Howard Hughes Holdings Inc.

Strategic Developments

–In Hawaiʻi, the Company contracted to sell 287 condominium units representing approximately $1.6 billion in future revenue. The majority of these pre-sales occurred at Melia and ‘Ilima, which contracted 220 units during the year, and at The Launiu, which contracted 63 units. At year end, the predevelopment condominiums of Melia and ‘Ilima were 60% pre-sold, and The Launiu was 71% pre-sold. Additionally, the condominiums under construction include The Park Ward Village® at 97% pre-sold, and Kalae® at 93% pre-sold.

–In Texas, the Company pre-sold six additional units at The Ritz-Carlton Residences, The Woodlands, representing approximately $43.3 million in future condo revenue, bringing the development project to 76% pre-sold at year end. The units remaining are being selectively held off the market in an effort to capture incremental value when the project nears completion.

–The Company broke ground on Memorial Hermann Medical Office, a 51,000-square-foot, build-to-suit facility in Bridgeland, representing the first phase of approximately one million square feet of planned medical facilities within the master planned community.

–Contracted to sell 26 condominium units in Hawaiʻi representing $84.2 million in future condo revenue, including 12 units at Melia and ‘Ilima, and 14 units at The Launiu. Pre-sale activity at our condominium projects under construction, The Park Ward Village and Kalae, was unchanged during the quarter.

–Pre-sold two additional units at The Ritz-Carlton Residences, The Woodlands, representing approximately $7.4 million in future condo revenue.

–Completed construction of 1 Riva Row—a 268-unit luxury high rise multifamily development in The Woodlands, which is expected to generate approximately $9.9 million of incremental annual NOI upon stabilization.

–Closed on Ulana at Ward Village, a workforce housing development, completing the sale of 690 condo units at an expected break-even gross margin.