Howard Hughes Holdings Inc
For the period ended Mar 31, 2024. Filed May 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
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Corporate Income, Expenses, and Other Items
| MANAGEMENT’S DISCUSSION AND ANALYSISRESULTS OF OPERATIONS | Table of Contents |
|---|
Corporate Income, Expenses, and Other Items
The following table contains certain corporate-related and other items not related to segment activities and that are not otherwise included within the segment analyses. Variances related to income and expenses included in NOI or EBT are explained within the previous segment discussions. Significant variances for consolidated items not included in NOI or EBT are described below:
| Three Months Ended March 31, | |||
|---|---|---|---|
| thousands | 2024 | 2023 | $ Change |
| Corporate income | $16 | $14 | $2 |
| General and administrative | (30,902) | (23,553) | (7,349) |
| Corporate interest expense, net | (17,582) | (24,195) | 6,613 |
| Corporate other income (loss), net | 480 | 2,707 | (2,227) |
| Corporate depreciation and amortization | (805) | (800) | (5) |
| Other | (3,818) | (3,571) | (247) |
| Income tax (expense) benefit | 17,195 | 1,278 | 15,917 |
| Total Corporate income, expenses, and other items | $(35,416) | $(48,120) | $12,704 |
Corporate income, expenses, and other items was favorably impacted compared to the prior-year period by the following:
–Income tax benefit increased $15.9 million primarily due to a decrease in Income before income taxes. Refer to Note 10 -Income Taxes in the Notes to Condensed Consolidated Financial Statements under Item 1 of this Form 10-Q for additional information.
–Corporate interest expense, net decreased $6.6 million primarily due to higher interest income driven by higher interest rates and higher average account balances, and due to the change in value related to derivative instruments. Refer to Note 8 -Derivative Instruments and Hedging Activitiesin the Notes to Condensed Consolidated Financial Statements under Item 1 of this Form 10-Q for additional information on derivative instruments.
Corporate income, expenses, and other items was unfavorably impacted compared to the prior-year period by the following:
–General and administrative expenses increased $7.3 million primarily attributable to an increased legal and consulting fees related to the planned spinoff of Seaport Entertainment.
–Corporate other income decreased $2.2 million primarily related to higher insurance proceeds in 2023.
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