Howard Hughes Holdings Inc. Reports Second 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 demand and record pricing for MPC land, along with solid Operating Assets performance, support robust full-year outlook and revised upward guidance ","length":154,"tagName":"p"},{"type":"text","content":"THE WOODLANDS, Texas, Aug. 06, 2025 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE: HHH) (the “Company,” “HHH,” “Howard Hughes,” or “we”) today announced operating results for the second quarter ended June 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":463,"tagName":"p"},{"type":"text","content":" Second Quarter 2025 Highlights: ","length":31,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Net loss from continuing operations per diluted share of $(0.22), including a $(0.66) GAAP loss, net of tax, on a sale of MUD receivables—compares to net income from continuing operations of $0.95 in the prior-year period","length":221,"tagName":"p"}]},{"val":[{"type":"text","content":"Pershing Square Holdco, L.P. and its wholly owned subsidiary, Pershing Square Capital Management, L.P. (collectively, “Pershing Square”) purchased $900 million of newly issued HHH stock at $100 per share, providing capital to fund future acquisitions of high-growth, public and private companies and transforming HHH into a diversified holding company","length":356,"tagName":"p"}]},{"val":[{"type":"text","content":"Adjusted Operating Cash Flow of $91 million or $1.64 per diluted share","length":75,"tagName":"p"}]},{"val":[{"type":"text","content":"Full-year 2025 Adjusted Operating Cash Flow guidance raised to $410 million or $7.32 per diluted share—an increase of $60 million or $0.32 per share","length":158,"tagName":"p"}]},{"val":[{"type":"text","content":"Master Planned Community (MPC) EBT of $102 million, driven by the sale of 111 residential acres at a record average price of $1.35 million per acre—full-year EBT guidance raised $55 million to $430 million","length":215,"tagName":"p"}]},{"val":[{"type":"text","content":"Closed on the sale of additional MUD receivables, enhancing liquidity and generating proceeds of $180 million","length":114,"tagName":"p"}]},{"val":[{"type":"text","content":"Total Operating Assets Net Operating Income (NOI) of $69 million increased 5% year-over-year led by record NOI performance in office and multifamily—full-year NOI guidance raised $5 million to $267 million","length":205,"tagName":"p"}]},{"val":[{"type":"text","content":"Contracted to sell 17 condo units for a total value of $35 million and in late June launched pre-sales at Melia and ‘Ilima—the 12 th and 13 th condo developments at Ward Village ® located on the most sought-after site on O’ahu’s South Shore; Pre-sales on these two towers commenced at the end of June with strong initial demand","length":324,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":1668,"olType":false},{"type":"text","content":"“In the second quarter, Pershing Square invested $900 million into Howard Hughes in exchange for nine million newly issued shares of HHH stock,” commented David R. O’Reilly, Chief Executive Officer of Howard Hughes. “This represented a significant milestone for the Company, and we continue to evaluate opportunities to deploy this capital. Over time, we expect HHH will be transformed into a premier diversified holding company, with our portfolio of master planned communities at its foundation.","length":502,"tagName":"p"},{"type":"readMore"},{"type":"text","content":"“As demonstrated this quarter, HHH is firmly positioned to generate substantial positive cash flow now and into the future. Following the successful spinoff of Seaport Entertainment, the Company is fully dedicated to maximizing cash generation for further development of its award-winning MPCs and to fund its diversification strategy. This focus is underpinned by our projected record recurring Adjusted Operating Cash Flow from MPC land sales and Operating Assets, which we anticipate will continue to strengthen. Additionally, a robust pipeline of condo tower completions is expected to deliver significant incremental cash flow over the next five years. In combination with our direct access to Pershing Square’s renowned investment expertise and proven track record, HHH is exceptionally well positioned to drive growth and deliver enhanced value creation for shareholders in the years to come.","length":899,"tagName":"p"},{"type":"text","content":"“Financially, we delivered strong results and further strengthened our balance sheet through the closing of several key financing transactions. From an operational perspective, we achieved another exceptional quarter, with strong MPC EBT and solid year-over-year Operating Assets NOI growth. We also had a successful quarter in the capital markets, closing on the largest MUD receivable sale in history and generating cash proceeds of $180 million. In addition, we completed two significant financings which reduced 2025 debt maturities by approximately $150 million.","length":572,"tagName":"p"},{"type":"text","content":"“In our MPCs, despite some softening in the national housing market, we experienced strong financial performance led by the sale of 111 residential acres at an impressive record average price of $1.35 million per acre. In