Howard Hughes Holdings Inc. Supplemental Information Three Months Ended December 31, 2023 NYSE: HHH Exhibit 99.2

HOWARD HUGHES 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, 2023, as filed with the Securities and Exchange Commission (SEC) on February 27, 2024. 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). Non-GAAP financial measures should not be considered independently, or as a substitute, for financial information presented in accordance with GAAP. 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). NOI excludes straight-line rents and amortization of tenant incentives, net; interest expense, net; ground rent amortization; demolition costs; other income (loss); depreciation and amortization; development-related marketing costs; gain on sale or disposal of real estate and other assets, net; loss on extinguishment of debt; provision for impairment; and equity in earnings from unconsolidated ventures. 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 reflects the revenues and expenses directly associated with owning and operating real estate properties. This amount is presented as Operating Assets NOI and Seaport NOI throughout this document. Total Operating Assets NOI and Total Seaport NOI represent NOI as defined above with the addition of our share of NOI from unconsolidated ventures. We use NOI to evaluate our operating performance on a property-by-property basis because NOI allows us to evaluate the impact that property-specific factors such as rental and occupancy rates, tenant mix, and operating costs have on our operating results, gross margins, and investment returns. 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. 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.

3 Table of Contents Table of Contents FINANCIAL OVERVIEW Definitions 4 Company Profile 5 Financial Summary 7 Balance Sheets 9 Statements of Operations 10 OPERATING PORTFOLIO PERFORMANCE Same Store Metrics 11 NOI by Region 13 Stabilized Properties 15 Unstabilized Properties 17 Under Construction Properties 18 Seaport Operating Performance 19 OTHER PORTFOLIO METRICS Ward Village - Completed Condominiums 20 Ward Village - Under Construction and Predevelopment 21 Summary of Remaining Development Costs 22 Portfolio Key Metrics 23 MPC Performance 24 MPC Land 25 Lease Expirations 26 Other Assets and Acquisition / Disposition Activity 27 Debt Summary 28 Reconciliations of Non-GAAP Measures 30

HOWARD HUGHES 4 Stabilized - Properties in the Operating Assets and Seaport segments that have been in service for more than 36 months or have reached 90% occupancy, whichever occurs first. If an office, retail, or multi-family property has been in service for more than 36 months but does not exceed 90% occupancy, the asset is considered underperforming. Unstabilized - Properties in the Operating Assets and Seaport segments that have been in service for less than 36 months and do not exceed 90% occupancy. Under Construction - Projects in the Strategic Developments and Seaport segments for which construction has commenced as of December 31, 2023, unless otherwise noted. This excludes Master Planned Community (MPC) and condominium development. Net Operating Income (NOI) - We define net operating income (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). NOI excludes straight-line rents and amortization of tenant incentives, net; interest expense, net; ground rent amortization; demolition costs; other income (loss); depreciation and amortization; development-related marketing costs; gain on sale or disposal of real estate and other assets, net; loss on extinguishment of debt; provision for impairment; and equity in earnings from unconsolidated ventures. We use NOI to evaluate our operating performance on a property-by-property basis because NOI allows us to evaluate the impact that property-specific factor, 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. This amount is presented as Operating Assets NOI and Seaport NOI throughout this document. In-Place NOI - We define In-Place NOI as forecasted current year NOI for all properties included in the Operating Assets segment as of the end of the current period. Total Operating Assets NOI and Total Seaport NOI - These terms represent NOI as defined above with the addition of our share of NOI from unconsolidated ventures. 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 In-Place NOI is compared to its projected Stabilized NOI in conjunction with forecast data to determine if an adjustment is needed. Adjustments to Stabilized NOI are made when changes to the asset's long-term performance are thought to be more than likely and permanent. Remaining Development Costs - Development costs and related debt held for projects that are under construction or substantially complete and in service in the Operating Assets segment are disclosed on the Summary of Remaining Development Costs slide if the project has more than $1.0 million of estimated costs remaining to be incurred. The total estimated costs and costs paid are prepared on a cash basis to reflect the total anticipated cash requirements for the projects. Projects not yet under construction are not included. Same Store Properties - The Company defines Same Store Properties as consolidated and unconsolidated properties that are acquired or placed in service prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented. Same Store Properties exclude properties placed in service, acquired, repositioned, or in development or redevelopment after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired or treated as in service for that property to be included in Same Store Properties. Same Store NOI - We calculate Same Store Net Operating Income (Same Store NOI) as Operating Assets NOI applicable to consolidated properties acquired or placed in service prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented. Same Store NOI also includes the Company's share of NOI from unconsolidated ventures and the annual distribution from a cost basis investment. Same Store NOI is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of our operating performance. We believe that Same Store NOI is helpful to investors as a supplemental comparative performance measure of the income generated from the same group of properties from one period to the next. Other companies may not define Same Store NOI in the same manner as we do; therefore, our computation of Same Store NOI may not be comparable to that of other companies. Additionally, we do not control investments in unconsolidated properties, and while we consider disclosures of our share of NOI to be useful, they may not accurately depict the legal and economic implications of our investment arrangements. DefinitionsDefinitions

HOWARD HUGHES 5 The Park Ward Village 20% Kō'ula 10%Kalae 70% Bridgeland 18% Summerlin 79% The Woodlands/ Woodlands Hills 3% Recent Company Highlights Q4 2023 Company Performance Diluted Earnings / Share $ 0.69 FFO / Diluted Share $ 1.77 Core FFO / Diluted Share $ 2.10 AFFO / Diluted Share $ 1.90 Operating Portfolio by Region Q4 '23 MPC EBT $139.3M Q4 '23 Condos Contracted 10 units NYSE: HHH Company Profile - Summary & Results SUMMERLIN, Oct. 10, 2023 - Howard Hughes Holdings Inc. (HHH), developer of the Summerlin community in Las Vegas, announced the addition of a Whole Foods Market in Downtown Summerlin, the community's 400-acre walkable urban core. Whole Foods Market, the nation's leading retailer of natural and organic foods, will anchor a 7.4-acre, new retail center and serve as a catalyst for the expansion of Downtown Summerlin. THE WOODLANDS, Texas, Jan. 05, 2024 - Summerlin and Bridgeland, two of the award-winning communities in the Howard Hughes Holdings Inc. (HHH) portfolio, have been ranked among the nation’s top five best-selling master planned communities (MPCs) for 2023, according to the year-end report released by national real estate consultant RCLCO. Summerlin, in Las Vegas, Nevada, ranked #4 on the RCLCO list with a 39% increase in new home sales year-over-year, and continues to be Nevada’s highest-ranking MPC. Bridgeland, in the Greater Houston, Texas area, ranked #5 nationally with a 74% increase in new home sales year-over-year, making it one of the top-selling communities in Texas. Office 51% Multi-family 29% Retail 20% Q4 '23 Operating Assets NOI $54.3M Performance Highlights

HOWARD HUGHES 6 Office 34% Multi-family 46% Retail 20% Office 28% Multi-family 68% Retail 4% Office 48% Multi-family 26% Retail 19% Other 7% Office 51% Multi-family 21% Retail 20% Other 8% Office 29% Multi-family 63% Retail 8% Q4 2023 Path to Projected Annual Stabilized NOI Currently Under Construction Currently Unstabilized Currently Stabilized Total Projected Stabilized NOI $31.7M Projected Stabilized NOI $305.3M Projected Stabilized NOI $358.9M Office 51% Multi-family 28% Retail 21% Office 51% Multi-family 29% Retail 20% Path to Projected Annual Stabilized NOI charts exclude Seaport NOI, units, and square footage. See page 19 for Seaport NOI and other project information. See page 4 for definitions of Under Construction, Unstabilized, Stabilized, and Net Operating Income (NOI). Q4 '23 Actual NOI $53.3M Q4 '23 Actual NOI $1.0M Q4 '23 Actual NOI $54.3M Projected Stabilized NOI $21.9M Retail Sq. Ft. 125,900 Retail Sq. Ft. 80,777 Retail Sq. Ft. 2,197,067 Retail Sq. Ft. 2,403,744 Office Sq. Ft. 233,000 Office Sq. Ft. 298,587 Office Sq. Ft. 6,258,743 Office Sq. Ft. 6,790,330 Multi-family Units 268 Multi-family Units 1,029 Multi-family Units 4,558 Multi-family Units 5,855 Q4 2023 Operating Results by Property Type Currently Unstabilized Currently Stabilized Total Company Profile - Summary & Results (cont.)

