NYSE$HHH
Howard Hughes Holdings Inc · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Howard Hughes Holdings Inc. reported strong third quarter 2024 results, driven by record MPC EBT and improved operating assets NOI, leading to increased full-year guidance across all segments.
Howard Hughes Holdings Inc. reported a net income of $96.5 million for the third quarter of 2024, with diluted EPS of $1.95. The company achieved a record MPC EBT of $145 million, a 184% year-over-year increase in residential land sales revenue, and an 8% year-over-year increase in Operating Assets NOI to $65 million. The company also completed the spinoff of Seaport Entertainment Group and raised its full-year guidance for MPC EBT and Operating Assets NOI.
- Net income from continuing operations per diluted share increased to $1.95, up from $0.64 in the prior year.
- Master Planned Community (MPC) EBT reached a new quarterly record of $145 million, driven by a 184% year-over-year increase in residential land sales revenue.
- Total Operating Assets NOI increased 8% year-over-year to $65 million, primarily due to strong office and multi-family performance.
- The company contracted to sell 29 condominium units in Ward Village® and The Woodlands®, representing $57 million in future revenue.
Headline financials
Revenue & EPS history
Howard Hughes · Revenue · Quarterly
$327M
Revenue by segment
Howard Hughes · $482M total across 5 segments · Q4 2022
- Condominium rights and unit sales$217M—45.1%
- Master Planned Communities land sales$117M—24.3%
- Rental revenue$103M—21.4%
- Other land, rental, property revenues$24.6M—5.1%
- Builder price participation$19.9M—4.1%
Forward guidance
Howard Hughes Holdings Inc. anticipates continued strong performance for the full year 2024, with increased guidance for MPC EBT and Operating Assets NOI, and higher projected condo sales revenues.
Tailwinds
- MPC EBT is expected to significantly benefit from solid demand for new homes and strong residential land sales across MPCs, with a raised mid-point guidance of approximately $330 million.
- Operating Assets NOI is projected to be a new full-year segment record, increasing 5% to 8% year-over-year with a mid-point of approximately $257 million, driven by increased occupancy at new multi-family developments and improved retail leasing.
- Condo sales revenues are now expected to range between $755 million and $765 million, with gross margins between 27% to 28%, primarily from Victoria Place.
- Strong leasing momentum in the office portfolio is expected to benefit from new leases.
- The company anticipates continued momentum and incremental land sales in Bridgeland and The Woodlands Hills®.
Headwinds
- Growth in residential land sales revenue for 2024 is expected to be largely offset by reduced EBT associated with exceptional commercial land sales and builder price participation during 2023.
- Limited inventory of custom lots available to sell at Aria Isle in The Woodlands and The Summit in Summerlin due to their significant past success.
- Free rent periods on many new office leases are expected to partially offset strong leasing momentum.
- The impact of some tenant vacancies in the office portfolio.
- Approximately $10 million to $20 million of Victoria Place condo sales revenues are expected to occur in the first quarter of 2025 due to timing of closings.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 11 quarterly earnings reports · overlaid with Q3 2024
+0.7%
Avg return
Earnings day
-1.0%
Avg return
5 days after
-0.2%
Avg return
30 days after
45%
5 / 11 earnings
Positive
+11.3%
Q3 2025
Best reaction
-9.7%
Q4 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +3.5% | +1.0% | +2.4% | |
| Q4 2025 | -9.7% | -11.5% | -25.0% | |
| Q3 2025 | +11.3% | +7.3% | +6.5% | |
| Q2 2025 | +1.7% | +4.7% | +14.1% | |
| Q1 2025 | +1.8% | +4.3% | -0.1% | |
| Q4 2024 | +0.4% | -0.2% | +0.3% | |
| Q3 2024 | -0.4% | -1.6% | -2.0% | |
| Q2 2024 | +0.0% | -0.4% | +13.8% | |
| Q1 2024 | +0.0% | -8.1% | -10.3% | |
| Q4 2022 | +0.0% | -3.1% | -4.1% | |
| Q3 2022 | -1.2% | -3.1% | +2.6% |
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