Exhibit 99.1

THE HOWARD HUGHES CORPORATION® REPORTS
FIRST QUARTER 2016 RESULTS

First Quarter Earnings Highlights

The Howard Hughes Corporation Property and Financing Highlights

DALLAS, May 2, 2016 - The Howard Hughes Corporation® (NYSE: HHC) (the “Company”) today announced its results for the first quarter 2016.

For the three months ended March 31, 2016, net income (loss) attributable to common stockholders was $143.8 million, or $2.69 per diluted common share, compared with $(106.0) million, or $(2.68) per diluted common share, for the three months ended March 31, 2015. First quarter 2016 net income attributable to common stockholders includes a non-cash $29.8 million warrant gain and $(14.9) million of non-cash after-tax depreciation and amortization expense. Excluding these non-cash items, adjusted net income attributable to common stockholders was $128.9 million, or $3.04 per diluted common share. For the first quarter 2015, adjusted net income attributable to common stockholders was $16.8 million or $0.43 per diluted common share, excluding a $(108.8) million non-cash warrant loss, and $(14.0) million in non-cash after-tax depreciation and amortization expense.

As we complete and place our developments into service, non-cash depreciation and amortization expense associated with these cash-flowing commercial real estate properties is becoming a more material and growing component of our net income. Adjusted net income is a non-GAAP measure that excludes depreciation and amortization expense and non-cash warrant liability gains and losses. The presentation of net income excluding depreciation and amortization is consistent with other companies in the real estate business who also typically report an earnings measure that excludes non-cash depreciation and amortization. For a reconciliation of adjusted net income to net income (loss) attributable to common stockholders, please refer to the Supplemental Information contained in this earnings release.

David R. Weinreb, Chief Executive Officer of The Howard Hughes Corporation, stated, “Our earnings for the first quarter of 2016 were significantly bolstered by the sale of the 80 South Street Assemblage and provide an example of the value that is being created by the talented executives at HHC. The proceeds from the 80 South Street Assemblage sale provide us with additional liquidity to take advantage of opportunities as they arise. Our results also reflect the progress we have made towards the completion of our first two residential condominium towers at Ward Village. Residential condominium units under contract at Waiea and Anaha, developments with a scale and product quality that is unmatched in Hawai‘i, significantly contributed to our net income in the first quarter of 2016 as compared to the same period in 2015. We are also pleased to see this momentum continue into April, as approximately 90% of the homes of our latest residential building, Ke Kilohana, were contracted for sale in just five days.”

Mr. Weinreb continued, “Furthermore, our results for the first quarter of 2016 demonstrate continued improvement at operating properties which are transitioning towards stabilization. In particular, Downtown Summerlin as well as several office and multi-family properties placed into service over the last year have made meaningful contributions to NOI growth this quarter as compared to the first quarter in 2015.”

Business Segment Operating Results

For comparative purposes, MPC land sales and NOI for our income-producing assets are presented in our Supplemental Information to this earnings release.  For a reconciliation of Operating Assets NOI to Operating

Assets real estate property earnings before taxes (“REP EBT”), Operating Assets REP EBT to GAAP-basis income (loss), segment-basis MPC land sales revenue to GAAP-basis land sales revenue, and Adjusted Net Income to Net Income, please refer to the Supplemental Information contained in this earnings release. Non-recourse debt means that the debt is non-recourse to The Howard Hughes Corporation, but is collateralized by a real estate asset and/or is recourse to the subsidiary entity owning such asset. All development cost estimates presented herein are exclusive of land costs.

Operating Assets Highlights

NOI from our combined retail, office, multi-family and hospitality properties increased $4.4 million, or 16.2%, to $31.5 million for the first quarter 2016, compared to NOI of $27.1 million for the first quarter 2015. These properties are referred to as our “income-producing Operating Assets.” These amounts include our share of NOI from our non-consolidated equity-method ventures and the annual distribution we received in the first quarter from our Summerlin Hospital cost-basis investment, which together were $4.0 million and $1.6 million for the three months ended March 31, 2016 and 2015, respectively. These amounts exclude NOI from properties that are substantially closed for redevelopment and/or were sold during the periods. 

