Howard Hughes Holdings Inc. Supplemental Information Three Months Ended December 31, 2024 NYSE: HHH Exhibit 99.2
HOWARD HUGHES 2 Cautionary StatementsCautionary Statements Forward-Looking Statements This presentation includes forward-looking statements. Forward-looking statements give our current expectations relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to current or historical facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “forecast,” “plan,” “intend,” "believe," “likely,” “may,” “realize,” “should,” “transform,” "will," “would” and other statements of similar expression. Forward-looking statements give our expectations about the future and are not guarantees. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance and achievements to materially differ from any future results, performance and achievements expressed or implied by such forward-looking statements. We caution you not to rely on these forward-looking statements. For a discussion of the risk factors that could have an impact on these forward-looking statements, see our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with the Securities and Exchange Commission (SEC) on February 26, 2025. The statements made herein speak only as of the date of this presentation, and we do not undertake to update this information except as required by law. Past performance does not guarantee future results. Performance during time periods shown is limited and may not reflect the performance for the full year or future years, or in different economic and market cycles. Non-GAAP Financial Measures Our financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP); however, we use certain non- GAAP performance measures in this presentation, in addition to GAAP measures, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer companies more meaningful. Management continually evaluates the usefulness, relevance, limitations, and calculation of our reported non-GAAP performance measures to determine how best to provide relevant information to the public, and thus such reported measures could change. The non-GAAP financial measures used in this presentation are net operating income (NOI), Cash G&A, Adjusted condo gross profit, and Net debt. Non-GAAP financial measures should not be considered independently, or as a substitute, for financial information presented in accordance with GAAP. We define NOI as operating revenues (rental income, tenant recoveries, and other revenue) less operating expenses (real estate taxes, repairs and maintenance, marketing, and other property expenses). NOI excludes straight-line rents and amortization of tenant incentives, net; interest expense, net; ground rent amortization; demolition costs; other income (loss); depreciation and amortization; development-related marketing costs; gain on sale or disposal of real estate and other assets, net; loss on extinguishment of debt; provision for impairment; and equity in earnings from unconsolidated ventures. We believe that NOI is a useful supplemental measure of the performance of our Operating Assets segment because it provides a performance measure that reflects the revenues and expenses directly associated with owning and operating real estate properties. This amount is presented as Operating Assets NOI throughout this document. Total Operating Assets NOI represents NOI as defined above with the addition of our share of NOI from unconsolidated ventures. We use NOI to evaluate our operating performance on a property-by- property basis because NOI allows us to evaluate the impact that property-specific factors such as rental and occupancy rates, tenant mix, and operating costs have on our operating results, gross margins, and investment returns. While NOI is relevant and widely used measures of operating performance of real estate companies, it does not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating our liquidity or operating performance. NOI does not purport to be indicative of cash available to fund our future cash requirements. Further, our computation of NOI may not be comparable to NOI reported by other real estate companies. We have included in this presentation a reconciliation from our GAAP Operating Assets segment earnings before taxes (EBT) to NOI. Our other non-GAAP measures are defined and reconciled on the applicable supplemental pages. Additional Information Our website address is www.howardhughes.com. Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other publicly filed or furnished documents are available and may be accessed free of charge through the “Investors” section of our website under the "SEC Filings" subsection, as soon as reasonably practicable after those documents are filed with, or furnished to, the SEC. Also available through the Investors section of our website are beneficial ownership reports filed by our directors, officers, and certain shareholders on Forms 3, 4, and 5.
3 Table of Contents Table of Contents FINANCIAL OVERVIEW Definitions 4 Company Profile 5 Financial Summary 7 Balance Sheets 9 Statements of Operations 10 OPERATING PORTFOLIO PERFORMANCE Same Store Metrics 11 NOI by Region 13 Stabilized Properties 15 Unstabilized Properties 17 Under Construction Properties 18 OTHER PORTFOLIO METRICS Completed Condominiums 19 Under Construction Condominiums 20 Predevelopment Condominiums 21 Summary of Remaining Development Costs 22 Portfolio Key Metrics 23 MPC Performance 24 MPC Land 25 MPC Land Appreciation 26 Lease Expirations 27 Debt Summary 28 Reconciliations of Non-GAAP Measures 30
HOWARD HUGHES 4 Stabilized - Properties in the Operating Assets segment that have reached 90% occupancy or have been in service for 36 months or more, whichever occurs first. If an office, retail, or multifamily property has been in service for more than 36 months but does not exceed 90% occupancy, the asset is considered underperforming. Unstabilized - Properties in the Operating Assets segment that have been in service for less than 36 months and do not exceed 90% occupancy. Under Construction - Projects in the Strategic Developments segment for which construction has commenced as of December 31, 2024, unless otherwise noted. This excludes Master Planned Community (MPC) and condominium development. Net Operating Income (NOI) - We define net operating income (NOI) as operating revenues (rental income, tenant recoveries, and other revenues) less operating expenses (real estate taxes, repairs and maintenance, marketing, and other property expenses). NOI excludes straight-line rents and amortization of tenant incentives, net; interest expense, net; ground rent amortization; demolition costs; other income (loss); depreciation and amortization; development-related marketing costs; gain on sale or disposal of real estate and other assets, net; loss on extinguishment of debt; provision for impairment; and equity in earnings from unconsolidated ventures. We use NOI to evaluate our operating performance on a property-by-property basis because NOI allows us to evaluate the impact that property-specific factor, such as lease structure, lease rates, and tenant bases, have on our operating results, gross margins, and investment returns. We believe that NOI is a useful supplemental measure of the performance of our Operating Assets segment because it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating real estate properties and the impact on operations from trends in rental and occupancy rates and operating costs. This amount is presented as Operating Assets NOI throughout this document. In-Place NOI - We define In-Place NOI as forecasted current year NOI, excluding certain items affecting comparability to Estimated Stabilized NOI, such as non-recurring items and other items not indicative of stabilized operations, for all properties included in the Operating Assets segment as of the end of the current period. Total Operating Assets NOI - This term represents NOI as defined above with the addition of our share of NOI from unconsolidated ventures. Estimated Stabilized NOI - Estimated Stabilized NOI is an asset's potential annual NOI. This measure 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 are made when changes to the asset's long-term performance are thought to be more than likely and permanent. Remaining Development Costs - Development costs and related debt held for projects that are under construction or substantially complete and in service in the Operating Assets segment are disclosed on the Summary of Remaining Development Costs slide if the project has more than $1.0 million of estimated costs remaining to be incurred. The total estimated costs and costs paid are prepared on a cash basis to reflect the total anticipated cash requirements for the projects. Projects not yet under construction are not included. Same Store Properties - The Company defines Same Store Properties as consolidated and unconsolidated properties that are acquired or placed in service prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented. Same Store Properties exclude properties placed in service, acquired, repositioned, or in development or redevelopment after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired or treated as in service for that property to be included in Same Store Properties. Same Store NOI - We calculate Same Store Net Operating Income (Same Store NOI) as Operating Assets NOI applicable to consolidated properties acquired or placed in service prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented. Same Store NOI also includes the Company's share of NOI from unconsolidated ventures and the annual distribution from a cost basis investment. Same Store NOI is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of our operating performance. We believe that Same Store NOI is helpful to investors as a supplemental comparative performance measure of the income generated from the same group of properties from one period to the next. Other companies may not define Same Store NOI in the same manner as we do; therefore, our computation of Same Store NOI may not be comparable to that of other companies. Additionally, we do not control investments in unconsolidated properties, and while we consider disclosures of our share of NOI to be useful, they may not accurately depict the legal and economic implications of our investment arrangements. DefinitionsDefinitions
HOWARD HUGHES 5 Company Profile - Summary & Results The Park Ward Village 11% The Launiu 79% Ritz-Carlon Residences 5% Kalae 5% Bridgeland 27% Summerlin 68% The Woodlands/ Woodlands Hills 2% Teravalis 3% MPC EBT $56.9M Condos Contracted 19 units Office 47% Multi-family 29% Retail 21% Other 3% Operating Assets NOI $61.2M Q4 2024 Performance Highlights MPC Land Sales Metrics Acres Closed in Current Quarter Land Sales Revenue (a) Gross Margin $ in thousands Residential Commercial Residential Commercial Residential Commercial Bridgeland 41.8 10.0 $ 24,977 $ 2,027 58.8 % 58.8 % Summerlin 3.8 — 33,750 — 63.9 % — % The Woodlands — — — 479 — % — % The Woodlands Hills 14.3 — 6,510 8 62.1 % — % Total 59.9 10.0 $ 65,237 $ 2,514 (a) Land Sales Revenue includes deferred revenue from land sales closed in a previous period that met criteria for recognition in the current period and excludes amounts deferred from current period land sales that do not yet meet the recognition criteria. SEG Spinoff Discontinued Operations Presentation On July 31, 2024, the spinoff of Seaport Entertainment Group Inc. (SEG) was completed. The spinoff included all assets previously included in the Company’s Seaport segment and The Las Vegas Aviators and the Las Vegas Ballpark, which were previously included in the Operating Assets segment. The results of SEG are presented as discontinued operations in the Statements of Operations and, as such, have been excluded from both continuing operations and segment results for all periods presented. Further, the Company reclassified the assets and liabilities of SEG as assets and liabilities of discontinued operations in the Balance Sheets. All other current and prior period disclosures are presented on a continuing operations basis, unless otherwise noted. NYSE: HHH Q4 2024 Company Performance Diluted Earnings / Share $ 3.25
HOWARD HUGHES 6 Office 11% Multi- family 61% Retail 28% Office 4% Multifamily 80% Retail 16% Office 50% Multi- family 27% Retail 19% Other 4% Office 54%Multi- family 22% Retail 20% Other 4% Office 29% Multi- family 55% Retail 16% Q4 2024 Path to Estimated Stabilized NOI Currently Under Construction Currently Unstabilized Currently Stabilized Total Estimated Stabilized NOI $36.2M Estimated Stabilized NOI $299.9M Estimated Stabilized NOI $352.2M Office 51% Multifamily 25% Retail 21% Other 3% Office 47% Multifamily 29% Retail 21% Other 3% See page 4 for definitions of Under Construction, Unstabilized, Stabilized, and Net Operating Income (NOI). Q4 '24 Actual NOI $57.7M Q4 '24 Actual NOI $3.5M Q4 '24 Actual NOI $61.2M Estimated Stabilized NOI $16.1M Retail Sq. Ft. 105,078 Retail Sq. Ft. 164,510 Retail Sq. Ft. 2,140,984 Retail Sq. Ft. 2,410,572 Office Sq. Ft. 49,501 Office Sq. Ft. 374,745 Office Sq. Ft. 6,543,357 Office Sq. Ft. 6,967,603 Other Sq. Ft. 53,863 Other Sq. Ft. — Other Sq. Ft. 125,801 Other Sq. Ft. 179,664 Multifamily Units 268 Multifamily Units 1,029 Multifamily Units 4,558 Multifamily Units 5,855 Q4 2024 Operating Results by Property Type Currently Unstabilized Currently Stabilized Total Company Profile - Summary & Results (cont.)
