THE WOODLANDS, Texas, June 13, 2024 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE: HHH) announced today the closing on the refinancing of 9950 Woodloch Forest Drive, the 601,000-square-foot Class A office tower in The Woodlands®. The five-year, non-recourse $130 million loan bears interest at a fixed rate of 7.075% and amortizes on a 30-year schedule. This refinancing addresses HHH's largest debt maturity in the next two years, representing 24% of the company's 2025 debt maturities. About Howard Hug ...

THE WOODLANDS, Texas, June 13, 2024 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE: HHH) announced today the closing on the refinancing of 9950 Woodloch Forest Drive, the 601,000-square-foot Class A office tower in The Woodlands®. The five-year, non-recourse $130 million loan bears interest at a fixed rate of 7.075% and amortizes on a 30-year schedule. This refinancing addresses HHH's largest debt maturity in the next two years, representing 24% of the company's 2025 debt maturities. About Howard Hug ...

THE WOODLANDS, Texas, May 29, 2024 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE:HHH) announced today that Chief Financial Officer Carlos Olea will participate in a presentation moderated by Alex Goldfarb from Piper Sandler at NAREIT's REITweek 2024 Investor Conference in New York City on Tuesday, June 4, 2024, at 10:15 am ET. HHH's live presentation will be accessible via audio webcast using the link below. Upon completion of the presentation, an on-demand replay will be available for a period of 3 ...

THE WOODLANDS, Texas, May 29, 2024 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE:HHH) announced today that Chief Financial Officer Carlos Olea will participate in a presentation moderated by Alex Goldfarb from Piper Sandler at NAREIT's REITweek 2024 Investor Conference in New York City on Tuesday, June 4, 2024, at 10:15 am ET. HHH's live presentation will be accessible via audio webcast using the link below. Upon completion of the presentation, an on-demand replay will be available for a period of 3 ...

Safe Harbor Statement NEW YORK, May 21, 2024 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE: HHH) today announced a victorious decision by the New York State Court of Appeals for its planned 250 Water Street project in Lower Manhattan, clearing the way for the Seaport development to proceed. Today's court decision upheld the Appellate Court's ruling in favor of the project, and together with the State's extension of the recent 421-a tax exemption, has cleared all existing impediments to construction ...

About Howard Hughes Holdings Inc. Howard Hughes Holdings Inc. owns, manages, and develops commercial, residential, and mixed-use real estate throughout the U.S. Its award-winning assets include the country's preeminent portfolio of master planned communities, as well as operating properties and development opportunities including: the Seaport in New York City; Downtown Columbia® in Maryland; The Woodlands®, Bridgeland® and The Woodlands Hills® in the Greater Houston, Texas area; Summerlin® in Las Vegas; War ...

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, and Section 21E of the Securities Exchange Act of 1934. ...

Howard Hughes Holdings (HHH) came out with a quarterly loss of $1.06 per share versus the Zacks Consensus Estimate of a loss of $0.70. This compares to loss of $0.46 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -51.43%. A quarter ago, it was expected that this land developer would post earnings of $0.44 per share when it actually produced earnings of $0.69, delivering a surprise of 56.82%.Over the last four quarters, the co ...

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 March 31, 2024 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 iden ...

