Financial Performance - Net income from continuing operations for 2024 was $285.2 million, or $5.73 per diluted share, a 241% increase from $83.4 million, or $1.68 per diluted share in 2023[10] - Fourth quarter net income from continuing operations was $162.3 million, or $3.25 per diluted share, compared to $52.8 million, or $1.06 per diluted share in the prior-year period[10] - Net income attributable to common stockholders for the year ended December 31, 2024, was $197,703,000, compared to a net loss of $551,773,000 in 2023, indicating a turnaround in profitability[28] - The company reported a basic income per share from continuing operations of $5.75 for the year ended December 31, 2024, up from $1.68 in 2023, reflecting a substantial improvement in earnings[28] - Adjusted Operating Cash Flow for the year ended December 31, 2024, reached $534,576, reflecting a significant performance measure for the company[48] - Adjusted Operating Cash Flow per diluted share was $10.71 for the year ended December 31, 2024[48] Revenue Generation - Master Planned Community (MPC) Earnings Before Taxes (EBT) reached a record $349 million, up 2% from $341.4 million in the prior year, driven by record land sales of $453.2 million, a 22% year-over-year increase[13] - Total revenues for the three months ended December 31, 2024, were $983,590,000, a significant increase from $312,964,000 in the same period of 2023, representing a growth of approximately 213%[28] - Master Planned Communities land sales generated $453,195,000 in revenue for the year ended December 31, 2024, compared to $370,185,000 in 2023, marking an increase of approximately 22%[28] - Rental revenue increased to $422,100,000 for the year ended December 31, 2024, from $383,617,000 in 2023, showing a growth of about 10%[28] - The Strategic Developments segment reported total revenues of $783,396,000 for the year ended December 31, 2024, compared to $733,409,000 in 2023, reflecting an increase of about 7%[32] - The Master Planned Communities segment experienced a decrease in total revenues to $522,925,000 for the year ended December 31, 2024, from $448,452,000 in 2023, a decline of approximately 16%[32] Operating Assets and Performance - Total Operating Assets Net Operating Income (NOI) for 2024 was $257 million, representing a 6% increase year-over-year, with multifamily NOI up 11% and office NOI up 5%[12] - Total Operating Assets NOI for the year ended December 31, 2024, was $257,007,000, compared to $241,340,000 in 2023, a growth of 6.5%[41] - Total Operating Assets NOI increased by 9% year-over-year to $61.199 million for the three months ended December 31, 2024[19] - Same Store NOI for the total portfolio increased to $59,467,000 in Q4 2024 from $56,476,000 in Q4 2023, a rise of 5.3%[41] - The company's share of NOI from unconsolidated ventures increased by 25% year-over-year to $2.288 million for the three months ended December 31, 2024[19] - The company's share of NOI from unconsolidated ventures increased to $2,288,000 in Q4 2024 from $1,837,000 in Q4 2023, a rise of 24.5%[41] Future Projections - The company anticipates MPC EBT to increase by 5% to 10% year-over-year in 2025, with a mid-point guidance of approximately $375 million[16] - Operating Assets NOI is projected to be flat to up 4% year-over-year in 2025, with a mid-point of approximately $262 million[5] - Condo sales revenues are expected to reach approximately $375 million in 2025, driven entirely by the closing of units at Ulana, which is 100% pre-sold[5] - Adjusted Operating Cash Flow is projected to range between $325 million and $375 million in 2025, with a mid-point of approximately $350 million or $7.00 per share[5] - The company expects to end 2025 with cash and cash equivalents of approximately $600 million, excluding any potential MUD receivable sales[5] Financing and Liquidity - The company closed on $862 million in financings, including $680 million in construction loans for condo projects[4] - The company maintained a strong liquidity position with $596.1 million in cash and cash equivalents and $1.2 billion in undrawn lender commitments[10] - Cash G&A is projected to be between $76 million and $86 million in 2025, with a mid-point of $81 million, excluding approximately $9 million of anticipated non-cash stock compensation[5] Corporate Developments - The company completed the spinoff of Seaport Entertainment Group on July 31, 2024, allowing for increased focus on real estate operations[4] Cost and Expense Management - Total operating expenses rose to $51,840,000 in Q4 2024, up from $45,379,000 in Q4 2023, marking an increase of 14.3%[37] - Cash G&A for Q4 2024 was reported at $20,593,000, up from $19,575,000 in Q4 2023, indicating an increase of 5.2%[43] - The company reported a decrease in interest expense, net, to $34,439,000 in Q4 2024 from $35,778,000 in Q4 2023, a reduction of 3.7%[37] Real Estate Transactions - The company delivered Victoria Place, generating $778.6 million in condominium revenues with an adjusted gross profit of $211.1 million[16] - Future condominium sales in Hawai'i and Texas are projected to generate an additional $533.4 million in revenue from 316 contracted units[16] - The Park Ward Village condo tower, comprising 545 market rate units, is already 97% pre-sold and expected to contribute significant revenues in 2026[5] - Condominium rights and unit sales for Q4 2024 were $778,590, showing a decrease of $792 compared to Q4 2023[45] - Adjusted condo gross profit for the year ended December 31, 2024, was $211,133, an increase of $8,416 from the previous year[45] Asset and Equity Changes - Total assets decreased to $9,211,236,000 as of December 31, 2024, from $9,577,003,000 in 2023, a decline of approximately 4%[29] - Total liabilities decreased to $6,369,462,000 as of December 31, 2024, from $6,518,079,000 in 2023, representing a reduction of about 2%[29] - The company’s total stockholders' equity decreased to $2,776,226,000 as of December 31, 2024, from $2,992,871,000 in 2023, indicating a decline of approximately 7%[29]

Strong fourth quarter performance leads to record financial results across all segments— MPC and Operating Assets momentum expected to continue into 2025THE WOODLANDS, Texas, Feb. 26, 2025 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE: HHH) (the “Company,” “HHH,” or “we”) today announced operating results for the fourth quarter and year ended December 31, 2024. The financial statements, exhibits, and reconciliations of non-GAAP measures in the attached Appendix and the Supplemental Information, as a ...