HOWARD HUGHES 7 thousands except share price and billions Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 FY 2024 FY 2023 Company Profile Share price (a) $ 76.92 $ 77.43 $ 64.82 $ 72.62 $ 85.55 $ 76.92 $ 85.55 Market Capitalization (b) $3.8b $3.9b $3.2b $3.6b $4.3b $3.8b $4.2b Enterprise Value (c) $8.4b $8.8b $8.2b $8.4b $8.8b $8.4b $8.8b Weighted avg. shares - basic 49,698 49,697 49,687 49,663 49,618 49,686 49,568 Weighted avg. shares - diluted 50,023 49,762 49,725 49,663 49,681 49,912 49,616 Debt Summary Total debt payable (d) $ 5,168,437 $ 5,338,119 $ 5,399,296 $ 5,279,945 $ 5,194,620 $ 5,168,437 $ 5,194,620 Fixed-rate debt $ 3,769,529 $ 3,680,904 $ 3,674,758 $ 3,554,896 $ 3,558,132 $ 3,769,529 $ 3,558,132 Weighted avg. rate - fixed 4.71 % 4.68 % 4.67 % 4.58 % 4.58 % 4.71 % 4.58 % Variable-rate debt, excluding condominium financing $ 1,067,682 $ 1,078,503 $ 1,246,444 $ 1,347,654 $ 1,329,084 $ 1,067,682 $ 1,329,084 Weighted avg. rate - variable (e) 6.98 % 7.95 % 7.99 % 7.85 % 7.80 % 6.98 % 7.80 % Condominium debt outstanding at end of period $ 331,226 $ 578,712 $ 478,094 $ 377,395 $ 307,404 $ 331,226 $ 307,404 Weighted avg. rate - condominium financing 8.13 % 9.36 % 9.66 % 9.66 % 9.74 % 8.13 % 9.74 % Leverage ratio (debt to enterprise value) 60.72 % 60.10 % 65.23 % 61.98 % 58.27 % 60.78 % 58.30 % General and Administrative General and administrative (G&A) (f) $ 22,822 $ 24,862 $ 22,356 $ 21,712 $ 21,300 $ 91,752 $ 86,671 Less: Non-cash stock compensation (2,229) (2,911) (2,123) (1,841) (1,725) (9,104) (8,473) Cash G&A (g) $ 20,593 $ 21,951 $ 20,233 $ 19,871 $ 19,575 $ 82,648 $ 78,198 Financial Summary (a) Presented as of period end date. (b) Market capitalization = Closing share price as of the last trading day of the respective period times diluted weighted average shares. (c) Enterprise Value = Market capitalization + book value of debt + noncontrolling interest - cash and equivalents. (d) Represents total mortgages, notes, and loans payable, as stated in our GAAP financial statements as of the respective date, excluding unamortized deferred financing costs. (e) Includes the impact of interest rate derivatives. (f) G&A expenses of approximately $32.5 million and $4.5 million, incurred during 2024 and 2023 respectively to complete the spinoff of Seaport Entertainment, are now excluded from this line and are reflected in discontinued operations. (g) 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. Financial Summary
HOWARD HUGHES 8 Financial Summary (a) 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. (b) Includes a $12.1 million charge in the third quarter of 2024 related to a settlement agreement reached for the Waiea remediation costs. As part of this settlement agreement, the Company agreed to pay the general contractor $22.0 million, representing the final payment of project costs previously incurred by the general contractor. This amount was paid in September 2024, and as the Company had $9.9 million accrued at December 31, 2023, related to these costs, the difference of $12.1 million was recognized in cost of sales in the third quarter. (c) Includes a $3.0 million charge in the first quarter of 2024 and a $16.1 million charge in the second quarter of 2023 related to increases in the estimated costs related to construction defects at the Waiea tower. The sixth and final amendment of resolution of disputes and release agreement was executed during the first quarter of 2024, thereby releasing the Company from any further claims or demands from the Waiea homeowners association arising from or relating to the construction or repair of the condominium project. (d) The fluctuations in Adjusted condo gross profit are attributed to the timing of condo sales. thousands Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 FY 2024 FY 2023 Segment Metrics Operating Assets Operating Assets NOI $ 58,911 $ 62,848 $ 63,343 $ 60,353 $ 54,351 $ 245,455 $ 230,562 Company's share of NOI from unconsolidated ventures 2,288 1,954 2,088 5,222 1,837 11,552 10,778 Total Operating Assets NOI $ 61,199 $ 64,802 $ 65,431 $ 65,575 $ 56,188 $ 257,007 $ 241,340 MPC MPC Segment EBT $ 56,890 $ 144,752 $ 123,241 $ 24,251 $ 139,323 $ 349,134 $ 341,419 Adjusted Condo Gross Profit (a) Condominium rights and unit sales $ 778,590 $ 3 $ — $ 23 $ 792 $ 778,616 $ 47,707 Condominium rights and unit cost of sales (566,880) (11,833) — (3,861) 973 (582,574) (55,417) Less: Waiea settlement and remediation cost (b)(c) — 12,091 — 3,000 — 15,091 16,126 Adjusted condo gross profit (d) $ 211,710 $ 261 $ — $ (838) $ 1,765 $ 211,133 $ 8,416 Financial Summary (cont.)
