Howard Hughes Holdings Inc. Reports Third Quarter 2026 Results

Vantage contributed $76.6 million in pretax income during its first full quarter within Howard Hughes.

Rhea-AI Summary

Howard Hughes Holdings (NYSE: HHH) reported a third-quarter 2026 net loss attributable to common stockholders of $1.1 million. This compares with net income of $119.5 million a year earlier; diluted earnings per share fell to a loss of $0.39 from income of $2.02. Revenue rose to $636.3 million from $390.2 million.

In its first full quarter within Howard Hughes, Vantage contributed $315.8 million in net earned insurance premiums and $76.6 million in pretax income, despite a reported underwriting loss. Master Planned Communities pretax earnings fell to $89.5 million from $205.0 million, while total Operating Assets net operating income rose 8% to $73.0 million. Two municipal utility district receivable sales generated $177.6 million in net cash proceeds and a $105.4 million GAAP loss. The company plans to shift real estate toward an asset-light development and asset management platform through selected asset sales and joint ventures.

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Positive

• Moderate pointThird-quarter revenue increased to $636.3 million from $390.2 million a year earlier.
• Moderate pointVantage contributed $315.8 million in net earned insurance premiums and $76.6 million in third-quarter pretax income.
• Moderate pointInsurance investment results included $22.7 million in net investment income and $50.9 million in net investment gains.
• Moderate pointTotal Operating Assets net operating income, including unconsolidated ventures, rose 8% year over year to $73.0 million.
• Moderate pointMunicipal utility district receivable sales generated $177.6 million in net cash proceeds for Howard Hughes Communities. 3.8% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.Asset-light transition planned through selected real estate asset sales and joint ventures.
• Moderate pointNine-month common-stockholder net income rose to $165.5 million from $117.9 million; diluted earnings increased to $2.53 from $2.15.
• Moderate pointCash and cash equivalents increased to $2.869 billion at September 30, 2026, from $1.469 billion at December 31, 2025.

2 minor points

• Minor pointAdVantage insurance-linked securities structure contributed $13.0 million in net fee income in the third quarter.
• Minor pointOperating Assets nine-month pretax earnings reached $17.2 million, versus a $14.5 million loss a year earlier.

Negative

• Moderate pointThird-quarter common-stockholder loss of $1.1 million compared with $119.5 million income; diluted EPS fell to negative $0.39 from $2.02.
• Moderate pointMaster Planned Communities quarterly pretax earnings fell to $89.5 million from $205.0 million, including a $19.4 million Floreo consolidation loss.
• Moderate pointMunicipal utility district receivable sales resulted in a $105.4 million GAAP loss. 2.2% of market cap
• Moderate pointThird-quarter operating income declined to $157.0 million from $189.6 million a year earlier.
• Moderate pointMortgages, notes and loans payable, net rose to $5.704 billion from $5.110 billion between December 31, 2025, and September 30, 2026.

5 minor points

• Minor pointReported underwriting loss was $5.7 million; excluding purchase accounting, underwriting income was $16.1 million.
• Minor pointInsurance losses included a single current large specialty-line loss, alongside $4.0 million of favorable prior-year development and no catastrophe losses.
• Minor pointOperating Assets quarterly pretax loss widened to $9.1 million from $7.2 million a year earlier.
• Minor pointThird-quarter interest expense increased to $50.1 million from $43.9 million a year earlier.
• Minor pointThird-quarter interest income declined to $7.6 million from $15.3 million a year earlier.

News Explained

For Vantage, the $5.7 million reported underwriting loss contrasts with $16.1 million of underwriting income excluding purchase-accounting adjustments; the combined ratio was 101.8% as reported and 94.9% without those adjustments.

