Howard Hughes Holdings Inc
For the period ended Dec 31, 2024. Filed Feb 26, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 26, 2025
HHH$84.60-1.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| FINANCIAL STATEMENTS | Table of ContentsIndex to Financial Statements |
|---|
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| thousands | 2024 | 2023 | 2022 |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net income (loss) | $196,992 | $(551,530) | $184,636 |
| Net income (loss) from discontinued operations, net of taxes | (88,223) | (634,940) | (68,073) |
| Net income (loss) from continuing operations | 285,215 | 83,410 | 252,709 |
| Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: | |||
| Depreciation | 160,638 | 151,881 | 137,817 |
| Amortization | 19,360 | 16,960 | 16,886 |
| Amortization of deferred financing costs | 12,396 | 11,840 | 10,254 |
| Amortization of intangibles other than in-place leases | 120 | 120 | 120 |
| Straight-line rent amortization | (7,012) | (7,464) | (7,597) |
| Deferred income taxes | 61,529 | (9,897) | 55,832 |
| Restricted stock and stock option amortization | 16,006 | 16,394 | 11,895 |
| Net gain on sale of properties | (22,907) | (24,162) | (29,687) |
| Net gain on sale of unconsolidated ventures | — | — | (5,016) |
| Loss on sale of MUD receivables | 48,651 | — | — |
| Proceeds from sale of MUD receivables | 176,680 | — | — |
| (Gain) loss on extinguishment of debt | 465 | 97 | 2,377 |
| Equity in (earnings) losses from unconsolidated ventures, net of distributions and impairment charges | 12,436 | (15,539) | (8,191) |
| Provision for doubtful accounts | (499) | 8,274 | 34 |
| Master Planned Community development expenditures | (427,979) | (403,633) | (396,125) |
| Master Planned Community cost of sales | 151,177 | 126,167 | 111,723 |
| Condominium development expenditures | (681,998) | (472,666) | (340,793) |
| Condominium rights and units cost of sales | 565,419 | 53,156 | 465,711 |
| Other | — | 1,319 | — |
| Net Changes: | |||
| Accounts receivable, net | 83,784 | 117,334 | 82,771 |
| Other assets, net | 15,681 | 30,687 | (26,326) |
| Condominium deposits, net | (19,065) | 88,595 | 21,273 |
| Deferred expenses, net | (31,123) | (26,874) | (28,112) |
| Accounts payable and other liabilities | 28,777 | 38,847 | 14,437 |
| Cash provided by (used in) operating activities of continuing operations | 447,751 | (215,154) | 341,992 |
| Cash provided by (used in) operating activities of discontinued operations | (51,160) | (43,327) | (16,739) |
| Cash provided by (used in) operating activities | 396,591 | (258,481) | 325,253 |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Property and equipment expenditures | (2,143) | (7,340) | (2,004) |
| Operating property improvements | (47,949) | (40,211) | (43,193) |
| Property development and redevelopment | (252,953) | (231,038) | (268,413) |
| Acquisition of assets | (18,456) | (5,898) | — |
| Proceeds from sales of properties, net | 48,408 | 39,543 | 81,720 |
| Reimbursements under tax increment financings and grants | 8,721 | 1,469 | 127 |
| Distributions from unconsolidated ventures | 6,657 | 12,995 | 207,685 |
| Investments in unconsolidated ventures, net | (3,500) | — | (299) |
| Net parent investment in discontinued operations | (169,490) | (115,185) | (225,091) |
| Cash provided by (used in) investing activities of continuing operations | (430,705) | (345,665) | (249,468) |
| Cash provided by (used in) investing activities of discontinued operations | 129,911 | 9,522 | 28,773 |
| Cash provided by (used in) investing activities | (300,794) | (336,143) | (220,695) |
| FINANCIAL STATEMENTS | Table of ContentsIndex to Financial Statements |
|---|
| Year Ended December 31, | |||
|---|---|---|---|
| thousands | 2024 | 2023 | 2022 |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Proceeds from mortgages, notes, and loans payable | 761,429 | 677,441 | 1,235,897 |
| Principal payments on mortgages, notes, and loans payable | (807,548) | (147,623) | (1,063,439) |
| Repurchases of common shares | — | — | (403,863) |
| Debt extinguishment costs | — | — | (60) |
| Special Improvement District bond funds released from (held in) escrow | 16,850 | 11,037 | 23,148 |
| Deferred financing costs and bond issuance costs, net | (6,235) | (569) | (18,220) |
| Taxes paid on stock options exercised and restricted stock vested | (2,306) | (2,696) | (3,012) |
| Stock options exercised | — | — | 345 |
| Issuance of Teravalis noncontrolling interest | — | — | 31,234 |
| Distribution to noncontrolling interest upon sale of 110 North Wacker | — | — | (22,084) |
| Sale of preferred stock in Seaport subsidiary | 9,850 | — | — |
| Contributions from Teravalis noncontrolling interest owner | 206 | 219 | — |
| Cash provided by (used in) financing activities of continuing operations | (27,754) | 537,809 | (220,054) |
| Cash provided by (used in) financing activities of discontinued operations | (122,597) | 10,935 | (2,204) |
| Cash provided by (used in) financing activities | (150,351) | 548,744 | (222,258) |
| Net change in cash, cash equivalents, and restricted cash | (54,554) | (45,880) | (117,700) |
| Cash, cash equivalents, and restricted cash at beginning of period | 1,053,057 | 1,098,937 | 1,216,637 |
| Cash, cash equivalents, and restricted cash at end of period | 998,503 | 1,053,057 | 1,098,937 |
| Less: Cash, cash equivalents, and restricted cash of discontinued operations at end of period | — | 43,845 | 66,714 |
| Cash, cash equivalents, and restricted cash of continuing operations at end of period | $998,503 | $1,009,212 | $1,032,223 |
| RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |||
| Cash and cash equivalents | $596,083 | $629,714 | $610,205 |
| Restricted cash | 402,420 | 379,498 | 422,018 |
| Cash, cash equivalents, and restricted cash of continuing operations at end of period | $998,503 | $1,009,212 | $1,032,223 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION — CONTINUING OPERATIONS | |||
| Interest paid, net | $298,364 | $239,995 | $205,758 |
| Interest capitalized | 151,632 | 109,510 | 89,687 |
| Income taxes paid (refunded), net | 3,943 | 10,608 | 24,974 |
| NON-CASH TRANSACTIONS — CONTINUING OPERATIONS | |||
| Accrued property improvements, developments, and redevelopments | $(13,441) | $909 | $12,539 |
| Consideration from sale of properties | — | 5,250 | — |
| Special Improvement District bond transfers associated with land sales | 18,014 | 13,883 | 7,774 |
| Special Improvement District bonds held in third-party escrow | 37,990 | 21,290 | — |
| Capitalized stock compensation | 3,936 | 4,669 | 4,785 |
| Initial recognition of operating lease right-of-use asset | 766 | — | 1,488 |
| Initial recognition of operating lease obligation | 766 | — | 1,621 |
| Issuance of Teravalis noncontrolling interest | — | — | 33,810 |
| MPC land contributed to unconsolidated venture | — | — | 21,450 |
| NON-CASH TRANSACTIONS — DISCONTINUED OPERATIONS | |||
| Distribution of Seaport Entertainment Group Inc. to stockholders | $361,210 | $— | $— |
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