Exhibit 99.1

The Howard Hughes Corporation Announces Fourth Quarter and Full Year 2010 Results

	•		Net loss attributable to common stockholders totaled $(4.6) million for fourth quarter and $(69.4) million for full year 2010.
	•		Impairment charges totaled $503.4 million for full year 2010.
	•		Separation from General Growth Properties, Inc. (“GGP”) completed November 9, 2010.
	•		The Howard Hughes Corporation raised $267 million from the issuance of common equity and warrants during fourth quarter 2010.
	•		New Executive Management Team appointed.
	•		The Company entered into agreements with Richmond American Homes of Nevada, Inc. and Pulte Homes of Nevada for the sale of lots in Summerlin for purchase prices of $22.2 million and $23 million, respectively.

DALLAS, April 7, 2011 — The Howard Hughes Corporation (NYSE: HHC) today announced its results for the fourth quarter and full year 2010. Howard Hughes completed its separation from GGP on November 9, 2010 and subsequently appointed a new executive management team.

On November 22, 2010, The Howard Hughes Corporation appointed David R. Weinreb as Chief Executive Officer and Grant Herlitz as President. On February 28, 2011, Howard Hughes appointed Andrew C. Richardson as Chief Financial Officer effective March 28, 2011.

Since the spin-off, the Company has achieved several key objectives and begun initiatives to position Howard Hughes to maximize value for stockholders. Highlights include the commencement of a comprehensive evaluation of all of the Company’s assets, which to date has resulted in a prioritization of those properties for which development, joint ventures, and/or sales can be initiated in the shorter term. Management has empowered local property managers to take more responsibility for their operations, with an emphasis on re-evaluating past practices and aggressively containing costs. In addition, the Company recently hired several experienced leasing professionals to drive revenues at its operating assets. Howard Hughes also made significant progress in building its independent public company infrastructure, and implementing its accounting, human resource and information technology systems.

Net loss attributable to common stockholders was $(4.6) million, or $(0.12) per share, for the fourth quarter 2010 compared with $(535.9) million, or $(14.21) per share, for the quarter ended December 31, 2009. Net loss attributable to common stockholders was $(69.4) million, or $(1.84) per share, for the year ended December 31, 2010, compared with $(703.6) million, or $(18.66) per share, for the year ended December 31, 2009.

The Howard Hughes Corporation recorded $503.4 million of non-cash impairment charges for the year ended December 31, 2010 compared to $680.3 million for the year ended December 31, 2009.

The Howard Hughes Corporation evaluates its real estate assets for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Recoverability means that the expected cumulative undiscounted future cash flows of an asset are less than its carrying value. The analysis ignores when the future cash flows are expected to be received while we own the assets and therefore does not consider expected economic returns. If estimated future cumulative undiscounted cash flows are less than carrying value, then the asset must be written down to its fair value. The process for deriving fair value involves discounting the expected future cash flows at a rate of return that an investor would require based on the risk profile of the cash flows and returns available in the market for other investments having similar risk. Other inputs such as appraisals and recent transactions for comparable properties may also be used. Book value for assets that have been recently impaired from an accounting perspective may more likely reflect market value than book values of assets that have not been impaired; consequently, unimpaired assets may be expected to generate above or below market returns relative to their respective book values. The lower book basis resulting from an impairment charge increases reported profitability from the asset in future periods, but has no impact on cash flow.

For a more complete description of impairments, please refer to Item 7 beginning on page 29 and Footnotes 2 and 3 to The Howard Hughes Consolidated and Combined Financial Statements contained in the Company’s Form 10-K for the fiscal year ended December 31, 2010.

David R. Weinreb, CEO of The Howard Hughes Corporation, stated “Our executive management team is optimistic about the depth, strength and quality of the Company’s development pipeline. We are establishing a comprehensive long-term strategic plan for each of our assets which will allow us to focus our resources on the most attractive opportunities within our portfolio. I believe that the Company’s unique collection of assets provides us with a great opportunity to create long-term value for our stockholders.”

