Howard Hughes Holdings Inc. · NYSE:HHH
Howard Hughes — Investor Presentation (2026)
27 slides from Howard Hughes's investor presentation, 2026
Slide 1: Howard Hughes Holdings Inc. – The HHH Opportunity 1Q 2026
Howard Hughes Holdings Inc. The HHH Opportunity 1Q 2026
Slide 2: Cautionary Statements
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, and business. You can identify forward-l
Slide 3: Overview & Brief History of Howard Hughes
Overview & Brief History of Howard Hughes Diversified Holding Company Focused on Acquiring Controlling Stakes in High-Quality, Durable Growth Companies In 2010, The Howard Hughes Corporation was spun off from GGP, comprised of a mix of premier development assets and large-scale master planned comm
Slide 4: Transformation to a Diversified Holding Company
Transformation to a Diversified Holding Company
Slide 5: Strategic Transaction With Pershing Square
Strategic Transaction With Pershing Square Investment of $900 Million to Transform HHH into a Diversified Holding Company In May 2025, Pershing Square purchased 9 million newly issued HHH shares for $100 per share, Investment representing a 48% premium (1) (2) Pershing Square’s beneficial ownership
Slide 6: Transaction Summary
Transaction Summary In December 2025, HHH signed a definitive agreement to acquire Vantage—a leading specialty insurance and reinsurance company—from Carlyle and Hellman & Friedman $2.1 billion in cash consideration Purchase HHH will retain Vantage’s book value accretion from signing to close (“
Slide 7: Key Financial Metrics of Vantage
Key Financial Metrics of Vantage Income Statement Balance Sheet (Trailing 12 Months as of September 30, 2025) (As of September 30, 2025) ($ in millions) Amount ($ in millions) Amount Gross Written Premium $1,601 Book Value $1,306 Net Written Premium $1,170 % of Gross Written Premium 73% Fixed Income
Slide 8: HHH Diversified Holding Company Structure
HHH Diversified Holding Company Structure Howard Hughes Holdings Inc. (NYSE: HHH) Howard Hughes Vantage Group Holdings Future Operating Communities (“HHC”) Ltd. (“Vantage”) Business Subsidiaries Premier collection of large-scale Leading specialty insurance, master planned communities in reinsurance
Slide 9: Background on Howard Hughes Communities
Background on Howard Hughes Communities
Slide 10: Howard Hughes Communities at a Glance
Howard Hughes Communities at a Glance HHC is the Country’s Premier Developer of Large-Scale Master Planned Communities Proven track record of developing the most sought- after places to live in the nation Self-funding business cycle, using proceeds from land sales, condo sales and NOI to fund new op
Slide 11: HHC's Portfolio Spans Over 100,000 Acres Across the U.S.
HHC’s Portfolio Spans Over 100,000 Acres Across the U.S. MERRIWEATHER DISTRICT SUMMERLIN Columbia, MD Las Vegas, NV TERAVALIS BRIDGELAND Phoenix, AZ THE WOODLANDS THE WOODLANDS HILLS Houston, TX WARD VILLAGE O’ahu, HI Situated in Affluent & Portfolio of Award-Winning Expansive Communities Concentrat
Slide 12: Equipped With a Self-Funding Business Model
Equipped With a Self-Funding Business Model Master Planned Operating Condominium Communities Assets Sales Sale of residential and commercial land within Recurring income generated from HHC’s Development and sale of condo towers, HHC’s master planned communities portfolio of office, retail and multif
Slide 13: HHC has Strong Liquidity & Manageable Near-Term Maturities
HHC has Strong Liquidity & Manageable Near-Term Maturities Years to Maturity Breakdown Liquidity & Debt Maturity Schedule (1) $ in millions $2,995 Mortgages & Loans Ppayable < 1 Yr. Condo Construction Loans 10% Senior Unsecured 6+ Yrs. $2,351 (2) Unrestricted Cash 51% 97% Revolver Capacity $1,650 10
Slide 14: Recent Activity Further Fortifies Our Balance Sheet Strength
Recent Activity Further Fortifies Our Balance Sheet Strength Notable Activity Significant Deleveraging Through Latest Initiatives Net Debt-to-Book Value Leverage Ratio (Bar) and Net Debt-to-Gross Asset Value Leverage Ratio (Dot) $900M equity investment from Pershing Square Cash reduces our leverage