Operating Assets, we continued to produce robust results with record NOI in office and multifamily and strong leasing rates across each property type. With our positive expectations for the second half of the year, we now expect to deliver record full-year 2025 MPC EBT of $430 million, representing a meaningful increase of $55 million compared to our previous estimates. In Operating Assets, we anticipate record full-year NOI of $267 million, or a $5 million increase compared to our initial guidance. Overall, we remain bullish on our full-year outlook and have raised our Adjusted Operating Cash Flow guidance expectations to approximately $410 million—or an increase of $60 million.","length":945,"tagName":"p"},{"type":"text","content":"“In Strategic Developments, we recently launched pre-sales for residences at Melia and ‘Ilima, our newest condo developments at Ward Village. Designed by world-renowned architect Robert A.M. Stern Architects, with interiors by acclaimed design studio Champalimaud Design and landscape design by VITA Planning & Landscape Architecture, these future towers are undoubtedly the most highly anticipated condominiums to ever come to market in Honolulu. Boasting grand estate-style residences, resort-level amenities, and unrivaled front-row views of Ala Moana Beach and Diamond Head, demand thus far has been exceptional. The appeal of ‘Ilima is further enhanced by our partnership with Discovery Land Company, which will provide unparalleled amenities and services, cultivating an exclusive, members-only environment for residents and their families.”","length":851,"tagName":"p"},{"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 loss from continuing operations was $12.1 million, or $(0.22) per diluted share in the quarter, compared to net income from continuing operations of $47.4 million, or $0.95 per diluted share in the prior-year period. The current quarter’s results were impacted by a $36.3 million, or $(0.66) per diluted share GAAP loss, net of tax, on the sale of MUD receivables which accelerated their collection and generated $180 million of cash proceeds which was used to pay down the Bridgeland Notes.","length":500,"tagName":"p"}]},{"val":[{"type":"text","content":"In May, the Company announced the purchase of 9,000,000 new shares of HHH stock by Pershing Square at a price of $100 per share, or a 48% premium to the closing stock price on May 2, 2025. This capital infusion, which brings Pershing Square’s ownership in HHH to 46.9%, will be used to acquire high-quality, public and private companies and transform the Company into a diversified holding company.","length":398,"tagName":"p"}]},{"val":[{"type":"text","content":"The Company maintained a strong liquidity position with $1.4 billion of cash and cash equivalents, representing a significant increase due to the $900 million investment from Pershing Square, and $1.4 billion of undrawn lender commitments available to be drawn for property development, and limited near-term debt maturities.","length":330,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":1228,"olType":false},{"type":"text","content":" MPC ","length":3,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"MPC EBT, which totaled $102.4 million in the second quarter, declined 17% compared to $123.2 million in the prior-year period primarily due to the timing of land sales which are inherently lumpy from quarter to quarter. Due to strong homebuilder demand for new acreage in HHH’s markets, land sales are expected to materially increase in the third quarter and ultimately contribute to record full-year EBT of $430 million.","length":436,"tagName":"p"}]},{"val":[{"type":"text","content":"The average price per acre of residential land sold was approximately $1.35 million, a new record, up $0.3 million per acre from our previous record, representing a 29% year-over-year increase. This achievement included record average prices for Summerlin ® superpads of $1.6 million and lots sold in Bridgeland ® of $648,000, as well as two custom lots sold at Astra--the Company’s newest luxury community in Summerlin--for an average of $7.7 million per acre.","length":479,"tagName":"p"}]},{"val":[{"type":"text","content":"Land sales declined $29.7 million year-over-year, primarily due to the timing of superpad sales in Summerlin and lot deliveries in Bridgeland. During the quarter, 111 residential acres were sold compared to 164 acres in the prior year.","length":240,"tagName":"p"}]},{"val":[{"type":"text","content":"New homes sold in HHH’s communities totaled 487 units, representing a 16% year-over-year reduction primarily due to lower available new home inventory and mix of homes available for sale in Summerlin, as well as some regulatory delays in Bridgeland which are expected to resolve in the second half of the year.","length":310,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":1465,"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 $68.9 million in the quarter, representing a $3.4 million or 5% improvement compared to $65.4 million in the prior year.","length":209,"tagName":"p"}]},{"val":[{"type":"text","content":"Office NOI of $35.2 million represented a 6% year-over-year increase and a new quarterly record. The increase was 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, and 