HOWARD HUGHES 7 thousands except share price and billions Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 FY 2023 FY 2022 Company Profile Share price (a) $ 85.55 $ 74.13 $ 78.92 $ 80.00 $ 76.42 $ 85.55 $ 76.42 Market Capitalization (b) $4.3b $3.7b $3.9b $4.0b $3.8b $4.2b $3.8b Enterprise Value (c) $9.0b $8.4b $8.5b $8.4b $8.0b $9.0b $8.0b Weighted avg. shares - basic 49,618 49,616 49,581 49,455 49,426 49,568 50,513 Weighted avg. shares - diluted 49,681 49,616 49,581 49,455 49,464 49,568 50,558 Debt Summary Total debt payable (d) $ 5,352,610 $ 5,247,534 $ 4,996,198 $ 4,831,044 $ 4,802,188 $ 5,352,610 $ 4,802,188 Fixed-rate debt $ 3,601,121 $ 3,597,960 $ 3,604,118 $ 3,607,734 $ 3,610,618 $ 3,601,121 $ 3,610,618 Weighted avg. rate - fixed 4.59 % 4.55 % 4.55 % 4.55 % 4.55 % 4.59 % 4.55 % Variable-rate debt, excluding condominium financing $ 1,444,085 $ 1,451,384 $ 1,277,571 $ 1,174,310 $ 1,142,570 $ 1,444,085 $ 1,142,570 Weighted avg. rate - variable 7.89 % 7.79 % 6.37 % 6.20 % 6.07 % 7.89 % 6.07 % Condominium debt outstanding at end of period $ 307,404 $ 198,190 $ 114,509 $ 49,000 $ 49,000 $ 307,404 $ 49,000 Weighted avg. rate - condominium financing 9.74 % 9.91 % 7.17 % 7.00 % 7.00 % 9.74 % 7.00 % Leverage ratio (debt to enterprise value) 59.00 % 61.50 % 57.95 % 57.00 % 59.40 % 59.06 % 59.40 % General and Administrative General and administrative (G&A) (e)(f) $ 25,822 $ 21,601 $ 20,217 $ 23,553 $ 20,898 $ 91,193 $ 81,772 Less: Non-cash stock compensation (1,725) (1,699) (1,606) (3,443) (1,366) (8,473) (5,355) Cash G&A (g) $ 24,097 $ 19,902 $ 18,611 $ 20,110 $ 19,532 $ 82,720 $ 76,417 Financial 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 diluted weighted average shares. (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. (e) G&A expense includes both $1.6 million of severance and bonus costs and $2.1 million of non-cash stock compensation related to our former General Counsel for the first quarter of 2023 and $2.3 million of severance and bonus costs related to our former Chief Financial Officer for the first quarter of 2022. (f) G&A expense for the fourth quarter of 2023 includes legal and consulting fees related to the planned spinoff of Seaport Entertainment. (g) Cash G&A is a non-GAAP financial measure that we believe is useful to our investors and other users of our financial statements as an indicator of overhead efficiency without regard to non-cash expenses associated with stock compensation. However, it should not be used as an alternative to general and administrative expenses in accordance with GAAP. Financial Summary

HOWARD HUGHES 8 Financial Summary (a) Company's share of NOI for the Tin Building by Jean-Georges has been updated for the first and second quarters of 2022 using our current partnership funding provisions compared to the stated ownership of 65% used previously. (b) Excludes $16.1 million charge in the second quarter of 2023 and $2.7 million charge in the second quarter of 2022 for the estimated costs related to construction defects at the Waiea tower. HHH believes it should be entitled to recover all the repair costs from the general contractor, other responsible parties, and insurance proceeds; however, it can provide no assurances that all or any portion of the costs will be recovered. (c) The fluctuations in Condo adjusted gross profit are attributed to the timing of condo sales as the prior-year period included the delivery of Kō'ula in Ward Village and the next tower, Victoria Place, is not scheduled for completion until late 2024. Additionally, gross profit was impacted by pricing reductions in 2023 at ‘A‘ali‘i and Kō'ula to facilitate the close-out of remaining units. thousands Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 FY 2023 FY 2022 Segment Metrics Operating Assets Operating Assets NOI $ 52,497 $ 60,710 $ 66,123 $ 54,310 $ 52,652 $ 233,640 $ 225,784 Company's share of NOI from unconsolidated ventures 1,837 2,121 1,960 4,860 2,420 10,778 13,699 Total Operating Assets NOI $ 54,334 $ 62,831 $ 68,083 $ 59,170 $ 55,072 $ 244,418 $ 239,483 MPC MPC Segment EBT $ 139,323 $ 84,798 $ 54,926 $ 62,372 $ 76,660 $ 341,419 $ 282,987 Seaport Seaport NOI $ (6,584) $ (902) $ (2,446) $ (5,585) $ (4,910) $ (15,517) $ (9,768) Company's share of NOI from unconsolidated ventures (a) (11,617) (8,603) (9,262) (9,591) (15,730) (39,073) (35,581) Total Seaport NOI $ (18,201) $ (9,505) $ (11,708) $ (15,176) $ (20,640) $ (54,590) $ (45,349) Condo Gross Profit Condominium rights and unit sales $ 792 $ 25,962 $ 14,866 $ 6,087 $ 217,397 $ 47,707 $ 677,078 Adjusted condominium rights and unit cost of sales (b) 973 (22,537) (13,191) (4,536) (154,957) (39,291) (481,270) Condo adjusted gross profit (c) $ 1,765 $ 3,425 $ 1,675 $ 1,551 $ 62,440 $ 8,416 $ 195,808 Financial Summary (cont.)

HOWARD HUGHES 9 thousands except par values and share amounts (unaudited) December 31, 2023 December 31, 2022 ASSETS Master Planned Communities assets $ 2,445,673 $ 2,411,526 Buildings and equipment 4,177,677 4,246,389 Less: accumulated depreciation (1,032,226) (867,700) Land 303,685 312,230 Developments 1,272,445 1,125,027 Net investment in real estate 7,167,254 7,227,472 Investments in unconsolidated ventures 220,258 246,171 Cash and cash equivalents 631,548 626,653 Restricted cash 421,509 472,284 Accounts receivable, net 115,045 103,437 Municipal Utility District receivables, net 550,884 473,068 Deferred expenses, net 142,561 128,865 Operating lease right-of-use assets 44,897 46,926 Other assets, net 283,047 278,587 Total assets $ 9,577,003 $ 9,603,463 LIABILITIES Mortgages, notes, and loans payable, net $ 5,302,620 $ 4,747,183 Operating lease obligations 51,584 51,321 Deferred tax liabilities, net 87,835 254,336 Accounts payable and other liabilities 1,076,040 944,511 Total liabilities 6,518,079 5,997,351 EQUITY Preferred stock: $0.01 par value; 50,000,000 shares authorized, none issued — — Common stock: $0.01 par value; 150,000,000 shares authorized, 56,495,791 issued, and 50,038,014 outstanding as of December 31, 2023, 56,226,273 shares issued, and 49,801,997 outstanding as of December 31, 2022 565 564 Additional paid-in capital 3,988,496 3,972,561 Retained earnings (accumulated deficit) (383,696) 168,077 Accumulated other comprehensive income (loss) 1,272 10,335 Treasury stock, at cost, 6,457,777 shares as of December 31, 2023, and 6,424,276 shares as of December 31, 2022 (613,766) (611,038) Total stockholders' equity 2,992,871 3,540,499 Noncontrolling interests 66,053 65,613 Total equity 3,058,924 3,606,112 Total liabilities and equity $ 9,577,003 $ 9,603,463 Balance Sheets

HOWARD HUGHES 10 thousands except per share amounts (unaudited) Q4 2023 Q4 2022 YTD Q4 2023 YTD Q4 2022 REVENUES Condominium rights and unit sales $ 792 $ 217,397 $ 47,707 $ 677,078 Master Planned Communities land sales 193,140 117,033 370,185 316,065 Rental revenue 98,968 103,022 405,363 399,103 Other land, rental, and property revenues 27,712 24,611 139,858 144,481 Builder price participation 15,226 19,942 60,989 71,761 Total revenues 335,838 482,005 1,024,102 1,608,488 EXPENSES Condominium rights and unit cost of sales (973) 154,957 55,417 483,983 Master Planned Communities cost of sales 73,916 44,162 140,050 119,466 Operating costs 88,392 80,626 337,018 317,389 Rental property real estate taxes 11,391 13,719 57,650 54,033 Provision for (recovery of) doubtful accounts (1,561) (279) (2,561) 1,959 General and administrative 25,822 20,898 91,193 81,772 Depreciation and amortization 54,914 52,777 216,118 200,361 Other 4,498 3,992 13,383 11,977 Total expenses 256,399 370,852 908,268 1,270,940 OTHER Provision for impairment — — (672,492) — Gain (loss) on sale or disposal of real estate and other assets, net 3,162 25,669 24,162 29,678 Other income (loss), net 737 (588) 4,284 1,909 Total other 3,899 25,081 (644,046) 31,587 Operating income (loss) 83,338 136,234 (528,212) 369,135 Interest income 8,937 2,545 25,750 3,818 Interest expense (46,315) (30,928) (156,951) (110,891) Gain (loss) on extinguishment of debt (96) (1,732) (144) (2,377) Equity in earnings (losses) from unconsolidated ventures (13,834) (34,077) (55,708) (14,549) Income (loss) before income taxes 32,030 72,042 (715,265) 245,136 Income tax expense (benefit) (2,343) 18,678 (163,735) 60,500 Net income (loss) 34,373 53,364 (551,530) 184,636 Net (income) loss attributable to noncontrolling interests (77) (613) (243) (103) Net income (loss) attributable to common stockholders $ 34,296 $ 52,751 $ (551,773) $ 184,533 Basic income (loss) per share $ 0.69 $ 1.07 $ (11.13) $ 3.65 Diluted income (loss) per share $ 0.69 $ 1.07 $ (11.13) $ 3.65 Statements of Operations

