Howard Hughes (NYSE: HHH) Q1 2026 results and $2.1B Vantage acquisition progress
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Howard Hughes Holdings Inc. reported first quarter 2026 results showing higher revenues and strong performance from its master planned communities, while net income declined year over year. Total revenues rose to $235.9 million from $199.3 million, driven largely by higher land sales and rental revenue.
Net income attributable to common stockholders was $8.2 million, down from $10.5 million, or $0.14 per diluted share versus $0.21 a year earlier, reflecting higher costs, interest expense, and a debt extinguishment loss. Master Planned Communities EBT grew 33% to $84.4 million as residential land sales increased, particularly in Bridgeland.
Total Operating Assets NOI increased to $73.1 million from $71.6 million, supported by leasing momentum in multifamily and office. The company ended March 31, 2026 with $1.8 billion of cash and cash equivalents and $5.8 billion of mortgages, notes, and loans payable, and highlighted progress toward closing its approximately $2.1 billion acquisition of Vantage Group Holdings Ltd. in the second quarter of 2026.
Positive
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Negative
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Insights
Segment fundamentals look solid, but higher costs and leverage temper earnings.
Howard Hughes Holdings delivered stronger top-line and segment results, especially in Master Planned Communities. Total revenues rose to $235.9 million, with MPC EBT up to $84.4 million as land sales volumes and pricing improved, notably at Bridgeland.
Operating Assets also contributed, with Total Operating Assets NOI increasing to $73.1 million, aided by leasing in multifamily and office. However, higher depreciation, interest expense of $41.8 million, and a $10.2 million loss on extinguishment of debt led to net income attributable to common stockholders falling to $8.2 million.
The balance sheet shows $1.8 billion of cash and cash equivalents against $5.8 billion of mortgages, notes, and loans payable, plus new senior notes due 2032 and 2034. The pending $2.1 billion Vantage acquisition is positioned as a second earnings engine, but its actual impact will depend on closing and subsequent integration, which future disclosures will clarify.
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Total revenues: $235.9 million
Net income attributable to common stockholders: $8.2 million
Diluted EPS: $0.14 per share
+5 more
8 metrics
Total revenues
$235.9 million
Three months ended March 31, 2026
Net income attributable to common stockholders
$8.2 million
Three months ended March 31, 2026
Diluted EPS
$0.14 per share
Three months ended March 31, 2026
Total Operating Assets NOI
$73.1 million
Q1 2026, up from $71.6 million in Q1 2025
MPC segment EBT
$84.4 million
Q1 2026, compared to $63.3 million in Q1 2025
Cash and cash equivalents
$1.84 billion
As of March 31, 2026 balance sheet
Mortgages, notes, and loans payable, net
$5.79 billion
As of March 31, 2026
Vantage purchase price
$2.1 billion
Expected acquisition consideration for Vantage Group Holdings Ltd.
Key Terms
Master Planned Communities, Net Operating Income (NOI), Adjusted Maintenance Free Cash Flow, Same Store NOI, +2 more
6 terms
Master Planned Communities financial
"Its award-winning assets include the country’s preeminent portfolio of master planned communities, as well as operating properties…"
Large, deliberately designed neighborhoods built and developed as a single project that combine homes with roads, parks, schools, shops and utility infrastructure, often delivered in phases and managed by a central developer or community association. For investors, they matter because the coordinated planning and on-site amenities can create predictable revenue from home and commercial sales, rental demand and ongoing fees, and can support steadier property values—think of it as a purpose-built small town with a business model.
Net Operating Income (NOI) financial
"Total Operating Assets Net Operating Income (NOI) was $73.1 million, an increase of $1.6 million…"
Net operating income (NOI) is the money a property or business generates from its regular operations after paying direct operating costs (like maintenance, utilities, and staff) but before paying financing costs, taxes, or accounting write‑downs. Investors use NOI to judge how well an asset produces cash from its core activity—think of it as the profit from running a store before paying the mortgage and taxes—so it helps compare properties and value income-producing investments.
Adjusted Maintenance Free Cash Flow financial
"Operating Assets: Adjusted Maintenance Free Cash Flow $29.5 $25.9 $99.1 $79.1"
Same Store NOI financial
"We calculate Same Store Net Operating Income (Same Store NOI) as Operating Assets NOI applicable to Same Store Properties."
Same-store Net Operating Income (NOI) tracks the change in income from a company's properties or retail locations that were owned and operating for the entire comparison period, excluding new acquisitions or dispositions. It matters to investors because it isolates the performance of the existing portfolio—like comparing the same set of stores year-to-year—to show whether underlying operations are generating more revenue or cutting costs, rather than masking results with growth from new assets.
Vantage Group Holdings Ltd. financial
"Closing of the previously announced agreement to acquire 100% of Vantage Group Holdings Ltd. (Vantage)…for approximately $2.1 billion…"
Senior unsecured notes financial
"issued $500.0 million of 5.875% senior unsecured notes due 2032 and $500.0 million of 6.125% senior unsecured notes due 2034."
Senior unsecured notes are a type of loan a company borrows from investors, promising to pay back with interest. They are called "unsecured" because they aren’t backed by specific assets like buildings or equipment, but "senior" because they are paid back before other debts if the company gets into trouble. Investors see them as a relatively safer way for companies to raise money.
Earnings Snapshot
Total revenues: $235.9 million
Q1 2026
Total revenues
$235.9 million
Net income attributable to common stockholders
$8.2 million
Diluted EPS
$0.14
MPC segment EBT
$84.4 million
Total Operating Assets NOI
$73.1 million
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): May 7, 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 May 7, 2026, Howard Hughes Holdings Inc. (the “Company”) issued a press release announcing the Company’s financial results for the first quarter ended March 31, 2026. 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 May 7, 2026, the Company issued supplemental information for the first quarter ended March 31, 2026. 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 May 7, 2026, announcing the Company’s financial results for the quarter ended March 31, 2026 | |||||||
| 99.2 | Supplemental information for the quarter ended March 31, 2026 | |||||||
| 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: May 7, 2026
Exhibit 99.1
HOWARD HUGHES HOLDINGS INC. REPORTS FIRST QUARTER 2026 RESULTS
Higher MPC land sales and continued leasing momentum drive year-over-year earnings growth
THE WOODLANDS, Texas, May 7, 2026 – Howard Hughes Holdings Inc. (NYSE: HHH) (the “Company,” “HHH,” “Howard Hughes,” or “we”) today reported first quarter 2026 results, highlighting higher MPC land sales, steady growth in recurring Operating Assets NOI, and progress on the Company’s transition to a diversified holding company. 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.
