Generating NOI Through Commercial Properties

Downtown 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

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