HOWARD HUGHES 11 thousands Q4 2023 Q4 2022 $ Change % Change FY 2023 FY 2022 $ Change % Change Same Store Office Houston, TX $ 19,607 $ 19,249 $ 358 2 % $ 83,033 $ 73,776 $ 9,257 13 % Columbia, MD 3,954 5,275 (1,321) (25) % 21,835 23,570 (1,735) (7) % Las Vegas, NV 3,666 3,467 199 6 % 13,776 14,027 (251) (2) % Total Same Store Office 27,227 27,991 (764) (3) % 118,644 111,373 7,271 7 % Same Store Retail Houston, TX 2,851 2,751 100 4 % 11,908 9,875 2,033 21 % Columbia, MD 1,020 447 573 128 % 3,017 2,241 776 35 % Las Vegas, NV 5,445 6,548 (1,103) (17) % 23,558 23,876 (318) (1) % Honolulu, HI 2,259 3,095 (836) (27) % 13,520 14,954 (1,434) (10) % Total Same Store Retail 11,575 12,841 (1,266) (10) % 52,003 50,946 1,057 2 % Same Store Multi-family Houston, TX 8,542 7,660 882 12 % 36,043 31,993 4,050 13 % Columbia, MD 1,757 1,558 199 13 % 6,784 6,492 292 4 % Las Vegas, NV 1,539 1,746 (207) (12) % 7,143 7,289 (146) (2) % Company's share of NOI from unconsolidated ventures 1,806 1,831 (25) (1) % 7,326 7,271 55 1 % Total Same Store Multi-family 13,644 12,795 849 7 % 57,296 53,045 4,251 8 % Same Store Other Houston, TX 2,037 1,848 189 10 % 6,765 6,153 612 10 % Columbia, MD (78) (22) (56) (255) % (70) (199) 129 65 % Las Vegas, NV (1,737) (2,047) 310 15 % 3,640 6,246 (2,606) (42) % Honolulu, HI (29) 49 (78) (159) % 154 354 (200) (56) % Company's share of NOI from unconsolidated ventures 31 589 (558) (95) % 3,452 6,428 (2,976) (46) % Total Same Store Other 224 417 (193) (46) % 13,941 18,982 (5,041) (27) % Total Same Store NOI 52,670 54,044 (1,374) (3) % 241,884 234,346 7,538 3 % Non-Same Store NOI 1,664 1,028 636 62 % 2,534 5,137 (2,603) (51) % Total Operating Assets NOI $ 54,334 $ 55,072 $ (738) (1) % $ 244,418 $ 239,483 $ 4,935 2 % See page 4 for definitions of Same Store Properties and Same Store NOI. Same Store NOI - Operating Assets Segment

HOWARD HUGHES 12 thousands Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Same Store Metrics Stabilized Leasing Percentages Office 88 % 87 % 89 % 86 % 85 % Retail 96 % 95 % 96 % 96 % 95 % Multi-family 95 % 96 % 98 % 95 % 95 % Unstabilized Leasing Percentages (a) Office — % — % — % — % 71 % Retail — % — % — % — % 90 % Same Store NOI Office $ 27,227 $ 29,455 $ 33,987 $ 27,975 $ 27,991 Retail 11,575 12,995 12,643 14,790 12,841 Multi-family 13,644 14,343 14,400 14,909 12,795 Other 224 4,825 6,666 2,226 417 Total Same Store NOI $ 52,670 $ 61,618 $ 67,696 $ 59,900 $ 54,044 Quarter over Quarter Change in Same Store NOI (15) % (9) % 13 % 11 % See page 4 for definitions of Same Store Properties and Same Store NOI. (a) All same store properties became stabilized in Q1 2023. Same Store Performance - Operating Assets Segment

HOWARD HUGHES 13 thousands except Sq. Ft. and units % Ownership (a) Total Q4 2023 Occupied (b) Q4 2023 Leased (b) Q4 2023 Occupied (%) Q4 2023 Leased (%) In-Place NOI Stabilized NOI Time to Stabilize (Years) (c)Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Stabilized Properties Office - Houston 100% 3,969,487 — 3,349,738 — 3,547,322 — 84 % — % 89 % — % $ 78,160 $ 107,400 — Office - Columbia 100% 1,753,291 — 1,344,259 — 1,480,956 — 77 % — % 84 % — % 23,210 33,520 — Office - Summerlin 100% 535,965 — 506,599 — 509,343 — 95 % — % 95 % — % 13,640 15,680 — Retail - Houston 100% 352,064 — 307,065 — 344,326 — 87 % — % 98 % — % 10,260 12,400 — Retail - Columbia 100% 101,609 — 101,609 — 101,609 — 100 % — % 100 % — % 2,650 2,720 — Retail - Hawai‘i 100% 808,569 — 752,733 — 765,235 — 93 % — % 95 % — % 14,060 18,930 — Retail - Summerlin 100% 803,145 — 763,987 — 770,373 — 95 % — % 96 % — % 23,580 26,300 — Multi-family - Houston (d) 100% 34,386 2,968 31,729 2,776 33,440 2,820 92 % 94 % 97 % 95 % 38,860 40,000 — Multi-family - Columbia (d) Various 97,294 1,199 70,674 1,122 87,585 1,152 73 % 94 % 90 % 96 % 14,820 16,870 — Multi-family - Summerlin 100% — 391 — 356 — 365 — % 91 % — % 93 % 7,150 7,650 — Other - Summerlin (e) Various — — — — — — — % — % — % — % 7,500 14,280 — Other Assets (e) Various 135,801 — 135,801 — 135,801 — 100 % — % 100 % — % 7,230 9,580 — Total Stabilized Properties (f) $ 241,120 $ 305,330 — Unstabilized Properties Office - Houston 100% 32,689 — — — — — — % — % — % — % $ (320) $ 790 2.0 Office - Summerlin 100% 265,898 — 131,100 — 239,166 — 49 % — % 90 % — % (480) 8,380 2.0 Retail - Hawai‘i 100% 48,170 — 6,695 — 31,840 — 14 % — % 66 % — % (140) 2,440 1.8 Multi-family - Houston 100% — 263 — 21 — 39 — % 8 % — % 15 % — 4,860 2.3 Multi-family - Columbia (d) 100% 32,607 472 — 246 20,996 269 — % 52 % 64 % 57 % 1,510 9,320 2.0 Multi-Family - Summerlin 100% — 294 — 53 — 61 — % 18 % — % 21 % (540) 5,890 3.0 Total Unstabilized Properties $ 30 $ 31,680 2.2 NOI by Region, excluding Seaport

HOWARD HUGHES 14 NOI by RegionNOI by Region, excluding Seaport (cont.) (a) Includes our share of NOI from our unconsolidated ventures. (b) Occupied and Leased metrics are as of December 31, 2023. (c) The expected stabilization date used in the Time to Stabilize calculation for all unstabilized and under construction assets is set 36 months from the in-service or expected in-service date. (d) Multi-family square feet represent ground floor retail whereas multi-family units represent residential units for rent. (e) These assets can be found on page 16 of this presentation. (f) For Stabilized Properties, the difference between In-Place NOI and Stabilized NOI is attributable to a number of factors which may include temporary abatements, timing of lease turnovers, free rent, and other market factors. thousands except Sq. Ft. and units % Ownership (a) Total Q4 2023 Occupied (b) Q4 2023 Leased (b) Q4 2023 Occupied (%) Q4 2023 Leased (%) In-Place NOI Stabilized NOI Time to Stabilize (Years) (c)Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Under Construction Properties Office - Columbia 100 % 86,000 — — — — — — % — % — % — % n/a $ 3,200 3.0 Office - Summerlin 100 % 147,000 — — — — — — % — % — % — % n/a 4,300 4.0 Retail - Hawai‘i 100 % 58,900 — — — — — — % — % — % — % n/a 2,660 4.3 Retail - Summerlin 100 % 67,000 — — — — — — % — % — % — % n/a 1,800 3.0 Multi-family - Houston 100 % — 268 — — — — — % — % — % — % n/a 9,890 4.0 Total Under Construction Properties n/a $ 21,850 3.7 Total / Wtd. Avg. for Portfolio $ 241,150 $ 358,860 3.1

HOWARD HUGHES 15 thousands except Sq. Ft. and units Location % Ownership Rentable Sq. Ft. Q4 2023 % Occupied (a) Q4 2023 % Leased (a) In-Place NOI (b) Stabilized NOI (b) Office One Hughes Landing Houston, TX 100 % 200,639 63 % 65 % $ 2,190 $ 5,200 Two Hughes Landing Houston, TX 100 % 197,950 87 % 87 % 4,180 5,270 Three Hughes Landing Houston, TX 100 % 321,649 84 % 96 % 8,580 8,580 1725 Hughes Landing Boulevard Houston, TX 100 % 339,608 58 % 58 % 2,780 7,430 1735 Hughes Landing Boulevard Houston, TX 100 % 318,237 100 % 100 % 8,370 8,370 2201 Lake Woodlands Drive Houston, TX 100 % 22,259 100 % 100 % 490 490 Lakefront North Houston, TX 100 % 258,058 98 % 98 % 6,530 6,530 8770 New Trails Houston, TX 100 % 180,000 100 % 100 % 4,740 4,740 9303 New Trails Houston, TX 100 % 98,283 42 % 42 % 120 1,530 3831 Technology Forest Drive Houston, TX 100 % 97,360 100 % 100 % 2,450 2,450 3 Waterway Square Houston, TX 100 % 227,617 81 % 91 % 4,410 5,900 4 Waterway Square Houston, TX 100 % 217,952 83 % 90 % 3,440 5,900 The Woodlands Towers at the Waterway (c) Houston, TX 100 % 1,395,599 88 % 96 % 28,800 43,510 1400 Woodloch Forest Houston, TX 100 % 94,276 83 % 84 % 1,080 1,500 Columbia Office Properties Columbia, MD 100 % 67,066 83 % 83 % 680 1,190 Merriweather Row (d) Columbia, MD 100 % 925,584 75 % 79 % 7,960 12,930 One Mall North Columbia, MD 100 % 99,806 49 % 49 % 480 1,280 One Merriweather Columbia, MD 100 % 209,959 100 % 100 % 5,820 5,820 Two Merriweather Columbia, MD 100 % 124,639 87 % 94 % 4,030 3,100 6100 Merriweather Columbia, MD 100 % 326,237 69 % 98 % 4,240 9,200 Aristocrat Las Vegas, NV 100 % 181,534 100 % 100 % 4,390 4,520 One Summerlin Las Vegas, NV 100 % 207,292 86 % 87 % 5,680 6,440 Two Summerlin Las Vegas, NV 100 % 147,139 100 % 100 % 3,570 4,720 Total Office 6,258,743 $ 115,010 $ 156,600 Retail Creekside Park West Houston, TX 100 % 72,976 90 % 97 % $ 1,720 $ 2,200 Hughes Landing Retail Houston, TX 100 % 125,709 89 % 100 % 4,100 4,990 1701 Lake Robbins Houston, TX 100 % 12,376 100 % 100 % 510 540 Lakeland Village Center at Bridgeland Houston, TX 100 % 67,947 82 % 92 % 1,570 1,800 20/25 Waterway Avenue Houston, TX 100 % 51,543 78 % 100 % 1,550 2,000 Waterway Square Retail (d) Houston, TX 100 % 21,513 100 % 100 % 810 870 Color Burst Park Retail (d) Columbia, MD 100 % 12,410 100 % 100 % 410 410 Rouse Building (d) Columbia, MD 100 % 89,199 100 % 100 % 2,240 2,310 Ward Village Retail Honolulu, HI 100 % 808,569 93 % 95 % 14,060 18,930 Downtown Summerlin (e) Las Vegas, NV 100 % 803,145 95 % 96 % 23,580 26,300 Total Retail 2,065,387 $ 50,550 $ 60,350 Stabilized PropertiesStabilized Properties - Operating Assets Segment