HOWARD HUGHES 9 thousands except par values and share amounts (unaudited) December 31, 2024 December 31, 2023 ASSETS Master Planned Communities assets $ 2,511,662 $ 2,445,673 Buildings and equipment 3,841,872 3,649,376 Less: accumulated depreciation (949,533) (829,018) Land 302,446 294,189 Developments 1,341,029 1,169,571 Net investment in real estate 7,047,476 6,729,791 Investments in unconsolidated ventures 169,566 182,799 Cash and cash equivalents 596,083 629,714 Restricted cash 402,420 379,498 Accounts receivable, net 105,185 101,373 Municipal Utility District (MUD) receivables, net 463,799 550,884 Deferred expenses, net 139,350 138,182 Operating lease right-of-use assets 5,806 5,463 Other assets, net 281,551 244,027 Assets of discontinued operations — 615,272 Total assets $ 9,211,236 $ 9,577,003 LIABILITIES Mortgages, notes, and loans payable, net $ 5,127,469 $ 5,146,992 Operating lease obligations 5,456 5,362 Deferred tax liabilities, net 142,100 84,293 Accounts payable and other liabilities 1,094,437 1,054,267 Liabilities of discontinued operations — 227,165 Total liabilities 6,369,462 6,518,079 EQUITY Preferred stock: $0.01 par value; 50,000,000 shares authorized, none issued — — Common stock: $0.01 par value; 150,000,000 shares authorized, 56,610,009 issued, and 50,116,150 outstanding as of December 31, 2024, 56,495,791 shares issued, and 50,038,014 outstanding as of December 31, 2023 566 565 Additional paid-in capital 3,576,274 3,988,496 Retained earnings (accumulated deficit) (185,993) (383,696) Accumulated other comprehensive income (loss) 1,968 1,272 Treasury stock, at cost, 6,493,859 shares as of December 31, 2024, and 6,457,777 shares as of December 31, 2023 (616,589) (613,766) Total stockholders' equity 2,776,226 2,992,871 Noncontrolling interests 65,548 66,053 Total equity 2,841,774 3,058,924 Total liabilities and equity $ 9,211,236 $ 9,577,003 Balance Sheets
HOWARD HUGHES 10 thousands except per share amounts (unaudited) Q4 2024 Q4 2023 YTD Q4 2024 YTD Q4 2023 REVENUES Condominium rights and unit sales $ 778,590 $ 792 $ 778,616 $ 47,707 Master Planned Communities land sales 67,751 193,140 453,195 370,185 Rental revenue 106,639 93,453 422,100 383,617 Other land, rental, and property revenues 13,650 10,353 44,755 46,255 Builder price participation 16,960 15,226 52,023 60,989 Total revenues 983,590 312,964 1,750,689 908,753 EXPENSES Condominium rights and unit cost of sales 566,880 (973) 582,574 55,417 Master Planned Communities cost of sales 25,937 73,916 169,191 140,050 Operating costs 59,166 57,527 208,578 205,453 Rental property real estate taxes 14,596 10,891 58,395 55,649 Provision for (recovery of) doubtful accounts 177 (1,728) 504 (2,762) General and administrative 22,822 21,300 91,752 86,671 Depreciation and amortization 44,966 46,517 179,799 168,734 Other 3,734 4,468 15,002 13,302 Total expenses 738,278 211,918 1,305,795 722,514 OTHER Gain (loss) on sale or disposal of real estate and other assets, net 14,948 3,162 22,907 24,162 Other income (loss), net 250 909 92,120 5,823 Total other 15,198 4,071 115,027 29,985 Operating income (loss) 260,510 105,117 559,921 216,224 Interest income 6,079 8,734 25,349 25,500 Interest expense (42,329) (44,792) (164,926) (157,575) Gain (loss) on extinguishment of debt (267) (97) (465) (97) Gain (loss) on sale of MUD receivables 2,874 — (48,651) — Equity in earnings (losses) from unconsolidated ventures (1,599) (685) (5,829) 25,776 Income (loss) from continuing operations before income taxes 225,268 68,277 365,399 109,828 Income tax expense (benefit) 62,948 15,443 80,184 26,418 Net income (loss) from continuing operations 162,320 52,834 285,215 83,410 Net income (loss) from discontinued operations, net of taxes (6,416) (18,461) (88,223) (634,940) Net income (loss) 155,904 34,373 196,992 (551,530) Net (income) loss attributable to noncontrolling interests 414 (77) 711 (243) Net income (loss) attributable to common stockholders $ 156,318 $ 34,296 $ 197,703 $ (551,773) Basic income (loss) per share — continuing operations $ 3.27 $ 1.06 $ 5.75 $ 1.68 Diluted income (loss) per share — continuing operations $ 3.25 $ 1.06 $ 5.73 $ 1.68 Statements of Operations
HOWARD HUGHES 11 thousands Q4 2024 Q4 2023 $ Change % Change FY 2024 FY 2023 $ Change % Change Same Store Office Houston, TX $ 19,201 $ 19,607 $ (406) (2) % $ 82,654 $ 83,033 $ (379) — % Columbia, MD 5,048 3,954 1,094 28 % 22,782 21,835 947 4 % Las Vegas, NV 4,887 3,932 955 24 % 19,128 13,300 5,828 44 % Total Same Store Office 29,136 27,493 1,643 6 % 124,564 118,168 6,396 5 % Same Store Retail Houston, TX 2,031 2,590 (559) (22) % 9,898 10,342 (444) (4) % Columbia, MD 1,277 1,020 257 25 % 4,442 3,017 1,425 47 % Las Vegas, NV 5,784 5,446 338 6 % 23,135 23,559 (424) (2) % Honolulu, HI 3,853 2,354 1,499 64 % 16,561 13,477 3,084 23 % Total Same Store Retail 12,945 11,410 1,535 13 % 54,036 50,395 3,641 7 % Same Store Multifamily Houston, TX 8,743 9,183 (440) (5) % 38,050 37,414 636 2 % Columbia, MD 3,357 2,929 428 15 % 12,779 8,926 3,853 43 % Las Vegas, NV 1,625 1,539 86 6 % 6,703 7,143 (440) (6) % Company's share of NOI from unconsolidated ventures 1,734 1,806 (72) (4) % 7,378 7,326 52 1 % Total Same Store Multifamily 15,459 15,457 2 — % 64,910 60,809 4,101 7 % Same Store Other Houston, TX 1,214 2,037 (823) (40) % 4,520 6,765 (2,245) (33) % Columbia, MD (199) (78) (121) (155) % 245 (70) 315 450 % Las Vegas, NV 316 118 198 168 % 1,127 562 565 101 % Honolulu, HI 42 8 34 425 % 163 191 (28) (15) % Company's share of NOI from unconsolidated ventures 554 31 523 1687 % 4,174 3,452 722 21 % Total Same Store Other 1,927 2,116 (189) (9) % 10,229 10,900 (671) (6) % Total Same Store NOI 59,467 56,476 2,991 5 % 253,739 240,272 13,467 6 % Non-Same Store NOI 1,732 (288) 2,020 701 % 3,268 1,068 2,200 206 % Total Operating Assets NOI $ 61,199 $ 56,188 $ 5,011 9 % $ 257,007 $ 241,340 $ 15,667 6 % See page 4 for definitions of Same Store Properties and Same Store NOI. Same Store NOI - Operating Assets Segment
HOWARD HUGHES 12 thousands Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Same Store Metrics Stabilized Leasing Percentages Office 89 % 88 % 89 % 88 % 88 % Retail 96 % 94 % 94 % 95 % 96 % Multifamily 96 % 95 % 97 % 95 % 95 % Unstabilized Leasing Percentages Office (a) — % 92 % 92 % 90 % 90 % Retail 56 % 66 % 66 % 66 % 66 % Multifamily 72 % 75 % 74 % 65 % 57 % Same Store NOI Office $ 29,136 $ 31,572 $ 33,257 $ 30,599 $ 27,493 Retail 12,945 12,806 14,392 13,893 11,410 Multifamily 15,459 17,420 15,914 16,117 15,457 Other 1,927 1,852 1,498 4,952 2,116 Total Same Store NOI $ 59,467 $ 63,650 $ 65,061 $ 65,561 $ 56,476 Quarter over Quarter Change in Same Store NOI (7) % (2) % (1) % 16 % See page 4 for definitions of Same Store Properties and Same Store NOI. (a) This category previously included 1700 Pavilion in Summerlin, which reached stabilization in the fourth quarter of 2024. Same Store Performance - Operating Assets Segment
HOWARD HUGHES 13 thousands except Sq. Ft. and units % Ownership (a) Total Q4 2024 Occupied (b) Q4 2024 Leased (b) Q4 2024 Occupied (%) (b) Q4 2024 Leased (%) (b) In-Place NOI Estimated Stabilized NOI Time to Stabilize (Years) (c)Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Stabilized Properties Office - Houston 100% 3,988,203 — 3,524,264 — 3,647,071 — 88 % — % 91 % — % $ 82,730 $ 107,400 — Office - Columbia 100% 1,753,291 — 1,263,832 — 1,413,938 — 72 % — % 81 % — % 19,770 32,240 — Office - Summerlin 100% 801,863 — 741,970 — 760,266 — 93 % — % 95 % — % 18,790 24,060 — Retail - Houston 100% 284,129 — 263,088 — 265,706 — 93 % — % 94 % — % 8,570 10,600 — Retail - Columbia 100% 101,609 — 101,609 — 101,609 — 100 % — % 100 % — % 2,680 2,720 — Retail - Hawai‘i 100% 820,396 — 751,967 — 764,710 — 92 % — % 93 % — % 14,500 19,480 — Retail - Summerlin 100% 803,170 — 753,070 — 798,858 — 94 % — % 99 % — % 22,880 26,300 — Multifamily - Houston (d) 100% 34,386 2,968 30,509 2,771 32,220 2,828 89 % 93 % 94 % 95 % 38,520 40,000 — Multifamily - Columbia (d) Various 97,294 1,199 79,803 1,117 87,606 1,158 82 % 93 % 90 % 97 % 15,890 16,870 — Multifamily - Summerlin 100% — 391 — 356 — 378 — % 91 % — % 97 % 6,820 7,650 — Other (e) Various 125,801 — 125,801 — 125,801 — 100 % — % 100 % — % 10,630 12,610 — Total Stabilized Properties (f) $ 241,780 $ 299,930 — Unstabilized Properties Office - Houston 100% 141,763 — 67,785 — 78,424 — 48 % — % 55 % — % $ 540 $ 2,960 2.5 Office - Columbia 100% 85,380 — 5,008 — 40,908 — 6 % — % 48 % — % — 3,200 2.5 Office - Summerlin 100% 147,602 — — — 25,636 — — % — % 17 % — % — 4,300 2.5 Retail - Houston 100% 27,908 — — — 20,424 — — % — % 73 % — % — 1,930 3.0 Retail - Hawai‘i 100% 36,995 — 14,479 — 20,665 — 39 % — % 56 % — % 410 1,890 1.0 Retail - Summerlin 100% 67,000 — — — 51,480 — — % — % 77 % — % — 1,800 3.0 Multifamily - Houston 100% — 263 — 126 — 138 — % 48 % — % 52 % (460) 4,860 1.3 Multifamily - Columbia (d) 100% 32,607 472 16,389 332 22,496 341 50 % 70 % 69 % 72 % 5,550 9,320 1.0 Multifamily - Summerlin 100% — 294 — 218 — 233 — % 74 % — % 79 % 1,730 5,890 2.0 Total Unstabilized Properties $ 7,770 $ 36,150 1.9 NOI by Region
