Howard Hughes Holdings Inc. · NYSE:HHH
Howard Hughes — Q4 2024 Earnings Presentation
30 slides from Howard Hughes's earnings presentation, Feb 26, 2025
Slide 1: Supplemental Information Three Months Ended December 31, 2024
Howard Hughes Holdings Inc. Supplemental Information Three Months Ended December 31, 2024 NYSE: HHH Exhibit 99.2
Slide 2: Cautionary Statements
HOWARD HUGHES 2 Cautionary StatementsCautionary Statements Forward-Looking Statements This presentation includes forward-looking statements. Forward-looking statements give our current expectations relating to our financial condition, results of operations, plans, objectives, future performance and
Slide 3: Table of Contents
3 Table of Contents Table of Contents FINANCIAL OVERVIEW Definitions 4 Company Profile 5 Financial Summary 7 Balance Sheets 9 Statements of Operations 10 OPERATING PORTFOLIO PERFORMANCE Same Store Metrics 11 NOI by Region 13 Stabilized Properties 15 Unstabilized Properties 17 Under Construction Prop
Slide 4: Definitions
HOWARD HUGHES 4 Stabilized - Properties in the Operating Assets segment that have reached 90% occupancy or have been in service for 36 months or more, whichever occurs first. If an office, retail, or multifamily property has been in service for more than 36 months but does not exceed 90% occupancy,
Slide 5: Company Profile - Summary & Results
HOWARD HUGHES 5 Company Profile - Summary & Results The Park Ward Village 11% The Launiu 79% Ritz-Carlon Residences 5% Kalae 5% Bridgeland 27% Summerlin 68% The Woodlands/ Woodlands Hills 2% Teravalis 3% MPC EBT $56.9M Condos Contracted 19 units Office 47% Multi-family 29% Retail 21% Other 3% Operat
Slide 6: Q4 2024 Path to Estimated Stabilized NOI
HOWARD HUGHES 6 Office 11% Multi- family 61% Retail 28% Office 4% Multifamily 80% Retail 16% Office 50% Multi- family 27% Retail 19% Other 4% Office 54%Multi- family 22% Retail 20% Other 4% Office 29% Multi- family 55% Retail 16% Q4 2024 Path to Estimated Stabilized NOI Currently Under Construction
Slide 7: Company Profile and Debt Summary
HOWARD HUGHES 7 thousands except share price and billions Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 FY 2024 FY 2023 Company Profile Share price (a) $ 76.92 $ 77.43 $ 64.82 $ 72.62 $ 85.55 $ 76.92 $ 85.55 Market Capitalization (b) $3.8b $3.9b $3.2b $3.6b $4.3b $3.8b $4.2b Enterprise Value (c) $8.4b $8.
Slide 8: Financial Summary
HOWARD HUGHES 8 Financial Summary (a) Adjusted condo gross profit is a non-GAAP financial measure that we believe is useful to our investors and other users of our financial statements as an indicator of gross profit related to condominium sales closed in each period. This measure excludes costs in
Slide 9: Balance Sheets
HOWARD HUGHES 9 thousands except par values and share amounts (unaudited) December 31, 2024 December 31, 2023 ASSETS Master Planned Communities assets $ 2,511,662 $ 2,445,673 Buildings and equipment 3,841,872 3,649,376 Less: accumulated depreciation (949,533) (829,018) Land 302,446 294,189 Developme
Slide 10: Statements of Operations
HOWARD HUGHES 10 thousands except per share amounts (unaudited) Q4 2024 Q4 2023 YTD Q4 2024 YTD Q4 2023 REVENUES Condominium rights and unit sales $ 778,590 $ 792 $ 778,616 $ 47,707 Master Planned Communities land sales 67,751 193,140 453,195 370,185 Rental revenue 106,639 93,453 422,100 383,617 Oth
