Howard Hughes Holdings Inc.
For the period ended Jun 30, 2025. Filed Aug 6, 2025.
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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.
Jun 30, 2025 · Filed Aug 6, 2025
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Corporate Income, Expenses, and Other Items
| MANAGEMENT’S DISCUSSION AND ANALYSISRESULTS OF OPERATIONS | Table of Contents |
|---|
Corporate Income, Expenses, and Other Items
The following table contains certain corporate-related and other items not related to segment activities and that are not otherwise included within the segment analyses. Variances related to income and expenses included in NOI or EBT are explained within the previous segment discussions. Significant variances for consolidated items not included in NOI or EBT are described below:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||
|---|---|---|---|---|---|---|
| thousands | 2025 | 2024 | $ Change | 2025 | 2024 | $ Change |
| General and administrative expenses | $(34,552) | $(22,356) | $(12,196) | $(56,988) | $(44,068) | $(12,920) |
| Gain (loss) on sale of MUD receivables | (48,197) | — | (48,197) | (48,197) | — | (48,197) |
| Corporate interest expense, net | (21,930) | (20,209) | (1,721) | (44,120) | (37,791) | (6,329) |
| Corporate depreciation and amortization | (856) | (774) | (82) | (1,603) | (1,579) | (24) |
| Income tax (expense) benefit | 3,821 | (13,542) | 17,363 | 385 | (7,041) | 7,426 |
| Other | (4,237) | (3,885) | (352) | (8,925) | (7,207) | (1,718) |
| Total Corporate income, expenses, and other items | $(105,951) | $(60,766) | $(45,185) | $(159,448) | $(97,686) | $(61,762) |
Corporate income, expenses, and other items were unfavorably impacted compared to the prior-year period by the following:
–Loss on sale of MUD receivables of $48.2 million was recognized in the second quarter of 2025. Refer to Note 1 -Presentation of Financial Statements and Significant Accounting Policiesin the Notes to Condensed Consolidated Financial Statements under Item 1 of this Quarterly Report for additional information.
–General and administrative expenses increased $12.2 million primarily attributable to $13.1 million of additional expenses incurred in the current period related to a strategic reduction in force as well as a $2.9 million increase related to the pro-rated quarterly Pershing Square advisory fees and $1.1 million of Pershing Square Transaction costs. These increases were partially offset by a decrease of $4.9 million primarily related to various cost reduction initiatives. See Note 2 -Pershing Square Transactionin the Notes to Condensed Consolidated Financial Statements under Item 1 of this Quarterly Report for additional information.
–Corporate interest expense, net increased $1.7 million primarily due to interest expense recognized in the current period from the accretion of the liability related to the sale of future MUD receivables, partially offset by higher interest income generated from the proceeds related to the Pershing Square Transaction in the current period.
Corporate income, expenses, and other items were favorably impacted compared to the prior-year period by the following:
–Income tax expense decreased $17.4 million primarily due to a decrease in Income before income taxes. Refer to Note 12 -Income Taxes in the Notes to Condensed Consolidated Financial Statements under Item 1 of this Quarterly Report for additional information.
Corporate income, expenses, and other items were unfavorably impacted compared to the prior-year period by the following:
–Loss on sale of MUD receivables of $48.2 million was recognized in the second quarter of 2025.
–General and administrative expenses increased $12.9 million primarily attributable to $13.1 million of additional expenses incurred in the current period related to a strategic reduction in force as well as a $2.9 million increase related to the pro-rated quarterly Pershing Square advisory fees and $1.1 million of Pershing Square Transaction costs. These increases were partially offset by a decrease of $4.2 million primarily related to various cost reduction initiatives.
–Corporate interest expense, net increased $6.3 million primarily due to interest expense recognized in the current period from the accretion of the liability related to the sale of future MUD receivables, partially offset by higher interest income generated from the proceeds related to the Pershing Square Transaction in the current period.
Corporate income, expenses, and other items were favorably impacted compared to the prior-year period by the following:
–Income tax expense decreased $7.4 million primarily due to a decrease in Income before income taxes.
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