Howard Hughes Holdings Inc. · NYSE:HHH
Howard Hughes — Q2 2025 Earnings Presentation
30 slides from Howard Hughes's earnings presentation, Aug 6, 2025
Slide 1: Supplemental Information Three Months Ended June 30, 2025
Howard Hughes Holdings Inc. Supplemental Information Three Months Ended June 30, 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 6% The Launiu 88% Kalae 6% Bridgeland 20% Summerlin 80% MPC EBT $102.4M Condos Contracted 17 units Office 51% Multi-family 29% Retail 18% Other 2% Operating Assets NOI $68.9M Q2 2025 Performance Highlights Q2 2025 MPC Land Sal
Slide 6: Company Profile - Path to Estimated Stabilized NOI
HOWARD HUGHES 6 Office 12% Multifamily 64% Retail 24% Office 6% Multifamily 84% Retail 10% Office 49% Multifamily 27% Retail 20% Other 4% Office 54% Multifamily 23% Retail 19% Other 4% Office 34% Multifamily 45% Retail 21% Q2 2025 Path to Estimated Stabilized NOI Currently Under Construction Current
Slide 7: Company Profile - Debt Summary
HOWARD HUGHES 7 thousands except share price and billions Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 YTD Q2 2025 YTD Q2 2024 Debt Summary Total debt payable (a) $ 5,260,184 $ 5,286,877 $ 5,168,437 $ 5,338,119 $ 5,399,296 $ 5,260,184 $ 5,399,296 Fixed-rate debt $ 3,867,214 $ 3,780,580 $ 3,769,529 $ 3,68
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) June 30, 2025 December 31, 2024 ASSETS Master Planned Communities assets $ 2,564,180 $ 2,511,662 Buildings and equipment 3,873,754 3,841,872 Less: accumulated depreciation (1,016,906) (949,533) Land 304,290 302,446 Development
Slide 10: Statements of Operations
HOWARD HUGHES 10 thousands except per share amounts (unaudited) Q2 2025 Q2 2024 YTD Q2 2025 YTD Q2 2024 REVENUES Condominium rights and unit sales $ 193 $ — $ 535 $ 23 Master Planned Communities land sales 125,041 154,790 196,683 187,205 Rental revenue 111,092 105,479 219,505 206,848 Other land, ren
Slide 11: Same Store Performance - Operating Assets
HOWARD HUGHES 11 thousands except percentages Q2 2025 Q2 2024 $ Change % Change YTD Q2 2025 YTD Q2 2024 $ Change % Change Same Store Office Houston, TX $ 23,188 $ 21,927 $ 1,261 6 % $ 44,856 $ 42,170 $ 2,686 6 % Columbia, MD 6,595 6,260 335 5 % 12,386 12,358 28 — % Las Vegas, NV 5,554 5,070 484 10 %
Slide 12: Same Store Metrics
HOWARD HUGHES 12 thousands Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Same Store Metrics Stabilized Leasing Percentages Office 89 % 88 % 89 % 88 % 89 % Retail 96 % 96 % 96 % 94 % 94 % Multifamily 97 % 96 % 96 % 95 % 97 % Unstabilized Leasing Percentages Office (a) — % — % — % 92 % 92 % Retail 56 % 56 %
Slide 13: NOI by Region
HOWARD HUGHES 13 NOI by Region thousands except Sq. Ft. and units % Ownership Total Q2 2025 Occupied (a) Q2 2025 Leased (a) Q2 2025 Occupied (%) (a) Q2 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 Sq. Ft. Uni
Slide 14: NOI by Region (cont.)
HOWARD HUGHES 14 NOI by RegionNOI by Region (cont.) (a) Occupied and Leased metrics are as of June 30, 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 construction asse
Slide 15: Stabilized Properties
HOWARD HUGHES 15 thousands except Sq. Ft. and units Location % Ownership Rentable Sq. Ft. Q2 2025 % Occupied (a) Q2 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 Merriweather Columbia, MD 100 % 326,23
Slide 16: Stabilized Properties (cont.)
HOWARD HUGHES 16 Q2 2025 % Occupied (a) Q2 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 % 98 %
Slide 17: Unstabilized Properties
HOWARD HUGHES 17 Q2 2025 % Occupied (a) Q2 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 % Ownership Rentable Sq. Ft. Units Rentable Sq. Ft. Units Rentable S
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 June 30, 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 Lux
Slide 20: Under Construction Condominiums
HOWARD HUGHES 20 As of June 30, 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. uni
Slide 21: Predevelopment Condominiums - The Launiu
HOWARD HUGHES 21 As of June 30, 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 contra
Slide 22: Summary of Remaining Development Costs
HOWARD HUGHES 22 As of June 30, 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 be
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 June 30, 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 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Revenues: Residentia
Slide 25: MPC Land
HOWARD HUGHES 25 Master Planned Community Land Consolidated MPC Segment The Woodlands The Woodlands Hills Bridgeland Summerlin Teravalis Floreo (a) thousands, except acres Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 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 June 30, 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 1,737,175 1,635,750 Special Im
Slide 29: Debt Summary (cont.)
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 $198.9 m
Slide 30: Reconciliation of Operating Assets segment EBT to Total NOI
HOWARD HUGHES 30 Reconciliation of Operating Assets segment EBT to Total NOI thousands Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 YTD Q2 2025 YTD Q2 2024 Total revenues $ 116,446 $ 114,002 $ 112,521 $ 114,019 $ 110,760 $ 230,448 $ 217,760 Total operating expenses (49,467) (48,817) (51,840) (48,987) (47
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