ABOUT THE HOWARD HUGHES CORPORATION

The Howard Hughes Corporation owns, manages and develops commercial, residential and mixed-use real estate throughout the country. Created from a selected subset of 34 assets previously held by General Growth Properties, the Company’s properties include master planned communities, operating properties, development opportunities, and other unique assets spanning 18 states from Hawaii to New York.

Master Planned Communities

The Howard Hughes Corporation owns, develops, and sells property in four master planned communities that include over 14,000 acres of marketable land, including Summerlin in Las Vegas, Bridgeland and The Woodlands in Houston, and Columbia, Fairwood, and Emerson in Columbia Maryland.

Operating Assets

The Howard Hughes Corporation’s operating assets are primarily retail and include Ward Centers (Honolulu, HI), South Street Seaport (Manhattan, NY), Landmark Mall (Alexandria, VA), Park West (Peoria, AZ), Rio West Mall (Gallup, NM), Riverwalk Marketplace (New Orleans, LA) and Cottonwood Square (Holladay, UT).

Strategic Development Opportunities

The Howard Hughes Corporation owns a diverse pipeline of near, mid and long-term real estate developments. These range from air rights and surface parking lots to aging properties poised for redevelopment.

For more information on the company, please visit our website at: www.howardhughes.com or contact Kay Weinmann via e-mail at kay.weinmann@howardhughes.com or by telephone at (214) 741-7744.

Safe Harbor Statement

Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “expect” or similar words, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this press release related to future operating performance, the creation of long-term value for our stockholders and progress on some of the Company’s larger developments are forward-looking statements. These statements are based on management’s expectations, estimates, assumptions and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in The Howard Hughes Corporation’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2010 filed today. The Howard Hughes Corporation cautions you not to place undue reliance on the forward-looking statements contained in this release. The Howard Hughes Corporation does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.

The Howard Hughes Corporation
Consolidated and Combined Statements of Income (Loss)
(In thousands, except per share amounts)

		Three Months Ended								Year Ended
		December 31,								December 31,
		2010				2009				2010				2009
Revenues:
Minimum rent		$	16,577			$	16,263			$	66,926			$	65,653
Tenant recoveries			4,676				4,815				18,567				19,642
Master Planned Community land sales			24,511				3,898				38,058				34,563
Builder price participation			781				1,867				4,124				5,687
Other land sale revenues			1,271				1,388				5,384				5,747
Other rental and property revenues			3,024				2,737				9,660				5,056
Total revenues			50,840				30,968				142,719				136,348
Expenses:
Master Planned Community cost of sales			16,387				1,871				23,388				22,020
Master Planned Community sales operations			5,388				6,611				29,041				27,042
Rental property real estate taxes			3,369				3,700				14,530				13,813
Rental property maintenance costs			1,729				1,941				6,495				5,586
Other property operating costs			10,698				9,220				37,893				34,810
Provision for doubtful accounts			681				1,358				1,782				2,539
General and administrative			9,076				4,260				21,538				23,023
Provisions for impairment			502,778				499,587				503,356				680,349
Depreciation and amortization			4,028				4,620				16,563				19,841
Total expenses			554,134				533,168				654,586				829,023
Operating loss			(503,294	)			(502,200	)			(511,867	)			(692,675	)
Interest income			251				1,202				369				1,689
Interest expense			(534	)			(209	)			(2,422	)			(977	)
Warrant liability expense			(140,900	)			—				(140,900	)			—
Loss before income taxes, equity in income (loss) from Real Estate Affiliates, reorganization items and noncontrolling interests			(644,477	)			(501,207	)			(654,820	)			(691,963	)
Benefit from (provision for) income taxes			651,062				(841	)			633,459				23,969
Equity in income (loss) from Real Estate Affiliates			3,019				(30,326	)			9,413				(28,209	)
Reorganization items			(14,153	)			(2,843	)			(57,282	)			(6,674	)
Income (loss) from continuing operations			(4,549	)			(535,217	)			(69,230	)			(702,877	)
Discontinued operations — loss on dispositions			—				(939	)			—				(939	)
Net income (loss)			(4,549	)			(536,156	)			(69,230	)			(703,816	)
Allocation to noncontrolling interests			(81	)			304				(201	)			204
Net income (loss) attributable to common stockholders		$	(4,630	)		$	(535,852	)		$	(69,431	)		$	(703,612	)
Basic and Diluted Income (Loss) Per Share:
Continuing operations		$	(0.12	)		$	(14.19	)		$	(1.84	)		$	(18.64	)
Discontinued operations			—				(0.02	)			—				(0.02	)
Total basic and diluted income (loss) per share		$	(0.12	)		$	(14.21	)		$	(1.84	)		$	(18.66	)
Weighted Average Shares of Common Stock:
Basic			37,753				37,716				37,726				37,716
Diluted			37,753				37,716				37,726				37,716

