#1MARYLAND HOWARD HUGHES COLUMBIA WASHINGTON D.C. HH BALTIMORE 1#2Forward-Looking Statements Statements made in this presentation that are not historical facts, including statements accompanied by words such as "anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “likely," "may," "plan," “project,” “realize,” “should,” “transform," "would," and other statements of similar expression and other words of similar expression, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. may differ These statements are based on management's expectations, estimates, assumptions and projections as of the date of this presentation and are not guarantees of future performance. Actual results materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission. In this presentation, forward-looking statements include, but are not limited to, expectations about the performance of our Master Planned Communities segment and other current income-producing properties and future liquidity, development opportunities, development spending and management plans. We caution you not to place undue reliance on the forward-looking statements contained in this presentation and do not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this presentation except as required by law. Non-GAAP Financial Measures We define 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); amortization; depreciation; development- related marketing costs; gain on sale or disposal of real estate and other assets, net; provision for impairment; and equity in earnings from unconsolidated ventures. This amount is presented as Operating Assets NOI. Total Operating Assets NOI represents NOI as defined above with the addition of our share of NOI from equity unconsolidated ventures. We believe that net operating income or 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. 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. Although we believe that NOI provides useful information to the investors about the performance of our segments, due to the exclusions noted above, NOI should only be used as an additional measure of the financial performance of such assets and not as an alternative to GAAP net income (loss). No reconciliation of in-place or projected stabilized NOI is included in this presentation because we are unable to quantify certain forecasted amounts that would be required to be included in the GAAP measure without unreasonable efforts and we believe such reconciliations would imply a degree of precision that would be confusing or misleading to investors. For a reconciliation of NOI to the most directly comparable GAAP measure, please see the Reconciliation to Non-GAAP Measures on the Company's Investor Relations website in the Quarterly Results section under Financial Performance. For reconciliations of NOI to the most directly comparable GAAP measure, please see the Reconciliation to Non-GAAP Measures on the Company's Investor Relations website in the Quarterly Results section under Financial Performance. HOWARD HUGHES HH 2#3Downtown Columbia at a Glance • . • • · Community Snapshot Granted Entitlements to HHC: 14M SF Population: 112,000 residents (city of Columbia, MD) One of the first MPCs founded by Jim Rouse in 1967 Howard County approved a 40-year master plan in 2010 with HHC as the preferred developer Significant local growth driven primarily by technology and education industries Ranked "Best Place to Rent," "Best Place for Jobs," and "Safest City in America" by WalletHub in 2023 Significant opportunity for HHC to redevelop the Merriweather and Lakefront Commercial Districts 63% Adults with College Degrees 3.1% $132K Dec. '22 Unemployment Rate HOWARD HUGHES Source: Company filings and data. Fred.stlouisfed.org, point2homes.com Median Household Income HH Optimal Location Between Baltimore & D.C. 