Howard Hughes Holdings (NYSE: HHH) posts 2025 results and $2.1B Vantage acquisition plan
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Howard Hughes Holdings Inc. reported full-year 2025 net income from continuing operations of
Master Planned Communities delivered record EBT of
Positive
- None.
Negative
- None.
Insights
Core real estate is strong, while a major strategic pivot adds complexity.
Howard Hughes posted mixed 2025 results: headline net income fell to
The company is redefining itself as a diversified holding company. It agreed to buy Vantage Group Holdings for about
For 2026, management guides Adjusted Operating Cash Flow of
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 19, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of principal executive offices)
Registrant’s telephone number, including area code: (281) 719-6100
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class: | Trading Symbol(s) | Name of each exchange on which registered: | |||||||||||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On February 19, 2026, Howard Hughes Holdings Inc. (the “Company”) issued a press release announcing the Company’s financial results for the fourth quarter ended December 31, 2025. A copy of this press release is attached hereto as Exhibit 99.1.
The information contained in this Current Report on Form 8-K pursuant to this “Item 2.02 Results of Operations and Financial Condition” is being furnished. This information shall not be deemed to be filed for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section or shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, unless specifically identified therein as being incorporated by reference.
Item 7.01 Regulation FD Disclosure.
On February 19, 2026, the Company issued supplemental information for the fourth quarter ended December 31, 2025. The supplemental information contains key information about the Company. The supplemental information is attached hereto as Exhibit 99.2 and has been posted on our website at www.howardhughes.com under the “Investors” tab.
The information contained in this Current Report on Form 8-K pursuant to this “Item 7.01 Regulation FD Disclosure” is being furnished. This information shall not be deemed to be filed for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section or shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, unless specifically identified therein as being incorporated by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |||||||
| 99.1 | Press release dated February 19, 2026, announcing the Company’s financial results for the quarter and full year ended December 31, 2025 | |||||||
| 99.2 | Supplemental information for the quarter ended December 31, 2025 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| HOWARD HUGHES HOLDINGS INC. | |||||||||||
| By: | /s/ David O'Reilly | ||||||||||
| David O'Reilly | |||||||||||
| Chief Executive Officer | |||||||||||
Date: February 19, 2026
Exhibit 99.1
HOWARD HUGHES HOLDINGS INC. REPORTS FOURTH QUARTER
AND FULL YEAR 2025 RESULTS
Record performance in MPC and Operating Assets segments drive strong full year results as HHH begins new era as diversified holding company
THE WOODLANDS, Texas, February 19, 2026 – Howard Hughes Holdings Inc. (NYSE: HHH) (the “Company,” “HHH,” “Howard Hughes,” or “we”) today announced operating results for the fourth quarter ended December 31, 2025. The financial statements, exhibits, and reconciliations of non-GAAP measures in the attached Appendix and the Supplemental Information at Exhibit 99.2 provide further detail of these results.
Full Year 2025 Highlights:
–Net income from continuing operations of $123.8 million, or $2.21 per diluted share, in 2025, compared to $285.2 million, or $5.73 per diluted share, in 2024
–Announced an agreement to acquire 100% of Vantage Group Holdings Ltd. (Vantage), a privately held leading specialty insurance and reinsurance company, for approximately $2.1 billion, marking a significant step in transforming Howard Hughes into a diversified holding company
–Adjusted Operating Cash Flow of $446 million or $7.97 per diluted share compared to $535 million or $10.71 per diluted share in the prior-year period
–Contracted $1.6 billion of future condo revenue, primarily through the pre-sale of 220 condominium units at Melia and ‘Ilima—the 12th and 13th condominium developments at Ward Village®
–Generated Master Planned Communities (MPC) EBT of $476 million, driven by the sale of 621 residential acres at an average price of $890,000 per acre
–Total Operating Assets Net Operating Income (NOI) increased 8% year-over-year to $276 million, led by robust office and multifamily results
–Strong liquidity position with $1.5 billion in cash and cash equivalents and $1.2 billion of undrawn lender commitments available to be drawn for property development
Fourth Quarter 2025 Highlights:
–Net income from continuing operations was $5.7 million, or $0.10 per diluted share in the quarter, compared to net income from continuing operations of $162.3 million, or $3.25 per diluted share, in the fourth quarter of 2024
–Adjusted Operating Cash Flow of $93 million or $1.57 per diluted share
–Generated MPC EBT of $105 million, driven by the sale of 91 residential acres at an average price of $653,000 per acre
–Total Operating Assets Net Operating Income (NOI) increased 11% year-over-year to $68 million, led by robust office and retail results
–Contracted to sell 28 condo units representing approximately $92 million of future condo revenue
–Celebrated the grand opening of Teravalis™, a 37,000-acre master planned community in the Phoenix West Valley, marked by the opening of its inaugural village, Floreo
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“Howard Hughes delivered outstanding full-year results in 2025 as we transform HHH into a diversified holding company, building upon our highly successful, cash-generative real estate platform,” said Bill Ackman, Executive Chairman of Howard Hughes. "The year marked a defining inflection point with Pershing Square’s $900 million investment in HHH and our agreement to acquire the Vantage Group Holdings insurance business. These transactions broaden Howard Hughes’ strategic reach and establish a foundation for compounding long-term shareholder value across multiple platforms while maintaining our disciplined approach to capital allocation.”
“Howard Hughes Communities continues to be the nation’s leading real estate platform, with record NOI in 2025 demonstrating once again how exceptional quality drives premium land values and robust market demand across our communities,” said David R. O’Reilly, Chief Executive Officer of Howard Hughes. “Our MPC, Operating Assets, and Strategic Development segments remain significant growth drivers as we execute across our development pipeline and unlock substantial value for shareholders. In addition, the recent announcement of Toro District in Bridgeland further demonstrates the embedded value within our land positions and our ability to activate those assets through strategic public-private partnerships that enhance long-term recurring revenue potential.”
Financial Highlights
MPC
Full Year
–MPC EBT reached an all-time high of $476.1 million, increasing 36% compared to $349.1 million in the prior year.
–Residential land sales totaled 621 acres in 2025, compared to 445 acres in the prior year, including 415 acres sold in Summerlin®, 177 acres sold in Bridgeland®, and 28 acres sold in The Woodlands Hills®.
–In Summerlin, land sales included a bulk sale of 231 acres at an average price of $434,000 per acre. Excluding the bulk sale, residential land sales included seven superpad sales totaling 181 acres at a record price of approximately $1.7 million per acre and three custom lots at an average price of approximately $7.6 million per acre.
–New homes sold across our communities totaled 1,936 units in 2025, with Summerlin and Bridgeland ranking #10 and #11, respectively, in the RCLCO’s annual list of top-selling master planned communities.
Fourth Quarter
–MPC EBT totaled $105.4 million in the fourth quarter, increasing 85% compared to $56.9 million in the prior-year period, primarily driven by residential land sales at Bridgeland.
–During the quarter, 91 residential acres were sold across Bridgeland and The Woodlands Hills, compared to 60 acres in the prior-year period, generating $59.3 million of MPC land sales at an average price of $653,000 per acre.
–New homes sold across our communities totaled 477 units during the quarter. While volumes declined modestly compared to the prior-year period, demand for our residential land remained strong, supporting continued pricing strength and long-term value creation across our MPCs.
Operating Assets
Full Year
–Total Operating Assets NOI, including the contribution from unconsolidated ventures, was $276.3 million—a new full-year record representing a $19.3 million or 8% year-over-year increase.
–Office delivered record NOI in 2025, increasing 11% year-over-year, primarily due to strong lease-up activity and abatement expirations in The Woodlands, Merriweather District, and Summerlin. In 2025, the Company executed 484,000 square feet of new or expanded office leases including 334,000 square feet in The Woodlands, 88,000 square feet in Merriweather District, and 62,000 square feet in Summerlin.
–Multifamily contributed record NOI and increased 7% year-over-year, predominantly due to strong lease-up across our stabilized portfolio, including Tanager Echo in Summerlin, Wingspan in Bridgeland, and Marlow at Merriweather District.
–Retail NOI increased 2% year-over-year primarily due to higher achieved rents at Downtown Summerlin and continued lease up of newly delivered assets, most notably the Whole Foods-anchored retail center in Summerlin and Village Green at Bridgeland Central®.
Fourth Quarter
–Total Operating Assets NOI, including the contribution from unconsolidated ventures, was $68.0 million in the quarter, representing a $6.8 million or 11% improvement compared to $61.2 million in the prior year.
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–Office NOI of $36.1 million increased 24% year-over-year primarily due to strong leasing activity and abatement expirations at various properties in The Woodlands, Merriweather District, and Summerlin—most notably at 9950 Woodloch Forest, 6100 Merriweather, 1700 Pavilion, Three Hughes Landing, and 1201 Lake Robbins. During the quarter, we executed new or expanded office leases totaling 101,000 square feet. At quarter end, our stabilized office portfolio was 88% leased.
–Retail NOI of $14.2 million increased 9% year-over-year primarily due to strong tenant sales at Downtown Summerlin and continued lease up at various properties across our portfolio. At quarter end, our stabilized retail portfolio was 92% leased.
–Multifamily NOI of $13.8 million decreased 8% year-over-year. The decrease was primarily due to higher operating expenses and taxes, most notably at our recently completed development projects including 1 Riva Row, Wingspan, and Marlow. At quarter end, the stabilized multifamily portfolio was 93% leased.
Strategic Developments
Full Year
–In Hawaiʻi, the Company contracted to sell 287 condominium units representing approximately $1.6 billion in future revenue. The majority of these pre-sales occurred at Melia and ‘Ilima, which contracted 220 units during the year, and at The Launiu, which contracted 63 units. At year end, the predevelopment condominiums of Melia and ‘Ilima were 60% pre-sold, and The Launiu was 71% pre-sold. Additionally, the condominiums under construction include The Park Ward Village® at 97% pre-sold, and Kalae® at 93% pre-sold.
–In Texas, the Company pre-sold six additional units at The Ritz-Carlton Residences, The Woodlands, representing approximately $43.3 million in future condo revenue, bringing the development project to 76% pre-sold at year end. The units remaining are being selectively held off the market in an effort to capture incremental value when the project nears completion.
–The Company broke ground on Memorial Hermann Medical Office, a 51,000-square-foot, build-to-suit facility in Bridgeland, representing the first phase of approximately one million square feet of planned medical facilities within the master planned community.
Fourth Quarter
–Contracted to sell 26 condominium units in Hawaiʻi representing $84.2 million in future condo revenue, including 12 units at Melia and ‘Ilima, and 14 units at The Launiu. Pre-sale activity at our condominium projects under construction, The Park Ward Village and Kalae, was unchanged during the quarter.
–Pre-sold two additional units at The Ritz-Carlton Residences, The Woodlands, representing approximately $7.4 million in future condo revenue.
–Completed construction of 1 Riva Row—a 268-unit luxury high rise multifamily development in The Woodlands, which is expected to generate approximately $9.9 million of incremental annual NOI upon stabilization.
–Closed on Ulana at Ward Village, a workforce housing development, completing the sale of 690 condo units at an expected break-even gross margin.
Financing Activity
Fourth Quarter
–Extended the Tanager Echo construction loan to an initial maturity in December 2031, with proceeds from refinancing of $10.6 million. The loan extension will bear interest at 5.23% compared to the previous rate of SOFR + 2.94%.
–Extended the Merriweather Row loan through a renewal, extension, and modification agreement to an initial maturity in December 2028. The transaction included a $13.4 million paydown of the outstanding loan balance and resulted in the One Mall North property being unencumbered from the financing.
–Subsequent to the quarter, 10285 Lakefront Medical Office exercised the first extension option to extend its maturity from March 2026 to March 2027.
–Subsequent to year end, on February 17, 2026, Howard Hughes Corporation (HHC), the Company’s wholly owned subsidiary, issued $500.0 million of 5.875% senior unsecured notes due 2032 and $500.0 million of 6.125% senior unsecured notes due 2034. HHC used the net proceeds to redeem its outstanding $750.0 million 5.375% senior unsecured notes due 2028, including premiums, accrued and unpaid interest and related expenses, and will use the remaining proceeds for general corporate purposes.
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Full Year 2026 Guidance
As Howard Hughes transitions into a diversified holding company, our reporting framework will evolve accordingly. Following the anticipated closing of the Vantage transaction, our earnings base will reflect both real estate and insurance platforms with fundamentally different economic characteristics. Over time, we intend to move from traditional annual segment-based guidance toward longer-term segment objectives aligned with how we manage capital internally.
We expect to continue providing detailed disclosure on our real estate operations, including MPC activity, operating asset performance, and condominium progress. Following the close of the Vantage acquisition, we will introduce appropriate insurance-specific metrics and reporting to enable investors to assess the performance and risk profile of that business independently. While near-term results may reflect increased variability as we integrate new platforms, our objective remains unchanged: to compound intrinsic value per share through disciplined capital allocation, prudent risk management, and a long-term ownership mindset.
Given that the Vantage transaction is still pending, we are providing the following expectations related to our 2026 performance for Howard Hughes Communities:
–Adjusted Operating Cash Flow is expected to range between $415 million and $465 million in 2026, with an implied mid-point of approximately $440 million.
–MPC EBT is expected to normalize in 2026 following a record year of land sales in 2025, which included outsized superpad sales in Summerlin. We expect 2026 MPC EBT to range between $343 million and $391 million, with an implied mid-point of approximately $367 million. Excluding the superpad sale in Summerlin referenced earlier, our 2026 guidance is essentially flat relative to 2025.
–Operating Assets NOI, including contributions from unconsolidated ventures, is expected range between $279 million and $290 million, with a mid-point of approximately $284 million.
–Condominium sales revenue is expected to range between $720 million and $750 million in 2026, with a gross profit of approximately $108 million to $128 million. Condominium closings during the year are expected to be driven primarily by The Park Ward Village, which was over 97% under contract as of year-end 2025.
–Cash G&A is expected to range between $82 million and $92 million in 2026, or a mid-point of approximately $87 million, excluding non-cash stock-based compensation and quarterly variable fees paid to Pershing Square.
Conference Call & Webcast Information
Howard Hughes Holdings Inc. will host its fourth quarter 2025 earnings conference call on Friday, February 20, 2026, at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). Please visit the Howard Hughes website to listen to the earnings call via a live webcast. For listeners who wish to participate in the question-and-answer session via telephone, please 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.
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We are primarily focused on creating shareholder value by increasing our per-share value creation and long-term cash generation. Often, the nature of our business results in short-term volatility in our net income due to the timing of MPC land sales, recognition of condominium revenue and operating business pre-opening expenses, and, as such, we believe the following metrics summarized below are most useful in tracking our progress towards net asset value creation.
