Howard Hughes Holdings Inc. · NYSE:HHH
Howard Hughes — Q2 2025 Earnings Presentation
46 slides from Howard Hughes's earnings presentation, Aug 7, 2025
Slide 1: The HHH Opportunity 2Q 2025
The HHH Opportunity 2Q 2025 Dhward Drughea
Slide 2: Forward-Looking Statements
Forward-Looking Statements Statements made in this presentation that are not historical facts, including statements accompanied by words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “may,” “plan,” “project,” “realize,” “should,” “transform,” “would,” and oth
Slide 3: Strategic Transaction with Pershing Square
Strategic Transaction with Pershing Square Investment of $900 Million to Transform HHH into a Diversified Holding Company Share Pershing Square purchased 9 million newly issued HHH shares for $100 per share, a 48% premium(1) Purchase Pershing Square beneficial ownership increased to ~46.9% Ownership
Slide 4: HHH Diversified Holding Company Structure
HHH Diversified Holding Company Structure • Independent directors remain the majority • Current HHH leadership team—led by CEO, Board • Pershing Square holds three Board seats with Senior David O’Reilly, is unchanged Structure Bill Ackman serving as Executive Chairman Leadership • Ryan Israel named
Slide 5: HHC at a Glance
HHC at a Glance Howard Hughes is the country’s premier developer HHC Portfolio of large-scale master planned communities Highlights Proven track record of developing the most sought-after 7.0M SF 2.8M SF places to live in the nation Office Retail Self-funding business cycle, using proceeds from land
Slide 6: HHC Segments at a Glance
HHC Segments at a Glance Master Planned Operating Strategic Developments Communities Assets Residential & Condo projects and Diversified real estate commercial land sales development of future portfolio primarily in in large-scale master operating assets mixed-use planned communities environments $3
Slide 7: Sustaining a Virtuous Cycle of Value Creation
Sustaining a Virtuous Cycle of Value Creation 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 cash 04 01 flow that is reinvested
Slide 8: HHC Competitive Advantages Drive Value Creation
HHC Competitive Advantages Drive Value Creation HHC is the dominant owner of commercial assets in our MPCs Little to No Competition in Office Multifamily Undeveloped Land our MPCs Build just to meet demand, outperforming in all market cycles Operating G&A MPC EBT Self-Funding Assets …Funds Future Bu
Slide 9: HHC MPCs are Situated in Affluent and Growing Markets
HHC MPCs are Situated in Affluent and Growing Markets… HOUSTON • Over 40,000 acres with population of 150,000+ The Woodlands, Bridgeland, • In the pathway of Houston’s significant growth The Woodlands Hills LAS VEGAS • Strategically located nine miles from Las Vegas Strip Summerlin • 22,500 acres wi
Slide 10: ...and are Consistently Recognized as Exceptional Communities
…and are Consistently Recognized as Exceptional Communities ◦ Top 3 Best City to Live in America – Niche.com (2021 - 2025) ◦ Top 3 Best City to buy a home - Niche.com (2023-2025) ◦ Largest MPC in world to receive LEED Precertification ◦ Top 15 Best-selling MPC in the country – RCLCO (2024-2025) ◦ Ma
Slide 11: History of Delivering Outsized Results
History of Delivering Outsized Results Commercial Residential (3) Significant Land Price Appreciation (1) Robust Operating Asset NOI Growth Commercial amenities Total Operating Asset NOI (in $ millions) Residential Price Per Acre (in $ thousands) increase value of (4) HHC’s residential land The Wood
Slide 12: Land Appreciation Offsets Shrinking Land Bank
Land Appreciation Offsets Shrinking Land Bank MPC Gross Asset Value 2017 GAV Since 2017 2025 GAV (2) 4,052 $670k $2.7B Total Acres Sold X Weighted- Avg. Price Per Acre = Total Land Sales Revenue (1) Residential Price Per Acre $4.8B (3) $3.7B Summerlin Bridgeland The Woodlands Hills +164% +61% +49% S
Slide 13: Adjusted Operating Cash Flows Reflect Strong Results
Adjusted Operating Cash Flows Reflect Strong Results 2025 Adjusted Operating Cash Flow (1) Interest Expense, Net $697M Cash G&A MPC EBT Operating Assets NOI $410M ($287M) ($206M) ($81M) HOWARD HUGHES Source: Company filings and data. Note: As of June 30, 2025. 13 (1) Based on mid-point of 2025 guida
Slide 14: HHC has Strong Liquidity and Manageable Near-Term Maturities
HHC has Strong Liquidity and Manageable Near-Term Maturities 92% of Debt is Fixed or Swapped/Capped 80% of Debt due in 2027 or Later (1) Source: Company filings and data. HOWARD HUGHES Note: In $ millions. As of June 30, 2025. 14 (1) Excludes $36 million in deferred financing costs.