Slide 11: Same Store Performance - Operating Assets
HOWARD HUGHES 11 thousands Q4 2024 Q4 2023 $ Change % Change FY 2024 FY 2023 $ Change % Change Same Store Office Houston, TX $ 19,201 $ 19,607 $ (406) (2) % $ 82,654 $ 83,033 $ (379) — % Columbia, MD 5,048 3,954 1,094 28 % 22,782 21,835 947 4 % Las Vegas, NV 4,887 3,932 955 24 % 19,128 13,300 5,828
Slide 12: Same Store Metrics
HOWARD HUGHES 12 thousands Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Same Store Metrics Stabilized Leasing Percentages Office 89 % 88 % 89 % 88 % 88 % Retail 96 % 94 % 94 % 95 % 96 % Multifamily 96 % 95 % 97 % 95 % 95 % Unstabilized Leasing Percentages Office (a) — % 92 % 92 % 90 % 90 % Retail 56 % 66
Slide 13: NOI by Region - Stabilized Properties
HOWARD HUGHES 13 thousands except Sq. Ft. and units % Ownership (a) Total Q4 2024 Occupied (b) Q4 2024 Leased (b) Q4 2024 Occupied (%) (b) Q4 2024 Leased (%) (b) In-Place NOI Estimated Stabilized NOI Time to Stabilize (Years) (c)Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units S
Slide 14: NOI by Region (cont.)
HOWARD HUGHES 14 NOI by RegionNOI by Region (cont.) (a) Includes our share of NOI from our unconsolidated ventures. (b) Occupied and Leased metrics are as of December 31, 2024. (c) The estimated stabilization date used in the Time to Stabilize calculation for all unstabilized and under construction
Slide 15: Stabilized Properties
HOWARD HUGHES 15 thousands except Sq. Ft. and units Location % Ownership Rentable Sq. Ft. Q4 2024 % Occupied (a) Q4 2024 % Leased (a) In-Place NOI (b) Est. Stabilized NOI (b) Office Columbia Office Properties Columbia, MD 100 % 67,066 72 % 72 % $ 830 $ 1,190 6100 Merriweather Columbia, MD 100 % 326,
Slide 16: Stabilized Properties - Multifamily
HOWARD HUGHES 16 Q4 2024 % Occupied (a) Q4 2024 % Leased (a) Estimated Stabilized NOI (b)thousands except Sq. Ft. and units Location % Ownership Rentable Sq. Ft. Units Rentable Sq. Ft. Units Rentable Sq. Ft. Units In-Place NOI (b) Multifamily Juniper Columbia, MD 100 % 55,677 382 81 % 95 % 95 % 96 %
Slide 17: Unstabilized Properties
HOWARD HUGHES 17 Q4 2024 % Occupied (a) Q4 2024 % Leased (a) Development Costs Incurred to Date Total Estimated Development Costs In-Place NOI Est. Stabilized NOI (b) Est. Stab. Date (c) Est. Stab. Yield thousands except Sq. Ft. and units Location % Ownership Rentable Sq. Ft. Units Rentable Sq. Ft.
Slide 18: Under Construction Properties
HOWARD HUGHES 18 Under Construction Properties thousands except Sq. Ft. and units Location % Ownership Estimated Rentable Square Feet Percent Pre- Leased (a) Const. Start Date Est. Stabilized Date (b) Development Costs Incurred to Date Total Estimated Development Costs Est. Stabilized NOI Est. Stab.
Slide 19: Completed Condominiums
HOWARD HUGHES 19 As of December 31, 2024 Waiea Anaha Ae`o Ke Kilohana ‘A‘ali‘i Kō'ula Victoria Place Total Key Metrics ($ in thousands) Location Ward Village Ward Village Ward Village Ward Village Ward Village Ward Village Ward Village Type of building Luxury Luxury Upscale Workforce Upscale Upscale
Slide 20: Under Construction Condominiums
HOWARD HUGHES 20 As of December 31, 2024 The Park Ward Village Ulana Ward Village Kalae Ritz-Carlton Residences Total Key Metrics ($ in thousands) Location Ward Village Ward Village Ward Village The Woodlands Type of building Upscale Workforce Luxury Luxury Number of units 545 696 329 111 1,681 Avg.