Key Figures

Net loss attributable to common stockholders: $1.1 million Vantage net earned insurance premiums: $315.8 million Vantage income before income taxes: $76.6 million +5 more

Net loss attributable to common stockholders

$1.1 million

Third quarter 2026; compared with $119.5 million net income in the prior-year period

Vantage net earned insurance premiums

$315.8 million

Third quarter 2026

Vantage income before income taxes

$76.6 million

Third quarter 2026; includes purchase accounting impact

Reported underwriting loss

$5.7 million

Third quarter 2026

Underlying underwriting income

$16.1 million

Third quarter 2026; without purchase accounting adjustments

Master Planned Communities EBT

$89.5 million

Third quarter 2026; down $115.5 million from the prior-year period

Total Operating Assets NOI

$73.0 million

Third quarter 2026; up 8% from the prior-year period

MUD receivables sale GAAP loss

$105.4 million

Third quarter 2026; two sales generated $177.6 million in net cash proceeds

Previous Earnings Reports

1 past event · Latest: Aug 05

Same Type 1 event

1. Aug 05

   Quarterly earnings

   24h Move

   +3.6%

   Vantage contributed during only the June stub period, establishing a partial-quarter baseline before this full quarter.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

combined ratio, loss ratio, expense ratio, purchase accounting, +1 more

5 terms

combined ratio financial

"with a combined ratio of 101.8%"

The combined ratio is a way insurance companies measure how well they are doing by adding up all their costs and claims and comparing them to the money they earn from premiums. If the ratio is below 100%, it means the company is making a profit; if it's above 100%, they are losing money. It helps see if an insurance company is financially healthy or not.

loss ratio financial

"comprising a loss ratio of 63.5%"

Loss ratio is the percentage of an insurer’s collected premiums that is paid out to cover claims and related costs, showing how much of customer payments are used to settle losses. Investors treat it like a fuel-efficiency gauge for an insurance business—lower loss ratios suggest pricing and risk selection leave more room for profit, while consistently high ratios signal weak pricing, rising claims, or not enough money set aside, which can hurt returns.

expense ratio financial

"and an expense ratio of 38.3%"

The expense ratio is the annual fee a mutual fund or exchange-traded fund charges to cover its operating costs, shown as a percentage of the fund’s assets. Think of it like a yearly maintenance or subscription fee that quietly reduces your investment’s returns; even small differences matter over time because the fee compounds against your gains. Investors compare expense ratios to judge how much of their returns will be eaten by fund costs.

View in glossary

purchase accounting financial

"These results include the impact of purchase accounting."

Purchase accounting is the method used to record a company acquisition by treating the buyer as if it bought each asset and assumed each liability at their fair values on the purchase date. It matters to investors because this re‑valuation can create or change visible items like goodwill, cause future earnings to be lower or higher as costs are spread out, and alter balance sheet strength—much like re‑tagging items and debts after buying a house affects your net worth and monthly costs.

insurance-linked securities financial

"The AdVantage insurance-linked securities (ILS) structure"

Insurance-linked securities are financial products that let investors buy a share of the risk from insurance policies—typically covering disasters like hurricanes or large liability claims—so the investor bears some of the insurer’s losses in exchange for a return. They matter to investors because returns are often uncorrelated with stock and bond markets, offering portfolio diversification similar to owning a fire extinguisher in a house: it won’t make the house more valuable, but it reduces the chance of losing everything in a disaster.

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Vantage transition to HHH in full effect; Howard Hughes Communities® advances asset-light strategy for real estate development and asset management platform

THE WOODLANDS, Texas, Nov. 05, 2026 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE: HHH) (the “Company,” “HHH,” “Howard Hughes,” or “we”) today reported third quarter 2026 results as highlighted in the following paragraphs.

Third Quarter 2026 Highlights:

• Net loss attributable to common stockholders was $1.1 million for the quarter, compared to net income of $119.5 million in the prior-year period.
• Vantage posts solid results during first full quarter in Howard Hughes. Vantage contributed $315.8 million of net earned insurance premiums and $76.6 million of income before income taxes.
• Howard Hughes Communities (HHC) delivered Master Planned Communities (MPC) EBT of $89.5 million and Total Operating Assets Net Operating Income (NOI) of $73.0 million in the quarter. Further details and prior-year comparisons are presented in Financial Highlights below.
  

