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

Third quarter 2011 net income was $9.6 million, excluding the $169.9 million non-cash warrant gain and $(15.2) million of non-recurring charges, compared to net income of $0.3 million, excluding a $(16.5) million reorganization charge, for the third quarter of 2010. Land sales in our Master Planned Community segment were $31.2 million for the third quarter 2011, compared to $24.0 million for third quarter 2010. Net operating income for our income-producing Operating Assets was $13.1 million for the third quarter 2011, compared to $10.8 million for third quarter 2010. Howard Hughes entered into joint ventures to develop its Ala Moana, Bridges at Mint Hill and a portion of the Columbia Town Center properties. Completed a $250.0 million flexible five-year financing for Ward Centers at a 3.45% interest rate.

HHC Partners with Local Developers Kettler and Orchard Development

Nexeo Solutions Signs on as Major Tenant

Burton Tansky and Mary Ann Tighe New Members Replacing David Arthur

Second quarter 2011 net income was $9.1 million, excluding the $56.9 million non-cash gain relating to a decrease in the estimated liability associated with the Company’s warrants, compared to net loss of $(28.0) million for the same period in the prior year. Second quarter 2011 net income attributable to common stockholders was $66.0 million. Master Planned Community land sales, including our share of the sales at The Woodlands joint venture, were $31.1 million for second quarter 2011, compared to $16.5 million for second quarter 2010. Net operating income for our Operating Assets was $10.4 million for second quarter 2011, compared to $11.2 million for second quarter 2010. Acquisition of partner’s interest in The Woodlands master planned community completed on July 1, 2011.

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.