Howard Hughes Holdings Inc. (NYSE:HHH) Q4 2023 Earnings Conference Call February 28, 2024 10:00 AM ET Company Participants Eric Holcomb - Senior Vice President, Investor Relations David O'Reilly - Chief Executive Officer Dave Striph - President of Asset Management & Operations. Jay Cross - President Carlos Olea - Chief Financial Officer Conference Call Participants Alexander Goldfarb - Piper Sandler Anthony Paolone - JPMorgan Operator Good day, and thank you for standing by. Welcome to the Howard Hughes Hol ...

Forward-Looking Statements These statements are based on management's expectations, estimates, assumptions and projections as of the date of this presentation and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the Securities and Exchange Commiss ...

FORM 10-K (MARK ONE) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the transition period from to Commission File Number 001-41779 HOWARD HUGHES HOLDINGS INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporatio ...

Financial Performance - Full year 2023 net loss was $551.8 million, or $(11.13) per diluted share, including an after-tax impairment charge of $548.5 million related to the Seaport[10] - Fourth quarter net income was $34.3 million, or $0.69 per diluted share, down from $52.8 million or $1.07 per diluted share in the prior-year period[10] - Net income attributable to common stockholders for the year ended December 31, 2023, was $34,296,000, compared to $52,751,000 in 2022, reflecting a decline of 34.9%[30] - Basic income per share for the three months ended December 31, 2023, was $0.69, down from $1.07 in the same period of 2022, representing a decrease of 35.5%[30] - Total revenues for the three months ended December 31, 2023, were $335,838,000, a decrease of 30.4% compared to $482,005,000 for the same period in 2022[30] Master Planned Communities (MPC) Performance - Record Master Planned Community (MPC) earnings before taxes (EBT) reached $341 million, a 21% increase compared to the prior year, driven by a 45% growth in new homes sold[10] - New home sales in HHH's communities totaled 2,289 units, representing a 45% increase year-over-year, with Summerlin and Bridgeland ranked as the 4 and 5 best-selling MPCs in the nation[10] - Full Year 2024 MPC EBT is expected to decline modestly by 10% to 15% year-over-year, with a mid-point of approximately $300 million[20] - The Master Planned Communities Segment reported total revenues of $212,329 thousand for Q4 2023, representing a significant increase of $70,954 thousand (50.1%) from $141,375 thousand in Q4 2022[34] - Operating income for the Master Planned Communities Segment increased by $41,970 thousand (52.0%) to $122,527 thousand in Q4 2023, compared to $80,557 thousand in the same period last year[34] Seaport Segment Performance - Seaport revenue declined 7% to $82 million in 2023, impacted by the absence of certain restaurant concepts and poor weather conditions[17] - The Seaport Segment experienced a decline in total revenues, reporting $17,780 thousand for Q4 2023, down by $635 thousand (-3.4%) from $18,415 thousand in Q4 2022[34] - The Seaport Segment reported an operating loss of $6,802 thousand in Q4 2023, compared to a loss of $6,649 thousand in Q4 2022, reflecting a 2.3% increase in losses[41] - The company reported a provision for impairment of $672,492 thousand in the Seaport Segment for the year ended December 31, 2023, which was not present in 2022[41] Operating Assets Performance - Total Operating Assets NOI for the year was $244 million, a 4% increase from 2022, led by a 16% growth in multi-family[7] - Operating Assets NOI for 2024 is projected to range from $250 million to $260 million, reflecting a year-over-year increase of 1% to 4%[20] - In Q4 2023, Operating Assets NOI totaled $54.334 million, a decrease of 1% compared to Q4 2022[22] - Total revenues for the Operating Assets Segment increased to $104,406 thousand in Q4 2023, up from $104,092 thousand in Q4 2022, representing a change of 0.3%[39] - Segment operating income for the Operating Assets Segment decreased to $52,077 thousand in Q4 2023, down from $56,554 thousand in Q4 2022, a decline of 8.0%[39] Financial Position - Total assets as of December 31, 2023, were $9,577,003,000, slightly down from $9,603,463,000 in 2022[32] - Total liabilities increased to $6,518,079,000 as of December 31, 2023, compared to $5,997,351,000 in 2022, marking an increase of 8.7%[32] - The company reported a total of $1,272,445,000 in developments as of December 31, 2023, an increase from $1,125,027,000 in 2022, indicating a growth of 13.1%[32] - The company's cash and cash equivalents stood at $631,548,000 as of December 31, 2023, compared to $626,653,000 in 2022, showing a slight increase of 0.6%[32] General and Administrative Expenses - Cash G&A expenses are anticipated to be between $80 million and $90 million, excluding $20 million related to the spin-off of Seaport Entertainment[20] - General and administrative (G&A) expenses for the year ended December 31, 2023, were $91,193,000, up $9,421,000 (11.5%) from $81,772,000 in 2022[48] - Cash G&A for the year ended December 31, 2023, was $82,720,000, an increase of $6,303,000 (8.2%) from $76,417,000 in 2022[48] Impairment and Asset Valuation - The company reported a provision for impairment of $672,492,000 in 2022, which was not present in 2023, indicating a significant recovery in asset valuation[30] - The company reported a provision for impairment of $672,492 thousand in Q4 2023, indicating significant challenges in asset valuation compared to the previous year[34]