HOWARD HUGHES 16 Q4 2023 % Occupied (a) Q4 2023 % Leased (a) thousands except Sq. Ft. and units Location % Ownership Rentable Sq. Ft. Units Rentable Sq. Ft. Units Rentable Sq. Ft. Units In-Place NOI (b) Stabilized NOI (b) Multi-family Creekside Park Houston, TX 100 % — 292 n/a 92 % n/a 95 % $ 2,990 $ 3,000 Creekside Park The Grove Houston, TX 100 % — 360 n/a 94 % n/a 95 % 4,210 4,210 Lakeside Row Houston, TX 100 % — 312 n/a 93 % n/a 96 % 3,270 3,090 Millennium Six Pines Houston, TX 100 % — 314 n/a 93 % n/a 93 % 3,590 3,770 Millennium Waterway Houston, TX 100 % — 393 n/a 95 % n/a 97 % 4,470 3,910 One Lakes Edge Houston, TX 100 % 22,971 390 88 % 95 % 96 % 95 % 7,070 7,260 The Lane at Waterway Houston, TX 100 % — 163 n/a 94 % n/a 94 % 2,670 2,610 Two Lakes Edge Houston, TX 100 % 11,415 386 100 % 93 % 100 % 94 % 9,050 8,750 Starling at Bridgeland Houston, TX 100 % — 358 — % 91 % — % 94 % 1,540 3,400 Juniper Columbia, MD 100 % 55,677 382 59 % 96 % 89 % 96 % 7,140 9,160 The Metropolitan Columbia, MD 50 % 13,591 380 72 % 92 % 72 % 95 % 3,460 3,460 TEN.m.flats Columbia, MD 50 % 28,026 437 100 % 93 % 100 % 97 % 4,220 4,250 Constellation Las Vegas, NV 100 % — 124 n/a 86 % n/a 87 % 2,130 2,500 Tanager Las Vegas, NV 100 % — 267 n/a 93 % n/a 96 % 5,020 5,150 Total Multi-family (f) 131,680 4,558 $ 60,830 $ 64,520 Other Hughes Landing Daycare Houston, TX 100 % 10,000 n/a 100 % n/a 100 % n/a $ 250 $ 280 The Woodlands Warehouse Houston, TX 100 % 125,801 n/a 100 % n/a 100 % n/a 1,340 1,520 Woodlands Sarofim Houston, TX 20 % n/a n/a n/a n/a n/a n/a 150 250 Stewart Title of Montgomery County, TX Houston, TX 50 % n/a n/a n/a n/a n/a n/a — 1,600 Houston Ground Leases Houston, TX 100 % n/a n/a n/a n/a n/a n/a 3,197 3,160 Kewalo Basin Harbor Honolulu, HI 100 % n/a n/a n/a n/a n/a n/a 1,900 1,900 Hockey Ground Lease Las Vegas, NV 100 % n/a n/a n/a n/a n/a n/a 590 590 Summerlin Hospital Medical Center Las Vegas, NV 5 % n/a n/a n/a n/a n/a n/a 3,000 4,640 Las Vegas Ballpark (g) Las Vegas, NV 100 % n/a n/a n/a n/a n/a n/a 3,910 9,050 Other Assets Various 100 % n/a n/a n/a n/a n/a n/a 393 870 Total Other 135,801 — $ 14,730 $ 23,860 Total Stabilized (h) $ 241,120 $ 305,330 (a) Percentage Occupied and Percentage Leased are as of December 31, 2023. (b) For Stabilized Properties, the difference between In-Place NOI and Stabilized NOI is attributable to a number of factors which may include temporary abatements, timing of lease turnovers, free rent, and other market factors. (c) 1201 Lake Robbins and 9950 Woodloch Forest, are collectively known as The Woodlands Towers at the Waterway. (d) In 2023, the Company rebranded Merriweather Row (formerly 10 - 70 Columbia Corporate Center), Waterway Square Retail (formerly Waterway Garage Retail), Color Burst Park Retail (formerly Merriweather District Area 3 Retail), and Rouse Building (formerly Columbia Regional Building). (e) Downtown Summerlin rentable sq. ft. excludes 381,767 sq. ft. of anchor space and 39,700 sq. ft. of office space. (f) Multi-family square feet represent ground floor retail whereas multi-family units represent residential units for rent. (g) The Las Vegas Ballpark presentation is inclusive of the results from both the stadium operations and those of our wholly owned team, the Las Vegas Aviators. (h) Total Stabilized metrics no longer include Memorial Hermann Medical Office which was sold in the fourth quarter of 2023 or 2000 Woodlands Parkway which was transferred to the Strategic Developments in the fourth quarter of 2023 and is pending redevelopment. Stabilized Properties - Operating Assets Segment (cont.)

HOWARD HUGHES 17 Q4 2023 % Occupied (a) Q4 2023 % Leased (a) Development Costs Incurred to Date Total Estimated Development Costs In-Place NOI Stabilized NOI (b) Est. Stab. Date (c) Est. Stab. Yield thousands except Sq. Ft. and units Location % Ownership Rentable Sq. Ft. Units Rentable Sq. Ft. Units Rentable Sq. Ft. Units Office Creekside Park Medical Plaza (d) Houston, TX 100 % 32,689 — — % n/a — % n/a $ 8,435 $ 10,351 $ (320) $ 790 2025 8 % 1700 Pavilion Las Vegas, NV 100 % 265,898 — 49 % n/a 90 % n/a 101,289 123,015 (480) 8,380 2025 7 % Total Office 298,587 — $ 109,724 $ 133,366 $ (800) $ 9,170 Retail A'ali'i (e) Honolulu, HI 100 % 11,175 — 60 % n/a 100 % n/a $ — $ — $ 90 $ 550 2025 — % Kō'ula (e) Honolulu, HI 100 % 36,995 — — % n/a 56 % n/a — — (230) 1,890 2025 — % Total Retail 48,170 — $ — $ — $ (140) $ 2,440 Multi-family Wingspan (f) Houston, TX 100 % — 263 — % 8 % — % 15 % 59,575 87,048 — 4,860 2026 6 % Tanager Echo Las Vegas, NV 100 % — 294 — % 18 % — % 21 % 84,643 86,853 (540) 5,890 2026 7 % Marlow Columbia, MD 100 % 32,607 472 — % 52 % 64 % 57 % 119,808 130,490 1,510 9,320 2025 7 % Total Multi-Family (g) 32,607 1,029 $ 264,026 $ 304,391 $ 970 $ 20,070 Total Unstabilized $ 373,750 $ 437,757 $ 30 $ 31,680 (a) Percentage Occupied and Percentage Leased are as of December 31, 2023. (b) Company estimates of stabilized NOI are based on current leasing velocity, excluding inflation and organic growth. (c) The expected stabilization date for all unstabilized assets is set 36 months from the in-service date. (d) Subsequent to year end, in February 2024, the Company completed the sale of Creekside Park Medical Plaza for $14.0 million. (e) Condominium retail Development costs incurred to date and Total estimated development costs are combined with their respective condominium costs on page 20 and 21 of this supplement. (f) Wingspan, our first single-family rental community in Bridgeland, welcomed its first residents in October 2023. As of December 31, 2023, 28% of the property has been placed in service, with an additional 35% being placed in service in January 2024. The remaining 37% is expected to be placed in service in the second quarter of 2024. (g) Multi-family square feet represent ground floor retail, whereas multi-family units represent residential units for rent. Unstabilized Properties - Operating Assets Segment

