Generating NOI Through Commercial Properties

In 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

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