Howard Hughes Holdings Inc.

Operating Assets

–Total Operating Assets NOI, including the contribution from unconsolidated ventures, was $276.3 million—a new full-year record representing a $19.3 million or 8% year-over-year increase.

–Office delivered record NOI in 2025, increasing 11% year-over-year, primarily due to strong lease-up activity and abatement expirations in The Woodlands, Merriweather District, and Summerlin. In 2025, the Company executed 484,000 square feet of new or expanded office leases including 334,000 square feet in The Woodlands, 88,000 square feet in Merriweather District, and 62,000 square feet in Summerlin.

–Multifamily contributed record NOI and increased 7% year-over-year, predominantly due to strong lease-up across our stabilized portfolio, including Tanager Echo in Summerlin, Wingspan in Bridgeland, and Marlow at Merriweather District.

–Retail NOI increased 2% year-over-year primarily due to higher achieved rents at Downtown Summerlin and continued lease up of newly delivered assets, most notably the Whole Foods-anchored retail center in Summerlin and Village Green at Bridgeland Central®.

–Total Operating Assets NOI, including the contribution from unconsolidated ventures, was $68.0 million in the quarter, representing a $6.8 million or 11% improvement compared to $61.2 million in the prior year.

–Office NOI of $36.1 million increased 24% year-over-year primarily due to strong leasing activity and abatement expirations at various properties in The Woodlands, Merriweather District, and Summerlin—most notably at 9950 Woodloch Forest, 6100 Merriweather, 1700 Pavilion, Three Hughes Landing, and 1201 Lake Robbins. During the quarter, we executed new or expanded office leases totaling 101,000 square feet. At quarter end, our stabilized office portfolio was 88% leased.

–Retail NOI of $14.2 million increased 9% year-over-year primarily due to strong tenant sales at Downtown Summerlin and continued lease up at various properties across our portfolio. At quarter end, our stabilized retail portfolio was 92% leased.

–Multifamily NOI of $13.8 million decreased 8% year-over-year. The decrease was primarily due to higher operating expenses and taxes, most notably at our recently completed development projects including 1 Riva Row, Wingspan, and Marlow. At quarter end, the stabilized multifamily portfolio was 93% leased.