HHH to Host Earnings Call on May 8, 2025THE WOODLANDS, Texas, April 09, 2025 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE: HHH) (“the Company” or “Howard Hughes”) announced today that the Company will release 2025 first quarter earnings on Wednesday, May 7, 2025, after the market closes and will hold its first quarter conference call on Thursday, May 8, 2025, at 10:00 AM Eastern Time. The Company's earnings release will be posted to the Investors section of the Company's website prior to the confer ...

THE WOODLANDS, Texas, April 07, 2025 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE:HHH) (the "Company" or "HHH") today further extended its previously announced standstill agreement with Pershing Square Capital Management L.P. ("Pershing Square"). The standstill agreement will now remain in effect until April 15, 2025, unless further extended. There can be no assurance that discussions with Pershing Square will result in any particular outcome, and HHH does not intend to comment further on these mat ...

THE WOODLANDS, Texas, March 12, 2025 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE: HHH) (the “Company” or “HHH”) today announced an extension to the previously announced standstill agreement with Pershing Square Capital Management L.P. (“Pershing Square”). The standstill agreement will now remain in effect until April 7, 2025, unless further extended. There can be no assurance that discussions with Pershing Square will result in any particular outcome, and HHH does not intend to comment further on ...

Howard Hughes Holdings just rejected Bill Ackman's offer, but that doesn't mean it's over.Billionaire investor Bill Ackman has ambitious plans to transform Howard Hughes Holdings (HHH -3.49%) into the next Berkshire Hathaway (BRK.A 0.02%) (BRK.B -0.13%). In this video, I'll discuss the latest developments with the potential deal, the current state of Howard Hughes' business, and why the company might think Ackman's offer is inadequate.*Stock prices used were the morning prices of March 6, 2025. The video wa ...

THE WOODLANDS, Texas, March 03, 2025 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE:HHH) (the "Company" or "HHH") announced that the Special Committee of its Board of Directors (the "Special Committee") responded to Pershing Square Capital Management L.P. ("Pershing Square") indicating that the proposal received on February 13, 2025 (the "Revised Proposal") is not acceptable in its current form. The Special Committee also announced that it has entered into a standstill agreement with Pershing Square ...

Financial Data and Key Metrics Changes - The company reported record full-year results in each segment, with Master Planned Community (MPC) EBT reaching $349 million, driven by record residential land sales revenue and average price per acre [9][14] - Operating assets delivered record NOI of $257 million, a 6% increase year over year [10][21] - The company executed over $860 million in financings during 2024, including more than $300 million in the fourth quarter [11][50] Business Line Data and Key Metrics Changes - In the MPC segment, EBT was $57 million in Q4, primarily from the sale of 60 residential acres at an average price of $909,000 per acre [12][14] - The operating assets generated $61 million of NOI in Q4, reflecting a 9% year-over-year growth [21] - Retail NOI improved by 15% in Q4, totaling $13 million, with full-year retail NOI increasing 8% to $54 million [26][27] Market Data and Key Metrics Changes - The company sold 510 residences in Q4, totaling 2,234 homes for the year, ranking Summerlin and Bridgeland as the fifth and seventh top-selling MPCs in the nation [15] - Despite rising mortgage rates, the company anticipates strong new home construction in 2025 due to limited inventory and high demand for new homes [16][18] Company Strategy and Development Direction - The company plans to focus on residential land sales and anticipates continued strong demand for new homes in 2025, particularly in Summerlin and Bridgeland [39][40] - The company is also exploring additional entitlements in Ward Village, potentially adding 2.5% to 3.5% million square feet for future condo projects [53][55] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the housing market, citing strong demand for new homes and limited existing inventory as key drivers for growth [16][18] - The company expects another strong year in the MPC segment in 2025, projecting EBT to increase by 5% to 10% year over year [39][40] Other Important Information - The company ended 2024 with $596 million in cash and approximately $315 million in available lender commitments, providing over $900 million in liquidity [48] - The company plans to introduce a new guidance metric for 2025 called adjusted operating cash flows, expected to range between $320 million and $375 million [45][46] Q&A Session Summary Question: Update on Seaport and its impact on cash flow - Management noted that Seaport has historically been a cash drain, costing about $170 million in adjusted operating cash flow in the past year, and its absence in 2025 will allow for better capital allocation [66][70] Question: Guidance for operating free cash flow and net cash position - The stable net cash position is attributed to deliberate capital deployment and a focus on specific projects, despite lower condo deliveries [71][72] Question: Commentary on Summerlin's price per acre increase - The increase in price per acre is primarily driven by the sale of Superpads at higher prices, reflecting strong demand from homebuilders [74][78] Question: Expected legislation in Nevada for studios - Management is optimistic about the passage of a film tax credit bill and is actively engaging with the legislature [92] Question: Commentary on Columbia move-outs and turnover expectations - Management reported active marketing efforts and positive absorption in multifamily assets, with no significant negative fallout from external factors [105][106] Question: Updates on Superpad sales and acreage sold - Management is cautiously optimistic about strong Superpad sales, expecting significant price increases due to strong demand from homebuilders [109]