Slide 15: HHH has Significantly Reduced & Stabilized Cash G&A
HHH has Significantly Reduced & Stabilized Cash G&A HHH is Operating as a Leaner, More Efficient Organization Cash G&A Trend Since 2019 (1) Cash G&A (Bar) and Cash G&A as % of Total Assets (Dot), $ in millions Cash G&A declined ~7% YoY, signaling Howards $137 2025 Hughes’ continued disciplined appro
Slide 16: Howard Hughes Develops Premier MPCs from the Ground Up
Howard Hughes Develops Premier MPCs from the Ground Up LEASE-UP & STABILIZATION HORIZONTAL DEVELOPMENT Upon completion, assets are Howard Hughes prepares its raw leased up and stabilized land for sale by installing the necessary infrastructure These assets create recurring 04 01 cash flow that is re
Slide 17: 10-Year Performance Snapshot: Master Planned Communities
10-Year Performance Snapshot: Master Planned Communities Robust Land Sales Across All Our MPCs MPC EBT Trend Since 2016 MPC EBT, $ in millions $476 FY 2025 FY 2016 % Change W.A. Price Per Acre $1,161k $465k 150% (1) $341 $349 # of Acres Sold 621 ac. 351 ac. 77% (2) $317 $283 # of Remaining Acres 6,3
Slide 18: 10-Year Performance Snapshot: Operating Assets
10-Year Performance Snapshot: Operating Assets (1) Consistent NOI Growth Fueled by New Development Operating Asset NOI Trend Since 2016 Operating Asset NOI, $ in millions ($ in millions) FY 2025 FY 2016 % Change $276 $257 $239 $244 Office $138 $48 188% $227 $217 Multifamily 70 8 775% $191 $173 Retai
Slide 19: Land Appreciation Offsets Shrinking Land Bank
Land Appreciation Offsets Shrinking Land Bank MPC Gross Asset Value 2017 GAV Since 2017 2026 GAV (3) $ in millions $ in millions The Woodlands 4,615 $684k $3.2B The Woodlands Hills Acres Weighted-Avg. Land Sales The Hills Sold Price Per Acre Revenue (1) The Woodlands Summerlin $228 Woodlands $328 Su
Slide 20: HHC Master Planned Communities Competitive Advantages
HHC Master Planned Communities Competitive Advantages Scale & Control Moat & Performance Value & Returns Among the largest master planned Only build to meet demand; sell land Land value appreciation with communities in the U.S. at the pace of home closings reduced volatility Ownership of undeveloped
Slide 21: HHC Office Assets Outpace the Las Vegas Market
HHC Office Assets Outpace the Las Vegas Market Occupancy Trends: HHC vs. Market Average Monthly Asking Rent: HHC vs. Market (1) Historical Office Occupancy % Average Monthly Office Rent Price Per SF HHC 100% Market $4.24 HHC $4.09 94.0% $3.94 $3.98 95% $3.63 90% 85% $2.48 $2.55 $2.45 $2.40 $2.46 80%
Slide 22: The Woodlands Competitive Advantage
The Woodlands Competitive Advantage An Expansive MPC 50+ Years in the Making Average Yearly Asking Rents: HHC vs. Houston Market Average Annual Office Rent Price Per SF HHC office rents have averaged a ~28% premium HHC Market over the Houston market since 2021 $30.84 $30.79 $28.84 Positive populatio
Slide 23: Dynamic Communities Lead to Superior Pricing Power
Dynamic Communities Lead to Superior Pricing Power HHC Average Residential Land Price Per Acre HHC Residential Land Price vs FHFA HPI Indexed to 2011 HHC Weighted Average Price Per Acre, $ in thousands Indexed to 100 Beginning in 2011 HHC 8.7% CAGR 280 $1,161 $1,153 260 +8.0% $990 CAGR HHC residenti
Slide 24: Ward Village: Transforming 60 Acres on the Coast of Oahu
Ward Village: Transforming 60 Acres on the Coast of Oahu Community Snapshot From Industrial Site to Premier Condo Residences 2010: Industrial Site Granted 9M SF of entitlements to develop premier condo towers (~8M SF) and retail space (~1M SF) Ward Village is satisfying Oahu’s significant under supp
Slide 25: Appendix
Appendix “os HHH
Slide 26: Reconciliation of Operating Assets Segment EBT to NOI
Reconciliation of Operating Assets Segment EBT to NOI $ in thousands Q1 2026 Q1 2025 2025 2024 2023 2022 2021 Total revenues $ 119,202 $ 114,002 $ 465,568 $ 444,300 $ 410,254 $ 401,304 $ 415,104 Total operating expenses (50,925) (48,817) (204,273) (194,591) (179,865) (170,114) (187,820) Segment oper
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