Howard Hughes Holdings Inc.
For the period ended Jun 30, 2026. Filed Aug 5, 2026.
View on SEC.govAbout this filing
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.
Jun 30, 2026 · Filed Aug 5, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Master Planned Communities
| MANAGEMENT’S DISCUSSION AND ANALYSISRESULTS OF OPERATIONS | Table of Contents |
|---|
Master Planned Communities
Segment EBTThe following table presents segment EBT for MPC:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||
|---|---|---|---|---|---|---|---|---|
| thousands except percentages | 2026 | 2025 | $ Change | % Change | 2026 | 2025 | $ Change | % Change |
| Master Planned Communities land sales | $170,936 | $125,041 | $45,895 | 37% | $270,509 | $196,683 | $73,826 | 38% |
| Builder price participation | 6,868 | 14,138 | (7,270) | (51)% | 15,550 | 23,425 | (7,875) | (34)% |
| Other revenues | 3,936 | 4,522 | (586) | (13)% | 7,962 | 8,047 | (85) | (1)% |
| Total revenues | 181,740 | 143,701 | 38,039 | 26% | 294,021 | 228,155 | 65,866 | 29% |
| Master Planned Communities cost of sales | (59,057) | (45,178) | (13,879) | (31)% | (93,799) | (70,392) | (23,407) | (33)% |
| Operating costs | (11,333) | (12,516) | 1,183 | 9% | (24,468) | (25,507) | 1,039 | 4% |
| Total operating expenses | (70,390) | (57,694) | (12,696) | (22)% | (118,267) | (95,899) | (22,368) | (23)% |
| Segment operating income (loss) | 111,350 | 86,007 | 25,343 | 29% | 175,754 | 132,256 | 43,498 | 33% |
| Depreciation and amortization | (110) | (88) | (22) | (25)% | (175) | (199) | 24 | 12% |
| Interest income (expense), net | 24,012 | 18,107 | 5,905 | 33% | 45,724 | 34,893 | 10,831 | 31% |
| Other income (loss), net | — | 35 | (35) | (100)% | 1,860 | 35 | 1,825 | NM |
| Equity in earnings (losses) from unconsolidated ventures | (569) | (1,649) | 1,080 | 65% | (4,104) | (5,059) | 955 | 19% |
| Gain (loss) on sale or disposal of real estate and other assets, net | — | — | — | NM | — | 3,750 | (3,750) | (100)% |
| Segment EBT | $134,683 | $102,412 | $32,271 | 32% | $219,059 | $165,676 | $53,383 | 32% |
The following table presents MPC segment EBT by MPC:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||
|---|---|---|---|---|---|---|---|---|
| thousands except percentages | 2026 | 2025 | $ Change | % Change | 2026 | 2025 | $ Change | % Change |
| Bridgeland | $23,244 | $21,371 | $1,873 | 9% | $57,978 | $38,163 | $19,815 | 52% |
| Summerlin | 107,896 | 83,235 | 24,661 | 30% | 157,309 | 125,324 | 31,985 | 26% |
| Teravalis | (1,588) | (1,820) | 232 | 13% | (5,039) | (734) | (4,305) | NM |
| The Woodlands | 72 | (2,309) | 2,381 | 103% | 852 | (1,087) | 1,939 | 178% |
| The Woodlands Hills | 5,059 | 1,935 | 3,124 | 161% | 7,959 | 4,010 | 3,949 | 98% |
| Segment EBT | $134,683 | $102,412 | $32,271 | 32% | $219,059 | $165,676 | $53,383 | 32% |
MPC segment EBT increased $32.3 million compared to the prior-year period primarily due to the following:
–MPC sales, net of MPC cost of sales increased $32.0 million primarily due to increases in Summerlin related to changes in deferred revenue, net of associated deferred costs, an increase in SID bond assumptions, and an increase in residential MPC land sales, as well as an increase in residential MPC land sales closed in The Woodlands Hills. See Master Planned Communities Land Sales and Residential and Commercial Land Sales Closed tables below for additional information on land sales activity in the period.
–Interest income increased $5.9 million primarily due to increased capitalized interest in Bridgeland and Summerlin.
–Builder price participation decreased $7.3 million as fewer homes were closed with sales prices over the predetermined breakpoint necessary for participation revenue, primarily in Summerlin.
| MANAGEMENT’S DISCUSSION AND ANALYSISRESULTS OF OPERATIONS | Table of Contents |
|---|
MPC segment EBT increased $53.4 million compared to the prior-year period primarily due to the following:
–MPC sales, net of MPC cost of sales increased $50.4 million primarily due to increases in Summerlin related to changes in deferred revenue, net of associated deferred costs and an increase in SID bond assumptions, as well as an increase in residential MPC land sales closed in Bridgeland and The Woodlands Hills, and increases in commercial MPC land sales closed in The Woodlands and Bridgeland.
–Interest income increased $10.8 million primarily due to increased capitalized interest in Bridgeland and Summerlin.
–Builder price participation decreased $7.9 million as fewer homes were closed with sales prices over the predetermined breakpoint necessary for participation revenue, primarily in Summerlin and Bridgeland.
Master Planned Communities Land Sales The following table presents the detail of MPC land sales recognized for the three and six months ended June 30, 2026 and 2025. Total net recognized (deferred) revenue includes revenues recognized in the current period which are related to sales closed in prior periods, offset by revenues deferred on sales closed in the current period.
