Slides
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The HHH Opportunity 2Q 2025
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HOWARD HUGHES 2 Forward-Looking Statements Statements made in this presentation that are not historical facts, including statements accompanied by words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “may,” “plan,” “project,” “realize,” “should,” “transform,” “would,” and other statements of similar expression and other words of similar expression, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. These statements are based on management’s expectations, estimates, assumptions and projections as of the date of this presentation and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission. In this presentation, forward-looking statements include, but are not limited to, expectations about the performance of our Master Planned Communities segment and other current income-producing properties and future liquidity, development opportunities, development spending and management plans. We caution you not to place undue reliance on the forward-looking statements contained in this presentation and do not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this presentation except as required by law. Non-GAAP Financial Measures The non-GAAP financial performance measures used in this presentation are net operating income (NOI), Cash G&A, Adjusted Condo Gross Profit, and Adjusted Operating Cash Flow Performance Measure. Non-GAAP financial measures should not be considered independently, or as a substitute, for financial information presented in accordance with GAAP. Refer to the Appendix included in this presentation for reconciliation of these non-GAAP measures to the most directly comparable GAAP measures. 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. Estimated 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 Estimated Stabilized NOI in conjunction with forecast data to determine if an adjustment is needed. Adjustments to Estimated Stabilized NOI are made when changes to the asset's long-term performance are thought to be more than likely and permanent. The Company defines Cash G&A as General and administrative expense less non-cash stock compensation expense. 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. Adjusted condo gross profit 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 gross profit related to condominium sales closed in each period. This measure excludes costs in Condominium rights and unit cost of sales related to the remediation of construction defects at Waiea tower and costs related to a settlement agreement reached for the reimbursement of Waiea remediation costs. We define Adjusted Operating Cash Flow as the sum of the following non-GAAP performance measures: MPC EBT, Operating Asset NOI, condo gross profit, and cash G&A expense—all of which we have been using to measure our performance and providing guidance on for several years—as well as net interest expense (adjusted for interest income already included in MPC EBT). We believe Adjusted Operating Cash Flow provides investors a straightforward measure to model the Company’s overall financial performance against guidance. Also, by focusing on the core business metrics of each segment, Adjusted Operating Cash Flow offers a straightforward reflection of our operational and cash generation capabilities while highlighting the key drivers of future growth. No reconciliation of forward-looking measures including In-Place NOI, Estimated Stabilized NOI, and Adjusted Operating Cash Flow is included in this presentation as we are unable to quantify certain forecasted amounts included in the most directly comparable GAAP measure without unreasonable efforts, and we believe such reconciliations would imply a degree of precision that would be confusing or misleading to investors. For reconciliations of these non-GAAP measures to the most directly comparable GAAP measures, please see the Reconciliation to Non-GAAP Measures on the Company’s Investor Relations website in the Quarterly Results section under Financial Performance.
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HOWARD HUGHES Strategic Transaction with Pershing Square 3 Ownership Investment enables HHH to transform into a diversified holding company seeking controlling stakes in high-quality, durable growth companies while continuing to invest and grow the core real estate development businessStrategy Bill Ackman rejoins the Board as Executive Chairman Ryan Israel—Chief Investment Officer—joins the Board and will hold the same role at HHHLeadership Pershing Square purchased 9 million newly issued HHH shares for $100 per share, a 48% premium(1)Share Purchase Pershing Square will support HHH’s strategic expansion with its investment, advisory, and other services, including corporate development, transaction execution, capital markets, and hedging Support HHH to pay Pershing Square a quarterly fee of $3.75M plus an incentive fee equal to 0.375% of the growth in HHH’s equity market capitalization(2) Pershing Square beneficial ownership increased to ~46.9% with voting power capped at 40% and beneficial ownership limited to 47% Fee Structure Source: Company filings and data as announced on May 5, 2025. 1. Premium relative to HHH’s closing stock price on May 2, 2025. 2. Above the reference market capitalization of the Company of 59.4M shares and a reference market price of $66.1453, adjusted annually for inflation. Investment of $900 Million to Transform HHH into a Diversified Holding Company