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
| $ in thousands | 2025 | 2024 | $ Change | % Change | 2025 | 2024 | $ Change | % Change | |||||||||||||||||||||||||||||||||
Operating Assets NOI (1) | |||||||||||||||||||||||||||||||||||||||||
| Office | $ | 36,081 | $ | 28,993 | $ | 7,088 | 24 | % | $ | 138,173 | $ | 124,594 | $ | 13,579 | 11 | % | |||||||||||||||||||||||||
| Retail | 14,230 | 13,027 | 1,203 | 9 | % | 55,132 | 54,163 | 969 | 2 | % | |||||||||||||||||||||||||||||||
| Multifamily | 13,838 | 15,000 | (1,162) | (8) | % | 62,694 | 58,827 | 3,867 | 7 | % | |||||||||||||||||||||||||||||||
| Other | 1,392 | 1,459 | (67) | (5) | % | 5,986 | 6,153 | (167) | (3) | % | |||||||||||||||||||||||||||||||
| Dispositions (a) | — | 432 | (432) | (100) | % | — | 1,718 | (1,718) | (100) | % | |||||||||||||||||||||||||||||||
| Operating Assets NOI | 65,541 | 58,911 | 6,630 | 11 | % | 261,985 | 245,455 | 16,530 | 7 | % | |||||||||||||||||||||||||||||||
| Company's share of NOI from unconsolidated ventures | 2,456 | 2,288 | 168 | 7 | % | 14,303 | 11,552 | 2,751 | 24 | % | |||||||||||||||||||||||||||||||
| Total Operating Assets NOI | $ | 67,997 | $ | 61,199 | $ | 6,798 | 11 | % | $ | 276,288 | $ | 257,007 | $ | 19,281 | 8 | % | |||||||||||||||||||||||||
| Projected stabilized NOI Operating Assets ($ in millions) | $ | 360.5 | $ | 352.2 | $ | 8.3 | 2 | % | |||||||||||||||||||||||||||||||||
| MPC | |||||||||||||||||||||||||||||||||||||||||
| Acres Sold - Residential | 91 | 60 | 31 | 52 | % | 621 | 445 | 176 | 40 | % | |||||||||||||||||||||||||||||||
| Acres Sold - Commercial | 30 | 10 | 20 | NM | 30 | 14 | 16 | 114 | % | ||||||||||||||||||||||||||||||||
| Price Per Acre - Residential | $ | 653 | $ | 909 | $ | (256) | (28) | % | $ | 890 | $ | 990 | $ | (100) | (10) | % | |||||||||||||||||||||||||
| Price Per Acre - Commercial | $ | 670 | $ | 218 | $ | 452 | NM | $ | 670 | $ | 369 | $ | 301 | 82 | % | ||||||||||||||||||||||||||
| MPC EBT | $ | 105,421 | $ | 56,890 | $ | 48,531 | 85 | % | $ | 476,102 | $ | 349,134 | $ | 126,968 | 36 | % | |||||||||||||||||||||||||
| Strategic Developments | |||||||||||||||||||||||||||||||||||||||||
| Condominium rights and unit sales | $ | 369,479 | $ | 778,590 | $ | (409,111) | (53) | % | $ | 370,156 | $ | 778,616 | $ | (408,460) | (52) | % | |||||||||||||||||||||||||
(a)Properties that were transferred to our Strategic Developments segment for redevelopment and properties that were sold are shown separately for all periods presented.
NM - Not Meaningful
Financial Data
(1)See the accompanying appendix for a reconciliation of GAAP to non-GAAP financial measures and a statement indicating why management believes the non-GAAP financial measure provides useful information for investors.
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About Howard Hughes Holdings Inc.
Howard Hughes Holdings (HHH) is a holding company focused on growing long-term shareholder value. Through its real estate platform, Howard Hughes Communities, HHH 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 Woodlands®, Bridgeland® and The Woodlands Hills® in Greater Houston; Summerlin® in Las Vegas; Teravalis™ in Greater Phoenix; Ward Village® in Honolulu; and Merriweather District in Columbia, Maryland. Howard Hughes Holdings Inc. is traded on the New York Stock Exchange as HHH. For additional information visit www.howardhughes.com.
Safe Harbor Statement
Certain statements contained in this press release may constitute “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. All statements other than statements of historical facts, including, among others, statements regarding the Company’s future financial position, results or performance, are forward-looking statements. We claim the protection of the safe harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. Forward-looking statements include statements regarding the intent, belief, or current expectations of the Company, members of its management team, as well as the assumptions on which such statements are based, and generally are identified by the use of 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 are not a guaranty of future performance and involve risks and uncertainties that 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 the risks, uncertainties and other important factors that may affect future results or cause actual results to differ materially from those expressed or implied by forward-looking statements include: (i) our ability to realize the anticipated benefits of the transactions with Pershing Square and our new strategy; (ii) our ability to identify and consummate transactions as part of our new strategy of becoming a diversified holding company; (iii) risks inherent in acquiring or making investments in operating companies, especially companies in industries unrelated to our existing real estate business; (iv) our ability to realize the anticipated benefits of the spinoff of Seaport Entertainment Group Inc. that we completed in 2024; (v) macroeconomic conditions such as volatility in capital markets, unstable economic and political conditions within the U.S. and foreign jurisdictions, geopolitical conflicts, and changes in trade policies or a prolonged recession in the national economy, including any adverse business or economic conditions in the homebuilding, condominium-development, retail, and office sectors; (vi) changes in trade policies, including tariffs or duties on construction or homebuilding materials, potential retaliatory actions by other countries, and related impacts on market conditions and business activity, (vii) our inability to obtain operating and development capital for our properties, including our inability to obtain or refinance debt capital from lenders and the capital markets; (viii) interest rate volatility and inflation; (ix) the availability of debt and equity capital; (x) our ability to compete effectively, including the potential impact of heightened competition for tenants and potential decreases in occupancy at our properties; (xi) general inflation, including core and wage inflation; commodity and energy price and currency volatility; as well as monetary, fiscal and policy interventions in anticipation of our reaction to such events, including increases in interest rates; (xii) mismatch of supply and demand, including interruptions of supply lines; (xiii) extreme weather conditions or climate change, including natural disasters, that may cause property damage or interrupt business; (xiv) the impact of water and electricity shortages; (xv) contamination of our property by hazardous or toxic substances; (xvi) terrorist activity, acts of violence, or breaches of our or our vendors’ data security; (xvii) losses that are not insured or exceed the applicable insurance limits; (xviii) our ability to lease new or redeveloped space; (xix) our ability to obtain the necessary governmental permits for the development of our properties and necessary regulatory approvals pursuant to an extensive entitlement process involving multiple and overlapping regulatory jurisdictions, which often require discretionary action by local governments; (xx) increased construction costs exceeding our original estimates, delays or overruns, claims for construction defects, or other factors affecting our ability to develop, redevelop or construct our properties; (xxi) regulation of the portion of our business that is dedicated to the formation and sale of condominiums, including regulatory filings to state agencies, additional entitlement processes, and requirements to transfer control to a condominium association’s board of directors in certain situations, as well as potential defaults by purchasers on their obligations to purchase condominiums; (xxii) fluctuations in regional and local economies, the impact of changes in interest rates on residential housing and condominium markets, local real estate conditions, tenant rental rates, and competition from competing retail properties and the internet; (xxiii) inherent risks related to disruption of information technology networks and related systems, including cyber security attacks; (xxiv) our ability to attract and retain key personnel; (xxv) our ability to collect rent and attract tenants; (xxvi) our indebtedness, including our $750,000,000 5.375% senior unsecured notes
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due 2028, $650,000,000 4.125% Senior Notes due 2029 and $650,000,000 4.375% Senior Notes due 2031, which contain restrictions that may limit our ability to operate our business; (xxvii) our directors’ involvement or interests in other businesses, including real estate activities and investments; (xxiii) our inability to control certain of our properties due to the joint ownership of such property and our inability to successfully attract desirable strategic partners; (xxix) our dependence on the operations and funds of our subsidiaries, including The Howard Hughes Corporation; (xxx) catastrophic events or geopolitical conditions, such as international armed conflicts, or the occurrence of epidemics or pandemics; and (xxxi) 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. The Company refers you to the section entitled “Risk Factors” contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. Additional information concerning factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the Company's filings with the Securities and Exchange Commission. Copies of each filing may be obtained from the Company or the Securities and Exchange Commission. The risks included here are not exhaustive and undue reliance should not be placed on any forward-looking statements, which are based on current expectations. All written and oral forward-looking statements attributable to the Company, its management, or persons acting on their behalf are qualified in their entirety by these cautionary statements. 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 to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time unless otherwise required by law.
Financial Presentation
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.
Contacts
Media Relations:
Cristina Carlson
Howard Hughes
cristina.carlson@howardhughes.com
646-822-6910
Francis McGill
Pershing Square
McGill@persq.com
212-909-2455
Investor Relations:
investorrelations@howardhughes.com
281-929-7700
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HOWARD HUGHES HOLDINGS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
UNAUDITED
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| thousands except per share amounts | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| REVENUES | |||||||||||||||||||||||
| Condominium rights and unit sales | $ | 369,479 | $ | 778,590 | $ | 370,156 | $ | 778,616 | |||||||||||||||
| Master Planned Communities land sales | 117,436 | 67,751 | 562,586 | 453,195 | |||||||||||||||||||
| Rental revenue | 110,564 | 106,639 | 441,446 | 422,100 | |||||||||||||||||||
| Other land, rental, and property revenues | 14,066 | 13,650 | 48,363 | 44,755 | |||||||||||||||||||
| Builder price participation | 12,904 | 16,960 | 52,341 | 52,023 | |||||||||||||||||||
| Total revenues | 624,449 | 983,590 | 1,474,892 | 1,750,689 | |||||||||||||||||||
| EXPENSES | |||||||||||||||||||||||
| Condominium rights and unit cost of sales | 368,296 | 566,880 | 369,408 | 582,574 | |||||||||||||||||||
| Master Planned Communities cost of sales | 40,032 | 25,937 | 188,704 | 169,191 | |||||||||||||||||||
| Operating costs | 66,202 | 59,166 | 213,449 | 208,578 | |||||||||||||||||||
| Rental property real estate taxes | 14,474 | 14,596 | 60,768 | 58,395 | |||||||||||||||||||
| Provision for (recovery of) doubtful accounts | 191 | 177 | 232 | 504 | |||||||||||||||||||
| General and administrative | 36,971 | 22,822 | 122,240 | 91,752 | |||||||||||||||||||
| Depreciation and amortization | 47,387 | 44,966 | 183,232 | 179,799 | |||||||||||||||||||
| Other | 6,744 | 3,734 | 19,146 | 15,002 | |||||||||||||||||||
| Total expenses | 580,297 | 738,278 | 1,157,179 | 1,305,795 | |||||||||||||||||||
| OTHER | |||||||||||||||||||||||
| Gain (loss) on sale or disposal of real estate and other assets, net | (9) | 14,948 | 29,825 | 22,907 | |||||||||||||||||||
| Other income (loss), net | (17,986) | 250 | (16,023) | 92,120 | |||||||||||||||||||
| Total other | (17,995) | 15,198 | 13,802 | 115,027 | |||||||||||||||||||
| Operating income (loss) | 26,157 | 260,510 | 331,515 | 559,921 | |||||||||||||||||||
| Interest income | 15,262 | 6,079 | 46,998 | 25,349 | |||||||||||||||||||
| Interest expense | (41,287) | (42,329) | (169,931) | (164,926) | |||||||||||||||||||
| Gain (loss) on extinguishment of debt | (218) | (267) | (698) | (465) | |||||||||||||||||||
| Gain (loss) on sale of MUD receivables | — | 2,874 | (48,197) | (48,651) | |||||||||||||||||||
| Equity in earnings (losses) from unconsolidated ventures | 4,868 | (1,599) | 1,772 | (5,829) | |||||||||||||||||||
| Income (loss) from continuing operations before income taxes | 4,782 | 225,268 | 161,459 | 365,399 | |||||||||||||||||||
| Income tax expense (benefit) | (897) | 62,948 | 37,616 | 80,184 | |||||||||||||||||||
| Net income (loss) from continuing operations | 5,679 | 162,320 | 123,843 | 285,215 | |||||||||||||||||||
| Net income (loss) from discontinued operations, net of taxes | — | (6,416) | — | (88,223) | |||||||||||||||||||
| Net income (loss) | 5,679 | 155,904 | 123,843 | 196,992 | |||||||||||||||||||
| Net (income) loss attributable to noncontrolling interests | 321 | 414 | 54 | 711 | |||||||||||||||||||
| Net income (loss) attributable to common stockholders | $ | 6,000 | $ | 156,318 | $ | 123,897 | $ | 197,703 | |||||||||||||||
| Basic income (loss) per share — continuing operations | $ | 0.10 | $ | 3.27 | $ | 2.22 | $ | 5.75 | |||||||||||||||
| Diluted income (loss) per share — continuing operations | $ | 0.10 | $ | 3.25 | $ | 2.21 | $ | 5.73 | |||||||||||||||
8
HOWARD HUGHES HOLDINGS INC.
