Howard Hughes Holdings Inc
For the period ended Jun 30, 2024. Filed Jul 26, 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.
Jun 30, 2024 · Filed Jul 26, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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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 June 30, | Six Months Ended June 30, | |||||
|---|---|---|---|---|---|---|
| thousands | 2024 | 2023 | $ Change | 2024 | 2023 | $ Change |
| Corporate income | $18 | $16 | $2 | $34 | $30 | $4 |
| General and administrative | (30,235) | (20,217) | (10,018) | (61,137) | (43,770) | (17,367) |
| Corporate interest expense, net | (20,209) | (22,584) | 2,375 | (37,791) | (46,779) | 8,988 |
| Corporate other income (loss), net | (35) | 51 | (86) | 445 | 2,758 | (2,313) |
| Corporate depreciation and amortization | (774) | (825) | 51 | (1,579) | (1,625) | 46 |
| Other | (3,868) | (3,089) | (779) | (7,686) | (6,660) | (1,026) |
| Income tax (expense) benefit | (6,359) | 15,370 | (21,729) | 10,836 | 16,648 | (5,812) |
| Total Corporate income, expenses, and other items | $(61,462) | $(31,278) | $(30,184) | $(96,878) | $(79,398) | $(17,480) |
Corporate income, expenses, and other items was unfavorably impacted compared to the prior-year period by the following:
–Income tax expense increased $21.7 million primarily due to an increase 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.
–General and administrative expenses increased $10.0 million primarily attributable to increased legal and consulting fees related to the pending spinoff of Seaport Entertainment and an increase in compensation costs.
Corporate income, expenses, and other items was favorably impacted compared to the prior-year period by the following:
–Corporate interest expense, net decreased $2.4 million primarily due to the change in value related to derivative instruments. Refer to Note 8 -Derivative Instruments and Hedging Activities in 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 $17.4 million primarily attributable to increased legal and consulting fees related to the pending spinoff of Seaport Entertainment and an increase in compensation costs.
–Income tax benefit decreased $5.8 million primarily due to an increase in Income before income taxes.
–Corporate other income decreased $2.3 million primarily related to higher insurance proceeds in 2023.
Corporate income, expenses, and other items was favorably impacted compared to the prior-year period by the following:
–Corporate interest expense, net decreased $9.0 million primarily due the change in value related to derivative instruments, and higher interest income driven by higher interest rates and higher average account balances.
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