Group 1: Succession and Comparisons - Warren Buffett confirmed that Greg Abel will succeed him as CEO of Berkshire Hathaway [1] - Bill Ackman, with a net worth of $9.4 billion, is considered a potential successor in the investing world, though he is significantly younger than Buffett [1] - Both Ackman and Buffett were influenced by Benjamin Graham, the father of value investing, with a focus on attractive valuations [2] Group 2: Investment Strategies - Ackman has expressed a desire to transform Howard Hughes Holdings into a diversified holding company akin to Berkshire Hathaway [4][5] - Pershing Square Capital Management, Ackman's hedge fund, currently owns nearly 18.9 million shares of Howard Hughes Holdings and plans to acquire an additional 10 million shares at $90 each [6] - Ackman's strategy mirrors Buffett's initial approach with Berkshire Hathaway, which transitioned from a struggling textile company to a holding company for investments [5] Group 3: Current Status and Future Outlook - Howard Hughes Holdings' board has formed a Special Committee to evaluate Ackman's proposal, with no assurance that the transaction will proceed [8] - There are concerns regarding the potential success of Howard Hughes Holdings as a great investment, suggesting a wait-and-see approach regarding the holding company's portfolio development [8] - The article expresses skepticism about anyone being able to replicate Buffett's unique impact on investing, indicating that there will never be another "next Warren Buffett" [9]

Core Viewpoint - Howard Hughes Holdings (HHH) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Performance - The Zacks rating system tracks the Zacks Consensus Estimate, which reflects EPS estimates from sell-side analysts for the current and following years, highlighting the importance of earnings revisions in stock price movements [1][4]. - For the fiscal year ending December 2024, Howard Hughes Holdings is expected to earn $3.70 per share, representing a 981% increase from the previous year's reported number [8]. - Over the past three months, the Zacks Consensus Estimate for Howard Hughes Holdings has increased by 170.6%, indicating a strong upward trend in earnings estimates [8]. Investment Implications - The upgrade to Zacks Rank 2 positions Howard Hughes Holdings in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10]. - The correlation between earnings estimate revisions and near-term stock movements suggests that tracking these revisions can be beneficial for investment decisions [6][4].

Group 1 - Howard Hughes Holdings (NYSE: HHH) was rated as a Hold in August due to concerns about its master-planned communities (MPCs) and historical performance [1] - The investment approach focuses on long-term ownership rather than short-term price predictions, emphasizing valuations over target prices [1] - The analyst transitioned from writing many Sell pieces to a simplified approach of "Buy or Don't Buy," with future articles likely to be categorized as Buy or Hold [1] Group 2 - The analyst has no current stock or derivative positions in any mentioned companies and does not plan to initiate any within the next 72 hours [2] - The article reflects the analyst's personal opinions and is not influenced by any business relationships with the companies discussed [2]

Group 1 - Howard Hughes Holdings Inc. confirmed receipt of a revised acquisition proposal from Pershing Square Capital Management [1][3] - A Special Committee of independent directors was formed in response to Pershing Square's interest in a potential transaction [2] - The Special Committee has not yet engaged in negotiations regarding the proposals from Pershing Square and will evaluate the revised proposal [4] Group 2 - The revised proposal is contingent upon the negotiation and execution of a definitive agreement, as well as approval from the Special Committee and the HHH Board of Directors [5] - There is no requirement for a shareholder vote on the proposed transaction [5] - Morgan Stanley & Co. LLC is serving as the financial advisor to the Special Committee, while Hogan Lovells US LLP and Richards, Layton & Finger, P.A. are providing legal counsel [7] Group 3 - Howard Hughes Holdings Inc. is involved in the ownership, management, and development of commercial, residential, and mixed-use real estate across the U.S. [8] - The company has a portfolio that includes master planned communities and various operating properties, strategically positioned to meet market demand [8]

New Guidelines to Bolster Community Growth and Guide Future Redevelopment HONOLULU, Hawaii, Feb. 14, 2025 (GLOBE NEWSWIRE) -- Ward Village®, an award-winning 60-acre master planned community in the heart of Honolulu, has opened the makai phase of Victoria Ward Park, the community’s first SITES-certified park and the initial phase of a two-part development plan for enhanced public green space. The opening of Victoria Ward Park Makai is part of Ward Village’s broader master plan to create a sustainable, conne ...

Group 1 - Pershing Square hedge fund manager Bill Ackman has made an offer to acquire a majority stake in Howard Hughes Holdings, a real estate development company [1] - The structure of Ackman's deal has several unfavorable aspects that have been highlighted by analysts [1]

Billionaire hedge fund manager Bill Ackman announced plans to build a modern-day Berkshire Hathaway (BRK.A 1.42%) (BRK.B 1.38%). Although Ackman and his investors would own most of it, it would be available to invest in as a publicly traded company.Ackman has a unique investment style through his Pershing Square hedge fund. Instead of owning dozens of stocks like many other famous investors do, he tends to prefer spreading Pershing's billions among just a few stocks in which he has the highest level of conv ...

Howard Hughes Holdings (HHH) shares rallied 9.5% in the last trading session to close at $78.62. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 12.5% loss over the past four weeks.The increased investor optimism in the stock can be attributed to the unsolicited acquisition proposal received from Pershing Square Capital Management LP. The proposal is to acquire additional shares of HHH’s common stock in a mer ...