CONSOLIDATED BALANCE SHEETS
UNAUDITED
| thousands except par values and share amounts | December 31, 2025 | December 31, 2024 | |||||||||
| ASSETS | |||||||||||
| Master Planned Communities assets | $ | 2,635,077 | $ | 2,511,662 | |||||||
| Buildings and equipment | 4,028,862 | 3,841,872 | |||||||||
| Less: accumulated depreciation | (1,082,124) | (949,533) | |||||||||
| Land | 307,625 | 302,446 | |||||||||
| Developments | 1,477,615 | 1,341,029 | |||||||||
| Net investment in real estate | 7,367,055 | 7,047,476 | |||||||||
| Investments in unconsolidated ventures | 170,122 | 169,566 | |||||||||
| Cash and cash equivalents | 1,468,507 | 596,083 | |||||||||
| Restricted cash | 628,651 | 402,420 | |||||||||
| Accounts receivable, net | 134,122 | 105,185 | |||||||||
| Municipal Utility District (MUD) receivables, net | 459,729 | 463,799 | |||||||||
| Deferred expenses, net | 160,966 | 139,350 | |||||||||
| Operating lease right-of-use assets | 5,231 | 5,806 | |||||||||
| Other assets, net | 245,078 | 281,551 | |||||||||
| Total assets | $ | 10,639,461 | $ | 9,211,236 | |||||||
| LIABILITIES | |||||||||||
| Mortgages, notes, and loans payable, net | $ | 5,109,828 | $ | 5,127,469 | |||||||
| Operating lease obligations | 4,868 | 5,456 | |||||||||
| Deferred tax liabilities, net | 164,472 | 142,100 | |||||||||
| Accounts payable and other liabilities | 1,518,047 | 1,094,437 | |||||||||
| Total liabilities | 6,797,215 | 6,369,462 | |||||||||
| EQUITY | |||||||||||
| Preferred stock: $0.01 par value; 50,000,000 shares authorized, none issued | — | — | |||||||||
Common stock: $0.01 par value; 150,000,000 shares authorized, 65,910,640 issued, and 59,370,353 outstanding as of December 31, 2025, 56,610,009 shares issued, and 50,116,150 outstanding as of December 31, 2024 | 659 | 566 | |||||||||
| Additional paid-in capital | 4,458,838 | 3,576,274 | |||||||||
| Retained earnings (accumulated deficit) | (62,096) | (185,993) | |||||||||
| Accumulated other comprehensive income (loss) | (1,827) | 1,968 | |||||||||
Treasury stock, at cost, 6,540,287 shares as of December 31, 2025, and 6,493,859 shares as of December 31, 2024 | (620,118) | (616,589) | |||||||||
| Total stockholders' equity | 3,775,456 | 2,776,226 | |||||||||
| Noncontrolling interests | 66,790 | 65,548 | |||||||||
| Total equity | 3,842,246 | 2,841,774 | |||||||||
| Total liabilities and equity | $ | 10,639,461 | $ | 9,211,236 | |||||||
9
Segment Earnings Before Taxes (EBT)
The Company has three 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 December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||
| thousands except percentages | 2025 | 2024 | $ Change | 2025 | 2024 | $ Change | |||||||||||||||||||||||||||||
| Operating Assets Segment EBT | |||||||||||||||||||||||||||||||||||
| Total revenues | $ | 117,938 | $ | 112,521 | $ | 5,417 | $ | 465,568 | $ | 444,300 | $ | 21,268 | |||||||||||||||||||||||
| Total operating expenses | (54,276) | (51,840) | (2,436) | (204,273) | (194,591) | (9,682) | |||||||||||||||||||||||||||||
| Segment operating income (loss) | 63,662 | 60,681 | 2,981 | 261,295 | 249,709 | 11,586 | |||||||||||||||||||||||||||||
| Depreciation and amortization | (43,996) | (43,137) | (859) | (172,835) | (169,040) | (3,795) | |||||||||||||||||||||||||||||
| Interest income (expense), net | (34,240) | (34,439) | 199 | (136,637) | (138,207) | 1,570 | |||||||||||||||||||||||||||||
| Other income (loss), net | 1,465 | (74) | 1,539 | 2,266 | 822 | 1,444 | |||||||||||||||||||||||||||||
| Equity in earnings (losses) from unconsolidated ventures | 376 | 1,775 | (1,399) | 4,829 | 5,819 | (990) | |||||||||||||||||||||||||||||
| Gain (loss) on sale or disposal of real estate and other assets, net | (9) | 14,948 | (14,957) | 14,354 | 22,907 | (8,553) | |||||||||||||||||||||||||||||
| Gain (loss) on extinguishment of debt | (218) | (267) | 49 | (698) | (465) | (233) | |||||||||||||||||||||||||||||
| Operating Assets segment EBT | $ | (12,960) | $ | (513) | $ | (12,447) | $ | (27,426) | $ | (28,455) | $ | 1,029 | |||||||||||||||||||||||
| Master Planned Communities Segment EBT | |||||||||||||||||||||||||||||||||||
| Total revenues | $ | 135,126 | $ | 89,262 | $ | 45,864 | $ | 634,856 | $ | 522,925 | $ | 111,931 | |||||||||||||||||||||||
| Total operating expenses | (54,931) | (41,463) | (13,468) | (234,002) | (221,927) | (12,075) | |||||||||||||||||||||||||||||
| Segment operating income (loss) | 80,195 | 47,799 | 32,396 | 400,854 | 300,998 | 99,856 | |||||||||||||||||||||||||||||
| Depreciation and amortization | (99) | (111) | 12 | (408) | (438) | 30 | |||||||||||||||||||||||||||||
| Interest income (expense), net | 20,853 | 12,634 | 8,219 | 75,160 | 60,473 | 14,687 | |||||||||||||||||||||||||||||
| Other income (loss), net | 66 | — | 66 | 120 | — | 120 | |||||||||||||||||||||||||||||
| Equity in earnings (losses) from unconsolidated ventures | 4,406 | (3,432) | 7,838 | (3,374) | (11,899) | 8,525 | |||||||||||||||||||||||||||||
| Gain (loss) on sale or disposal of real estate and other assets, net | — | — | — | 3,750 | — | 3,750 | |||||||||||||||||||||||||||||
| MPC segment EBT | $ | 105,421 | $ | 56,890 | $ | 48,531 | $ | 476,102 | $ | 349,134 | $ | 126,968 | |||||||||||||||||||||||
Strategic Developments Segment EBT | |||||||||||||||||||||||||||||||||||
| Total revenues | $ | 371,335 | $ | 781,789 | $ | (410,454) | $ | 374,363 | $ | 783,396 | $ | (409,033) | |||||||||||||||||||||||
| Total operating expenses | (379,910) | (573,453) | 193,543 | (394,089) | (602,724) | 208,635 | |||||||||||||||||||||||||||||
| Segment operating income (loss) | (8,575) | 208,336 | (216,911) | (19,726) | 180,672 | (200,398) | |||||||||||||||||||||||||||||
| Depreciation and amortization | (2,357) | (998) | (1,359) | (6,579) | (7,255) | 676 | |||||||||||||||||||||||||||||
| Interest income (expense), net | 5,261 | 5,632 | (371) | 18,851 | 18,603 | 248 | |||||||||||||||||||||||||||||
| Other income (loss), net | (19,423) | 459 | (19,882) | (18,487) | 90,534 | (109,021) | |||||||||||||||||||||||||||||
| Equity in earnings (losses) from unconsolidated ventures | 86 | 58 | 28 | 317 | 251 | 66 | |||||||||||||||||||||||||||||
| Gain (loss) on sale or disposal of real estate and other assets, net | — | — | — | 11,721 | — | 11,721 | |||||||||||||||||||||||||||||
| Strategic Developments segment EBT | $ | (25,008) | $ | 213,487 | $ | (238,495) | $ | (13,903) | $ | 282,805 | $ | (296,708) | |||||||||||||||||||||||
10
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 December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||
| thousands | 2025 | 2024 | $ Change | 2025 | 2024 | $ Change | |||||||||||||||||||||||||||||
| Operating Assets Segment | |||||||||||||||||||||||||||||||||||
| Total revenues | $ | 117,938 | $ | 112,521 | $ | 5,417 | $ | 465,568 | $ | 444,300 | $ | 21,268 | |||||||||||||||||||||||
| Total operating expenses | (54,276) | (51,840) | (2,436) | (204,273) | (194,591) | (9,682) | |||||||||||||||||||||||||||||
| Segment operating income (loss) | 63,662 | 60,681 | 2,981 | 261,295 | 249,709 | 11,586 | |||||||||||||||||||||||||||||
| Depreciation and amortization | (43,996) | (43,137) | (859) | (172,835) | (169,040) | (3,795) | |||||||||||||||||||||||||||||
| Interest income (expense), net | (34,240) | (34,439) | 199 | (136,637) | (138,207) | 1,570 | |||||||||||||||||||||||||||||
| Other income (loss), net | 1,465 | (74) | 1,539 | 2,266 | 822 | 1,444 | |||||||||||||||||||||||||||||
| Equity in earnings (losses) from unconsolidated ventures | 376 | 1,775 | (1,399) | 4,829 | 5,819 | (990) | |||||||||||||||||||||||||||||
| Gain (loss) on sale or disposal of real estate and other assets, net | (9) | 14,948 | (14,957) | 14,354 | 22,907 | (8,553) | |||||||||||||||||||||||||||||
| Gain (loss) on extinguishment of debt | (218) | (267) | 49 | (698) | (465) | (233) | |||||||||||||||||||||||||||||
| Operating Assets segment EBT | (12,960) | (513) | (12,447) | (27,426) | (28,455) | 1,029 | |||||||||||||||||||||||||||||
| Add back: | |||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 43,996 | 43,137 | 859 | 172,835 | 169,040 | 3,795 | |||||||||||||||||||||||||||||
| Interest (income) expense, net | 34,240 | 34,439 | (199) | 136,637 | 138,207 | (1,570) | |||||||||||||||||||||||||||||
| Equity in (earnings) losses from unconsolidated ventures | (376) | (1,775) | 1,399 | (4,829) | (5,819) | 990 | |||||||||||||||||||||||||||||
| (Gain) loss on sale or disposal of real estate and other assets, net | 9 | (14,948) | 14,957 | (14,354) | (22,907) | 8,553 | |||||||||||||||||||||||||||||
| (Gain) loss on extinguishment of debt | 218 | 267 | (49) | 698 | 465 | 233 | |||||||||||||||||||||||||||||
| Impact of straight-line rent | (235) | (1,765) | 1,530 | (1,964) | (4,770) | 2,806 | |||||||||||||||||||||||||||||
| Other | 649 | 69 | 580 | 388 | (306) | 694 | |||||||||||||||||||||||||||||
| Operating Assets NOI | 65,541 | 58,911 | 6,630 | 261,985 | 245,455 | 16,530 | |||||||||||||||||||||||||||||
| Company's share of NOI from equity investments | 2,456 | 2,288 | 168 | 8,698 | 8,310 | 388 | |||||||||||||||||||||||||||||
| Distributions from Summerlin Hospital investment | — | — | — | 5,605 | 3,242 | 2,363 | |||||||||||||||||||||||||||||
| Company's share of NOI from unconsolidated ventures | 2,456 | 2,288 | 168 | 14,303 | 11,552 | 2,751 | |||||||||||||||||||||||||||||
| Total Operating Assets NOI | $ | 67,997 | $ | 61,199 | $ | 6,798 | $ | 276,288 | $ | 257,007 | $ | 19,281 | |||||||||||||||||||||||
11
Same Store NOI - Operating Assets Segment
The Company defines Same Store Properties as consolidated and unconsolidated properties that are acquired or placed in-service prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented. Same Store Properties exclude properties placed in-service, acquired, repositioned or in development or redevelopment after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired or treated as in-service for that property to be included in Same Store Properties.
We calculate Same Store Net Operating Income (Same Store NOI) as Operating Assets NOI applicable to Same Store Properties. Same Store NOI also includes the Company's share of NOI from unconsolidated ventures and the annual distribution from a cost basis investment. Same Store NOI is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of our operating performance. We believe that Same Store NOI is helpful to investors as a supplemental comparative performance measure of the income generated from the same group of properties from one period to the next. Other companies may not define Same Store NOI in the same manner as we do; therefore, our computation of Same Store NOI may not be comparable to that of other companies. Additionally, we do not control investments in unconsolidated properties and while we consider disclosures of our share of NOI to be useful, they may not accurately depict the legal and economic implications of our investment arrangements.
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||
| thousands | 2025 | 2024 | $ Change | 2025 | 2024 | $ Change | |||||||||||||||||||||||||||||
| Same Store Office | |||||||||||||||||||||||||||||||||||
| Houston, TX | $ | 22,044 | $ | 19,201 | $ | 2,843 | $ | 88,918 | $ | 82,654 | $ | 6,264 | |||||||||||||||||||||||
| Columbia, MD | 7,538 | 5,048 | 2,490 | 26,609 | 22,782 | 3,827 | |||||||||||||||||||||||||||||
| Las Vegas, NV | 5,880 | 4,887 | 993 | 22,452 | 19,128 | 3,324 | |||||||||||||||||||||||||||||
| Total Same Store Office | 35,462 | 29,136 | 6,326 | 137,979 | 124,564 | 13,415 | |||||||||||||||||||||||||||||
| Same Store Retail | |||||||||||||||||||||||||||||||||||
| Houston, TX | 2,823 | 2,031 | 792 | 11,225 | 9,898 | 1,327 | |||||||||||||||||||||||||||||
| Columbia, MD | 984 | 1,277 | (293) | 4,710 | 4,442 | 268 | |||||||||||||||||||||||||||||
| Las Vegas, NV | 6,851 | 5,784 | 1,067 | 24,202 | 23,135 | 1,067 | |||||||||||||||||||||||||||||
| Honolulu, HI | 2,737 | 3,853 | (1,116) | 13,453 | 16,561 | (3,108) | |||||||||||||||||||||||||||||
| Total Same Store Retail | 13,395 | 12,945 | 450 | 53,590 | 54,036 | (446) | |||||||||||||||||||||||||||||
| Same Store Multifamily | |||||||||||||||||||||||||||||||||||
| Houston, TX | 7,968 | 9,107 | (1,139) | 38,041 | 37,602 | 439 | |||||||||||||||||||||||||||||
| Columbia, MD | 3,195 | 3,357 | (162) | 13,729 | 12,779 | 950 | |||||||||||||||||||||||||||||
| Las Vegas, NV | 2,818 | 2,537 | 281 | 11,068 | 8,447 | 2,621 | |||||||||||||||||||||||||||||
| Company's share of NOI from unconsolidated ventures | 1,864 | 1,734 | 130 | 7,234 | 7,378 | (144) | |||||||||||||||||||||||||||||
| Total Same Store Multifamily | 15,845 | 16,735 | (890) | 70,072 | 66,206 | 3,866 | |||||||||||||||||||||||||||||
| Same Store Other | |||||||||||||||||||||||||||||||||||
| Houston, TX | 1,005 | 1,214 | (209) | 4,138 | 4,520 | (382) | |||||||||||||||||||||||||||||
| Columbia, MD | — | (199) | 199 | (62) | 245 | (307) | |||||||||||||||||||||||||||||
| Las Vegas, NV | 276 | 316 | (40) | 1,207 | 1,127 | 80 | |||||||||||||||||||||||||||||
| Honolulu, HI | (41) | 42 | (83) | 16 | 163 | (147) | |||||||||||||||||||||||||||||
| Company's share of NOI from unconsolidated ventures | 592 | 554 | 38 | 7,069 | 4,174 | 2,895 | |||||||||||||||||||||||||||||
| Total Same Store Other | 1,832 | 1,927 | (95) | 12,368 | 10,229 | 2,139 | |||||||||||||||||||||||||||||
| Total Same Store NOI | 66,534 | 60,743 | 5,791 | 274,009 | 255,035 | 18,974 | |||||||||||||||||||||||||||||
| Non-Same Store NOI | 1,463 | 456 | 1,007 | 2,279 | 1,972 | 307 | |||||||||||||||||||||||||||||
| Total Operating Assets NOI | $ | 67,997 | $ | 61,199 | $ | 6,798 | $ | 276,288 | $ | 257,007 | $ | 19,281 | |||||||||||||||||||||||
12
Cash G&A
The Company defines Cash G&A as General and administrative expense less non-cash stock compensation expense. Cash G&A is a non-GAAP financial measure that we believe is useful to our investors and other users of our financial statements as an indicator of overhead efficiency without regard to non-cash expenses associated with stock compensation. However, it should not be used as an alternative to general and administrative expenses in accordance with GAAP.
| Three Months Ended December 31, 2025 | Year Ended December 31, 2025 | Year Ended December 31, 2024 | |||||||||||||||
| thousands | |||||||||||||||||
| General and administrative (G&A) | $ | 36,971 | $ | 122,240 | $ | 91,752 | |||||||||||
| Less: Non-cash stock compensation | (2,136) | (13,639) | (9,104) | ||||||||||||||
| Cash G&A | $ | 34,835 | $ | 108,601 | $ | 82,648 | |||||||||||
Adjusted Condo Gross Profit
Adjusted condo gross profit is a non-GAAP financial measure that we believe is useful to our investors and other users of our financial statements as an indicator of gross profit related to condominium sales closed in each period. This measure excludes costs in Condominium rights and unit cost of sales related to the remediation of construction defects at Waiea tower and costs related to a settlement agreement reached for the reimbursement of Waiea remediation costs.
| Three Months Ended December 31, 2025 | Year Ended December 31, 2025 | Year Ended December 31, 2024 | |||||||||||||||
| thousands | |||||||||||||||||
| Condominium rights and unit sales | $ | 369,479 | $ | 370,156 | $ | 778,616 | |||||||||||
| Condominium rights and unit cost of sales | (368,296) | (369,408) | (582,574) | ||||||||||||||
| Less: Waiea settlement and remediation cost | — | — | 15,091 | ||||||||||||||
| Adjusted condo gross profit | $ | 1,183 | $ | 748 | $ | 211,133 | |||||||||||
Adjusted Operating Cash Flow Performance Measure
We define Adjusted Operating Cash Flow as the sum of the following: MPC EBT, Total Operating Assets NOI, Adjusted condo gross profit, and cash G&A expense—all of which we have been using to measure our performance and providing guidance on for several years—as well as net interest expense (adjusted for interest income already included in MPC EBT). We believe Adjusted Operating Cash Flow provides investors a straightforward measure to model the Company’s overall financial performance against guidance. Also, by focusing on the core business metrics of each segment, Adjusted Operating Cash Flow offers a straightforward reflection of our operational and cash generation capabilities while highlighting the key drivers of future growth.
| thousands | Three Months Ended December 31, 2025 | Year Ended December 31, 2025 | Year Ended December 31, 2024 | ||||||||||||||
| Total Operating Assets NOI | $ | 67,997 | $ | 276,288 | $ | 257,007 | |||||||||||
| MPC EBT | 105,421 | 476,102 | 349,134 | ||||||||||||||
| Adjusted condo gross profit | 1,183 | 748 | 211,133 | ||||||||||||||
| Interest income (expense), net | (26,025) | (122,933) | (139,577) | ||||||||||||||
| Less MPC Interest (income) expense, net (a) | (20,853) | (75,160) | (60,473) | ||||||||||||||
| Cash G&A | (34,835) | (108,601) | (82,648) | ||||||||||||||
| Adjusted Operating Cash Flow Performance Measure | $ | 92,888 | $ | 446,444 | $ | 534,576 | |||||||||||
(a)Represents interest income for the MPC segment, which is included in MPC EBT.