“Howard Hughes is building on the strength of its cash-generative real estate platform as we transform the Company into a diversified holding company focused on compounding intrinsic value per share,” said Bill Ackman, Executive Chairman of Howard Hughes. “Our pending acquisition of Vantage is a key step in that evolution, adding a second engine of long-duration earnings alongside our communities. Vantage is a specialty insurance and reinsurance business that we believe will broaden our earnings base, add a complementary source of long-duration capital, and expand our opportunity set as we allocate capital across multiple platforms while preserving the value creation embedded in our real estate business. Everything is still on track to close this transaction during the second quarter and commence this new growth phase for the company.”
First Quarter 2026 Highlights:
–Net income attributable to common stockholders decreased to $8.2 million in the current quarter, compared to $10.5 million in the prior-year period.
–Total Operating Assets Net Operating Income (NOI) was $73.1 million, an increase of $1.6 million or 2% compared to the prior-year period, reflecting modest increases across all property types and continued growth from strong leasing activity in both office and multifamily.
–Master Planned Communities (MPC) EBT totaled $84 million, up $21 million or 33% from the prior-year period, primarily due to increased residential acres sold in Bridgeland.
–Closed the final six units at Ulana Ward Village and commenced construction on The Launiu.
–Maintained a strong liquidity position with $1.8 billion of cash and cash equivalents, $515 million of undrawn capacity on its Secured Bridgeland Notes, $1.1 billion of undrawn lender commitments available for property development, subject to certain restrictions, and limited near-term debt maturities as of March 31, 2026.
–Closing of the previously announced agreement to acquire 100% of Vantage Group Holdings Ltd. (Vantage), a privately held leading specialty insurance and reinsurance company, for approximately $2.1 billion, is expected to occur during the second quarter of 2026.
“2026 is a pivotal year for Howard Hughes. Our communities are delivering strong land sales, healthy net new home demand, and continued leasing growth, and we are adding a second engine of long-duration earnings with Vantage,” said David R. O’Reilly, Chief Executive Officer of Howard Hughes. “MPC land sales increased 39% and net new home sales rose 11% in the quarter compared to last year, reinforcing the depth and durability of demand across our communities. At Ward Village, we completed Ulana and broke ground on The Launiu, which is already 74% pre-sold for delivery in 2028. As we close the Vantage acquisition, we are repositioning Howard Hughes as a diversified holding company built on recurring cash flows and disciplined capital allocation, designed to compound intrinsic value per share over decades, not quarters.”
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Financial Highlights
MPC
–MPC revenue increased to $112.3 million, a 33% increase from the prior-year period.
–MPC EBT totaled $84.4 million, up $21.1 million or 33% compared to the prior-year period, primarily driven by strong residential land sales at Bridgeland.
–All MPC’s had an increase in net new home sales during the quarter compared to the prior-year period, with Bridgeland achieving a 12% increase, Summerlin a 6% increase, and The Woodlands Hills a 38% increase compared to the first quarter of 2025.
Operating Assets
–Operating Assets revenue increased to $119.2 million from $114.0 million in the prior-year period, and Total Operating Assets NOI increased to $73.1 million from $71.6 million.
–The year-over-year increase was primarily driven by 3% growth in Multifamily NOI and 2% growth in Office NOI.
Strategic Developments
–The final six units at Ulana Ward Village closed during the quarter; however, condominium sales net of cost of sales remained flat because Ulana is a workforce tower and closed at a breakeven gross margin as expected.
–The Company also commenced construction on The Launiu in the first quarter of 2026.
Financing Activity
–In February 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.
–Closed on a $300.0 million new five-year mortgage secured by Downtown Summerlin and a related interest rate swap resulting in a fixed interest rate of 5.52%.
–10285 Lakefront Medical Office exercised the first extension option to extend its maturity from March 2026 to March 2027.
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Redesigned Supplemental Information Report
As Howard Hughes transitions into a diversified holding company, we expect our reporting framework to evolve. To that end, we are introducing a redesigned Supplemental Information report this quarter that will be posted to our website. The intent of the redesigned report is to better align our public disclosure with how management evaluates the business and to provide new metrics that help bridge the gap between company results and underlying value.
Following the anticipated closing of the Vantage transaction, our earnings base will include both real estate and insurance platforms, each with distinct economic drivers. As a result, we intend to move from supplemental annual guidance to longer-term objectives for each platform that better reflect how we allocate capital and manage the business through cycles.
Conference Call & Webcast Information
Howard Hughes Holdings Inc. will host its first quarter 2026 earnings conference call on Friday, May 8, 2026, at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). A presentation accompanying this earnings release has been posted to the Investors section of the Company's website. Management will use this presentation during the call.
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.
