hhcsupplemental1q23

The Howard Hughes Corporation Supplemental Information Three Months Ended March 31, 2023 NYSE: HHC 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, 2022, as filed with the Securities and Exchange Commission (SEC) on February 27, 2023. 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); amortization; depreciation; development-related marketing cost; gain on sale or disposal of real estate and other assets, net; 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 - Sold Out Condominiums 20 Ward Village - Remaining to be Sold 21 Summary of Remaining Development Costs 22 Portfolio Key Metrics 23 MPC Performance 24 MPC Land 25 Lease Expirations 26 Acquisition / Disposition Activity 27 Other Assets 28 Debt Summary 29 Reconciliations of Non-GAAP Measures 31

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 March 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 cash revenues (rental income, tenant recoveries and other revenue) less operating cash 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, 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 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. 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 or the Seaport segment but have not reached stabilized occupancy status are disclosed on the Summary of Remaining Development Costs slide if the project has more than $1.0 million of estimated costs remaining to be incurred. The total estimated costs and costs paid are prepared on a cash basis to reflect the total anticipated cash requirements for the projects. Projects not yet under construction are not included. Same Store Properties - The Company defines Same Store Properties as consolidated and unconsolidated properties that are acquired or placed in-service prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented. Same Store Properties exclude properties placed in- service, acquired, repositioned or in development or redevelopment after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired or treated as in-service for that property to be included in Same Store Properties. Same Store NOI - We calculate Same Store Net Operating Income (Same Store NOI) as Operating Assets NOI applicable to consolidated properties acquired or placed in-service prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented. Same Store NOI also includes the Company's share of NOI 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 8% ‘A‘ali‘i 10% Kō'ula 2% Ulana Ward Village 25% Kalae 55% Bridgeland 49% Summerlin 45% The Woodlands/ Woodlands Hills 6% Recent Company Highlights Q1 2023 Company Performance Share Price - March 31, 2023 $ 80.00 Diluted Earnings / Share $ (0.46) FFO / Diluted Share $ 0.52 Core FFO / Diluted Share $ 0.63 AFFO / Diluted Share $ 0.51 Company Profile - Summary & Results Operating Portfolio by Region Q1'23 MPC EBT $62.4M Q1'23 Condos Contracted 40 units NYSE: HHC Company Profile - Summary & Results HOUSTON, Jan. 10, 2023 (PRNewswire) - The Howard Hughes Corporation® (HHC) has closed $1.3 billion in key financings across its national portfolio, increasing the company's liquidity to over $800 million. Office 47% Multi-family 25% Retail 24% Other 4% Q1'23 Operating Assets NOI 59.2M Performance Highlights

HOWARD HUGHES 6 Office 36% Multi-family 51% Retail 13% Office 24% Multi-family 50% Retail 26% Office 49% Multi-family 24% Retail 20% Other 7% Office 51% Multi-family 20% Retail 21% Other 8% Office 36% Multi-family 54% Retail 10% Q1 2023 Path to Projected Annual Stabilized NOI Currently Under Construction Currently Unstabilized Currently Stabilized Total Projected Stabilized NOI $25.4M Projected Stabilized NOI $317.2M Projected Stabilized NOI $363.5M Office 47% Multi-family 25% Retail 24% Other 4% Office 47% Multi-family 25% Retail 24% Other 4% 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). Q1 '23 Stabilized NOI $60.2M Q1 '23 Unstabilized NOI $(1.1)M Q1 '23 Total NOI $59.2M Projected Stabilized NOI $20.9M Retail Sq. Ft. 58,900 Retail Sq. Ft. 80,721 Retail Sq. Ft. 2,202,667 Retail Sq. Ft. 2,342,288 Office Sq. Ft. 233,000 Office Sq. Ft. 298,587 Office Sq. Ft. 6,284,191 Office Sq. Ft. 6,815,778 Multi-family Units 557 Multi-family Units 830 Multi-family Units 4,200 Multi-family Units 5,587 Q1 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 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Company Profile Share price (a) $ 80.00 $ 76.42 $ 55.39 $ 68.05 $ 103.61 Market Capitalization (b) $4.0b $3.8b $2.7b $3.5b $5.4b Enterprise Value (c) $8.4b $8.0b $7.1b $7.7b $9.4b Weighted avg. shares - basic 49,455 49,426 49,445 50,786 52,453 Weighted avg. shares - diluted 49,455 49,464 49,471 50,822 52,501 Debt Summary Total debt payable (d) $ 4,831,044 $ 4,802,188 $ 4,675,327 $ 4,847,318 $ 4,722,552 Fixed-rate debt $ 3,607,734 $ 3,610,618 $ 3,316,050 $ 3,320,845 $ 3,197,722 Weighted avg. rate - fixed 4.55 % 4.55 % 4.40 % 4.40 % 4.40 % Variable-rate debt, excluding condominium financing $ 1,174,310 $ 1,142,570 $ 1,310,277 $ 1,255,498 $ 1,291,921 Weighted avg. rate - variable 6.20 % 6.07 % 5.19 % 4.45 % 3.58 % Condominium debt outstanding at end of period $ 49,000 $ 49,000 $ 49,000 $ 270,975 $ 232,909 Weighted avg. rate - condominium financing 7.00 % 7.00 % 8.14 % 5.00 % 4.79 % Leverage ratio (debt to enterprise value) 57.00 % 59.40 % 65.16 % 62.36 % 49.63 % General and Administrative General and administrative (G&A) (e) $ 23,553 $ 20,898 $ 19,471 $ 15,512 $ 25,891 Less: Non-cash stock compensation (3,443) (1,366) (1,298) (1,254) (1,437) Cash G&A (f) $ 20,110 $ 19,532 $ 18,173 $ 14,258 $ 24,454 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 $1.6 million of severance and bonus costs and $2.1 million of non-cash stock compensation related to our former General Counsel in the first quarter of 2023 and $2.3 million of severance and bonus costs related to our former Chief Financial Officer in the first quarter of 2022. (f) 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 $2.7 million charge in the second quarter of 2022 for the estimated costs related to construction defects at the Waiea tower. HHC 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. thousands except percentages Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Segment Metrics Operating Assets Operating Assets NOI $ 54,310 $ 52,652 $ 58,657 $ 63,961 $ 50,514 Company's share of NOI from unconsolidated ventures 4,860 2,420 2,139 2,386 6,754 Total Operating Assets NOI $ 59,170 $ 55,072 $ 60,796 $ 66,347 $ 57,268 MPC MPC Segment EBT $ 62,372 $ 76,660 $ 75,383 $ 71,266 $ 59,678 Seaport Seaport NOI $ (5,585) $ (4,910) $ 1,568 $ (684) $ (5,742) Company's share of NOI from unconsolidated ventures (a) (9,591) (15,730) (11,034) (4,979) (3,838) Total Seaport NOI $ (15,176) $ (20,640) $ (9,466) $ (5,663) $ (9,580) Condo Gross Profit Condominium rights and unit sales $ 6,087 $ 217,397 $ 418,645 $ 21,420 $ 19,616 Adjusted condominium rights and unit cost of sales (b) (4,536) (154,957) (295,300) (16,833) (14,180) Condo adjusted gross profit $ 1,551 $ 62,440 $ 123,345 $ 4,587 $ 5,436 Financial Summary (cont.)

