Earnings summaries and quarterly performance for Howard Hughes Holdings.
Executive leadership at Howard Hughes Holdings.
David O'Reilly
Detailed
Chief Executive Officer
CEO
CO
Carlos Olea
Detailed
Chief Financial Officer
DJ
Doug Johnstone
Detailed
President, Hawaii Region
EV
Elena Verbinskaya
Detailed
Chief Accounting Officer
JV
Joseph Valane
Detailed
General Counsel and Secretary
RI
Ryan Israel
Detailed
Chief Investment Officer
WA
William Ackman
Detailed
Executive Chairman
Board of directors at Howard Hughes Holdings.
Research analysts who have asked questions during Howard Hughes Holdings earnings calls.
John Kim
BMO Capital Markets
6 questions for HHH
Also covers: AIV, ALX, ARDX +34 more
Alexander Goldfarb
Piper Sandler
5 questions for HHH
Also covers: ALEX, ALX, AVB +25 more
AP
Anthony Paolone
JPMorgan Chase & Co.
3 questions for HHH
Also covers: ALX, ARE, AVB +32 more
AS
Amanda Shiao
Commercial Observer
1 question for HHH
CM
Connor Mitchell
Piper Sandler & Co.
1 question for HHH
Also covers: BRX, CHCT, CPT +8 more
CB
Craig Big
Jesper Fund
1 question for HHH
DH
Dara Hiwatt
Black Oak
1 question for HHH
PA
Peter Abramowitz
Jefferies
1 question for HHH
Also covers: AHH, ARE, BXP +14 more
RZ
Ray Zhong
JPMorgan Chase & Co.
1 question for HHH
Also covers: ARE
Recent press releases and 8-K filings for HHH.
Howard Hughes Holdings Reports Q4 2025 Results and Outlines Strategic Transformation
HHH
Earnings
M&A
Guidance Update
- Howard Hughes Holdings is transforming into a diversified holding company with the acquisition of Vantage Holdings, a $2.1 billion insurance asset, expected to close by June.
- In 2025, the real estate platform achieved record Master Planned Communities (MPC) EBT of $476 million and record operating assets Net Operating Income (NOI) of $276 million, an 8% year-over-year increase.
- For 2026, the company expects adjusted operating cash flow between $415 million and $465 million, MPC EBT between $343 million and $391 million, and operating assets NOI between $279 million and $290 million.
- The primary use of excess cash will be to achieve 100% ownership of the Vantage insurer, which could require up to $1 billion, followed by investments in other operating companies.
7 days ago
Howard Hughes Holdings Outlines 2026 Guidance and Strategic Shift to Diversified Holding Company
HHH
M&A
Guidance Update
New Projects/Investments
- Howard Hughes Holdings is transforming into a diversified holding company, with the Vantage Holdings acquisition (a $2.1 billion insurance asset) anticipated to close by June. This strategic move aims to leverage Pershing Square's investment expertise for higher returns on the insurer's portfolio.
- For 2026, the company expects adjusted operating cash flow between $415 million and $465 million, MPC EBT in the range of $343 million to $391 million, and operating assets NOI between $279 million and $290 million. Condominium gross revenue is projected at $720 million-$750 million with $108 million-$128 million in profit.
- The company recently refinanced its senior notes, issuing $1 billion of new notes due 2034 at significantly tighter credit spreads, and the Vantage acquisition financing includes up to $1 billion in zero-coupon Pershing preferred investment. The first priority for excess cash will be to redeem this preferred stock to achieve 100% ownership of the insurer.
- Management emphasized that traditional consolidated earnings metrics are not suitable for valuing the company post-diversification, recommending focus on metrics such as NOI growth, per acre land value, condominium progress, and for the insurer, growth in book value and returns on book value.
7 days ago
Howard Hughes Holdings Reports Strong Q4 2025 Real Estate Performance and Outlines Diversified Holding Company Strategy
HHH
M&A
Guidance Update
Debt Issuance
- Howard Hughes Holdings is transforming into a diversified holding company, with the acquisition of Vantage Holdings, a $2.1 billion insurance asset, expected to close by June 2026.
- The company reported a strong 2025 for its real estate platform, achieving record Master Planned Communities (MPC) EBT of $476 million, record operating asset Net Operating Income (NOI) of $276 million (up 8% year-over-year), and $1.6 billion in contracted condominium revenue.
- For 2026, Howard Hughes Holdings expects adjusted operating cash flow between $415 million and $465 million, and operating assets NOI between $279 million and $290 million.
- The company successfully refinanced its senior notes, issuing $1 billion in new notes due 2034 at the tightest credit spreads in its history, and received a modest upgrade from S&P.
7 days ago
Howard Hughes Holdings Inc. Reports Q4 and Full Year 2025 Results and Announces Strategic Acquisition
HHH
Earnings
M&A
Guidance Update
- Howard Hughes Holdings Inc. reported full-year 2025 net income from continuing operations of $123.8 million ($2.21 per diluted share) and Adjusted Operating Cash Flow of $446 million ($7.97 per diluted share).
- The company announced an agreement to acquire Vantage Group Holdings Ltd. for approximately $2.1 billion, marking a significant step in its transformation into a diversified holding company.
- Master Planned Communities (MPC) EBT reached an all-time high of $476.1 million in 2025, a 36% increase year-over-year, and Total Operating Assets Net Operating Income (NOI) grew 8% to $276 million.
- For full-year 2026, Howard Hughes Communities expects Adjusted Operating Cash Flow between $415 million and $465 million, MPC EBT between $343 million and $391 million, and Operating Assets NOI between $279 million and $290 million.