Financial Highlights

Insurance and Reinsurance

• Net earned insurance and reinsurance premiums were $315.8 million for the third quarter 2026.
• Reported underwriting loss was $5.7 million, with a combined ratio of 101.8%, comprising a loss ratio of 63.5% and an expense ratio of 38.3%. These results include the impact of purchase accounting. Without these adjustments, the underlying results represent underwriting income of $16.1 million, with a combined ratio of 94.9%.
• Losses included no catastrophe losses, and $4.0 million of favorable prior-year development, but were impacted by a single current large loss in a specialty line and purchase accounting adjustments resulting in a loss ratio for the quarter of 63.5%.
• The investment portfolio delivered net insurance investment income of $22.7 million and net investment gains of $50.9 million, representing the transition of the portfolio to one based on common equities and U.S. treasuries.
• The AdVantage insurance-linked securities (ILS) structure contributed $13.0 million in net fee income, resulting from the continued positive outcomes for recent property catastrophe business written in this structure.
• Income before income taxes was $76.6 million, including the impact of purchase accounting.

Real Estate

• MPC EBT of $89.5 million in the third quarter was down $115.5 million from $205.0 million in the prior-year period primarily due to bulk sale of 231 acres in Summerlin that occurred during the third quarter of 2025, as well as a $19.4 million loss associated with the consolidation of the Floreo joint venture.
• Pricing remained strong during the first nine months of 2026, with Howard Hughes Communities selling 307.7 residential acres at an average price of $1.2 million per acre and 9.8 commercial acres at an average price of $0.9 million per acre.
• Total Operating Assets NOI, including contributions from unconsolidated ventures, increased by $5.1 million, or 8% to a total of $73.0 million in the quarter compared to $67.9 million in the prior-year period.
• Closed on two sales of Municipal Utility District (MUD) receivables associated with Bridgeland and The Woodlands Hills that generated net cash proceeds to HHC of $177.6 million, resulting in a GAAP loss of $105.4 million.
• Announced intention to transition real estate model to an asset-light real estate development and asset management platform by monetizing select real estate assets through asset sales and joint ventures.
  

Conference Call & Webcast Information

Howard Hughes Holdings Inc. will host its third quarter 2026 earnings conference call on Friday, November 6, 2026, at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). A live webcast will be available in the Events & Webcast section of the Company’s investor relations website. Participants who wish to ask questions by telephone should preregister using HHH’s earnings call registration webpage. All registrants will receive dial-in information and a PIN allowing them to access the live call. An on-demand replay of the earnings call will be available on the Company’s website immediately after the call for a period of one year.

About Howard Hughes Holdings Inc.

Howard Hughes Holdings Inc. (NYSE: HHH) is a diversified holding company focused on growing long-term shareholder value. Its principal subsidiaries are Vantage Group Holdings, a leading specialty insurance, reinsurance, and partnership capital platform, and Howard Hughes Communities™, one of the nation’s leading real estate platforms. HHH brings together long-duration capital, high-quality operating businesses, and disciplined capital allocation to build long-term value. For additional information visit www.howardhughes.com.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (Exchange Act). We intend these statements to be covered by the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements give our current expectations relating to our financial condition, results of operations, plans, objectives, future performance, or business, and are not guarantees of performance. These statements may include words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “may,” “plan,” “project,” “realize,” “should,” “transform,” “will,” “would,” and other statements of similar expression. Forward-looking statements should not be relied upon, and actual results may differ materially from those contemplated by such forward-looking statements. Many of these factors are beyond the Company’s ability to control or predict, some of which include: (i) our ability to transition our real estate business into an asset-light real estate asset management platform on the time frame we anticipate or at all, including our ability to raise third-party capital on terms that are favorable to us or at all, and our increasing dependence on Vantage; (ii) our ability to monetize our real estate assets through asset sales and joint ventures at the values, on the terms, and within the time frame we anticipate, or at all, and to redeploy the resulting proceeds into Vantage; (iii) our ability to realize the anticipated benefits of the transactions with Pershing Square and to identify and consummate transactions as part of our strategy of becoming a diversified holding company; (iv) our ability to integrate Vantage’s insurance and reinsurance business into our operations, and realize the financial and strategic benefits currently anticipated from such acquisition; (v) risks related to our continued operations of Vantage’s insurance and reinsurance business; (vi) Vantage’s ability to accurately assess underwriting risk and establish adequate premium rates; (vii) our dependence on the operations and funds of our subsidiaries, including The Howard Hughes Corporation and Vantage; and (viii) other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in our other reports and other public filings with the SEC, including the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2026. Copies of each filing may be obtained from the Company or the Securities and Exchange Commission.   Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements unless otherwise required by law.

