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Howard Hughes . Exhibit 99.1 The Howard Hughes Corporation® Reports Third Quarter 2021 Results Strong third quarter performance demonstrates ongoing momentum across HHC's core segments followed by the post - quarter acquisition of Douglas Ranch and $ 250 million share buyback program HOUSTON , November 4 , 2021 - The Howard Hughes CorporationⓇ ( NYSE : HHC ) ( the " Company , " " HHC " or " we " ) announced today operating results for the third quarter ended September 30 , 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 . Third Quarter 2021 Highlights Included : - Reported third quarter net income of $ 4.1 million , or $ 0.07 per diluted share . Total Operating Assets net operating income ( NOI ) , including contribution from equity investments , totaled $ 60.6 million in the quarter , a 9.8 % sequential increase , and was $ 62.9 million including the activity from HHC's hotels that were sold in September . These positive results were driven by continued improvement in retail , robust lease - up activity at our latest multi - family developments and continued strong performance in office and the Las Vegas BallparkⓇ . MPC EBT totaled $ 54.1 million in the quarter largely driven by superpad sales at SummerlinⓇ , coupled with strong activity at The Summit . Condominium market at Ward Village® continued to excel as evidenced by the 316 condominium units contracted to sell during the quarter , with 61 units contracted at our under construction towers and 255 units contracted following the pre - sales launch of The Park Ward Village which was 64 % presold as of October 29 , 2021 . Completed the sale of HHC's hospitality assets for $ 252.0 million , generating $ 119.7 million of net proceeds after debt repayment . Acquired Douglas Ranch in October 2021 - a fully entitled , “ shovel - ready ” MPC in Phoenix's West Valley spanning 37,000 acres . Following the end of the third quarter , HHC's Board of Directors approved a $ 250 million share buyback program . " Our strong third quarter results across all of our business segments demonstrate HHC's continued momentum and the robust demand we are experiencing across our acclaimed portfolio of mixed - use communities . We saw healthy land sales in our master planned communities ( MPCs ) , continued growth in our Operating Assets NOI , and impressive sales activity for our condos at Ward Village - which was the driving force behind the pre - sales launch of our next tower , The Park Ward Village . We could not be more pleased with these exemplary results , " commented David R. O'Reilly , Chief Executive Officer of The Howard Hughes Corporation . " Outside of our core operating segments , we were able to successfully sell our three hotels based in The WoodlandsⓇ for $ 252 million , generating $ 120 million of net proceeds as we continue to execute on our strategic plan of streamlining our business and focusing on our core competencies . Additionally , we executed several financing deals including construction loans for our two projects under construction in Summerlin , replaced our existing MPC credit facility with a new loan to support horizontal development in BridgelandⓇ , and subsequent to the end of the third quarter , closed on a $ 250 million loan for our 1201 Lake Robbins office tower in The Woodlands . " On October 19 , 2021 , we announced our transformative acquisition of Douglas Ranch - a 37,000 - acre fully - entitled , " shovel - ready " MPC located in Phoenix's West Valley . This $ 600 million transaction is a strategic use of capital which effectively redeployed the net proceeds from non - core asset sales into a new core MPC leveraging HHC's recognized expertise . Douglas Ranch is poised for growth with in - place entitlements for 100,000 homes and 55 million square 1