HOWARD HUGHES 18 Under Construction Properties thousands except Sq. Ft. and units Location % Ownership Estimated Rentable Square Feet Percent Pre- Leased (a) Const. Start Date Est. Stabilized Date (b) Development Costs Incurred to Date Total Estimated Development Costs Stabilized NOI Est. Stab. Yield Office 10285 Lakefront Medical Office (c) Columbia, MD 100 % 86,000 34 % Q3 2022 2027 $ 22,885 $ 49,930 $ 3,200 6 % Meridian (c) Las Vegas, NV 100 % 147,000 — % Q4 2022 2027 26,194 55,459 4,300 8 % Total Office 233,000 $ 49,079 $ 105,389 $ 7,500 Retail Summerlin Grocery Anchored Center Las Vegas, NV 100 % 67,000 71 % Q3 2023 2027 $ 5,596 $ 46,372 $ 1,800 4 % Ulana Ward Village (d) Honolulu, HI 100 % 32,100 — % Q1 2023 2028 — — 760 — % The Park Ward Village (d) Honolulu, HI 100 % 26,800 — % Q4 2022 2028 — — 1,900 — % Total Retail 125,900 $ 5,596 $ 46,372 $ 4,460 in thousands except Sq. Ft. and units Location % Ownership # of Units Monthly Est. Rent Per Unit Const. Start Date Est. Stabilized Date (b) Develop. Costs Incurred Est. Total Cost (Excl. Land) Est. Stabilized NOI Est. Stab. Yield Multi-family 1 Riva Row Houston, TX 100 % 268 $ 4,015 Q3 2023 2028 $ 9,554 $ 155,997 $ 9,890 6 % Total Multi-family 268 $ 9,554 $ 155,997 $ 9,890 Total Under Construction $ 64,229 $ 307,758 $ 21,850 (a) Represents leases signed as of December 31, 2023. (b) The expected stabilization date for all under construction assets is set 36 months from the expected in-service date. (c) In 2023, the Company rebranded 10285 Lakefront Medical Office (formerly South Lake Medical Office Building) and Meridian (formerly Summerlin South Office). (d) Condominium retail Development costs incurred to date and Total estimated development costs are combined with their respective condominium costs on page 20 and 21 of this supplement. Under Construction Properties - Strategic Developments Segment

HOWARD HUGHES 19 NOI by Region Q4 2023 Landlord Operations (a) Landlord Operations - Multi-family (b) Managed Businesses (c) Tin Building (d) Events and Sponsorships (e) Q4 2023 Totalthousands except sq. ft. Revenues (f) $ 2,353 $ 345 $ 7,317 $ 2,907 $ 4,858 $ 17,780 Operating expenses (f) (8,820) (197) (8,891) (538) (6,136) (24,582) Adjustments to arrive at NOI 253 (91) — 56 218 Seaport NOI $ (6,214) $ 57 $ (1,574) $ 2,425 $ (1,278) $ (6,584) Company's share of NOI from unconsolidated ventures (f) — — 314 (11,931) — (11,617) Total Seaport NOI (g) $ (6,214) $ 57 $ (1,260) $ (9,506) $ (1,278) $ (18,201) Rentable Square Feet / Units Total square feet / units 342,674 13,000 / 21 51,458 53,783 24,577 Leased square feet / units (h) 201,223 — / 21 45,846 53,783 24,577 % Leased (h) 59 % — % / 100 % 89 % 100 % 100 % Development Development costs incurred to date $ 567,414 $ — $ — $ 201,579 $ — $ 768,993 (a) Landlord Operations represents physical real estate in the Historic District and Pier 17 developed and owned by HHH and leased to third parties. (b) Landlord Operations - Multi-family represents 85 South Street which includes base level retail in addition to residential units. (c) Managed Businesses represents retail and food and beverage businesses in the Historic District and Pier 17 that HHH owns, either wholly or through joint ventures, and operates, including license and management agreements. For the three months ended December 31, 2023, these businesses include, among others, The Fulton, Mister Dips, Carne Mare, and Malibu Farm. Managed Businesses also includes the Company's share of NOI from Lawn Club, Ssäm Bar, and Jean-Georges Restaurants. During the third quarter of 2023, the Ssäm Bar restaurant closed. The Company and Momofuku are in the process of dissolving the venture. (d) The Company owns 100% of the Tin Building (Landlord Operations) with 100% of the space leased to The Tin Building by Jean-Georges joint venture, in which the Company has an equity ownership interest. (e) Events and Sponsorships includes private events, catering, sponsorships, concert series, and other rooftop activities. (f) Rental revenue earned from and expense paid by businesses we wholly own and operate is eliminated in consolidation. For joint ventures where the Company is the landlord, the Company recognizes 100% of rental revenue earned. The Company’s share of rental expense paid by joint ventures is included in the Company’s share of NOI from unconsolidated ventures. (g) Total Seaport NOI includes NOI from businesses we wholly own and operate as well as the Company's share of NOI from unconsolidated ventures. See page 32 for the reconciliation of Total Seaport NOI. (h) Leased square footage and percent leased for Landlord Operations includes agreements with terms of less than one year. Seaport Operating Performance

HOWARD HUGHES 20 As of December 31, 2023 Waiea Anaha Ae`o Ke Kilohana ‘A‘ali‘i Kō'ula Total Key Metrics ($ in thousands) Type of building Luxury Luxury Upscale Workforce Upscale Upscale Number of units 177 317 465 423 750 565 2,697 Condo Sq. Ft. 378,488 449,205 389,663 294,273 390,097 409,612 2,311,338 Street retail Sq. Ft. 7,716 16,048 70,800 28,386 11,175 36,995 171,120 Stabilized retail NOI $290 $1,190 $2,170 $970 $550 $1,890 $7,060 Stabilization year 2017 2020 2019 2020 2025 2025 Development progress ($ in thousands) Completion date Q4 2016 Q4 2017 Q4 2018 Q2 2019 Q4 2021 Q3 2022 Total estimated development cost $624,254 $403,974 $430,737 $218,406 $394,908 $487,039 $2,559,318 Development costs incurred to date 600,869 403,796 430,072 217,315 384,166 449,286 2,485,504 Estimated remaining to be spent $23,385 $178 $665 $1,091 $10,742 $37,753 $73,814 Financial Summary ($ in thousands) Units closed through Q4 2023 177 317 465 423 750 565 2,697 Total % of units closed or under contract 100% 100% 100% 100% 100% 100% 100% Units closed in Q4 2023 — — — — — 1 1 Total GAAP revenue recognized $698,228 $515,877 $512,962 $218,549 $536,942 $635,071 $3,117,629 Ward Village - Completed Condominiums

HOWARD HUGHES 21 As of December 31, 2023 Victoria Place The Park Ward Village Ulana Ward Village Kalae Total Key Metrics ($ in thousands) Type of building Luxury Upscale Workforce Luxury Number of units 349 545 696 329 1,919 Avg. unit Sq. Ft. 1,164 847 623 1,207 885 Condo Sq. Ft. 406,351 461,360 433,773 397,203 1,698,687 Street retail Sq. Ft. (a) n/a 26,800 32,100 2,000 60,900 Stabilized retail NOI n/a $1,900 $760 n/a $2,660 Stabilization year n/a 2028 2028 n/a Development progress ($ in thousands) Status Under Construction Under Construction Under Construction Predevelopment Start date Q1 2021 Q4 2022 Q1 2023 n/a Completion / Est. Completion date Q4 2024 2026 2025 2027 Total estimated development cost (b) $511,343 $605,150 $402,914 n/a $1,519,407 Development costs incurred to date 348,547 136,886 95,124 n/a 580,557 Estimated remaining to be spent $162,796 $468,264 $307,790 n/a $938,850 Financial Summary ($ in thousands) Units under contract through December 31, 2023 349 512 696 287 1,844 Units remaining to be sold through December 31, 2023 — 33 — 42 75 Total % of units closed or under contract 100.0% 93.9% 100.0% 87.2% 96.1% Units under contract in Q4 2023 — 2 — 7 9 Square footage closed / under contract 406,351 436,671 433,773 361,181 1,637,976 Total % square footage closed / under contract 100.0% 94.6% 100.0% 90.9% 96.4% Total cash received (closings & deposits) $159,356 $134,658 $37,472 $145,656 $477,142 Total future GAAP revenue under contract $777,316 $674,590 $372,581 $735,483 $2,559,970 Expected avg. price per Sq. Ft. $1,850 - $1,900 $1,500 - $1,550 $850 - $900 $2,000 - $2,050 Deposit Reconciliation (thousands) Spent towards construction $152,755 $21,061 $20,802 $— $194,618 Held for future use (c) — 111,671 16,670 145,656 273,997 Held for closings (c) 6,601 1,926 — — 8,527 Total deposits from sales commitment $159,356 $134,658 $37,472 $145,656 $477,142 (a) Expected construction cost per retail square foot for all completed, under construction, and predevelopment condos is approximately $1,100. (b) Total estimated development costs are not included until the condominium is under construction. (c) Total deposits held for future use and held for closings are presented above only for projects under construction and are included in Restricted cash. Ward Village - Under Construction and Predevelopment