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HOWARD HUGHES HHH Diversified Holding Company Structure 4Source: Company filings and data. Note: As of May 5, 2025. Platform will build a faster growing, high-returning diversified holding company that will seek to acquire controlling interests in high-quality, durable growth operating businesses Primary Real Estate Subsidiary Master Planned Communities Operating Assets Strategic Developments Howard Hughes Holdings Inc. Howard Hughes Corporation Future Business Investment Future Business Investment Future Business Investment • Independent directors remain the majority • Pershing Square holds three Board seats with Bill Ackman serving as Executive Chairman • Jean-Baptiste Wautier joins the Board Board Structure • Current HHH leadership team—led by CEO, Dav id O’Reilly, is unchanged • Ryan Israel named Chief Investment Officer , a new senior role at the Company Senior Leadership
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HOWARD HUGHES Source: Company filings and data. Note: As of June 30, 2025. Size and return metrics are inclusive of projects under construction. HHC at a Glance 5 Proven track record of developing the most sought-after places to live in the nation Howard Hughes is the country’s premier developer of large-scale master planned communities Self-funding business cycle, using proceeds from land sales, condo sales and NOI to fund new developments Equipped with a superior balance sheet, allowing for quick execution to meet underlying demand Exceptional reputation staffed with industry experts across HHC’s various regions Amassed a diversified real estate portfolio that generates significant recurring income HHC Portfolio Highlights 7.0M SF Office 2.8M SF Retail 5,855 Units Multifamily 3,046 Units Condos Closed 7 Communities 34k Acres Raw Land 9% Historical YOC 19% Historical ROE
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HOWARD HUGHES Source: HHH Company filings. As of June 30, 2025 HHC Segments at a Glance 6 Master Planned Communities Operating AssetsStrategic Developments Residential & commercial land sales in large-scale master planned communities $349M 2024 EBT Diversified real estate portfolio primarily in mixed-use environments Condo projects and development of future operating assets $257M 2024 NOI $211M 2024 Adjusted Condo Gross Profit
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HOWARD HUGHES Sustaining a Virtuous Cycle of Value Creation 7 LEASE-UP & STABILIZATION Upon completion, assets are leased up and stabilized These assets create recurring cash flow that is reinvested back into the business More commercial amenities captures the attention of prospective homebuyers, thereby increasing the value of raw land we sell to homebuilders 04 VERTICAL DEVELOPMENT Howard Hughes uses the proceeds from land sales as the equity contribution for commercial development The pace of new development is dependent on the demand from the community’s residents and underlying economic conditions 03 MPC LAND SALES Residential land is sold to homebuilders who then construct homes and sell to prospective home buyers As homes are sold within the community, the resident population rises, creating demand for commercial amenities 02 HORIZONTAL DEVELOPMENT Howard Hughes prepares its raw land for sale by installing the necessary infrastructure Howard Hughes deploys upwards of ~$400M per year in horizontal development across its master planned communities Howard Hughes is reimbursed for a meaningful portion of these costs through local municipalities 01
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HOWARD HUGHES HHC Competitive Advantages Drive Value Creation Little to No Competition in our MPCs Self-Funding Business Model HHC is the dominant owner of commercial assets in our MPCs Build just to meet demand, outperforming in all market cycles Perpetual Cycle of Value Creation Office Multifamily Undeveloped Land MPC EBT Condo Profit …Funds Future Growth Operating Assets NOI Covers… G&A Interest Exp. New residents spark demand for additional commercial amenities Commercial amenities increase the value of HHC’s residential land 8Source: Company filings and data.