Slide 15: Master Planned Communities
Master Planned Communities Dorward Druaghee
Slide 16: MPCs at a Glance
MPCs at a Glance The Woodlands Bridgeland Summerlin Teravalis Founded in 1972, with Started in 2010 and Started by Howard Acquired in 2021, largely commercial currently undergoing Hughes in 1991, with a selling first lots to land remaining significant commercial strong commercial builders in 2024 wi
Slide 17: MPCs Located in Low-Cost, Low-Tax, Pro-Business Regions
MPCs Located in Low-Cost, Low-Tax, Pro-Business Regions Unmatched Affordability in HHC’s Regions Relative to Other Large MSAs Median Home Price / SF Salary Needed to Buy Median-Priced Home Cost of Living Index Top Marginal State Tax Rate HOWARD HUGHES Source: Bestplaces.net, Realtor.com, HSH, Tax Fo
Slide 18: Situated in Markets Well-Positioned for Future Growth
Situated in Markets Well-Positioned for Future Growth… HHC’s MPCs Attract Superior Demographics Average Household Income Median Home Value % College Graduates Influx of residents seeking a better quality of life reflected in demographics compared to nearby MSAs & national statistics HOWARD HUGHES So
Slide 19: Single-Family Housing Options
Single-Family HHC MPCs offer a variety of single-family housing options which attract a wide range of residents with different age and income Housing Options profiles who aspire to live in a beautifully master planned city SINGLE-FAMILY DETACHED SINGLE-FAMILY ATTACHED CUSTOM HOMES MPC land planning,
Slide 20: HHC Communities Offer Homes with a Wide Range of Price Points
HHC Communities Offer Homes with a Wide Range of Price Points Price Range of New Homes Sold in 2024 Summerlin Bridgeland The Woodlands Hills HOWARD HUGHES Source: Company filings and data. 20 Note: In $ thousands. As of December 31, 2024.
Slide 21: MPC Performance Trends Remain Resilient
MPC Performance Trends Remain Resilient New Home Sales Activity is Strong Residential Acres Sold Expected to Rise HOWARD HUGHES Source: Company filings and data. 21 Note: As of December 31, 2024.
