Howard Hughes Holdings Inc
For the period ended Sep 30, 2024. Filed Nov 4, 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.
Sep 30, 2024 · Filed Nov 4, 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 September 30, | Nine Months Ended September 30, | |||||
|---|---|---|---|---|---|---|
| thousands | 2024 | 2023 | $ Change | 2024 | 2023 | $ Change |
| Corporate income | $16 | $15 | $1 | $50 | $45 | $5 |
| General and administrative | (24,862) | (21,601) | (3,261) | (68,930) | (65,371) | (3,559) |
| Loss on sale of MUD receivables | (51,525) | — | (51,525) | (51,525) | — | (51,525) |
| Corporate interest expense, net | (22,578) | (20,740) | (1,838) | (60,369) | (67,519) | 7,150 |
| Corporate other income (loss), net | 454 | 23 | 431 | 899 | 2,781 | (1,882) |
| Corporate depreciation and amortization | (767) | (974) | 207 | (2,346) | (2,599) | 253 |
| Other | (3,582) | (2,195) | (1,387) | (11,268) | (8,834) | (2,434) |
| Income tax (expense) benefit | (10,195) | (11,410) | 1,215 | (17,236) | (10,975) | (6,261) |
| Total Corporate income, expenses, and other items | $(113,039) | $(56,882) | $(56,157) | $(210,725) | $(152,472) | $(58,253) |
Corporate income, expenses, and other items was unfavorably impacted compared to the prior-year period by the following:
–Loss on sale of MUD receivables of $51.5 million was recognized in the third quarter of 2024. Refer to Note 1 -Presentation of Financial Statements and Significant Accounting Policies in the Notes to Condensed Consolidated Financial Statements under Item 1 of this Form 10-Q for additional information.
–General and administrative expenses increased $3.3 million primarily attributable to an increase in compensation costs, charitable contributions, and legal and consulting fees, partially offset by a decrease in marketing costs.
Corporate income, expenses, and other items was unfavorably impacted compared to the prior-year period by the following:
–Loss on sale of MUD receivables of $51.5 million was recognized in the third quarter of 2024.
–Income tax expense increased $6.3 million primarily due to a net increase in expense related to the revaluation of deferred tax assets and liabilities as a result of the spinoff, as well as an increase in Income before income taxes. These increases were offset by a partial release of valuation allowances on the Company’s deferred tax assets including a state net operating loss carryover as a result of the spinoff of Seaport Entertainment Group Inc. Refer to Note 11 -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 $3.6 million primarily attributable to an increase in compensation costs and charitable contributions, partially offset by a decrease in marketing costs.
Corporate income, expenses, and other items was favorably impacted compared to the prior-year period by the following:
–Corporate interest expense, net decreased $7.2 million primarily due the change in value related to derivative instruments, and higher interest income driven by higher interest rates.
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