Feb 19, 2026, 9:03 PM
Howard Hughes Holdings Inc. Reports Q4 and Full Year 2025 Results, Announces Strategic Transformation
HHH
Earnings
M&A
Guidance Update
- Howard Hughes Holdings Inc. reported full-year 2025 net income from continuing operations of $123.8 million, or $2.21 per diluted share, and Adjusted Operating Cash Flow of $446 million, or $7.97 per diluted share.
- The company is transforming into a diversified holding company following an agreement to acquire Vantage Group Holdings Ltd. for approximately $2.1 billion.
- For the fourth quarter of 2025, net income from continuing operations was $5.7 million, or $0.10 per diluted share, and Adjusted Operating Cash Flow was $93 million, or $1.57 per diluted share.
- Full-year 2026 guidance projects Adjusted Operating Cash Flow between $415 million and $465 million and Master Planned Communities (MPC) EBT between $343 million and $391 million.
- Subsequent to year-end, on February 17, 2026, Howard Hughes Corporation issued $1.0 billion in senior unsecured notes to redeem existing debt and for general corporate purposes.
Feb 19, 2026, 9:01 PM
Howard Hughes Holdings Inc. Closes Senior Notes Offering
HHH
Debt Issuance
- Howard Hughes Corporation, a wholly owned subsidiary of Howard Hughes Holdings Inc. (HHH), closed an offering of $1 billion in senior notes on February 17, 2026.
- The offering consisted of $500 million aggregate principal amount of 5.875% Senior Notes due 2032 and $500 million aggregate principal amount of 6.125% Senior Notes due 2034.
- The net proceeds are intended to redeem all outstanding 5.375% Senior Notes due 2028 by February 19, 2026, and for general corporate purposes.
Feb 17, 2026, 9:13 PM
Howard Hughes Holdings Announces Pricing of Senior Notes Offering
HHH
Debt Issuance
- Howard Hughes Holdings Inc. (HHH) announced on February 4, 2026, that its wholly-owned subsidiary, The Howard Hughes Corporation, priced an offering of $1 billion in aggregate principal amount of senior notes.
- The offering includes $500 million of 5.875% senior notes due 2032 and $500 million of 6.125% senior notes due 2034, both priced at par.
- The net proceeds from this offering are intended to redeem all outstanding 5.375% Senior Notes due 2028 and for general corporate purposes.
- The offering is expected to close on February 17, 2026.
Feb 4, 2026, 9:18 PM
Howard Hughes Holdings Inc. Announces Preliminary Q4 and FY 2025 Financial Estimates and Debt Refinancing Plan
HHH
Earnings
Debt Issuance
Guidance Update
- Howard Hughes Holdings Inc. (HHH) released preliminary unaudited estimated financial results for the fourth quarter and full year ended December 31, 2025.
- For Q4 2025, estimated total revenues are between $619 million and $629 million, and estimated net income from continuing operations is between $14 million and $15 million.
- For the full year 2025, estimated total revenues are between $1,470 million and $1,480 million, and estimated net income from continuing operations is between $126 million and $139 million.
- The company's wholly-owned subsidiary, The Howard Hughes Corporation (HHC), commenced an offering of $1 billion in new senior notes (2032 and 2034 Notes).
- HHC intends to use the proceeds from this new offering to redeem all $750 million aggregate principal amount of its outstanding 5.375% Senior Notes due 2028 on February 19, 2026.
Feb 4, 2026, 1:18 PM
Howard Hughes Holdings Inc. to Acquire Vantage Group Holdings Ltd.
HHH
M&A
New Projects/Investments
Convertible Preferred Issuance
- Howard Hughes Holdings Inc. (HHH) has entered into a definitive agreement to acquire Vantage Group Holdings Ltd., a specialty insurance and reinsurance company, for approximately $2.1 billion.
- The transaction is expected to close in the second quarter of 2026, subject to regulatory approvals, and will be financed with $1.2 billion in HHH balance sheet cash and up to $1 billion from Pershing Square Holdings (PSH) via non-interest-bearing preferred stock.
- The purchase price represents 1.5 times Vantage's estimated year-end 2025 book value and an implied ~1.4 times price-to-book-value multiple at closing.
- This acquisition is a milestone in HHH's transformation into a diversified holding company, with Pershing Square managing Vantage's investment portfolio on a fee-free basis.
- As of September 30, 2025, Vantage reported a book value of $1.3 billion and $1.170 billion in net written premiums over the trailing 12 months.
Dec 18, 2025, 9:45 PM
Howard Hughes Announces Acquisition of Vantage
HHH
M&A
New Projects/Investments
Convertible Preferred Issuance
- Howard Hughes (HHH) is acquiring insurance company Vantage for approximately $2.1 billion, valued at 1.4 times book value and 14 times pre-tax earnings.
- The acquisition is a strategic move to transform Howard Hughes into a diversified holding company, with the long-term goal of building a "modern-day Berkshire Hathaway".
- The transaction will be financed with $1.2 billion from Howard Hughes and $900 million from Pershing Square Capital, with the first priority for Howard Hughes' cash flow being to redeem this bridge equity.
- Management anticipates Vantage will achieve a high-teens to over 20% return on equity (ROE) over time, driven by shifting the investment portfolio towards common stocks, managed by Pershing Square without fees.
- The transaction is expected to close by the end of Q2, approximately six months from the document date.
Dec 18, 2025, 2:50 PM
Quarterly earnings call transcripts for Howard Hughes Holdings.
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