THE HOWARD HUGHES CORPORATION® APPOINTS FRANK STEPHAN PRESIDENT OF THE NEVADA REGION TO OVERSEE ACCLAIMED SUMMERLIN® COMMUNITY

Rhea-AI Summary

On March 1, 2023, The Howard Hughes Corporation (NYSE: HHC) appointed Frank Stephan as President of its Nevada region, succeeding Kevin Orrock. Orrock will remain as a senior advisor after a successful tenure in overseeing the acclaimed Summerlin master planned community in Las Vegas. Stephan, with over 25 years of experience in real estate development, previously led projects for The Clarett Group and Clarett West Development. The Summerlin community, featuring over 120,000 residents, is known for its extensive amenities and has room for future growth, aligning with Howard Hughes' long-term vision for sustainable development.

Positive

• Frank Stephan's extensive experience contributes to sustainable growth in Summerlin.
• Continuity with Kevin Orrock as a senior advisor ensures stability.

Negative

• Change in leadership may present a risk of continuity in strategic vision.

Stephan succeeds Kevin Orrock whose decades-long leadership has delivered exceptional growth for one of country's leading master planned communities

LAS VEGAS, March 1, 2023 /PRNewswire/ -- The Howard Hughes Corporation^® (NYSE: HHC) announced today that Frank Stephan has been named President of the company's Nevada region, where he will oversee the acclaimed Summerlin^® master planned community in Las Vegas. Stephan succeeds long-time regional president Kevin Orrock, who has played a key role in the growth and success of the community since its inception. Orrock will remain with Howard Hughes as a senior advisor.

Located along the western rim of the Las Vegas Valley, Summerlin is consistently ranked among the best places to live in the country and is one of the top-selling communities nationwide. With over 120,000 residents and a thriving, walkable urban core, Summerlin encompasses 22,500 acres, with approximately 5,000 gross acres remaining to accommodate future growth.

"We are fortunate to have Frank leading Summerlin's next chapter of long-term, sustainable growth and continuing the community's decades-long trajectory of success," said David R. O'Reilly, Chief Executive Officer of The Howard Hughes Corporation. "Frank brings an entrepreneurial spirit and unique depth of operational and development experience—along with an impressive portfolio of residential, office, retail, and performing arts projects—that make him a great addition to Howard Hughes and to the Summerlin team."

Stephan has over 25 years of experience executing complex real estate developments in New York and Los Angeles. Prior to joining HHC, he served as head of The Clarett Group's West Coast operations, and most recently as Senior Managing Director at Clarett West Development, where he designed, entitled, constructed, and stabilized 1.2 million square feet of large-scale mixed-use projects in Los Angeles. He previously served as Senior Project Manager in Construction Management for Bovis Lend Lease LMB, Inc.

Stephan brings to Howard Hughes a valuable cross-disciplinary perspective in architecture, construction management, and real estate development—with a resume including the design, entitlement, and delivery of 2 million square feet of residential development, approximately 700,000 square feet of large-scale retail and office development, and six off-Broadway theatres. Stephan earned a Bachelor of Arts in Architecture from Columbia University, and a Master of Science in Real Estate Development and Investment with distinction from New York University.

"I am honored to join the exceptional team at Howard Hughes that has developed Summerlin into one of our country's most desirable locations," said Stephan. "I look forward to helping Summerlin continue on its path of unparalleled success in the Nevada region and providing the extraordinary quality of life that is emblematic of every Howard Hughes community."

Summerlin exemplifies The Howard Hughes Corporation's legacy of responsible stewardship and provides an exceptional quality of life that has made it one of the top-selling and most sought-after communities in the country. Now in its 33^rd year of development, Summerlin offers more amenities and educational choices than any other Southern Nevada community, including over 300 parks, 200-plus miles of interconnected trails, and ten golf courses, along with 26 private, charter and public schools—among the highest-rated public schools in the Las Vegas Valley.

Summerlin residents enjoy the distinct natural beauty and outdoor activities of Red Rock Canyon National Conservation Area along with all the amenities of Downtown Summerlin^®, the community's walkable urban core. Downtown Summerlin includes world-class dining, retail, entertainment as well as Class-A office, with convenient access to City National Arena, practice facility of the National Hockey League's Vegas Golden Knights, and home to Las Vegas Ballpark^®, a world-class Triple-A baseball stadium and home of the Las Vegas Aviators^®.

Summerlin's reputation as a leader in innovative development has been overseen by Orrock since its inception. Orrock's five-decade career at the company began at the famed Desert Inn Hotel in Las Vegas in 1974, then owned by Summa Corporation, predecessor to The Howard Hughes Corporation.

"Kevin's integrity, leadership, and true understanding of the southern Nevada landscape has underpinned Summerlin's ongoing acclaim for over 30 years," said O'Reilly. "Kevin's visionary transformation of 22,500 acres in Las Vegas into the region's premier community is an incredible success story for Nevada and for our company."

"Summerlin's enduring success is due in large part to Howard Hughes' long-term, thoughtful master planning that has enabled the community to grow and maintain the high-quality lifestyle and development standards originally envisioned more than 33 years ago," said Orrock. "I am proud to have helped define the Summerlin legacy and look forward to seeing Frank drive the future growth and success of this truly outstanding community."

About The Howard Hughes Corporation^®
The Howard Hughes Corporation owns, manages, and develops commercial, residential, and mixed-use real estate throughout the U.S. Its award-winning assets include the country's preeminent portfolio of master planned communities, as well as operating properties and development opportunities including: the Seaport in New York City; Downtown Columbia^® in Maryland; The Woodlands^®, Bridgeland^®, and The Woodlands Hills® in the Greater Houston, Texas area; Summerlin^® in Las Vegas; Ward Village^® in Honolulu, Hawaiʻi; and Teravalis^™ in the Greater Phoenix, Arizona area. The Howard Hughes Corporation's portfolio is strategically positioned to meet and accelerate development based on market demand, resulting in one of the strongest real estate platforms in the country. Dedicated to innovative placemaking, the company is recognized for its ongoing commitment to design excellence and to the cultural life of its communities. The Howard Hughes Corporation is traded on the New York Stock Exchange as HHC. For additional information visit https://www.howardhughes.com/.

Contacts:
The Howard Hughes Corporation
Cristina Carlson, 646-822-6910
Senior Vice President, Head of Corporate Communications
cristina.carlson@howardhughes.com

For HHC Investor Relations
Eric Holcomb, 281-475-2144
Senior Vice President, Investor Relations
eric.holcomb@howardhughes.com

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SOURCE The Howard Hughes Corporation

FAQ

Who is the new President of the Nevada region for Howard Hughes Corporation?

Frank Stephan has been appointed as the new President of the Nevada region.

What role did Kevin Orrock play at Howard Hughes Corporation?

Kevin Orrock served as the long-time President of the Nevada region and will continue as a senior advisor.

What is the significance of the Summerlin master planned community?

Summerlin is one of the top-selling communities in the U.S., known for its amenities and quality of life.

What experience does Frank Stephan bring to Howard Hughes Corporation?

Frank Stephan has over 25 years of experience in real estate development, managing large-scale mixed-use projects.

When was Frank Stephan appointed as President of the Nevada region?

Frank Stephan was appointed on March 1, 2023.