Howard Hughes Holdings Inc. Reports Third Quarter 2025 Results

About this update from Howard Hughes Holdings Inc.

[{"type":"image","alt":"Howard Hughes Holdings Inc.","displaySize":"","headline":null,"caption":"Howard Hughes Holdings Inc.","className":"","disableSlideshowImg":false,"size":{"original":{"width":300,"height":52,"url":"https://media.zenfs.com/en/globenewswire.com/a19eeb56e94a0a8faa84dc0763e2dd87"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/ND0ZAezTFKrqDuBexxDDHQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTczO2NmPXdlYnA-/https://media.zenfs.com/en/globenewswire.com/a19eeb56e94a0a8faa84dc0763e2dd87","width":300,"height":52}},"lazy":false},{"type":"text","content":" Strong land sales lead record results across all segments, supporting upward revision to full-year guidance; $1.4 billion in condominium pre-sales reinforce Company’s long-term cash-flow outlook ","length":194,"tagName":"p"},{"type":"text","content":"THE WOODLANDS, Texas, Nov. 10, 2025 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE: HHH) (the “Company,” “HHH,” “Howard Hughes,” or “we”) today announced operating results for the third quarter ended September 30, 2025. The financial statements, exhibits, and reconciliations of non-GAAP measures in the attached Appendix and the Supplemental Information, as available through the Investors section of our website, provide further detail of these results.","length":462,"tagName":"p"},{"type":"text","content":" Third Quarter 2025 Highlights: ","length":30,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Net income from continuing operations per diluted share of $2.02 compared to $1.95 in the prior-year period","length":107,"tagName":"p"}]},{"val":[{"type":"text","content":"Adjusted Operating Cash Flow of $199 million or $3.37 per diluted share","length":76,"tagName":"p"}]},{"val":[{"type":"text","content":"Full-year 2025 Adjusted Operating Cash Flow guidance raised to $440 million at the midpoint or $7.86 per diluted share—an increase of $30 million or $0.54 per share","length":174,"tagName":"p"}]},{"val":[{"type":"text","content":"Contracted $1.4 billion of future condo sales revenue, primarily through the pre-sale of 208 condominium units at Melia and ‘Ilima—the 12 th and 13 th condominium developments at Ward Village ® ","length":195,"tagName":"p"}]},{"val":[{"type":"text","content":"Generated Master Planned Community (MPC) EBT of $205 million, driven by the sale of 349 residential acres at an average price of $786,000 per acre; full-year 2025 EBT guidance raised $20 million to $450 million at the midpoint","length":231,"tagName":"p"}]},{"val":[{"type":"text","content":"Total Operating Assets Net Operating Income (NOI) increased 5% year-over-year to $68 million, led by robust office and multifamily results","length":138,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":921,"olType":false},{"type":"text","content":"“Our third-quarter performance underscores the strength of our real estate platform as Howard Hughes continues its transition into a premier holdings company,” commented David R. O’Reilly, Chief Executive Officer of Howard Hughes. “Record results across every business segment have reinforced our outlook, supported an upward revision to full-year guidance, and established a strong foundation for substantial future cash flows as condominium presales convert to closings. MPC EBT reached an all-time high of $205 million, led by robust demand across our communities and near record Summerlin pricing of $1.7 million per acre, driving full year increases to both MPC and Adjusted Operating Cash Flow guidance. Importantly, this increased free cash flow generated across our portfolio is being reinvested into new developments that expand and enhance our communities and increase our net asset value—such as the Melia and ‘Ilima condominium towers in Ward Village and 1 Riva Row along The Woodlands Waterway—creating additional sources of long-term value and future cash generation. With $1.5 billion in cash and a strong balance sheet, Howard Hughes is well positioned for continued growth and meaningful increases in net asset value over time.”","length":1255,"tagName":"p"},{"type":"readMore"},{"type":"text","content":" Financial Highlights ","length":20,"tagName":"p"},{"type":"text","content":" Total Company ","length":13,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Net income from continuing operations was $119.4 million, or $2.02 per diluted share in the quarter, compared to net income from continuing operations of $96.5 million, or $1.95 per diluted share, in the prior-year period.","length":222,"tagName":"p"}]},{"val":[{"type":"text","content":"The year-over-year increase was primarily related to higher MPC land sales and the absence of a GAAP loss relating to the sale of MUD receivables recorded in the prior-year period, partially offset by the settlement of the construction defect dispute at Waiea ® in Ward Village in the prior-year period.","length":302,"tagName":"p"}]},{"val":[{"type":"text","content":"The Company maintained a strong liquidity position with $1.5 billion in cash and cash equivalents, representing a significant increase year-over-year due to the $900 million investment from Pershing Square in the prior quarter, and $1.3 billion of undrawn lender commitments available to be drawn for