HOWARD HUGHES 9 thousands except par values and share amounts (unaudited) March 31, 2023 December 31, 2022 ASSETS Master Planned Communities assets $ 2,418,631 $ 2,411,526 Buildings and equipment 4,368,919 4,246,389 Less: accumulated depreciation (912,636) (867,700) Land 310,685 312,230 Developments 1,205,501 1,125,027 Net investment in real estate 7,391,100 7,227,472 Investments in unconsolidated ventures 250,639 246,171 Cash and cash equivalents 417,746 626,653 Restricted cash 471,426 472,284 Accounts receivable, net 105,683 103,437 Municipal Utility District receivables, net 511,078 473,068 Deferred expenses, net 132,777 128,865 Operating lease right-of-use assets, net 46,220 46,926 Other assets, net 253,463 278,587 Total assets $ 9,580,132 $ 9,603,463 LIABILITIES Mortgages, notes, and loans payable, net $ 4,778,106 $ 4,747,183 Operating lease obligations 51,350 51,321 Deferred tax liabilities, net 250,892 254,336 Accounts payable and other liabilities 917,261 944,511 Total liabilities 5,997,609 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, 56,427,928 issued, and 49,996,486 outstanding as of March 31, 2023, 56,226,273 shares issued, and 49,801,997 outstanding as of December 31, 2022 566 564 Additional paid-in capital 3,977,514 3,972,561 Retained earnings (accumulated deficit) 145,332 168,077 Accumulated other comprehensive income (loss) 5,005 10,335 Treasury stock, at cost, 6,431,442 shares as of March 31, 2023, and 6,424,276 shares as of December 31, 2022 (611,659) (611,038) Total stockholders' equity 3,516,758 3,540,499 Noncontrolling interests 65,765 65,613 Total equity 3,582,523 3,606,112 Total liabilities and equity $ 9,580,132 $ 9,603,463 Balance Sheets

HOWARD HUGHES 10 thousands except per share amounts (unaudited) Q1 2023 Q1 2022 REVENUES Condominium rights and unit sales $ 6,087 $ 19,616 Master Planned Communities land sales 59,361 61,468 Rental revenue 97,864 95,109 Other land, rental, and property revenues 18,968 19,537 Builder price participation 14,009 14,496 Total revenues 196,289 210,226 EXPENSES Condominium rights and unit cost of sales 4,536 14,180 Master Planned Communities cost of sales 22,003 24,686 Operating costs 72,387 65,555 Rental property real estate taxes 15,419 15,182 Provision for (recovery of) doubtful accounts (2,420) 844 General and administrative 23,553 25,891 Depreciation and amortization 52,009 48,593 Other 3,571 2,409 Total expenses 191,058 197,340 OTHER Gain (loss) on sale or disposal of real estate and other assets, net 4,730 (9) Other income (loss), net 4,981 (221) Total other 9,711 (230) Operating income (loss) 14,942 12,656 Interest income 4,092 24 Interest expense (38,137) (27,438) Gain (loss) on extinguishment of debt — (282) Equity in earnings (losses) from unconsolidated ventures (4,802) 17,912 Income (loss) before income taxes (23,905) 2,872 Income tax expense (benefit) (1,278) 701 Net income (loss) (22,627) 2,171 Net (income) loss attributable to noncontrolling interests (118) (49) Net income (loss) attributable to common stockholders $ (22,745) $ 2,122 Basic income (loss) per share $ (0.46) $ 0.04 Diluted income (loss) per share $ (0.46) $ 0.04 Statements of Operations

HOWARD HUGHES 11 thousands YTD Q1 2023 YTD Q1 2022 $ Change % Change Same Store Office Houston, TX $ 18,554 $ 16,075 $ 2,479 15 % Columbia, MD 6,177 5,805 372 6 % Las Vegas, NV 3,244 3,297 (53) (2) % Total Same Store Office 27,975 25,177 2,798 11 % Same Store Retail Houston, TX 3,395 1,774 1,621 91 % Columbia, MD 592 456 136 30 % Las Vegas, NV 6,217 5,802 415 7 % Honolulu, HI 4,576 4,000 576 14 % Total Same Store Retail 14,780 12,032 2,748 23 % Same Store Multi-Family Houston, TX 9,626 7,684 1,942 25 % Columbia, MD 1,524 1,613 (89) (6) % Las Vegas, NV 1,948 1,848 100 5 % Company's share of NOI from unconsolidated ventures 1,811 1,744 67 4 % Total Same Store Multi-Family 14,909 12,889 2,020 16 % Same Store Other Houston, TX 1,853 1,745 108 6 % Columbia, MD 1 98 (97) (99) % Las Vegas, NV (2,398) (1,096) (1,302) (119) % Honolulu, HI 68 42 26 62 % Company's share of NOI from unconsolidated ventures 3,049 5,010 (1,961) (39) % Total Same Store Other 2,573 5,799 (3,226) (56) % Total Same Store NOI 60,237 55,897 4,340 8 % Non-Same Store NOI (1,067) 1,371 (2,438) (178) % Total Operating Assets NOI $ 59,170 $ 57,268 $ 1,902 3 % See page 4 for definitions of Same Store Properties and Same Store NOI. Same Store NOI - Operating Assets Segment

HOWARD HUGHES 12 thousands Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Same Store Metrics Stabilized Leasing Percentages Office 86 % 85 % 89 % 88 % 90 % Retail 96 % 95 % 96 % 95 % 93 % Multi-Family 95 % 95 % 96 % 96 % 98 % Unstabilized Leasing Percentages (a) Office — % — % 71 % 64 % 52 % Retail — % — % 90 % 78 % 72 % Same Store NOI Office $ 27,975 $ 27,870 $ 28,430 $ 29,739 $ 25,177 Retail 14,780 12,877 12,473 13,844 12,032 Multi-Family 14,909 12,795 13,732 13,629 12,889 Other 2,573 897 5,882 7,918 5,799 Total Same Store NOI $ 60,237 $ 54,439 $ 60,517 $ 65,130 $ 55,897 Quarter over Quarter Change in Same Store NOI 11 % (10) % (7) % 17 % See page 4 for definitions of Same Store Properties and Same Store NOI. (a) As of Q1 2023, all same store properties are stabilized. Same Store Performance - Operating Assets Segment

