Howard Hughes Holdings Inc.

Strategic Developments

Our Strategic Developments assets generally require substantial future development to maximize their value. Other than our condominium properties, most of the properties and projects in this segment do not generate revenues. Our expenses relating to these assets are primarily related to costs associated with constructing the assets, selling condominiums, marketing costs associated with our Strategic Developments, carrying costs including, but not limited to, property taxes and insurance, and other ongoing costs relating to maintaining the assets in their current condition. If we decide to redevelop or develop a Strategic Developments asset, we expect that with the exception of the residential portion of our condominium projects, upon completion of development, the asset would likely be reclassified to Operating Assets when the asset is placed in service and NOI would become a meaningful measure of its operating performance. All development costs discussed herein are exclusive of land costs.

Segment EBTSegment EBT for Strategic Developments is presented below:

Strategic Developments segment EBT increased $3.9 million compared to the prior-year period primarily due to the following:

–Depreciation decreased $2.8 million compared to the prior-year period primarily due to accelerated depreciation recognized in the second quarter of 2024 for the Kalae model unit, which was decommissioned to allow for the construction of future tower model units.

–Gain on sale of real estate increased $1.7 million due to the sale of a land parcel in the Merriweather District in the current period.

Strategic Developments segment EBT increased $8.1 million compared to the prior-year period primarily due to the following:

–Condominium cost of sales decreased primarily due to$3.0 million ofcharges in the first quarter of 2024, to fund the final remediation expenditures at Waiea, that did not occur in the current period.

–Depreciation decreased $3.1 million compared to the prior-year period primarily due to accelerated depreciation recognized in the second quarter of 2024 for the Kalae model unit, which was decommissioned to allow for the construction of future tower model units.

–Gain on sale of real estate increased $1.7 million due to the sale of a land parcel in the Merriweather District in the current period.

–Other income (loss), net decreased $1.1 million, primarily due to the loss on deconsolidation of the Victoria Place homeowners’ association, as ownership and control was passed to the residents in the first quarter of 2025, following the completion of the condominium tower at the end of 2024.

Condominiums Condominium revenue is recognized when construction of the condominium tower is complete and unit sales close, leading to variability in revenue recognized between periods.

Completed Condominiums

Ward Village As of June 30, 2025, our seven completed condominiums in Ward Village, Ae`o, Ke Kilohana, Anaha, Waiea, ‘A‘ali‘i, Kō‘ula, and Victoria Place are completely sold.

Condominiums Under Construction

Ward Village As of June 30, 2025, 97.5% of the units at our three towers under construction, The Park Ward Village, Ulana Ward Village, and Kalae are under contract.

We broke ground on The Park Ward Village in October 2022 and expect to complete construction in 2026. The Park Ward Village will consist of 545 studio, one-, two-, and three-bedroom residences. As of June 30, 2025, we have entered into contracts for 529 units, representing 97.1% of total units.

We broke ground on Ulana Ward Village in January 2023 and expect to complete construction in Q4 2025. Ulana Ward Village, which is 99.9% pre-sold, will consist of 696 studio, one-, two-, and three-bedroom units. All units are designated as workforce housing units and are being offered to local residents who meet certain maximum income and net worth requirements.

We broke ground on Kalae in June 2024 and expect to complete construction in 2027. Kalae will consist of 329 one-, two-, and three-bedroom residences. As of June 30, 2025, we have entered into contracts for 307 units, representing 93.3% of total units.

The Woodlands We broke ground on The Ritz-Carlton Residences in October 2024 and expect to complete construction in 2027. The Ritz-Carlton Residences, The Woodlands will consist of 111 one-, two-, three-, and four-bedroom residences. The development sits on the last available large-scale residential site on Lake Woodlands, spanning roughly eight acres across approximately 1,200 feet of premier lakefront shoreline. As of June 30, 2025, we have entered into contracts for 78 units, representing 70.3% of total units.

Predevelopment Condominiums

Ward Village We launched public pre-sales for The Launiu in February 2024. The Launiu will consist of 485 studio, one-, two-, and three-bedroom residences. As of June 30, 2025, we have entered into contracts for 324 units, representing 66.8% of total units. Construction is expected to commence on The Launiu later in 2025.

During June 2025, we launched pre-sales for Melia and ‘Ilima, our two new Ward Village condominiums located directly across from Ala Moana Beach. Melia will include 220 residences and ‘Ilima will include 148 residences. Pre-sales activity for these towers has been strong, however as of June 30, 2025, all pre-sold units were still within the contractual 30-day rescission period.

The following provides further detail for all condominium projects as of June 30, 2025:

(a)The retail portions of these projects are 100% leased and have been placed in service.

(b)The retail portion of this project has been placed in service and is 56% leased.

(c)The Park Ward Village will include approximately 26,800 square feet of retail space.

(d)Ulana Ward Village will include approximately 32,100 square feet of retail space.

(e)Kalae will include approximately 2,000 square feet of retail space.

(f)The Ritz-Carlton Residences will include approximately 5,800 square feet of retail space.

(g)The Launiu will include approximately 10,000 square feet of retail space.