HOWARD HUGHES 22 As of December 31, 2023 thousands Location Total Estimated Development Costs (a) Development Costs Incurred to Date Estimated Remaining to be Spent Remaining Buyer Deposits/ Holdback to be Drawn Debt to be Drawn Costs Remaining to be Paid, Net of Debt and Buyer Deposits/ Holdbacks to be Drawn (b) Estimated Completion Date Juniper (c) Columbia, MD $ 116,386 $ 112,556 $ 3,830 $ — $ — $ 3,830 Completed Marlow (c) Columbia, MD 130,490 119,808 10,682 — 9,747 935 Completed 6100 Merriweather (c) Columbia, MD 138,221 119,536 18,685 — — 18,685 Completed Creekside Park Medical Plaza (c) Houston, TX 10,351 8,435 1,916 — — 1,916 Completed Starling at Bridgeland (d) Houston, TX 60,572 56,255 4,317 — 4,722 (405) Completed Wingspan (e) Houston, TX 87,048 59,575 27,473 — 26,239 1,234 Completed 1700 Pavilion (c) Las Vegas, NV 123,015 101,289 21,726 — 17,597 4,129 Completed Tanager Echo Las Vegas, NV 86,853 84,643 2,210 — 536 1,674 Completed Total Operating Assets 752,936 662,097 90,839 — 58,841 31,998 10285 Lakefront Medical Office (f) Columbia, MD 49,930 22,885 27,045 — 23,758 3,287 Q2 2024 1 Riva Row Houston, TX 155,997 9,554 146,443 — 93,299 53,144 2025 Summerlin Grocery Anchored Center Las Vegas, NV 46,372 5,596 40,776 — 18,000 22,776 Q3 2024 Meridian (f) Las Vegas, NV 55,459 26,194 29,265 — 27,762 1,503 Q1 2024 ‘A‘ali‘i Honolulu, HI 394,908 384,166 10,742 — — 10,742 Completed Kō'ula Honolulu, HI 487,039 449,286 37,753 15,829 — 21,924 Completed The Park Ward Village Honolulu, HI 605,150 136,886 468,264 115,841 350,758 1,665 2026 Ulana Ward Village Honolulu, HI 402,914 95,124 307,790 15,531 232,473 59,786 2025 Victoria Place Honolulu, HI 511,343 348,547 162,796 — 153,500 9,296 Q4 2024 Waiea (g) Honolulu, HI 624,254 600,869 23,385 — — 23,385 Completed Total Strategic Developments 3,333,366 2,079,107 1,254,259 147,201 899,550 207,508 Total $ 4,086,302 $ 2,741,204 $ 1,345,098 $ 147,201 $ 958,391 $ 239,506 See page 4 for definition of Remaining Development Costs. (a) Total Estimated Development 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, retail costs, and certain accrued costs from lenders and excludes land costs and capitalized corporate interest allocated to the project. Total Estimated Development Costs for assets at Ward Village and Columbia exclude master plan infrastructure and amenity costs at Ward Village and Merriweather District. (b) 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. (c) Remaining cost is related to lease-up and tenant build-out. (d) Negative balance relates to costs paid by HHH, but not yet reimbursed by our lenders. We expect to receive funds from our lenders for these costs in the future. (e) Wingspan, our first single-family rental community in Bridgeland, welcomed its first residents in October 2023. As of December 31, 2023, 28% of the property has been placed in service, with an additional 35% being placed in service in January 2024. The remaining 37% is expected to be placed in service in the second quarter of 2024. (f) In 2023, the Company rebranded 10285 Lakefront Medical Office (formerly South Lake Medical Office Building) and Meridian (formerly Summerlin South Office). (g) Total estimated cost includes $155.4 million for warranty repairs. However, we anticipate recovering a substantial amount of these costs in the future, which is not reflected in this schedule. Summary of Remaining Development Costs

HOWARD HUGHES 23 MPC Regions Non-MPC Regions The Woodlands The Woodlands Hills Bridgeland Summerlin Teravalis Floreo Total Columbia (a) Hawai‘i Seaport Total As of December 31, 2023 Houston, TX Houston, TX Houston, TX Las Vegas, NV Phoenix, AZ Phoenix, AZ MPC Regions Columbia, MD Honolulu, HI New York, NY Non- MPC Stabilized Properties Office Sq.Ft. 3,969,487 — — 535,965 — — 4,505,452 1,753,291 — — 1,753,291 Retail Sq. Ft. (b) 318,503 — 67,947 803,145 — — 1,189,595 198,903 808,569 13,000 1,020,472 Multi-family units 2,298 — 670 391 — — 3,359 1,199 — 21 1,220 Other Sq. Ft. 135,801 — — — — — 135,801 — — — — Unstabilized Properties Office Sq.Ft. 32,689 — — 265,898 — — 298,587 — — 178,275 178,275 Retail Sq.Ft. — — — — — — — 32,607 48,170 294,217 374,994 Multi-family units — — 263 294 — — 557 472 — — 472 Under Construction Properties Office Sq.Ft. — — — 147,000 — — 147,000 86,000 — — 86,000 Retail Sq.Ft. — — — 67,000 — — 67,000 — 58,900 — 58,900 Multi-family units 268 — — — — — 268 — — — — Residential Land Total gross acreage/condos (c) 28,545 ac 2,055 ac 11,506 ac 22,500 ac 33,810 ac 3,029 ac 101,445 ac 16,450 ac 4,616 n/a n/a Current Residents 123,000 2,700 23,000 127,000 — — 275,700 n/a n/a n/a n/a Remaining saleable acres/ condos (c) 35 ac 691 ac 1,671 ac 2,462 ac 15,804 ac 861 ac 21,524 ac n/a 75 n/a n/a Estimated price per acre (d) $1,923 $346 $501 $1,309 $751 $779 n/a n/a n/a Commercial Land Total acreage remaining 725 ac 167 ac 1,055 ac 551 ac 10,531 ac 457 ac 13,486 ac 96 ac n/a n/a 96 ac Estimated price per acre (d) $950 $532 $752 $1,176 $206 $151 n/a n/a n/a Portfolio Key Metrics Portfolio Key Metrics include 100% of square footage and units associated with joint venture projects. Retail space in multi-family assets shown as retail square feet. (a) Columbia MPC land development is complete, and the sale of remaining land or development of additional commercial assets will occur as the market dictates. As such, the remaining Columbia land was transferred to the Strategic Developments segment in the first quarter of 2023. (b) Retail Sq. Ft. within the Summerlin region excludes 381,767 Sq. Ft. of anchors and 39,700 Sq. Ft. of additional office space above our retail space. (c) Metrics shown as of December 31, 2023. (d) Residential and commercial pricing represents the Company's estimate of price per acre (in thousands) per its 2024 land models. Portfolio Key Metrics

HOWARD HUGHES 24 Master Planned Community Land Consolidated MPC Segment EBT The Woodlands The Woodlands Hills Bridgeland Summerlin Teravalis Columbia (a) Total Floreo (b) thousands Q4 2023 Q4 2022 Q4 2023 Q4 2022 Q4 2023 Q4 2022 Q4 2023 Q4 2022 Q4 2023 Q4 2022 Q4 2023 Q4 2022 Q4 2023 Q4 2022 Q4 2023 Q4 2022 Revenues: Residential land sale revenues $ 1,425 $ 21,864 $ 10,416 $ 6,097 $ 29,803 $ 33,833 $ 145,368 $ 33,924 $ — $ — $ — $ — $ 187,012 $ 95,718 $ — $ — Commercial land sale revenues 2,923 — 5 — 3,200 21,315 — — — — — — 6,128 21,315 — — Builder price participation — 305 908 880 2,270 2,370 12,048 16,387 — — — — 15,226 19,942 — — Other land sale revenues 98 140 — 1 27 60 3,838 4,199 — — — — 3,963 4,400 — — Total revenues 4,446 22,309 11,329 6,978 35,300 57,578 161,254 54,510 — — — — 212,329 141,375 — — Expenses: Cost of sales - residential land (714) (12,310) (4,989) (2,506) (9,686) (9,641) (56,934) (13,630) — — — — (72,323) (38,087) — — Cost of sales - commercial land (664) — (2) — (927) (6,075) — — — — — — (1,593) (6,075) — — Real estate taxes (1,356) (2,673) (55) (7) (1,565) (1,301) (462) (545) (6) (4) — (154) (3,444) (4,684) (28) (45) Land sales operations (2,492) (2,125) (1,468) (1,225) (2,709) (3,234) (5,367) (4,079) (406) (261) — (1,048) (12,442) (11,972) (833) (826) Total operating expenses (5,226) (17,108) (6,514) (3,738) (14,887) (20,251) (62,763) (18,254) (412) (265) — (1,202) (89,802) (60,818) (861) (871) Depreciation and amortization (30) (32) (2) (2) (30) (35) (30) (29) (10) (10) — — (102) (108) (30) (26) Interest income (expense), net 232 394 712 563 4,602 5,481 9,741 8,170 — — — — 15,287 14,608 (310) (364) Other (loss) income, net 1 — — — — — — — — — — — 1 — — — Gain (loss) on extinguishment of debt — — — — — — — — — — — — — — — (296) Equity in earnings (losses) from unconsolidated ventures (c) — — — — — — 2,211 (17,665) (601) (732) — — 1,610 (18,397) — — MPC Segment EBT $ (577) $ 5,563 $ 5,525 $ 3,801 $ 24,985 $ 42,773 $ 110,413 $ 26,732 $ (1,023) $ (1,007) $ — $ (1,202) $ 139,323 $ 76,660 $ (1,201) $ (1,557) (a) Columbia MPC land development is complete, and the sale of remaining land or development of additional commercial assets will occur as the market dictates. As such, the remaining Columbia land was transferred to the Strategic Developments segment in the first quarter of 2023. (b) This represents 100% of Floreo EBT. The Company owns a 50% interest in Floreo and accounts for its investment under the equity method. (c) Equity in earnings (losses) from unconsolidated ventures for Summerlin reflects our share of earnings in The Summit joint venture and for Teravalis our share of earnings in our Floreo joint venture. MPC Performance