property development, and limited near-term debt maturities.","length":366,"tagName":"p"}]},{"val":[{"type":"text","content":"Contracted $1.4 billion of future condo sales revenue as a result of condominium tower pre-sales in Hawai‘i and Texas.","length":123,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":1013,"olType":false},{"type":"text","content":" MPC ","length":3,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"During the quarter, 349 residential acres were sold compared to 191 acres in the prior year, driving MPC EBT to a record $205.0 million—a 42% increase from $144.8 million in the prior-year period—substantially fueled by four Summerlin ® superpad sales totaling 318 acres.","length":280,"tagName":"p"}]},{"val":[{"type":"text","content":"Completed a bulk sale of 231 acres in Summerlin at $434,000 per acre; priced for unfinished-lot delivery, the transaction shortened development timelines and accelerated cash collection, yielding a 75% profit margin.","length":216,"tagName":"p"}]},{"val":[{"type":"text","content":"Absent the bulk sale, the remaining 88 acres delivered in Summerlin were sold at a near record price per acre of $1.7 million, including one custom lot sold for $5.5 million.","length":179,"tagName":"p"}]},{"val":[{"type":"text","content":"New homes sold across our communities totaled 429 units, reflecting a 13% year-over-year decline. Despite the dip in volume, homebuilder demand for our land remains resilient, underscoring confidence in the long-term positioning of our MPC’s.","length":242,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":917,"olType":false},{"type":"text","content":" Operating Assets ","length":16,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Total Operating Assets NOI, including the contribution from unconsolidated ventures, was $67.9 million in the quarter, representing a $3.1 million or 5% improvement compared to $64.8 million in the prior year.","length":209,"tagName":"p"}]},{"val":[{"type":"text","content":"Office NOI of $34.0 million increased 7% year-over-year primarily due to strong leasing activity and abatement expirations at various properties in The Woodlands, Merriweather District, and Summerlin—most notably at 9950 Woodloch Forest, 6100 Merriweather, 1700 Pavilion and Three Hughes Landing. During the quarter, we executed new or expanded office leases totaling 55,000 square feet. At quarter end, our stabilized office portfolio was 89% leased.","length":451,"tagName":"p"}]},{"val":[{"type":"text","content":"Multifamily NOI of $16.2 million increased 2% year-over-year. The increase was primarily due to continued strong lease-up at Tanager Echo in Summerlin and Wingspan in Bridgeland ® . At quarter end, the stabilized multifamily portfolio was 96% leased.","length":248,"tagName":"p"}]},{"val":[{"type":"text","content":"Retail NOI of $13.7 million increased 9% year-over-year primarily due to continued lease up at various properties across our portfolio. Occupancy remains strong with stabilized retail portfolio 93% leased.","length":205,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":1113,"olType":false},{"type":"text","content":" Strategic Developments ","length":22,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Contracted to sell 216 condominium units in Hawai‘i representing $1.4 billion in future revenue, including 208 units at Melia and ‘Ilima, which are now 57% pre-sold at quarter end. The Launiu continued to perform well, reaching 68% pre-sold at quarter end with 8 units contracted.","length":285,"tagName":"p"}]},{"val":[{"type":"text","content":"Pre-sold four additional units at The Ritz-Carlton Residences, The Woodlands, representing approximately $30 million in future revenue, bringing the development project to 74% pre-sold at quarter end. The units remaining are being selectively held off the market in an effort to capture incremental value when the project nears completion.","length":339,"tagName":"p"}]},{"val":[{"type":"text","content":"Total pre-sales at our other condominium projects under construction were unchanged in the third quarter, with Ulana 100% pre-sold, The Park Ward Village ® 97% pre-sold, and Kalae ® 93% pre-sold. Subsequent to the quarter, we completed construction at Ulana and began executing closings in November 2025.","length":302,"tagName":"p"}]},{"val":[{"type":"text","content":"Broke ground on Memorial Hermann Medical Office Building, a 51,000-square-foot, build-to-suit facility in Bridgeland. The project marks the first phase of approximately one million square feet of planned medical facilities within the master planned community and will expand access to high-quality healthcare for Bridgeland’s growing population.","length":345,"tagName":"p"}]},{"val":[{"type":"text","content":"Subsequent to quarter end, construction of 1 Riva Row was completed—a 268-unit luxury high rise multifamily development in The Woodlands. The asset is expected to generate $9.9 million of incremental NOI upon stabilization. ","length":223,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":1494,"olType":false},{"type":"text","content":" Financing Activity ","length":18,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Extended the 3831 Technology Forest mortgage to an initial maturity in July 2028. The loan extension will bear interest at SOFR + 3.0% compared to the