HOWARD HUGHES 14 NOI by RegionNOI by Region (cont.) (a) Includes our share of NOI from our unconsolidated ventures. (b) Occupied and Leased metrics are as of December 31, 2024. (c) The estimated stabilization date used in the Time to Stabilize calculation for all unstabilized and under construction assets is set at the maximum stabilization period of 36 months from the in-service or expected in-service date. If an Unstabilized property achieves 90% occupancy prior to this date, it will move to Stabilized. (d) Multifamily square feet represent ground floor retail whereas multifamily units represent residential units for rent. (e) These assets can be found on page 16 of this presentation. (f) For Stabilized Properties, the difference between In-Place NOI and Estimated Stabilized NOI is attributable to a number of factors which may include temporary abatements, timing of lease turnovers, free rent, and other market factors. thousands except Sq. Ft. and units % Ownership (a) Total Q4 2024 Occupied (b) Q4 2024 Leased (b) Q4 2024 Occupied (%) (b) Q4 2024 Leased (%) (b) In-Place NOI Estimated Stabilized NOI Time to Stabilize (Years) (c)Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Under Construction Properties Office - Houston 100 % 49,501 — — — — — — % — % — % — % n/a $ 1,780 3.5 Retail - Houston 100 % 44,178 — — — — — — % — % — % — % n/a 1,650 4.5 Retail - Hawai‘i 100 % 60,900 — — — — — — % — % — % — % n/a 2,800 4.4 Multifamily - Houston 100 % — 268 — — — — — % — % — % — % n/a 9,890 4.0 Other - Houston 100 % 53,863 — — — — — — % — % — % — % n/a n/a n/a Total Under Construction Properties n/a $ 16,120 4.1 Total / Wtd. Avg. for Portfolio $ 249,550 $ 352,200 2.9
HOWARD HUGHES 15 thousands except Sq. Ft. and units Location % Ownership Rentable Sq. Ft. Q4 2024 % Occupied (a) Q4 2024 % Leased (a) In-Place NOI (b) Est. Stabilized NOI (b) Office Columbia Office Properties Columbia, MD 100 % 67,066 72 % 72 % $ 830 $ 1,190 6100 Merriweather Columbia, MD 100 % 326,237 69 % 98 % 4,800 9,200 One Merriweather Columbia, MD 100 % 209,959 94 % 94 % 5,540 5,820 Two Merriweather Columbia, MD 100 % 124,639 92 % 92 % 1,570 3,100 Merriweather Row Columbia, MD 100 % 925,584 68 % 74 % 6,720 12,930 One Mall North (c) Columbia, MD 100 % 99,806 48 % 48 % 310 N/A One Hughes Landing Houston, TX 100 % 201,268 62 % 79 % 2,350 5,200 Two Hughes Landing Houston, TX 100 % 200,255 80 % 86 % 4,190 5,270 Three Hughes Landing Houston, TX 100 % 325,810 95 % 99 % 7,110 8,580 1725 Hughes Landing Boulevard Houston, TX 100 % 340,611 42 % 55 % 230 7,430 1735 Hughes Landing Boulevard Houston, TX 100 % 319,456 100 % 100 % 8,660 8,370 2201 Lake Woodlands Drive Houston, TX 100 % 22,259 100 % 100 % 480 490 Lakefront North Houston, TX 100 % 258,058 98 % 98 % 6,630 6,530 8770 New Trails Houston, TX 100 % 180,000 100 % 100 % 4,440 4,740 9303 New Trails Houston, TX 100 % 98,283 51 % 53 % 90 1,530 3831 Technology Forest Drive Houston, TX 100 % 106,104 100 % 100 % 2,530 2,450 The Woodlands Towers at the Waterway Houston, TX 100 % 1,395,599 99 % 100 % 35,670 43,510 3 Waterway Square Houston, TX 100 % 227,617 91 % 91 % 4,490 5,900 4 Waterway Square Houston, TX 100 % 217,952 90 % 90 % 4,370 5,900 1400 Woodloch Forest Houston, TX 100 % 94,931 85 % 85 % 1,490 1,500 Aristocrat Las Vegas, NV 100 % 181,534 100 % 100 % 4,440 4,520 1700 Pavilion Las Vegas, NV 100 % 265,898 90 % 92 % 4,470 8,380 One Summerlin Las Vegas, NV 100 % 207,292 89 % 90 % 5,910 6,440 Two Summerlin Las Vegas, NV 100 % 147,139 93 % 100 % 3,970 4,720 Total Office 6,543,357 $ 121,290 $ 163,700 Retail Color Burst Park Retail Columbia, MD 100 % 12,410 100 % 100 % $ 330 $ 410 Rouse Building Columbia, MD 100 % 89,199 100 % 100 % 2,350 2,310 Ward Village Retail Honolulu, HI 100 % 820,396 92 % 93 % 14,500 19,480 Creekside Park West Houston, TX 100 % 72,976 93 % 97 % 1,450 2,200 Hughes Landing Retail Houston, TX 100 % 125,721 92 % 92 % 3,950 4,990 1701 Lake Robbins Houston, TX 100 % 12,376 100 % 100 % 520 540 20/25 Waterway Avenue Houston, TX 100 % 51,543 87 % 87 % 1,760 2,000 Waterway Square Retail Houston, TX 100 % 21,513 100 % 100 % 890 870 Downtown Summerlin (d) Las Vegas, NV 100 % 803,170 94 % 99 % 22,880 26,300 Total Retail 2,009,304 $ 48,630 $ 59,100 Stabilized Properties - Operating Assets Segment
HOWARD HUGHES 16 Q4 2024 % Occupied (a) Q4 2024 % Leased (a) Estimated Stabilized NOI (b)thousands except Sq. Ft. and units Location % Ownership Rentable Sq. Ft. Units Rentable Sq. Ft. Units Rentable Sq. Ft. Units In-Place NOI (b) Multifamily Juniper Columbia, MD 100 % 55,677 382 81 % 95 % 95 % 96 % $ 8,440 $ 9,160 TEN.m.flats Columbia, MD 50 % 28,026 437 96 % 93 % 96 % 96 % 4,050 4,250 The Metropolitan Columbia, MD 50 % 13,591 380 56 % 92 % 56 % 98 % 3,400 3,460 Creekside Park Houston, TX 100 % — 292 n/a 92 % n/a 93 % 2,840 3,000 Creekside Park The Grove Houston, TX 100 % — 360 n/a 93 % n/a 95 % 3,720 4,210 One Lakes Edge Houston, TX 100 % 22,971 390 83 % 93 % 91 % 95 % 7,280 7,260 Two Lakes Edge Houston, TX 100 % 11,415 386 100 % 96 % 100 % 97 % 8,400 8,750 Lakeside Row Houston, TX 100 % — 312 n/a 91 % n/a 95 % 3,080 3,090 Millennium Six Pines Houston, TX 100 % — 314 n/a 93 % n/a 96 % 3,730 3,770 Millennium Waterway Houston, TX 100 % — 393 n/a 94 % n/a 96 % 3,870 3,910 Starling at Bridgeland Houston, TX 100 % — 358 — % 92 % — % 96 % 2,960 3,400 The Lane at Waterway Houston, TX 100 % — 163 n/a 96 % n/a 96 % 2,640 2,610 Constellation Las Vegas, NV 100 % — 124 n/a 95 % n/a 99 % 1,960 2,500 Tanager Las Vegas, NV 100 % — 267 n/a 89 % n/a 96 % 4,860 5,150 Total Multifamily (e) 131,680 4,558 $ 61,230 $ 64,520 Other Houston Ground Leases Houston, TX 100 % n/a n/a n/a n/a n/a n/a $ 3,090 $ 3,160 Hughes Landing Daycare Houston, TX 100 % — n/a — % n/a — % n/a 200 280 Stewart Title of Montgomery County, TX Houston, TX 50 % n/a n/a n/a n/a n/a n/a 750 1,600 The Woodlands Warehouse Houston, TX 100 % 125,801 n/a 100 % n/a 100 % n/a 1,430 1,520 Woodlands Sarofim Houston, TX 20 % n/a n/a n/a n/a n/a n/a 200 250 Kewalo Basin Harbor Honolulu, HI 100 % n/a n/a n/a n/a n/a n/a 1,910 1,900 Hockey Ground Lease Las Vegas, NV 100 % n/a n/a n/a n/a n/a n/a 640 590 Summerlin Hospital Medical Center Las Vegas, NV 5 % n/a n/a n/a n/a n/a n/a 3,240 4,640 Other Assets Various 100 % n/a n/a n/a n/a n/a n/a (830) (1,330) Total Other 125,801 — $ 10,630 $ 12,610 Total Stabilized $ 241,780 $ 299,930 (a) Occupied and Leased percentages are as of December 31, 2024. (b) For Stabilized Properties, the difference between In-Place NOI and Estimated Stabilized NOI is attributable to a number of factors which may include temporary abatements, timing of lease turnovers, free rent, and other market factors. (c) One Mall North will be decommissioned and moved to Strategic Developments for redevelopment in 2025. (d) Downtown Summerlin rentable sq. ft. excludes 381,767 sq. ft. of anchor space and 39,700 sq. ft. of office space. (e) Multifamily square feet represent ground floor retail whereas multifamily units represent residential units for rent. Stabilized Properties - Operating Assets Segment (cont.)