[First Quarter 2024 Results Overview](index=1&type=section&id=First%20Quarter%202024%20Results%20Overview) Howard Hughes Holdings Inc. reported strong Q1 2024 momentum in core businesses, driven by accelerated new home sales and condominium demand, alongside 7% growth in Operating Assets NOI [First Quarter 2024 Highlights and CEO Commentary](index=1&type=section&id=First%20Quarter%202024%20Highlights%20and%20CEO%20Commentary) The company reported strong Q1 2024 performance with accelerated new home sales, robust condo demand, and 7% Operating Assets NOI growth, while progressing on the Seaport Entertainment spinoff Q1 2024 Key Performance Indicators | Metric | Value/Status | Change/Note | | :--- | :--- | :--- | | **Net Loss per Diluted Share** | $(1.06) | Compared to $(0.46) in prior-year period | | **Operating Assets NOI** | $63 million | +7% Year-over-Year | | **New Home Sales** | 654 units | +24% vs Q4 2023; highest in three years | | **Condo Sales (Contracted)** | 196 units | Achieved $6 billion in total sales since Ward Village's inception | | **Full-Year 2024 Guidance** | Unchanged | MPC EBT ~$300M, Op. Asset NOI ~$250M, Condo Sales ~$700M | - New home sales climbed to **654**, the highest quarterly total in three years, signaling strong future demand for residential land[4](index=4&type=chunk) - The company launched pre-sales for The Ritz-Carlton Residences in The Woodlands, pre-selling over **50%** of inventory for approximately **$250 million** in future revenue within one week[5](index=5&type=chunk)[6](index=6&type=chunk) - Significant progress has been made on the anticipated spinoff of Seaport Entertainment, which is expected to be finalized in the coming months, allowing HHH to operate as a pure-play real estate company[7](index=7&type=chunk) [Financial Highlights](index=2&type=section&id=Financial%20Highlights) This section details the company's Q1 2024 financial performance across its segments, including net loss, operating assets, master planned communities, strategic developments, and Seaport [Total Company](index=2&type=section&id=Total%20Company) The company reported a Q1 2024 net loss of **$52.5 million** or **$(1.06)** per diluted share, primarily due to reduced commercial land sales and increased G&A, while maintaining strong liquidity Q1 2024 vs Q1 2023 Net Loss | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Net Loss** | $52.5 million | $22.7 million | | **Net Loss per Diluted Share** | $(1.06) | $(0.46) | - The company maintains a strong liquidity position with **$462.7 million** of cash and cash equivalents and **$1.0 billion** of undrawn lender commitment[10](index=10&type=chunk) [Operating Assets](index=2&type=section&id=Operating%20Assets) Total Operating Assets NOI, including unconsolidated ventures, increased **7%** year-over-year to **$63.5 million**, driven by strong performance in Office and Multi-family segments Operating Assets NOI Breakdown (Q1 2024 vs Q1 2023) | Category | Q1 2024 NOI | YoY Change | Key Drivers | | :--- | :--- | :--- | :--- | | **Total Operating Assets** | $63.5 million | +7% | Office and Multi-family performance | | **Office** | $30.6 million | +10% | Strong leasing, abatement expirations | | **Multi-family** | $13.8 million | +9% | Strong lease-up and 4% rent growth | - The new 263-unit single-family build-to-rent community, Wingspan, is leasing strongly since its late 2023 opening, with **28%** of all units leased by quarter-end[10](index=10&type=chunk) [Master Planned Communities (MPC)](index=2&type=section&id=MPC) MPC EBT for Q1 2024 decreased **61%** to **$24.3 million** due to land sale timing, yet new home sales rose **18%** to **654 units**, supporting the full-year EBT outlook of approximately **$300 million** - MPC EBT declined **61%** to **$24.3 million** compared to **$62.4 million** in the prior-year period, mainly due to the timing of land sales[10](index=10&type=chunk) - New home sales in HHH's communities totaled **654 units**, an **18%** increase compared to the prior-year quarter and a **24%** increase from Q4 2023[11](index=11&type=chunk) - In Arizona, the first **52 acres** of residential land in Teravalis were sold at a strong average price of **$758,000** per