HOWARD HUGHES Commercial Residential Source: Company filings and data. (1) Represents in-place NOI as of September 30, 2023. (2) Price from 2020 as The Woodlands only sold 7.4 acres and 3.9 acres of land in 2022 and 2021, respectively. (3) Includes Residential Land Sales and is a TTM calculation 21.3% $41 $182 $489 $909 $299 2023 2024 2025 2026 2027 Thereafter • Poised to capture the growth migrating to Phoenix's West Valley • 37,000 acres entitled for 100k homes and 55M SF of commercial development Situate ...

Howard Hughes Holdings Inc. (NYSE:HHH) Q3 2023 Earnings Conference Call November 7, 2023 10:49 AM ET Company Participants Eric Holcomb - Senior Vice President-Investor Relations David O'Reilly - Chief Executive Officer Dave Striph - Head-Operations Jay Cross - President Carlos Olea - Chief Financial Officer Conference Call Participants Anthony Paolone - JPMorgan Alexander Goldfarb - Piper Sandler Peter Abramowitz - Jefferies John Kim - BMO Operator Good day. And welcome to Howard Hughes Holdings, Inc. Third ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2023 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number 001-41779 HOWARD HUGHES HOLDINGS INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. employer ...

Similar to recent quarters, our premier Class A office assets continued to outperform the market as companies continue to prioritize highly amenitized workspaces in desirable locations. In the quarter, we executed new or expanded office leases totaling nearly 200,000 square feet, including 167,000 square feet just in the Woodlands. We also renewed over 180,000 square feet of office space during the quarter. This strong leasing performance brought our stabilized office portfolio to 89% leased at quarter end, ...

Howard Hughes Corp (HHC) Q1 2023 Earnings Conference Call May 9, 2023 10:00 AM ET Eric Holcomb - SVP, IR David O'Reilly - CEO & Director David Striph - EVP & Head, Operations Jay Cross - President Carlos Olea - CFO Anthony Paolone - JPMorgan Alexander Goldfarb - Piper Sandler John Kim - BMO Capital Markets Hamed Khorsand - BWS Financial Good morning, and welcome to The Howard Hughes Corporation's First Quarter 2023 Earnings Call. [Operator Instructions] Eric Holcomb Before we begin, I would like to direct y ...

HOWARD HUGHES | --- | --- | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------|-------| | | Neighborhood Snapshot | In the Heart of Downtown Manhattan | | | | Location: Financial District in Lower Manhattan | | | | | In the heart of Downtown in close proximity to major transportation hubs including the Fulton Center, 9 subway lines, and 6 ferry r ...