NYSE$HHH
Howard Hughes Holdings Inc · Q4 2022 earnings
Q4 2022 earnings · · Investor relations
Briefing
Howard Hughes reported solid fourth quarter and full-year 2022 results, with strong performance across all segments, including record condo sales and residential land prices.
The Howard Hughes Corporation reported a net income of $52.8 million for the fourth quarter of 2022, with diluted EPS of $1.07. Full-year net income reached $184.5 million, or $3.65 per diluted share, driven by record condo sales and strong Master Planned Community earnings.
- Net income per diluted share for Q4 2022 was $1.07, compared to $2.09 in the prior-year period.
- MPC EBT totaled $77 million in Q4, driven by strong land sales and record quarterly residential price per acre sold.
- Ward Village closed on 159 condo units, generating $217 million in net revenue in Q4.
- The company closed on nearly $1 billion in financings, reducing maturities in 2023 and 2024 to $228 million.
Headline financials
Revenue & EPS history
Howard Hughes · Revenue · Quarterly
$482M
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
For 2023, The Howard Hughes Corporation anticipates a decline in MPC EBT, relatively flat Operating Assets NOI, and specific ranges for condo sales revenues and cash G&A, reflecting ongoing market uncertainties.
Tailwinds
- Operating Assets NOI is projected to benefit from multi-family rent growth and new developments encompassing nearly 1,400 units.
- The office portfolio is expected to benefit from strong leasing momentum experienced throughout 2022.
- Victoria Place, a major condo project, is on track to be delivered in early 2024 and is already 100% pre-sold.
- The company's unmatched landbank in highly desirable communities and exceptional portfolio of assets position it well for future growth.
- Robust balance sheet with over $1.3 billion in recent financings uniquely positions the company to advance new developments.
Headwinds
- MPC EBT is expected to decline 25% to 35% year-over-year due to a slowing housing market, rising mortgage rates, and shrinking home affordability.
- Operating Assets NOI is expected to be in a range of down 2% to up 2% year-over-year, excluding divested retail assets.
- Office NOI is likely to see a modest year-over-year decline due to free rent periods on new leases and the impact of tenant vacancies in 2022.
- Condo sales revenues are projected to range between $45 million and $55 million, driven by remaining units at 'A'ali'i and Kōʻula.
- Cash G&A is projected to range between $80 million and $85 million, excluding anticipated non-cash stock compensation.
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 Q4 2022
+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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