HOWARD HUGHES 13 thousands except Sq. Ft. and units % Ownership (a) Total Q1 2023 Occupied (#) Q1 2023 Leased (#) Q1 2023 Occupied (%) Q1 2023 Leased (%) In-Place NOI Stabilized NOI Time to Stabilize (Years) (b)Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Stabilized Properties Office - Houston 100 % 3,994,920 — 3,263,061 — 3,395,321 — 82 % — % 85 % — % $ 76,470 $ 110,640 — Office - Columbia 100 % 1,753,291 — 1,332,835 — 1,491,243 — 76 % — % 85 % — % 23,080 35,380 — Office - Summerlin 100 % 535,980 — 501,961 — 511,440 — 94 % — % 95 % — % 13,690 14,900 — Retail - Houston 100 % 358,577 — 310,138 — 328,756 — 86 % — % 92 % — % 10,760 12,700 — Retail - Columbia 100 % 99,899 — 99,899 — 99,899 — 100 % — % 100 % — % 3,820 2,710 — Retail - Hawai‘i 100 % 809,333 — 742,341 — 755,485 — 92 % — % 93 % — % 14,750 24,400 — Retail - Summerlin 100 % 803,145 — 787,028 — 798,839 — 98 % — % 99 % — % 22,200 26,300 — Multi-Family - Houston (c) 100 % 34,419 2,610 30,727 2,434 31,762 2,456 89 % 93 % 92 % 94 % 34,840 39,980 — Multi-Family - Columbia (c) Various 97,294 1,199 58,702 1,114 88,335 1,152 60 % 93 % 91 % 96 % 14,820 16,860 — Multi-Family - Summerlin (c) 100 % — 391 — 367 — 380 — % 94 % — % 97 % 7,650 7,650 — Self-Storage - Houston 100 % — 1,367 — 1,254 — 1,269 — % 92 % — % 93 % 1,000 1,390 — Other - Summerlin (d) Various — — — — — — — % — % — % — % 9,460 14,270 — Other Assets (d) Various 135,801 — 135,801 — 135,801 — 100 % — % 100 % — % 6,880 10,000 — Total Stabilized Properties (e) $ 239,420 $ 317,180 — Unstabilized Properties Office - Houston 100 % 32,689 — — — — — — % — % — % — % $ (320) $ 790 2.8 Office - Summerlin 100 % 265,898 — 117,167 — 153,886 — 44 % — % 58 % — % (1,090) 8,380 2.8 Retail - Hawai‘i 100 % 48,029 — 2,307 — 21,935 — 5 % — % 46 % — % (140) 2,530 2.1 Multi-Family - Houston (c) 100 % — 358 — 151 — 167 — % 42 % — % 47 % 1,220 4,360 2.3 Multi-Family - Columbia (c) 100 % 32,692 472 — 82 15,946 116 — % 17 % 49 % 25 % (180) 9,320 2.8 Total Unstabilized Properties $ (510) $ 25,380 2.5 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) 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. (c) Multi-Family square feet represent ground floor retail whereas multi-family units represent residential units for rent. (d) These assets can be found on page 16 of this presentation. (e) 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 Q1 2023 Occupied (#) Q1 2023 Leased (#) Q1 2023 Occupied (%) Q1 2023 Leased (%) In-Place NOI Stabilized NOI Time to Stabilize (Years) (b)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 3.8 Office - Summerlin 100 % 147,000 — — — — — — % — % — % — % n/a 4,300 3.8 Retail - Hawai‘i 100 % 58,900 — — — — — — % — % — % — % n/a 2,660 5.0 Multi-Family - Houston (c) 100 % — 263 — — — — — % — % — % — % n/a 4,860 3.0 Multi-Family - Summerlin (c) 100 % — 294 — — — — — % — % — % — % n/a 5,900 3.8 Total Under Construction Properties n/a $ 20,920 4.0 Total / Wtd. Avg. for Portfolio $ 238,910 $ 363,480 3.4

HOWARD HUGHES 15 thousands except Sq. Ft. and units Location % Ownership Rentable Sq. Ft. Q1 2023 % Occ. (a) Q1 2023 % Leased (a) In-Place NOI (b) Est. Stabilized NOI (b) Office One Hughes Landing Houston, TX 100 % 200,639 55 % 55 % $ 2,190 $ 6,170 Two Hughes Landing Houston, TX 100 % 197,950 79 % 82 % 3,930 6,000 Three Hughes Landing Houston, TX 100 % 321,633 93 % 95 % 8,240 8,240 1725 Hughes Landing Boulevard Houston, TX 100 % 339,608 63 % 63 % 3,000 6,900 1735 Hughes Landing Boulevard Houston, TX 100 % 318,237 100 % 100 % 7,950 8,900 2201 Lake Woodlands Drive Houston, TX 100 % 22,259 100 % 100 % 490 570 Lakefront North Houston, TX 100 % 258,058 98 % 98 % 6,530 6,450 Memorial Hermann Medical Office Building Houston, TX 100 % 20,000 100 % 100 % 570 600 8770 New Trails Houston, TX 100 % 180,000 100 % 100 % 4,420 4,400 9303 New Trails Houston, TX 100 % 98,283 37 % 42 % 120 1,530 3831 Technology Forest Drive Houston, TX 100 % 97,360 100 % 100 % 2,450 2,620 3 Waterway Square Houston, TX 100 % 227,617 91 % 91 % 4,140 6,500 4 Waterway Square Houston, TX 100 % 217,952 80 % 80 % 3,440 6,860 The Woodlands Towers at the Waterway (c) Houston, TX 100 % 1,401,048 79 % 87 % 27,920 43,400 1400 Woodloch Forest Houston, TX 100 % 94,276 76 % 79 % 1,080 1,500 10 - 70 Columbia Corporate Center Columbia, MD 100 % 925,584 74 % 79 % 8,340 14,330 Columbia Office Properties Columbia, MD 100 % 67,066 83 % 83 % 680 1,400 One Mall North Columbia, MD 100 % 99,806 58 % 65 % 480 1,950 One Merriweather Columbia, MD 100 % 209,959 100 % 100 % 5,550 5,400 Two Merriweather Columbia, MD 100 % 124,639 79 % 98 % 4,030 3,100 6100 Merriweather Columbia, MD 100 % 326,237 69 % 93 % 4,000 9,200 Aristocrat Las Vegas, NV 100 % 181,534 100 % 100 % 4,390 4,520 One Summerlin Las Vegas, NV 100 % 207,307 84 % 88 % 5,450 6,440 Two Summerlin Las Vegas, NV 100 % 147,139 100 % 100 % 3,850 3,940 Total Office 6,284,191 $ 113,240 $ 160,920 Retail Creekside Park West Houston, TX 100 % 72,976 86 % 97 % $ 1,720 $ 2,200 Hughes Landing Retail Houston, TX 100 % 125,803 85 % 93 % 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 84 % 84 % 2,020 1,800 20/25 Waterway Avenue Houston, TX 100 % 50,062 83 % 85 % 1,550 2,000 Waterway Garage Retail Houston, TX 100 % 21,513 100 % 100 % 810 870 2000 Woodlands Parkway Houston, TX 100 % 7,900 100 % 100 % 50 300 Columbia Regional Building Columbia, MD 100 % 89,199 100 % 100 % 3,550 2,310 Merriweather District Area 3 Retail Columbia, MD 100 % 10,700 100 % 100 % 270 400 Ward Village Retail Honolulu, HI 100 % 809,333 92 % 93 % 14,750 24,400 Downtown Summerlin (d) Las Vegas, NV 100 % 803,145 98 % 99 % 22,200 26,300 Total Retail 2,070,954 $ 51,530 $ 66,110 Stabilized PropertiesStabilized Properties - Operating Assets Segment