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 March 31, | ||||||||||||||||||||
| $ in thousands | 2026 | 2025 | $ Change | % Change | ||||||||||||||||
Operating Assets NOI (1) | ||||||||||||||||||||
| Office | $ | 33,712 | $ | 32,903 | $ | 809 | 2 | % | ||||||||||||
| Retail | 13,964 | 13,810 | 154 | 1 | % | |||||||||||||||
| Multifamily | 16,288 | 15,763 | 525 | 3 | % | |||||||||||||||
| Other | 1,695 | 1,542 | 153 | 10 | % | |||||||||||||||
| Operating Assets NOI | 65,659 | 64,018 | 1,641 | 3 | % | |||||||||||||||
| Company's share of NOI from unconsolidated ventures | 7,490 | 7,548 | (58) | (1) | % | |||||||||||||||
| Total Operating Assets NOI | $ | 73,149 | $ | 71,566 | $ | 1,583 | 2 | % | ||||||||||||
| MPC | ||||||||||||||||||||
| Acres Sold - Residential | 87 | 70 | 17 | 24 | % | |||||||||||||||
| Acres Sold - Commercial | 6 | — | 6 | NM | ||||||||||||||||
| Price Per Acre - Residential | $ | 984 | $ | 991 | $ | (7) | (1) | % | ||||||||||||
| Price Per Acre - Commercial | $ | 613 | $ | — | $ | 613 | NM | |||||||||||||
| MPC EBT | $ | 84,376 | $ | 63,264 | $ | 21,112 | 33 | % | ||||||||||||
| Strategic Developments | ||||||||||||||||||||
| Condominium rights and unit sales | $ | 3,134 | $ | 342 | $ | 2,792 | NM | |||||||||||||
NM - Not Meaningful
(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
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (Exchange Act). All statements other than statements of historical fact included in this press release 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 give our current expectations relating to our financial condition, results of operations, plans, objectives, future performance, or 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 should not be relied upon. They give our expectations about the future and are not guarantees. 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 of becoming a diversified holding company; (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 satisfy the conditions to closing and consummate the proposed acquisition of Vantage (Vantage Transaction), integrate it into our operations, and realize the financial benefits currently anticipated from such acquisition; (v) our ability to realize the anticipated benefits of the spinoff of Seaport Entertainment Group Inc. that we completed in 2024; (vi) macroeconomic conditions such as volatility in capital markets, unstable economic and political conditions within the U.S. and foreign jurisdictions, geopolitical conflicts, and a prolonged recession in the national economy, including any adverse business or economic conditions in the homebuilding, condominium-development, retail, and office sectors; (vii) 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; (viii) 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; (ix) interest rate volatility and inflation; (x) the availability of debt and equity capital; (xi) our ability to compete effectively, including the potential impact of heightened competition for tenants and potential decreases in occupancy at our properties; (xii) 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 changes in interest rates; (xiii) mismatch of supply and demand, including interruptions of supply lines; (xiv) extreme weather conditions or climate change, including natural disasters, that may cause property damage or interrupt business; (xv) the impact of water and electricity shortages; (xvi) contamination of our property by hazardous or toxic substances; (xvii) terrorist activity, acts of violence, or breaches of our or our vendors’ data security; (xviii) losses that are not insured or exceed the applicable insurance limits; (xix) our ability to lease new or redeveloped space; (xx) 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; (xxi) 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; (xxii) 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; (xxiii) 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; (xxiv) inherent
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risks related to disruption of information technology networks and related systems, including cyber security attacks; (xxv) our ability to attract and retain key personnel; (xxvi) our ability to collect rent and attract tenants; (xxvii) our indebtedness, including our $650,000,000 4.125% senior unsecured notes due 2029, $650,000,000 4.375% senior unsecured notes due 2031, $500,000,000 5.875% senior unsecured notes due 2032, and $500,000,000 6.125% senior unsecured notes due 2034, contain restrictions that may limit our ability to operate our business; (xxviii) our directors’ involvement or interests in other businesses, including real estate activities and investments; (xxix) 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; (xxx) our dependence on the operations and funds of our subsidiaries, including The Howard Hughes Corporation; (xxxi) catastrophic events or geopolitical conditions, such as international armed conflicts, or the occurrence of epidemics or pandemics; and (xxxii) 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 March 31, | |||||||||||
| thousands except per share amounts | 2026 | 2025 | |||||||||
| REVENUES | |||||||||||
| Condominium rights and unit sales | $ | 3,134 | $ | 342 | |||||||
| Master Planned Communities land sales | 99,573 | 71,642 | |||||||||
| Rental revenue | 113,549 | 108,413 | |||||||||
| Other revenues | 10,979 | 9,644 | |||||||||
| Builder price participation | 8,682 | 9,287 | |||||||||
| Total revenues | 235,917 | 199,328 | |||||||||
| EXPENSES | |||||||||||
| Condominium rights and unit cost of sales | 3,134 | 242 | |||||||||
| Master Planned Communities cost of sales | 34,742 | 25,214 | |||||||||
| Operating costs | 53,033 | 50,789 | |||||||||
| Rental property real estate taxes | 16,228 | 15,299 | |||||||||
| Provision for (recovery of) doubtful accounts | (59) | (156) | |||||||||
| General and administrative | 25,758 | 22,436 | |||||||||
| Depreciation and amortization | 48,640 | 45,139 | |||||||||
| Other | 3,892 | 4,797 | |||||||||
| Total expenses | 185,368 | 163,760 | |||||||||
| OTHER | |||||||||||
| Gain (loss) on sale or disposal of real estate and other assets, net | — | 13,729 | |||||||||
| Other income (loss), net | 127 | (1,367) | |||||||||
| Total other | 127 | 12,362 | |||||||||
| Operating income (loss) | 50,676 | 47,930 | |||||||||
| Interest income | 14,663 | 6,118 | |||||||||
| Interest expense | (41,790) | (41,094) | |||||||||
| Gain (loss) on extinguishment of debt | (10,226) | — | |||||||||
| Equity in earnings (losses) from unconsolidated ventures | (2,640) | 1,320 | |||||||||
| Income (loss) before income taxes | 10,683 | 14,274 | |||||||||
| Income tax expense (benefit) | 2,618 | 3,436 | |||||||||
| Net income (loss) | 8,065 | 10,838 | |||||||||
| Net (income) loss attributable to noncontrolling interests | 161 | (305) | |||||||||
| Net income (loss) attributable to common stockholders | $ | 8,226 | $ | 10,533 | |||||||
| Basic income (loss) per share | $ | 0.14 | $ | 0.21 | |||||||
| Diluted income (loss) per share | $ | 0.14 | $ | 0.21 | |||||||
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HOWARD HUGHES HOLDINGS INC.