Non-GAAP Financial Measures

As discussed throughout this release, we use certain non-GAAP performance measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer companies more meaningful. We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP performance measures to determine how best to provide relevant information to the public, and thus such reported measures could change. Non-GAAP financial measures should not be considered independently, or as a substitute, for financial information presented in accordance with GAAP. A non-GAAP financial measure used throughout this release is net operating income (NOI). We provide a more detailed discussion about this non-GAAP measure and a reconciliation to the most directly comparable GAAP measure in the appendix to this earnings release. The financial statements, exhibits, and Supplemental Information referenced in this release are available in the attached Appendix and through the Investors section of our website.

Investor Relations:

investorrelations@howardhughes.com
281-929-7700

Media Relations:

press@howardhughes.com
281-929-7700

HOWARD HUGHES HOLDINGS INC. CONSOLIDATED STATEMENTS OF OPERATIONS UNAUDITED
	Three Months Ended September 30,								Nine Months Ended September 30,
thousands except per share amounts		2026				2025				2026				2025
REVENUES
Condominium rights and unit sales	$	6,189			$	142			$	715,634			$	677
Master Planned Communities land sales		133,657				248,467				404,166				445,150
Rental revenue		115,852				111,377				343,599				330,882
Net earned insurance premiums		315,849				—				413,096				—
Net insurance investment income		22,678				—				33,666				—
Builder price participation		11,366				16,012				26,916				39,437
Other revenues		30,705				14,237				57,463				34,297
Total revenues		636,296				390,235				1,994,540				850,443
EXPENSES
Condominium rights and unit cost of sales		5,414				59				583,937				1,112
Master Planned Communities cost of sales		46,242				78,280				140,041				148,672
Operating costs		56,000				45,940				163,756				147,247
Rental property real estate taxes		13,649				15,630				44,675				46,294
Insurance claims and claim expenses		200,551				—				255,761				—
Insurance underwriting expenses		120,973				—				158,354				—
Provision for (recovery of) doubtful accounts		206				(345	)			270				41
General and administrative		28,802				28,281				90,696				85,269
Depreciation and amortization		51,550				46,381				156,799				135,845
Other expenses		12,061				3,332				22,126				12,402
Total expenses		535,448				217,558				1,616,415				576,882
OTHER
Gain (loss) on sale or disposal of real estate and other assets, net		6,582				14,449				58,382				29,834
Investment gain (loss), net		50,915				—				12,637				—
Other income (loss), net		(1,375	)			2,445				(1,908	)			1,963
Total other		56,122				16,894				69,111				31,797
Operating income (loss)		156,970				189,571				447,236				305,358
Interest income		7,593				15,287				36,059				31,736
Interest expense		(50,111	)			(43,856	)			(137,713	)			(128,644	)
Gain (loss) on extinguishment of debt		(429	)			(173	)			(11,068	)			(480	)
Gain (loss) on sale of Municipal Utility District (MUD) receivables		(105,362	)			—				(105,917	)			(48,197	)
Equity in earnings (losses) from unconsolidated ventures		(7,529	)			(2,529	)			(9,868	)			(3,096	)
Income (loss) before income taxes		1,132				158,300				218,729				156,677
Income tax expense (benefit)		1,503				38,898				54,078				38,513
Net income (loss)		(371	)			119,402				164,651				118,164
Net (income) loss attributable to noncontrolling interests		(716	)			106				853				(267	)
Net income (loss) attributable to common stockholders	$	(1,087	)		$	119,508			$	165,504			$	117,897
Basic income (loss) per share	$	(0.02	)		$	2.03			$	2.81			$	2.16
Diluted income (loss) per share	$	(0.39	)		$	2.02			$	2.53			$	2.15