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HOWARD HUGHES Source: Company filings and data from US Census Bureau. (1) I ncludes Floreo acreage. HHC MPCs are Situated in Affluent and Growing Markets… 9 HOUSTON The Woodlands, Bridgeland, The Woodlands Hills LAS VEGAS Summerlin PHOENIX Teravalis MARYLAND Merriweather District HAWAII Ward Village • Over 40,000 acres with population of 150,000+ • In the pathway of Houston’s significant growth • Strategically located nine miles from Las Vegas Strip • 22,500 acres with total population of 130,000+ • Poised to capture the growth migrating to Phoenix’s West Valley • 37,000 acres entitled for 100k homes and 55M SF of commercial development • Located between D.C. and Baltimore • Howard County median household income of ~$150,000 with 63% of adults holding college degrees • 60 acres of property along the coast of Oahu • Average condo price of approximately $1.3M with 96% of units closed or under contract (1)
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HOWARD HUGHES …and are Consistently Recognized as Exceptional Communities Source: Company filings and data. Niche, RCLCO, NAHB, USGBC, Wallethub.com 10 ◦ Top 3 Best City to Live in America – Niche.com (2021 - 2025) ◦ Top 3 Best City to buy a home -Niche.com (2023-2025) ◦ Largest MPC in world to receive LEED Precertification ◦ Top 15 Best-selling MPC in the country – RCLCO (2024-2025) ◦ Master-Planned Community of the Year – NAHB (2024) ◦ Received LEED Precertification ◦ Top 10 Best-selling MPC in the country – RCLCO (2018 – 2025) ◦ Master-Planned Community of the Year – NAHB (2020) ◦ Received LEED Precertification ◦ Top 10 Safest City in America – WalletHub (2018 - 2025) ◦ Top 10 Best City to Live in America – Niche.com (2021 - 2025) ◦ Best planned community of the year – National Association of Home Builders (2018) ◦ LEED-ND Platinum Certified
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HOWARD HUGHES Source: Company filings and data. (1) A ll prior year NOI amounts has been recast to remove the Las Vegas Ballpark due to Seaport spinoff. (2) 2Q '25 represents In-Place NOI as of June 30, 2025. (3) Includes Residential Land Sales and is a TTM calculation. (4) The Woodlands had no residential land sales in 2Q '25 and 2024, 2023 data was used for the analysis. History of Delivering Outsized Results 11 Commercial Residential Robust Operating Asset NOI Growth +61% +49% Total Operating Asset NOI (in $ millions) Significant Land Price Appreciation Residential Price Per Acre (in $ thousands) New residents spark demand for commercial amenities +585% +164% (3) Commercial amenities increase value of HHC’s residential land The Woodlands Summerlin Bridgeland The Woodlands Hills (4) (1) (2)
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HOWARD HUGHES Source: Company filings and data. Note: GAV in $ millions. Price per acre in $ thousands. As of June 30, 2025. (1) Land sales revenue excludes deferred revenue and SID bond revenue. (2) Excludes value of Teravalis for an apples-to-apples comparison. (3) TTM calculation as of June 30, 2025 Land Appreciation Offsets Shrinking Land Bank 12 MPC Gross Asset Value 2017 GAV $3.7B 2025 GAV $4.8B Residential Price Per Acre +164% +61% +49% Since 2017 4,052 Total Acres Sold $670k Weighted- Avg. Price Per Acre $2.7B Total Land Sales Revenue X = (1) (2) Summerlin Bridgeland The Woodlands Hills (3)
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HOWARD HUGHES Adjusted Operating Cash Flows Reflect Strong Results 13 $410M Source: Company filings and data. Note: As of June 30, 2025. (1) B ased on mid-point of 2025 guidance range. Ulana is the only condominium tower closing in 2025 and is expected to break even. 2025 Adjusted Operating Cash Flow (1) ($206M) ($81M) ($287M) $697M Cash G&A Interest Expense, Net MPC EBT Operating Assets NOI
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HOWARD HUGHES HHC has Strong Liquidity and Manageable Near-Term Maturities Source: Company filings and data. Note: In $ millions. As of June 30, 2025. (1) Excludes $36 million in deferred financing costs. 14 92% of Debt is Fixed or Swapped/Capped 80% of Debt due in 2027 or Later (1)
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Master Planned Communities