13
A reconciliation of Net income (loss) from continuing operations attributable to common stockholders to Adjusted Operating Cash Flow is presented in the table below:
| Three Months Ended December 31, 2025 | Year Ended December 31, 2025 | Year Ended December 31, 2024 | ||||||||||||||||||||||||
| thousands except per share amounts | (per diluted share) | (per diluted share) | (per diluted share) | |||||||||||||||||||||||
| Net income (loss) from continuing operations attributable to common stockholders | $ | 6,000 | $ | 0.10 | $ | 123,897 | $ | 2.21 | $ | 285,926 | $ | 5.73 | ||||||||||||||
| Adjustments to reconcile to Adjusted Operating Cash Flow Performance Measure: | ||||||||||||||||||||||||||
| Corporate Adjustments | ||||||||||||||||||||||||||
| Net (income) loss attributable to noncontrolling interests | (321) | (54) | (711) | |||||||||||||||||||||||
| Income tax expense (benefit) | (897) | 37,616 | 80,184 | |||||||||||||||||||||||
| Non-cash stock compensation expense | 2,136 | 13,639 | 9,104 | |||||||||||||||||||||||
| (Gain) loss on sale of MUD receivables | — | 48,197 | 48,651 | |||||||||||||||||||||||
| Other Corporate Items | 7,801 | 22,570 | 17,236 | |||||||||||||||||||||||
| Total | 8,719 | 0.15 | 121,968 | 2.18 | 154,464 | 3.09 | ||||||||||||||||||||
| Operating Assets Adjustments | ||||||||||||||||||||||||||
| Depreciation and amortization | 43,996 | 172,835 | 169,040 | |||||||||||||||||||||||
| Equity in (earnings) losses from unconsolidated ventures | (376) | (4,829) | (5,819) | |||||||||||||||||||||||
| (Gain) loss on sale or disposal of real estate and other assets, net | 9 | (14,354) | (22,907) | |||||||||||||||||||||||
| (Gain) loss on extinguishment of debt | 218 | 698 | 465 | |||||||||||||||||||||||
| Impact of straight-line rent | (235) | (1,964) | (4,770) | |||||||||||||||||||||||
| Other | 649 | 388 | (306) | |||||||||||||||||||||||
| Company's share of NOI from unconsolidated ventures | 2,456 | 14,303 | 11,552 | |||||||||||||||||||||||
| Total | 46,717 | 0.79 | 167,077 | 2.98 | 147,255 | 2.95 | ||||||||||||||||||||
| Strategic Developments Adjustments | ||||||||||||||||||||||||||
| Rental revenue | — | (33) | (459) | |||||||||||||||||||||||
| Other land, rental, and property revenues | (1,856) | (4,174) | (4,321) | |||||||||||||||||||||||
| Operating costs | 11,210 | 22,490 | 17,670 | |||||||||||||||||||||||
| Rental property real estate taxes | 404 | 2,191 | 2,480 | |||||||||||||||||||||||
| Depreciation and amortization | 2,357 | 6,579 | 7,255 | |||||||||||||||||||||||
| Other (income) loss, net | 19,423 | 18,487 | (90,534) | |||||||||||||||||||||||
| Equity in (earnings) losses from unconsolidated ventures | (86) | (317) | (251) | |||||||||||||||||||||||
| (Gain) loss on sale or disposal of real estate and other assets, net | — | (11,721) | — | |||||||||||||||||||||||
| Waiea settlement and remediation costs | — | — | 15,091 | |||||||||||||||||||||||
| Total | 31,452 | 0.53 | 33,502 | 0.59 | (53,069) | (1.06) | ||||||||||||||||||||
| Adjusted Operating Cash Flow Performance Measure | $ | 92,888 | $ | 1.57 | $ | 446,444 | $ | 7.97 | $ | 534,576 | $ | 10.71 | ||||||||||||||
14
Howard Hughes Holdings Inc. Supplemental Information Three Months Ended December 31, 2025 NYSE: HHH Exhibit 99.2
2H O W A R D H U G H E S H O L D I N G S 2 Cautionary StatementsCautionary Statements Forward-Looking Statements This presentation includes forward-looking statements. Forward-looking statements give our current expectations relating to our financial condition, results of operations, plans, objectives, future performance, and business. You can identify forward-looking statements by the fact that they do not relate strictly to current or historical facts. 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 give our expectations about the future and are not guarantees. These statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, and achievements to materially differ from any future results, performance, and achievements expressed or implied by such forward-looking statements. We caution you not to rely on these forward-looking statements. For a discussion of the risk factors that could have an impact on these forward-looking statements, see our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as filed with the Securities and Exchange Commission (SEC) on February 19, 2026. The statements made herein speak only as of the date of this presentation, and we do not undertake to update this information except as required by law. Past performance does not guarantee future results. Performance during time periods shown is limited and may not reflect the performance for the full year or future years, or in different economic and market cycles. Non-GAAP Financial Measures Our financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP); however, we use certain non- GAAP performance measures in this presentation, in addition to GAAP measures, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer companies more meaningful. Management continually evaluates 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. The non-GAAP financial measures used in this presentation are net operating income (NOI), Cash G&A, Adjusted condo gross profit, and net debt. Non-GAAP financial measures should not be considered independently, or as a substitute, for financial information presented in accordance with GAAP. 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. 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. 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 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. While NOI is a relevant and widely used measure of operating performance of real estate companies, it does not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating our liquidity or operating performance. NOI does not purport to be indicative of cash available to fund our future cash requirements. Further, our computation of NOI may not be comparable to NOI reported by other real estate companies. We have included in this presentation a reconciliation from our GAAP Operating Assets segment earnings before taxes (EBT) to NOI. Our other non-GAAP measures are defined and reconciled on the applicable supplemental pages. Additional Information Our website address is www.howardhughes.com. Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other publicly filed or furnished documents are available and may be accessed free of charge through the “Investors” section of our website under the "Financial Reporting" subsection, as soon as reasonably practicable after those documents are filed with, or furnished to, the SEC. Also available through the Investors section of our website are beneficial ownership reports filed by our directors, officers, and certain shareholders on Forms 3, 4, and 5.
3H O W A R D H U G H E S H O L D I N G S 3 Table of Contents Financial Overview Definitions 4 Company Profile 5 Financial Summary 7 Balance Sheets 9 Statements of Operations 10 Operating Portfolio Performance Same Store Metrics 11 NOI by Region 13 Stabilized Properties 15 Unstabilized Properties 17 Under Construction Properties 18 Other Portfolio Metrics Completed Condominiums 19 Under Construction Condominiums 20 Predevelopment Condominiums 21 Summary of Remaining Development Costs 22 Portfolio Key Metrics 23 MPC Performance 24 MPC Land 25 MPC Land Appreciation 26 Lease Expirations 27 Debt Summary 28 Reconciliations of Non-GAAP Measures 30
4H O W A R D H U G H E S H O L D I N G S 4 Stabilized - Properties in the Operating Assets segment that have reached 90% occupancy or have been in service for 36 months or more, whichever occurs first. If an office, retail, or multifamily property has been in service for more than 36 months but does not exceed 90% occupancy, the asset is considered underperforming. Unstabilized - Properties in the Operating Assets segment that have been in service for less than 36 months and do not exceed 90% occupancy. Under Construction - Projects in the Strategic Developments segment for which construction has commenced as of December 31, 2025, unless otherwise noted. This excludes Master Planned Community (MPC) and condominium development. Net Operating Income (NOI) - We define net operating income (NOI) as operating revenues (rental income, tenant recoveries, and other revenues) 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. 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 factor, such as lease structure, lease rates, and tenant bases, have on our operating results, gross margins, and investment returns. We believe that NOI is a useful supplemental measure of the performance of our Operating Assets segment because it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating real estate properties and the impact on operations from trends in rental and occupancy rates and operating costs. This amount is presented as Operating Assets NOI throughout this document. In-Place NOI - We define In-Place NOI as forecasted current year NOI, excluding certain items affecting comparability to Estimated Stabilized NOI, such as non-recurring items and other items not indicative of stabilized operations, for all properties included in the Operating Assets segment as of the end of the current period. Total Operating Assets NOI - This term represents NOI as defined above with the addition of our share of NOI from unconsolidated ventures. Estimated Stabilized NOI - Estimated Stabilized NOI is an asset's potential annual NOI. This measure is initially projected prior to the development of the asset based on market assumptions and is revised over the life of the asset as market conditions evolve. On a quarterly basis, each asset’s In-Place NOI is compared to its Estimated Stabilized NOI in conjunction with forecast data to determine if an adjustment is needed. Adjustments are made when changes to the asset's long-term performance are thought to be more than likely and permanent. Remaining Development Costs - Development costs and related debt held for projects that are under construction or substantially complete and in service in the Operating Assets segment are disclosed on the Summary of Remaining Development Costs slide if the project has more than $1.0 million of estimated costs remaining to be incurred. The total estimated costs and costs paid are prepared on a cash basis to reflect the total anticipated cash requirements for the projects. Projects not yet under construction are not included. Same Store Properties - The Company defines Same Store Properties as consolidated and unconsolidated properties that are acquired or placed in service prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented. Same Store Properties exclude properties placed in service, acquired, repositioned, or in development or redevelopment after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired or treated as in service for that property to be included in Same Store Properties. Same Store NOI - We calculate Same Store Net Operating Income (Same Store NOI) as Operating Assets NOI applicable to consolidated properties acquired or placed in service prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented. Same Store NOI also includes the Company's share of NOI from unconsolidated ventures and the annual distribution from a cost basis investment. Same Store NOI is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of our operating performance. We believe that Same Store NOI is helpful to investors as a supplemental comparative performance measure of the income generated from the same group of properties from one period to the next. Other companies may not define Same Store NOI in the same manner as we do; therefore, our computation of Same Store NOI may not be comparable to that of other companies. Additionally, we do not control investments in unconsolidated properties, and while we consider disclosures of our share of NOI to be useful, they may not accurately depict the legal and economic implications of our investment arrangements. Definitions
5H O W A R D H U G H E S H O L D I N G S 5 Company Profile - Summary & Results Melia 29% The Launiu 51% ‘Ilima 14% Ritz-Carlton Residences 6% Bridgeland 35% Summerlin 50% The Woodlands 10% The Woodlands Hills 5% MPC EBT $105.4M Condos Contracted 28 units Office 53% Multi-family 25% Retail 19% Other 3% Operating Assets NOI $68.0M Q4 2025 Performance Highlights Q4 2025 MPC Land Sales Metrics Acres Closed in Current Quarter Land Sales Revenue (a) Gross Margin $ in thousands Residential Commercial Residential Commercial Residential Commercial Bridgeland 71.6 — $ 50,193 $ 1,048 64.8 % — % Summerlin — — 39,156 — — % — % The Woodlands — 30.1 — 17,839 — % 75.4 % The Woodlands Hills 19.3 — 9,139 61 63.3 % — % Total 90.9 30.1 $ 98,488 $ 18,948 (a) Land Sales Revenue includes deferred revenue from land sales closed in a previous period that met criteria for recognition in the current period and excludes amounts deferred from current period land sales that do not yet meet the recognition criteria. Howard Hughes Holdings to Acquire Vantage Group Holdings On December 18, 2025, the Company announced that it has entered into a definitive agreement to acquire 100% of Vantage Group Holdings Ltd. (Vantage), a privately held leading specialty insurance and reinsurance company backed by Carlyle and Hellman & Friedman, for approximately $2.1 billion. The transaction is expected to close in the second quarter of 2026, subject to customary regulatory approvals. Upon closing, Vantage will anchor Howard Hughes’ transformation into a diversified holding company. Market Capitalization and Enterprise Value thousands except share price and billions Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Share price (a) $ 79.77 $ 82.17 $ 67.50 $ 74.08 $ 76.92 Outstanding common stock (a) 59,370 59,387 59,363 50,397 50,116 Market Capitalization (b) $4.7b $4.9b $4.0b $3.7b $3.9b Enterprise Value (c) $8.4b $8.8b $7.9b $8.6b $8.5b (a) Presented as of period end date. (b) Market Capitalization = Closing share price as of the last trading day of the respective period times outstanding common stock as of period end date. (c) Enterprise Value = Market capitalization + book value of debt + noncontrolling interest - cash and equivalents.
6H O W A R D H U G H E S H O L D I N G S 6 Office 65% Retail 35% Office 45% Multifamily 10% Retail 45% Office 51% Multifamily 26% Retail 19% Other 4% Office 51% Multifamily 26% Retail 19% Other 4% Office 46% Multifamily 37% Retail 17% Q4 2025 Path to Estimated Stabilized NOI Currently Under Construction Currently Unstabilized Currently Stabilized Total Estimated Stabilized NOI $26.7M Estimated Stabilized NOI $323.5M Estimated Stabilized NOI $360.5M Office 53% Multifamily 25% Retail 19% Other 3% Office 53% Multifamily 25% Retail 19% Other 3% See page 4 for definitions of Under Construction, Unstabilized, Stabilized, and Net Operating Income (NOI). Q4 '25 Actual NOI $66.9M Q4 '25 Actual NOI $1.1M Q4 '25 Actual NOI $68.0M Estimated Stabilized NOI $10.3M Retail Sq. Ft. 66,700 Retail Sq. Ft. 126,454 Retail Sq. Ft. 2,187,811 Retail Sq. Ft. 2,380,965 Office Sq. Ft. 237,264 Office Sq. Ft. 424,247 Office Sq. Ft. 6,543,348 Office Sq. Ft. 7,204,859 Other Sq. Ft. — Other Sq. Ft. — Other Sq. Ft. 125,801 Other Sq. Ft. 125,801 Multifamily Units — Multifamily Units 268 Multifamily Units 5,587 Multifamily Units 5,855 Q4 2025 Operating Results by Property Type Currently Unstabilized Currently Stabilized Total Company Profile - Summary & Results (cont.)