HOWARD HUGHES HOLDINGS INC. CONSOLIDATED BALANCE SHEETS UNAUDITED
thousands except par values and share amounts	September 30, 2026				December 31, 2025
ASSETS
Master Planned Communities assets	$	2,948,512			$	2,635,077
Buildings and equipment		4,071,990				4,028,862
Less: accumulated depreciation		(1,147,577	)			(1,082,124	)
Land		323,754				307,625
Developments		1,158,230				1,477,615
Net investment in real estate		7,354,909				7,367,055
Investments in fixed maturity securities		11,036				—
Investments in equity securities		1,263,521				—
Short-term investments		27,761				—
Investments in unconsolidated ventures		121,022				170,122
Cash and cash equivalents		2,868,758				1,468,507
Restricted cash		873,032				628,651
Accounts receivable, net		883,267				134,122
Municipal district receivables, net		444,017				459,729
Reinsurance recoverable on paid and unpaid losses		630,049				—
Deferred expenses, net		217,467				160,966
Intangibles, net		512,475				34,658
Goodwill		282,218				2,336
Other assets, net		829,514				213,315
Total assets	$	16,319,046			$	10,639,461
LIABILITIES
Mortgages, notes, and loans payable, net	$	5,703,949			$	5,109,828
Reserves for claims and claim expenses		2,262,306				—
Unearned premiums		1,358,785				—
Deferred tax liabilities, net		225,783				164,472
Other liabilities, net		1,694,218				1,522,915
Total liabilities		11,245,041				6,797,215
MEZZANINE EQUITY
Series A non-voting exchangeable perpetual preferred stock: $0.01 par value; 140,000 shares issued and outstanding as of September 30, 2026, and none issued or outstanding as of December 31, 2025		995,653				—
EQUITY
Preferred stock: $0.01 par value; 50,000,000 shares authorized; 140,000 shares designated as Series A Preferred Stock; no other shares issued or outstanding		—				—
Common stock: $0.01 par value; 150,000,000 shares authorized, 66,314,259 issued, and 59,717,775 outstanding as of September 30, 2026, and 65,910,640 shares issued, and 59,370,353 outstanding as of December 31, 2025		663				659
Additional paid-in capital		4,483,276				4,458,838
Retained earnings (accumulated deficit)		103,408				(62,096	)
Accumulated other comprehensive income (loss)		10,057				(1,827	)
Treasury stock, at cost, 6,596,484 shares as of September 30, 2026, and 6,540,287 shares as of December 31, 2025		(624,592	)			(620,118	)
Total stockholders' equity		3,972,812				3,775,456
Noncontrolling interests		105,540				66,790
Total equity		4,078,352				3,842,246
Total liabilities, mezzanine equity, and equity	$	16,319,046			$	10,639,461

Segment Earnings Before Taxes (EBT)

Howard Hughes Communities has three real estate business segments, Operating Assets, MPC, and Strategic Developments. EBT, as it relates to each business segment, includes the revenues and expenses of each segment, as shown below. EBT excludes corporate expenses and other items that are not allocable to the segments.

