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Howard Hughes Holdings (HHH) investor relations material
Howard Hughes Holdings Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Pershing Square invested $900M for 9M new shares at a 48% premium, raising its ownership to 46.9% and transforming the company into a diversified holding company.
Q2 2025 saw a net loss of $12.1M, or $(0.22) per share, mainly due to a $48.2M loss on the sale of MUD receivables.
Adjusted Operating Cash Flow reached $91M ($1.64/share) for the quarter, with full-year guidance raised to $410M.
Spinoff of Seaport Entertainment Group completed, with results presented as discontinued operations.
Bill Ackman returned as Executive Chairman, with Pershing Square providing strategic support and advisory services.
Financial highlights
Adjusted Operating Cash Flow for Q2 was $91M ($1.64/share); full-year guidance increased by $60M to $410M.
Operating Assets NOI was $68.9M for Q2, up 5% year-over-year, with office NOI up 6% and multifamily NOI up 19%.
MPC EBT was $102.4M for Q2, down 17% year-over-year due to timing of land sales, but average price per acre hit a record $1.35M, up 29%.
Strategic Developments segment EBT improved by $3.9M to $1.0M in Q2 2025, aided by lower depreciation and a gain on land sale.
Liquidity strengthened with $1.4B in cash and equivalents, $515M undrawn credit lines, and $880.5M undrawn lender commitments.
Outlook and guidance
Full-year 2025 Adjusted Operating Cash Flow guidance raised to $410M ($7.32/share), up $60M from prior guidance.
MPC EBT guidance increased by $55M to $430M, representing a 20–25% year-over-year increase.
Operating Assets NOI guidance raised to $267M, a new record.
Condo sales revenue projected at $375M for 2025, with no gross profit expected from Ulana/Luana closings.
Management expects to deploy $900M from Pershing Square to acquire or invest in operating companies as part of the new holding company strategy.
What's driving the MPC home sales resilience?
Discuss the G&A savings from reorganization.
How will HHH hedge macro risks going forward?
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Next Howard Hughes Holdings earnings date
Q3 20254 Nov, 2025
LIVEat 17:00
Next Howard Hughes Holdings earnings date
Q3 20254 Nov, 2025
LIVEat 17:00
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Frequently asked questions
Howard Hughes Holdings Inc. formerly known as The Howard Hughes Corporation, is a real estate development and management company based in The Woodlands, Texas. Established as a spin-off from General Growth Properties in 2010, Howard Hughes Holdings engages in owning, managing, and developing commercial, residential, and mixed-use properties throughout the United States. Its diversified portfolio includes operating assets, master planned communities (MPCs), significant projects in the Seaport district, and strategic developments. The company is recognized for its development of master-planned communities and residential condominiums, focusing on creating integrated and vibrant environments for living, working, and leisure. Howard Hughes Holdings Inc. operates with a commitment to design, sustainability, and community enhancement, reflecting local culture and values in its developments. The company is headquartered in The Woodlands, Texas, and its shares are listed on the New York Stock Exchange (NYSE).
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