Howard Hughes Holdings Inc · Q1 2024 earnings

Briefing

Howard Hughes Holdings Inc. reported a net loss of $52.5 million for the first quarter of 2024, primarily due to reduced commercial land sales, lower equity earnings from The Summit, and increased G&A expenses.

Howard Hughes Holdings Inc. reported a net loss of $52.5 million for Q1 2024, or $(1.06) per diluted share, compared to a net loss of $22.7 million, or $(0.46) per diluted share, in the prior-year period. Total revenues were $171.1 million. Operating Assets NOI increased 7% year-over-year to $63.5 million, driven by improved performance in office and multi-family segments. New home sales in HHH's communities increased 24% sequentially to 654 units, indicating strong demand for residential land sales.

• Net loss per diluted share was $(1.06), primarily due to reduced commercial land sales, lower equity earnings from The Summit, and increased G&A expenses related to the anticipated spinoff of Seaport Entertainment.
• Total Operating Assets NOI increased 7% year-over-year to $63.5 million, with strong performance in office and multi-family portfolios.
• New home sales in HHH's communities increased 24% sequentially to 654 units, signaling strong demand for residential land sales in coming quarters.
• The company launched pre-sales at The Ritz-Carlton Residences, The Woodlands, pre-selling over 50% of available inventory for approximately $250 million in future revenue in just one week.

Headline financials

Revenue & EPS history

Full-year 2024 guidance remains unchanged, with robust MPC EBT projected at $300 million, Operating Assets NOI at $250 million, and condo sales between $675 million and $725 million with gross margins of 28% to 30%.