Howard Hughes Holdings Inc. (HHH)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$2.4B

Revenue growth

34.0%

Net income, last twelve months

$292.1M

Earnings per share

$4.94

Operating margin

21.3%

Net margin

12.3%

Free cash flow

$740.4M

Return on equity

7.4%

Market value

$4.4B

Price to earnings

14.9x

Cash

$2.6B

Debt

$5.5B

Debt to equity

1.38

Shares outstanding

59.7M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 5 August 2026.

• Net income swung to $158.4 million. Net income attributable to common stockholders was $158.4 million, against a net loss of $12.1 million a year earlier. Diluted EPS was $2.68, against a loss of $0.22.
• Six-month net income was positive. Six-month net income attributable to common stockholders was $166.6 million, against a loss of $1.6 million in the prior-year six months.
• Total revenues rose on condominium sales. Total revenues were $1,122.3 million against $260.9 million, with condominium rights and unit sales of $706.3 million against $0.2 million.
• MPC segment EBT up 32%. MPC segment EBT was $134.7 million, up from $102.4 million in the prior-year quarter.
• Total Operating Assets NOI up 2%. Total Operating Assets NOI, including the company's share from unconsolidated ventures, was $70.5 million against $68.9 million.
• Strategic Developments EBT rose. Strategic Developments segment EBT was $126.6 million against $1.0 million, mainly reflecting condominium sales in the quarter.
• Underwriting income of $4.7 million. Vantage contributed $97.2 million of net earned premiums and $4.7 million of underwriting income from June 4 to June 30, with a combined ratio of 95%.
• Insurance loss before taxes $20.8 million. Insurance net loss before income taxes was $20.8 million for the stub period, with net insurance investment income of $11.0 million.
• Claims and underwriting expenses recorded. Insurance claims and claim expenses were $55.2 million and insurance underwriting expenses were $37.4 million for the stub period.
• Residential acres sold near $1.2 million. In the first six months, MPC sales were 206.7 residential acres at an average $1.2 million per acre and 9.8 commercial acres at $0.9 million per acre.
• MPC land sales rose in quarter. MPC land sales were $170.9 million in the quarter against $125.0 million, and $270.5 million for six months against $196.7 million.
• Park Ward Village units 97% closed. The Park Ward Village was completed and 97% of its units closed in the quarter, generating $226.6 million of net proceeds after debt repayment.
• Condominium cost of sales increased. Condominium rights and unit cost of sales was $575.4 million against $0.8 million, and MPC cost of sales was $59.1 million against $45.2 million.
• Depreciation and G&A increased. Depreciation and amortization was $56.6 million against $44.3 million; general and administrative expense was $36.1 million against $34.6 million.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

Company events

The newest 8-K filings of 47 held.

Every filing

The newest filings with the SEC of 82 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

357 funds held it at 30 Jun 2026: 158 added and 87 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Welltower Inc. (WELL): revenue $13.8B, market value $166.2B
• Prologis, Inc. (PLD): revenue $9.4B, market value $119.1B
• Equinix Inc. (EQIX): revenue $10.1B, market value $100.0B
• American Tower Corp. (AMT): revenue $11.0B, market value $85.3B
• Simon Property Group Inc. (SPG): revenue $6.9B, market value $68.4B
• Digital Realty Trust, Inc. (DLR): revenue $6.8B, market value $66.6B
• Public Storage (PSA): revenue $5.0B, market value $58.0B
• Realty Income Corp. (O): revenue $6.1B, market value $53.2B
• Ventas, Inc. (VTR): revenue $6.8B, market value $42.9B
• Crown Castle Inc. (CCI): revenue –, market value $37.4B

What the company does

Howard Hughes Holdings Inc. (HHH) is a holding company that owns a real estate development subsidiary, The Howard Hughes Corporation (HHC). Through HHC, it runs a mixed-use real estate platform. The platform develops master planned communities (MPCs), invests in strategic real estate development opportunities, and owns and operates income-producing properties. Its MPCs span approximately 101,000 gross acres across five states. The company reports three segments (Operating Assets, MPCs and Strategic Developments) and employed approximately 500 people at 31 December 2025.

