Press Releases

First quarter 2011 net income was $11.5 million, excluding the $126.0 million non-cash charge relating to an increase in estimated value of the Company’s warrants, compared to net loss of $(20.5) million for the same period in the prior year. First quarter 2011 net loss was $(114.5) million inclusive of the non-cash warrant expense. Master Planned Community land sales, including our share of the sales at The Woodlands joint venture, were $34.3 million for first quarter 2011, compared to $15.1 million for first quarter 2010. Net operating income for our Operating Assets was $13.5 million for first quarter 2011, compared to $10.6 million for first quarter 2010. Howard Hughes announces hiring of General Counsel, Senior Vice President to lead Maryland, Virginia and New Jersey Developments and Senior Vice President to lead Hawaii.

Net loss attributable to common stockholders totaled $(4.6) million for fourth quarter and $(69.4) million for full year 2010. Impairment charges totaled $503.4 million for full year 2010. Separation from General Growth Properties, Inc. (“GGP”) completed November 9, 2010. The Howard Hughes Corporation raised $267 million from the issuance of common equity and warrants during fourth quarter 2010. New Executive Management Team appointed. The Company entered into agreements with Richmond American Homes of Nevada, Inc. and Pulte Homes of Nevada for the sale of lots in Summerlin for purchase prices of $22.2 million and $23 million, respectively.