CONSOLIDATED BALANCE SHEETS
UNAUDITED
| thousands except par values and share amounts | March 31, 2026 | December 31, 2025 | |||||||||
| ASSETS | |||||||||||
| Master Planned Communities assets | $ | 2,653,161 | $ | 2,635,077 | |||||||
| Buildings and equipment | 4,100,037 | 4,028,862 | |||||||||
| Less: accumulated depreciation | (1,124,704) | (1,082,124) | |||||||||
| Land | 307,625 | 307,625 | |||||||||
| Developments | 1,569,667 | 1,477,615 | |||||||||
| Net investment in real estate | 7,505,786 | 7,367,055 | |||||||||
| Investments in unconsolidated ventures | 167,815 | 170,122 | |||||||||
| Cash and cash equivalents | 1,835,829 | 1,468,507 | |||||||||
| Restricted cash | 653,454 | 628,651 | |||||||||
| Accounts receivable, net | 131,559 | 134,122 | |||||||||
| Municipal Utility District (MUD) receivables, net | 532,689 | 459,729 | |||||||||
| Deferred expenses, net | 166,082 | 160,966 | |||||||||
| Operating lease right-of-use assets | 5,074 | 5,231 | |||||||||
| Other assets, net | 249,827 | 245,078 | |||||||||
| Total assets | $ | 11,248,115 | $ | 10,639,461 | |||||||
| LIABILITIES | |||||||||||
| Mortgages, notes, and loans payable, net | $ | 5,791,296 | $ | 5,109,828 | |||||||
| Operating lease obligations | 4,773 | 4,868 | |||||||||
| Deferred tax liabilities, net | 166,143 | 164,472 | |||||||||
| Accounts payable and other liabilities | 1,435,994 | 1,518,047 | |||||||||
| Total liabilities | 7,398,206 | 6,797,215 | |||||||||
| 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, 66,226,325 issued, and 59,630,969 outstanding as of March 31, 2026, 65,910,640 shares issued, and 59,370,353 outstanding as of December 31, 2025 | 662 | 659 | |||||||||
| Additional paid-in capital | 4,462,910 | 4,458,838 | |||||||||
| Retained earnings (accumulated deficit) | (53,870) | (62,096) | |||||||||
| Accumulated other comprehensive income (loss) | (2,381) | (1,827) | |||||||||
Treasury stock, at cost, 6,595,356 shares as of March 31, 2026, and 6,540,287 shares as of December 31, 2025 | (624,521) | (620,118) | |||||||||
| Total stockholders' equity | 3,782,800 | 3,775,456 | |||||||||
| Noncontrolling interests | 67,109 | 66,790 | |||||||||
| Total equity | 3,849,909 | 3,842,246 | |||||||||
| Total liabilities and equity | $ | 11,248,115 | $ | 10,639,461 | |||||||
7
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 March 31, | |||||||||||||||||
| thousands except percentages | 2026 | 2025 | $ Change | ||||||||||||||
| Operating Assets Segment EBT | |||||||||||||||||
| Total revenues | $ | 119,202 | $ | 114,002 | $ | 5,200 | |||||||||||
| Total operating expenses | (50,925) | (48,817) | (2,108) | ||||||||||||||
| Segment operating income (loss) | 68,277 | 65,185 | 3,092 | ||||||||||||||
| Depreciation and amortization | (45,578) | (43,123) | (2,455) | ||||||||||||||
| Interest income (expense), net | (33,507) | (34,218) | 711 | ||||||||||||||
| Other income (loss), net | 19 | (196) | 215 | ||||||||||||||
| Equity in earnings (losses) from unconsolidated ventures | 5,877 | 4,643 | 1,234 | ||||||||||||||
| Gain (loss) on sale or disposal of real estate and other assets, net | — | 9,979 | (9,979) | ||||||||||||||
| Operating Assets segment EBT | $ | (4,912) | $ | 2,270 | $ | (7,182) | |||||||||||
| Master Planned Communities Segment EBT | |||||||||||||||||
| Total revenues | $ | 112,281 | $ | 84,454 | $ | 27,827 | |||||||||||
| Total operating expenses | (47,877) | (38,205) | (9,672) | ||||||||||||||
| Segment operating income (loss) | 64,404 | 46,249 | 18,155 | ||||||||||||||
| Depreciation and amortization | (65) | (111) | 46 | ||||||||||||||
| Interest income (expense), net | 21,712 | 16,786 | 4,926 | ||||||||||||||
| Other income (loss), net | 1,860 | — | 1,860 | ||||||||||||||
| Equity in earnings (losses) from unconsolidated ventures | (3,535) | (3,410) | (125) | ||||||||||||||
| Gain (loss) on sale or disposal of real estate and other assets, net | — | 3,750 | (3,750) | ||||||||||||||
| MPC segment EBT | $ | 84,376 | $ | 63,264 | $ | 21,112 | |||||||||||
Strategic Developments Segment EBT | |||||||||||||||||
| Total revenues | $ | 4,407 | $ | 854 | $ | 3,553 | |||||||||||
| Total operating expenses | (8,089) | (4,366) | (3,723) | ||||||||||||||
| Segment operating income (loss) | (3,682) | (3,512) | (170) | ||||||||||||||
| Depreciation and amortization | (2,057) | (1,158) | (899) | ||||||||||||||
| Interest income (expense), net | 4,974 | 4,646 | 328 | ||||||||||||||
| Other income (loss), net | (889) | (1,262) | 373 | ||||||||||||||
| Equity in earnings (losses) from unconsolidated ventures | (4,982) | 87 | (5,069) | ||||||||||||||
| Strategic Developments segment EBT | $ | (6,636) | $ | (1,199) | $ | (5,437) | |||||||||||
8
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 March 31, | |||||||||||||||||
| thousands | 2026 | 2025 | $ Change | ||||||||||||||
| Operating Assets Segment | |||||||||||||||||
| Total revenues | $ | 119,202 | $ | 114,002 | $ | 5,200 | |||||||||||
| Total operating expenses | (50,925) | (48,817) | (2,108) | ||||||||||||||
| Segment operating income (loss) | 68,277 | 65,185 | 3,092 | ||||||||||||||
| Depreciation and amortization | (45,578) | (43,123) | (2,455) | ||||||||||||||
| Interest income (expense), net | (33,507) | (34,218) | 711 | ||||||||||||||
| Other income (loss), net | 19 | (196) | 215 | ||||||||||||||
| Equity in earnings (losses) from unconsolidated ventures | 5,877 | 4,643 | 1,234 | ||||||||||||||
| Gain (loss) on sale or disposal of real estate and other assets, net | — | 9,979 | (9,979) | ||||||||||||||
| Operating Assets segment EBT | (4,912) | 2,270 | (7,182) | ||||||||||||||
| Add back: | |||||||||||||||||
| Depreciation and amortization | 45,578 | 43,123 | 2,455 | ||||||||||||||
| Interest (income) expense, net | 33,507 | 34,218 | (711) | ||||||||||||||
| Equity in (earnings) losses from unconsolidated ventures | (5,877) | (4,643) | (1,234) | ||||||||||||||
| (Gain) loss on sale or disposal of real estate and other assets, net | — | (9,979) | 9,979 | ||||||||||||||
| Impact of straight-line rent | (2,622) | (1,160) | (1,462) | ||||||||||||||
| Other | (15) | 189 | (204) | ||||||||||||||