The HHH Opportunity 4Q 2024 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 other statements of similar expression and other words of similar expression, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, a ...

Group 1 - Howard Hughes Holdings reported quarterly earnings of $3.25 per share, exceeding the Zacks Consensus Estimate of $2.85 per share, and showing a significant increase from $0.69 per share a year ago, representing an earnings surprise of 14.04% [1] - The company achieved revenues of $983.59 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 3.63%, and up from $335.84 million in the same quarter last year [2] - Over the last four quarters, Howard Hughes Holdings has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times [2] Group 2 - The stock has underperformed the market, losing about 1.9% since the beginning of the year compared to the S&P 500's gain of 1.3% [3] - The current consensus EPS estimate for the upcoming quarter is $0.01 on revenues of $270.89 million, and for the current fiscal year, it is $0.92 on revenues of $1.32 billion [7] - The Zacks Industry Rank for Real Estate - Development is currently in the bottom 32% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

Debt and Interest Rates - The company has $1.4 billion of variable-rate debt outstanding as of December 31, 2024, with $250.2 million swapped to a fixed rate through interest rate swaps [319]. - Annual interest costs would increase approximately $3.2 million for every 1.00% increase in floating interest rates [320]. - The weighted-average interest rates for debt obligations range from 4.30% to 5.38% across various maturities [321]. - The company has $750 million in 5.375% Senior Notes due 2028, $650 million in 4.125% Senior Notes due 2029, and $650 million in 4.375% Senior Notes due 2031 [320]. - The company has interest rate cap contracts in place for $827.2 million of its variable-rate debt [319]. - The company is subject to interest rate risk, which could complicate refinancing fixed-rate debt when it becomes due [318]. - The company's secured mortgages payable totaled $2.752 billion as of December 31, 2024, with a weighted average interest rate of 5.93% [499]. - Interest rate derivatives are utilized to manage exposure to variable interest rate debt, with a weighted average interest rate of 7.02% for variable-rate mortgages as of December 31, 2024 [500]. Financial Performance - Total revenues for 2024 reached $1,750,689, a significant increase of 92.8% compared to $908,753 in 2023 [346]. - Net income attributable to common stockholders for 2024 was $197,703, a turnaround from a loss of $551,773 in 2023 [346]. - The company reported a basic income per share of $3.98 for 2024, compared to a loss of $11.13 in 2023 [346]. - Comprehensive income attributable to common stockholders for 2024 was $198,399, compared to a loss of $560,836 in 2023 [347]. - Net income for the year ended December 31, 2023, was $196,992,000, a significant recovery from a net loss of $551,530,000 in 2022 [357]. - Cash provided by operating activities of continuing operations was $447,751,000, compared to cash used of $(215,154,000) in the previous year [357]. - Total revenues from discontinued operations for 2024 were $60,846 thousand, a decrease of 47.3% compared to $115,349 thousand in 2023 [449]. - Net income (loss) from discontinued operations for 2024 was $(88,223) thousand, compared to $(634,940) thousand in 2023, indicating a significant improvement [449]. Assets and Liabilities - Total assets decreased to $9,211,236 in 2024 from $9,577,003 in 2023, reflecting a decline of 3.8% [343]. - Total liabilities decreased to $6,369,462 in 2024 from $6,518,079 in 2023, a reduction of 2.3% [343]. - The company’s cash and cash equivalents decreased to $596,083 