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HOWARD HUGHES Source: HHH Company filings. Note: As of June 30, 2025. (1) Includes Floreo acreage. 2,820 Remaining Residential and Commercial Acres MPCs at a Glance 16 The Woodlands Bridgeland Summerlin Teravalis Founded in 1972, with largely commercial land remaining 762 Remaining Residential and Commercial Acres Started in 2010 and currently undergoing significant commercial development Started by Howard Hughes in 1991, with a strong commercial core Acquired in 2021, selling first lots to builders in 2024 with full build-out in 2086 2,393 Remaining Residential and Commercial Acres 27,523 Remaining Residential and Commercial Acres
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HOWARD HUGHES Source: Bestplaces.net, Realtor.com, HSH, Tax Foundation. Note: Salary needed to buy median-priced home in $ thousands. As of December 31, 2024. MPCs Located in Low-Cost, Low-Tax, Pro-Business Regions 17 Unmatched Affordability in HHC’s Regions Relative to Other Large MSAs Median Home Price / SF Cost of Living Index Salary Needed to Buy Median-Priced Home Top Marginal State Tax Rate
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HOWARD HUGHES Source: Company filings and data, Point2homes.com, Realtor.com, BestNeighborhood.org. Note: In $ thousands. As of December 31, 2024. Situated in Markets Well-Positioned for Future Growth… 18 HHC’s MPCs Attract Superior Demographics Average Household Income Influx of residents seeking a better quality of life reflected in demographics compared to nearby MSAs & national statistics Median Home Value % College Graduates
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HOWARD HUGHES Source: Company filings and data. MPC land planning, engineering, and infrastructure by Howard Hughes; construction and sale of homes by independent home builders 19 Single-Family Housing Options OUR BUILDER PARTNERS: HHC MPCs offer a variety of single-family housing options which attract a wide range of residents with different age and income profiles who aspire to live in a beautifully master planned city SINGLE-FAMILY DETACHED CUSTOM HOMESSINGLE-FAMILY ATTACHED
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HOWARD HUGHES Source: Company filings and data. Note: In $ thousands. As of December 31, 2024. HHC Communities Offer Homes with a Wide Range of Price Points 20 Price Range of New Homes Sold in 2024 Summerlin The Woodlands Hills Bridgeland
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HOWARD HUGHES MPC Performance Trends Remain Resilient Residential Acres Sold Expected to Rise New Home Sales Activity is Strong 21Source: Company filings and data. Note: As of December 31, 2024.
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HOWARD HUGHES Source: Company filings and data. Note: (1) Includes an undeveloped 216-acre superpad sold in 2021 which skews Summerlin’s price per acre. (2) TTM calculation as of June 30, 2025. Howard Hughes Land Appreciates in Value 22 Historical Residential Price per Acre Delivering Long-Term Consistent Appreciation in Value Price per acre, $ in thousands The Woodlands Hills BridgelandSummerlin
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HOWARD HUGHES New Home Sales Continued StrengthA New Trend is Emerging in MPC Performance Post-Covid 23 FY 2025 EBT Guidance (vs. FY 2024) ’15-’20 Average MPC EBT : $194M ’21-’24 Average MPC EBT : $323M MPC EBT Continued Strength Ahead Low Lower End 20% Upper End 25% Mid-Point $430M • A continued tight supply of resale homes and limited vacant lot inventories across all MPC’s are expected to drive improved residential land sales in 2025 • We expect strong superpad sales in Summerlin in 3Q ‘25 as well as increased custom lot sales Source: Company filings and data. Note: In $ millions. As of June 30, 2025 Coming off all-time highs in 2024, we anticipate a new record for MPC EBT in 2025 High
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HOWARD HUGHES Floreo: Development Taking Shape 24 Floreo – Land Sales in Village 2 and 3 Seven Homebuilders Contracted in Floreo as Momentum Picks Up 883 Lots Sold to Date $778k Price Per Acre (1) Source: Company filings and data. Note: As of June 30, 2025. (1) Weighted-average price per acre achieved to date in Floreo.
