Howard Hughes Holdings Inc.
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
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Operating Assets
In our Operating Assets segment, we own a variety of asset types including approximately 9.3 million square feet of retail and office properties, 5,855 wholly and partially owned multifamily units, and wholly and partially owned other properties and investments. Our assets in this segment are primarily located in and around Houston, Texas (The Woodlands and Bridgeland); Columbia, Maryland (Columbia); Las Vegas, Nevada (Summerlin); and Honolulu, Hawai‘i (Ward Village).
The following table summarizes certain metrics of our office assets within our Operating Assets segment as of December 31, 2025:
| Office Assets · Rentable Square Feet · % Leased · Annualized Base Rent(thousands) (a) · Annualized Base Rent Per Square Foot (a) · Effective Annual Rent (thousands) (b) · Effective Annual Rent per Square Foot(b) · Year Built /Acquired / Redeveloped | ||||||||
|---|---|---|---|---|---|---|---|---|
| The Woodlands | ||||||||
| One Hughes Landing | 201,268 | 78% | $2,524 | $16.99 | $3,681 | $24.78 | 2013 | |
| Two Hughes Landing | 200,255 | 61% | 2,799 | 23.36 | 4,324 | 36.09 | 2014 | |
| Three Hughes Landing | 325,810 | 98% | 9,049 | 28.48 | 13,626 | 42.88 | 2016 | |
| 1725 Hughes Landing Boulevard | 340,611 | 69% | 3,430 | 16.40 | 4,885 | 23.35 | 2015 | |
| 1735 Hughes Landing Boulevard | 319,456 | 95% | 8,071 | 26.71 | 11,996 | 39.70 | 2015 | |
| 2201 Lake Woodlands Drive | (c) | 22,259 | —% | — | — | — | — | 2011 |
| Lakefront North | 258,058 | 100% | 7,425 | 28.77 | 11,881 | 46.04 | 2018 | |
| 8770 New Trails | (c) | 180,000 | 100% | — | — | — | — | 2020 |
| 9303 New Trails | 98,283 | 51% | 1,102 | 21.98 | 1,767 | 35.25 | 2011 | |
| 3831 Technology Forest Drive | 106,104 | 93% | 1,960 | 19.94 | 3,092 | 31.46 | 2014 | |
| The Woodlands Towers at The Waterway | 1,395,599 | 100% | 45,024 | 32.43 | 69,213 | 49.85 | 2019 | |
| 3 Waterway Square | 227,617 | 91% | 3,200 | 15.51 | 4,872 | 23.62 | 2013 | |
| 4 Waterway Square | 217,952 | 90% | 804 | 4.73 | 1,242 | 7.32 | 2011 | |
| 6 Waterway | (d) | 141,763 | 82% | 1,887 | 23.29 | 2,757 | 34.01 | 2024 |
| 1400 Woodloch Forest | 94,931 | 85% | 2,636 | 32.85 | 2,846 | 35.48 | 2011 | |
| Bridgeland | ||||||||
| One Bridgeland Green | 49,502 | 80% | 568,544 | 43.27 | 824,774 | 62.77 | 2025 | |
| Columbia | ||||||||
| Columbia Office Properties | 67,066 | 72% | 1,302 | 27.05 | 1,517 | 31.51 | 2004 / 2007 | |
| 10285 Lakefront Medical Office | 85,380 | 50% | 1,063 | 24.77 | 1,469 | 34.21 | 2024 | |
| One Mall North | 99,806 | 37% | 1,190 | 31.81 | 1,329 | 35.52 | 2016 | |
| One Merriweather | 209,950 | 94% | 8,151 | 41.18 | 8,656 | 43.73 | 2017 | |
| Two Merriweather | 124,639 | 96% | 4,496 | 42.54 | 4,649 | 43.98 | 2017 | |
| 6100 Merriweather | 326,237 | 98% | 11,809 | 40.56 | 12,176 | 41.82 | 2019 | |
| Merriweather Row | 925,584 | 74% | 18,890 | 28.81 | 19,670 | 30.00 | 2012 / 2014 | |
| Summerlin | ||||||||
| Aristocrat | (c) | 181,534 | 100% | — | — | — | — | 2018 |
| Meridian | 147,602 | 46% | 877 | 34.20 | 877 | 34.20 | 2024 | |
| 1700 Pavilion | 265,898 | 94% | 11,654 | 47.57 | 12,137 | 49.54 | 2022 | |
| One Summerlin | 207,292 | 85% | 7,794 | 44.74 | 8,187 | 47.00 | 2015 | |
| Two Summerlin | 147,139 | 100% | 5,984 | 40.67 | 6,472 | 43.98 | 2018 | |
| Total | 6,967,595 | |||||||
(a)Annualized Base Rent is calculated as the monthly Base Minimum Rent for the property at December 31, 2025, multiplied by 12. Annualized Base Rent Per Square Foot is the Annualized Base Rent for the property at December 31, 2025, divided by the average occupied square feet.