	Three Months Ended September 30,												Nine Months Ended September 30,
thousands		2026				2025			$ Change					2026				2025			$ Change
Operating Assets Segment EBT
Total revenues	$	121,611			$	117,182			$	4,429			$	360,773			$	347,630			$	13,143
Total operating expenses		(48,524	)			(51,713	)			3,189				(149,969	)			(149,997	)			28
Segment operating income (loss)		73,087				65,469				7,618				210,804				197,633				13,171
Depreciation and amortization		(43,503	)			(43,411	)			(92	)			(141,109	)			(128,839	)			(12,270	)
Interest income (expense), net		(39,284	)			(34,006	)			(5,278	)			(110,664	)			(102,397	)			(8,267	)
Other income (loss), net		72				363				(291	)			(436	)			801				(1,237	)
Equity in earnings (losses) from unconsolidated ventures		531				135				396				7,202				4,453				2,749
Gain (loss) on sale or disposal of real estate and other assets, net		429				4,385				(3,956	)			52,229				14,363				37,866
Gain (loss) on extinguishment of debt		(429	)			(173	)			(256	)			(842	)			(480	)			(362	)
Operating Assets segment EBT	$	(9,097	)		$	(7,238	)		$	(1,859	)		$	17,184			$	(14,466	)		$	31,650
Master Planned Communities Segment EBT
Total revenues	$	149,825			$	271,575			$	(121,750	)		$	443,846			$	499,730			$	(55,884	)
Total operating expenses		(62,439	)			(83,172	)			20,733				(180,706	)			(179,071	)			(1,635	)
Segment operating income (loss)		87,386				188,403				(101,017	)			263,140				320,659				(57,519	)
Depreciation and amortization		(266	)			(110	)			(156	)			(441	)			(309	)			(132	)
Interest income (expense), net		24,366				19,414				4,952				70,090				54,307				15,783
Other income (loss), net		—				19				(19	)			1,860				54				1,806
Equity in earnings (losses) from unconsolidated ventures		(22,010	)			(2,721	)			(19,289	)			(26,114	)			(7,780	)			(18,334	)
Gain (loss) on sale or disposal of real estate and other assets, net		—				—				—				—				3,750				(3,750	)
MPC segment EBT	$	89,476			$	205,005			$	(115,529	)		$	308,535			$	370,681			$	(62,146	)
Strategic Developments Segment EBT
Total revenues	$	7,244			$	1,460			$	5,784			$	719,083			$	3,028			$	716,055
Total operating expenses		(10,114	)			(4,627	)			(5,487	)			(601,189	)			(14,179	)			(587,010	)
Segment operating income (loss)		(2,870	)			(3,167	)			297				117,894				(11,151	)			129,045
Depreciation and amortization		(2,380	)			(1,988	)			(392	)			(6,505	)			(4,222	)			(2,283	)
Interest income (expense), net		4,558				4,311				247				13,629				13,590				39
Other income (loss), net		(1,591	)			2,066				(3,657	)			(2,480	)			936				(3,416	)
Equity in earnings (losses) from unconsolidated ventures		13,950				57				13,893				9,044				231				8,813
Gain (loss) on sale or disposal of real estate and other assets, net		6,153				10,064				(3,911	)			6,153				11,721				(5,568	)
Strategic Developments segment EBT	$	17,820			$	11,343			$	6,477			$	137,735			$	11,105			$	126,630

Appendix – Reconciliation of Non-GAAP Measures

Below are GAAP to non-GAAP reconciliations of certain financial measures, as required under Regulation G promulgated by the Securities and Exchange Commission. Non-GAAP information should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. The non-GAAP financial information presented may be determined or calculated differently by other companies and may not be comparable to similarly titled measures.

Net Operating Income (NOI)

We define NOI as operating revenues (rental income, tenant recoveries, and other revenue) less operating expenses (real estate taxes, repairs and maintenance, marketing, and other property expenses). NOI excludes straight-line rents and amortization of tenant incentives, net; interest expense, net; ground rent amortization; demolition costs; other income (loss); depreciation and amortization; development-related marketing costs; gain on sale or disposal of real estate and other assets, net; loss on extinguishment of debt; provision for impairment; and equity in earnings from unconsolidated ventures. This amount is presented as Operating Assets NOI throughout this document. Total Operating Assets NOI represents NOI as defined above with the addition of our share of NOI from unconsolidated ventures.

We believe that NOI is a useful supplemental measure of the performance of our Operating Assets segment because it provides a performance measure that reflects the revenues and expenses directly associated with owning and operating real estate properties. We use NOI to evaluate our operating performance on a property-by-property basis because NOI allows us to evaluate the impact that property-specific factors such as rental and occupancy rates, tenant mix, and operating costs have on our operating results, gross margins, and investment returns.

