Howard Hughes Holdings Inc. · NYSE:HHH
Howard Hughes — Q1 2025 Earnings Presentation
30 slides from Howard Hughes's earnings presentation, May 7, 2025
Slide 1: Supplemental Information Three Months Ended March 31, 2025
Howard Hughes Holdings Inc. Supplemental Information Three Months Ended March 31, 2025 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 4% The Launiu 92% Kalae 4% Bridgeland 27% Summerlin 66% The Woodlands/ Woodlands Hills 5% Teravalis 2% MPC EBT $63.3M Condos Contracted 27 units Office 46% Multi-family 26% Retail 18% Other 10% Operating Assets NOI $71.6M Q1 2
Slide 6: Path to Estimated Stabilized NOI
HOWARD HUGHES 6 Office 11% Multi- family 61% Retail 28% Office 6% Multifamily 87% Retail 7% Office 50% Multi- family 26% Retail 20% Other 4% Office 54%Multi- family 21% Retail 20% Other 5% Office 29% Multi- family 55% Retail 16% Q1 2025 Path to Estimated Stabilized NOI Currently Under Construction C
Slide 7: Company Profile
HOWARD HUGHES 7 thousands except share price and billions Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Company Profile Share price (a) $ 74.08 $ 76.92 $ 77.43 $ 64.82 $ 72.62 Market Capitalization (b) $3.7b $3.8b $3.9b $3.2b $3.6b Enterprise Value (c) $8.5b $8.4b $8.8b $8.2b $8.4b Weighted avg. shares -
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) March 31, 2025 December 31, 2024 ASSETS Master Planned Communities assets $ 2,537,039 $ 2,511,662 Buildings and equipment 3,857,405 3,841,872 Less: accumulated depreciation (982,602) (949,533) Land 300,579 302,446 Developments
Slide 10: Statements of Operations
HOWARD HUGHES 10 thousands except per share amounts (unaudited) Q1 2025 Q1 2024 REVENUES Condominium rights and unit sales $ 342 $ 23 Master Planned Communities land sales 71,642 32,415 Rental revenue 108,413 101,369 Other land, rental, and property revenues 9,644 10,111 Builder price participation
Slide 11: Same Store Performance - Operating Assets
HOWARD HUGHES 11 thousands except percentages Q1 2025 Q1 2024 $ Change % Change Same Store Office Houston, TX $ 21,668 $ 20,243 $ 1,425 7 % Columbia, MD 5,791 6,098 (307) (5) % Las Vegas, NV 5,648 4,258 1,390 33 % Total Same Store Office 33,107 30,599 2,508 8 % Same Store Retail Houston, TX $ 2,814
Slide 12: Same Store Metrics
HOWARD HUGHES 12 thousands Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Same Store Metrics Stabilized Leasing Percentages Office 88 % 89 % 88 % 89 % 88 % Retail 96 % 96 % 94 % 94 % 95 % Multifamily 96 % 96 % 95 % 97 % 95 % Unstabilized Leasing Percentages Office (a) — % — % 92 % 92 % 90 % Retail 56 % 56
Slide 13: NOI by Region
HOWARD HUGHES 13 NOI by Region thousands except Sq. Ft. and units % Ownership (a) Total Q1 2025 Occupied (b) Q1 2025 Leased (b) Q1 2025 Occupied (%) (b) Q1 2025 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 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 March 31, 2025. (c) The estimated stabilization date used in the Time to Stabilize calculation for all unstabilized and under construction ass
Slide 15: Stabilized Properties
HOWARD HUGHES 15 thousands except Sq. Ft. and units Location % Ownership Rentable Sq. Ft. Q1 2025 % Occupied (a) Q1 2025 % Leased (a) In-Place NOI Est. Stabilized NOI (b) Office Columbia Office Properties Columbia, MD 100 % 67,066 72 % 72 % $ 390 $ 950 6100 Merriweather Columbia, MD 100 % 326,237 83
Slide 16: Stabilized Properties (cont.)
HOWARD HUGHES 16 Q1 2025 % Occupied (a) Q1 2025 % 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 87 % 95 % 93 % 97 %
Slide 17: Unstabilized Properties
HOWARD HUGHES 17 Q1 2025 % Occupied (a) Q1 2025 % 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 March 31, 2025 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 Lu
Slide 20: Under Construction Condominiums
HOWARD HUGHES 20 As of March 31, 2025 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. un
Slide 21: Predevelopment Condominiums
HOWARD HUGHES 21 As of March 31, 2025 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 contr
Slide 22: Summary of Remaining Development Costs
HOWARD HUGHES 22 As of March 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 Buyer Deposits/ Holdbacks to b
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 March 31, 2025 Houston, TX Houston, TX Houston, TX Las Vegas, NV Phoenix, AZ Phoenix, AZ MPC Regions Columbia, MD Honolulu, HI Non-MPC Operating
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 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Revenues: Residentia
Slide 25: MPC Performance - Key Metrics
HOWARD HUGHES 25 Master Planned Community Land Consolidated MPC Segment The Woodlands The Woodlands Hills Bridgeland Summerlin Teravalis Floreo (a) thousands, except acres Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 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 March 31, 2025 December 31, 2024 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 1,650,111 1,635,750 Special I
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 $186.9 m
Slide 30: Reconciliations of Non-GAAP Measures
HOWARD HUGHES 30 Reconciliation of Operating Assets segment EBT to Total NOI thousands Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Total revenues $ 114,002 $ 112,521 $ 114,019 $ 110,760 $ 107,000 Total operating expenses (48,817) (51,840) (48,987) (47,610) (46,154) Segment operating income (loss) 65,185
Howard Hughes Holdings — Q1 2025 Earnings Presentation on 6ix