HOWARD HUGHES 17 Q4 2024 % Occupied (a) Q4 2024 % Leased (a) Development Costs Incurred to Date Total Estimated Development Costs In-Place NOI Est. Stabilized NOI (b) Est. Stab. Date (c) Est. Stab. Yield thousands except Sq. Ft. and units Location % Ownership Rentable Sq. Ft. Units Rentable Sq. Ft. Units Rentable Sq. Ft. Units Office 10285 Lakefront Medical Office (d) Columbia, MD 100 % 85,380 — 6 % n/a 48 % n/a $ 38,413 $ 52,949 $ — $ 3,200 2027 6 % Waterway Plaza II (e) Houston, TX 100 % 141,763 — 48 % n/a 55 % n/a 19,647 26,903 540 2,960 2027 11 % Meridian (d) Las Vegas, NV 100 % 147,602 — — % n/a 17 % n/a 36,693 55,459 — 4,300 2027 8 % Total Office 374,745 — $ 94,753 $ 135,311 $ 540 $ 10,460 Retail Village Green at Bridgeland Central (d)(f) Houston, TX 100 % 27,908 — — % n/a 73 % n/a $ 14,790 $ 22,159 $ — $ 1,930 2027 9 % Kō'ula (g) Honolulu, HI 100 % 36,995 — 39 % n/a 56 % n/a — — 410 1,890 2025 — % Summerlin Grocery Anchored Center (d)(f) Las Vegas, NV 100 % 67,000 — — % n/a 77 % n/a 32,496 46,372 — 1,800 2027 4 % Total Retail 131,903 — $ 47,286 $ 68,531 $ 410 $ 5,620 Multifamily Marlow Columbia, MD 100 % 32,607 472 50 % 70 % 69 % 72 % $ 123,048 $ 130,490 $ 5,550 $ 9,320 2025 7 % Wingspan Houston, TX 100 % — 263 — % 48 % — % 52 % 81,919 82,586 (460) 4,860 2026 6 % Tanager Echo Las Vegas, NV 100 % — 294 — % 74 % — % 79 % 86,364 86,364 1,730 5,890 2026 7 % Total Multifamily (h) 32,607 1,029 $ 291,331 $ 299,440 $ 6,820 $ 20,070 Total Unstabilized $ 433,370 $ 503,282 $ 7,770 $ 36,150 (a) Occupied and Leased percentages are as of December 31, 2024. (b) Company estimates of Estimated Stabilized NOI are based on current leasing velocity, excluding inflation and organic growth. (c) The estimated stabilization date for all unstabilized assets is set at the maximum stabilization period of 36 months from the in-service date. If a property achieves 90% occupancy prior to this date, it will move to Stabilized. (d) Meridian and 10285 Lakefront Medical Office were placed in service in the second quarter of 2024, and Village Green at Bridgeland Central and Summerlin Grocery Anchored Center were placed in service in the fourth quarter of 2024. These properties did not generate material In-Place NOI in 2024, as the properties are still in the tenant build-out and lease-up phase. (e) Waterway Plaza II was acquired during the second quarter of 2024. Total development costs incurred include acquisition and closing costs and total estimated development costs are inclusive of acquisition, closing, and expected tenant lease-up costs. (f) As of December 31, 2024, 70% of Summerlin Grocery Anchored Center and 48% of Village Green at Bridgeland Central has been placed in service. The remaining space will be placed in service throughout 2025 as it is leased and/or turned over to tenants. The leasing percentages for these properties include leased in-service space, as well as pre-leased space that has not yet been placed in service. (g) Condominium retail development costs incurred to date and total estimated development costs are combined with their respective condominium costs on page 19 of this supplement. (h) Multifamily square feet represent ground floor retail, whereas multifamily units represent residential units for rent. Unstabilized Properties - Operating Assets Segment
HOWARD HUGHES 18 Under Construction Properties thousands except Sq. Ft. and units Location % Ownership Estimated Rentable Square Feet Percent Pre- Leased (a) Const. Start Date Est. Stabilized Date (b) Development Costs Incurred to Date Total Estimated Development Costs Est. Stabilized NOI Est. Stab. Yield Office One Bridgeland Green Houston, TX 100 % 49,501 80 % Q2 2024 2028 $ 14,142 $ 35,365 $ 1,780 5 % Total Office 49,501 $ 14,142 $ 35,365 $ 1,780 Retail Ulana Ward Village (c) Honolulu, HI 100 % 32,100 — % Q1 2023 2028 $ — $ — $ 760 — % The Park Ward Village (c) Honolulu, HI 100 % 26,800 18 % Q4 2022 2029 — — 1,900 — % Kalae (c) Honolulu, HI 100 % 2,000 — % Q2 2024 2030 — — 140 — % Grogan’s Mill Retail Houston, TX 100 % 38,378 21 % Q3 2024 2028 1,703 8,583 850 10 % The Ritz-Carlton Retail (c) Houston, TX 100 % 5,800 — % Q4 2024 2030 — — 800 — % Total Retail 105,078 $ 1,703 $ 8,583 $ 4,450 Other Grogan’s Mill Library and Community Center (d) Houston, TX 100 % 53,863 n/a Q3 2024 n/a $ 5,948 $ 16,498 n/a n/a Total Other 53,863 $ 5,948 $ 16,498 $ — in thousands except Sq. Ft. and units Location % Ownership # of Units Monthly Est. Rent Per Unit Const. Start Date Est. Stabilized Date (b) Develop. Costs Incurred Est. Total Cost (Excl. Land) Est. Stabilized NOI Est. Stab. Yield Multifamily 1 Riva Row Houston, TX 100 % 268 $ 4,015 Q3 2023 2028 $ 72,934 $ 155,997 $ 9,890 6 % Total Multifamily 268 $ 72,934 $ 155,997 $ 9,890 Total Under Construction $ 94,727 $ 216,443 $ 16,120 (a) Represents leases signed as of December 31, 2024. (b) The estimated stabilization date for all under construction assets is set at 36 months from the expected in-service date. (c) Condominium retail development costs incurred to date and total estimated development costs are combined with their respective condominium costs on page 20 of this supplement. (d) The Grogan’s Mill Library and Community Center is being developed in connection with a land swap agreement entered into with Montgomery County, Texas. Upon completion of construction, the Company will transfer the Grogan's Mill Library and Community Center to Montgomery County in exchange for land parcels elsewhere in The Woodlands. As such, pre-leasing activity and Est. Stabilized NOI are not applicable to this development project. Under Construction Properties - Strategic Developments Segment
HOWARD HUGHES 19 As of December 31, 2024 Waiea Anaha Ae`o Ke Kilohana ‘A‘ali‘i Kō'ula Victoria Place Total Key Metrics ($ in thousands) Location Ward Village Ward Village Ward Village Ward Village Ward Village Ward Village Ward Village Type of building Luxury Luxury Upscale Workforce Upscale Upscale Luxury Number of units 177 317 465 423 750 565 349 3,046 Condo Sq. Ft. 378,488 449,205 389,663 294,273 390,097 409,612 406,351 2,717,689 Street retail Sq. Ft. 7,716 16,048 70,800 28,386 11,175 36,995 n/a 171,120 Stabilized retail NOI $290 $1,190 $2,170 $970 $550 $1,890 n/a $7,060 Stabilization year 2017 2020 2019 2020 2024 2025 n/a Development progress ($ in thousands) Completion date Q4 2016 Q4 2017 Q4 2018 Q2 2019 Q4 2021 Q3 2022 Q4 2024 Total estimated development cost (a) $542,717 $403,796 $430,086 $217,318 $386,405 $484,238 $536,155 $3,000,715 Development costs incurred to date (a) 542,199 403,796 430,086 217,318 385,145 474,882 517,807 2,971,233 Estimated remaining to be spent $518 $— $— $— $1,260 $9,356 $18,348 $29,482 Financial Summary ($ in thousands) Total GAAP revenue recognized $698,228 $515,882 $513,096 $218,552 $536,942 $635,100 $778,445 $3,896,245 Completed Condominiums (a) Total estimated development costs and Development costs incurred to date for Waiea include costs for defect remediation. Although the Company agreed to pay for the repair of the defects, it sought to recover the repair costs from the general contractor, other responsible parties, and insurance proceeds. In the third quarter of 2024, a settlement agreement was reached related to the defect remediation costs and these amounts are now shown net of insurance proceeds of approximately $90.0 million and are inclusive of the $22 million final payment of project costs paid to the general contractor as part of the settlement agreement.