| Operating Assets NOI | 65,659 | 64,018 | 1,641 | ||||||||||||||
| Company's share of NOI from equity investments | 2,172 | 1,943 | 229 | ||||||||||||||
| Distributions from Summerlin Hospital investment | 5,318 | 5,605 | (287) | ||||||||||||||
| Company's share of NOI from unconsolidated ventures | 7,490 | 7,548 | (58) | ||||||||||||||
| Total Operating Assets NOI | $ | 73,149 | $ | 71,566 | $ | 1,583 | |||||||||||
9
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 March 31, | |||||||||||||||||
| thousands | 2026 | 2025 | $ Change | ||||||||||||||
| Same Store Office | |||||||||||||||||
| Houston, TX | $ | 21,285 | $ | 21,933 | $ | (648) | |||||||||||
| Columbia, MD | 6,620 | 5,585 | 1,035 | ||||||||||||||
| Las Vegas, NV | 6,051 | 5,385 | 666 | ||||||||||||||
| Total Same Store Office | 33,956 | 32,903 | 1,053 | ||||||||||||||
| Same Store Retail | |||||||||||||||||
| Houston, TX | 3,171 | 2,807 | 364 | ||||||||||||||
| Columbia, MD | 1,147 | 1,546 | (399) | ||||||||||||||
| Las Vegas, NV | 6,627 | 5,956 | 671 | ||||||||||||||
| Honolulu, HI | 2,920 | 3,502 | (582) | ||||||||||||||
| Total Same Store Retail | 13,865 | 13,811 | 54 | ||||||||||||||
| Same Store Multifamily | |||||||||||||||||
| Houston, TX | 9,157 | 9,735 | (578) | ||||||||||||||
| Columbia, MD | 3,943 | 3,357 | 586 | ||||||||||||||
| Las Vegas, NV | 3,213 | 2,671 | 542 | ||||||||||||||
| Company's share of NOI from unconsolidated ventures | 1,967 | 1,721 | 246 | ||||||||||||||
| Total Same Store Multifamily | 18,280 | 17,484 | 796 | ||||||||||||||
| Same Store Other | |||||||||||||||||
| Houston, TX | 1,207 | 1,201 | 6 | ||||||||||||||
| Columbia, MD | 91 | (48) | 139 | ||||||||||||||
| Las Vegas, NV | 356 | 365 | (9) | ||||||||||||||
| Honolulu, HI | 41 | 24 | 17 | ||||||||||||||
| Company's share of NOI from unconsolidated ventures | 5,523 | 5,827 | (304) | ||||||||||||||
| Total Same Store Other | 7,218 | 7,369 | (151) | ||||||||||||||
| Total Same Store NOI | 73,319 | 71,567 | 1,752 | ||||||||||||||
| Non-Same Store NOI | (170) | (1) | (169) | ||||||||||||||
| Total Operating Assets NOI | $ | 73,149 | $ | 71,566 | $ | 1,583 | |||||||||||
10
Howard Hughes Holdings Inc. First Quarter 2026 Supplemental Information March 31, 2026 Exhibit 99.2
2H O W A R D H U G H E S H O L D I N G S Cautionary 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 or achievements to materially differ from any future results, performance or 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 operating assets net operating income (NOI), total operating assets NOI, same store NOI, adjusted maintenance free cash flow, adjusted G&A expense, and net debt. Non-GAAP financial measures should not be considered independently, or as a substitute, for financial information presented in accordance with GAAP and our calculation of these non-GAAP measures may differ from similarly titled measures used by other companies. A detailed description of the non-GAAP financial measures used in this presentation, along with their definitions and purposes is provided on the “Non-GAAP Definitions” section (page 15) included in this supplemental presentation and reconciliations to the most directly comparable GAAP measures are included on the applicable pages within this presentation. 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. Monetary amounts presented are calculated based on the amounts in thousands of dollars stated in our consolidated financial statements, and then rounded to the nearest million. Therefore, certain totals may not recalculate based on the amounts rounded to the nearest million.
3H O W A R D H U G H E S H O L D I N G S Table of Contents Topics Page # Howard Hughes Holdings (HHH) Company Highlights 4 Howard Hughes Communities (HHC) Highlights 5 Performance Update 6 Master Planned Communities 7 Operating Assets 9 Condominiums 11 Other Expenses 13 Debt & Liquidity 14 Non-GAAP Definitions 15 Appendix 17
4H O W A R D H U G H E S H O L D I N G S Howard Hughes Holdings Company Highlights } Continue to make steady progress on the Vantage acquisition and are on track to close the transaction in Q2 2026, subject to regulatory approvals } Continued momentum across its core real estate platform highlighted by 33% growth in MPC EBT and 11% increase in net new home sales within Howard Hughes Communities } Steady performance within Operating Assets segment led by multifamily with 5% same store NOI growth } New Downtown Summerlin financing of $300 million highlights the strength of one of the portfolio’s highest-quality retail assets, reflecting solid operating performance and the successful transition and upgrade of tenants following the property’s 10-year anniversary } During the quarter, HHC issued $1.0 billion of senior notes ($500 million due 2032 and $500 million due 2034) and used the proceeds to redeem its $750 million senior notes due 2028, including accrued and unpaid interest Solid start to 2026, with strong MPC earnings growth, continued leasing momentum across Operating Assets, substantial liquidity, and steady progress toward closing the pending Vantage acquisition
Howard Hughes Communities Highlights
6H O W A R D H U G H E S H O L D I N G S ($ in millions) Q1 2026 Q1 2025 TTM Q1 2026 TTM Q1 2025 Master Planned Communities: MPC Segment EBT $84.4 $63.3 $497.2 $388.1 Margin-Affected Residual Value for Wholly Owned MPCs Only $5,788.0 $6,232.9 N/A N/A Operating Assets: Adjusted Maintenance Free Cash Flow $29.5 $25.9 $99.1 $79.1 Condominiums: Condo Gross Profit $— $0.1 $0.6 $200.0 Other Expenses: HHH Adjusted G&A and Net Interest Expense(1) $33.9 $40.0 $134.6 $158.3 Howard Hughes Communities Performance Update 1 2 3 4 Note: Adjusted Maintenance Free Cash Flow and Adjusted G&A Expense are non-GAAP performance measures. See the “Definitions” section for definitions of our non-GAAP measures and reasons management believes these measures are useful to investors. (1) Adjusted Net Interest Expense amount disclosed in this presentation excludes MPC net interest income that is already included in MPC Segment EBT and Operating Assets net interest expense that is already included in Adjusted Maintenance Free Cash Flow.