1700 Pavilion—partially offset by decreases related to lower occupancy at certain properties in Merriweather District and The Woodlands. During the quarter, HHH executed new or expanded office leases totaling 208,000 square feet, and the stabilized office portfolio was 89% leased.","length":601,"tagName":"p"}]},{"val":[{"type":"text","content":"Multifamily NOI of $16.9 million represented a 19% increase compared to the prior year and a new quarterly record. The increase was primarily due to continued strong lease-up at Tanager Echo in Summerlin, Marlow in Merriweather District, and Wingspan in Bridgeland. At quarter end, the stabilized multifamily portfolio was 97% leased.","length":334,"tagName":"p"}]},{"val":[{"type":"text","content":"Retail NOI of $13.4 million represented a 7% year-over-year decline due to the non-recurring collection of tenant reserves in Ward Village during the prior year. Excluding the impact of this prior-year collection, NOI would have increased 1% year-over-year. Summerlin experienced modest year-over-year NOI growth, driven largely by ongoing tenant upgrades in Downtown Summerlin associated with its 10-year anniversary. Significant progress has been made in leasing with approximately 17,000 square feet of retail space available. At quarter end, the stabilized retail portfolio was 96% leased.","length":593,"tagName":"p"}]},{"val":[{"type":"text","content":"In May, the Company acquired 10101 Woodloch Forest Drive, a vacant Class A office building encompassing 186,000 rentable square feet and a 700-space parking garage situated on 1.6 acres in The Woodlands. The property, which was recently renamed 7 Waterway, was purchased for $16.3 million. This transaction significantly increases the Company's portfolio in The Woodlands Town Center, with the asset anticipated to deliver double-digit returns upon stabilization. Over the long term, the location represents a valuable covered land play offering substantial potential for value creation through future redevelopment.","length":620,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":2357,"olType":false},{"type":"text","content":" Strategic Developments ","length":22,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Contracted to sell 17 condominium units in Hawai‘i representing $35.2 million of future revenue, including 15 units at The Launiu, making this development project 67% pre-sold at quarter end. Construction is expected to commence on The Launiu later in 2025.","length":257,"tagName":"p"}]},{"val":[{"type":"text","content":"Total pre-sales at HHH’s condominium projects under construction were unchanged in the second quarter, with Ulana 100% pre-sold, The Park Ward Village 97% pre-sold, Kalae 93% pre-sold, and The Ritz-Carlton Residences, The Woodlands 70% pre-sold. The majority of the remaining units at the Ritz-Carlton, The Woodlands are being held off the market in an effort to capture incremental value closer to the project’s completion.","length":424,"tagName":"p"}]},{"val":[{"type":"text","content":"Completed construction on the redevelopment of Grogan’s Mill Retail Center in The Woodlands. At quarter end, this 31,000-square-foot retail center was 55% leased with an additional 19% in LOI or lease negotiations.","length":214,"tagName":"p"}]},{"val":[{"type":"text","content":"In late June, pre-sales commenced for Melia and ‘Ilima—two new Ward Village condominiums located directly across from Ala Moana Beach. Melia will encompass 220 upscale homes, while ‘Ilima—which is being developed in partnership with Discovery Land Company—will feature 148 grand residences. Demand for these front row towers has been strong with all pre-sold units within their contractual 30-day rescission periods at quarter end.","length":431,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":1326,"olType":false},{"type":"text","content":" Financing Activity ","length":18,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"In May, the Company transferred the reimbursement rights for $147.0 million of existing MUD receivables and $14.1 million of related accrued interest, as well as $95.9 million of anticipated future MUD receivables, for total cash consideration of $180.0 million, resulting in a GAAP loss of $48.2 million. Proceeds from the MUD sales were used to pay down the Bridgeland Notes to a balance of $85.0 million at the end of the second quarter, leaving $515 million in undrawn capacity.","length":482,"tagName":"p"}]},{"val":[{"type":"text","content":"Extended the Marlow construction loan to April 2027. The loan extension will bear interest at SOFR + 1.85% compared to the previous spread of 3.05%.","length":148,"tagName":"p"}]},{"val":[{"type":"text","content":"Closed on a $75.0 million five-year mortgage for 1700 Pavilion. The interest-only non-recourse loan will bear interest at a fixed rate of 7.073% and was used to retire the previous construction loan that was scheduled to mature later in 2025.","length":242,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":872,"olType":false},{"type":"text","content":" Full Year 2025 Guidance ","length":23,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Adjusted Operating Cash Flow is projected to range between $385 million and $435 million in 2025 with