previous rate of 4.5%.","length":173,"tagName":"p"}]},{"val":[{"type":"text","content":"Extended the Wingspan construction loan to an initial maturity in July 2026. The loan extension will bear interest at 5.933% compared to the previous rate of SOFR + 2.75%.","length":171,"tagName":"p"}]},{"val":[{"type":"text","content":"Extended the 6100 Merriweather mortgage to an initial maturity in October 2030. The loan extension will bear interest at 7.371% compared to the previous rate of 7.670%.","length":168,"tagName":"p"}]},{"val":[{"type":"text","content":"Subsequent to the quarter, the Tanager Echo construction loan was extended to an initial maturity in December 2031, with proceeds from refinancing of $10.6 million. The loan extension will bear interest at 5.23% compared to the previous rate of SOFR + 2.94%.","length":263,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":775,"olType":false},{"type":"text","content":" Full Year 2025 Guidance ","length":23,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Adjusted Operating Cash Flow — We are increasing our guidance by $30 million at the mid-point, representing an increase of $90 million, compared to our original guidance. It is now projected to range between $415 million and $465 million in 2025 with a mid-point of approximately $440 million or $7.86 per share. The increase is driven by higher MPC EBT and lower net interest expense from interest earned on unrestricted cash investments.","length":464,"tagName":"p"}]},{"val":[{"type":"text","content":"MPC EBT — We are increasing our guidance by $20 million at the mid-point, representing an increase of $75 million when compared to our original guidance. It is now projected to be up 27% to 31% year-over-year with a mid-point of approximately $450 million.","length":271,"tagName":"p"}]},{"val":[{"type":"text","content":"Total Operating Assets NOI — We are reaffirming our guidance and expect NOI to be up 2% to 6% year-over-year with a mid-point of approximately $267 million.","length":161,"tagName":"p"}]},{"val":[{"type":"text","content":"Condo sales revenues — We are reaffirming our guidance for a breakeven gross margin with a revised estimate of expected condo sales totaling $360 million in the fourth quarter at Ulana, a workforce housing tower.","length":217,"tagName":"p"}]},{"val":[{"type":"text","content":"Cash G&A — We are reaffirming our guidance range of $76 million to $86 million in 2025, with a mid-point of $81 million, excluding approximately $13 million of anticipated non-cash stock compensation, $10 million of severance expense related to the second quarter reduction in force, and $4 million of Pershing Square’s variable advisory fee incurred year to date. This guidance includes approximately $10 million of Pershing Square’s base advisory fee, which is expected to be substantially offset by savings resulting from the aforementioned reduction in force and other completed cost reduction initiatives. ","length":614,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":1727,"olType":false},{"type":"text","content":" Conference Call & Webcast Information ","length":41,"tagName":"p"},{"type":"text","content":"Howard Hughes Holdings Inc. will host its third quarter 2025 earnings conference call on Monday , November 10, 2025 , at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). Please visit the Howard Hughes website to listen to the earnings call via a live webcast. For listeners who wish to participate in the question-and-answer session via telephone, please preregister using HHH’s earnings call registration webpage. All registrants will receive dial-in information and a PIN allowing them to access the live call. An on-demand replay of the earnings call will be available on the Company’s website immediately after the call for a period of one year.","length":653,"tagName":"p"},{"type":"text","content":"We are primarily focused on creating shareholder value by increasing our per-share net asset value. Often, the nature of our business results in short-term volatility in our net income due to the timing of MPC land sales, recognition of condominium revenue and operating business pre-opening expenses, and, as such, we believe the following metrics summarized below are most useful in tracking our progress towards net asset value creation.","length":440,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"border-top:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"11","style":"border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Three Months Ended September 30, ","length":32,"tagName":"p","attribs":{}}]},{"style":"border-top:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"11","style":"border-top:solid black 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Forward-looking statements include statements regarding the intent, belief, or current expectations of the Company, members of its management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “may,” “plan,” “project,” “realize,” “should,” “transform,” “will,” “would,” and other statements of similar expression. Forward-looking statements are not a guaranty of future performance and involve risks and uncertainties that actual results may differ materially from those contemplated by such forward-looking statements. Many of these factors are beyond the Company’s abilities to control