HOWARD HUGHES 16 Q1 2023 % Occ.(a) Q1 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) Est. Stabilized NOI (b) Multi-family Creekside Park Apartments Houston, TX 100 % — 292 n/a 93 % n/a 94 % $ 2,690 $ 3,000 Creekside Park The Grove Houston, TX 100 % — 360 n/a 93 % n/a 94 % 4,210 4,780 Lakeside Row Houston, TX 100 % — 312 n/a 91 % n/a 92 % 3,030 3,870 Millennium Six Pines Apartments Houston, TX 100 % — 314 n/a 93 % n/a 93 % 3,590 4,500 Millennium Waterway Apartments Houston, TX 100 % — 393 n/a 92 % n/a 94 % 4,170 4,600 One Lakes Edge Houston, TX 100 % 22,971 390 84 % 95 % 88 % 96 % 6,600 7,200 The Lane at Waterway Houston, TX 100 % — 163 n/a 91 % n/a 93 % 2,460 3,500 Two Lakes Edge Houston, TX 100 % 11,448 386 100 % 96 % 100 % 97 % 8,090 8,530 Juniper Apartments Columbia, MD 100 % 55,677 382 31 % 93 % 84 % 96 % 7,140 9,160 The Metropolitan Downtown Columbia Columbia, MD 50 % 13,591 380 100 % 92 % 100 % 96 % 3,460 3,450 m.flats/TEN.M Columbia, MD 50 % 28,026 437 100 % 93 % 100 % 97 % 4,220 4,250 Constellation Apartments Las Vegas, NV 100 % — 124 n/a 95 % n/a 96 % 2,420 2,500 Tanager Apartments Las Vegas, NV 100 % — 267 n/a 93 % n/a 98 % 5,230 5,150 Total Multi-family (e) 131,713 4,200 $ 57,310 $ 64,490 Other Hughes Landing Daycare Houston, TX 100 % 10,000 — 100 % — % 100 % — % $ 250 $ 280 The Woodlands Warehouse Houston, TX 100 % 125,801 — 100 % — % 100 % — % 1,340 1,520 HHC 242 Self-Storage Houston, TX 100 % — 635 n/a 92 % n/a 93 % 500 710 HHC 2978 Self-Storage Houston, TX 100 % — 732 n/a 91 % n/a 93 % 500 680 Woodlands Sarofim #1 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 — 2,380 Houston Ground Leases Houston, TX 100 % n/a n/a n/a n/a n/a n/a 4,610 2,300 Kewalo Basin Harbor Honolulu, HI 100 % n/a n/a n/a n/a n/a n/a 2,150 2,180 Hockey Ground Lease Las Vegas, NV 100 % n/a n/a n/a n/a n/a n/a 590 580 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 (f) Las Vegas, NV 100 % n/a n/a n/a n/a n/a n/a 5,870 9,050 Other Assets Various 100 % n/a n/a n/a n/a n/a n/a (1,620) 1,090 Total Other 135,801 1,367 $ 17,340 $ 25,660 Total Stabilized $ 239,420 $ 317,180 (a) Percentage Occupied and Percentage Leased are as of March 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) Downtown Summerlin rentable sq. ft. excludes 381,767 sq. ft. of anchor space and 39,700 sq. ft. of office space. (e) Multi-Family square feet represent ground floor retail whereas multi-family units represent residential units for rent. (f) 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 (cont.)

HOWARD HUGHES 17 Q1 2023 % Occ. (a) Q1 2023 % Leased (a) Dev. Costs Incurred to Date Total Estimated Dev. Costs In-Place NOI Est. Stabilized NOI (b) Est. Stab. Date 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 Houston, TX 100 % 32,689 — — % n/a — % n/a $ 6,636 $ 10,351 $ (320) $ 790 2025 8 % 1700 Pavilion Las Vegas, NV 100 % 265,898 — 44 % n/a 58 % n/a 88,166 121,515 (1,090) 8,380 2025 7 % Total Office 298,587 — $ 94,802 $ 131,866 $ (1,410) $ 9,170 Retail A'ali'i (c) Honolulu, HI 100 % 11,175 — 21 % n/a 100 % n/a — — 90 640 2023 — % Kō'ula (c) Honolulu, HI 100 % 36,854 — — % n/a 29 % n/a — — (230) 1,890 2025 — % Total Retail 48,029 — $ — $ — $ (140) $ 2,530 Multi-Family Starling at Bridgeland Houston, TX 100 % — 358 — % 42 % — % 47 % $ 52,788 $ 60,572 $ 1,220 $ 4,360 2025 7 % Marlow Columbia, MD 100 % 32,692 472 — % 17 % 49 % 25 % 108,742 130,490 (180) 9,320 2025 7 % Total Multi-Family 32,692 830 $ 161,530 $ 191,062 $ 1,040 $ 13,680 Total Unstabilized $ 256,332 $ 322,928 $ (510) $ 25,380 (a) Percentage Occupied and Percentage Leased are as of March 31, 2023. (b) Company estimates of stabilized NOI are based on current leasing velocity, excluding inflation and organic growth. (c) Condominium retail Develop. Cost Incurred and Est. Total Costs (Excl. Land) are combined with their respective condominium costs on page 20 and 21 of this supplement. Unstabilized Properties - Operating Assets Segment

HOWARD HUGHES 18 Under Construction Properties thousands except Sq. Ft. and units Location % Ownership Est. Rentable Sq. Ft. Percent Pre- Leased (a) Const. Start Date Est. Stabilized Date (b) Dev. Costs Incurred to Date Total Estimated Development Costs Est. Stabilized NOI Est. Stab. Yield Office South Lake Medical Office Building Columbia, MD 100 % 86,000 21 % Q3 2022 2027 $ 6,370 $ 46,750 $ 3,200 7 % Summerlin South Office Las Vegas, NV 100 % 147,000 — % Q4 2022 2026 5,932 55,459 4,300 8 % Total Office 233,000 $ 12,302 $ 102,209 $ 7,500 Retail Ulana Ward Village (c) Honolulu, HI 100 % 32,100 — % Q1 2023 2028 $ — $ — $ 760 — % The Park Ward Village (c) Honolulu, HI 100 % 26,800 — % Q4 2022 2028 — — 1,900 — % Total Retail 58,900 $ — $ — $ 2,660 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 Tanager Echo Las Vegas, NV 100 % 294 $ 2,148 Q2 2021 2026 $ 70,791 $ 86,853 $ 5,900 7 % Wingspan (d) Houston, TX 100 % 263 2,460 Q2 2022 2026 26,464 87,048 4,860 6 % Total Multi-family 557 $ 97,255 $ 173,901 $ 10,760 Total Under Construction $ 109,557 $ 276,110 $ 20,920 (a) Represents leases signed as of March 31, 2023. (b) Represents management's estimate of the first quarter of operations in which the asset may be stabilized. (c) Condominium retail Develop. Cost Incurred and Est. Total Costs (Excl. Land) are combined with their respective condominium costs on page 20 and 21 of this supplement. (d) Wingspan is our first single-family rental community in Bridgeland. The project, which will include 263 homes, is expected to start welcoming residents in 2024. Under Construction Properties - Strategic Developments Segment

