Core Insights - Howard Hughes Holdings Inc. reported record financial results across all segments for the year 2024, driven by strong performance in its Master Planned Communities (MPC) and Operating Assets segments [4][10][13] - The company anticipates continued momentum into 2025, with expectations for new full-year records in both MPC and Operating Assets segments [10][21] Full Year 2024 Highlights - Net income from continuing operations reached $285.2 million, or $5.73 per diluted share, a significant increase from $83.4 million, or $1.68 per diluted share in 2023, marking a 241% year-over-year growth [7][13] - Record MPC Earnings Before Taxes (EBT) of $349 million was achieved, supported by all-time high residential land sales revenues and an average price per acre of $990,000 [7][12] - Total Operating Assets Net Operating Income (NOI) reached $257 million, reflecting a 6% increase compared to 2023, with multifamily NOI increasing by 11% and office NOI by 5% [6][7][28] Fourth Quarter 2024 Highlights - The fourth quarter saw net income from continuing operations of $162.3 million, or $3.25 per diluted share, up from $52.8 million, or $1.06 per diluted share in the prior-year period [7][13] - MPC EBT for the fourth quarter was $57 million, driven by the sale of 60 residential acres at an average price of $909,000 per acre [5][12] - Total Operating Assets NOI for the quarter was $61 million, representing a 9% year-over-year increase, with significant contributions from retail, multifamily, and office sectors [6][7][28] Strategic Developments - The company successfully delivered and sold all 349 condominium units at Victoria Place, generating $778 million in revenues, with strong pre-sales of additional units in Hawai'i and Texas amounting to $870 million in future revenues [9][22] - The spinoff of Seaport Entertainment Group on July 31, 2024, has allowed the company to focus more on its real estate operations and MPC development [4][13] - Amendments to the State of Hawai'i rules are expected to provide potential for an additional 2.5 to 3.5 million gross square feet of residential entitlements in Ward Village, enhancing future development opportunities [9][22] Financing Activity - The company closed on $862 million of financings in 2024, including $680 million in construction loans for condominium projects and $168 million in refinancings [7][10] - A disciplined approach to capital allocation is expected to result in approximately $600 million in cash and cash equivalents by the end of 2025, excluding potential MUD receivable sales [10][27]
Howard Hughes Holdings Inc. Reports Fourth Quarter and Full Year 2024 Results