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HOWARD HUGHES HHC Holds Significant Acreage for Future Development Source: Company filings and data. Note: As of June 30, 2025. (1) Acreage includes 100% of Floreo – representing 936 residential acres and 252 commercial acres. The Company owns a 50% interest in Floreo and accounts for its investment under the equity method. 25 Build-out Timeline Current 2030 2035 2045 2055 2080 Residential Commercial 34 acres 728 acres Residential Commercial 674 acres 173 acres Residential Commercial 1,323 acres 1,070 acres Residential Commercial 2,347 acres 473 acres Residential Commercial 16,740 acres1 10,783 acres1 HHC’s land bank includes ~34k acres of future development 2040 2050
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Operating Assets
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HOWARD HUGHES Source: Company filings and data. Note: As of June 30, 2025. Size and Stabilized NOI total is inclusive of projects under construction. (1) In-place and stabilized NOI is inclusive of Other assets. 27 Office Multifamily Retail ▪ Size: 7.0M SF ▪ S tabilized Leased %: 89% ▪ In-Place NOI: $128M ▪ S tabilized NOI: $176M ▪ Average Age: ~14 y ears HHC Owns a Diversified Mix of Commercial Real Estate ▪ Size: 5,855 uni ts ▪ Stabilized Leased %: 97% ▪ In-Place NOI: $76M ▪ S tabilized NOI: $95M ▪ Average Age: ~6 years ▪ Size: 2.6M SF ▪ Stabilized Leased %: 96% ▪ In-Place NOI: $49M ▪ Stabilized NOI: $69M ▪ Average Age: ~8 years $265M of In-Place NOI with $353M Expected at Stabilization (1)
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HOWARD HUGHES Note: NOI in $ millions. (1) Estimated Stabilized NOI total is inclusive of projects under construction. Prior year NOI has been recast to remove the Las Vegas Ballpark due to the Seaport spinoff (2017-2023). 2Q '25 represents In-Place NOI as of June 30, 2025. NOI Growth Through Development 28 Historical NOI Progression NOI % Mix Stabilized NOI by Asset Stabilized NOI by Region Total Operating Asset NOI (in $ millions) (1)
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HOWARD HUGHES Meaningful NOI Runway Remains Within HHC’s Portfolio Roadmap to Stabilized NOI by Existing & Under Construction Developments Source: Company filings and data. Note: In $ millions. As of June 30, 2025. (1) F or more information, please see the Strategic Developments section of this investor presentation. 29 Asset Type Incremental NOI Office $ 45.6 Retail $ 16.7 Multifamily $ 8.6 Other $ 1.9 Total NOI $ 72.8 Property Incremental NOI Multifamily $ 9.9 1 Riva Row $ 9.9 Office $ 1.8 One Bridgeland Green $ 1.8 Retail $ 3.5 The Park Retail $ 1.9 Ulana Ward Village $ 0.7 Kalae Retail $ 0.1 The Ritz-Carlton Retail $ 0.8 Total NOI $15.2 (1)
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HOWARD HUGHES Operating Assets Performance: Office 30 10-Year NOI Performance 99% Leased 98% Leased Premier Office Assets Generate High Demand 92% Leased Source: Company filings and data. NOI performance excludes office dispositions. Note: In $ millions. As of June 30, 2025. (1) TTM calculation as of June 30, 2025. (1) Acquired empty 4Q’19 ~350k SF Leased in ’22-’24 $18M Stabilized NOI 9950 Woodloch Forest The Woodlands 6100 Merriweather Merriweather District 1700 Pavilion Summerlin Completed 3Q ’19 ~110k SF Leased in ’22-’24 $9M Stabilized NOI Completed 4Q ’22 ~245k SF Leased in ’22-’24 $8M Stabilized NOI
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HOWARD HUGHES Source: Company filings and data. Note: In $ millions. As of June 30, 2025. (1) R epresents year to date NOI. Columbia NOI and leased percentage include contributions from The Metropolitan and TEN.M.flats joint ventures. (2) TTM calculation as of June 30, 2025 Operating Assets Performance: Multifamily 31 10-Year NOI Performance Same Store NOI Growth Wingspan Completed 2Q ’24 96% Leased Marlow Completed 2Q ’23 84% Leased Tanager Echo Completed 3Q ’23 99% Leased New Properties in Lease-Up Stabilized Leased % Summerlin 98% Leased Columbia 99% Leased Houston 96% Leased (1) New Properties in Lease-Up (1) (2)
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HOWARD HUGHES Operating Assets Performance: Retail 32 10-Year NOI Performance Despite Multiple Dispositions…. ….Retail NOI is Near All-Time Highs 481k Square Feet $7M NOI $51M Gain on Sale Since 2020 Anaha Retail - Ward Village Source: Company filings and data. NOI performance excludes retail dispositions. Note: In $ millions. (1) TTM calculation as of June 30, 2025.
