Howard Hughes Holdings Inc. · NYSE:HHH
Howard Hughes — Q4 2025 Earnings Presentation
30 slides from Howard Hughes's earnings presentation, Feb 19, 2026
Slide 1: Supplemental Information Three Months Ended December 31, 2025
Howard Hughes Holdings Inc. Supplemental Information Three Months Ended December 31, 2025 NYSE: HHH Exhibit 99.2
Slide 2: Cautionary Statements
2H O W A R D H U G H E S H O L D I N G S 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, objectiv
Slide 3: Table of Contents
3H O W A R D H U G H E S H O L D I N G S 3 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
Slide 4: Definitions
4H O W A R D H U G H E S H O L D I N G S 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
Slide 5: Company Profile - Summary & Results
5H O W A R D H U G H E S H O L D I N G S 5 Company Profile - Summary & Results Melia 29% The Launiu 51% ‘Ilima 14% Ritz-Carlton Residences 6% Bridgeland 35% Summerlin 50% The Woodlands 10% The Woodlands Hills 5% MPC EBT $105.4M Condos Contracted 28 units Office 53% Multi-family 25% Retail 19% Other
Slide 6: Q4 2025 Path to Estimated Stabilized NOI
6H O W A R D H U G H E S H O L D I N G S 6 Office 65% Retail 35% Office 45% Multifamily 10% Retail 45% Office 51% Multifamily 26% Retail 19% Other 4% Office 51% Multifamily 26% Retail 19% Other 4% Office 46% Multifamily 37% Retail 17% Q4 2025 Path to Estimated Stabilized NOI Currently Under Construc
Slide 7: Financial Summary
7H O W A R D H U G H E S H O L D I N G S 7 thousands except percentages Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 FY 2025 FY 2024 Debt Summary Total debt payable (a) $ 5,144,214 $ 5,324,080 $ 5,260,184 $ 5,286,877 $ 5,168,437 $ 5,144,214 $ 5,168,437 Fixed-rate debt $ 3,923,855 $ 3,848,684 $ 3,867,214
Slide 8: Segment Metrics
8H O W A R D H U G H E S H O L D I N G S 8 (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
Slide 9: Balance Sheets
9H O W A R D H U G H E S H O L D I N G S 9 thousands except par values and share amounts (unaudited) December 31, 2025 December 31, 2024 ASSETS Master Planned Communities assets $ 2,635,077 $ 2,511,662 Buildings and equipment 4,028,862 3,841,872 Less: accumulated depreciation (1,082,124) (949,533) L
Slide 10: Statements of Operations
10H O W A R D H U G H E S H O L D I N G S 10 thousands except per share amounts (unaudited) Q4 2025 Q4 2024 YTD Q4 2025 YTD Q4 2024 REVENUES Condominium rights and unit sales $ 369,479 $ 778,590 $ 370,156 $ 778,616 Master Planned Communities land sales 117,436 67,751 562,586 453,195 Rental revenue 1
Slide 11: Same Store Metrics
11H O W A R D H U G H E S H O L D I N G S 11 thousands except percentages Q4 2025 Q4 2024 $ Change % Change FY 2025 FY 2024 $ Change % Change Same Store Office Houston, TX $ 22,044 $ 19,201 $ 2,843 15 % $ 88,918 $ 82,654 $ 6,264 8 % Columbia, MD 7,538 5,048 2,490 49 % 26,609 22,782 3,827 17 % Las Ve
Slide 12: Same Store Performance - Operating Assets Segment
12H O W A R D H U G H E S H O L D I N G S 12 thousands Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Same Store Metrics Stabilized Leasing Percentages Office 88 % 89 % 89 % 88 % 89 % Retail 92 % 93 % 96 % 96 % 96 % Multifamily 93 % 96 % 97 % 96 % 96 % Unstabilized Leasing Percentages (a) Retail — % — % 56
Slide 13: NOI by Region
13H O W A R D H U G H E S H O L D I N G S 13 thousands except Sq. Ft. and units % Owned Total Q4 2025 Occupied (a) Q4 2025 Leased (a) Q4 2025 Occupied (%) (a) Q4 2025 Leased (%) (a) In-Place NOI (b) Estimated Stabilized NOI (b) Time to Stabilize (Years) (c)Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units S
Slide 14: NOI by Region Notes
14H O W A R D H U G H E S H O L D I N G S 14 NOI by Region (a) Occupied and Leased metrics are as of December 31, 2025. (b) Includes our share of NOI from our unconsolidated ventures. (c) The estimated stabilization date used in the Time to Stabilize calculation for all unstabilized and under constr
Slide 15: Stabilized Properties
15H O W A R D H U G H E S H O L D I N G S 15 thousands except Sq. Ft. and units Location % Owned Rentable Sq. Ft. (a) Q4 2025 % Occupied (a) Q4 2025 % Leased (a) In-Place NOI (b) Est. Stabilized NOI (b) Office Columbia Office Properties Columbia, MD 100 % 67,066 72 % 72 % $ 390 $ 950 6100 Merriweath