7H O W A R D H U G H E S H O L D I N G S 7 thousands except percentages Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 FY 2025 FY 2024 Debt Summary Total debt payable (a) $ 5,144,214 $ 5,324,080 $ 5,260,184 $ 5,286,877 $ 5,168,437 $ 5,144,214 $ 5,168,437 Fixed-rate debt $ 3,923,855 $ 3,848,684 $ 3,867,214 $ 3,780,580 $ 3,769,529 $ 3,923,855 $ 3,769,529 Weighted avg. rate - fixed 4.79 % 4.77 % 4.78 % 4.72 % 4.71 % 4.79 % 4.71 % Variable-rate debt, excluding condominium financing $ 742,199 $ 802,988 $ 806,291 $ 1,068,223 $ 1,067,682 $ 742,199 $ 1,067,682 Weighted avg. rate - variable (b) 7.07 % 7.22 % 7.15 % 6.99 % 6.98 % 7.07 % 6.98 % Condominium debt outstanding at end of period $ 478,160 $ 672,408 $ 586,679 $ 438,074 $ 331,226 $ 478,160 $ 331,226 Weighted avg. rate - condominium financing 8.26 % 8.04 % 8.11 % 8.10 % 8.13 % 8.26 % 8.13 % Leverage ratio (debt to enterprise value) 60.51 % 60.24 % 66.49 % 61.35 % 60.67 % 60.51 % 60.67 % General and Administrative Expenses General and administrative (G&A) (c) $ 36,971 $ 28,281 $ 34,552 $ 22,436 $ 22,822 $ 122,240 $ 91,752 Less: Non-cash stock compensation (2,136) (2,585) (6,167) (2,751) (2,229) (13,639) (9,104) Cash G&A (d) $ 34,835 $ 25,696 $ 28,385 $ 19,685 $ 20,593 $ 108,601 $ 82,648 (a) Represents total mortgages, notes, and loans payable, as stated in our GAAP financial statements as of the respective date, excluding unamortized deferred financing costs. (b) Includes the impact of interest rate derivatives. (c) G&A expense includes the following costs for the full year 2025: i. $10.3 million of severance costs and $3.9 million of non-cash stock compensation related to a strategic reduction in force in the second quarter ii. $17.1 million of the Pershing Square base and variable advisory fees that began in the second quarter of 2025 iii. $10.5 million of legal and consulting fees related to the planned acquisition of Vantage incurred in the fourth quarter of 2025 (d) Cash G&A is a non-GAAP financial measure that we believe is useful to our investors and other users of our financial statements as an indicator of overhead efficiency without regard to non-cash expenses associated with stock compensation. However, it should not be used as an alternative to general and administrative expenses in accordance with GAAP. Financial Summary
8H O W A R D H U G H E S H O L D I N G S 8 (a) Adjusted condo gross profit is a non-GAAP financial measure that we believe is useful to our investors and other users of our financial statements as an indicator of gross profit related to condominium sales closed in each period. This measure excludes costs in Condominium rights and unit cost of sales related to the remediation of construction defects at Waiea tower and costs related to a settlement agreement reached for the reimbursement of Waiea remediation costs. (b) The fluctuations in Adjusted condo gross profit are attributed to the timing and mix of condo sales. We closed units at a workforce tower in the fourth quarter of 2025 with an expected breakeven gross margin, compared to closing units at a luxury tower in the fourth quarter of 2024. thousands Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 FY 2025 FY 2024 Segment Metrics Operating Assets Operating Assets NOI $ 65,541 $ 65,570 $ 66,856 $ 64,018 $ 58,911 $ 261,985 $ 245,455 Company's share of NOI from unconsolidated ventures 2,456 2,295 2,004 7,548 2,288 14,303 11,552 Total Operating Assets NOI $ 67,997 $ 67,865 $ 68,860 $ 71,566 $ 61,199 $ 276,288 $ 257,007 MPC MPC Segment EBT $ 105,421 $ 205,005 $ 102,412 $ 63,264 $ 56,890 $ 476,102 $ 349,134 Adjusted Condo Gross Profit (a) Condominium rights and unit sales $ 369,479 $ 142 $ 193 $ 342 $ 778,590 $ 370,156 $ 778,616 Condominium rights and unit cost of sales (368,296) (59) (811) (242) (566,880) (369,408) (582,574) Less: Waiea settlement and remediation cost — — — — — — 15,091 Adjusted condo gross profit (b) $ 1,183 $ 83 $ (618) $ 100 $ 211,710 $ 748 $ 211,133 Financial Summary (cont.)
9H O W A R D H U G H E S H O L D I N G S 9 thousands except par values and share amounts (unaudited) December 31, 2025 December 31, 2024 ASSETS Master Planned Communities assets $ 2,635,077 $ 2,511,662 Buildings and equipment 4,028,862 3,841,872 Less: accumulated depreciation (1,082,124) (949,533) Land 307,625 302,446 Developments 1,477,615 1,341,029 Net investment in real estate 7,367,055 7,047,476 Investments in unconsolidated ventures 170,122 169,566 Cash and cash equivalents 1,468,507 596,083 Restricted cash 628,651 402,420 Accounts receivable, net 134,122 105,185 Municipal Utility District (MUD) receivables, net 459,729 463,799 Deferred expenses, net 160,966 139,350 Operating lease right-of-use assets 5,231 5,806 Other assets, net 245,078 281,551 Total assets $ 10,639,461 $ 9,211,236 LIABILITIES Mortgages, notes, and loans payable, net $ 5,109,828 $ 5,127,469 Operating lease obligations 4,868 5,456 Deferred tax liabilities, net 164,472 142,100 Accounts payable and other liabilities 1,518,047 1,094,437 Total liabilities 6,797,215 6,369,462 EQUITY Preferred stock: $0.01 par value; 50,000,000 shares authorized, none issued — — Common stock: $0.01 par value; 150,000,000 shares authorized, 65,910,640 issued, and 59,370,353 outstanding as of December 31, 2025, 56,610,009 shares issued, and 50,116,150 outstanding as of December 31, 2024 659 566 Additional paid-in capital 4,458,838 3,576,274 Retained earnings (accumulated deficit) (62,096) (185,993) Accumulated other comprehensive income (loss) (1,827) 1,968 Treasury stock, at cost, 6,540,287 shares as of December 31, 2025, and 6,493,859 shares as of December 31, 2024 (620,118) (616,589) Total stockholders' equity 3,775,456 2,776,226 Noncontrolling interests 66,790 65,548 Total equity 3,842,246 2,841,774 Total liabilities and equity $ 10,639,461 $ 9,211,236 Balance Sheets
10H O W A R D H U G H E S H O L D I N G S 10 thousands except per share amounts (unaudited) Q4 2025 Q4 2024 YTD Q4 2025 YTD Q4 2024 REVENUES Condominium rights and unit sales $ 369,479 $ 778,590 $ 370,156 $ 778,616 Master Planned Communities land sales 117,436 67,751 562,586 453,195 Rental revenue 110,564 106,639 441,446 422,100 Other land, rental, and property revenues 14,066 13,650 48,363 44,755 Builder price participation 12,904 16,960 52,341 52,023 Total revenues 624,449 983,590 1,474,892 1,750,689 EXPENSES Condominium rights and unit cost of sales 368,296 566,880 369,408 582,574 Master Planned Communities cost of sales 40,032 25,937 188,704 169,191 Operating costs 66,202 59,166 213,449 208,578 Rental property real estate taxes 14,474 14,596 60,768 58,395 Provision for (recovery of) doubtful accounts 191 177 232 504 General and administrative 36,971 22,822 122,240 91,752 Depreciation and amortization 47,387 44,966 183,232 179,799 Other 6,744 3,734 19,146 15,002 Total expenses 580,297 738,278 1,157,179 1,305,795 OTHER Gain (loss) on sale or disposal of real estate and other assets, net (9) 14,948 29,825 22,907 Other income (loss), net (17,986) 250 (16,023) 92,120 Total other (17,995) 15,198 13,802 115,027 Operating income (loss) 26,157 260,510 331,515 559,921 Interest income 15,262 6,079 46,998 25,349 Interest expense (41,287) (42,329) (169,931) (164,926) Gain (loss) on extinguishment of debt (218) (267) (698) (465) Gain (loss) on sale of MUD receivables — 2,874 (48,197) (48,651) Equity in earnings (losses) from unconsolidated ventures 4,868 (1,599) 1,772 (5,829) Income (loss) from continuing operations before income taxes 4,782 225,268 161,459 365,399 Income tax expense (benefit) (897) 62,948 37,616 80,184 Net income (loss) from continuing operations 5,679 162,320 123,843 285,215 Net income (loss) from discontinued operations, net of taxes — (6,416) — (88,223) Net income (loss) 5,679 155,904 123,843 196,992 Net (income) loss attributable to noncontrolling interests 321 414 54 711 Net income (loss) attributable to common stockholders $ 6,000 $ 156,318 $ 123,897 $ 197,703 Basic income (loss) per share — continuing operations $ 0.10 $ 3.27 $ 2.22 $ 5.75 Diluted income (loss) per share — continuing operations $ 0.10 $ 3.25 $ 2.21 $ 5.73 Statements of Operations
11H O W A R D H U G H E S H O L D I N G S 11 thousands except percentages Q4 2025 Q4 2024 $ Change % Change FY 2025 FY 2024 $ Change % Change Same Store Office Houston, TX $ 22,044 $ 19,201 $ 2,843 15 % $ 88,918 $ 82,654 $ 6,264 8 % Columbia, MD 7,538 5,048 2,490 49 % 26,609 22,782 3,827 17 % Las Vegas, NV 5,880 4,887 993 20 % 22,452 19,128 3,324 17 % Total Same Store Office 35,462 29,136 6,326 22 % 137,979 124,564 13,415 11 % Same Store Retail Houston, TX 2,823 2,031 792 39 % 11,225 9,898 1,327 13 % Columbia, MD 984 1,277 (293) (23) % 4,710 4,442 268 6 % Las Vegas, NV 6,851 5,784 1,067 18 % 24,202 23,135 1,067 5 % Honolulu, HI 2,737 3,853 (1,116) (29) % 13,453 16,561 (3,108) (19) % Total Same Store Retail 13,395 12,945 450 3 % 53,590 54,036 (446) (1) % Same Store Multifamily Houston, TX 7,968 9,107 (1,139) (13) % 38,041 37,602 439 1 % Columbia, MD 3,195 3,357 (162) (5) % 13,729 12,779 950 7 % Las Vegas, NV 2,818 2,537 281 11 % 11,068 8,447 2,621 31 % Company's share of NOI from unconsolidated ventures 1,864 1,734 130 7 % 7,234 7,378 (144) (2) % Total Same Store Multifamily 15,845 16,735 (890) (5) % 70,072 66,206 3,866 6 % Same Store Other Houston, TX 1,005 1,214 (209) (17) % 4,138 4,520 (382) (8) % Columbia, MD — (199) 199 100 % (62) 245 (307) (125) % Las Vegas, NV 276 316 (40) (13) % 1,207 1,127 80 7 % Honolulu, HI (41) 42 (83) (198) % 16 163 (147) (90) % Company's share of NOI from unconsolidated ventures 592 554 38 7 % 7,069 4,174 2,895 69 % Total Same Store Other 1,832 1,927 (95) (5) % 12,368 10,229 2,139 21 % Total Same Store NOI 66,534 60,743 5,791 10 % 274,009 255,035 18,974 7 % Non-Same Store NOI 1,463 456 1,007 221 % 2,279 1,972 307 16 % Total Operating Assets NOI $ 67,997 $ 61,199 $ 6,798 11 % $ 276,288 $ 257,007 $ 19,281 8 % See page 4 for definitions of Same Store Properties and Same Store NOI. Same Store NOI - Operating Assets Segment
12H O W A R D H U G H E S H O L D I N G S 12 thousands Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Same Store Metrics Stabilized Leasing Percentages Office 88 % 89 % 89 % 88 % 89 % Retail 92 % 93 % 96 % 96 % 96 % Multifamily 93 % 96 % 97 % 96 % 96 % Unstabilized Leasing Percentages (a) Retail — % — % 56 % 56 % 56 % Multifamily — % 87 % 88 % 77 % 69 % Same Store NOI Office $ 35,462 $ 34,073 $ 35,337 $ 33,107 $ 29,136 Retail 13,395 13,363 13,167 13,665 12,945 Multifamily 15,845 18,054 18,689 17,484 16,735 Other 1,832 1,911 1,435 7,190 1,927 Total Same Store NOI $ 66,534 $ 67,401 $ 68,628 $ 71,446 $ 60,743 Quarter over Quarter Change in Same Store NOI (1) % (2) % (4) % 18 % See page 4 for definitions of Same Store Properties and Same Store NOI. (a) All same store properties have reached stabilization as of the fourth quarter of 2025. Same Store Performance - Operating Assets Segment
13H O W A R D H U G H E S H O L D I N G S 13 thousands except Sq. Ft. and units % Owned Total Q4 2025 Occupied (a) Q4 2025 Leased (a) Q4 2025 Occupied (%) (a) Q4 2025 Leased (%) (a) In-Place NOI (b) Estimated Stabilized NOI (b) Time to Stabilize (Years) (c)Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Stabilized Properties Office - Houston 100% 3,988,203 — 3,528,764 — 3,596,681 — 88 % — % 90 % — % $ 86,890 $ 108,370 — Office - Columbia 100% 1,753,282 — 1,336,114 — 1,403,997 — 76 % — % 80 % — % 24,080 31,250 — Office - Summerlin 100% 801,863 — 747,878 — 754,577 — 93 % — % 94 % — % 21,470 24,060 — Retail - Houston 100% 284,274 — 258,431 — 279,298 — 91 % — % 98 % — % 9,410 10,600 — Retail - Columbia 100% 101,609 — 101,609 — 101,609 — 100 % — % 100 % — % 2,780 2,780 — Retail - Hawai‘i 100% 836,631 — 667,104 — 687,521 — 80 % — % 82 % — % 12,690 21,370 — Retail - Summerlin 100% 801,010 — 749,796 — 803,217 — 94 % — % 100 % — % 23,920 26,300 — Multifamily - Houston (d) 100% 34,386 3,231 33,166 2,916 34,386 2,976 96 % 90 % 100 % 92 % 39,270 45,450 — Multifamily - Columbia (d) Various 129,901 1,671 101,805 1,524 109,725 1,566 78 % 91 % 84 % 94 % 22,320 26,190 — Multifamily - Summerlin 100% — 685 — 648 — 665 — % 95 % — % 97 % 11,420 13,540 — Other (e) Various 125,801 — 125,801 — 125,801 — 100 % — % 100 % — % 13,010 13,590 — Total Stabilized Properties (f) $ 267,260 $ 323,500 — Unstabilized Properties Office - Houston 100% 191,265 — 94,191 — 156,257 — 49 % — % 82 % — % $ 1,160 $ 4,740 2.0 Office - Columbia 100% 85,380 — 42,932 — 42,932 — 50 % — % 50 % — % (460) 3,200 1.5 Office - Summerlin 100% 147,602 — 25,636 — 68,033 — 17 % — % 46 % — % (540) 4,300 1.5 Retail - Houston 100% 59,307 — 35,208 — 46,413 — 59 % — % 78 % — % 270 2,780 2.2 Retail - Summerlin 100% 67,147 — 57,228 — 57,228 — 85 % — % 85 % — % 420 1,800 2.0 Multifamily - Houston 100% — 268 — 16 — 76 — % 6 % — % 28 % — 9,890 3.0 Total Unstabilized Properties $ 850 $ 26,710 2.1 NOI by Region
14H O W A R D H U G H E S H O L D I N G S 14 NOI by Region (a) Occupied and Leased metrics are as of December 31, 2025. (b) Includes our share of NOI from our unconsolidated ventures. (c) The estimated stabilization date used in the Time to Stabilize calculation for all unstabilized and under construction assets is set at the maximum stabilization period of 36 months from the in-service or expected in-service date. If an Unstabilized property achieves 90% occupancy prior to this date, it will move to Stabilized. (d) Multifamily square feet represent ground floor retail whereas multifamily units represent residential units for rent. (e) These assets can be found on page 16 of this presentation. (f) For Stabilized Properties, the difference between In-Place NOI and Estimated Stabilized NOI is attributable to a number of factors which may include temporary abatements, timing of lease turnovers, free rent, and other market factors. thousands except Sq. Ft. and units % Owned Total Q4 2025 Occupied (a) Q4 2025 Leased (a) Q4 2025 Occupied (%) (a) Q4 2025 Leased (%) (a) In-Place NOI (b) Estimated Stabilized NOI (b) Time to Stabilize (Years) (c)Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Sq. Ft. Units Under Construction Properties Office - Houston 100 % 237,264 — — — — — — % — % — % — % n/a $ 6,700 3.0 Retail - Houston 100 % 5,800 — — — — — — % — % — % — % n/a 800 4.5 Retail - Hawai‘i 100 % 60,900 — — — — — — % — % — % — % n/a 2,800 3.4 Total Under Construction Properties n/a $ 10,300 3.7 Total / Wtd. Avg. for Portfolio $ 268,110 $ 360,510 2.9 NOI by Region (cont.)
