Howard Hughes Holdings Inc.
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
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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.
Sep 30, 2026 · Filed Nov 5, 2026
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Item 2. Results of Operations
| MANAGEMENT’S DISCUSSION AND ANALYSISRESULTS OF OPERATIONS | Table of Contents |
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RESULTS OF OPERATIONS
Comparison of the nine months ended September 30, 2026, to the nine months ended September 30, 2025
Net income attributable to common stockholders increased $47.6 million to $165.5 million in the nine months ended September 30, 2026, compared to $117.9 million in the prior-year period.
–Strategic Developments EBT increased $126.6 million, primarily due to the closing of condominium units at The Park Ward Village in the current period.
–Operating Assets EBT increased $31.7 million primarily due to an increase in gain on sale of real estate and an increase in rental revenues, net of operating costs due to increased leasing activity across our portfolio, partially offset by an increase in depreciation and amortization.
–Net income includes pre-tax net income of $55.8 million related to the post-acquisition activity of Vantage. Refer to the Vantage Post-Acquisition Results section below for further discussion of this activity.
–MPC EBT decreased $62.1 million, primarily due to a decrease in residential MPC land sales closed and lower builder price participation in Summerlin, and a remeasurement loss related to the consolidation of the Floreo joint venture. These decreases were partially offset by increases related to changes in deferred revenue, net of associated deferred costs, and SID bond assumptions in Summerlin, as well as increases in residential MPC land sales closed in The Woodlands Hills and Bridgeland.
–Corporate income, expenses, and other items, excluding the Vantage pre-tax net income, included an increase in net expenses of $105.4 million primarily due to an increase in loss on sale of MUD receivables, recognition of a loss on extinguishment of debt, and higher interest expense as a result of a higher balance and higher interest rates on the February 2026 Senior Notes.
Refer to the Third Quarter 2026 Highlights section above for information on the variances for the three months ended September 30, 2026.
See segment discussions for more detail about the changes described above.
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