Howard Hughes Holdings (HHH) Company Report

Howard Hughes Holdings reported a strong Q3 2025, with the MPC segment generating $205 million EBT and operating assets' Net Operating Income (NOI) growing 5% year-over-year to $68 million.
The company raised its full-year 2025 MPC EBT guidance to $450 million at the midpoint (an increase of $20 million) and its adjusted operating cash flow guidance to $440 million (an increase of $30 million).
HHH is making substantial progress in acquiring an insurance company, which is intended to be the foundation for its transformation into a diversified holding company, with a potential announcement by year-end or Q1.
Condo pre-sales reached $1.4 billion across Malia, Alima, and the Ritz-Carlton Residences in The Woodlands, with Malia and Alima collectively 57% pre-sold.

Nov 10, 2025, 3:00 PM

Transcript

Howard Hughes Holdings Announces Strategic Transformation and Pershing Square Investment

HHH

New Projects/Investments

M&A

Board Change

Howard Hughes Holdings (HHH) is transforming into a diversified holding company, supported by a $900 million investment from Pershing Square for 9 million newly issued shares at $100 per share, representing a 48% premium.
This strategic shift includes Bill Ackman rejoining the Board as Executive Chairman and Ryan Israel becoming Chief Investment Officer, with Pershing Square's beneficial ownership increasing to ~46.9%.
HHH is actively pursuing the launch of the Howard Hughes Insurance Company (HHIC), leveraging Pershing Square's investment expertise to build a differentiated insurance platform aiming for industry-leading returns and is exploring potential acquisition opportunities for small-to-mid-capitalization P&C (re)insurance targets.
For the six months ended June 30, 2025, HHH reported an Adjusted Operating Cash Flow Performance Measure of $90,799 thousand, following $534,576 thousand for the year ended December 31, 2024.

Oct 22, 2025, 11:00 AM

Presentation

Howard Hughes Holdings Inc. Reports Q2 2025 Results and Raises Full-Year Guidance

HHH

Earnings

Guidance Update

New Projects/Investments

Howard Hughes Holdings Inc. reported a net loss from continuing operations of $(0.22) per diluted share for Q2 2025, but delivered $91 million in Adjusted Operating Cash Flow and raised its full-year 2025 Adjusted Operating Cash Flow guidance to $410 million or $7.32 per diluted share.
Pershing Square purchased $900 million of newly issued HHH stock at $100 per share, increasing its ownership to 46.9% and providing capital to transform HHH into a diversified holding company.
The company's Master Planned Communities (MPC) segment achieved $102 million in EBT, driven by the sale of 111 residential acres at a record average price of $1.35 million per acre, and Total Operating Assets Net Operating Income (NOI) increased 5% year-over-year to $69 million, leading to raised full-year 2025 guidance for MPC EBT to $430 million and Operating Assets NOI to $267 million.

Aug 6, 2025, 12:00 AM

8-K

Howard Hughes Holdings CEO Discusses Housing Market Dynamics

HHH

Demand Weakening

New Projects/Investments

Guidance Update

Howard Hughes Holdings CEO David O’Reilly indicates a pause in home buyer demand, attributed to high volatility in treasuries, mortgage rates, and economic uncertainty.
Despite the current market conditions, there remains a shortage of over a million homes in the U.S., and underlying demand is present but patient.
The company's strategy of selling land to home builders remains consistent and is expected to lead to another record year of land sales.
Current home buyer demand is primarily driven by move-up buyers and luxury buyers, who are less impacted by high mortgage rates, while first-time home buyer demand is at a 20-year low.

Jul 7, 2025, 4:10 PM

CNBC Television

Howard Hughes Holdings Announces Q1 2025 Results

HHH

Earnings

New Projects/Investments

M&A

Strong Q1 performance: Adjusted operating cash flow reached $63 million ($1.27 per diluted share) and operating assets posted a new quarterly record with $72 million in NOI, reflecting a 9% year-over-year growth.
Robust MPC segment: The MPC segment delivered EBT of $63 million driven by strong land sales—including 29 acres in Summerlin and 41 acres in Texas—with an average price per acre of $991K, alongside sequential improvements in new home sales.
Strategic development progress: Condo presales were solid with 27 units contracted, contributing approximately $51 million in incremental future revenue, and a pipeline for about $2.7 billion in future revenue is in place for projects slated between 2025 and 2028.
Enhanced liquidity and strategic transaction: Multiple financing closings provided over $800 million in available liquidity, while a $900 million capital infusion from Pershing Square is transforming the company into a diversified holding entity.

May 8, 2025, 2:01 PM

Transcript

Howard Hughes Holdings Q1 2025 Earnings & Investment Update

HHH

Earnings

Guidance Update

M&A

New Projects/Investments

Pershing Square Investment: On May 5, 2025, Pershing Square invested $900 million to acquire 9 million new shares at $100 per share—a 48% premium—resulting in approximately 46.9% ownership with specified voting limits .
Q1 2025 Earnings Turnaround: Net income from continuing operations reached $10.8 million (or $0.21 diluted per share), a rebound from a prior-year loss of $21.0 million (or $(0.42) per share) .
Achieved a record NOI of $72 million, reflecting a 9% YoY improvement, while the Master Planned Communities segment reported EBT of $63 million with improved land sales performance .
Strategic Transformation: HHH plans to leverage this investment to transform into a diversified holding company, expanding its strategy to acquire controlling stakes in growth companies while continuing core real estate operations .
Maintained full-year guidance with a mid-point adjusted operating cash flow of $350 million, supporting future acquisitions and diversification .

May 7, 2025, 12:00 AM

8-K 8-K

Earnings Transcripts

Quarterly earnings call transcripts for Howard Hughes Holdings.

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