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||
|---|---|---|---|---|---|---|---|---|
| thousands except percentages | 2026 | 2025 | $ Change | % Change | 2026 | 2025 | $ Change | % Change |
| Total residential land sales closed | $156,701 | $149,148 | $7,553 | 5% | $242,334 | $218,730 | $23,604 | 11% |
| Total commercial land sales closed | 5,426 | — | 5,426 | NM | 8,983 | — | 8,983 | NM |
| Net recognized (deferred) revenue: | ||||||||
| Bridgeland | 681 | 1,064 | (383) | (36)% | 921 | 1,376 | (455) | (33)% |
| The Woodlands | 102 | — | 102 | NM | 440 | 21 | 419 | NM |
| The Woodlands Hills | — | — | — | NM | 15 | — | 15 | NM |
| Summerlin | 713 | (25,333) | 26,046 | 103% | 9,068 | (26,151) | 35,219 | 135% |
| Total net recognized (deferred) revenue | 1,496 | (24,269) | 25,765 | 106% | 10,444 | (24,754) | 35,198 | 142% |
| Special Improvement District revenue | 7,313 | 162 | 7,151 | NM | 8,748 | 2,707 | 6,041 | NM |
| Master Planned Communities land sales | $170,936 | $125,041 | $45,895 | 37% | $270,509 | $196,683 | $73,826 | 38% |
| MANAGEMENT’S DISCUSSION AND ANALYSISRESULTS OF OPERATIONS | Table of Contents |
|---|
Residential and Commercial Land Sales Closed The following tables detail our residential and commercial land sales closed for the three and six months ended June 30, 2026 and 2025:
| Three Months Ended June 30, | ||||||
|---|---|---|---|---|---|---|
| Land Sales | Acres Sold | Average Price Per Acre | ||||
| thousands except acres sold | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 |
| Residential Land Sales Closed | ||||||
| Bridgeland | ||||||
| Single family | $22,683 | $26,121 | 30.2 | 40.3 | $751 | $648 |
| Summerlin | ||||||
| Superpad sites | 126,069 | 106,433 | 73.1 | 64.6 | 1,725 | 1,648 |
| Custom lots | — | 14,700 | — | 1.9 | — | 7,737 |
| The Woodlands Hills | ||||||
| Single family | 7,949 | 1,894 | 16.4 | 3.7 | 485 | 512 |
| Total residential land sales closed (a) | $156,701 | $149,148 | 119.7 | 110.5 | $1,309 | $1,350 |
| Commercial Land Sales Closed | ||||||
| Bridgeland | $2,176 | $— | 2.0 | — | $1,088 | $— |
| The Woodlands | 3,250 | — | 2.0 | — | 1,625 | — |
| Total commercial land sales closed (a) | $5,426 | $— | 4.0 | — | $1,357 | $— |
| Six Months Ended June 30, | ||||||
| Land Sales · Acres Sold · Average Price Per Acre | ||||||
| thousands except acres sold | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 |
| Residential Land Sales Closed | ||||||
| Bridgeland | ||||||
| Single family | $65,241 | $48,489 | 92.1 | 77.3 | $708 | $627 |
| Summerlin | ||||||
| Superpad sites | 148,469 | 151,856 | 85.9 | 94.0 | 1,728 | 1,615 |
| Custom lots | 15,750 | 14,700 | 2.2 | 1.9 | 7,159 | 7,737 |
| The Woodlands Hills | ||||||
| Single family | 12,874 | 3,685 | 26.5 | 7.5 | 486 | 491 |
| Total residential land sales closed (a) | $242,334 | $218,730 | 206.7 | 180.7 | $1,172 | $1,210 |
| Commercial Land Sales Closed | ||||||
| Bridgeland | $2,176 | $— | 2.0 | — | $1,088 | $— |
| The Woodlands | 6,807 | — | 7.8 | — | 873 | — |
| Total commercial land sales closed (a) | $8,983 | $— | 9.8 | — | $917 | $— |
(a)Excludes revenues recognized in the current period which are related to sales closed in prior periods and includes revenues deferred on sales closed in the current period. Please see the summary of MPC land sales table above which reconciles total residential and commercial land sales closed to MPC land sales revenue recognized for the three and six months ended June 30, 2026 and 2025.
| MANAGEMENT’S DISCUSSION AND ANALYSISRESULTS OF OPERATIONS | Table of Contents |
|---|
MPC Land Inventory The following table summarizes MPC land inventory activity for the six months ended June 30, 2026:
| thousands | Bridgeland | Summerlin | Teravalis | The Woodlands | The Woodlands Hills | Total MPC |
|---|---|---|---|---|---|---|
| Balance December 31, 2025 | $522,231 | $1,257,053 | $547,211 | $187,315 | $121,267 | $2,635,077 |
| Development expenditures (a) | 138,789 | 112,881 | 1,339 | 1,828 | 19,459 | 274,296 |
| MPC Cost of sales | (23,795) | (62,893) | — | (1,878) | (5,233) | (93,799) |
| MUD reimbursable costs (b) | (116,571) | — | — | (489) | (13,606) | (130,666) |
| Transfer to Strategic Developments and Operating Assets Segments | — | — | — | (1,175) | — | (1,175) |
| Other | (24,076) | (9,699) | 114 | 58 | (3,356) | (36,959) |
| Balance June 30, 2026 | $496,578 | $1,297,342 | $548,664 | $185,659 | $118,531 | $2,646,774 |
(a)Development expenditures are inclusive of capitalized interest and property taxes.
(b)MUD reimbursable costs represent land development expenditures transferred to MUD Receivables.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.