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Exhibit 99.1 Howard Hughes . The Howard Hughes Corporation Reports First Quarter 2021 Results Strong performance continues across portfolio of master planned communities as migration from higher - cost regions fuels robust new home sales , strong land sales and improvements in NOI , and record sales pace continues at Ward VillageⓇ HOUSTON , May 10 , 2021 The Howard Hughes Corporation ( NYSE : HHC ) ( the " Company , " " HHC " or " we " ) announced today operating results for the first quarter ended March 31 , 2021. The financial statements , exhibits and reconciliations of non - GAAP measures in the attached Appendix and the Supplemental Information at Exhibit 99.2 provide further detail of these results . " The results of the first quarter highlight the strength of Howard Hughes ' portfolio of irreplaceable communities . Our development of mixed - use , walkable urban centers integrated into natural open settings continues to capture the attention of homebuyers and companies seeking an exceptional amenity - rich quality of life - features that are today more important than ever in a post - COVID world . The majority of our MPCs are situated in tax - advantaged states , which is helping to drive the continued growth we are seeing broadly across all our markets . With the start of the year , we have seen an acceleration in the pace of new home sales , condominium sales and increasing retail net operating income ( NOI ) ( ¹ ) as positive momentum has continued throughout our communities , ” said David R. O'Reilly , Chief Executive Officer . " Furthermore , we enhanced the strength of our balance sheet through the issuance of $ 1.3 billion senior notes that allowed the Company to reduce its interest expense and extend out its maturities . In addition , we maintained over $ 1 billion of liquidity , which leaves us well - positioned to capitalize on the additional opportunities that lie ahead . " Our MPC segment saw new home sales a leading indicator of our future land sales - jump to 929 homes , a 35 % increase over the same period last year and a 34 % increase over the fourth quarter of 2020. The continuing trend of out - of - state migration and improving local economies in Houston and Las Vegas have helped propel new home sales over the last several quarters . We do not expect to see these trends abate anytime soon . MPC earnings before taxes ( EBT ) ( ¹ ) of $ 63 million was up 44 % compared to the first quarter of 2020 , driven by increased earnings from our Summit joint venture in SummerlinⓇ . " The NOI generated from our Operating Assets increased 10 % sequentially with meaningful improvements from assets that were most impacted by COVID - 19 . Retail , in particular , experienced the most notable improvement with NOI increasing 20 % sequentially during the quarter — a positive sign as collections of 78 % continue to make their way back to pre - pandemic levels . In addition , the Las Vegas Ballpark - which was completely shut down in 2020 due to the pandemic - hosted its first minor league baseball game on May 6 and we are hopeful for a full season ahead . " Condominium sales at Ward Village® have been extremely strong despite the pandemic and related travel restrictions . During the first quarter , we contracted to sell 46 homes , a 64 % sequential increase from the fourth quarter of 2020. This fast - paced tempo is a testament to the quality of Ward Village , which has received critical acclaim and gained global attention as a thriving walkable urban community in the heart of Honolulu . In February we began construction on our latest tower , Victoria Place - Ward Village's fastest - selling tower to date which is already 85 % presold . " At the end of March , we wrapped up our winter season of The Greens - our latest concept comprised of socially distanced winter cabins on The Rooftop at Pier 17® at the Seaport . Given the tremendous response to this attraction over the last year , we look forward to bringing it back this summer to complement the rooftop's summer concert series . During the quarter , we rebranded Bar Wayō , which reopened as Ssäm Bar , and prepared our latest concepts for their upcoming debuts at Pier 17 and the Fulton Market Building . With New York recently announcing a significant 1