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The Howard Hughes Corporation Reports Third Quarter 2011 Results

For comparative purposes, MPC land sales and Operating Assets NOI relating to The Woodlands are presented in our Supplemental Information and discussion of results as if we owned 100% of The Woodlands during the periods being compared. We also include the commercial real estate assets of The Woodlands in the Operating Assets segment. These properties in prior periods had been included in the MPC segment. For a reconciliation of Operating Assets NOI to Operating Assets earnings before taxes (EBT), Operating Assets EBT to GAAP-basis loss from continuing operations, and segment-basis MPC land sales revenue to GAAP-basis land sales revenue, please refer to the Supplemental Information contained in this earnings release.

Land sales in our Master Planned Communities (MPC) segment, excluding deferred land sales and other revenue, were $31.2 million for the third quarter 2011, a $7.2 million increase over $24.0 million of land sales for the third quarter 2010. Our former partner’s share of The Woodlands land sales of $18.4 million for the third quarter 2010 was approximately $8.7 million. The Woodlands third quarter 2011 residential and commercial lot sales increased approximately $5.4 million over the prior year, primarily due to higher lot sales volume in the third quarter 2011. Bridgeland sales velocity and average price per lot also continued to increase, with third quarter and year-to-date 2011 lot sales increasing by 16 and 51 lots, to 103 and 260 lots, respectively, over the same periods in 2010. Both Bridgeland and The Woodlands are benefitting from a strong Houston, Texas new home sales market. Summerlin had no lot sales for the third quarter 2011 as builder demand remains unpredictable, reflecting continuing difficult economic and residential housing market conditions in the Las Vegas, Nevada area.

Our Operating Assets segment now includes the commercial real estate properties of The Woodlands. Net operating income (NOI) from the combined retail, office and resort and conference center properties, including our share of the NOI of our non-consolidated ventures, was $13.1 million for the three months ended September 30, 2011, compared with $10.8 million for the three months ended September 30, 2010. Other commercial properties, including two parking garages, ground leases and a private golf club located at The Woodlands, generated a $(2.3) million NOI loss for the third quarter 2011, compared with a $(0.5) million loss for the third quarter 2010.

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