in 2024 from $629,714 in 2023, a decline of 5.3% [343]. - The total stockholders' equity as of December 31, 2023, was $2,776,226,000, down from $2,992,871,000 in 2022 [353]. - The total assets increased from $814,627 thousand in 2023 to $879,908 thousand in 2024, while total liabilities rose from $436,289 thousand to $526,320 thousand [473]. - The Company’s total liabilities as of December 31, 2024, were $1,094,437 thousand, up from $1,054,267 thousand in 2023 [490]. Investments and Development - The company has a joint ownership of certain properties, which limits its control over those assets [318]. - The company faces risks related to increased construction costs and regulatory approvals that may affect property development [318]. - The Company owned an 88.0% interest in Teravalis as of December 31, 2024, with total Master Planned Community assets valued at $542.1 million [375][376]. - Total development costs increased to $1,190,746 thousand in 2024 from $982,368 thousand in 2023, representing a growth of approximately 21.2% [388]. - The Company acquired Waterway Plaza II for $19.2 million and Grogan's Mill Village Center for $5.9 million in 2024, indicating ongoing strategic acquisitions [474][475]. - The Company completed the sale of four non-core ground leases for $9.6 million in 2024, resulting in a gain of $6.7 million [476]. - The company has $1.2 billion of undrawn lender commitments available for property development as of December 31, 2024 [502]. Cash Flow and Financing Activities - Cash provided by financing activities of continuing operations was $(27.8) million in 2024, a decrease from $537.8 million in 2023 [359]. - Cash, cash equivalents, and restricted cash at the end of the period decreased to $998.5 million in 2024 from $1,053.1 million in 2023, a decline of 5.2% [359]. - Proceeds from mortgages, notes, and loans payable increased to $761.4 million in 2024 from $677.4 million in 2023, a growth of 12.3% [359]. - Principal payments on mortgages, notes, and loans payable rose significantly to $(807.5) million in 2024 compared to $(147.6) million in 2023, indicating a substantial increase in debt repayment [359]. - The Company reported a net change in cash, cash equivalents, and restricted cash of $(54.6) million in 2024, compared to $(45.9) million in 2023 [359]. Accounting and Reporting - The company’s internal control over financial reporting was assessed as effective as of December 31, 2024 [325]. - The Company has evaluated all material events occurring subsequent to the date of the Consolidated Financial Statements up to the filing date of the Annual Report [368]. - The company is evaluating the impact of recently issued accounting standards on its financial statement presentation and disclosures [445]. - The Company assesses impairment indicators for its assets, including significant decreases in sales pace or average selling prices, and significant increases in expected development costs [393]. - The Company recognizes only the portion of the improved land sale where the improvements are fully satisfied based on a cost input method [431]. Miscellaneous - The spinoff of Seaport Entertainment Group Inc. was completed on July 31, 2024, with stockholders receiving one share of SEG for every nine shares of HHH held [363][364]. - The Company completed the spinoff of Seaport Entertainment Group Inc. in 2024, which included all assets from the previously reported Seaport segment [381]. - The company continues to provide a full backstop guaranty for SEG's outstanding mortgage related to its 250 Water Street property [452]. - An impairment charge of $709.5 million was recorded in 2023 related to the Seaport segment, now reported in discontinued operations [487].

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]