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Howard Hughes Holdings (HHH) investor relations material
Howard Hughes Holdings Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Record results across all business segments, driven by strong land sales and robust demand in master planned communities, leading to an upward revision of full-year guidance and transformation into a diversified holding company supported by a $900 million Pershing Square investment.
$1.4 billion in contracted condominium pre-sales reinforce long-term cash flow outlook, with strong pre-sales in The Woodlands and Ward Village.
Liquidity position strengthened with $1.5 billion in cash and $1.3 billion in undrawn lender commitments.
Pershing Square now holds ~46.9% beneficial ownership, with Bill Ackman as Executive Chairman and Ryan Israel as CIO, and new board members joining.
The company completed the spinoff of Seaport Entertainment Group in July 2024, with results presented as discontinued operations.
Financial highlights
Q3 2025 total revenues were $390.2 million, up 19% from $327.1 million in Q3 2024; net income from continuing operations was $119.4 million ($2.02 per diluted share), up from $96.5 million ($1.95 per share) year-over-year.
Adjusted Operating Cash Flow reached $199 million ($3.37 per diluted share) for the quarter; full-year guidance raised to $440 million at midpoint ($7.86 per share).
Master Planned Communities (MPC) segment EBT for Q3 2025 was $205 million, up 42% year-over-year, with 349 residential acres sold at an average of $1.7 million per acre (excluding bulk sale).
Operating Assets NOI increased 5% year-over-year to $67.9 million; office NOI up 7%, multifamily NOI up 2%, retail NOI up 9%.
Gross margin on bulk Summerlin land sale reached 75%.
Outlook and guidance
Full-year 2025 Adjusted Operating Cash Flow guidance raised to $440 million at midpoint ($7.86 per share), up $30 million from prior guidance.
Full-year MPC EBT guidance raised by $20 million to $450 million at midpoint, representing a 27–31% year-over-year increase.
Total Operating Assets NOI expected to be up 2–6% year-over-year, midpoint $267 million.
Condo sales revenue guidance reaffirmed at breakeven gross margin, with $360 million expected in Q4 from Ulana closings.
Management expects continued growth in master planned communities and stabilization of income-producing properties.
MPC land demand vs. new home sales decline
Condo pre-sales conversion to revenue timeline
Key capital deployment for long-term value
Insurance acquisition: future capital deployment plan
MPC land sales: builder inventory management
Ward Village: long-term development pipeline status
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Next Howard Hughes Holdings earnings date
Q4 202527 Feb, 2026
Next Howard Hughes Holdings earnings date
Q4 202527 Feb, 2026
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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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