7H O W A R D H U G H E S H O L D I N G S Master Planned Communities: Earnings Before Taxes1 ($ in millions, unless otherwise noted) Q1 2026 Q1 2025 TTM Q1 2026 TTM Q1 2025 Trailing 5- Year Avg. Earnings Before Taxes Total Acres Closed 87.0 ac. 70.2 ac. 637.3 ac. 484.5 ac. 472.4 ac. Price Per Acre Achieved ($ in thousands) $984 $991 $892 $1,015 $837 Residential Land Sales Closed $85.6 $69.6 $568.4 $492.0 $395.2 Total Acres Closed 5.8 ac. — ac. 35.9 ac. 10.0 ac. 73.2 ac. Price Per Acre Achieved ($ in thousands) $613 $0 $661 $218 $423 Commercial Land Sales Closed $3.6 $0.0 $23.7 $2.2 $31.0 Net Recognized (Deferred) Revenue 8.9 (0.5) (18.4) (22.5) (18.0) Special Improvement District Revenue 1.4 2.5 16.8 20.8 13.9 Master Planned Communities Land Sales $99.6 $71.6 $590.5 $492.4 $422.1 Other Revenues 4.0 3.5 20.4 17.3 18.8 Builder Price Participation 8.7 9.3 51.7 48.7 56.8 Total Revenues $112.3 $84.5 $662.7 $558.5 $497.7 MPC Segment EBT $84.4 $63.3 $497.2 $388.1 $357.5 Commentary } MPC EBT increased 33% quarter over prior-year quarter primarily driven by Bridgeland, which had a 67% increase in residential acres sold and at 14% higher pricing than the prior period } TTM Q1 2026 residential price per acre includes $100 million bulk sale in Summerlin at below-average pricing; excluding this sale, the TTM Q1 2026 residential price per acre would be $1.2 million } Net new home sales increased across all communities during the quarter compared to the prior year, with Bridgeland achieving a 12% increase, Summerlin a 6% increase, and The Woodlands Hills a 38% increase
8H O W A R D H U G H E S H O L D I N G S Master Planned Communities: Land Bank Overview1 Wholly Owned MPCs Joint-Venture MPCs ($ in millions, unless otherwise noted) Summerlin Bridgeland The Woodlands The Woodlands Hills Wholly Owned MPC Total Teravalis (5) Floreo (5)(6) Residential Land Remaining Saleable Acres (1) 1,963 ac. 1,172 ac. 64 ac. 614 ac. 3,813 ac. 15,908 ac. 1,061 ac. Estimated Price Per Acre ($ in thousands) (2) $ 1,936 $ 647 $ 666 $ 394 $ 1,270 N/A N/A Estimated Residual Land Value (2) $ 3,800 $ 758 $ 43 $ 242 $4,843 N/A N/A Estimated Sellout Year 2043 2032 2031 2035 2086 2038 Commercial Land Remaining Saleable Acres (1) 494 ac. 1,093 ac. 679 ac. 181 ac. 2,447 ac. 10,531 ac. 116 ac. Estimated Price Per Acre ($ in thousands) (2) $ 883 $ 737 $ 945 $ 618 $ 815 N/A N/A Estimated Residual Land Value (2) $ 436 $ 806 $ 642 $ 112 $1,995 N/A N/A Estimated Buildout Year 2039 2046 2034 2032 2086 2032 MPC Total Estimated Residual Land Value (2) $ 4,237 $ 1,564 $ 684 $ 354 $ 6,838 N/A N/A Projected Cash Gross Margin (3) 81.1% 88.7% 96.0% 87.1% 84.6% N/A N/A Margin-Affected Residual Value (3) $ 3,436 $ 1,387 $ 657 $ 308 $5,788 N/A N/A MPC Assets Book Value (4) $548 $291 Economic Ownership % 100% 100% 100% 100% 100% 88% 50% (1) Fluctuations in remaining saleable acres from period to period are due to land sales or changes to the community’s master plans. Remaining saleable acres for Summerlin excludes anticipated bulk sales in which the Company delivers unfinished lots at a lower price per acre. (2) Estimated price per acre represents an average of the uninflated undiscounted estimated price per acre expected to be achieved over the next 5 years per our land models. Estimated price per acre for Summerlin excludes the impact of anticipated bulk sales. Estimated residual land value is the estimated price per acre multiplied by the remaining saleable acres. (3) 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. Margin-Affected Residual Land Value is the estimated residual land value multiplied by the projected cash gross margin. (4) MPC Assets Book Value is provided in place of Margin-Affected Residual Land Value for Teravalis and Floreo as we are still in the early stages of development for these MPCs. These amounts represents 100% of the book value of the MPC assets at Teravalis and Floreo. (5) The Company owns an 88% interest in and consolidates Teravalis. The Company owns a 50% interest in Floreo and accounts for its investment under the equity method. These metrics represent 100% of Teravalis’ and Floreo’s remaining saleable acreage. (6) Floreo’s residential average price per acre is $0.8 million, commercial average price per acre is $0.3 million, and projected cash gross margin is 49.0%.