The increase in NOI in the first quarter ended March 31, 2016 compared to the first quarter ended March 31, 2015 is primarily driven by increased NOI of $3.9 million relating to our Downtown Summerlin retail property as well as One Summerlin and Two Hughes Landing office properties placed in service in late 2014, which are moving toward stabilization. These increases are offset by decreases in NOI at Ward Village relating to a tenant in bankruptcy and expected NOI losses in the current stabilization period relating to newly-in-service 1725 & 1735 Hughes Landing properties while the tenant is in a free-rent period.

In the first quarter of 2016, we completed construction and placed in service The Westin at The Woodlands, which will be owned and managed by the Company.

Master Planned Communities Highlights

Land sales in our MPC segment, excluding deferred land sales and other revenue, increased $14.4 million, or 32.1%, to $59.2 million compared to $44.8 million for the first quarter 2015.  

Summerlin’s land sales for the three months ended March 31, 2016 were higher compared to 2015 primarily due to a $40.0 million bulk sale to a homebuilder for a large parcel. This sale represents the remaining half of a village that was partially purchased by the same homebuilder back in December 2006. In contrast to a typical superpad sale where we develop and construct the major utilities (water, sewer and storm drain) and roads to the borders of the undeveloped parcel and the homebuilder completes the on-site utilities, roads and finished lots, the homebuilder will be responsible for the horizontal infrastructure work. Summerlin is not obligated to incur any development costs within the boundaries of the parcel. Accordingly, the price per acre of $342,000 is not comparable to the average price per acre of $574,000 for the same period in 2015 given the nature of this bulk sale transaction. In addition, as part of the transaction we negotiated a favorable adjustment to the builder price participation on the land we sold to the homebuilder in 2006. Land development on The Summit, our joint venture with Discovery Land, continues to progress according to plan. As of March 31, 2016, the project has received buyer deposits totaling $47.9 million, representing $139.1 million in contracted land sales, and we expect the first lot closings to begin in the second quarter 2016.

Bridgeland’s land sales for the three months ended March 31, 2016 were slightly lower compared to 2015 due to homebuilders’ continued cautious management of land inventory levels given the Houston economic uncertainty. For the three months ended March 31, 2016, Bridgeland sold 11.1 residential acres compared to

11.8 acres for the same period in 2015. The average price per residential acre for single-family detached product decreased slightly by $(8,000), or (2.1)% to $380,000 for the three months ended March 31, 2016 compared to $388,000 in 2015. The decrease is attributable to the mix of lot sizes that were sold in the respective periods. For the three months ended March 31, 2016, there were a larger percentage of smaller (lower priced) lots sold than the same period in 2015.

For the three months ended March 31, 2016, The Woodlands sold 4.1 residential acres compared to 10.6 acres for the same period in 2015, and the average price per residential acre for single-family detached product decreased $(94,000), or (13.5)% to $601,000 for the three months ended March 31, 2016 compared to $695,000 for same period in 2015 primarily due to the mix of lots sold, furthered by economic uncertainty in the Houston market noted above.  

Strategic Developments Highlights

The increase in condominium rights and unit sales for the first quarter 2016 as compared to the same period in 2015 is primarily due to one full quarter of revenue recognition at our Anaha condominium project for which we began revenue recognition in the second quarter 2015. Waiea and Anaha continue to advance towards completion resulting in additional revenue recognition under the percentage of completion method of accounting.

Waiea will have 174 total units, of which 90.8% have been contracted as of April 18, 2016. These contracted sales represent 85.8% of the total residential square feet available for sale. Total development costs are expected to be approximately $403 million (excluding land value), and as of March 31, 2016, we have incurred $248.0 million of development costs. We expect to complete the project by the end of 2016.

Anaha will have 317 total units, of which 88.6% have been contracted as of April 18, 2016. These contracted sales represent 81.0% of the total residential square feet available for sale. Total development costs are expected to be approximately $401 million, and as of March 31, 2016, we have incurred $137.1 million of development costs. We expect to complete the project in the summer of 2017.