How the business is organised

The three segments feed one another. In the MPC segment, the company plans and develops communities and does the horizontal development of residential land. It sells the improved acreage to homebuilders, who build and sell homes to new residents. Those residents create demand for retail, office, multifamily and hospitality space. The company builds that space through Strategic Developments, using cash from land sales to homebuilders. Completed assets move to Operating Assets, where they add recurring net operating income (NOI). Assets being redeveloped move back to Strategic Developments until they are placed in service again.

Master planned communities

The MPC portfolio consists of Summerlin in Las Vegas, The Woodlands, The Woodlands Hills and Bridgeland in the Houston region, and Teravalis in the Phoenix region. Together with Floreo, an unconsolidated joint venture in the Phoenix region, the MPCs include approximately 34,000 acres available for sale or development. About 21,000 of those acres are residential land still to be developed and sold. About 13,000 are designated for commercial development or sale to non-competing users such as hospitals.

Most residential sales are finished lots and superpads sold to homebuilders and developers. Superpad sites are generally 10- to 25-acre parcels. On them the company builds the major utilities and roads to the borders of the parcel, and the homebuilder completes the on-site work. The company also earns builder price participation when a homebuilder sells a home above a set price breakpoint. It occasionally sells or leases land for commercial use. RCLCO ranked Summerlin and Bridgeland tenth and eleventh among top-selling master planned communities in the nation for 2025. The company owns 88.0% of Teravalis and 50% of Floreo, which is a joint venture with Trillium Development Holding Company, LLC. The Summit, a joint venture with Discovery Land Company, sits inside Summerlin.

Operating Assets

At 31 December 2025 the company had 77 Operating Assets, including investments in unconsolidated ventures. These were 13 retail properties, 37 office properties, 18 multifamily properties and 9 other operating properties or investments. Excluding projects under construction, it owns approximately 9.3 million square feet of retail and office space and 5,855 multifamily units. Revenue comes mainly from rent. The vast majority of these assets sit inside the company's MPCs.

Strategic Developments

This segment holds development and redevelopment projects, including condominium towers at Ward Village in Hawai'i and in The Woodlands. Five properties were under construction and not yet in service at year end. The company has opened or started construction on 11 condominium towers, with approximately 99% of the units sold or pre-sold.

Eight completed Ward Village towers are fully sold. Ulana Ward Village, a workforce tower with 696 units, was completed in the fourth quarter of 2025. Under construction are The Park Ward Village (545 residences), Kalae (329) and The Ritz-Carlton Residences in The Woodlands (111). In predevelopment are The Launiu (485), Melia (220) and 'Ilima (148). Condominium revenue is recognised when construction of a tower is complete and unit sales close. Ward Village contracts carry a 30-day rescission period. Condominiums are regulated by state agencies, and the company files with them and goes through an entitlement process before it can sell units.

How it competes

Competition depends on the property type. Retail, office and multifamily tenants weigh factors such as location, amenities, rental rates and walkability. In MPCs the company competes with other landholders and developers in Las Vegas, greater Houston and Phoenix. It names its community size, its homebuilder relationships and its amenities among its advantages. It also says it can fund much of its development from land sales, recurring NOI and condominium profits. It has not elected to be taxed as a real estate investment trust, so it is not required to pay dividends.

Direction and people

In 2025 the company began a long-term strategy to move from a pure-play real estate company to a diversified holding company. On 5 May 2025 it sold 9,000,000 newly issued shares of common stock to Pershing Square. It has agreed to acquire 100% of Vantage Group Holdings Ltd., a privately held specialty insurance and reinsurance company. The deal is subject to regulatory approvals, and the company says it expects it to close in the second quarter of 2026. The company's HHCares program supported 178 local charities in 2025, and employees volunteered approximately 3,150 hours.

*From Howard Hughes Holdings's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1981792/000162828026009710/hhh-20251231.htm)*

From the company's 10-K.