15H O W A R D H U G H E S H O L D I N G S 15 thousands except Sq. Ft. and units Location % Owned Rentable Sq. Ft. (a) Q4 2025 % Occupied (a) Q4 2025 % Leased (a) In-Place NOI (b) Est. Stabilized NOI (b) Office Columbia Office Properties Columbia, MD 100 % 67,066 72 % 72 % $ 390 $ 950 6100 Merriweather Columbia, MD 100 % 326,237 89 % 98 % 8,520 9,200 One Merriweather Columbia, MD 100 % 209,950 94 % 94 % 5,370 5,630 Two Merriweather Columbia, MD 100 % 124,639 85 % 96 % 2,420 3,100 Merriweather Row Columbia, MD 100 % 925,584 71 % 74 % 7,030 12,370 One Mall North (c) Columbia, MD 100 % 99,806 37 % 37 % 350 N/A One Hughes Landing Houston, TX 100 % 201,268 74 % 78 % 1,980 5,200 Two Hughes Landing Houston, TX 100 % 200,255 60 % 61 % 3,140 5,270 Three Hughes Landing Houston, TX 100 % 325,810 98 % 98 % 8,920 8,920 1725 Hughes Landing Boulevard Houston, TX 100 % 340,611 61 % 69 % 620 7,430 1735 Hughes Landing Boulevard Houston, TX 100 % 319,456 95 % 95 % 8,160 8,370 2201 Lake Woodlands Drive (d) Houston, TX 100 % 22,259 — % — % 330 330 Lakefront North Houston, TX 100 % 258,058 100 % 100 % 7,550 7,320 8770 New Trails Houston, TX 100 % 180,000 100 % 100 % 4,780 4,740 9303 New Trails Houston, TX 100 % 98,283 51 % 51 % 480 1,530 3831 Technology Forest Drive Houston, TX 100 % 106,104 93 % 93 % 300 2,450 The Woodlands Towers at the Waterway Houston, TX 100 % 1,395,599 99 % 100 % 42,620 43,510 3 Waterway Square Houston, TX 100 % 227,617 91 % 91 % 3,350 5,900 4 Waterway Square Houston, TX 100 % 217,952 78 % 90 % 3,580 5,900 1400 Woodloch Forest Houston, TX 100 % 94,931 85 % 85 % 1,080 1,500 Aristocrat Las Vegas, NV 100 % 181,534 100 % 100 % 4,510 4,520 1700 Pavilion Las Vegas, NV 100 % 265,898 92 % 94 % 6,830 8,380 One Summerlin Las Vegas, NV 100 % 207,292 84 % 85 % 5,740 6,440 Two Summerlin Las Vegas, NV 100 % 147,139 100 % 100 % 4,390 4,720 Total Office 6,543,348 $ 132,440 $ 163,680 Retail Color Burst Park Retail Columbia, MD 100 % 12,410 100 % 100 % $ 470 $ 470 Rouse Building Columbia, MD 100 % 89,199 100 % 100 % 2,310 2,310 Ward Village Retail Honolulu, HI 100 % 836,631 80 % 82 % 12,690 21,370 Creekside Park West Houston, TX 100 % 72,976 91 % 100 % 1,910 2,200 Hughes Landing Retail Houston, TX 100 % 125,721 90 % 96 % 4,590 4,990 1701 Lake Robbins Houston, TX 100 % 12,376 100 % 100 % 540 540 20/25 Waterway Avenue Houston, TX 100 % 51,688 87 % 100 % 1,500 2,000 Waterway Square Retail Houston, TX 100 % 21,513 100 % 100 % 870 870 Downtown Summerlin (e) Las Vegas, NV 100 % 801,010 94 % 100 % 23,920 26,300 Total Retail 2,023,524 $ 48,800 $ 61,050 Stabilized Properties - Operating Assets Segment
16H O W A R D H U G H E S H O L D I N G S 16 Q4 2025 % Occupied (a) Q4 2025 % Leased (a) Estimated Stabilized NOI (b)thousands except Sq. Ft. and units Location % Owned Rentable Sq. Ft. (a) Units (a) Rentable Sq. Ft. Units Rentable Sq. Ft. Units In-Place NOI (b) Multifamily Juniper Columbia, MD 100 % 55,677 382 87 % 94 % 93 % 96 % $ 8,310 $ 9,160 TEN.m.flats Columbia, MD 50 % 28,026 437 96 % 94 % 96 % 97 % 4,080 4,250 Marlow Columbia, MD 100 % 32,607 472 64 % 84 % 74 % 87 % 6,810 9,320 The Metropolitan Columbia, MD 50 % 13,591 380 40 % 93 % 53 % 96 % 3,120 3,460 Creekside Park Houston, TX 100 % — 292 n/a 90 % n/a 92 % 2,590 3,000 Creekside Park The Grove Houston, TX 100 % — 360 n/a 93 % n/a 94 % 3,480 4,210 One Lakes Edge Houston, TX 100 % 22,971 390 95 % 92 % 100 % 94 % 7,420 7,680 Two Lakes Edge Houston, TX 100 % 11,415 386 100 % 91 % 100 % 94 % 8,490 8,750 Lakeside Row Houston, TX 100 % — 312 n/a 90 % n/a 92 % 2,380 3,090 Millennium Six Pines Houston, TX 100 % — 314 n/a 89 % n/a 90 % 3,840 3,840 Millennium Waterway Houston, TX 100 % — 393 n/a 90 % n/a 92 % 3,840 3,940 Starling at Bridgeland Houston, TX 100 % — 358 n/a 89 % n/a 91 % 3,230 3,400 The Lane at Waterway Houston, TX 100 % — 163 n/a 88 % n/a 90 % 2,680 2,680 Wingspan Houston, TX 100 % — 263 n/a 88 % n/a 89 % 1,320 4,860 Constellation Las Vegas, NV 100 % — 124 n/a 92 % n/a 95 % 1,950 2,500 Tanager Las Vegas, NV 100 % — 267 n/a 97 % n/a 100 % 4,340 5,150 Tanager Echo Las Vegas, NV 100 % — 294 n/a 94 % n/a 96 % 5,130 5,890 Total Multifamily 164,287 5,587 $ 73,010 $ 85,180 Other Houston Ground Leases Houston, TX 100 % n/a n/a n/a n/a n/a n/a $ 3,290 $ 3,160 Hughes Landing Daycare Houston, TX 100 % n/a n/a n/a n/a n/a n/a 250 280 Stewart Title of Montgomery County, TX Houston, TX 50 % n/a n/a n/a n/a n/a n/a 1,230 1,600 The Woodlands Warehouse Houston, TX 100 % 125,801 n/a 100 % n/a 100 % n/a 1,440 1,520 Woodlands Sarofim Houston, TX 20 % n/a n/a n/a n/a n/a n/a 220 250 Kewalo Basin Harbor Honolulu, HI 100 % n/a n/a n/a n/a n/a n/a 1,780 1,900 Hockey Ground Lease Las Vegas, NV 100 % n/a n/a n/a n/a n/a n/a 610 610 Summerlin Hospital Medical Center Las Vegas, NV 5 % n/a n/a n/a n/a n/a n/a 5,600 5,600 Other Assets Various 100 % n/a n/a n/a n/a n/a n/a (1,410) (1,330) Total Other 125,801 — $ 13,010 $ 13,590 Total Stabilized $ 267,260 $ 323,500 (a) Rentable Sq Ft, Units, % Occupied, and % Leased are as of December 31, 2025. Multifamily square feet represent ground floor retail whereas multifamily units represent residential units for rent. (b) For Stabilized Properties, the difference between In-Place NOI and Estimated Stabilized NOI is attributable to a number of factors which may include temporary abatements, timing of lease turnovers, free rent, and other market factors. (c) One Mall North is expected to move to Strategic Developments for redevelopment in 2026. (d) 2201 Lake Woodlands Drive was leased by a single tenant whose lease expired in December 2025. In-place NOI represents NOI achieved in 2025 at this property. (e) Downtown Summerlin rentable sq. ft. excludes 381,767 sq. ft. of anchor space and 39,700 sq. ft. of office space. Stabilized Properties - Operating Assets Segment (cont.)
17H O W A R D H U G H E S H O L D I N G S 17 Q4 2025 % Occupied (a) Q4 2025 % Leased (a) Develop. Costs Incurred Est. Total Cost (Excl. Land) In-Place NOI Est. Stabilized NOI (b) Est. Stab. Date (c) Est. Stab. Yield thousands except Sq. Ft. and units Location % Owned Rentable Sq. Ft. (a) Units (a) Rentable Sq. Ft. Units Rentable Sq. Ft. Units Office 10285 Lakefront Medical Office Columbia, MD 100 % 85,380 n/a 50 % n/a 50 % n/a $ 43,166 $ 53,393 $ (460) $ 3,200 2027 6 % One Bridgeland Green(d) Houston, TX 100 % 49,502 n/a 27 % n/a 80 % n/a 32,309 35,365 — 1,780 2028 5 % 6 Waterway(e) Houston, TX 100 % 141,763 n/a 57 % n/a 82 % n/a 21,130 26,903 1,160 2,960 2027 11 % Meridian Las Vegas, NV 100 % 147,602 n/a 17 % n/a 46 % n/a 44,330 55,459 (540) 4,300 2027 8 % Total Office 424,247 — $ 140,935 $ 171,120 $ 160 $ 12,240 Retail Grogan's Mill Retail Houston, TX 100 % 31,363 n/a 47 % n/a 68 % n/a $ 5,857 $ 8,583 $ — $ 850 2028 10 % Village Green at Bridgeland Central (d) Houston, TX 100 % 27,944 n/a 73 % n/a 90 % n/a 19,859 21,724 270 1,930 2027 9 % Summerlin Grocery Anchored Center (d) Las Vegas, NV 100 % 67,147 n/a 85 % n/a 85 % n/a 43,896 46,946 420 1,800 2027 4 % Total Retail 126,454 — $ 69,612 $ 77,253 $ 690 $ 4,580 Multifamily 1 Riva Row (d) Houston, TX 100 % — 268 n/a 6 % n/a 28 % $ 128,158 $ 155,997 $ — $ 9,890 2028 6 % Total Multifamily — 268 $ 128,158 $ 155,997 $ — $ 9,890 Total Unstabilized $ 338,705 $ 404,370 $ 850 $ 26,710 (a) Rentable Sq Ft, Units, % Occupied, and % Leased are as of December 31, 2025. Multifamily square feet represent ground floor retail whereas multifamily units represent residential units for rent. (b) Company estimates of Estimated Stabilized NOI are based on current leasing velocity, excluding inflation and organic growth. (c) The estimated stabilization date for all unstabilized assets is set at the maximum stabilization period of 36 months from the in-service date. If a property achieves 90% occupancy prior to this date, it will move to Stabilized. (d) As of December 31, 2025, approximately 80% of One Bridgeland Green, 90% of Village Green at Bridgeland Central, 86% of Summerlin Grocery Anchored Center, and 61% of 1 Riva Row has been placed in service. The remaining space will be placed in service as it is leased and/or turned over to tenants. The leasing percentages for these properties include leased in-service space, as well as pre-leased space that has not yet been placed in service. (e) Total estimated development costs and total development costs incurred for 6 Waterway are inclusive of acquisition, closing, and tenant lease-up costs. Unstabilized Properties - Operating Assets Segment
18H O W A R D H U G H E S H O L D I N G S 18 Under Construction Properties thousands except Sq. Ft. and units Location % Owned Estimated Rentable Square Feet Percent Pre- Leased (a) Const. Start Date Est. Stabilized Date (b) Development Costs Incurred to Date Total Estimated Development Costs Est. Stabilized NOI Est. Stab. Yield Office Memorial Hermann Medical Office Houston, TX 100 % 50,895 100 % Q3 2025 2029 $ 7,863 $ 23,661 $ 1,900 8 % 7 Waterway (c) Houston, TX 100 % 186,369 — % Q3 2025 2029 16,377 39,181 4,800 12 % Total Office 237,264 $ 24,240 $ 62,842 $ 6,700 Retail Ulana Ward Village (d)(e) Honolulu, HI 100 % 32,100 — % Q1 2023 2028 $ — $ — $ 760 — % The Park Ward Village (d) Honolulu, HI 100 % 26,800 26 % Q4 2022 2029 — — 1,900 — % Kalae (d) Honolulu, HI 100 % 2,000 — % Q2 2024 2030 — — 140 — % The Ritz-Carlton Retail (d) Houston, TX 100 % 5,800 100 % Q4 2024 2030 — — 800 — % Total Retail 66,700 $ — $ — $ 3,600 Total Under Construction $ 24,240 $ 62,842 $ 10,300 (a) Represents leases signed as of December 31, 2025. (b) The estimated stabilization date for all under construction assets is set at 36 months from the expected in-service date. (c) Total estimated development costs and total development costs incurred for 7 Waterway are inclusive of acquisition, closing, redevelopment, and tenant lease-up costs. (d) Condominium retail development costs incurred to date and total estimated development costs are combined with their respective condominium costs and presented on page 19 and 20 of this supplement. (e) The Company completed construction at Ulana and began welcoming residents in November 2025. However, landlord work is still ongoing for the retail section of the property as of December 31, 2025. The retail space is expected to be placed as leases are executed. Under Construction Properties - Strategic Developments Segment
19H O W A R D H U G H E S H O L D I N G S 19 As of December 31, 2025 Waiea Anaha Ae`o Ke Kilohana ‘A‘ali‘i Kō'ula Victoria Place Ulana Ward Village (a) Total Key Metrics ($ in thousands) Location Ward Village Ward Village Ward Village Ward Village Ward Village Ward Village Ward Village Ward Village Type of building Luxury Luxury Upscale Workforce Upscale Upscale Luxury Workforce Number of units 177 317 465 423 750 565 349 696 3,742 Condo Sq. Ft. 378,488 449,205 389,663 294,273 390,097 409,612 406,351 433,773 3,151,462 Street retail Sq. Ft. 7,716 16,048 70,800 28,386 11,175 36,995 n/a 32,100 203,220 Stabilized retail NOI $290 $1,190 $2,170 $970 $550 $1,890 n/a $760 $7,820 Stabilization year 2017 2020 2019 2020 2024 2025 n/a 2028 Development progress ($ in thousands) Completion date Q4 2016 Q4 2017 Q4 2018 Q2 2019 Q4 2021 Q3 2022 Q4 2024 Q4 2025 Total estimated development cost $542,631 $403,796 $430,086 $217,318 $390,138 $481,302 $539,017 $402,914 $3,407,202 Development costs incurred to date 542,226 403,796 430,086 217,318 389,556 480,467 536,886 378,332 3,378,667 Estimated remaining to be spent $405 $— $— $— $582 $835 $2,131 $24,582 $28,535 Financial Summary ($ in thousands) Units closed through December 31, 2025 177 317 465 423 750 565 349 690 3,736 Units under contract through December 31, 2025 — — — — — — — 6 6 Total % of units closed or under contract 100% 100% 100% 100% 100% 100% 100% 100% 100% Total cash received (closings & deposits) $698,228 $515,987 $513,239 $218,554 $536,942 $635,100 $778,901 $370,496 $4,267,447 Total GAAP revenue recognized $698,228 $515,987 $513,239 $218,554 $536,942 $635,100 $778,901 $369,450 $4,266,401 Total future GAAP revenue under contract $— $— $— $— $— $— $— $3,131 $3,131 Completed Condominiums (a) The Company completed construction at Ulana in November 2025, and closed all but 6 of the contracted units. The remaining 6 units are expected to close in early 2026.