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HOWARD HUGHES HHC Value Creation: Spotlight on Marlow NAV Growth through Development Marlow Multifamily Marlow has surpassed expectations in the Columbia multifamily market, delivering exceptional performance at stabilization Value Creation Marlow Operating Asset Value Stabilized NOI $9,320 Estimated Total Development Cost (excluding land) $128,045 Cap Rate 5.6% MPC Value of Commercial Land Acres 3.98 Price per Acre $580.00 Net NAV Impact $36.08 Per Share $0.65 7.3% Yield on Cost 5.6% Underlying Cap Rates 170bp Yield Spread Source: Company filings and data. Cap rates sourced from GreenStreet as of December 31, 2024. Note: Data as of June 30, 2025. Shares outstanding: 55.329M. In $ thousands except per share data. 33
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HOWARD HUGHES Downtown Summerlin: HHC’s Premier Retail Destination 34 Improving Sales/SF through Upcoming Expirations Maximizing Tenant Replacements Drives Future NOI Growth Space backfilled by Lego | Sales/SF +344% Space backfilled by Altar’d State | Sales/SF +401% Space backfilled by Chanel | Sales/SF +TBD% Leasing strategy excels: ~90% of 2025 expirations have been leased with many upgraded tenants Provides HHC an opportunity to improve our tenant base to drive rents and sales higher Source: HHH Company filings. Note: As of June 30, 2025.
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HOWARD HUGHES Operating Assets FY 2025 Guidance 35Source: Company filings and data. Note: In $ millions. As of June 30, 2025 Total Operating Asset NOI Performance Trend • Strong multifamily rent growth and lease- up of new developments • Office leasing improvement is partially offset by free rent periods • Modest reduction in retail driven by tenant upgrades in Downtown Summerlin Lower End 2% Upper End +6% FY 2025 NOI Guidance (vs. FY 2024) Mid-Point $267M Record NOI anticipated in 2025 Low $237M High Low
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Strategic Developments
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HOWARD HUGHES Spotlight on Ward Village 37 Community Snapshot Master Plan at Full Development ▪ Size: 60 acres; ~9M SF granted entitlements ▪ Dev elop premier condos at ~25 to 30% profit m argins complemented by 904k SF of retail ▪ Ward Village attracts buyers from Hawaii, Asia, and the U.S. Mainland LEED-ND Platinum U.S. Green Building Council Source: Company filings and data. Amendment to Hawaii development guidelines improves condo pipeline with potentially ~2.5M to 3.5M SF of residential entitlements
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HOWARD HUGHES 38 Ward Village Condo Sales by the Numbers (Since Inception) $6.3B 4,901 Units Closed and Under-Contract 7 Towers Completed Source: Company filings and data. Note: As of June 30, 2025. Revenues 3 Towers Under Construction 1 Towers in Pre-Sales ~25-30% Gross Profit Margin Closed and Sold- Out Under Constr. Pre-Sales $ Millions Revenues by Tower 100% Pre-Sold 97% Pre-Sold 93% Pre-Sold 67% Pre-Sold
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HOWARD HUGHES Strong Record of Delivering World-Class Condominiums 39Source: Company filings and data. Note: As of June 30, 2025. Completed and Sold-Out Towers – 2016 to 2024 WAIEA ANAHA AE’O KE KILOHANA ’A’ALI’I KŌ’ULA 177 Units 2016 317 Units 2017 465 Units 2018 423 Units 2019 750 Units 2021 565 Units 2022 3,046 Condominium Units Generated $3.9B of Condo Sales Revenue VICTORIA PLACE 349 Units 2024
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HOWARD HUGHES 40 New Condo Developments Underway to Meet Demand Source: Company filings and data. Note: As of June 30, 2025. (1) Represents total future cash revenue for units under contract. KALAE THE PARKULANA Pre-SalesUnder Construction 545 Units 97% Pre-Sold 2026 696 Units 100% Pre-Sold 2025 329 Units 93% Pre-Sold 2027 THE LAUNIU 485 Units 67% Pre-Sold 2028 Towers Represent $2.4B of Future Contracted Revenue (1)
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HOWARD HUGHES 41 Future Ward Village Condos in Planning 3 834 Condo Units Source: Company filings and data. Note: As of June 30, 2025. (1) Potential entitlements after favorable amendments to local Hawaii development guidelines in January 2025. (2) Demand has been strong with all pre-sold units within their contractual 30-day rescission periods as of June 30, 2025. Condo Towers 18k SF Future Retail Up to~$2.5B Potential Revenue Melia and ’Ilima Mahana Ward Village Potential Entitlements for Robust Condo Pipeline(1) ~2.5M to 3.5M Additional Residential SF Now in Pre-Sales(2)
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HOWARD HUGHES 42 Under Construction The Ritz-Carlton Residences Size Will include a 6k SF high-end restaurant Pre-sales Construction Timeline 111 Estate Homes 39 Floor Plans 70% Units Sold $343M Future Revenue 4Q ’24 Commenced 2027 Completion 42 The Woodlands’ first luxury condo project Source: Company filings and data. Note: as of June 30, 2025.