面 Merriweather District Lakefront District 3#4Downtown Columbia OPTIMAL LOCATION HOWARD COUNTY ASHINGTON, BALTIMORE Fort Meade . Between Baltimore and D.C. M • • Long-term growth trends Medical (John Hopkins) and cybersecurity (Fort Meade) Ranked "Best Place to Live" by Money Magazine in 2016 REVITALIZED DISTRICTS Merriweather Lakefront HOWARD HUGHES Source: Company filings and data. Redefining multi-use properties that surround outdoor amphitheater Opportunity to craft commercial office complex for major tenants MASTER PLAN Approved and in place with Howard County · 40-yr vision; commenced in 2010 • HHC official preferred developer Control rights through Rouse legacy ANCHOR TENANTS CareFirst tenable WHOLE FOODS BUSBOYS POETS MedStar Health CC MARKET est. 2005 CROWN CASTLE OPPORTUNITY TO DEFINE A COMMERICAL CENTER HH 4#5Downtown Columbia Amenities and Lifestyle QUALITY RETAIL AND DINING TRAILS AND GREENSPACE BUSBOYS FORTS LAKE KITTAMAQUNDI TOP-RATED AMPHITHEATER COMMUNITY ACTIVATIONS FITNESS FOCUS HOWARD HUGHES Source: Company filings and data HH Color Burst Park 5#6Generating NOI Through Commercial Properties Office • Size: 1.8M SF Multi-Family Size: 1,671 Units Retail • Size: 100k SF Stabilized Leased %: 85% • Stabilized Leased %: 99% • Stabilized Leased %: 100% In-Place NOI: $23M Stabilized NOI: $39M • 13 Premier Office Buildings In-Place NOI: $15M Stabilized NOI: $26M In-Place NOI: $4M Stabilized NOI: $3M 4 Class-A Apartment Assets • Street Retail, Grocers and Standalone Restaurant $42M of In-Place NOI with $68M Expected at Stabilization HOWARD HUGHES Source: Company filings and data. Note: As of June 30, 2023. Size and Stabilized NOI total is inclusive of projects under construction. HH 6#7Downtown Columbia NOI Profile Historical NOI Progression 2013 $3 2014 $4 2015 HOWARD HUGHES '13 2Q '23 CAGR: 32% $42 $39 $35 $29 $29 $23 $19 $16 $16 2016 2017 2018 2019 2020 2021 2022 2Q '23 Stabilized (2) $68 Returns (1) 7.4% Yield on Cost 13.0% Return on Equity Significant, Exponential Growth Achieved With Near-Term Upside to Come Source: Company filings and data. Note: In $ millions. Represents in-place NOI, as of June 30, 2023. HH (1) Return calculations based on developed properties at NOI stabilization. (2) Stabilized NOI total is inclusive of projects under construction 7#8Premier Assets Generate High Demand & Price Stability Columbia Office Market¹ Vacancy Rate HOWARD HUGHES Columbia Baltimore 18% 18% 15% 16% 16% 13% 11% 10% 9% 13% 13% 13% 10% 9% 9% 6% 7% 7% 2014 2015 2016 2017 2018 2019 2020 2021 2022 Columbia Office Market¹ Rent Per SF Columbia Baltimore $31.94 $31.94 $29.72 $30.11 $28.84 $28.34 $25.45 $24.85 $23.73 $26.51 $26.25 $26.25 $25.42 $25.23 $22.34 $22.75 $21.74 $21.03 2014 2015 2016 2017 2018 2019 2020 2021 2022 Source: Company filings and data, Colliers, JLL. Note: As of Dec. 31st, 2022. 1) Statistics are representative of the overall Columbia, MD office market. HH 8#9Downtown Columbia Development Runway Short-Term Identified Opportunities 4.6M+ SF Near-Term Entitlements Long-Term Opportunities 6.3M+ SF Long-Term Entitlements 1.2M SF Office 2,300 Multi-Family Units 215k SF Retail 250 Hotel Rooms 5+ Years 2.4M SF Office 2,208 Multi-Family Units 863k SF Retail 390 Hotel Rooms 10+ Years HOWARD HUGHES Source: Company filings and data. HH 9#10Recently Completed - Marlow Multi-Family 472 units Located in Merriweather District LEED Platinum Studio to-3-bedroom apartments ranging from ~500 SF to ~1,700 SF Includes ~33k SF of ground floor retail Total estimated cost (excl. land) - $130M $9M Stabilized NOI by 2025 HOWARD HUGHES Source: Company filings and data. Note: As of June 30, 2023. COOSL roost HH 10#11In Flight - South Lake Medical Office Building HOWARD HUGHES Source: Company filings and data. HH Note: As of June 30, 2023. • • First medical office building in Downtown Columbia Located in the Lakefront District 86k SF total space Currently 21% pre-leased Total estimated cost (excl. land) - $47M Estimated completion in 2024 $3M Stabilized NOI by 2027 11#12Columbia: Investment Highlights 1. Central location between D.C. and Baltimore 2. Howard County approved HHC as the preferred master plan developer 3. Numerous covenants help influence market 4. Key anchor tenants to drive near-term absorption 5. Merriweather and Lakefront Districts primed for redevelopment 6. New construction to include office, multi-family and retail 7. Significant foot traffic and NOI potential HOWARD HUGHES Source: Company filings and data. HH 12