HOWARD HUGHES 19 NOI by Region Q1 2023 Landlord Operations (a) Landlord Operations - Multi-family (b) Managed Businesses (c) Tin Building (d) Events and Sponsorships (e) Q1 2023 Totalthousands except sq. ft. and percentages Revenues (f) $ 2,285 $ 342 $ 5,222 $ 2,818 $ 1,230 $ 11,897 Operating expenses (f) (8,050) (222) (7,757) (455) (2,432) (18,916) Adjustments to arrive at NOI 1,475 (92) (1) 52 — 1,434 Seaport NOI $ (4,290) $ 28 $ (2,536) $ 2,415 $ (1,202) $ (5,585) Company's share of NOI from unconsolidated ventures (f) — — (433) (9,158) — (9,591) Total Seaport NOI (g) $ (4,290) $ 28 $ (2,969) $ (6,743) $ (1,202) $ (15,176) Rentable Sq. Ft. / Units Total Sq. Ft. / units 346,598 13,000 / 21 50,970 53,783 21,077 Leased Sq. Ft. / units (h) 194,405 — / 21 50,970 53,783 21,077 % Leased or occupied (h) 56 % — % / 100 % 100 % 100 % 100 % Development Development costs incurred to date $ 565,257 $ — $ — $ 198,214 $ — $ 763,471 Total estimated development costs $ 594,368 $ — $ — $ 205,676 $ — $ 800,044 (a) Landlord Operations represents physical real estate in the Historic District and Pier 17 developed and owned by HHC 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 HHC owns, either wholly or through joint ventures, and operates, including license and management agreements. For the three months ended March 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 Ssäm Bar and Jean-Georges Restaurants. (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 March 31, 2023 Waiea Anaha Ae‘o Ke Kilohana Victoria Place Total Key Metrics ($ in thousands) Type of building Luxury Luxury Upscale Workforce Luxury Number of units 177 317 465 423 349 1,731 Avg. unit Sq. Ft. 2,138 1,417 838 696 1,164 1,108 Condo Sq. Ft. 378,488 449,205 389,663 294,273 406,351 1,917,980 Street retail Sq. Ft. 7,716 16,048 70,800 28,386 n/a 122,950 Stabilized retail NOI $450 $1,200 $2,400 $1,200 n/a $5,250 Stabilization year 2017 2020 2019 2020 n/a Development progress ($ in thousands) Status Completed Completed Completed Completed Under Construction Start date Q2 2014 Q4 2014 Q1 2016 Q4 2016 Q1 2021 Completion date Q4 2016 Q4 2017 Q4 2018 Q2 2019 2024 Total estimated development cost (a) $608,077 $403,974 $430,737 $218,406 $503,271 $2,164,465 Development costs incurred to date 568,040 403,739 430,039 217,092 218,257 1,837,167 Estimated remaining to be spent $40,037 $235 $698 $1,314 $285,014 $327,298 Financial Summary ($ in thousands) Units closed through March 31, 2023 177 317 465 423 — 1,382 Units under contract through March 31, 2023 — — — — 349 349 Total % of units closed or under contract 100% 100% 100% 100% 100% 100% Units closed in Q1 2023 — — — — — — Square footage closed or under contract (total) 378,488 449,205 389,663 294,273 406,351 1,917,980 Total % square footage closed or under contract 100% 100% 100% 100% 100% 100% Total cash received (closings & deposits) $698,208 $515,877 $512,770 $218,544 $158,228 $2,103,627 Total GAAP revenue recognized $698,208 $515,877 $512,770 $218,544 $— $1,945,399 Total future GAAP revenue for units under contract $— $— $— $— $777,318 $777,318 Deposit Reconciliation (thousands) Spent towards construction $— $— $— $— $139,894 $139,894 Held for future use (b) — — — — 18,334 18,334 Total deposits from sales commitment $— $— $— $— $158,228 $158,228 (a) Refer to page 22 for additional details. (b) Total deposits held for future use are presented above only for projects under construction and are included in Restricted cash on the balance sheet. Ward Village - Sold Out Condominiums

HOWARD HUGHES 21 As of March 31, 2023 ‘A‘ali‘i Kō'ula The Park Ward Village Ulana Ward Village Kalae Total Key Metrics ($ in thousands) Type of building Upscale Upscale Upscale Workforce Luxury Number of units 750 565 545 696 329 2,885 Avg. unit Sq. Ft. 520 725 846 623 1,207 725 Condo Sq. Ft. 390,097 409,612 460,864 433,773 397,203 2,091,549 Street retail Sq. Ft. (a) 11,175 36,854 26,800 32,100 2,000 108,929 Stabilized retail NOI $640 $1,890 $1,900 $760 N/A $5,190 Stabilization year 2023 2025 2028 2028 N/A Development progress ($ in thousands) Status Completed Completed Under Construction Under Construction Predevelopment Start date Q4 2018 Q3 2019 Q4 2022 Q1 2023 2023 Completion / Est. Completion date Q4 2021 Q3 2022 2025 2025 2026 Total estimated development cost (b) $394,908 $487,039 $620,065 $402,914 N/A $1,904,926 Development costs incurred to date (b) 381,907 428,200 74,806 33,202 N/A 918,115 Estimated remaining to be spent $13,001 $58,839 $545,259 $369,712 N/A $986,811 Financial Summary ($ in thousands) Units closed through March 31, 2023 723 550 — — — 1,273 Units under contract through March 31, 2023 — 1 504 686 262 1,453 Units remaining to be sold through March 31, 2023 27 14 41 10 67 159 Total % of units closed or under contract 96.4% 97.5% 92.5% 98.6% 79.6% 94.5% Units closed in Q1 2023 4 1 — — — 5 Units under contract in Q1 2023 4 1 3 10 22 40 Square footage closed or under contract (total) 368,936 401,834 430,005 430,883 327,638 1,959,296 Total % square footage closed or under contract 94.6% 98.1% 93.3% 99.3% 82.5% 93.7% Total cash received (closings & deposits) $509,415 $621,327 $130,689 $36,938 $126,367 $1,424,736 Total GAAP revenue recognized $509,415 $621,195 $— $— $— $1,130,610 Total future GAAP revenue for units under contract $— $1,326 $654,322 $369,269 $664,498 $1,689,415 Expected avg. price per Sq. Ft. $1,300 - $1,350 $1,500 - $1,550 $1,400 - $1,450 $850 - $900 $1,950 - $2,000 Deposit Reconciliation (thousands) Spent towards construction $— $— $— $— $— $— Held for future use (c) — — 130,689 36,938 126,367 293,994 Total deposits from sales commitment $— $— $130,689 $36,938 $126,367 $293,994 (a) Expected construction cost per retail square foot for all sold and remaining to be sold condos is approximately $1,100. (b) Refer to page 22 for additional details. (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. Ward Village - Remaining to be Sold