9H O W A R D H U G H E S H O L D I N G S Operating Assets: Adjusted Maintenance Free Cash Flow2 ($ in millions) Q1 2026 Q1 2025 TTM Q1 2026 TTM Q1 2025 NOI to Adjusted Maintenance Free Cash Flow Total Operating Assets NOI $73.1 $71.6 $277.9 $263.0 YoY Same Store NOI Growth 2 % 10 % 7 % 6 % YoY Total NOI Growth 2 % 9 % 6 % 7 % Less: Operating Assets Net Interest Expense (33.5) (34.2) (135.9) (139.5) Less: Amortization of Deferred Leasing Costs (3.0) (3.6) (12.3) (12.8) Less: Depreciation of Tenant Improvement Expenditures (7.2) (7.9) (30.5) (31.6) Adjusted Maintenance Free Cash Flow $29.5 $25.9 $99.1 $79.1 YoY Adjusted Maintenance Free Cash Flow Growth 14 % 25 % 25 % 16 % Note: Total Operating Assets NOI and Adjusted Maintenance Free Cash Flow are non-GAAP performance measures. See the “Definitions” section for definitions of our non-GAAP measures and reasons management believes these measures are useful to investors. Commentary } Total Operating Assets NOI increased 2% to $73.1 million, supported by continued leasing activity and rent-abatement burn-off across the portfolio } 7% same store NOI growth over the past year driven primarily by leasing efforts across multifamily and office assets } Adjusted maintenance free cash flow increased 14% during the quarter compared to the prior period and increased 25% on a TTM basis
10H O W A R D H U G H E S H O L D I N G S Operating Assets: Results by Asset Type2 Q1 2026 (1) Adj. Maintenance Free Cash Flow By Asset Type Note: Total Operating Assets NOI and Adjusted Maintenance Free Cash Flow are non-GAAP performance measures. See the “Definitions” section for definitions of our non-GAAP measures and reasons management believes these measures are useful to investors. (1) TTM as of March 31, 2026 Q1 2026 (1) Total Operating Assets NOI by Asset Type Other Other Multifamily Office Retail Office Multifamily Retail 32% 29% 27% 12% 50% 20% 25% 5%
11H O W A R D H U G H E S H O L D I N G S Condominiums: Sales Activity & Profit Generation3 ($ in millions) Q1 2026 Q1 2025 TTM Q1 2026 TTM Q1 2025 Condominium Sales Activity & Gross Profit Number of Condo Units Closed During the Period 6 Units 0 Units 696 Units 349 Units Condo Rights & Unit Sales $3.1 $0.3 $372.9 $778.9 Condo Rights & Unit Cost of Sales (3.1) (0.2) (372.3) (579.0) Condo Gross Profit $0.0 $0.1 $0.6 $200.0 Gross Profit Margin % — % 29.2 % 0.2 % 25.7 % Commentary } Quarterly condo activity reflected the final six Ulana closings, generating $3.1 million of revenue with essentially no gross profit, which is consistent with expectations for a workforce housing tower } TTM Q1 2026 results remain heavily influenced by the delivery of Ulana and is not representative of the earnings potential embedded in the market-rate condo pipeline } Completion of The Park Ward Village is expected in Q2 2026 } Commenced construction on The Launiu during the first quarter, further advancing the next leg of the Ward Village pipeline
12H O W A R D H U G H E S H O L D I N G S Condominiums: Future Condo Tower Pipeline3 Under Construction Predevelopment ($ in millions) The Park Ward Village Ritz-Carlton Residences Kalae The Launiu Melia ‘Ilima Total Under Construction & Predevelopment Condo Tower Pipeline Key Metrics Location Ward Village The Woodlands Ward Village Ward Village Ward Village Ward Village Total Number of Units 545 Units 111 Units 329 Units 485 Units 220 Units 148 Units 1,838 Units % Units Closed or Contracted 97% 77% 94% 74% 70% 61% 83% Future Revenue Expectations & Timing Estimated Delivery Date Q2 2026 2027 2028 2028 2030 2030 Estimated Future GAAP Revenue at Sellout (1) $730 $506 $817 $887 $992 $1,073 $5,005 Future GAAP Revenue Under Contract $702 $387 $779 $621 $802 $780 $4,071 Despite the lumpiness of condominium cash flows, our pipeline of future towers is significantly de-risked with 83% of our 1,838 units pre-sold (1) Estimated future GAAP revenue at sellout includes future GAAP revenue under contract plus the expected base price of unsold units, estimated buyer upgrades for unsold units, and expected base price for unsold storage and parking spaces.
13H O W A R D H U G H E S H O L D I N G S ($ in millions) Q1 2026 Q1 2025 TTM Q1 2026 TTM Q1 2025 HHH General & Administrative Expense Detail G&A Expense $25.8 $22.4 $125.6 $92.5 Less: Restructuring & Acquisition-Related Costs (3.4) — (29.3) — Less: Pershing Square Base & Variable Fees (3.8) — (20.9) — Adjusted G&A Expense $18.5 $22.4 $75.3 $92.5 HHH Net Interest Expense Detail Interest Expense, net $27.1 $35.0 $115.1 $143.3 Less: MPC Net Interest Income 21.7 16.8 80.1 62.0 Less: Operating Assets Net Interest Expense (33.5) (34.2) (135.9) (139.5) Adjusted Net Interest Expense $15.3 $17.5 $59.2 $65.8 HHH Adjusted G&A and Net Interest (1) $33.9 $40.0 $134.6 $158.3 Other Expenses: HHH Adj. G&A and Net Interest Expense4 Note: Adjusted G&A Expense is a non-GAAP performance measure. See the “Definitions” section for definitions of our non-GAAP measures and reasons management believes these measures are useful to investors. (1) Adjusted Net Interest Expense amount disclosed in this presentation excludes MPC net interest income that is already included in MPC Segment EBT and Operating Assets net interest expense that is already included in Adjusted Maintenance Free Cash Flow. Commentary } Q1 2026 G&A increased to $25.8 million, which included $3.4 million of acquisition-related costs associated with the pending Vantage purchase } Declines in Adjusted G&A Expense for the quarter and TTM reflect restructuring efforts executed over the past year to create an efficient and scalable platform to support the Company’s transition into a diversified holding company } Interest Expense, net during the quarter and TTM includes positive impact of interest income received from invested cash balances
14H O W A R D H U G H E S H O L D I N G S $2,351 $573 $570 $273 $1,079 $349 $2,995 $1,836 $515 $263 $430 $174 $429 $279 $1,345$650 $1,650 $310 $140 Cash & Cash Equivalents Revolver Capacity Mortgages & Loans Payable Senior Unsecured Notes Condo Construction Loans Liquidity 2026 2027 2028 2029 2030 Thereafter Q1 2026 Liquidity & Debt Maturity Schedule (3) ($ in millions) Q1 2026 HHH Net Debt Summary ($ in millions) Amount Operating Assets Debt $2,751 MPC Debt 161 Strategic Developments Debt 626 Senior Unsecured Notes 2,300 Deferred Financing Costs (47) Mortgages, Notes, & Loans Payable, Net $5,791 Less: Unamortized Deferred Financing Costs 47 Less: Cash & Cash Equivalents (1) (1,836) HHH Net Debt $4,002 Less: Operating Assets Debt (2,751) HHH Net Debt Excluding Operating Assets Debt (2) $1,252 HHH Debt & Liquidity Overview Note: Net Debt is a non-GAAP performance measure. See the “Definitions” section for definitions of our non-GAAP measures and reasons management believes these measures are useful to investors. (1) Represents consolidated unrestricted cash for HHH, comprised of $907 million at the HHH level and $929 million at the HHC level. (2) Excludes Operating Assets Debt as the interest expense burden is already captured in Operating Assets Adjusted Maintenance Free Cash Flow. (3) The debt maturities table excludes $47 million in deferred financing costs.
