Howard Hughes Holdings Inc. · NYSE:HHH
Howard Hughes — Q1 2026 Earnings Presentation
17 slides from Howard Hughes's earnings presentation, May 7, 2026
Slide 1: First Quarter 2026 Supplemental Information
Howard Hughes Holdings Inc. First Quarter 2026 Supplemental Information March 31, 2026 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 Cautionary 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,
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 Table of Contents Topics Page # Howard Hughes Holdings (HHH) Company Highlights 4 Howard Hughes Communities (HHC) Highlights 5 Performance Update 6 Master Planned Communities 7 Operating Assets 9 Condominiums 11 Other Expenses 13 Debt & Liquidity 14 Non-GAAP
Slide 4: Howard Hughes Holdings Company Highlights
4H O W A R D H U G H E S H O L D I N G S Howard Hughes Holdings Company Highlights } Continue to make steady progress on the Vantage acquisition and are on track to close the transaction in Q2 2026, subject to regulatory approvals } Continued momentum across its core real estate platform highlighted
Slide 5: Howard Hughes Communities Highlights
Howard Hughes Communities Highlights
Slide 6: Howard Hughes Communities Performance Update
6H O W A R D H U G H E S H O L D I N G S ($ in millions) Q1 2026 Q1 2025 TTM Q1 2026 TTM Q1 2025 Master Planned Communities: MPC Segment EBT $84.4 $63.3 $497.2 $388.1 Margin-Affected Residual Value for Wholly Owned MPCs Only $5,788.0 $6,232.9 N/A N/A Operating Assets: Adjusted Maintenance Free Cash
Slide 7: Master Planned Communities: Earnings Before Taxes
7H O W A R D H U G H E S H O L D I N G S Master Planned Communities: Earnings Before Taxes1 ($ in millions, unless otherwise noted) Q1 2026 Q1 2025 TTM Q1 2026 TTM Q1 2025 Trailing 5- Year Avg. Earnings Before Taxes Total Acres Closed 87.0 ac. 70.2 ac. 637.3 ac. 484.5 ac. 472.4 ac. Price Per Acre Ac
Slide 8: Master Planned Communities: Land Bank Overview
8H O W A R D H U G H E S H O L D I N G S Master Planned Communities: Land Bank Overview1 Wholly Owned MPCs Joint-Venture MPCs ($ in millions, unless otherwise noted) Summerlin Bridgeland The Woodlands The Woodlands Hills Wholly Owned MPC Total Teravalis (5) Floreo (5)(6) Residential Land Remaining S
Slide 9: Operating Assets: Adjusted Maintenance Free Cash Flow
9H O W A R D H U G H E S H O L D I N G S Operating Assets: Adjusted Maintenance Free Cash Flow2 ($ in millions) Q1 2026 Q1 2025 TTM Q1 2026 TTM Q1 2025 NOI to Adjusted Maintenance Free Cash Flow Total Operating Assets NOI $73.1 $71.6 $277.9 $263.0 YoY Same Store NOI Growth 2 % 10 % 7 % 6 % YoY Total
Slide 10: Operating Assets: Results by Asset Type
10H O W A R D H U G H E S H O L D I N G S Operating Assets: Results by Asset Type2 Q1 2026 (1) Adj. Maintenance Free Cash Flow By Asset Type Note: Total Operating Assets NOI and Adjusted Maintenance Free Cash Flow are non-GAAP performance measures. See the “Definitions” section for definitions of ou
Slide 11: Condominiums: Sales Activity & Profit Generation
11H O W A R D H U G H E S H O L D I N G S Condominiums: Sales Activity & Profit Generation3 ($ in millions) Q1 2026 Q1 2025 TTM Q1 2026 TTM Q1 2025 Condominium Sales Activity & Gross Profit Number of Condo Units Closed During the Period 6 Units 0 Units 696 Units 349 Units Condo Rights & Unit Sales $
Slide 12: Condominiums: Future Condo Tower Pipeline
12H O W A R D H U G H E S H O L D I N G S Condominiums: Future Condo Tower Pipeline3 Under Construction Predevelopment ($ in millions) The Park Ward Village Ritz-Carlton Residences Kalae The Launiu Melia ‘Ilima Total Under Construction & Predevelopment Condo Tower Pipeline Key Metrics Location Ward
Slide 13: Other Expenses: HHH Adj. G&A and Net Interest Expense
13H O W A R D H U G H E S H O L D I N G S ($ in millions) Q1 2026 Q1 2025 TTM Q1 2026 TTM Q1 2025 HHH General & Administrative Expense Detail G&A Expense $25.8 $22.4 $125.6 $92.5 Less: Restructuring & Acquisition-Related Costs (3.4) — (29.3) — Less: Pershing Square Base & Variable Fees (3.8) — (20.9
Slide 14: HHH Debt & Liquidity Overview
14H O W A R D H U G H E S H O L D I N G S $2,351 $573 $570 $273 $1,079 $349 $2,995 $1,836 $515 $263 $430 $174 $429 $279 $1,345$650 $1,650 $310 $140 Cash & Cash Equivalents Revolver Capacity Mortgages & Loans Payable Senior Unsecured Notes Condo Construction Loans Liquidity 2026 2027 2028 2029 2030 T
Slide 15: Non-GAAP Definitions
15H O W A R D H U G H E S H O L D I N G S Operating Asset Net Operating Income (NOI): We define NOI as operating revenues (rental income, tenant recoveries, and other revenues) less operating expenses (real estate taxes, repairs and maintenance, marketing, and other property expenses). NOI excludes
Slide 16: Appendix: Non-GAAP Reconciliations
Appendix: Non-GAAP Reconciliations
Slide 17: Reconciliation of Non-GAAP Financial Measure
17H O W A R D H U G H E S H O L D I N G S Reconciliation of Non-GAAP Financial Measure $ in millions Q1 2026 Q1 2025 TTM Q1 2026 TTM Q1 2025 Reconciliation of Operating Assets Segment EBT to Total Operating Asset NOI Total Revenues $119.2 $114.0 $470.8 $451.3 Total Operating Expenses (50.9) (48.8) (
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