Howard Hughes Holdings Inc.
For the period ended Mar 31, 2025. Filed May 7, 2025.
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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, 2025 · Filed May 7, 2025
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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 | 2025 | 2024 | $ Change |
| General and administrative | $(22,436) | $(21,712) | $(724) |
| Corporate interest expense, net | (22,190) | (17,582) | (4,608) |
| Corporate depreciation and amortization | (747) | (805) | 58 |
| Income tax (expense) benefit | (3,436) | 6,501 | (9,937) |
| Other | (4,688) | (3,322) | (1,366) |
| Total Corporate income, expenses, and other items | $(53,497) | $(36,920) | $(16,577) |
Corporate income, expenses, and other items was unfavorably impacted compared to the prior-year period by the following:
–Income tax expense increased $9.9 million primarily due to an increase in Income before income taxes. Refer to Note 11 -Income Taxes in the Notes to Condensed Consolidated Financial Statements under Item 1 of this Quarterly Report for additional information.
–Corporate interest expense, net increased $4.6 million primarily due to interest expense recognized in the current period related to the accretion of the liability recorded in connection with the 2024 sale of future MUD receivables and lower interest income driven by lower interest rates on lower average balances in the current period. Refer to Note 1 -Presentation of Financial Statements and Significant Accounting Policiesin the Notes to Condensed Consolidated Financial Statements under Item 1 of this Quarterly Report for additional information on the sale of MUD receivables.
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