15H O W A R D H U G H E S H O L D I N G S Operating Asset Net Operating Income (NOI): We define 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 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. 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. Total Operating Assets NOI: This term represents NOI as defined above with the addition of our share of NOI from unconsolidated ventures. 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. Adjusted Maintenance Free Cash Flow: We define adjusted maintenance free cash flow as Total Operating Asset NOI less Operating Assets net interest expense, depreciation of tenant improvement expenditures, and amortization of deferred leasing commissions. We believe that adjusted maintenance free cash flow provides investors a measure to model the recurring, property-level cash generation capabilities of the Operating Assets segment. Adjusted G&A Expense: Adjusted G&A expense is a non-GAAP financial measure that we define as general and administrative expenses, excluding (i) expenses associated with reductions in force, including severance and stock compensation, (ii) acquisition-related transaction costs, including legal, advisory, due diligence and integration planning costs, (iii) fees payable to Pershing Square, and (iv) other non-recurring costs. We believe Adjusted G&A is useful to investors and other users of our financial statements as a supplemental measure of the ongoing level of general and administrative expenses required to support our operations. By excluding expenses related to reductions in force and acquisition-related transaction costs, which are directly associated with specific corporate actions and can vary significantly, Adjusted G&A provides greater comparability of our period-over-period overhead efficiency and better reflects the underlying cost structure of our business. Net Debt: The Company revised the definition of its non-GAAP measure, net debt, to simplify its calculation. Under the revised definition, net debt excludes the impact of unamortized deferred financing costs and our ownership share of debt of our unconsolidated ventures, whereas prior periods included these amounts. In addition, under the revised definition, Net Debt is reduced only by readily available cash sources, consisting of cash and cash equivalents. Prior periods included our ownership share of our unconsolidated ventures’ cash and certain receivable balances as liquidity sources, which are excluded under the revised definition. Net debt is now defined as mortgages, notes, and loans payable, excluding the impact of unamortized deferred financing costs, reduced by cash and cash equivalents available to satisfy such obligations. Management believes the updated definition provides a more meaningful measure of the Company’s leverage by (i) focusing on obligations for which the Company has primary responsibility and control and (ii) using a more conservative measure of liquidity that reflects only readily available cash resources. This change enhances transparency and comparability for investors. Although net debt is a non-GAAP financial measure, we believe that such information is useful to our investors and other users of our financial statements as net debt and its components are important indicators of our overall liquidity, capital structure, and financial position. Same Store NOI: We calculate 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. Trailing Twelve Months (TTM): Trailing twelve months as of the specified period end. Non-GAAP Definitions
Appendix: Non-GAAP Reconciliations
17H O W A R D H U G H E S H O L D I N G S Reconciliation of Non-GAAP Financial Measure $ in millions Q1 2026 Q1 2025 TTM Q1 2026 TTM Q1 2025 Reconciliation of Operating Assets Segment EBT to Total Operating Asset NOI Total Revenues $119.2 $114.0 $470.8 $451.3 Total Operating Expenses (50.9) (48.8) (206.4) (197.3) Segment Operating Income (Loss) $68.3 $65.2 $264.4 $254.0 Depreciation & Amortization (45.6) (43.1) (175.3) (170.3) Interest Income (Expense), Net (33.5) (34.2) (135.9) (139.5) Other Income (Loss), Net — (0.2) 2.5 0.2 Equity in Earnings (Losses) from Unconsolidated Ventures 5.9 4.6 6.1 4.6 Gain (Loss) on Sale or Disposal of Real Estate & Other Assets, Net — 10.0 4.4 28.1 Gain (Loss) on Extinguishment of Debt — — (0.7) (0.5) Operating Assets Segment EBT $(4.9) $2.3 $(34.6) $(23.3) Add Back: Depreciation & Amortization 45.6 43.1 175.3 170.3 Interest Income (Expense), Net 33.5 34.2 135.9 139.5 Equity in Earnings (Losses) from Unconsolidated Ventures (5.9) (4.6) (6.1) (4.6) Gain (Loss) on Sale or Disposal of Real Estate & Other Assets, Net — (10.0) (4.4) (28.1) Gain (Loss) on Extinguishment of Debt — — 0.7 0.5 Impact of Straight-Line Rent (2.6) (1.2) (3.4) (5.1) Other — 0.2 0.2 (0.1) Operating Assets NOI $65.7 $64.0 $263.6 $249.1 Company’s Share of NOI from Equity Investments 2.2 1.9 8.9 8.3 Distributions from Summerlin Hospital Investment 5.3 5.6 5.3 5.6 Company’s Share of NOI from Unconsolidated Ventures $7.5 $7.5 $14.2 $13.9 Total Operating Assets NOI $73.1 $71.6 $277.9 $263.0
FAQ
How did Howard Hughes Holdings (HHH) perform financially in Q1 2026?
Howard Hughes generated higher revenue but lower earnings in Q1 2026. Total revenues were about $235.9 million, up from $199.3 million a year earlier, while net income attributable to common stockholders declined to $8.2 million from $10.5 million.
What were the key drivers of Howard Hughes (HHH) Master Planned Communities results in Q1 2026?
Master Planned Communities delivered stronger earnings in Q1 2026. MPC segment EBT rose to $84.4 million, up from $63.3 million, mainly due to increased residential acres sold and higher pricing, especially at Bridgeland, along with additional commercial land sales and related revenues.
How did Operating Assets perform for Howard Hughes Holdings (HHH) in Q1 2026?
Operating Assets showed modest growth in Q1 2026. Total Operating Assets NOI increased to $73.1 million from $71.6 million, reflecting higher multifamily and office NOI. Segment revenues reached $119.2 million, supported by continued leasing activity and rent-abatement burn-off across the portfolio.
What is the status and size of Howard Hughes’ planned Vantage acquisition?
Howard Hughes expects to close its acquisition of Vantage Group Holdings Ltd. in the second quarter of 2026. The transaction values Vantage, a specialty insurance and reinsurance business, at approximately $2.1 billion, and is described as adding a second engine of long-duration earnings.
What does Howard Hughes Holdings’ (HHH) liquidity and debt profile look like as of March 31, 2026?
As of March 31, 2026, Howard Hughes held $1.8 billion in cash and cash equivalents and reported $5.8 billion of mortgages, notes, and loans payable. The company also had undrawn borrowing capacity and limited near-term debt maturities, supporting ongoing development and corporate needs.
How did condominium sales impact Howard Hughes (HHH) results in Q1 2026?
Condominium activity had limited profit impact in Q1 2026. The company closed the final six units at Ulana Ward Village, generating $3.1 million of revenue at essentially breakeven gross margin, consistent with expectations for this workforce housing tower within its Ward Village condominium program.