HOWARD HUGHES 20 As of December 31, 2024 The Park Ward Village Ulana Ward Village Kalae Ritz-Carlton Residences Total Key Metrics ($ in thousands) Location Ward Village Ward Village Ward Village The Woodlands Type of building Upscale Workforce Luxury Luxury Number of units 545 696 329 111 1,681 Avg. unit Sq. Ft. 847 623 1,207 2,524 935 Condo Sq. Ft. 461,360 433,773 397,203 280,172 1,572,508 Street retail Sq. Ft. 26,800 32,100 2,000 5,800 66,700 Stabilized retail NOI $1,900 $760 $140 $800 $3,600 Stabilization year 2029 2028 2030 2030 Development progress ($ in thousands) Start date Q4 2022 Q1 2023 Q2 2024 2024 Estimated Completion date 2026 2025 2027 2027 Total estimated development cost $613,807 $402,914 $623,745 $369,465 $2,009,931 Development costs incurred to date 287,420 260,234 123,687 44,280 715,621 Estimated remaining to be spent $326,387 $142,680 $500,058 $325,185 $1,294,310 Financial Summary ($ in thousands) Units under contract through December 31, 2024 527 696 305 78 1,606 Units remaining to be sold through December 31, 2024 18 — 24 33 75 Total % of units closed or under contract 96.7% 100% 92.7% 70.3% 95.5% Units under contract in Q4 2024 2 — 1 1 4 Square footage closed / under contract 447,200 433,773 376,563 201,705 1,459,241 Total % square footage closed / under contract 96.9% 100% 94.8% 72.0% 92.8% Total cash received (closings & deposits) $138,789 $37,672 $154,664 $33,551 $364,676 Total future GAAP revenue under contract $693,800 $372,581 $772,902 $336,870 $2,176,153 Expected avg. price per Sq. Ft. $1,500 - $1,550 $850 - $900 $2,000 - $2,050 $1,700 - $1,750 Deposit Reconciliation (thousands) Spent towards construction $135,794 $37,258 $— $— $173,052 Held for future use (a) 795 — 152,789 — 153,584 Held for closings (a) 2,200 414 1,875 33,551 38,040 Total deposits from sales commitment $138,789 $37,672 $154,664 $33,551 $364,676 (a) Total deposits held for future use and held for closings are included in Restricted cash. Under Construction Condominiums
HOWARD HUGHES 21 As of December 31, 2024 The Launiu Key Metrics ($ in thousands) Location Ward Village Type of building Luxury Number of units 485 Avg. unit Sq. Ft. 950 Condo Sq. Ft. 460,735 Street retail Sq. Ft. 10,000 Estimated Completion date 2028 Financial Summary ($ in thousands) Units under contract through December 31, 2024 283 Units remaining to be sold through December 31, 2024 202 Total % of units closed or under contract 58.4% Units under contract in Q4 2024 15 Square footage closed / under contract 253,814 Total % square footage closed / under contract 55.1% Total cash received (closings & deposits) $94,258 Total future GAAP revenue under contract $476,766 Expected avg. price per Sq. Ft. $1,850 - $1,900 Deposit Reconciliation (thousands) Held for future use (a) $94,083 Held for closings (a) 175 Total deposits from sales commitment $94,258 (a) Total deposits held for future use and held for closings are included in Restricted cash. Predevelopment Condominiums
HOWARD HUGHES 22 As of December 31, 2024 thousands Location Total Estimated Development Costs (a) Development Costs Incurred to Date Estimated Remaining to be Spent Remaining Buyer Deposits/ Holdback to be Drawn Debt to be Drawn Costs Remaining to be Paid, Net of Debt and Buyer Deposits/ Holdbacks to be Drawn (b) Estimated Completion Date 10285 Lakefront Medical Office (c) Columbia, MD $ 52,949 $ 38,413 $ 14,536 $ — $ 14,124 $ 412 Completed Marlow (c) Columbia, MD 130,490 123,048 7,442 — 6,755 687 Completed 6100 Merriweather (c) Columbia, MD 130,031 126,043 3,988 — — 3,988 Completed Village Green at Bridgeland Central (c)(d) Houston, TX 22,159 14,790 7,369 — 7,746 (377) Completed Meridian (c)(d) Las Vegas, NV 55,459 36,693 18,766 — 18,955 (189) Completed 1700 Pavilion (c) Las Vegas, NV 123,015 114,527 8,488 — 4,477 4,011 Completed Summerlin Grocery Anchored Center (c)(d) Las Vegas, NV 46,372 32,496 13,876 — 14,348 (472) Completed Total Operating Assets 560,475 486,010 74,465 — 66,405 8,060 ‘A‘ali‘i Honolulu, HI 386,405 385,145 1,260 — — 1,260 Completed Kalae (d) Honolulu, HI 623,745 123,687 500,058 150,153 355,427 (5,522) 2027 Kō'ula Honolulu, HI 484,238 474,882 9,356 — — 9,356 Completed The Park Ward Village (d) Honolulu, HI 613,807 287,420 326,387 1,108 350,758 (25,479) 2026 Ulana Ward Village Honolulu, HI 402,914 260,234 142,680 — 81,494 61,186 Q4 2025 Victoria Place Honolulu, HI 536,155 517,807 18,348 — — 18,348 Completed Grogan’s Mill Library and Community Center Houston, TX 16,498 5,948 10,550 — — 10,550 Q2 2025 Grogan’s Mill Retail Houston, TX 8,583 1,703 6,880 — — 6,880 Q2 2025 One Bridgeland Green Houston, TX 35,365 14,142 21,223 — — 21,223 Q2 2025 The Ritz-Carlton Residences Houston, TX 369,465 44,280 325,185 — 219,598 105,587 2027 1 Riva Row Houston, TX 155,997 72,934 83,063 — 57,304 25,759 Q4 2025 Total Strategic Developments 3,633,172 2,188,182 1,444,990 151,261 1,064,581 229,148 Total $ 4,193,647 $ 2,674,192 $ 1,519,455 $ 151,261 $ 1,130,986 $ 237,208 See page 4 for definition of Remaining Development Costs. (a) Total Estimated Development Costs represent all costs to be incurred on the project which include construction costs, demolition costs, marketing costs, capitalized leasing, payroll or project development fees, deferred financing costs, retail costs, and certain accrued costs from lenders and excludes land costs and capitalized corporate interest allocated to the project. Total Estimated Development Costs for assets at Ward Village and Columbia exclude master plan infrastructure and amenity costs at Ward Village and Merriweather District. (b) We expect to be able to meet our cash funding requirements with a combination of existing and anticipated construction loans, condominium buyer deposits, free cash flow from our Operating Assets and MPC segments, net proceeds from condominium sales, our existing cash balances, and as necessary, the postponement of certain projects. (c) Remaining cost is related to lease-up and tenant build-out. (d) Negative balance relates to costs paid by HHH, but not yet reimbursed by our lenders. We expect to receive funds from our lenders for these costs in the future. Summary of Remaining Development Costs
HOWARD HUGHES 23 MPC Regions Non-MPC Regions The Woodlands The Woodlands Hills Bridgeland Summerlin Teravalis Floreo (a) Total Columbia Hawai‘i Total As of December 31, 2024 Houston, TX Houston, TX Houston, TX Las Vegas, NV Phoenix, AZ Phoenix, AZ MPC Regions Columbia, MD Honolulu, HI Non-MPC Operating Assets Stabilized Properties Office Sq.Ft. 3,988,203 — — 801,863 — — 4,790,066 1,753,291 — 1,753,291 Retail Sq. Ft. (b) 318,515 — — 803,170 — — 1,121,685 198,903 820,396 1,019,299 Multifamily units 2,298 — 670 391 — — 3,359 1,199 — 1,199 Other Sq. Ft. 125,801 — — — — — 125,801 — — — Unstabilized Properties Office Sq.Ft. 141,763 — — 147,602 — — 289,365 85,380 — 85,380 Retail Sq.Ft. — — 27,908 67,000 — — 94,908 32,607 36,995 69,602 Multifamily units — — 263 294 — — 557 472 — 472 Under Construction Properties Office Sq.Ft. — — 49,501 — — — 49,501 — — — Retail Sq.Ft. 44,178 — — — — — 44,178 — 60,900 60,900 Other Sq. Ft. 53,863 — — — — — 53,863 — — — Multifamily units 268 — — — — — 268 — — — MPC Total gross acreage 28,545 ac 2,055 ac 11,506 ac 22,500 ac 33,810 ac 3,029 ac 101,445 ac 16,450 ac n/a n/a Current Residents 124,800 3,230 26,000 130,000 — — 284,030 n/a n/a n/a Residential Land (c) Remaining saleable