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HOWARD HUGHES Tanager Echo Wingspan 10285 Lakefront Medical Office Meridian Village Green at Bridgeland Central Summerlin Grocery Center Grogan’s Mill Retail One Bridgeland Green 1 Riva Row Location Summerlin Bridgeland Merriweather District Summerlin Bridgeland Summerlin The Woodlands Bridgeland The Woodlands Type Multifamily Single-Family for Rent Medical Office Office Retail Retail Retail Office Multifamily Size 294 Units 263 Units 85k SF 148k SF 28k SF 67k SF 31k SF 50k SF 268 Units Development Cost (ex Land) $86.4M $81.9M $53.3M $55.5M $21.0M $46.4M $8.6M $35.4M $156.0M Construction Start 2Q '21 2Q '22 3Q '22 4Q '22 1Q '24 3Q '23 3Q '24 2Q '24 3Q '23 Completion Period 3Q '23 4Q '23 2Q '24 2Q '24 4Q '24 4Q '24 2Q '25 2025 2025 NOI 1 $5.9M $4.9M $3.2M $4.3M $1.9M $1.8M $852k $1.8M $9.9M Yield on Cost1 7% 6% 6% 8% 9% 4% 10% 5% 6% Strong Returns on Recently Completed and In-Flight Strategic Developments 43 Recently Completed Under Construction Source: Company filings and data. Note: As of June 30, 2025. (1) E stimated figures at stabilization. For more information on these projects, please see the relevant regional presentations in the Investor Relations Presentations webpage.
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HOWARD HUGHES Appendix 44 The Woodlands Towers
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HOWARD HUGHES Source: Company filings and data. 45 Reconciliation of Operating Assets Segment EBT to NOI thousands Q2 2025 Q2 2024 YTD Q2 2025 YTD Q2 2024 2024 2023 2022 2021 2020 Total revenues $ 116,446 $ 110,760 $ 230,448 $ 217,760 $ 444,300 $ 410,254 $ 401,304 $ 415,104 $ 365,174 Total operating expenses (49,467) (47,610) (98,284) (93,764) (194,591) (179,865) (170,114) (187,820) (174,870) Segment operating income (loss) 66,979 63,150 132,164 123,996 249,709 230,389 231,190 227,284 190,304 Depreciation and amortization (42,305) (41,811) (85,428) (83,651) (169,040) (161,138) (145,208) (153,893) (155,381) Interest income (expense), net (34,173) (34,165) (68,391) (67,107) (138,207) (125,197) (87,664) (73,017) (88,886) Other income (loss), net 634 542 438 950 822 2,092 (1,383) (10,306) 456 Equity in earnings (losses) from unconsolidated ventures (325) 336 4,318 6,153 5,819 2,968 22,262 (67,042) (7,366) Gain (loss) on sale or disposal of real estate and other assets, net (1) — 9,978 4,794 22,907 23,926 29,588 39,168 38,232 Gain (loss) on extinguishment of debt (307) (198) (307) (198) (465) (97) (2,230) (1,926) (1,521) Provision for impairment — — — — — — — — (48,738) Operating Assets segment EBT (9,498) (12,146) (7,228) (15,063) (28,455) (27,057) 46,555 (39,732) (72,900) Add back: Depreciation and amortization 42,305 41,811 85,428 83,651 169,040 161,138 145,208 153,893 155,381 Interest (income) expense, net 34,173 34,165 68,391 67,107 138,207 125,197 87,664 73,017 88,886 Equity in (earnings) losses from unconsolidated ventures 325 (336) (4,318) (6,153) (5,819) (2,968) (22,262) 67,042 7,366 (Gain) loss on sale or disposal of real estate and other assets, net 1 — (9,978) (4,794) (22,907) (23,926) (29,588) (39,168) (38,232) (Gain) loss on extinguishment of debt 307 198 307 198 465 97 2,230 1,926 1,521 Provision for impairment — — — — — — — — 48,738 Impact of straight-line rent (373) 24 (1,533) (823) (4,770) (2,256) (11,241) (14,715) (7,630) Other (384) (373) (195) (427) (306) 337 1,528 10,275 (114) Operating Assets NOI 66,856 63,343 130,874 123,696 245,455 230,562 220,094 212,538 183,016 Company's share of NOI from equity investments 2,004 2,088 3,947 4,068 8,310 7,745 9,061 4,081 7,750 Distributions from Summerlin Hospital investment — — 5,605 3,242 3,242 3,033 4,638 3,755 3,724 Company's share of NOI from unconsolidated ventures 2,004 2,088 9,552 7,310 11,552 10,778 13,699 7,836 11,474 Total Operating Assets NOI $ 68,860 $ 65,431 $ 140,426 $ 131,006 $ 257,007 $ 241,340 $ 233,793 $ 220,374 $ 194,490
