SAN FRANCISCO – Wells Fargo & Company (NYSE: WFC) announced it has closed a $700 million syndicated loan facility to The Howard Hughes Corporation^® (HHC), a publicly traded company that owns, manages and develops commercial, residential and mixed-use real estate throughout the United States, including a portfolio of acclaimed master planned communities.

“This financing achieves several objectives, including converting bridge and construction loans to a five-year term loan facility that provides operating flexibility and enhanced liquidity for The Howard Hughes Corporation, and Wells Fargo was pleased to agent and partner with HHC for the financing,” said Bill Vernon, head of Real Estate Banking in Wells Fargo’s Commercial Real Estate group. “HHC is a valued client, and we look forward to continuing to provide flexible capital solutions that meet the company’s financing objectives for its existing portfolio and future acquisition and development pipeline.”

The loan facility comprises a $615 million term loan and an $85 million revolver that will provide general working capital for HHC. The loan facility is secured by a diverse collateral pool comprised of 26 retail, office and hotel properties located in HHC’s acclaimed master planned communities of Ward Village^®, The Woodlands^®, and Downtown Columbia^®.

• Ward Village^® is a 60-acre coastal master planned community in the heart of Honolulu, recognized as the "Best-Planned Community in the United States" by Architectural Digest, and most recently as the "Master Planned Community of the Year" by the National Association of Home Builders. Upon completion it will introduce approximately one million square feet of retail experiences; it is currently home to 90 unique stores and 40 restaurants.
• The Woodlands^® is a 28,000-acre award-winning master planned community located 27 miles north of downtown Houston. Highlights include 1725 and 1735 Hughes Landing^®, two Class A office towers with a structured parking garage, located within the 66-acre, mixed-use Hughes Landing development, one of Houston’s premier mixed-use urban centers.
• Downtown Columbia^® is located at the center of Columbia, MD, one of the first master planned communities in the U.S. founded by legendary developer James W. Rouse in 1967. At full buildout, the redevelopment of Downtown Columbia will feature more than 14 million square feet of office, hotel, retail, as well as residential, cultural, and public space. Highlights include Columbia Corporate Center and One Merriweather^®, nine Class A and Class B office buildings.

“This new facility achieves our stated financial goals of both increasing our financial flexibility as well as reducing our weighted average cost of capital. By reducing our cost of funding, extending our maturity and adding a revolving component, this financing exemplifies our commitment to further improving our credit metrics,” said David R. O’Reilly, Chief Financial Officer of HHC. “Further, we are thrilled with the strong support that our lenders have shown to execute on this transaction.”

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,950 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 37 countries and territories to support customers who conduct business in the global economy. With approximately 262,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2018 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.

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 District in New York; Columbia, Maryland; The Woodlands^®, The Woodlands Hills, and Bridgeland^® in the Greater Houston, Texas area; Summerlin^®, Las Vegas; and Ward Village^® in Honolulu, Hawaii. 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 www.howardhughes.com.¹

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.