acres (d) 34 ac 681 ac 1,400 ac 2,443 ac 15,804 ac 715 ac 21,077 ac n/a n/a n/a Estimated price per acre (e) N/A $356 $580 $1,633 $791 $777 n/a n/a Commercial Land Total acreage remaining (d) 728 ac 173 ac 1,075 ac 473 ac 10,531 ac 571 ac 13,551 ac 96 ac n/a 96 ac Estimated price per acre (e) $981 $523 $763 $1,404 $206 $180 n/a n/a Portfolio Key Metrics Portfolio Key Metrics include 100% of square footage, units, and acreage associated with joint venture projects. Retail space in multifamily assets shown as retail square feet. (a) This represents 100% of Floreo gross and remaining saleable acreage and 100% of the estimated price per acre expected to be achieved. The Company owns a 50% interest in Floreo and accounts for its investment under the equity method. (b) Retail Sq. Ft. within the Summerlin region excludes 381,767 Sq. Ft. of anchors and 39,700 Sq. Ft. of additional office space above our retail space. (c) The Woodlands residential land development is nearing completion. (d) Fluctuations in remaining saleable acres from period to period are due to land sales or changes to the master plan of the communities. (e) Residential and commercial pricing represents the Company's estimate of price per acre that will be achieved in 2025 (in thousands) per its land models. For Summerlin, this estimate excludes an anticipated bulk sale. For bulk sales, the Company does not incur the usual development costs associated with superpad sales, resulting in a lower price per acre. Portfolio Key Metrics
HOWARD HUGHES 24 Master Planned Community Land Consolidated MPC Segment EBT The Woodlands The Woodlands Hills Bridgeland Summerlin Teravalis Total Floreo (a) thousands Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Revenues: Residential land sale revenues $ — $ 1,425 $ 6,510 $ 10,416 $ 24,977 $ 29,803 $ 33,750 $ 145,368 $ — $ — $ 65,237 $ 187,012 $ 25,426 $ — Commercial land sale revenues 479 2,923 8 5 2,027 3,200 — — — — 2,514 6,128 — — Builder price participation 297 — 744 908 2,133 2,270 13,786 12,048 — — 16,960 15,226 — — Other land sale revenues 112 98 11 — 78 27 4,350 3,838 — — 4,551 3,963 — — Total revenues 888 4,446 7,273 11,329 29,215 35,300 51,886 161,254 — — 89,262 212,329 25,426 — Expenses: Cost of sales - residential land — (714) (2,467) (4,989) (10,290) (9,686) (12,335) (56,934) — — (25,092) (72,323) (18,129) — Cost of sales - commercial land (109) (664) (3) (2) (733) (927) — — — — (845) (1,593) — — Real estate taxes (1,412) (1,356) (55) (55) (1,338) (1,565) (490) (462) (4) (6) (3,299) (3,444) (26) (28) Land sales operations (2,506) (2,492) (1,694) (1,468) (2,712) (2,709) (4,891) (5,367) (424) (406) (12,227) (12,442) (2,477) (833) Total operating expenses (4,027) (5,226) (4,219) (6,514) (15,073) (14,887) (17,716) (62,763) (428) (412) (41,463) (89,802) (20,632) (861) Depreciation and amortization (30) (30) (1) (2) (35) (30) (34) (30) (11) (10) (111) (102) (19) (30) Interest income (expense), net 260 232 1,032 712 1,084 4,602 10,258 9,741 — — 12,634 15,287 (309) (310) Other (loss) income, net — 1 — — — — — — — — — 1 — — Equity in earnings (losses) from unconsolidated ventures (b) — — — — — — (5,665) 2,211 2,233 (601) (3,432) 1,610 — — MPC Segment EBT $ (2,909) $ (577) $ 4,085 $ 5,525 $ 15,191 $ 24,985 $ 38,729 $ 110,413 $ 1,794 $ (1,023) $ 56,890 $ 139,323 $ 4,466 $ (1,201) (a) This represents 100% of Floreo EBT. The Company owns a 50% interest in Floreo and accounts for its investment under the equity method. (b) Equity in earnings (losses) from unconsolidated ventures reflects our share of earnings for The Summit in Summerlin and for Floreo in Teravalis. MPC Performance
HOWARD HUGHES 25 Master Planned Community Land Consolidated MPC Segment The Woodlands The Woodlands Hills Bridgeland Summerlin Teravalis Floreo (a) thousands, except acres Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Key Performance Metrics: Residential Total acres closed in current period — ac 1.1 ac 14.3 ac 24.1 ac 41.8 ac 51.3 ac 3.8 ac 130.0 ac — ac — ac 33.7 ac — ac Price per acre achieved $— $1,295 $455 $432 $598 $581 $6,048 $1,342 $— $— $767 $— Avg. gross margins —% 49.9% 62.1% 52.1% 58.8% 67.5% 63.9% 60.8% —% —% 28.7% —% Commercial Total acres closed in current period — ac 6.3 ac — ac — ac 10.0 ac 2.2 ac — ac — ac — ac — ac — ac — ac Price per acre achieved $— $588 $— $— $218 $171 $— $— $— $— $— $— Avg. gross margins — % 77.3 % —% — % 58.8 % 71.0% — % —% —% —% —% —% Avg. combined before-tax net margins — % 69.7% 62.1% 52.1% 58.8 % 67.8% 63.9% 60.8% —% —% 28.7% —% Key Valuation Metrics: Remaining saleable acres (b) Residential 34 ac 681 ac 1,400 ac 2,443 ac 15,804 ac 715 ac Commercial 728 ac 173 ac 1,075 ac 473 ac 10,531 ac 571 ac Projected est. % superpads / lot size —% / — ac —% / — ac —% / — ac 69% / 0.25 ac —% / — ac —% / — ac Projected est. % single-family detached lots / lot size 79% / 0.16 ac 80% / 0.21 ac 90% / 0.19 ac —% / — ac 81% / 0.22 ac 100% / 0.17 ac Projected est. % single-family attached lots / lot size 21% / 0.14 ac 20% / 0.12 ac 7% / 0.11 ac —% / — ac 19% / 0.11 ac —% / — ac Projected est. % custom homes / lot size —% / — ac —% / — ac 3% / 0.26 ac 31% / 1 ac —% / — ac —% / — ac Estimated builder sale velocity (c) NM 19 75 87 NM NM Projected GAAP gross margin (d) 74.9% 76.0% 63.3% 62.1% 64.8% 58.8% 64.5% 64.1% 75.5% 38.0% 17.6% 28.7% Projected cash gross margin (d) 97.4% 89.6% 86.7% 81.6% 75.8% 41.6% Residential sellout / Commercial buildout date estimate Residential 2027 2032 2033 2043 2086 2033 Commercial 2034 2032 2046 2039 2086 2036 (a) This represents 100% of Floreo metrics. The Company owns a 50% interest in Floreo and accounts for its investment under the equity method. (b) Fluctuations in remaining saleable acres from period to period are due to land sales or changes to the master plan of the communities. (c) Represents the average monthly builder homes sold over the last twelve months ended December 31, 2024. (d) Projected GAAP gross margin is based on expected GAAP MPC land sales revenues and MPC cost of sales. This measure includes all future projected revenues less all remaining historical development costs incurred to date and remaining future projected cash development costs. Projected cash gross margin represents the net cash margin expected to be received in the future and includes all future projected revenues less all remaining future projected cash development costs. The projected cash gross margin does not include remaining historical development costs incurred to date. Gross margin for each MPC may vary from period to period based on the locations of the land sold and the related costs associated with developing the land sold. NM Not meaningful. MPC Land
HOWARD HUGHES 26 Master Planned Community Land GAV in $ millions, unless otherwise specified. Price per acre in $ thousands. (a) Land sales revenue excludes deferred revenue and SID bond revenue. (b) Excludes value of Teravalis for comparative purposes. (c) Price per acre is a trailing 12 months calculation as of December 31, 2024. MPC Land Appreciation MPC Gross Asset Value $1,695 $922 $708 $328 3,871 Total Acres Sold $645k Weighted Avg. Price Per Acre $2.5B Total Land Sales Revenue (a) X = $584 $1,426 2017 Q4 2024 $377 $591 2017 Q4 2024 $313 $458 2017 Q4 2024 +144% +57% +46% $3,024 $979 $618 $216 2017 Gross Asset Value Since 2017 Q4 2024 Gross Asset Value (b) Residential Price Per Acre (c) Summerlin Bridgeland The Woodlands Hills $4.8B$3.7B