Slide 22: Howard Hughes Land Appreciates in Value
Howard Hughes Land Appreciates in Value Price per acre, $ in thousands Historical Residential Price per Acre Summerlin Bridgeland The Woodlands Hills Delivering Long-Term Consistent Appreciation in Value HOWARD HUGHES Source: Company filings and data. 22 Note: (1) Includes an undeveloped 216-acre su
Slide 23: MPC EBT Continued Strength Ahead
MPC EBT Continued Strength Ahead A New TrendNew is Emerging in Continued Home Sales MPC Performance Strength Post-Covid ’15-’20 Average MPC EBT: $194M ’21-’24 Average MPC EBT: $323M High Low FY 2025 EBT Guidance (vs. FY 2024) • A continued tight supply of resale homes and limited vacant lot inventor
Slide 24: Floreo: Development Taking Shape
Floreo: Development Taking Shape Seven Homebuilders Contracted in Floreo as Momentum Picks Up Floreo – Land Sales in Village 2 and 3 883 Lots Sold to Date $778k (1) Price Per Acre HOWARD HUGHES Source: Company filings and data. 24 Note: As of June 30, 2025. (1) Weighted-average price per acre achiev
Slide 25: HHC Holds Significant Acreage for Future Development
HHC Holds Significant Acreage for Future Development Build-out Timeline Current 2030 2035 2040 2045 2050 2055 2080 Residential 34 acres Commercial 728 acres Residential 674 acres Commercial 173 acres Residential 1,323 acres Commercial 1,070 acres Residential 2,347 acres Commercial 473 acres Resident
Slide 26: Operating Assets
Operating Assets Dorward Druaghee
Slide 27: HHC Owns a Diversified Mix of Commercial Real Estate
HHC Owns a Diversified Mix of Commercial Real Estate Office Multifamily Retail ▪ Size: 7.0M SF ▪ Size: 5,855 units ▪ Size: 2.6M SF ▪ Stabilized Leased %: 89% ▪ Stabilized Leased %: 97% ▪ Stabilized Leased %: 96% ▪ In-Place NOI: $128M ▪ In-Place NOI: $76M ▪ In-Place NOI: $49M ▪ Stabilized NOI: $176M
Slide 28: NOI Growth Through Development
NOI Growth Through Development Historical NOI Progression NOI % Mix Total Operating Asset NOI (in $ millions) (1) Stabilized NOI by Asset Stabilized NOI by Region HOWARD HUGHES Note: NOI in $ millions. (1) Estimated Stabilized NOI total is inclusive of projects under construction. 28 Prior year NOI
Slide 29: Meaningful NOI Runway Remains Within HHC's Portfolio
Meaningful NOI Runway Remains Within HHC’s Portfolio Roadmap to Stabilized NOI by Existing & Under Construction Developments Incremental Property NOI Multifamily $ 9.9 1 Riva Row $ 9.9 Incremental Office $ 1.8 Asset Type NOI One Bridgeland Green $ 1.8 Office $ 45.6 Retail $ 3.5 Retail $ 16.7 The Par
Slide 30: Operating Assets Performance: Office
Operating Assets Performance: Office 10-Year NOI Performance Premier Office Assets Generate High Demand 9950 Woodloch 6100 1700 Pavilion Forest Merriweather Summerlin The Woodlands Merriweather District 99% 98% 92% Leased Leased Leased Acquired empty Completed 3Q ’19 Completed 4Q ’22 4Q’19 ~110k SF
Slide 31: Operating Assets Performance: Multifamily
Operating Assets Performance: Multifamily (1) 10-Year NOI Performance Same Store NOI Growth Stabilized Leased % Houston 96% Leased Summerlin 98% Leased Columbia (1) 99% Leased New New Properties Properties in in Lease-Up Lease-Up Tanager Echo Marlow Wingspan Completed 3Q ’23 Completed 2Q ’23 Complet
Slide 32: Operating Assets Performance: Retail
Operating Assets Performance: Retail 10-Year NOI Performance Despite Multiple Dispositions…. Since 2020 481k $7M $51M Square Feet NOI Gain on Sale ….Retail NOI is Near All-Time Highs Anaha Retail - Ward Village HOWARD HUGHES Source: Company filings and data. NOI performance excludes retail dispositi
Slide 33: HHC Value Creation: Spotlight on Marlow
HHC Value Creation: Spotlight on Marlow NAV Growth through Development Marlow Multifamily Value Creation Marlow Operating Asset Value Stabilized NOI $9,320 Estimated Total Development Cost (excluding land) $128,045 Cap Rate 5.6% MPC Value of Commercial Land Acres 3.98 Price per Acre $580.00 Net NAV
Slide 34: Downtown Summerlin: HHC's Premier Retail Destination
