Generating NOI Through Commercial Properties

Downtown 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

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