income) expense, net (102) 22 2,811 4,626 5,053 Equity in (earnings) losses from real estate and other affiliates 352 328 288 6,633 2,043 (Gain) loss on extinguishment of debt — 3 11,645 — — Impact of straight-line rent 404 441 1,027 1,208 125 Other (income) loss, net (b) 741 1,114 (1,398) 1,953 3,970 Total Seaport NOI - Consolidated (4,244) (3,045) (6,099) (3,440) (3,890) Company's Share NOI - Equity Investees (135) (124) (106) (305) (376) Total Seaport NOI $ (4,379) $ (3,169) $ (6,205) $ (3,745) $ (4,266) Reconciliation of Non-GAAP Measures (a) EBT excludes corporate expenses and other items that are not allocable to the segments. (b) Includes miscellaneous development-related items as well as the loss related to the write-off of inventory due to the permanent closure of 10 Corso Como Retail and Café in the first quarter of 2020, and income related to inventory liquidation sales in the third quarter of 2020. Reconciliation of Non-GAAP Measures (con't)

HowardHughes.com 281.719.6100 35 Reconciliation of Non-GAAP Measures (con't) Reconciliations of Non-GAAP Measures thousands Three Months Ended March 31, Reconciliation of MPC Land Sales Closed to GAAP Land Sales Revenue 2021 2020 Total residential land sales closed in period $ 34,737 $ 29,745 Total commercial land sales closed in period 2,358 2,096 Net recognized (deferred) revenue: Bridgeland (2,236) (305) Summerlin 2,618 8,193 Total net recognized (deferred) revenue 382 7,888 Special Improvement District bond revenue — 3 Total land sales revenue - GAAP basis $ 37,477 $ 39,732 thousands Three Months Ended March 31, Reconciliation of MPC Segment EBT to MPC Net Contribution 2021 2020 MPC segment EBT $ 63,355 $ 44,121 Plus: Cost of sales - land 15,651 16,786 Depreciation and amortization 72 91 MUD and SID bonds collections, net 2,894 1,123 Distributions from real estate and other affiliates 1,144 1,173 Less: MPC development expenditures (52,980) (64,896) Equity in (earnings) losses in real estate and other affiliates (27,650) (8,934) MPC Net Contribution $ 2,486 $ (10,536) thousands Three Months Ended March 31, Reconciliation of Segment EBTs to Net Income 2021 2020 Operating Assets segment EBT $ (31,784) $ (7,544) MPC segment EBT 63,355 44,121 Seaport segment EBT (12,474) (35,956) Strategic Developments segment EBT (21,918) (103,680) Consolidated segment EBT (2,821) (103,059) Corporate income, expenses and other items (65,338) (22,023) Net income (loss) (68,159) (125,082) Net (income) loss attributable to noncontrolling interests 1,565 (52) Net income (loss) attributable to common stockholders $ (66,594) $ (125,134)