HOWARD HUGHES 22 As of March 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 Apartments (c) Columbia, MD $ 116,386 $ 109,183 $ 7,203 $ — $ — $ 7,203 Completed Marlow Columbia, MD 130,490 108,742 21,748 — 20,148 1,600 Completed 6100 Merriweather (c) Columbia, MD 138,221 118,764 19,457 — — 19,457 Completed Creekside Park Medical Plaza (c)(d) Houston, TX 10,351 6,636 3,715 — 4,232 (517) Completed Memorial Hermann Medical Office Building (c)(d) Houston, TX 6,237 4,696 1,541 — 1,816 (275) Completed Starling at Bridgeland (d) Houston, TX 60,572 52,788 7,784 — 8,172 (388) Completed 1700 Pavilion (c) Las Vegas, NV 121,515 88,166 33,349 — 33,197 152 Completed Total Operating Assets 583,772 488,975 94,797 — 67,565 27,232 Pier 17 and Historic District Area / Uplands (c) New York, NY 594,368 565,257 29,111 — — 29,111 Completed Tin Building New York, NY 205,676 198,214 7,462 — — 7,462 Completed Total Seaport Assets 800,044 763,471 36,573 — — 36,573 South Lake Medical Office Building Columbia, MD 46,750 6,370 40,380 — 23,758 16,622 2024 Wingspan Houston, TX 87,048 26,464 60,584 — 54,065 6,519 2024 Summerlin South Office Las Vegas, NV 55,459 5,932 49,527 — — 49,527 Q4 2023 Tanager Echo Las Vegas, NV 86,853 70,791 16,062 — 18,032 (1,970) Q2 2023 ‘A‘ali‘i Honolulu, HI 394,908 381,907 13,001 — — 13,001 Completed Kō'ula Honolulu, HI 487,039 428,200 58,839 48,604 — 10,235 Completed The Park Ward Village Honolulu, HI 620,065 74,806 545,259 136,902 392,000 16,357 2025 Ulana Ward Village Honolulu, HI 402,914 33,202 369,712 36,333 264,000 69,379 2025 Victoria Place (e) Honolulu, HI 503,271 218,257 285,014 10,748 303,630 (29,364) 2024 Waiea (f) Honolulu, HI 608,077 568,040 40,037 — — 40,037 Completed Total Strategic Developments 3,292,384 1,813,969 1,478,415 232,587 1,055,485 190,343 Total $ 4,676,200 $ 3,066,415 $ 1,609,785 $ 232,587 $ 1,123,050 $ 254,148 Summerlin South Office financing (g) (27,003) Estimated costs to be funded net of financing costs, assuming closing on estimated financing $ 227,145 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 HHC, but not yet reimbursed by our lenders. We expect to receive funds from our lenders for these costs in the future. (e) The negative balance represents equity that will be paid out as loan proceeds later in 2023. Until that period, costs remaining (net of debt) will reflect a negative balance. (f) Total estimated cost includes $139.2 million for warranty repairs. However, we anticipate recovering a substantial amount of these costs in the future, which is not reflected in this schedule. (g) We expect to secure financing to fund this development in 2023. 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 March 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. 3,994,920 — — 535,980 — — 4,530,900 1,753,291 — — 1,753,291 Retail Sq. Ft. (b) 325,049 — 67,947 803,145 — — 1,196,141 197,193 809,333 13,000 1,019,526 Multi-family units 2,298 — 312 391 — — 3,001 1,199 — 21 1,220 Self-Storage Units 1,367 — — — — — 1,367 — — — — Other Sq. Ft. 135,801 — — — — — 135,801 — — — — Unstabilized Properties Office Sq.Ft. 32,689 — — 265,898 — — 298,587 — — 188,450 188,450 Retail Sq.Ft. — — — — — — — 32,692 48,029 283,978 364,699 Multi-family units — — 358 — — — 358 472 — — 472 Under Construction Properties Office Sq.Ft. — — — 147,000 — — 147,000 86,000 — — 86,000 Retail Sq.Ft. — — — — — — — — 58,900 — 58,900 Multi-family units — — 263 294 — — 557 — — — — 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 (c) 120,000 2,375 20,000 123,000 — — 265,375 112,000 n/a n/a n/a Remaining saleable acres/condos 40 ac 731 ac 2,157 ac 2,618 ac 15,804 ac 861 ac 22,211 ac n/a 159 n/a n/a Estimated price per acre (d) $2,493,000 $333,000 $541,000 $900,000 $696,000 $648,000 n/a n/a n/a Commercial Land Total acreage remaining 737 ac 167 ac 1,048 ac 700 ac 10,531 ac 457 ac 13,640 ac 96 ac n/a n/a n/a Estimated price per acre (d) $962,000 $532,000 $679,000 $1,172,000 $224,000 $151,000 n/a n/a n/a Portfolio Key Metrics Portfolio Key Metrics include 100% of square footage and units associated with joint venture projects. Retail space in Multi-family assets shown as Retail square feet. (a) 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) Acreage and current residents shown as of March 31, 2023. (d) Residential and commercial pricing represents the Company's estimate of price per acre per its 2023 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 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Revenues: Residential land sale revenues $ 10,101 $ — $ 2,111 $ 4,106 $ 12,206 $ 15,480 $ 7,185 $ 13,293 $ — $ — $ — $ — $ 31,603 $ 32,879 $ — $ — Commercial land sale revenues — — 6 — 27,752 2,573 — 26,016 — — — — 27,758 28,589 — — Builder price participation 108 338 714 1,106 1,248 1,320 11,939 11,732 — — — — 14,009 14,496 — — Other land sale revenues 230 111 29 30 166 60 3,198 3,785 20 97 — 645 3,643 4,728 — — Total revenues 10,439 449 2,860 5,242 41,372 19,433 22,322 54,826 20 97 — 645 77,013 80,692 — — Expenses: Cost of sales - residential land (5,060) — (1,012) (1,688) (3,967) (4,412) (2,977) (6,119) — — — — (13,016) (12,219) — — Cost of sales - commercial land — — (2) — (8,985) (733) — (11,733) — — — — (8,987) (12,466) — — Real estate taxes (1,436) (915) (5) (19) (912) (961) (459) (459) (4) (5) — (151) (2,816) (2,510) (48) (39) Land sales operations (1,788) (4,156) (836) (606) (2,687) (1,252) (3,728) (3,461) (493) (46) — (180) (9,532) (9,701) (528) (71) Total operating expenses (8,284) (5,071) (1,855) (2,313) (16,551) (7,358) (7,164) (21,772) (497) (51) — (331) (34,351) (36,896) (576) (110) Depreciation and amortization (30) (32) (2) (2) (31) (35) (34) (21) (10) — — — (107) (90) (23) (4) Interest income (expense), net 273 303 589 455 6,314 3,405 8,636 6,259 — — — — 15,812 10,422 (353) (31) Other (loss) income, net (103) — — — — — — — — — — — (103) — — — Equity in earnings (losses) from unconsolidated ventures (c) — — — — — — 4,630 5,622 (522) (72) — — 4,108 5,550 — — MPC Segment EBT $ 2,295 $ (4,351) $ 1,592 $ 3,382 $ 31,104 $ 15,445 $ 28,390 $ 44,914 $ (1,009) $ (26) $ — $ 314 $ 62,372 $ 59,678 $ (952) $ (145) (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 Teravalis reflects our share of earnings in our Floreo joint venture and for Summerlin our share of earnings in The Summit 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 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Key Performance Metrics: Residential Total acres closed in current period 3.5 ac — 4.9 ac 11.4 ac 22.5 ac 31.3 ac 0.7 ac 1.1 ac — — — — Price per acre achieved $2,886 $— $431 $360 $542 $495 $2,857 $4,555 $— $— $— $— Avg. gross margins 49.9% —% 52.1% 58.9% 67.5% 71.5% 58.6% 54.0% —% —% —% —% Commercial Total acres closed in current period — — — — 108.8 ac 9.8 ac — 16.6 — — — — Price per acre achieved $— $— $— $— $247 $262 $— $1,567 $— $— $— $— Avg. gross margins — % — % — % — % 67.6 % 71.5% — % 54.9% —% —% —% —% Avg. combined before-tax net margins 49.9 % —% 52.1% 58.9% 67.6 % 71.5% 58.6% 54.6% —% —% —% —% Key Valuation Metrics: Remaining saleable acres Residential 40 ac 731 ac 2,157 ac 2,618 ac 15,804 ac 861 ac Commercial 737 ac 167 ac 1,048 ac 700 ac 10,531 ac 457 ac Projected est. % superpads / lot size —% / — —% / — —% / — 63% / 0.25 ac —% / — —% / — Projected est. % single-family detached lots / lot size 80% / 0.18 ac 82% / 0.21 ac 91% / 0.19 ac —% / — 81% / 0.22 ac 100% / 0.17 ac Projected est. % single-family attached lots / lot size 20% / 0.14 ac 18% / 0.12 ac 6% / 0.08 ac —% / — 19% / 0.11 ac —% / —% Projected est. % custom homes / lot size —% / — —% / — 3% / 0.63 ac 37% / 0.45 ac —% / — —% / — Estimated builder sale velocity (blended total - TTM) (b) 1 18 81 56 NM NM Projected GAAP gross margin (c) 75.8% 74.7% 52.1% 58.9% 67.5% 71.5% 61.4% 52.8% 40.7% 87.3% 34.8% 44.4% Projected cash gross margin (c) 96.5% 77.8% 84.9% 78.0% 42.0% 53.2% 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 March 31, 2023. (c) 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. 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. 2023 $ 7,681 3.12 % $ 38.55 $ 5,449 4.98 % $ 52.45 2024 14,337 5.82 % 40.00 7,025 6.42 % 46.11 2025 26,114 10.59 % 43.17 19,983 18.26 % 53.23 2026 11,592 4.71 % 42.30 9,517 8.70 % 41.02 2027 31,000 12.57 % 40.65 7,109 6.50 % 44.20 2028 19,190 7.79 % 44.50 6,306 5.76 % 48.42 2029 16,609 6.74 % 42.79 6,069 5.55 % 47.28 2030 23,428 9.50 % 47.40 6,055 5.54 % 64.39 2031 9,843 4.00 % 51.79 5,184 4.74 % 54.95 2032 54,055 21.92 % 52.54 6,577 6.00 % 58.13 Thereafter 32,782 13.24 % 44.71 30,209 27.55 % 47.37 Total $ 246,631 100.00 % $ 109,483 100.00 % (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 March 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 2023 Retail 2023 Office 2024 Retail 2024 Office 2025 Retail 2025 Office 2026 Retail 2026 Office 2027 Retail 2027 Office 2028 Retail 2028 Office 2029 Retail 2029 Office 2030 Retail 2030 Office 2031 Retail 2031 Office 2032 Retail 2032 Office 2033+ Retail 2033+ 0% 6% 12% 18% 24% 30% Lease Expirations