Downtown Summerlin: HHC’s Premier Retail Destination Improving Sales/SF through Upcoming Expirations Leasing strategy excels: ~90% of 2025 expirations have been leased with many upgraded tenants Provides HHC an opportunity to improve our tenant base to drive rents and sales higher Space backfilled b
Slide 35: Operating Assets FY 2025 Guidance
Operating Assets FY 2025 Guidance Total Operating Asset NOI Performance Trend FY 2025 NOI Guidance High (vs. FY 2024) Lower End Mid-Point Upper End Low Low $237M 2% $267M +6% • Strong multifamily rent growth and lease- up of new developments • Office leasing improvement is partially offset by free r
Slide 36: Strategic Developments
Strategic Developments Dorward Druaghee
Slide 37: Spotlight on Ward Village
LEED-ND Platinum Spotlight on Ward Village U.S. Green Building Council Community Snapshot Master Plan at Full Development ▪ Size: 60 acres; ~9M SF granted entitlements ▪ Develop premier condos at ~25 to 30% profit margins complemented by 904k SF of retail ▪ Ward Village attracts buyers from Hawaii,
Slide 38: Ward Village Condo Sales by the Numbers
Ward Village Condo Sales Revenues by Tower by the Numbers $ Millions (Since Inception) $6.3B Revenues Closed and 4,901 Sold- Out Units Closed and Under-Contract ~25-30%Gross Profit Margin 100% Pre-Sold Under 7 3 1 97% Pre-Sold Constr. 93% Pre-Sold Towers Towers Under Towers in 67% Completed Construc
Slide 39: Strong Record of Delivering World-Class Condominiums
Strong Record of Delivering World-Class Condominiums Completed and Sold-Out Towers – 2016 to 2024 KE VICTORIA WAIEA ANAHA AE’O ’A’ALI’I KŌ’ULA KILOHANA PLACE 177 Units 317 Units 465 Units 423 Units 750 Units 565 Units 349 Units 2016 2017 2018 2019 2021 2022 2024 3,046 Condominium Units Generated $3.
Slide 40: New Condo Developments Underway to Meet Demand
New Condo Developments Underway to Meet Demand Under Construction Pre-Sales ULANA THE PARK KALAE THE LAUNIU 696 Units 545 Units 329 Units 485 Units 100% Pre-Sold 97% Pre-Sold 93% Pre-Sold 67% Pre-Sold 2025 2026 2027 2028 (1) Towers Represent $2.4B of Future Contracted Revenue HOWARD HUGHES Source: C
Slide 41: Future Ward Village Condos in Planning Now in Pre-Sales
Future Ward Village Condos in Planning Now in Pre-Sales(2) Condo Towers 3 834 Condo Units Melia and ’Ilima Mahana Ward Village Up to ~$2.5B Potential Revenue Potential Entitlements for Robust Condo Pipeline(1) 18kSF Future ~2.5M to 3.5M Retail Additional Residential SF Source: Company filings and da
Slide 42: Under Construction: The Ritz-Carlton Residences
Under Construction The Ritz-Carlton Residences Size 111 39 Estate Homes Floor Plans 70% $343M Pre-sales Future Units Sold Revenue Construction 4Q ’24 2027 Timeline Commenced Completion The Woodlands’ first luxury condo project Will include a 6k SF high-end restaurant HOWARD HUGHES Source: Company fi
Slide 43: Strong Returns on Recently Completed and In-Flight Strategic Developments
Strong Returns on Recently Completed and In-Flight Strategic Developments Recently Completed Under Construction Tanager Village Green at Summerlin Grogan’s Mill One 10285 Lakefront Echo Wingspan Meridian Bridgeland Grocery Retail Bridgeland 1 Riva Row Medical Office Central Center Green Location Sum
Slide 44: Appendix
Appendix The Woodlands Towers HOWARD HUGHES 44
Slide 45: Reconciliation of Operating Assets Segment EBT to NOI
Reconciliation of Operating Assets Segment EBT to NOI YTD Q2 YTD Q2 thousands Q2 2025 Q2 2024 2025 2024 2024 2023 2022 2021 2020 Total revenues $ 116,446 $ 110,760 $ 230,448 $ 217,760 $ 444,300 $ 410,254 $ 401,304 $ 415,104 $ 365,174 Total operating expenses (49,467) (47,610) (98,284) (93,764) (194,
Slide 46: Reconciliation of Adjusted Operating Cash Flow Performance Measure
Reconciliation of Adjusted Operating Cash Flow Performance Measure Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 Year Ended Dec. 31, 2024 Three (per (per (per Months Six Months Year diluted diluted diluted Ended Ended Ended thousands except per share amounts share) share) share) Ju
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