Generating NOI Through Commercial Properties

Columbia: 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

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