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(b)Effective Annual Rent includes base minimum rent and common area maintenance recovery revenue. Effective Annual Rent Per Square Foot is the Effective Annual Rent divided by the average occupied square feet.
(c)These properties are entirely leased by a single tenant. Therefore, the Annualized Base Rent and Effective Annual Rent details have been excluded for competitive reasons. The lease for the single tenant at 2201 Lake Woodlands Drive expired in December 2025.
(d)In 2025, this property was rebranded to 6 Waterway (formerly Waterway Plaza II).
The following table summarizes certain metrics of our retail properties within the Operating Assets segment as of December 31, 2025, and does not include any retail square footage in our multifamily assets:
| Retail Properties · Rentable Square Feet · % Leased · Annualized Base Rent(thousands) (a) · Annualized Base Rent Per Square Foot (a) · Year Built / Acquired / Redeveloped | ||||||
|---|---|---|---|---|---|---|
| The Woodlands | ||||||
| Creekside Park West | 72,976 | 100% | $2,104 | $31.76 | 2019 | |
| Grogan’s Mill Retail | 31,363 | 68% | 445 | 30.19 | 2025 | |
| Hughes Landing Retail | 125,721 | 96% | 4,419 | 39.00 | 2015 | |
| 1701 Lake Robbins | 12,376 | 100% | 551 | 44.49 | 2014 | |
| 20/25 Waterway Avenue | 51,688 | 100% | 1,705 | 37.85 | 2011 | |
| Waterway Square Retail | 21,513 | 100% | 876 | 40.83 | 2011 | |
| Bridgeland | ||||||
| Village Green at Bridgeland Central | 27,944 | 90% | 661 | 32.33 | 2024 | |
| Columbia | ||||||
| Color Burst Park Retail | 12,410 | 100% | 588 | 47.42 | 2020 | |
| Rouse Building | 89,199 | 100% | 2,285 | 25.62 | 2014 | |
| Summerlin | ||||||
| Downtown Summerlin | (b) | 801,010 | 100% | 25,585 | 38.95 | 2014 / 2015 |
| Summerlin Grocery Anchored Center | 67,147 | 85% | 1,652 | 28.86 | 2024 | |
| Ward Village | ||||||
| Ward Village Retail - Pending Redevelopment | 336,616 | 79% | 6,225 | 23.46 | 2002 | |
| Ward Village Retail - New or Renovated | 500,015 | 84% | 19,268 | 45.64 | 2012 - 2023 | |
| Total | 2,149,978 | |||||
(a)Annualized Base Rent is calculated as the monthly Base Minimum Rent for the property at December 31, 2025, multiplied by 12. Annualized Base Rent Per Square Foot is the Annualized Base Rent for the property at December 31, 2025, divided by the average occupied square feet.
(b)Excludes 381,767 square feet of anchors and 39,700 square feet of additional office space above our retail space.