or predict. Some of the risks, uncertainties and other important factors that may affect future results or cause actual results to differ materially from those expressed or implied by forward-looking statements include: (i) our ability to realize the anticipated benefits of the transactions with Pershing Square and our new strategy; (ii) our ability to identify and consummate transactions as part of our new strategy of becoming a diversified holding company; (iii) risks inherent in acquiring or making investments in operating companies, especially companies in industries unrelated to our existing real estate business; (iv) our ability to realize the anticipated benefits of the spinoff of Seaport Entertainment Group Inc. that we completed in 2024; (v) macroeconomic conditions such as volatility in capital markets, unstable economic and political conditions within the U.S. and foreign jurisdictions, geopolitical conflicts, and changes in trade policies and a prolonged recession in the national economy, including any adverse business or economic conditions in the homebuilding, condominium-development, retail, and office sectors; (vi) changes in trade policies, including tariffs or duties on construction or homebuilding materials, potential retaliatory actions by other countries, and related impacts on market conditions and business activity, (vii) our inability to obtain operating and development capital for our properties, including our inability to obtain or refinance debt capital from lenders and the capital markets; (viii) interest rate volatility and inflation; (ix) the availability of debt and equity capital; (x) our ability to compete effectively, including the potential impact of heightened competition for tenants and potential decreases in occupancy at our properties; (xi) general inflation, including core and wage inflation; commodity and energy price and currency volatility; as well as monetary, fiscal and policy interventions in anticipation of our reaction to such events, including increases in interest rates; (xii) mismatch of supply and demand, including interruptions of supply lines; (xiii) extreme weather conditions or climate change, including natural disasters, that may cause property damage or interrupt business; (xiv) the impact of water and electricity shortages; (xv) contamination of our property by hazardous or toxic substances; (xvi) terrorist activity, acts of violence, or breaches of our or our vendors’ data security; (xvii) losses that are not insured or exceed the applicable insurance limits; (xviii) our ability to lease new or redeveloped space; (xix) our ability to obtain the necessary governmental permits for the development of our properties and necessary regulatory approvals pursuant to an extensive entitlement process involving multiple and overlapping regulatory jurisdictions, which often require discretionary action by local governments; (xx) increased construction costs exceeding our original estimates, delays or overruns, claims for construction defects, or other factors affecting our ability to develop, redevelop or construct our properties; (xxi) terrorist activity, acts of violence, or breaches of our or our vendors’ data security; (xxii) regulation of the portion of our business that is dedicated to the formation and sale of condominiums, including regulatory filings to state agencies, additional entitlement processes, and requirements to transfer control to a condominium association’s board of directors in certain situations, as well as potential defaults by purchasers on their obligations to purchase condominiums; (xxiii) fluctuations in regional and local economies, the impact of changes in interest rates on residential housing and condominium markets, local real estate conditions, tenant rental rates, and competition from competing retail properties and the internet; (xxiv) inherent risks related to disruption of information technology networks and related systems, including cyber security attacks; (xxv) our ability to attract and retain key personnel; (xxvi) our ability to collect rent and attract tenants; (xxvii) our indebtedness, including our $750,000,000 5.375% Senior Notes due 2028, $650,000,000 4.125% Senior Notes due 2029 and $650,000,000 4.375% Senior Notes due 2031, contain restrictions that may limit our ability to operate our business; (xxviii) our directors’ involvement or interests in other businesses, including real estate activities and investments; (xxix) our inability to control certain of our properties due to the joint ownership of such property and our inability to successfully attract desirable strategic partners; (xxx) our dependence on the operations and funds of our subsidiaries, including The Howard Hughes Corporation; (xxxi) catastrophic events or geopolitical conditions, such as international armed conflicts, or the occurrence of epidemics or pandemics; and (xxxii) other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in our other reports and other public filings with the SEC. The Company refers you to the section entitled “Risk Factors” contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. Additional information concerning factors that could cause actual results to differ materially from those forward-looking statements is c...

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