The Howard Hughes Corporation
Consolidated and Combined Balance Sheets
(In thousands)

		December 31,
		2010				2009
		(Consolidated)				(Combined)
Assets:
Investment in real estate:
Master Planned Community assets		$	1,350,648			$	1,742,226
Land			180,976				193,130
Buildings and equipment			343,006				451,279
Less accumulated depreciation			(83,390	)			(85,639	)
Developments in progress			293,403				300,621
Net property and equipment			2,084,643				2,601,617
Investment in and loans to/from Real Estate Affiliates			149,543				140,558
Net investment in real estate			2,234,186				2,742,175
Cash and cash equivalents			284,682				3,204
Accounts receivable, net			8,154				9,145
Notes receivable			38,954				8,214
Tax indemnity receivable, including interest			323,525				—
Deferred expenses, net			6,619				7,444
Prepaid expenses and other assets			126,587				135,045
Total assets		$	3,022,707			$	2,905,227
Liabilities:
Liabilities not subject to compromise:
Mortgages, notes and loans payable		$	318,660			$	208,860
Deferred tax liabilities			78,680				782,817
Warrant liability			227,348				—
Uncertain tax position liability			140,076				66,129
Accounts payable and accrued expenses			78,836				68,062
Liabilities not subject to compromise			843,600				1,125,868
Liabilities subject to compromise			—				275,839
Total liabilities			843,600				1,401,707
Equity:
Common stock: $.01 par value; 100,000,000 shares authorized, 37,904,506 shares issued as of December 31, 2010			379				—
Additional paid-in capital			2,708,036				—
GGP equity			—				1,504,364
Accumulated deficit			(528,505	)			—
Accumulated other comprehensive loss			(1,627	)			(1,744	)
Total stockholders’ equity			2,178,283				1,502,620
Noncontrolling interests in consolidated ventures			824				900
Total equity			2,179,107				1,503,520
Total liabilities and equity		$	3,022,707			$	2,905,227

Supplemental Information
December 31, 2010

Operating Assets Net Operating Income and EBT

		Three Months Ended
		December 31,								Year Ended December 31,
		2010				2009				2010				2009
						(In thousands)
Operating Assets
Ward Centers		$	5,761			$	4,598			$	22,980			$	22,152
110 N. Wacker			2,039				1,417				6,628				4,988
South Street Seaport			946				890				3,898	(1)			4,524
Columbia Office Properties			602				834				2,765				2,880
Rio West Mall			419				503				1,899				2,040
Landmark Mall			370				538				1,519				2,372
Riverwalk Marketplace			350				694				955				868
Cottonwood Square			111				92				484				507
Park West			112				(66	)			366				138
Other properties			94				108				1,058				1,667
Total operating assets NOI		$	10,804			$	9,608			$	42,552			$	42,136
Straight-line and market lease amortization rent			(480	)			(492	)			(142	)			(199	)
Provisions for impairment			(80,401	)			(50,541	)			(80,923	)			(50,964	)
Depreciation and amortization			(3,909	)			(4,338	)			(16,017	)			(17,367	)
Interest, net			(3,132	)			(3,203	)			(16,145	)			(13,957	)
Operating assets EBT		$	(77,118	)		$	(48,966	)		$	(70,675	)		$	(40,351	)