HOWARD HUGHES 27 Acquisition / Disposition Activity thousands except rentable Sq. Ft. / Units / Acres Q1 2023 Acquisitions Date Acquired Property % Ownership Location Acres / Rentable Sq. Ft. Acquisition Price No acquisition activity in Q1 2023 Q1 2023 Dispositions Date Sold Property % Ownership Location Acres / Rentable Sq. Ft. Total Consideration March 31, 2023 Ward Village Retail Outparcel (a) 100% Honolulu, Hawai'i 11,929 sq. ft. $6.3 million Acquisition/Disposition Activity (a) The Company completed the sale of two land parcels in Honolulu, Hawai'i, including an 11,929-square-foot building at the Ward Village Retail property.

HOWARD HUGHES 28 Other Assets Property Name Location % Ownership Acres Notes West End Alexandria (formerly Landmark Mall) Alexandria, VA 58% 41.1 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 Air rights above the Fashion Show Mall located on the Las Vegas Strip. 250 Water Street New York, NY 100% 1.0 The Company plans to transform the underutilized full-block surface parking lot at the entrance of the Seaport into a mixed- use development including affordable and market-rate apartments, community-oriented spaces, and office space. Other Assets

HOWARD HUGHES 29 thousands March 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 1,498,444 1,500,841 Special Improvement District bonds 59,290 59,777 Variable-rate debt Secured mortgages payable, excluding condominium financing 899,310 867,570 Condominium financing 49,000 49,000 Secured Bridgeland Notes due 2026 275,000 275,000 Mortgages, notes and loans payable 4,831,044 4,802,188 Deferred financing costs (52,938) (55,005) Mortgages, notes, and loans payable, net $ 4,778,106 $ 4,747,183 Net Debt on a Segment Basis as of March 31, 2023 (a) thousands Operating Assets Master Planned Communities Seaport Strategic Developments Segment Totals Non- Segment Amounts Total Mortgages, notes, and loans payable, net $ 2,234,017 $ 329,019 $ 99,833 $ 88,051 $ 2,750,920 $ 2,027,186 $ 4,778,106 Mortgages, notes, and loans payable of unconsolidated ventures (b) 90,374 38,331 99 — 128,804 — 128,804 Less: Cash and cash equivalents (88,797) (85,139) (3,230) (2,003) (179,169) (238,577) (417,746) Cash and cash equivalents of unconsolidated ventures (b) (1,258) (43,756) (9,289) (7,601) (61,904) — (61,904) Special Improvement District receivables — (63,363) — — (63,363) — (63,363) Municipal Utility District receivables, net — (508,284) — (2,794) (511,078) — (511,078) TIF receivable — — — (1,469) (1,469) — (1,469) Net Debt $ 2,234,336 $ (333,192) $ 87,413 $ 74,184 $ 2,062,741 $ 1,788,609 $ 3,851,350 Consolidated Debt Maturities and Contractual Obligations as of March 31, 2023 thousands Remaining in 2023 2024 2025 2026 2027 Thereafter Total Mortgages, notes, and loans payable $ 147,382 $ 78,322 $ 416,664 $ 559,816 $ 298,587 $ 3,330,273 $ 4,831,044 Interest payments (c) 193,537 234,400 213,274 187,948 155,557 388,069 1,372,785 Ground lease commitments (d) 2,179 2,849 2,903 2,959 3,016 241,699 255,605 Total $ 343,098 $ 315,571 $ 632,841 $ 750,723 $ 457,160 $ 3,960,041 $ 6,459,434 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) Interest is based on the borrowings that are presently outstanding and current floating interest rates without the effects of interest rate derivatives. (d) 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 30 (a) Includes the impact of interest rate derivatives. The Company's interest rate swap with a notional amount of $615 million matures in September 2023. (b) Does not include extension options, some of which have performance requirements. (c) Represents Secured Bridgeland Notes with total borrowing capacity of $475.0 million and available capacity of $200.0 million as of March 31, 2023. (d) Represents 250 Water Street mortgage. (e) Excludes the Company's share of debt related to its unconsolidated ventures, which totaled $128.8 million as of March 31, 2023. thousands Q1 2023 Principal Range of Interest Rates (a) Weighted- average Interest Rate (a) Weighted- average Years to Maturity (b) Operating Assets Office $ 1,184,373 3.43 % 8.88 % 5.32% 5.7 Retail 272,127 3.50 % 6.29 % 5.74% 5.6 Multi-family 730,113 3.13 % 6.03 % 4.51% 6.8 Other 69,672 3.65 % 5.84 % 4.82% 13.2 Total Operating Assets $ 2,256,285 3.13 % 8.88 % 5.09% 6.3 Master Planned Communities (c) $ 275,000 5.28 % 5.28 % 5.28% 3.4 Seaport (d) $ 100,000 6.59 % 6.59 % 6.59% 0.6 Strategic Developments Condominiums $ 49,000 6.00 % 10.43 % 7.00% 1.4 Multi-family 41,469 5.44 % 5.73 % 5.44% 2.5 Total Strategic Developments $ 90,469 5.44 % 10.43 % 6.28% 1.9 Bonds Corporate Bonds $ 2,050,000 4.13 % 5.38 % 4.66% 6.3 SID Bonds 59,290 4.13 % 6.05 % 4.80% 25.7 Total Bonds $ 2,109,290 4.13 % 6.05 % 4.67% 6.8 Total (e) $ 4,831,044 3.13 % 10.43 % 4.97% 6.2 Debt Summary (cont.)