a mid-point of approximately $410 million or $7.32 per share. This represents an improvement of $60 million at the mid-point when compared to original guidance.","length":282,"tagName":"p"}]},{"val":[{"type":"text","content":"MPC EBT is projected to be strong in 2025, aided by continued strong demand for new acreage from homebuilders and low inventories of vacant developed lots in our MPCs. As a result, residential land sales are expected to remain strong in the third quarter with a high concentration of superpad sales in Summerlin and lot deliveries in Bridgeland. Overall, 2025 MPC EBT is expected to be up 20% to 25% year-over-year with a mid-point of approximately $430 million. This represents an improvement of $55 million at the mid-point when compared to original guidance.","length":571,"tagName":"p"}]},{"val":[{"type":"text","content":"Operating Assets NOI, including the contribution from unconsolidated ventures, is projected to benefit from continued growth in multifamily driven by increased occupancy at new multifamily developments, as well as year-over-year improvement in office related to strong leasing momentum and expiring rent abatements across the portfolio. Retail NOI is expected to be flat compared to 2025, primarily due to non-recurring collections of tenant reserves in Ward Village during 2024 and ongoing efforts on tenant upgrades in Downtown Summerlin associated with its 10-year anniversary. Overall, 2025 Operating Assets NOI is expected to be up 2% to 6% year-over-year with a mid-point of approximately $267 million. This represents an improvement of $5 million at the mid-point when compared to original guidance.","length":816,"tagName":"p"}]},{"val":[{"type":"text","content":"Condo sales revenues have not changed and are projected to be approximately $375 million, driven entirely by the closing of units at Ulana in the fourth quarter. Because Ulana is a workforce housing tower, the Company does not expect to recognize any gross profit from the project.","length":286,"tagName":"p"}]},{"val":[{"type":"text","content":"Cash G&A is projected to range between $76 million and $86 million in 2025—or a mid-point of $81 million—excluding approximately $15 million of anticipated non-cash stock compensation and $10 million of severance expense in the second quarter. This guidance contemplates approximately $10 million of Pershing Square’s base advisory fee, which is expected to be substantially offset by future savings resulting from a reduction in force and other cost reduction initiatives. Cash G&A does not contemplate Pershing Square variable advisory fees.","length":581,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":2536,"olType":false},{"type":"text","content":" Conference Call & Webcast Information ","length":41,"tagName":"p"},{"type":"text","content":"Howard Hughes Holdings Inc. will host its second quarter 2025 earnings conference call on Thursday, August 7, 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":"12","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 June 30, ","length":27,"tagName":"p","attribs":{}}]},{"style":"border-top:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"12","style":"border-top:solid black 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1pt;padding-left:0;text-align:left;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"3","style":"border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"NM","length":2,"tagName":"p","attribs":{}}]}]}],"length":2510},{"type":"text","content":"(a) Properties that were transferred to our Strategic Developments segment for redevelopment and properties that were sold are shown separately for all periods presented.","length":170,"tagName":"p"},{"type":"text","content":"NM - Not Meaningful","length":19,"tagName":"p"},{"type":"text","content":" Financial Data (1) See the accompanying appendix for a reconciliation of GAAP to non-GAAP financial measures and a statement indicating why management believes the non-GAAP financial measure provides useful information for investors.","length":233,"tagName":"p"},{"type":"text","content":" About Howard Hughes Holdings Inc. ® ","length":34,"tagName":"p"},{"type":"text","content":"Howard Hughes Holdings Inc. owns, manages, and develops commercial, residential, and mixed-use real estate throughout the U.S. through its wholly owned subsidiary, The Howard Hughes Corporation (HHC). Its award-winning assets include the country’s preeminent portfolio of master planned communities, as well as operating properties and development opportunities including The Woodlands ® , Bridgeland ® and The Woodlands Hills ® in the Greater Houston, Texas area; Summerlin ® in Las Vegas; Teravalis™ in the Greater Phoenix, Arizona area; Ward Village ® in Honolulu, Hawaiʻi; and Merriweather District in Columbia, Maryland. HHC’s portfolio is strategically positioned to meet and accelerate development based on market demand, resulting in one of the strongest real estate platforms in the country. Dedicated to innovative placemaking, HHC is recognized for its ongoing commitment to design excellence and to the cultural life of its communities. Howard Hughes Holdings Inc. is traded on the New York Stock Exchange as HHH. For additional in...

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