Reconciliation of EBT to GAAP-basis loss from continuing operations

		Three Months Ended								Year Ended
		December 31,								December 31,
		2010				2009				2010				2009
		(In thousands)
Real estate property EBT:
Operating Assets segment		$	(77,118	)		$	(48,966	)		$	(70,675	)		$	(40,351	)
MPC segment			(395,230	)			(11,797	)			(385,242	)			(55,409	)
Strategic Developments segment			(18,901	)			(469,841	)			(26,458	)			(603,802	)
Less: Real Estate Affiliates			(3,252	)			33,657				(10,007	)			30,622
Consolidated properties			(494,501	)			(496,947	)			(492,382	)			(668,940	)
General and administrative			(9,076	)			(4,260	)			(21,538	)			(17,643	)
Strategic Initiatives			—				—				—				(5,380	)
Warrant liability expense			(140,900	)			—				(140,900	)			—
Benefit from (provision for) income taxes			651,062				(841	)			633,459				23,969
Equity in income of unconsolidated Real Estate Affiliates			3,019				(30,326	)			9,413				(28,209	)
Reorganization costs			(14,153	)			(2,843	)			(57,282	)			(6,674	)
Loss from continuing operations		$	(4,549	)		$	(535,217	)		$	(69,230	)		$	(702,877	)

Operating Assets Net Operating Income (“NOI”)

The Company believes that NOI is a useful supplemental measure of the performance of its Operating Assets. We define NOI as property specific revenues (rental income, tenant recoveries and other income) less expenses (real estate taxes, repairs and maintenance, marketing and other property expenses) and excluding the operations of properties held for disposition. NOI also excludes straight line rents, market lease amortization, impairments, depreciation and other amortization expense. Other real estate companies may use different methodologies for calculating NOI, and accordingly, the NOI of our Operating Assets may not be comparable to other real estate companies.

The Company also believes that NOI provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating real estate properties and the impact on operations from trends in occupancy rates, rental rates, and operating costs. This measure thereby provides an operating perspective not immediately apparent from GAAP continuing operations or net income attributable to common stockholders. The Company uses NOI to evaluate its operating performance on a property-by-property basis because NOI allows the Company to evaluate the impact that factors such as lease structure, lease rates and tenant base, which vary by property, have on the Company’s operating results, gross margins and investment returns. NOI should only by used as an alternative measure of the financial performance of such assets and not as an alternative to GAAP operating income (loss) or net income (loss) available to common stockholders.

MPC Land Sales Summary

				Land Sales								Acres Sold								Number of Lots/Units							Price per acre								Price per lot
				Year Ended December 31,
				2010				2009				2010				2009				2010			2009				2010				2009				2010				2009
				($ in thousands)
Residential Land Sales
Columbia		Single Family - detached		$	2,400			$	500				2				1				12			4			$	1,275			$	531			$	200			$	125
		Townhomes			3,031				3,006				2				2				29			33				1,832				1,775				105				91
		High/Mid Apartments			—				3,125				—				8				—			164				—				379				—				19
		Single Family - detached (Fairwood)			—				15,000				—				239				—			636				—				63				—				24
Bridgeland		Single Family - detached			15,123				10,239				58				41				289			204				259				251				52				50
Summerlin		Single Family - detached			8,909				—				17				—				95			—				519				—				94				—
		Custom Lots			2,252				550				2				0				4			1				1,204				1,618				563				550
Woodlands		Single Family - detached			65,230				47,917				181				135				737			557				360				354				89				86
		Single Family - attached			988				—				4				—				52			—				279				—				19				—
Subtotal					97,933				80,337				266				426				1,218			1,599
Commercial Land Sales
Summerlin		Retail			—				4,564				—				4				—			—				—				1,047				—				—
Bridgeland		Not-for-Profit			1,600				741				20				15				—			—				80				50				—				—
Woodlands		Office and other			10,597				3,603				21				49				—			—				496				74				—				—
		Apartments and assisted living			4,879				7,150				12				19				—			—				392				370				—				—
		Retail			5,843				674				20				3				—			—				290				261				—				—
		Hotel			2,331				3,379				3				5				—			—				719				672				—				—
Subtotal					25,250				20,111				76				95
Total acreage sales revenues					123,183				100,448
Deferred Revenue					3,994				(3,409	)
SID					749				248
Venture partner’s share The Woodlands partnership acreage sales					(42,687	)			(29,794	)
Total MPC segment land sales revenues				$	85,239			$	67,493