Construction of Ae‘o and the flagship Whole Foods Market, located on the same block, began in February 2016, with completion scheduled in 2018. Pre-sales are ongoing, and as of April 18, 2016, 47.6% of the 466 total units were under contract, representing 40.4% of the total residential square feet available for sale. This tower was designed with unit sizes averaging approximately 836 square feet, smaller than the average 1,687 square foot unit size for Waiea and Anaha. We have incurred $22.4 million of development costs as of March 31, 2016.

In March 2016, we received approval from the Hawai‘i Real Estate Commission to market the sale of our workforce residential tower, Ke Kilohana. The tower will consist of 424 residences, 375 of which will be offered to local residents of Hawai‘i who meet certain maximum income and net worth requirements. Pre-sales began in the first quarter 2016 and approximately 90% of the units are under contract pending a 30-day rescission period. As of March 31, 2016, we have incurred $8.8 million of pre-development costs on this project.

In the third quarter 2015, we began construction on the two Alden Bridge Self-Storage Facilities, a combined 1,441 units located in The Woodlands, which we expect to complete during the fourth quarter 2016 and first quarter 2017. The projects are financed by two non-recourse construction loans, one for $6.7 million and another for $6.4 million, both bearing interest at one-month LIBOR plus 2.60%, with initial maturity dates of October 2019 and January 2020, respectively, with two one-year extension options.

For a more complete description of the status of our developments, please refer to “Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations” beginning on page 31 of our Form 10-Q for the three months ended March 31, 2016.

About The Howard Hughes Corporation®

The Howard Hughes Corporation owns, manages and develops commercial, residential and mixed-use real estate throughout the U.S. Our properties include master planned communities, operating properties, development opportunities and other unique assets spanning 16 states from New York to Hawai‘i. The Howard Hughes Corporation is traded on the New York Stock Exchange under HHC with major offices in New York, Columbia, MD, Dallas, Houston, Las Vegas and Honolulu. For additional information about HHC, visit www.howardhughes.com, or find us on Facebook,  Twitter,  Instagram, and LinkedIn.   

Safe Harbor Statement

Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “expect,” “enables,” “realize”, “plan,” “intend,” “assume,” “transform” and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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 Quarterly and Annual Reports. 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.

Contacts

Caryn Kboudi

The Howard Hughes Corporation

caryn.kboudi@howardhughes.com 

214.741.7744

THE HOWARD HUGHES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

UNAUDITED

THE HOWARD HUGHES CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

UNAUDITED

Supplemental Information

March 31, 2016

As our three segments, Master Planned Communities, Operating Assets and Strategic Developments, are managed separately, we use different operating measures to assess operating results and allocate resources among these three segments. The one common operating measure used to assess operating results for our business segments is real estate property earnings before taxes (“REP EBT”). REP EBT, as it relates to our business, is defined as net income (loss) excluding general and administrative expenses, corporate interest income and corporate interest and depreciation expense, provision for income taxes, warrant liability gain (loss), other income, and gains on sales relating to operating properties. We present REP EBT because we use this measure, among others, internally to assess the core operating performance of our assets. However, REP EBT should not be considered as an alternative to GAAP net income (loss).

* Applicable exclusively to Summerlin.

Operating Assets Net Operating Income

The Company believes that NOI is a useful supplemental measure of the performance of our Operating Assets because it 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. We define NOI as revenues (rental income, tenant recoveries and other income) less expenses (real estate taxes, repairs and maintenance, marketing and other property expenses). NOI also excludes straight line rents and tenant incentives amortization, net interest expense, ground rent amortization, demolition costs, amortization, depreciation, development-related marketing costs and equity in earnings from Real Estate and Other Affiliates.

We use NOI to evaluate our operating performance on a property-by-property basis because NOI allows us to evaluate the impact that factors such as lease structure, lease rates and tenant base, which vary by property, have on our operating results, gross margins and investment returns.

Although we believe that NOI provides useful information to the investors about the performance of our Operating Assets due to the exclusions noted above, NOI should only be used as an alternative measure of the financial performance of such assets and not as an alternative to GAAP net income (loss).

Operating Assets NOI and REP EBT

Commercial Properties NOI