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2018 Annual Review

2018 Annual Review

CEO Letter To Shareholders

2018 was an excellent year for our business across all three segments. In our Master Planned Community (MPC) segment, led by Summerlin, we had record land sales. In our Operating Assets segment, we increased our year-over-year net operating income (NOI) by 13.1% (excluding the Seaport District) as we continued to drive occupancy and increase rental rates. And in our Strategic Developments segment, we increased our stabilized NOI target by 24.6% from $255 million to $318 million and continued to drive successful growth at Ward Village, our vertical master planned community in Honolulu, where we contracted to sell 668 homes, yielding more than $511 million in sales revenue – the best year of contracted sales since the launch of our first two buildings in 2014. In sum, 2018 was likely our best year yet.

David Weinreb

David R. Weinreb

Chief Operating Officer