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The Howard Hughes Corporation Reports Fourth Quarter And Full Year 2012 Results

For a more complete description of the status of our developments, please refer to Item 7 beginning on page 38 of The Howard Hughes Corporation Consolidated and Combined Financial Statements contained in our Form 10-K for the year ended December 31, 2012.

Fourth quarter 2012 net income attributable to common stockholders includes a $(22.3) million warrant loss and a $(8.6) million loss relating to a reduction in the tax indemnity receivable. Excluding these non-cash charges, net income attributable to common stockholders was $30.0 million, or $0.77 per diluted common share. Excluding the $0.8 million warrant gain, net income attributable to common stockholders was $30.6 million, or $0.80 per diluted common share for the three months ended December 31, 2011.

For the year ended December 31, 2012, net loss attributable to common stockholders was $(128.3) million compared with net income attributable to common stockholders of $147.2 million for the year ended December 31, 2011. Excluding the $(185.0) million warrant loss and $(20.3) million loss relating to a reduction in the tax indemnity receivable, net income attributable to common stockholders for the year ended December 31, 2012, was $77.0 million, or $2.02 per diluted common share, compared with net income attributable to common stockholders of $60.8 million, excluding the $101.6 million warrant gain, a $(11.3) million after-tax loss from refinancing mortgage debt carried on our books at a discount, and a non-cash $(3.8) million after-tax loss to adjust the basis of our equity investment in The Woodlands prior to its consolidation, or $1.56 per diluted common share, for the year ended December 31, 2011.

Beginning with the acquisition of our former partner’s 47.5% interest in The Woodlands on July 1, 2011, we consolidated the financial results of The Woodlands. Prior to the acquisition, we accounted for our interest in The Woodlands as an unconsolidated real estate affiliate using the equity method; consequently, our statement of operations for the twelve months ended December 31, 2012, is not comparable to the same period in 2011.

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