Slide 21: Predevelopment Condominiums
HOWARD HUGHES 21 As of December 31, 2024 The Launiu Key Metrics ($ in thousands) Location Ward Village Type of building Luxury Number of units 485 Avg. unit Sq. Ft. 950 Condo Sq. Ft. 460,735 Street retail Sq. Ft. 10,000 Estimated Completion date 2028 Financial Summary ($ in thousands) Units under co
Slide 22: Summary of Remaining Development Costs
HOWARD HUGHES 22 As of December 31, 2024 thousands Location Total Estimated Development Costs (a) Development Costs Incurred to Date Estimated Remaining to be Spent Remaining Buyer Deposits/ Holdback to be Drawn Debt to be Drawn Costs Remaining to be Paid, Net of Debt and Buyer Deposits/ Holdbacks t
Slide 23: Portfolio Key Metrics
HOWARD HUGHES 23 MPC Regions Non-MPC Regions The Woodlands The Woodlands Hills Bridgeland Summerlin Teravalis Floreo (a) Total Columbia Hawai‘i Total As of December 31, 2024 Houston, TX Houston, TX Houston, TX Las Vegas, NV Phoenix, AZ Phoenix, AZ MPC Regions Columbia, MD Honolulu, HI Non-MPC Operat
Slide 24: MPC Performance
HOWARD HUGHES 24 Master Planned Community Land Consolidated MPC Segment EBT The Woodlands The Woodlands Hills Bridgeland Summerlin Teravalis Total Floreo (a) thousands Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Revenues: Residentia
Slide 25: MPC Land Key Performance Metrics
HOWARD HUGHES 25 Master Planned Community Land Consolidated MPC Segment The Woodlands The Woodlands Hills Bridgeland Summerlin Teravalis Floreo (a) thousands, except acres Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Key Performance Metrics: Residen
Slide 26: MPC Land Appreciation
HOWARD HUGHES 26 Master Planned Community Land GAV in $ millions, unless otherwise specified. Price per acre in $ thousands. (a) Land sales revenue excludes deferred revenue and SID bond revenue. (b) Excludes value of Teravalis for comparative purposes. (c) Price per acre is a trailing 12 months cal
Slide 27: Lease Expirations
HOWARD HUGHES 27 Office Expirations (a) Retail Expirations (a) Expiration Year Annualized Cash Rent ($ in thousands) Percentage of Annualized Cash Rent Wtd. Avg. Annualized Cash Rent Per Leased Sq. Ft. Annualized Cash Rent ($ in thousands) Percentage of Annualized Cash Rent Wtd. Avg. Annualized Cash
Slide 28: Debt Summary
HOWARD HUGHES 28 thousands December 31, 2024 December 31, 2023 Fixed-rate debt Unsecured 5.375% Senior Notes due 2028 $ 750,000 $ 750,000 Unsecured 4.125% Senior Notes due 2029 650,000 650,000 Unsecured 4.375% Senior Notes due 2031 650,000 650,000 Secured mortgages payable 1,635,750 1,442,505 Specia
Slide 29: Debt Summary by Segment
HOWARD HUGHES 29 (a) Includes the impact of interest rate derivatives. (b) Does not include extension options, some of which have performance requirements. (c) Represents Secured Bridgeland Notes. (d) Excludes the Company's share of debt related to its unconsolidated ventures, which totaled $175.6 m
Slide 30: Reconciliations of Non-GAAP Measures
HOWARD HUGHES 30 Reconciliation of Operating Assets segment EBT to Total NOI thousands Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 FY 2024 FY 2023 Total revenues $ 112,521 $ 114,019 $ 110,760 $ 107,000 $ 99,312 $ 444,300 $ 410,254 Total operating expenses (51,840) (48,987) (47,610) (46,154) (45,379) (19
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