HOWARD HUGHES 25 Master Planned Community Land Consolidated MPC Segment The Woodlands The Woodlands Hills Bridgeland Summerlin Teravalis Floreo (a) thousands Q4 2023 Q4 2022 Q4 2023 Q4 2022 Q4 2023 Q4 2022 Q4 2023 Q4 2022 Q4 2023 Q4 2022 Q4 2023 Q4 2022 Key Performance Metrics: Residential Total acres closed in current period 1.1 ac 7.4 ac 24.1 ac 15.4 ac 51.3 ac 61.0 ac 130.0 ac 23.7 ac — ac — ac — ac — ac Price per acre achieved $1,295 $2,955 $432 $393 $581 $555 $1,342 $1,273 $— $— $— $— Avg. gross margins 49.9% 43.7% 52.1% 58.9% 67.5% 71.5% 60.8% 59.8% —% —% —% —% Commercial Total acres closed in current period 6.3 ac — ac — ac — ac 2.2 ac 84.3 ac — ac — ac — ac — ac — ac — ac Price per acre achieved $588 $— $— $— $171 $453 $— $— $— $— $— $— Avg. gross margins 77.3 % — % —% — % 71.0 % 71.5% — % —% —% —% —% —% Avg. combined before-tax net margins 69.7 % 43.7% 52.1% 58.9% 67.8 % 71.5% 60.8% 59.8% —% —% —% —% Key Valuation Metrics: Remaining saleable acres Residential 35 ac 691 ac 1,671 ac 2,462 ac 15,804 ac 861 ac Commercial 725 ac 167 ac 1,055 ac 551 ac 10,531 ac 457 ac Projected est. % superpads / lot size —% / — —% / — —% / — 66% / 0.25 ac —% / — —% / — Projected est. % single-family detached lots / lot size 79% / 0.16 ac 81% / 0.21 ac 89% / 0.19 ac —% / — 81% / 0.22 ac 100% / 0.17 ac Projected est. % single-family attached lots / lot size 21% / 0.14 ac 19% / 0.12 ac 8% / 0.11 ac —% / — 19% / 0.11 ac —% / — Projected est. % custom homes / lot size —% / — —% / — 3% / 0.63 ac 34% / 1 ac —% / — —% / — Estimated builder sale velocity (blended total - TTM) (b) 0.1 22 87 89 NM NM Projected GAAP gross margin (c) 76.0% 74.7% 62.1% 58.9% 58.8% 71.5% 64.1% 61.4% 38.0% 87.3% 28.7% 44.4% Projected cash gross margin (c) 96.7% 88.9% 78.2% 80.4% 39.3% 52.6% Residential sellout / Commercial buildout date estimate Residential 2026 2030 2035 2043 2086 2032 Commercial 2034 2033 2046 2039 2086 2035 (a) This represents 100% of Floreo performance and valuation metrics. The Company owns a 50% interest in Floreo and accounts for its investment under the equity method. (b) Represents the average monthly builder homes sold over the last twelve months ended December 31, 2023. (c) Projected GAAP gross margin is based on expected GAAP MPC land sales revenues and MPC cost of sales. This measure includes all future projected revenues less all remaining historical development costs incurred to date and remaining future projected cash development costs. Projected cash gross margin represents the net cash margin expected to be received in the future and includes all future projected revenues less all remaining future projected cash development costs. The projected cash gross margin does not include remaining historical development costs incurred to date. 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. NM Not meaningful. MPC Land

HOWARD HUGHES 26 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. 2024 $ 14,561 5.45 % $ 39.87 $ 6,055 5.12 % $ 39.13 2025 22,834 8.55 % 43.21 20,829 17.61 % 52.08 2026 12,599 4.72 % 42.56 10,864 9.19 % 42.17 2027 30,790 11.52 % 41.49 7,357 6.22 % 45.77 2028 18,663 6.99 % 45.78 9,677 8.18 % 55.04 2029 21,773 8.15 % 45.47 7,423 6.28 % 61.32 2030 24,887 9.32 % 48.68 6,669 5.64 % 65.01 2031 15,027 5.63 % 52.39 5,249 4.44 % 55.63 2032 55,733 20.86 % 53.29 5,581 4.72 % 57.02 2033 15,309 5.73 % 41.83 16,461 13.92 % 71.62 Thereafter 35,101 13.08 % 51.09 22,172 18.68 % 40.94 Total $ 267,277 100.00 % $ 118,337 100.00 % (a) Excludes leases with an initial term of 12 months or less. Also excludes Seaport leases. Office and Retail Lease Expirations Total Office and Retail Portfolio as of December 31, 2023 % o f A nn ua liz ed C as h R en t E xp iri ng Houston Summerlin Columbia Hawaii Other Office 2024 Retail 2024 Office 2025 Retail 2025 Office 2026 Retail 2026 Office 2027 Retail 2027 Office 2028 Retail 2028 Office 2029 Retail 2029 Office 2030 Retail 2030 Office 2031 Retail 2031 Office 2032 Retail 2032 Office 2033 Retail 2033 Office 2034+ Retail 2034+ 0% 6% 12% 18% 24% 30% Lease Expirations

HOWARD HUGHES 27 Other Assets Property Name Location % Ownership Acres Notes West End Alexandria (formerly Landmark Mall) Alexandria, VA 58% 41 acres West End Alexandria is a joint venture formed to redevelop the former Landmark Mall into four million square feet of residential, retail, commercial, and entertainment offerings with a central plaza and a network of parks and public transportation. The development will be anchored by a new state-of-the-art hospital and medical campus. Demolition began in the second quarter of 2022, with completion of the first buildings expected in 2025. 80% Interest in Fashion Show Air Rights Las Vegas, NV 80% N/A The air rights above the Fashion Show Mall located on the Las Vegas Strip will be included in the planned Seaport Entertainment spinoff. 250 Water Street New York, NY 100% 1.0 This full-block surface parking lot at the entrance of the Seaport will be included in the planned Seaport Entertainment spinoff. Other Assets Acquisition / Disposition Activity Q4 2023 Dispositions Date Sold Property % Ownership Location Acres / Rentable Sq. Ft. Sale Price December 29, 2023 Memorial Hermann Medical Office 100% Houston, TX 20,000 sq. ft. $9.6 million Acquisition / Disposition Activity Subsequent to period end, in February 2024, the Company completed the sale of Creekside Park Medical Plaza, a 32,689 square-foot medical office building in Houston, Texas, for $14.0 million.

HOWARD HUGHES 28 thousands December 31, 2023 December 31, 2022 Fixed-rate debt Unsecured 5.375% Senior Notes due 2028 $ 750,000 $ 750,000 Unsecured 4.125% Senior Notes due 2029 650,000 650,000 Unsecured 4.375% Senior Notes due 2031 650,000 650,000 Secured mortgages payable 1,485,494 1,500,841 Special Improvement District bonds 65,627 59,777 Variable-rate debt Secured mortgages payable, excluding condominium financing 969,085 867,570 Condominium financing 307,404 49,000 Secured Bridgeland Notes due 2026 475,000 275,000 Mortgages, notes and loans payable 5,352,610 4,802,188 Deferred financing costs (49,990) (55,005) Mortgages, notes, and loans payable, net $ 5,302,620 $ 4,747,183 Net Debt on a Segment Basis as of December 31, 2023 (a) thousands Operating Assets Master Planned Communities Seaport Strategic Developments Segment Totals Non- Segment Amounts Total Mortgages, notes, and loans payable, net $ 2,315,743 $ 536,127 $ 112,999 $ 307,795 $ 3,272,664 $ 2,029,956 $ 5,302,620 Mortgages, notes, and loans payable of unconsolidated ventures (b) 90,593 44,209 76 — 134,878 — 134,878 Less: Cash and cash equivalents (11,393) (92,821) (1,952) (13,164) (119,330) (512,218) (631,548) Cash and cash equivalents of unconsolidated ventures (b) (1,649) (16,763) (9,308) (650) (28,370) — (28,370) Special Improvement District receivables — (74,899) — — (74,899) — (74,899) Municipal Utility District receivables, net — (547,952) — (2,932) (550,884) — (550,884) TIF receivable — — — (6,371) (6,371) — (6,371) Net Debt $ 2,393,294 $ (152,099) $ 101,815 $ 284,678 $ 2,627,688 $ 1,517,738 $ 4,145,426 Consolidated Debt Maturities and Contractual Obligations as of December 31, 2023 thousands 2024 2025 2026 2027 2028 Thereafter Total Mortgages, notes, and loans payable (c) $ 214,526 $ 527,478 $ 968,964 $ 298,601 $ 835,522 $ 2,507,519 $ 5,352,610 Interest payments (d) 297,880 250,482 204,598 156,897 131,891 280,733 1,322,481 Ground lease commitments (e) 2,883 2,937 2,992 3,049 3,108 240,242 255,211 Total $ 515,289 $ 780,897 $ 1,176,554 $ 458,547 $ 970,521 $ 3,028,494 $ 6,930,302 Debt Summary (a) 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. (b) 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 unconsolidated ventures. (c) We expect $200.4 million due in 2024 to be repaid with condo closings. (d) Interest is based on the borrowings that are presently outstanding and current floating interest rates without the effects of interest rate derivatives. (e) Primarily relates to Seaport ground lease with initial expiration in 2072 and extension options through 2120. Future cash payments are not inclusive of extension options. Debt Summary