A reconciliation of segment EBT to NOI for Operating Assets is presented in the table below:

	Three Months Ended September 30,												Nine Months Ended September 30,
thousands		2026				2025			$ Change					2026				2025			$ Change
Operating Assets Segment
Total revenues	$	121,611			$	117,182			$	4,429			$	360,773			$	347,630			$	13,143
Total operating expenses		(48,524	)			(51,713	)			3,189				(149,969	)			(149,997	)			28
Segment operating income (loss)		73,087				65,469				7,618				210,804				197,633				13,171
Depreciation and amortization		(43,503	)			(43,411	)			(92	)			(141,109	)			(128,839	)			(12,270	)
Interest income (expense), net		(39,284	)			(34,006	)			(5,278	)			(110,664	)			(102,397	)			(8,267	)
Other income (loss), net		72				363				(291	)			(436	)			801				(1,237	)
Equity in earnings (losses) from unconsolidated ventures		531				135				396				7,202				4,453				2,749
Gain (loss) on sale or disposal of real estate and other assets, net		429				4,385				(3,956	)			52,229				14,363				37,866
Gain (loss) on extinguishment of debt		(429	)			(173	)			(256	)			(842	)			(480	)			(362	)
Operating Assets segment EBT		(9,097	)			(7,238	)			(1,859	)			17,184				(14,466	)			31,650
Add back:
Depreciation and amortization		43,503				43,411				92				141,109				128,839				12,270
Interest (income) expense, net		39,284				34,006				5,278				110,664				102,397				8,267
Equity in (earnings) losses from unconsolidated ventures		(531	)			(135	)			(396	)			(7,202	)			(4,453	)			(2,749	)
(Gain) loss on sale or disposal of real estate and other assets, net		(429	)			(4,385	)			3,956				(52,229	)			(14,363	)			(37,866	)
(Gain) loss on extinguishment of debt		429				173				256				842				480				362
Impact of straight-line rent		(2,070	)			(196	)			(1,874	)			(5,707	)			(1,729	)			(3,978	)
Other		(61	)			(66	)			5				524				(261	)			785
Operating Assets NOI		71,028				65,570				5,458				205,185				196,444				8,741
Company's share of NOI from equity investments		1,964				2,295				(331	)			6,181				6,242				(61	)
Distributions from Summerlin Hospital investment		—				—				—				5,318				5,605				(287	)
Company's share of NOI from unconsolidated ventures		1,964				2,295				(331	)			11,499				11,847				(348	)
Total Operating Assets NOI	$	72,992			$	67,865			$	5,127			$	216,684			$	208,291			$	8,393

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Howard Hughes Holdings' third-quarter 2026 earnings?

Howard Hughes reported a $1.1 million net loss attributable to common stockholders, compared with $119.5 million in net income a year earlier. Diluted loss per share was $0.39, versus diluted earnings of $2.02 per share. Revenue increased to $636.3 million from $390.2 million.

Why did Howard Hughes' Master Planned Communities earnings decline in the third quarter of 2026?

The company attributed the decline primarily to a 231-acre Summerlin bulk sale in the third quarter of 2025 and a $19.4 million loss associated with consolidating the Floreo joint venture. Master Planned Communities pretax earnings fell to $89.5 million from $205.0 million.

How did purchase accounting affect Vantage's third-quarter 2026 underwriting results?

Vantage reported a $5.7 million underwriting loss and a 101.8% combined ratio, which measures claims and underwriting expenses against earned premiums. Excluding purchase accounting adjustments, underwriting income was $16.1 million and the combined ratio was 94.9%.

What land prices did Howard Hughes Communities achieve during the first nine months of 2026?

Howard Hughes Communities sold 307.7 residential acres at an average $1.2 million per acre during the first nine months of 2026. It also sold 9.8 commercial acres at an average $0.9 million per acre.