acre, contributing **$1.2 million** to MPC equity earnings[11](index=11&type=chunk) [Strategic Developments](index=3&type=section&id=Strategic%20Developments) The Strategic Developments segment experienced exceptional pre-sale activity, with **182 units** contracted for **$299.0 million** at The Launiu and **56 units** pre-sold at The Ritz-Carlton Residences, The Woodlands - Pre-sales for The Launiu in Ward Village launched in February, with **182 units** (**38%** of the tower) contracted by quarter-end, representing **$299.0 million** in future revenue[11](index=11&type=chunk) - The Ritz-Carlton Residences in The Woodlands pre-sold **56 units**, or **50%** of available residences, at prices that exceeded expectations[11](index=11&type=chunk) - The company incurred a **$3.0 million** charge for remediation at Waiea in Ward Village but is vigorously pursuing recovery of costs from the general contractor[11](index=11&type=chunk) [Seaport](index=3&type=section&id=Seaport) Seaport revenue declined **3%** to **$11.5 million**, resulting in a total NOI loss of **$17.5 million**, primarily due to weather impacts and spinoff-related costs, despite improved equity losses from Tin Building Seaport Financial Performance (Q1 2024) | Metric | Q1 2024 | YoY Change | | :--- | :--- | :--- | | **Revenue** | $11.5 million | -3% | | **Negative NOI** | $(8.6) million | -$3.0 million | | **Total Negative NOI (incl. ventures)** | $(17.5) million | -$2.3 million | | **Tin Building Equity Losses** | $(8.7) million | +$0.4 million improvement | - The increased NOI loss was primarily due to sales mix and increased costs associated with the stand-up of Seaport Entertainment in anticipation of the spinoff[12](index=12&type=chunk) [Full Year 2024 Guidance](index=3&type=section&id=Full%20Year%202024%20Guidance) This section reaffirms the company's full-year 2024 guidance, including projections for MPC EBT, Operating Assets NOI, and condo sales revenue [Guidance Summary](index=3&type=section&id=Guidance%20Summary) The company reaffirmed its full-year 2024 guidance, projecting MPC EBT of approximately **$300 million**, Operating Assets NOI around **$250 million**, and condo sales revenue between **$675 million** and **$725 million** Full-Year 2024 Guidance Mid-Points/Ranges | Metric | Projected Value | Notes | | :--- | :--- | :--- | | **MPC EBT** | ~$300 million | Expected to modestly decline 10-15% YoY | | **Operating Assets NOI** | ~$250 million | Expected to be up 1% to 4% YoY | | **Condo Sales Revenues** | $675M - $725M | Gross margins of 28% to 30% | | **Cash G&A** | $80M - $90M | Excludes ~$25M in spinoff costs | - Projected condo sales are driven by the closing of units at Victoria Place, which is **100%** pre-sold and expected to be completed late in Q4 2024[16](index=16&type=chunk) - Operating Assets NOI guidance includes approximately **$5.0 million** from the Las Vegas Aviators and Ballpark, which are expected to be part of the Seaport Entertainment spinoff[16](index=16&type=chunk) [Financial Statements & Reconciliations](index=5&type=section&id=Financial%20Statements%20%26%20Reconciliations) This section provides consolidated financial statements and reconciliations of non-GAAP measures, offering a comprehensive view of the company's financial position and performance [Key Metrics Summary](index=5&type=section&id=Key%20Metrics%20Summary) This section summarizes key performance metrics for Q1 2024, highlighting a **7%** increase in Total Operating Assets NOI, a **61%** decrease in MPC EBT, and a **15%** increase in Total Seaport NOI loss Key Metrics Summary (Three Months Ended March 31) | Metric ($ in thousands) | 2024 | 2023 | % Change | | :--- | :--- | :--- | :--- | | **Total Operating Assets NOI** | $63,486 | $59,170 | 7% | | **MPC EBT** | $24,251 | $62,372 | (61)% | | **Total Seaport NOI** | $(17,507) | $(15,176) | (15)% | | **Acres Sold - Commercial** | 4 | 109 | (97)% | | **Price Per Acre - Residential** | $600 | $836 | (28)% | [Consolidated Statements of Operations](index=8&type=section&id=Consolidated%20Statements%20of%20Operations) For Q1 2024, total revenues were **$171.1 million**, with the net loss attributable to common stockholders widening to **$52.5 