Howard Hughes Holdings Inc.
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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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.
FY2025 · Filed Feb 19, 2026
HHH$84.60-1.2%Stored close · as of Nov 10, 2026
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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 | 2025 | 2024 | 2023 |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net income (loss) | $123,843 | $196,992 | $(551,530) |
| Net income (loss) from discontinued operations, net of taxes | — | (88,223) | (634,940) |
| Net income (loss) from continuing operations | 123,843 | 285,215 | 83,410 |
| Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: | |||
| Depreciation | 164,031 | 160,638 | 151,881 |
| Amortization | 19,444 | 19,360 | 16,960 |
| Amortization of deferred financing costs | 12,375 | 12,396 | 11,840 |
| Amortization of intangibles other than in-place leases | 120 | 120 | 120 |
| Straight-line rent amortization | (6,156) | (7,012) | (7,464) |
| Deferred income taxes | 23,579 | 61,529 | (9,897) |
| Restricted stock and stock option amortization | 19,802 | 16,006 | 16,394 |
| Net gain on sale of properties | (29,825) | (22,907) | (24,162) |
| Loss on sale of MUD receivables | 48,197 | 48,651 | — |
| Proceeds from sale of MUD receivables | 180,043 | 176,680 | — |
| (Gain) loss on extinguishment of debt | 698 | 465 | 97 |
| Equity in (earnings) losses from unconsolidated ventures, net of distributions | 4,496 | 12,436 | (15,539) |
| Provision for (recovery of) doubtful accounts | 3,414 | (499) | 8,274 |
| Master Planned Communities development expenditures | (477,870) | (427,979) | (403,633) |
| Master Planned Communities cost of sales, net of SID bonds transfers to buyers | 170,968 | 151,177 | 126,167 |
| Condominium development expenditures | (511,013) | (681,998) | (472,666) |
| Condominium rights and units cost of sales, net of closing commissions | 358,953 | 565,419 | 53,156 |
| Other | 4,742 | — | 1,319 |
| Net Changes: | |||
| Accounts receivable, net | (18,215) | 83,784 | 117,334 |
| Other assets, net | 26,595 | 15,681 | 30,687 |
| Condominium deposits, net | 289,108 | (19,065) | 88,595 |
| Deferred expenses, net | (40,556) | (31,123) | (26,874) |
| Accounts payable and other liabilities | 95,597 | 28,777 | 38,847 |
| Cash provided by (used in) operating activities of continuing operations | 462,370 | 447,751 | (215,154) |
| Cash provided by (used in) operating activities of discontinued operations | — | (51,160) | (43,327) |
| Cash provided by (used in) operating activities | 462,370 | 396,591 | (258,481) |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Property and equipment expenditures | (3,499) | (2,143) | (7,340) |
| Operating property improvements | (44,758) | (47,949) | (40,211) |
| Property development and redevelopment | (170,959) | (252,953) | (231,038) |
| Acquisition of assets | (18,115) | (18,456) | (5,898) |
| Proceeds from sales of properties, net | 12,336 | 48,408 | 39,543 |
| Reimbursements under tax increment financings and grants | 6,583 | 8,721 | 1,469 |
| Distributions from unconsolidated ventures | 4,386 | 6,657 | 12,995 |
| Investments in unconsolidated ventures, net | (3,582) | (3,500) | — |
| Other | (1,458) | — | — |
| Net parent investment in discontinued operations | — | (169,490) | (115,185) |
| Cash provided by (used in) investing activities of continuing operations | (219,066) | (430,705) | (345,665) |
| Cash provided by (used in) investing activities of discontinued operations | — | 129,911 | 9,522 |
| Cash provided by (used in) investing activities | (219,066) | (300,794) | (336,143) |
| FINANCIAL STATEMENTS | Table of ContentsIndex to Financial Statements |
|---|
| Year Ended December 31, | |||
|---|---|---|---|
| thousands | 2025 | 2024 | 2023 |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Proceeds from mortgages, notes, and loans payable | 759,545 | 761,429 | 677,441 |
| Principal payments on mortgages, notes, and loans payable | (782,458) | (807,548) | (147,623) |
| Proceeds from issuance of common stock, net | 862,789 | — | — |
| Debt extinguishment costs | (422) | — | — |
| Special Improvement District bond funds released from (held in) escrow | 25,254 | 16,850 | 11,037 |
| Deferred financing costs and bond issuance costs | (6,091) | (6,235) | (569) |
| Taxes paid on stock options exercised and restricted stock vested | (3,641) | (2,306) | (2,696) |
| Stock options exercised | 58 | — | — |
| Sale of preferred stock in Seaport subsidiary | — | 9,850 | — |
| Contributions from Teravalis noncontrolling interest owner | 317 | 206 | 219 |
| Cash provided by (used in) financing activities of continuing operations | 855,351 | (27,754) | 537,809 |
| Cash provided by (used in) financing activities of discontinued operations | — | (122,597) | 10,935 |
| Cash provided by (used in) financing activities | 855,351 | (150,351) | 548,744 |
| Net change in cash, cash equivalents, and restricted cash | 1,098,655 | (54,554) | (45,880) |
| Cash, cash equivalents, and restricted cash at beginning of period | 998,503 | 1,053,057 | 1,098,937 |
| Cash, cash equivalents, and restricted cash at end of period | 2,097,158 | 998,503 | 1,053,057 |
| Less: Cash, cash equivalents, and restricted cash of discontinued operations at end of period | — | — | 43,845 |
| Cash, cash equivalents, and restricted cash of continuing operations at end of period | $2,097,158 | $998,503 | $1,009,212 |
| RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |||
| Cash and cash equivalents | $1,468,507 | $596,083 | $629,714 |
| Restricted cash | 628,651 | 402,420 | 379,498 |
| Cash, cash equivalents, and restricted cash of continuing operations at end of period | $2,097,158 | $998,503 | $1,009,212 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION — CONTINUING OPERATIONS | |||
| Interest paid, net | $282,844 | $298,364 | $239,995 |
| Interest capitalized | 148,780 | 151,632 | 109,510 |
| Income taxes paid (refunded), net | |||
| Federal | 8,793 | 1,500 | 5,305 |
| Texas | 560 | 2,443 | 2,379 |
| Arizona | 410 | — | — |
| Maryland | 235 | — | — |
| New York | (14,150) | — | 2,300 |
| Illinois | — | — | 624 |
| All other states | 150 | — | — |
| NON-CASH TRANSACTIONS — CONTINUING OPERATIONS | |||
| Consideration from sale of properties | $41,125 | $— | $5,250 |
| Special Improvement District bonds transfers to buyers | 17,736 | 18,014 | 13,883 |
| Special Improvement District bonds held in third-party escrow | 16,425 | 37,990 | 21,290 |
| Capitalized stock compensation | 3,187 | 3,936 | 4,669 |
| Accrued property improvements, developments, and redevelopments | (9,612) | (13,441) | 909 |
| Initial recognition of operating lease right-of-use asset | — | 766 | — |
| Initial recognition of operating lease obligation | — | 766 | — |
| NON-CASH TRANSACTIONS — DISCONTINUED OPERATIONS | |||
| Distribution of Seaport Entertainment Group Inc. to stockholders | $— | $361,210 | $— |
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