20H O W A R D H U G H E S H O L D I N G S 20 As of December 31, 2025 The Park Ward Village Kalae Ritz-Carlton Residences Total Key Metrics ($ in thousands) Location Ward Village Ward Village The Woodlands Type of building Upscale Luxury Luxury Number of units 545 329 111 985 Avg. unit Sq. Ft. 847 1,207 2,524 1,156 Condo Sq. Ft. 461,360 397,203 280,172 1,138,735 Street retail Sq. Ft. 26,800 2,000 5,800 34,600 Stabilized retail NOI $1,900 $140 $800 $2,840 Stabilization year 2029 2030 2030 Development progress ($ in thousands) Start date Q4 2022 Q2 2024 Q4 2024 Estimated Completion date Q2 2026 2028 2027 Total estimated development cost $613,807 $623,745 $369,465 $1,607,017 Development costs incurred to date 479,660 195,850 138,942 814,452 Estimated remaining to be spent $134,147 $427,895 $230,523 $792,565 Financial Summary ($ in thousands) Units under contract through December 31, 2025 529 307 84 920 Units remaining to be sold through December 31, 2025 16 22 27 65 Total % of units closed or under contract 97% 93% 76% 93% Units contracted in Q4 2025 — — 2 2 Square footage closed / under contract 448,656 378,170 216,713 1,043,539 Total % square footage closed / under contract 97% 95% 77% 92% Total cash received (closings & deposits) $141,990 $157,731 $37,044 $336,765 Total future GAAP revenue under contract $705,082 $775,999 $380,210 $1,861,291 Expected avg. price per Sq. Ft. $1,500 - $1,550 $2,000 - $2,050 $1,750 - $1,800 Deposit Reconciliation (thousands) Spent towards construction $137,461 $106,236 $— $243,697 Held for future use (a) 411 47,322 — 47,733 Held for closings (a) 4,118 4,173 37,044 45,335 Total deposits from sales commitment $141,990 $157,731 $37,044 $336,765 (a) Total deposits held for future use and held for closings are included in Restricted cash. Under Construction Condominiums
21H O W A R D H U G H E S H O L D I N G S 21 As of December 31, 2025 The Launiu Melia ‘Ilima Total Key Metrics ($ in thousands) Location Ward Village Ward Village Ward Village Type of building Luxury Luxury Luxury Number of units 485 220 148 853 Avg. unit Sq. Ft. 950 1,612 2,279 1,351 Condo Sq. Ft. 460,735 354,650 337,238 1,152,623 Street retail Sq. Ft. 10,000 6,000 5,000 21,000 Estimated Completion date 2028 2030 2030 Financial Summary ($ in thousands) Units under contract through December 31, 2025 346 144 76 566 Units remaining to be sold through December 31, 2025 139 76 72 287 Total % of units closed or under contract 71% 65% 51% 66% Units under contract in Q4 2025 14 8 4 26 Square footage closed / under contract 316,421 271,014 193,375 780,810 Total % square footage closed / under contract 69% 76% 57% 68% Total cash received (closings & deposits) $118,992 $150,934 $136,418 $406,344 Total future GAAP revenue under contract $596,920 $770,648 $674,952 $2,042,520 Expected avg. price per Sq. Ft. $1,850 - $1,900 $2,700 - $2,750 $3,150 - $3,200 Deposit Reconciliation (thousands) Held for future use (a) $117,915 $150,934 $136,418 $405,267 Held for closings (a) 1,077 — — 1,077 Total deposits from sales commitment $118,992 $150,934 $136,418 $406,344 (a) Total deposits held for future use and held for closings are included in Restricted cash. Predevelopment Condominiums
22H O W A R D H U G H E S H O L D I N G S 22 As of December 31, 2025 thousands Location Total Estimated Development Costs (a) Development Costs Incurred to Date Estimated Remaining to be Spent Remaining Buyer Deposits/ Holdback to be Drawn Debt to be Drawn Costs Remaining to be Paid, Net of Debt and Buyer Deposits/ Holdbacks to be Drawn (b)(c) Estimated Completion Date 10285 Lakefront Medical Office (d) Columbia, MD $ 53,393 $ 43,166 $ 10,227 $ — $ 10,175 $ 52 Completed Marlow (c) Columbia, MD 128,045 123,935 4,110 — 4,285 (175) Completed One Bridgeland Green(d) Houston, TX 35,365 32,309 3,056 — — 3,056 Completed Grogan’s Mill Retail (d) Houston, TX 8,583 5,857 2,726 — — 2,726 Completed 1 Riva Row (e) Houston, TX 155,997 128,158 27,839 — 4,147 23,692 Completed Village Green at Bridgeland Central (c) Houston, TX 21,724 19,859 1,865 — 1,900 (35) Completed Meridian (d) Las Vegas, NV 55,459 44,330 11,129 — 11,072 57 Completed Summerlin Grocery Anchored Center (c) Las Vegas, NV 46,946 43,896 3,050 — 3,132 (82) Completed Total Operating Assets 505,512 441,510 64,002 — 34,711 29,291 Kalae Honolulu, HI 623,745 195,850 427,895 43,917 345,926 38,052 2028 The Park Ward Village Honolulu, HI 613,807 479,660 134,147 (165) 121,675 12,637 Q2 2026 Ulana Ward Village Honolulu, HI 402,914 378,332 24,582 — — 24,582 Completed Victoria Place Honolulu, HI 539,017 536,886 2,131 — — 2,131 Completed Memorial Hermann Medical Office Houston, TX 23,661 7,863 15,798 — 15,725 73 Q2 2026 The Ritz-Carlton Residences Houston, TX 369,465 138,942 230,523 — 149,873 80,650 2027 7 Waterway Houston, TX 39,181 16,377 22,804 — — 22,804 Q2 2026 Total Strategic Developments 2,611,790 1,753,910 857,880 43,752 633,199 180,929 Total $ 3,117,302 $ 2,195,420 $ 921,882 $ 43,752 $ 667,910 $ 210,220 See page 4 for definition of Remaining Development Costs. (a) Total Estimated Development Costs represent all costs to be incurred on the project which include construction costs, demolition costs, marketing costs, capitalized leasing, payroll or project development fees, deferred financing costs, retail costs, and certain accrued costs from lenders and excludes land costs and capitalized corporate interest allocated to the project. Total Estimated Development Costs for assets at Ward Village and Merriweather District exclude master plan infrastructure and amenity costs. (b) We expect to be able to meet our cash funding requirements with a combination of existing and anticipated construction loans, condominium buyer deposits, free cash flow from our Operating Assets and MPC segments, net proceeds from condominium sales, our existing cash balances, and as necessary, the postponement of certain projects. (c) Negative balance relates to costs paid by HHH, but not yet reimbursed by our lenders. We expect to receive funds from our lenders for these costs in the future. (d) Remaining cost is related to lease-up and tenant build-out. (e) Remaining cost for 1 Riva Row is related to continued construction costs as only 61% of the property has been placed in service as of December 31, 2025. Summary of Remaining Development Costs
23H O W A R D H U G H E S H O L D I N G S 23 MPC Regions Non-MPC Regions The Woodlands The Woodlands Hills Bridgeland Summerlin Teravalis Floreo (a) Total Columbia Hawai‘i Total As of December 31, 2025 Houston, TX Houston, TX Houston, TX Las Vegas, NV Phoenix, AZ Phoenix, AZ MPC Regions Columbia, MD Honolulu, HI Non-MPC Operating Assets Stabilized Properties Office Sq.Ft. 3,988,203 — — 801,863 — — 4,790,066 1,753,282 — 1,753,282 Retail Sq. Ft. (b) 318,660 — — 801,010 — — 1,119,670 231,510 836,631 1,068,141 Multifamily units 2,298 — 933 685 — — 3,916 1,671 — 1,671 Other Sq. Ft. 125,801 — — — — — 125,801 — — — Unstabilized Properties Office Sq.Ft. 141,763 — 49,502 147,602 — — 338,867 85,380 — 85,380 Retail Sq.Ft. 31,363 — 27,944 67,147 — — 126,454 — — — Multifamily units 268 — — — — — 268 — — — Under Construction Properties Office Sq.Ft. 186,369 — 50,895 — — — 237,264 — — — Retail Sq.Ft. 5,800 — — — — — 5,800 — 60,900 60,900 MPC Total gross acreage 28,545 ac 2,055 ac 11,506 ac 22,500 ac 33,810 ac 3,029 ac 101,445 ac 16,450 ac n/a 16,450 Current Residents 124,800 3,793 29,000 132,000 — 35 289,628 n/a n/a n/a Residential Land (c) Remaining saleable acres (d) 64 ac 624 ac 1,234 ac 1,978 ac 15,908 ac 1,061 ac 20,869 ac n/a n/a n/a Estimated price per acre (e) N/A $391 $662 $1,719 $832 $836 n/a n/a Commercial Land Remaining saleable acres (d) 685 ac 181 ac 1,093 ac 494 ac 10,531 ac 116 ac 13,100 ac 99 ac n/a 99 ac Estimated price per acre (e) $1,020 $511 $767 $1,378 $206 $335 n/a n/a Portfolio Key Metrics Portfolio Key Metrics include 100% of square footage, units, and acreage associated with joint venture projects. Retail space in multifamily assets shown as retail square feet. (a) This represents 100% of Floreo gross and remaining saleable acreage and 100% of the estimated price per acre expected to be achieved. The Company owns a 50% interest in Floreo and accounts for its investment under the equity method. (b) Retail Sq. Ft. within the Summerlin region excludes 381,767 Sq. Ft. of anchors and 39,700 Sq. Ft. of additional office space above our retail space. (c) The Woodlands residential land development is nearing completion. (d) Fluctuations in remaining saleable acres from period to period are due to land sales or changes to the master plan of the communities. (e) Residential and commercial pricing represents the Company's estimate of price per acre that will be achieved in 2026 (in thousands) per its land models. Portfolio Key Metrics
24H O W A R D H U G H E S H O L D I N G S 24 Master Planned Community Land Consolidated MPC Segment EBT The Woodlands The Woodlands Hills Bridgeland Summerlin Teravalis Total Floreo (a) thousands Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Revenues: Residential land sale revenues $ — $ — $ 9,139 $ 6,510 $ 50,193 $ 24,977 $ 39,156 $ 33,750 $ — $ — $ 98,488 $ 65,237 $ 3,441 $ 25,426 Commercial land sale revenues 17,839 479 61 8 1,048 2,027 — — — — 18,948 2,514 — — Builder price participation — 297 190 744 1,376 2,133 11,338 13,786 — — 12,904 16,960 — — Other land sale revenues 366 112 18 11 13 78 4,389 4,350 — — 4,786 4,551 41 — Total revenues 18,205 888 9,408 7,273 52,630 29,215 54,883 51,886 — — 135,126 89,262 3,482 25,426 Expenses: Cost of sales - residential land — — (3,354) (2,467) (17,668) (10,290) (14,292) (12,335) — — (35,314) (25,092) (2,505) (18,129) Cost of sales - commercial land (4,388) (109) (25) (3) (305) (733) — — — — (4,718) (845) — — Real estate taxes (1,588) (1,412) (270) (55) (1,154) (1,338) (472) (490) (5) (4) (3,489) (3,299) (135) (26) Land sales operations (2,315) (2,506) (1,303) (1,694) (2,974) (2,712) (4,435) (4,891) (383) (424) (11,410) (12,227) (2,314) (2,477) Total operating expenses (8,291) (4,027) (4,952) (4,219) (22,101) (15,073) (19,199) (17,716) (388) (428) (54,931) (41,463) (4,954) (20,632) Depreciation and amortization (30) (30) — (1) (34) (35) (24) (34) (11) (11) (99) (111) (33) (19) Interest income (expense), net 1,208 260 907 1,032 6,857 1,084 11,881 10,258 — — 20,853 12,634 (646) (309) Other (loss) income, net 38 — 28 — — — — — — — 66 — — — Equity in earnings (losses) from unconsolidated ventures (b) — — — — — — 5,461 (5,665) (1,055) 2,233 4,406 (3,432) — — MPC Segment EBT $ 11,130 $ (2,909) $ 5,391 $ 4,085 $ 37,352 $ 15,191 $ 53,002 $ 38,729 $ (1,454) $ 1,794 $ 105,421 $ 56,890 $ (2,151) $ 4,466 (a) This represents 100% of Floreo EBT. The Company owns a 50% interest in Floreo and accounts for its investment under the equity method. (b) Equity in earnings (losses) from unconsolidated ventures reflects our share of earnings for The Summit in Summerlin and for Floreo in Teravalis. MPC Performance
25H O W A R D H U G H E S H O L D I N G S 25 Master Planned Community Land Consolidated MPC Segment The Woodlands The Woodlands Hills Bridgeland Summerlin Teravalis Floreo (a) thousands, except acres Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Key Performance Metrics: Residential Total acres closed in current period — ac — ac 19.3 ac 14.3 ac 71.6 ac 41.8 ac — ac 3.8 ac — ac — ac — ac 33.7 ac Price per acre achieved $— $— $474 $455 $701 $598 $— $6,048 $— $— $— $767 Avg. gross margins —% —% 63.3% 62.1% 64.8% 58.8% —% 63.9% —% —% —% 28.7% Commercial Total acres closed in current period 30.1 ac — ac — ac — ac — ac 10.0 ac — ac — ac — ac — ac — ac — ac Price per acre achieved $670 $— $— $— $— $218 $— $— $— $— $— $— Avg. gross margins 75.4 % — % —% — % — % 58.8% — % —% —% —% —% —% Avg. combined before-tax net margins 75.4 % —% 63.3% 62.1% 64.8 % 58.8% —% 63.9% —% —% —% 28.7% Key Valuation Metrics: Remaining saleable acres (b) Residential 64 ac 624 ac 1,234 ac 1,978 ac 15,908 ac 1,061 ac Commercial 685 ac 181 ac 1,093 ac 494 ac 10,531 ac 116 ac Projected est. % superpads / lot size —% / — ac —% / — ac —% / — ac 64% / 0.25 ac —% / — ac —% / — ac Projected est. % single-family detached lots / lot size 86% / 0.36 ac 100% / 0.22 ac 87% / 0.18 ac —% / — ac 81% / 0.22 ac 100% / 0.17 ac Projected est. % single-family attached lots / lot size 14% / 0.14 ac —% / — ac 9% / 0.19 ac —% / — ac 19% / 0.11 ac —% / — ac Projected est. % custom homes / lot size —% / — ac —% / — ac 4% / 0.26 ac 36% / 1.18 ac —% / — ac —% / — ac Estimated builder sale velocity (c) NM 14 74 79 NM NM Projected GAAP gross margin (d) 72.7% 74.9% 59.4% 63.3% 65.1% 64.8% 66.0% 64.5% 81.0% 75.5% 33.2% 17.6% Projected cash gross margin (d) 96.0% 87.1% 88.7% 81.1% 81.4% 51.5% Residential sellout / Commercial buildout date estimate Residential 2031 2035 2032 2043 2086 2038 Commercial 2034 2032 2046 2039 2086 2032 (a) This represents 100% of Floreo metrics. The Company owns a 50% interest in Floreo and accounts for its investment under the equity method. (b) Fluctuations in remaining saleable acres from period to period are due to land sales or changes to the master plan of the communities. (c) Represents the average monthly builder homes sold over the last twelve months ended December 31, 2025. (d) Projected GAAP gross margin is based on expected GAAP MPC land sales revenues and MPC cost of sales. This measure includes all future projected revenues less all remaining historical development costs incurred to date and remaining future projected cash development costs. Projected cash gross margin represents the net cash margin expected to be received in the future and includes all future projected revenues less all remaining future projected cash development costs. The projected cash gross margin does not include remaining historical development costs incurred to date. Gross margin for each MPC may vary from period to period based on the locations of the land sold and the related costs associated with developing the land sold. NM Not meaningful. MPC Land