million**, or **$(1.06)** per share Consolidated Statements of Operations (Unaudited, in thousands) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Total revenues** | $171,138 | $196,289 | | **Total expenses** | $193,550 | $191,058 | | **Operating income (loss)** | $(16,727) | $14,942 | | **Net income (loss)** | $(52,467) | $(22,627) | | **Diluted income (loss) per share** | $(1.06) | $(0.46) | [Consolidated Balance Sheets](index=9&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets were **$9.64 billion**, total liabilities **$6.62 billion**, and total equity **$3.01 billion**, reflecting slight changes from year-end 2023 Consolidated Balance Sheet Highlights (Unaudited, in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total assets** | $9,635,891 | $9,577,003 | | Cash and cash equivalents | $462,700 | $631,548 | | Net investment in real estate | $7,360,632 | $7,167,254 | | **Total liabilities** | $6,623,136 | $6,518,079 | | Mortgages, notes, and loans payable, net | $5,391,243 | $5,302,620 | | **Total equity** | $3,012,755 | $3,058,924 | [Segment Earnings Before Tax (EBT)](index=10&type=section&id=Segment%20Earnings%20Before%20Tax%20(EBT)) This section details Q1 2024 EBT for each segment, with Master Planned Communities reporting **$24.3 million** in positive EBT, while Operating Assets, Seaport, and Strategic Developments reported losses Segment EBT (Q1 2024 vs Q1 2023, in thousands) | Segment | Q1 2024 EBT | Q1 2023 EBT | | :--- | :--- | :--- | | **Operating Assets** | $(7,856) | $(6,300) | | **Master Planned Communities (MPC)** | $24,251 | $62,372 | | **Seaport** | $(28,032) | $(27,179) | | **Strategic Developments** | $(5,414) | $(3,400) | [Reconciliation of Non-GAAP Measures](index=11&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) This section provides reconciliations of GAAP to non-GAAP measures, including Net Operating Income (NOI), Same Store NOI, and Cash G&A, to enhance understanding of operational results - The company uses non-GAAP measures like Net Operating Income (NOI) to provide a performance measure that reflects revenues and expenses directly associated with owning and operating real estate properties[33](index=33&type=chunk)[34](index=34&type=chunk) [Net Operating Income (NOI)](index=11&type=section&id=Net%20Operating%20Income%20(NOI)) Total Operating Assets NOI for Q1 2024 increased to **$63.5 million**, while Total Seaport NOI showed a larger loss of **$17.5 million** Total Operating Assets NOI Reconciliation (in thousands) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Operating Assets segment EBT** | $(7,856) | $(6,300) | | **Operating Assets NOI** | $58,264 | $54,310 | | **Total Operating Assets NOI** | $63,486 | $59,170 | Total Seaport NOI Reconciliation (in thousands) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Seaport segment EBT** | $(28,032) | $(27,179) | | **Seaport NOI** | $(8,605) | $(5,585) | | **Total Seaport NOI** | $(17,507) | $(15,176) | [Same Store NOI - Operating Assets Segment](index=13&type=section&id=Same%20Store%20NOI%20-%20Operating%20Assets%20Segment) Total Same Store NOI for Operating Assets increased by **$4.7 million** to **$63.9 million** in Q1 2024, driven by growth in Office and Multi-family NOI Same Store NOI by Property Type (in thousands) | Property Type | Q1 2024 | Q1 2023 | $ Change | | :--- | :--- | :--- | :--- | | **Total Same Store Office** | $30,599 | $27,785 | $2,814 | | **Total Same Store Retail** | $14,572 | $14,733 | $(161) | | **Total Same Store Multi-family** | $16,117 | $14,444 | $1,673 | | **Total Same Store NOI** | $63,886 | $59,188 | $4,698 | [Cash G&A](index=14&type=section&id=Cash%20G%26A) Cash G&A for Q1 2024 significantly increased to **$29.1 million**, primarily due to **$9.2 million** in expenses related to the Seaport Entertainment spinoff Cash G&A Reconciliation (in thousands) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **General and administrative (G&A)** | $30,902 | $23,553 | | Less: Non-cash stock compensation | $(1,841) | $(3,443) | | **Cash G&A** | $29,061 | $20,110 | - G&A expense for Q1 2024 includes **$9.2 million** of expenses associated with the planned spinoff of Seaport Entertainment[44](index=44&type=chunk)