Howard Hughes (US:HHH)2025-05-08 09:15Strategic Transaction & Company Overview - Pershing Square invested $900 million in HHH, purchasing 9 million newly issued shares at $100 per share, representing a 48% premium[12] - Pershing Square's beneficial ownership increased to approximately 469%, with voting power capped at 40% and beneficial ownership limited to 47%[12] - Howard Hughes is described as the country's premier developer of large-scale master planned communities[16] Financial Performance & Segments - The company's 2024 Master Planned Communities (MPC) EBT was $349 million[18] - The 2024 Adjusted Condo Gross Profit was $211 million[20] - The 2024 Operating Assets NOI was $257 million[23] - The company anticipates a new record for MPC EBT in 2025, with a mid-point guidance of $375 million, representing a 5% to 10% increase compared to FY 2024[85] - The company's operating assets segment has $264 million of In-Place NOI with $353 million expected at stabilization[103] Master Planned Communities (MPCs) - HHH's land bank includes approximately 34,000 acres of future development[93] - The Woodlands has 762 remaining residential and commercial acres, Bridgeland has 2,433, Summerlin has 2,887, and Teravalis has 27,523[55, 57, 59, 61] Strategic Developments - Ward Village - Ward Village has generated $63 billion in revenues from 4,884 units closed and under contract across 7 completed towers[151] - New condo developments underway in Ward Village represent $24 billion of future contracted revenue[157]