Press Releases

Fourth Quarter Highlights Fourth quarter 2011 net income was $30.6 million, excluding the $0.8 million non-cash warrant gain, compared to net loss of $(32.7) million in the fourth quarter 2010, excluding a $(140.9) million warrant loss, $(341.0) million of impairment and restructuring charges, and a $510.0 million tax benefit relating to our spinoff. Net operating income for our income-producing Operating Assets increased 24.2% to $15.4 million for the three months ended December 31, 2011, compared to $12.4 million for the same period in 2010. During the fourth quarter 2011 Howard Hughes entered into a non-binding letter of intent with the New York City Economic Development Authority to modify its ground lease at South Street Seaport to permit redevelopment of Pier 17. We announced the construction of a 192,000 square foot Class A office building at The Woodlands. Due to strong market demand, two floors will be added increasing the building to 232,774 square feet. Full Year Highlights Full year 2011 net income was $60.8 million, excluding the $101.6 million non-cash warrant gain and $(15.2) million of non-recurring charges, compared to net loss of $(54.0) million for full year 2010, excluding a $(140.9) million warrant loss, $(384.5) million of impairment and restructuring charges, and a $510.0 million tax benefit relating to our spinoff. Land sales in our Master Planned Community segment, excluding deferred and other land revenue, increased 20.9% to $150.3 million for the year ended December 31, 2011, compared to $124.3 million for the full year 2010. Net operating income for our income-producing Operating Assets increased 10.8% to $55.6 million for the year ended December 31, 2011, compared to $50.2 million for the full year 2010. We acquired our partner’s interest in The Woodlands master planned community for $117.5 million and integrated the Bridgeland master planned community operations into The Woodlands. We entered into joint ventures to explore the development of a condominium tower at the Ala Moana shopping center in Honolulu, HI, to develop a mall and regional shopping center at the Bridges at Mint Hill and to develop a 375 unit apartment building on a portion of the Columbia Town Center property. We completed $334.0 million of financings in 2011 which generated $73.6 million of liquidity and future borrowing capacity. On February 27, 2012 we adopted a shareholder rights plan designed to preserve the value of our tax assets.

Up To 3 Additional Buildings Planned

New Multi-Family Development in Downtown Columbia Officially Under Way

Next Phase Begins in “forWARD” Vision for Ward Village