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The following tables summarize certain metrics of our multifamily Operating Assets as of December 31, 2025:
| Multifamily Assets | Ownership % | Units | Retail Square Feet | % Units Leased | Average Monthly Rate Per Unit | Average Monthly Rate Per Square Foot | Year Built / Acquired / Redeveloped |
|---|---|---|---|---|---|---|---|
| The Woodlands | |||||||
| Creekside Park | 100% | 292 | — | 92% | $1,845 | $1.88 | 2018 |
| Creekside Park The Grove | 100% | 360 | — | 94% | 1,789 | 1.82 | 2021 |
| One Lakes Edge | 100% | 390 | 22,971 | 94% | 2,478 | 2.51 | 2015 |
| Two Lakes Edge | 100% | 386 | 11,415 | 94% | 2,843 | 2.85 | 2020 |
| Millennium Six Pines | 100% | 314 | — | 90% | 2,015 | 2.10 | 2016 |
| Millennium Waterway | 100% | 393 | — | 92% | 1,838 | 2.04 | 2012 |
| The Lane at Waterway | 100% | 163 | — | 90% | 2,620 | 2.38 | 2020 |
| 1 Riva Row | 100% | 268 | — | 28% | 4,298 | 3.75 | 2025 |
| Bridgeland | |||||||
| Lakeside Row | 100% | 312 | — | 92% | 1,909 | 1.94 | 2019 |
| Starling at Bridgeland | 100% | 358 | — | 91% | 1,980 | 2.03 | 2022 |
| Wingspan | 100% | 263 | — | 89% | 2,542 | 2.03 | 2023 |
| Columbia | |||||||
| Juniper | 100% | 382 | 55,677 | 96% | 2,526 | 2.83 | 2020 |
| Marlow | 100% | 472 | 32,607 | 87% | 2,414 | 3.09 | 2022 |
| The Metropolitan | 50% | 380 | 13,591 | 96% | 2,382 | 2.52 | 2015 |
| TEN.m.flats | 50% | 437 | 28,026 | 97% | 2,439 | 2.75 | 2018 |
| Summerlin | |||||||
| Constellation | 100% | 124 | — | 95% | 2,562 | 2.29 | 2017 |
| Tanager | 100% | 267 | — | 100% | 2,468 | 2.54 | 2019 |
| Tanager Echo | 100% | 294 | — | 96% | 2,662 | 3.04 | 2023 |
| Total | 5,855 | 164,287 | |||||
The following tables summarize certain metrics of our other Operating Assets as of December 31, 2025:
| Other Assets | Ownership % | Asset Type | Size | % Leased | Year Built / Acquired / Redeveloped |
|---|---|---|---|---|---|
| The Woodlands | |||||
| Hughes Landing Daycare | 100% | Other | N/A | N/A | 2019 |
| Houston Ground Leases | 100% | Ground lease | N/A | N/A | Various |
| Stewart Title of Montgomery County, TX | 50% | Title Company | N/A | N/A | — |
| The Woodlands Warehouse | 100% | Warehouse | 125,801 sq ft | 100% | 2019 |
| Woodlands Sarofim | 20% | Industrial | N/A | N/A | late 1980s |
| Summerlin | |||||
| Hockey Ground Lease | 100% | Ground lease | N/A | N/A | 2017 |
| Summerlin Hospital Medical Center | 5% | Hospital | N/A | N/A | 1997 |
| Ward Village | |||||
| Kewalo Basin Harbor | 100% | Marina | 55 acres | N/A | 2019 |
| Other | |||||
| Columbia Ground Leases | 100% | Ground lease | N/A | N/A | 2024 |
| Parking Garages (a) | 100% | Garage | 9,696 spaces | N/A | Various |
(a)Includes parking garages in The Woodlands, Columbia, and Ward Village.
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The following table summarizes our Operating Assets segment lease expirations:
| $ in thousands | Number of Expiring Leases (a) | Total Square Feet Expiring | Total Annualized Base Rent Expiring | % of Total Annual Gross Rent Expiring |
|---|---|---|---|---|
| Year | ||||
| 2026 | 106 | 426,562 | $17,332 | 4.2% |
| 2027 | 124 | 1,017,147 | 43,550 | 10.7% |
| 2028 | 93 | 578,094 | 28,422 | 6.9% |
| 2029 | 92 | 834,163 | 42,334 | 10.4% |
| 2030 | 87 | 918,064 | 47,772 | 11.7% |
| 2031 | 58 | 543,220 | 27,574 | 6.7% |
| 2032 | 44 | 1,292,975 | 68,058 | 16.7% |
| 2033 | 43 | 709,240 | 36,225 | 8.9% |
| 2034 | 31 | 411,409 | 21,250 | 5.2% |
| 2035 | 51 | 559,942 | 23,664 | 5.8% |
| 2036+ | 60 | 887,940 | 52,289 | 12.8% |
| Total | 789 | 8,178,756 | $408,470 | 100.0% |
(a)Excludes leases with an initial term of 12 months or less.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.