Howard Hughes (US:HHH)2024-11-05 17:41HHH Portfolio Highlights - Howard Hughes has 69 million square feet of office space and 29 million square feet of retail space[9] - Howard Hughes has 5,855 multi-family units and 2,697 condos closed[9] - Howard Hughes has 7 communities and 35,000 acres of raw land[9] - Howard Hughes has a 9% historical Yield on Cost (YOC) and an 18% historical Return on Equity (ROE)[9] Financial Performance and Guidance - Master Planned Communities (MPC) are expected to generate $330 million in EBT for 2024[12] - Strategic Developments, specifically condo sales, are projected to bring in $760 million in revenue for 2024[12] - Operating Assets are anticipated to achieve $257 million in NOI for 2024[12] - The company anticipates a mid-point of $330 million EBT for MPC in 2024, with a lower end of $255 million (-6% vs FY2023) and an upper end of -1% vs FY2023[61] - The company anticipates a mid-point of $257 million NOI for Operating Assets in 2024, with a lower end +5% vs FY2023 and an upper end +8% vs FY2023[79] Land Appreciation and Sales - The weighted average price per acre is $642,000, and total land sales revenue is $24 billion[27] - MPC Gross Asset Value has increased by 123% since 2017, reaching $39 billion in 2024 (excluding the value of Teravalis for comparison)[27]