HOWARD HUGHES 31 Reconciliation of Operating Assets segment EBT to Total NOI thousands Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Total revenues $ 100,925 $ 104,092 $ 109,493 $ 118,562 $ 99,687 Total operating expenses (47,599) (47,538) (48,994) (51,349) (46,615) Segment operating income (loss) 53,326 56,554 60,499 67,213 53,072 Depreciation and amortization (39,632) (39,483) (37,714) (38,999) (38,430) Interest income (expense), net (28,911) (25,183) (23,340) (21,318) (20,118) Other income (loss), net 2,282 (1,083) 421 (309) (169) Equity in earnings (losses) from unconsolidated ventures 1,905 365 4,132 2,591 15,175 Gain (loss) on sale or disposal of real estate and other assets, net 4,730 25,570 — 4,018 — Gain (loss) on extinguishment of debt — (1,585) — (363) (282) Operating Assets segment EBT (6,300) 15,155 3,998 12,833 9,248 Add back: Depreciation and amortization 39,632 39,483 37,714 38,999 38,430 Interest (income) expense, net 28,911 25,183 23,340 21,318 20,118 Equity in (earnings) losses from unconsolidated ventures (1,905) (365) (4,132) (2,591) (15,175) (Gain) loss on sale or disposal of real estate and other assets, net (4,730) (25,570) — (4,018) — (Gain) loss on extinguishment of debt — 1,585 — 363 282 Impact of straight-line rent (1,113) (3,958) (1,744) (3,101) (2,438) Other (185) 1,139 (519) 158 49 Operating Assets NOI 54,310 52,652 58,657 63,961 50,514 Company's share of NOI from equity investments 1,827 2,420 2,139 2,386 2,116 Distributions from Summerlin Hospital investment 3,033 — — — 4,638 Company's share of NOI from unconsolidated ventures 4,860 2,420 2,139 2,386 6,754 Total Operating Assets NOI $ 59,170 $ 55,072 $ 60,796 $ 66,347 $ 57,268 Reconciliation of Non-GAAP Measures

HOWARD HUGHES 32 Reconciliation of Non-GAAP Measures Reconciliation of Seaport segment EBT to Total NOI thousands Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Total revenues $ 11,897 $ 18,415 $ 32,501 $ 28,176 $ 9,376 Total operating expenses (18,916) (25,064) (31,404) (29,066) (18,859) Segment operating income (loss) (7,019) (6,649) 1,097 (890) (9,483) Depreciation and amortization (10,527) (11,144) (9,651) (7,720) (7,823) Interest income (expense), net 1,186 899 1,731 1,319 (47) Other income (loss), net 1 (44) (18) (43) 350 Equity in earnings (losses) from unconsolidated ventures (10,820) (16,050) (11,273) (5,239) (3,711) Seaport segment EBT (27,179) (32,988) (18,114) (12,573) (20,714) Add back: Depreciation and amortization 10,527 11,144 9,651 7,720 7,823 Interest (income) expense, net (1,186) (899) (1,731) (1,319) 47 Equity in (earnings) losses from unconsolidated ventures 10,820 16,050 11,273 5,239 3,711 Impact of straight-line rent 586 (1,063) (185) (184) 1,888 Other (income) loss, net (a) 847 2,846 674 433 1,503 Seaport NOI (5,585) (4,910) 1,568 (684) (5,742) Company's share of NOI from unconsolidated ventures (b) (9,591) (15,730) (11,034) (4,979) (3,838) Total Seaport NOI $ (15,176) $ (20,640) $ (9,466) $ (5,663) $ (9,580) (a) Includes miscellaneous development-related items. (b) The Company’s share of NOI related to the Tin Building by Jean-Georges is calculated using our current partnership funding provisions.

HOWARD HUGHES 33 RECONCILIATIONS OF NET INCOME TO FFO thousands except share amounts YTD Q1 2023 YTD Q1 2022 Net income attributable to common shareholders $ (22,745) $ 2,122 Adjustments to arrive at FFO: Segment real estate related depreciation and amortization 51,209 47,675 (Gain) loss on sale or disposal of real estate and other assets, net (4,730) 9 Income recognized upon sale of interest in 110 North Wacker — 5,016 Income tax expense adjustments: Gain on sale or disposal of real estate and other assets, net 1,041 (2) Income recognized upon sale of interest in 110 North Wacker — (1,144) Reconciling items related to noncontrolling interests 118 49 Company's share of the above reconciling items from unconsolidated joint ventures 746 990 FFO $ 25,639 $ 54,715 Adjustments to arrive at Core FFO: (Gain) loss on extinguishment of debt — 282 Severance expenses 1,596 1,846 Non-real estate related depreciation and amortization 800 918 Straight-line amortization (527) (549) Deferred income tax expense (benefit) (1,885) (4,000) Non-cash fair value adjustments related to hedging instruments (2,679) 12,660 Share-based compensation 4,771 3,467 Other non-recurring expenses (development-related marketing and demolition costs) 3,571 2,409 Company's share of the above reconciling items from unconsolidated joint ventures 1 79 Core FFO $ 31,287 $ 71,827 Adjustments to arrive at AFFO: Tenant and capital improvements (5,282) (4,336) Leasing commissions (636) (1,080) AFFO $ 25,369 $ 66,411 FFO per diluted share value $ 0.52 $ 1.04 Core FFO per diluted share value $ 0.63 $ 1.37 AFFO per diluted share value $ 0.51 $ 1.26 Reconciliations of Net Income to FFO, Core FFO and AFFO