HOWARD HUGHES 27 Office Expirations (a) Retail Expirations (a) Expiration Year Annualized Cash Rent ($ in thousands) Percentage of Annualized Cash Rent Wtd. Avg. Annualized Cash Rent Per Leased Sq. Ft. Annualized Cash Rent ($ in thousands) Percentage of Annualized Cash Rent Wtd. Avg. Annualized Cash Rent Per Leased Sq. Ft. 2025 $ 11,785 4.22 % $ 42.78 $ 12,143 10.49 % $ 47.82 2026 11,369 4.07 % 42.27 11,443 9.88 % 42.23 2027 32,641 11.69 % 41.33 7,461 6.44 % 46.48 2028 18,320 6.56 % 45.60 8,885 7.67 % 55.92 2029 30,631 10.97 % 48.39 10,362 8.95 % 58.05 2030 30,750 11.01 % 47.73 12,780 11.04 % 59.63 2031 17,897 6.41 % 52.38 5,215 4.51 % 56.81 2032 58,212 20.84 % 52.30 5,563 4.81 % 56.88 2033 14,691 5.26 % 41.32 14,612 12.62 % 66.54 2034 15,520 5.56 % 47.68 6,726 5.81 % 64.71 Thereafter 37,525 13.41 % 55.77 20,671 17.78 % 39.72 Total $ 279,341 100 % $ 115,861 100 % (a) Excludes leases with an initial term of 12 months or less. Office and Retail Lease Expirations Total Office and Retail Portfolio as of December 31, 2024 % o f A nn ua liz ed C as h R en t E xp iri ng Houston Summerlin Columbia Hawaii Other Office 2025 Retail 2025 Office 2026 Retail 2026 Office 2027 Retail 2027 Office 2028 Retail 2028 Office 2029 Retail 2029 Office 2030 Retail 2030 Office 2031 Retail 2031 Office 2032 Retail 2032 Office 2033 Retail 2033 Office 2034 Retail 2034 Office 2035+ Retail 2035+ 0% 6% 12% 18% 24% 30% Lease Expirations
HOWARD HUGHES 28 thousands December 31, 2024 December 31, 2023 Fixed-rate debt Unsecured 5.375% Senior Notes due 2028 $ 750,000 $ 750,000 Unsecured 4.125% Senior Notes due 2029 650,000 650,000 Unsecured 4.375% Senior Notes due 2031 650,000 650,000 Secured mortgages payable 1,635,750 1,442,505 Special Improvement District bonds 83,779 65,627 Variable-rate debt Secured mortgages payable, excluding condominium financing 784,682 854,084 Condominium financing 331,226 307,404 Secured Bridgeland Notes due 2026 283,000 475,000 Mortgages, notes and loans payable 5,168,437 5,194,620 Deferred financing costs (40,968) (47,628) Mortgages, notes, and loans payable, net $ 5,127,469 $ 5,146,992 Net Debt on a Segment Basis as of December 31, 2024 (a) thousands Operating Assets Master Planned Communities Strategic Developments Segment Totals Non-Segment Amounts Total Mortgages, notes, and loans payable, net $ 2,368,692 $ 359,352 $ 365,775 $ 3,093,819 $ 2,033,650 $ 5,127,469 Mortgages, notes, and loans payable of unconsolidated ventures (b) 90,568 85,047 — 175,615 — 175,615 Less: Cash and cash equivalents (20,450) (114,302) (10,998) (145,750) (450,333) (596,083) Cash and cash equivalents of unconsolidated ventures (b) (2,236) (10,597) (5,008) (17,841) — (17,841) Special Improvement District receivables — (97,432) — (97,432) — (97,432) Municipal Utility District receivables, net — (460,741) (3,058) (463,799) — (463,799) TIF receivable — — (4,340) (4,340) — (4,340) Net Debt $ 2,436,574 $ (238,673) $ 342,371 $ 2,540,272 $ 1,583,317 $ 4,123,589 Consolidated Debt Maturities and Contractual Obligations as of December 31, 2024 thousands 2025 2026 2027 2028 2029 Thereafter Total Mortgages, notes, and loans payable $ 421,202 $ 509,097 $ 415,717 $ 838,680 $ 1,270,240 $ 1,713,501 $ 5,168,437 Interest payments (c) 272,263 229,822 198,285 164,000 99,822 223,887 1,188,079 Ground lease commitments 300 300 300 300 300 5,900 7,400 Total $ 693,765 $ 739,219 $ 614,302 $ 1,002,980 $ 1,370,362 $ 1,943,288 $ 6,363,916 Debt Summary (a) Net debt is a non-GAAP financial measure that we believe is useful to our investors and other users of our financial statements as its components are important indicators of our overall liquidity, capital structure, and financial position. However, it should not be used as an alternative to our debt calculated in accordance with GAAP. (b) Each segment includes our share of the Mortgages, notes, and loans payable, net and Cash and cash equivalents for all joint ventures included in Investments in unconsolidated ventures. (c) Interest is based on the borrowings that are presently outstanding and current floating interest rates without the effects of interest rate derivatives. Debt Summary
HOWARD HUGHES 29 (a) Includes the impact of interest rate derivatives. (b) Does not include extension options, some of which have performance requirements. (c) Represents Secured Bridgeland Notes. (d) Excludes the Company's share of debt related to its unconsolidated ventures, which totaled $175.6 million as of December 31, 2024. thousands Q4 2024 Principal Range of Interest Rates (a) Weighted- average Interest Rate (a) Weighted- average Years to Maturity (b) Operating Assets Office $ 1,236,659 3.43 % 8.67 % 5.42 % 4.4 Retail 271,731 3.50 % 8.11 % 6.01 % 3.9 Multifamily 851,610 3.13 % 7.73 % 4.88 % 4.6 Other 24,436 3.65 % 7.40 % 5.30 % 5.1 Total Operating Assets $ 2,384,436 3.13 % 8.67 % 5.30 % 4.4 Master Planned Communities (c) $ 283,000 6.81 % 6.81 % 6.81 % 4.7 Strategic Developments Condominiums $ 331,226 7.31 % 9.42 % 8.13 % 1.7 Multifamily 35,996 7.39 % 7.39 % 7.39 % 5.7 Total Strategic Developments $ 367,222 7.31 % 9.42 % 8.06 % 2.1 Bonds Corporate Bonds $ 2,050,000 4.13 % 5.38 % 4.66 % 4.5 SID Bonds 83,779 4.13 % 6.05 % 5.22 % 26.5 Total Bonds $ 2,133,779 4.13 % 6.05 % 4.68 % 5.4 Total (d) $ 5,168,437 3.13 % 9.42 % 5.32 % 4.7 Debt Summary (cont.)
HOWARD HUGHES 30 Reconciliation of Operating Assets segment EBT to Total NOI thousands Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 FY 2024 FY 2023 Total revenues $ 112,521 $ 114,019 $ 110,760 $ 107,000 $ 99,312 $ 444,300 $ 410,254 Total operating expenses (51,840) (48,987) (47,610) (46,154) (45,379) (194,591) (179,865) Segment operating income (loss) 60,681 65,032 63,150 60,846 53,933 249,709 230,389 Depreciation and amortization (43,137) (42,252) (41,811) (41,840) (44,684) (169,040) (161,138) Interest income (expense), net (34,439) (36,661) (34,165) (32,942) (35,778) (138,207) (125,197) Other income (loss), net (74) (54) 542 408 14 822 2,092 Equity in earnings (losses) from unconsolidated ventures 1,775 (2,109) 336 5,817 (2,343) 5,819 2,968 Gain (loss) on sale or disposal of real estate and other assets, net 14,948 3,165 — 4,794 3,162 22,907 23,926 Gain (loss) on extinguishment of debt (267) — (198) — (97) (465) (97) Operating Assets segment EBT (513) (12,879) (12,146) (2,917) (25,793) (28,455) (27,057) Add back: Depreciation and amortization 43,137 42,252 41,811 41,840 44,684 169,040 161,138 Interest (income) expense, net 34,439 36,661 34,165 32,942 35,778 138,207 125,197 Equity in (earnings) losses from unconsolidated ventures (1,775) 2,109 (336) (5,817) 2,343 (5,819) (2,968) (Gain) loss on sale or disposal of real estate and other assets, net (14,948) (3,165) — (4,794) (3,162) (22,907) (23,926) (Gain) loss on extinguishment of debt 267 — 198 — 97 465 97 Impact of straight-line rent (1,765) (2,182) 24 (847) 408 (4,770) (2,256) Other 69 52 (373) (54) (4) (306) 337 Operating Assets NOI 58,911 62,848 63,343 60,353 54,351 245,455 230,562 Company's share of NOI from equity investments 2,288 1,954 2,088 1,980 1,837 8,310 7,745 Distributions from Summerlin Hospital investment — — — 3,242 — 3,242 3,033 Company's share of NOI from unconsolidated ventures 2,288 1,954 2,088 5,222 1,837 11,552 10,778 Total Operating Assets NOI $ 61,199 $ 64,802 $ 65,431 $ 65,575 $ 56,188 $ 257,007 $ 241,340 Reconciliation of Non-GAAP Measures