HOWARD HUGHES 29 (a) Includes the impact of interest rate derivatives. (b) Does not include extension options, some of which have performance requirements. (c) Represents Secured Bridgeland Notes. (d) Represents 250 Water Street mortgage. (e) Excludes the Company's share of debt related to its unconsolidated ventures, which totaled $134.9 million as of December 31, 2023. thousands Q4 2023 Principal Range of Interest Rates (a) Weighted- average Interest Rate (a) Weighted- average Years to Maturity (b) Operating Assets Office $ 1,192,025 3.43 % 9.41 % 5.66 % 5.0 Retail 246,000 3.50 % 8.35 % 5.89 % 5.2 Multi-family 829,479 3.13 % 8.38 % 5.03 % 5.6 Other 67,674 3.65 % 8.19 % 5.19 % 12.4 Total Operating Assets $ 2,335,178 3.13 % 9.41 % 5.45 % 5.4 Master Planned Communities (c) $ 475,000 7.64 % 7.64 % 7.64 % 2.7 Seaport (d) $ 115,000 9.21 % 9.21 % 9.21 % 2.7 Strategic Developments Condominiums $ 307,404 7.50 % 10.48 % 9.74 % 1.1 Office 4,400 7.63 % 8.67 % 8.67 % 28.8 Multi-family 1 7.39 % 8.06 % 7.39 % 6.7 Total Strategic Developments $ 311,805 7.39 % 10.48 % 9.72 % 1.5 Bonds Corporate Bonds $ 2,050,000 4.13 % 5.38 % 4.66 % 5.5 SID Bonds 65,627 4.13 % 7.00 % 5.22 % 26.0 Total Bonds $ 2,115,627 4.13 % 7.00 % 4.68 % 6.2 Total (e) $ 5,352,610 3.13 % 10.48 % 5.67 % 5.2 Debt Summary (cont.)

HOWARD HUGHES 30 Reconciliation of Operating Assets segment EBT to Total NOI thousands Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 FY 2023 FY 2022 Total revenues $ 104,406 $ 116,874 $ 121,427 $ 100,925 $ 104,092 $ 443,632 $ 431,834 Total operating expenses (52,329) (55,786) (54,452) (47,599) (47,538) (210,166) (194,496) Segment operating income (loss) 52,077 61,088 66,975 53,326 56,554 233,466 237,338 Depreciation and amortization (47,094) (43,127) (40,878) (39,632) (39,483) (170,731) (154,626) Interest income (expense), net (36,308) (31,884) (30,285) (28,911) (25,183) (127,388) (89,959) Other income (loss), net (155) (244) (40) 2,282 (1,083) 1,843 (1,140) Equity in earnings (losses) from unconsolidated ventures (2,342) 1,364 2,042 1,905 365 2,969 22,263 Gain (loss) on sale or disposal of real estate and other assets, net 3,162 16,050 (16) 4,730 25,570 23,926 29,588 Gain (loss) on extinguishment of debt (96) — — — (1,585) (96) (2,230) Operating Assets segment EBT (30,756) 3,247 (2,202) (6,300) 15,155 (36,011) 41,234 Add back: Depreciation and amortization 47,094 43,127 40,878 39,632 39,483 170,731 154,626 Interest (income) expense, net 36,308 31,884 30,285 28,911 25,183 127,388 89,959 Equity in (earnings) losses from unconsolidated ventures 2,342 (1,364) (2,042) (1,905) (365) (2,969) (22,263) (Gain) loss on sale or disposal of real estate and other assets, net (3,162) (16,050) 16 (4,730) (25,570) (23,926) (29,588) (Gain) loss on extinguishment of debt 96 — — — 1,585 96 2,230 Impact of straight-line rent 408 (470) (1,081) (1,113) (3,958) (2,256) (11,241) Other 167 336 269 (185) 1,139 587 827 Operating Assets NOI 52,497 60,710 66,123 54,310 52,652 233,640 225,784 Company's share of NOI from equity investments 1,837 2,121 1,960 1,827 2,420 7,745 9,061 Distributions from Summerlin Hospital investment — — — 3,033 — 3,033 4,638 Company's share of NOI from unconsolidated ventures 1,837 2,121 1,960 4,860 2,420 10,778 13,699 Total Operating Assets NOI $ 54,334 $ 62,831 $ 68,083 $ 59,170 $ 55,072 $ 244,418 $ 239,483 Reconciliation of Non-GAAP Measures

HOWARD HUGHES 31 Reconciliation of Non-GAAP Measures Reconciliation of Seaport segment EBT to Total NOI thousands Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 FY 2023 FY 2022 Total revenues $ 17,780 $ 29,490 $ 22,804 $ 11,897 $ 18,415 $ 81,971 $ 88,468 Total operating expenses (24,582) (33,303) (26,665) (18,916) (25,064) (103,466) (104,393) Segment operating income (loss) (6,802) (3,813) (3,861) (7,019) (6,649) (21,495) (15,925) Depreciation and amortization (5,987) (10,808) (10,469) (10,527) (11,144) (37,791) (36,338) Interest income (expense), net (790) 1,358 1,311 1,186 899 3,065 3,902 Other income (loss), net (3) 313 (1,601) 1 (44) (1,290) 245 Equity in earnings (losses) from unconsolidated ventures (13,150) (46,619) (10,896) (10,820) (16,050) (81,485) (36,273) Gain (loss) on extinguishment of debt — (48) — — — (48) — Provision for impairment — (672,492) — — — (672,492) — Seaport segment EBT (26,732) (732,109) (25,516) (27,179) (32,988) (811,536) (84,389) Add back: Depreciation and amortization 5,987 10,808 10,469 10,527 11,144 37,791 36,338 Interest (income) expense, net 790 (1,358) (1,311) (1,186) (899) (3,065) (3,902) Equity in (earnings) losses from unconsolidated ventures (a) 13,150 46,619 10,896 10,820 16,050 81,485 36,273 (Gain) loss on extinguishment of debt — 48 — — — 48 — Impact of straight-line rent 360 435 546 586 (1,063) 1,927 456 Other (income) loss, net (b) (139) 2,163 2,470 847 2,846 5,341 5,456 Provision for impairment (a) — 672,492 — — — 672,492 — Seaport NOI (6,584) (902) (2,446) (5,585) (4,910) (15,517) (9,768) Company's share of NOI from unconsolidated ventures (c) (11,617) (8,603) (9,262) (9,591) (15,730) (39,073) (35,581) Total Seaport NOI $ (18,201) $ (9,505) $ (11,708) $ (15,176) $ (20,640) $ (54,590) $ (45,349) (a) During the third quarter of 2023, HHH recorded a $709.5 million pre-tax impairment charge related to the Seaport, comprised of $672.5 million recognized in Provision for impairment and $37.0 million recognized in equity losses from unconsolidated ventures. The Seaport assets were impaired due to reductions in estimated future cash flows resulting from significant uncertainty of future performance as stabilization and profitability are taking longer than expected, pressure on the current cost structure, lower demand for office space, as well as an increase in the capitalization rate and a decrease in restaurant multiples used to evaluate future cash flows. (b) Includes miscellaneous development-related items. (c) The Company’s share of NOI related to the Tin Building by Jean-Georges is calculated using our current partnership funding provisions.

HOWARD HUGHES 32 RECONCILIATIONS OF NET INCOME TO FFO thousands except share amounts Q4 2023 Q4 2022 FY 2023 FY 2022 Net income attributable to common shareholders $ 34,296 $ 52,751 $ (551,773) $ 184,533 Adjustments to arrive at FFO: Segment real estate related depreciation and amortization 54,298 51,971 212,903 196,677 (Gain) loss on sale or disposal of real estate and other assets, net (3,162) (25,669) (24,162) (29,678) Income recognized upon sale of interest in 110 North Wacker — (4) — 4,910 Impairment of depreciable real estate properties — — 672,492 — Impairment of investment in unconsolidated ventures — — 37,001 — Income tax expense adjustments: Gain on sale or disposal of real estate and other assets, net 727 5,760 5,557 6,678 Income recognized upon sale of interest in 110 North Wacker — 1 — (1,124) Impairment of depreciable real estate properties — — (152,588) — Impairment of investment in unconsolidated ventures — — (8,396) — Reconciling items related to noncontrolling interests 77 613 243 103 Company's share of the above reconciling items from unconsolidated joint ventures 1,623 1,088 7,532 4,136 FFO $ 87,859 $ 86,511 $ 198,809 $ 366,235 Adjustments to arrive at Core FFO: (Gain) loss on extinguishment of debt 96 1,732 144 2,377 Severance expenses 392 9 3,424 2,524 Non-real estate related depreciation and amortization 616 806 3,215 3,684 Straight-line amortization 768 (5,022) (333) (10,785) Deferred income tax expense (benefit) 4,542 25,829 (7,245) 42,022 Non-cash fair value adjustments related to hedging instruments (1,312) (724) (13,131) 6,041 Share-based compensation 2,496 3,861 11,725 12,772 Other non-recurring expenses 9,020 3,992 17,905 11,977 Company's share of the above reconciling items from unconsolidated joint ventures 21 149 184 461 Core FFO $ 104,498 $ 117,143 $ 214,697 $ 437,308 Adjustments to arrive at AFFO: Tenant and capital improvements (7,602) (2,845) (21,827) (11,218) Leasing commissions (2,522) (1,987) (7,890) (8,142) AFFO $ 94,374 $ 112,311 $ 184,980 $ 417,948 FFO per diluted share value $ 1.77 $ 1.75 $ 4.01 $ 7.24 Core FFO per diluted share value $ 2.10 $ 2.37 $ 4.33 $ 8.65 AFFO per diluted share value $ 1.90 $ 2.27 $ 3.73 $ 8.27 Reconciliations of Net Income to FFO, Core FFO and AFFO