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HOWARD HUGHES Source: Company filings and data. 46 Reconciliation of Adjusted Operating Cash Flow Performance Measure Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 Year Ended Dec. 31, 2024 thousands except per share amounts (per diluted share) (per diluted share) (per diluted share) Net income (loss) from continuing operations attributable to common stockholders $ (12,144) $ (0.22) $ (1,611) $ (0.03) $ 285,926 $ 5.73 Adjustments to reconcile to Adjusted Operating Cash Flow Performance Measure: Corporate Adjustments Net (income) loss attributable to noncontrolling interests 68 373 (711) Income tax expense (benefit) (3,821) (385) 80,184 Non-cash stock compensation expense 6,167 8,918 9,104 (Gain) loss on sale of MUD receivables 48,197 48,197 48,651 Other Corporate Items 5,093 10,528 17,236 Total 55,704 1.01 67,631 1.29 154,464 3.09 Operating Assets Adjustments Depreciation and amortization 42,305 85,428 169,040 Equity in (earnings) losses from unconsolidated ventures 325 (4,318) (5,819) (Gain) loss on sale or disposal of real estate and other assets, net 1 (9,978) (22,907) (Gain) loss on extinguishment of debt 307 307 465 Impact of straight-line rent (373) (1,533) (4,770) Other (384) (195) (306) Company's share of NOI from unconsolidated ventures 2,004 9,552 11,552 Total 44,185 0.80 79,263 1.51 147,255 2.95 Strategic Developments Adjustments Rental revenue 26 (33) (459) Other land, rental, and property revenues (547) (1,000) (4,321) Operating costs 3,760 7,336 17,670 Rental property real estate taxes 615 1,163 2,480 Depreciation and amortization 1,076 2,234 7,255 Other (income) loss, net (132) 1,130 (90,534) Equity in (earnings) losses from unconsolidated ventures (87) (174) (251) (Gain) loss on sale or disposal of real estate and other assets, net (1,657) (1,657) — Waiea settlement and remediation costs — — 15,091 Total 3,054 0.05 8,999 0.17 (53,069) (1.06) Adjusted Operating Cash Flow Performance Measure $ 90,799 $ 1.64 $ 154,282 $ 2.94 $ 534,576 $ 10.71 Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 Year Ended Dec . 31, 2024thousands General and admi nistrative (G&A) $ 34,552 $ 56,988 $ 91,752 Less: Non-cash stock compensation (6,167) (8,918) (9,104) Cash G&A $ 28,385 $ 48,070 $ 82,648 Condominium rights and unit sales $ 193 $ 535 $ 778,616 Condominium rights and unit cost of sales (811) (1,053) (582,574) Less: Waiea settlement and remediation cost — — 15,091 Adjusted condo gross profit $ (618) $ (518) $ 211,133 Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 Year Ended Dec. 31, 2024thousands Total Oper ating Assets NOI $ 68,860 $ 140,426 $ 257,007 MPC EBT 102,412 165,676 349,134 Adjusted condo gross profit (618) (518) 211,133 Interest income (expense), net (33,363) (68,339) (139,577) Less MPC Interest (income) expense, net (a) (18,107) (34,893) (60,473) Cash G&A (28,385) (48,070) (82,648) Adjusted Operating Cash Flow Performance Measure $ 90,799 $ 154,282 $ 534,576 (a) Represents interest income for the MPC segment, which is included in MPC EBT.