Slide 16: Stabilized Properties - Multifamily
16H O W A R D H U G H E S H O L D I N G S 16 Q4 2025 % Occupied (a) Q4 2025 % Leased (a) Estimated Stabilized NOI (b)thousands except Sq. Ft. and units Location % Owned Rentable Sq. Ft. (a) Units (a) Rentable Sq. Ft. Units Rentable Sq. Ft. Units In-Place NOI (b) Multifamily Juniper Columbia, MD 100
Slide 17: Unstabilized Properties
17H O W A R D H U G H E S H O L D I N G S 17 Q4 2025 % Occupied (a) Q4 2025 % Leased (a) Develop. Costs Incurred Est. Total Cost (Excl. Land) In-Place NOI Est. Stabilized NOI (b) Est. Stab. Date (c) Est. Stab. Yield thousands except Sq. Ft. and units Location % Owned Rentable Sq. Ft. (a) Units (a) R
Slide 18: Under Construction Properties
18H O W A R D H U G H E S H O L D I N G S 18 Under Construction Properties thousands except Sq. Ft. and units Location % Owned 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. S
Slide 19: Completed Condominiums
19H O W A R D H U G H E S H O L D I N G S 19 As of December 31, 2025 Waiea Anaha Ae`o Ke Kilohana ‘A‘ali‘i Kō'ula Victoria Place Ulana Ward Village (a) Total Key Metrics ($ in thousands) Location Ward Village Ward Village Ward Village Ward Village Ward Village Ward Village Ward Village Ward Village
Slide 20: Under Construction Condominiums
20H O W A R D H U G H E S H O L D I N G S 20 As of December 31, 2025 The Park Ward Village Kalae Ritz-Carlton Residences Total Key Metrics ($ in thousands) Location Ward Village Ward Village The Woodlands Type of building Upscale Luxury Luxury Number of units 545 329 111 985 Avg. unit Sq. Ft. 847 1,
Slide 21: Predevelopment Condominiums
21H O W A R D H U G H E S H O L D I N G S 21 As of December 31, 2025 The Launiu Melia ‘Ilima Total Key Metrics ($ in thousands) Location Ward Village Ward Village Ward Village Type of building Luxury Luxury Luxury Number of units 485 220 148 853 Avg. unit Sq. Ft. 950 1,612 2,279 1,351 Condo Sq. Ft.
Slide 22: Summary of Remaining Development Costs
22H O W A R D H U G H E S H O L D I N G S 22 As of December 31, 2025 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
Slide 23: Portfolio Key Metrics
23H O W A R D H U G H E S H O L D I N G S 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, 2025 Houston, TX Houston, TX Houston, TX Las Vegas, NV Phoenix, AZ Phoenix, AZ MPC Regions Columbia, MD
Slide 24: MPC Performance
24H O W A R D H U G H E S H O L D I N G S 24 Master Planned Community Land Consolidated MPC Segment EBT The Woodlands The Woodlands Hills Bridgeland Summerlin Teravalis Total Floreo (a) thousands Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025
Slide 25: MPC Land
25H O W A R D H U G H E S H O L D I N G S 25 Master Planned Community Land Consolidated MPC Segment The Woodlands The Woodlands Hills Bridgeland Summerlin Teravalis Floreo (a) thousands, except acres Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Key
Slide 26: MPC Land Appreciation
26H O W A R D H U G H E S H O L D I N G S 26 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) As of December 31, 2025. MPC Gross Asset Val
Slide 27: Lease Expirations
27H O W A R D H U G H E S H O L D I N G S 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 Re
Slide 28: Debt Summary
28H O W A R D H U G H E S H O L D I N G S 28 thousands December 31, 2025 December 31, 2024 Fixed-rate debt Unsecured 5.375% Senior Notes due 2028 (a) $ 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 pa
Slide 29: Debt Summary by Segment
29H O W A R D H U G H E S H O L D I N G S 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 vent
Slide 30: Reconciliation of Operating Assets segment EBT to Total NOI
30H O W A R D H U G H E S H O L D I N G S 30 Reconciliation of Operating Assets segment EBT to Total NOI thousands Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 FY 2025 FY 2024 Total revenues $ 117,938 $ 117,182 $ 116,446 $ 114,002 $ 112,521 $ 465,568 $ 444,300 Total operating expenses (54,276) (51,713) (
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