26H O W A R D H U G H E S H O L D I N G S 26 GAV in $ millions, unless otherwise specified. Price per acre in $ thousands. (a) Land sales revenue excludes deferred revenue and SID bond revenue. (b) Excludes value of Teravalis for comparative purposes. (c) As of December 31, 2025. MPC Gross Asset Value $1,695 $922 $708 $328 4,523 Total Acres Sold $679k Weighted Avg. Price Per Acre $3.1B Total Land Sales Revenue (a) X = $584 $1,013 2017 2025 $377 $669 2017 2025 $313 $479 2017 2025 +73% +77% +53% $2,662 $943 $589 $226 2017 Gross Asset Value Since 2017 2025 Gross Asset Value (b) Residential Price Per Acre (c) Summerlin Bridgeland The Woodlands Hills $4.4B$3.7B MPC Land Appreciation
27H O W A R D H U G H E S H O L D I N G S 27 Office Expirations (a) Retail Expirations (a) Expiration Year Annualized Cash Rent ($ in thousands) Percentage of Annualized Cash Rent Wtd. Avg. Annualized Cash Rent Per Leased Sq. Ft. Annualized Cash Rent ($ in thousands) Percentage of Annualized Cash Rent Wtd. Avg. Annualized Cash Rent Per Leased Sq. Ft. 2026 $ 8,780 3.01 % $ 41.71 $ 8,552 7.37 % $ 39.58 2027 34,644 11.86 % 41.97 8,906 7.67 % 46.45 2028 19,365 6.63 % 47.13 9,057 7.80 % 54.17 2029 31,739 10.86 % 48.91 10,595 9.12 % 57.21 2030 31,993 10.95 % 48.28 15,779 13.59 % 61.77 2031 20,736 7.10 % 52.17 6,838 5.89 % 46.92 2032 61,413 21.02 % 51.90 6,645 5.72 % 60.64 2033 20,296 6.95 % 42.53 15,929 13.72 % 68.66 2034 15,499 5.31 % 48.86 5,751 4.96 % 61.04 2035 12,560 4.30 % 56.85 11,104 9.56 % 32.75 Thereafter 35,264 12.01 % 56.36 17,025 14.60 % 64.91 Total $ 292,289 100 % $ 116,181 100 % (a) Excludes leases with an initial term of 12 months or less. Office and Retail Lease Expirations Total Office and Retail Portfolio as of December 31, 2025 % o f A nn ua liz ed C as h R en t E xp iri ng Houston Summerlin Columbia Hawaii Other Office 2026 Retail 2026 Office 2027 Retail 2027 Office 2028 Retail 2028 Office 2029 Retail 2029 Office 2030 Retail 2030 Office 2031 Retail 2031 Office 2032 Retail 2032 Office 2033 Retail 2033 Office 2034 Retail 2034 Office 2035 Retail 2035 Office 2036+ Retail 2036+ 0% 6% 12% 18% 24% 30% Lease Expirations
28H O W A R D H U G H E S H O L D I N G S 28 thousands December 31, 2025 December 31, 2024 Fixed-rate debt Unsecured 5.375% Senior Notes due 2028 (a) $ 750,000 $ 750,000 Unsecured 4.125% Senior Notes due 2029 650,000 650,000 Unsecured 4.375% Senior Notes due 2031 650,000 650,000 Secured mortgages payable 1,793,561 1,635,750 Special Improvement District bonds 80,294 83,779 Variable-rate debt Secured mortgages payable, excluding condominium financing 657,199 784,682 Condominium financing 478,160 331,226 Secured Bridgeland Notes due 2029 85,000 283,000 Mortgages, notes and loans payable 5,144,214 5,168,437 Deferred financing costs (34,386) (40,968) Mortgages, notes, and loans payable, net $ 5,109,828 $ 5,127,469 Net Debt on a Segment Basis as of December 31, 2025 (b) thousands Operating Assets Master Planned Communities Strategic Developments Segment Totals Non-Segment Amounts Total Mortgages, notes, and loans payable, net $ 2,431,685 $ 159,280 $ 481,520 $ 3,072,485 $ 2,037,343 $ 5,109,828 Mortgages, notes, and loans payable of unconsolidated ventures (c) 90,533 124,938 — 215,471 — 215,471 Less: Cash and cash equivalents (25,941) (126,774) (32,060) (184,775) (1,283,732) (1,468,507) Cash and cash equivalents of unconsolidated ventures (c) (4,288) (12,670) (3,793) (20,751) — (20,751) Special Improvement District receivables — (90,417) — (90,417) — (90,417) Municipal Utility District receivables, net — (459,729) — (459,729) — (459,729) TIF receivable — — (4,012) (4,012) — (4,012) Net Debt $ 2,491,989 $ (405,372) $ 441,655 $ 2,528,272 $ 753,611 $ 3,281,883 Consolidated Debt Maturities and Contractual Obligations as of December 31, 2025 thousands 2026 2027 2028 2029 2030 Thereafter Total Mortgages, notes, and loans payable (a) $ 663,243 $ 507,661 $ 923,362 $ 1,075,975 $ 277,225 $ 1,696,748 $ 5,144,214 Interest payments (d) 260,531 214,724 173,511 108,835 85,862 149,256 992,719 Ground lease commitments 300 300 300 300 300 5,300 6,800 Total $ 924,074 $ 722,685 $ 1,097,173 $ 1,185,110 $ 363,387 $ 1,851,304 $ 6,143,733 (a) On February 17, 2026, HHC, the Company’s wholly owned subsidiary, issued $500.0 million of 5.875% senior unsecured notes due 2032 and $500.0 million of 6.125% senior unsecured notes due 2034. HHC used the net proceeds to redeem its outstanding $750.0 million 5.375% senior unsecured notes due 2028, including the payment of premiums, accrued and unpaid interest and expenses related to such redemption, and will use the remaining proceeds for general corporate purposes. (b) Net debt is a non-GAAP financial measure that we believe is useful to our investors and other users of our financial statements as its components are important indicators of our overall liquidity, capital structure, and financial position. However, it should not be used as an alternative to our debt calculated in accordance with GAAP. (c) Each segment includes our share of the Mortgages, notes, and loans payable, net and Cash and cash equivalents for all joint ventures included in Investments in unconsolidated ventures. (d) Interest is based on the borrowings that are presently outstanding and current floating interest rates without the effects of interest rate derivatives. Debt Summary
29H O W A R D H U G H E S H O L D I N G S 29 (a) Includes the impact of interest rate derivatives. (b) Does not include extension options, some of which have performance requirements. (c) Represents Secured Bridgeland Notes. (d) Excludes the Company's share of debt related to its unconsolidated ventures, which totaled $215.5 million as of December 31, 2025. thousands Q4 2025 Principal Range of Interest Rates (a) Weighted- average Interest Rate (a) Weighted- average Years to Maturity (b) Operating Assets Office $ 1,219,492 3.43 % 8.67 % 5.41 % 4.2 Retail 272,448 3.50 % 7.23 % 5.93 % 2.9 Multifamily 929,604 3.13 % 7.39 % 4.88 % 4.3 Other 24,189 3.65 % 6.72 % 4.98 % 4.1 Total Operating Assets $ 2,445,733 3.13 % 8.67 % 5.26 % 4.1 Master Planned Communities (c) $ 85,000 6.06 % 6.06 % 6.06 % 3.7 Strategic Developments Condominiums $ 478,160 7.62 % 8.87 % 8.26 % 1.2 Office 3,735 6.67 % 6.67 % 6.67 % 3.4 Multifamily 1,292 7.39 % 7.39 % 7.39 % 4.7 Total Strategic Developments $ 483,187 6.67 % 8.87 % 8.25 % 1.2 Bonds Corporate Bonds $ 2,050,000 4.13 % 5.38 % 4.66 % 3.5 SID Bonds 80,294 4.13 % 6.50 % 5.21 % 25.7 Total Bonds $ 2,130,294 4.13 % 6.50 % 4.68 % 4.4 Total (d) $ 5,144,214 3.13 % 8.87 % 5.32 % 3.9 Debt Summary (cont.)
30H O W A R D H U G H E S H O L D I N G S 30 Reconciliation of Operating Assets segment EBT to Total NOI thousands Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 FY 2025 FY 2024 Total revenues $ 117,938 $ 117,182 $ 116,446 $ 114,002 $ 112,521 $ 465,568 $ 444,300 Total operating expenses (54,276) (51,713) (49,467) (48,817) (51,840) (204,273) (194,591) Segment operating income (loss) 63,662 65,469 66,979 65,185 60,681 261,295 249,709 Depreciation and amortization (43,996) (43,411) (42,305) (43,123) (43,137) (172,835) (169,040) Interest income (expense), net (34,240) (34,006) (34,173) (34,218) (34,439) (136,637) (138,207) Other income (loss), net 1,465 363 634 (196) (74) 2,266 822 Equity in earnings (losses) from unconsolidated ventures 376 135 (325) 4,643 1,775 4,829 5,819 Gain (loss) on sale or disposal of real estate and other assets, net (9) 4,385 (1) 9,979 14,948 14,354 22,907 Gain (loss) on extinguishment of debt (218) (173) (307) — (267) (698) (465) Operating Assets segment EBT (12,960) (7,238) (9,498) 2,270 (513) (27,426) (28,455) Add back: Depreciation and amortization 43,996 43,411 42,305 43,123 43,137 172,835 169,040 Interest (income) expense, net 34,240 34,006 34,173 34,218 34,439 136,637 138,207 Equity in (earnings) losses from unconsolidated ventures (376) (135) 325 (4,643) (1,775) (4,829) (5,819) (Gain) loss on sale or disposal of real estate and other assets, net 9 (4,385) 1 (9,979) (14,948) (14,354) (22,907) (Gain) loss on extinguishment of debt 218 173 307 — 267 698 465 Impact of straight-line rent (235) (196) (373) (1,160) (1,765) (1,964) (4,770) Other 649 (66) (384) 189 69 388 (306) Operating Assets NOI 65,541 65,570 66,856 64,018 58,911 261,985 245,455 Company's share of NOI from equity investments 2,456 2,295 2,004 1,943 2,288 8,698 8,310 Distributions from Summerlin Hospital investment — — — 5,605 — 5,605 3,242 Company's share of NOI from unconsolidated ventures 2,456 2,295 2,004 7,548 2,288 14,303 11,552 Total Operating Assets NOI $ 67,997 $ 67,865 $ 68,860 $ 71,566 $ 61,199 $ 276,288 $ 257,007 Reconciliation of Non-GAAP Measures
FAQ
How did Howard Hughes Holdings (HHH) perform financially in 2025?
Howard Hughes generated net income from continuing operations of $123.8 million , or $2.21 per diluted share, in 2025. Adjusted Operating Cash Flow was $446 million , or $7.97 per diluted share, reflecting strong real estate operations but lower condo-margin contribution versus 2024.
What were the key drivers of Howard Hughes Holdings’ 2025 operating results?
Master Planned Communities produced record EBT of $476.1 million , up 36% , from 621 residential acres sold at high per-acre prices. Total Operating Assets NOI reached a record $276.3 million , up 8% , supported by double-digit office NOI growth and solid multifamily and retail contributions.
What major strategic transactions did Howard Hughes Holdings (HHH) announce?
Howard Hughes agreed to acquire 100% of Vantage Group Holdings for approximately $2.1 billion , adding a specialty insurance and reinsurance platform. The company also highlighted Pershing Square’s $900 million investment, positioning HHH as a diversified holding company with both real estate and insurance businesses.
What guidance did Howard Hughes provide for 2026 performance?
For 2026, Howard Hughes expects Adjusted Operating Cash Flow between $415 million and $465 million , with a midpoint around $440 million . Guidance includes Operating Assets NOI of $279–$290 million , MPC EBT of $343–$391 million , and condominium sales revenue of $720–$750 million .
How strong is Howard Hughes Holdings’ liquidity and balance sheet?
The company reported $1.5 billion in cash and cash equivalents plus $1.2 billion of undrawn lender commitments for property development. Subsequent to year-end, it issued $500 million of 5.875% notes due 2032 and $500 million of 6.125% notes due 2034 , using part of the proceeds to redeem $750 million of 2028 notes.
What is happening in Howard Hughes’ condominium business, especially in Hawaiʻi?
In 2025 the company contracted to sell 287 Hawaiʻi condo units representing about $1.6 billion of future revenue, mainly at Melia, ‘Ilima, and The Launiu. Projects under construction such as The Park Ward Village and Kalae are over 93% pre-sold, supporting 2026 condo revenue guidance of $720–$750 million .
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Howard Hughes Holdings Inc.
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4.88B
58.65M
Real Estate - Development
Real Estate Investment Trusts
United States
THE WOODLANDS