On this page of StockholderLetter.com we present the latest annual shareholder letter from Howard Hughes Holdings Inc. — ticker symbol HHH. Reading current and past HHH letters to shareholders can bring important insights into the investment thesis.

 •  3/13/2025 Letter Continued (Full PDF)
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HHH Shareholder/Stockholder Letter Transcript:

2024 Annual Report
V I C T O R I A P L AC E , WA R D V I L L AG E
H O WA R D H U G H E S H O L D I N G S I N C .

Contents
04
Letter from the CEO
08
2024 Financial Results & Highlights
10
Portfolio Highlights: Key Achievements
Across Our Communities
Ward Village
Summerlin
Teravalis
The Woodlands + The Woodland Hills
Bridgeland
Downtown Columbia
30
2
H O WA R D H U G H E S H O L D I N G S I N C .
2024 Form 10-K
A N N UA L R E P O R T 2 0 2 4
3

A Letter from the CEO
2024 Year in Review: Building
America   s Premier Communities
Record Results Across
All Business Segments
To my fellow shareholders,
Our Master Planned Communities (MPC) segment
delivered an impressive year, achieving recordbreaking milestones despite the housing market being
overshadowed by national headlines about mortgage
rates and affordability. Across our communities, new
home sales remained robust   earning Summerlin and
Bridgeland the #5 and #7 rankings, respectively, in
RCLCO   s best-selling MPCs for 2024. Bridgeland, was
also named Master Planned Community of the Year by
The National Association of Home Builders.
2024 was another outstanding year for Howard
Hughes. Our steadfast commitment to creating
exceptional communities once again yielded record
results across all segments of our business, including
MPC EBT, Operating Assets NOI, and condo sales.
The year highlighted why Howard Hughes is the
nation   s leading community builder   our legacy
of successful and sustainable growth, our forwardlooking vision for innovative development, and our
unique ability to anticipate and act nimbly to meet
market demand.
In July, we launched a new chapter for HHH with the
completion of the spinoff of our Seaport Entertainment
division into its own separate publicly traded company.
Howard Hughes moves forward as a pure-play
real estate company dedicated solely to building
America   s premier communities   with a refined focus,
streamlined efficiency, and strengthened balance
sheet.
Throughout the year we continued to do what we have
always done: grow and enhance our communities and
the high-quality lifestyle they offer, while maintaining a
disciplined approach to capital allocation and working
to achieve the highest risk-adjusted returns. The
scope and expanse of our national portfolio of awardwinning assets provides us meaningful opportunity
to partner and collaborate with industry leaders and
civic stakeholders to shape the evolving nature of our
country   s urban landscape for generations to come.
4
Strong consumer demand, coupled with low
inventories of vacant developed lots in our MPCs,
led our homebuilder partners to purchase significant
residential acreage at the highest prices ever achieved
in Summerlin, Bridgeland, and The Woodlands Hills.
Overall, we sold 445 residential acres at an average
price of $990,000 and delivered record EBT of $349
million   16% above our initial guidance target and 2%
higher than our record-breaking performance in 2023.
Our communities continue to set the standard for
both long-term value and sustainable growth. Howard
Hughes once again earned the top ranking from
GRESB in our peer group of Americas Diversified
Listed real estate companies for our proven
commitment to sustainability and industry leadership
across our national portfolio. Our company was also
recognized for our ongoing commitment to advancing
sustainability, resilience, equity, and the health and
well-being of our communities by the USGBC in the
Texas region with a 2024 Community Impact Award.
H O WA R D H U G H E S H O L D I N G S I N C .
Throughout the year, we continued to streamline our
Operating Assets portfolio and sharpen our focus
on core properties that we believe add value to our
business, delivering record Net Operating Income
(NOI)   including the contribution from unconsolidated
ventures   of $257 million. This represented a 6%
year-over-year increase and exceeded our initial
2024 guidance by $7 million. Growth was realized
in each of our core property types, with the most
significant percentage increase in multifamily,
resulting from strong leasing momentum at our
newest developments.
We also benefited from significant growth in office,
as rent abatements from our strong leasing success
over the past few years began to expire. With another
473,000 square feet leased during the year, we
closed out 2024 with our stabilized office portfolio
89% leased, setting the stage for continued growth
in the coming years.
Our Strategic Developments segment also had
another impressive year, with the pinnacle being
the delivery and sell-out of every condominium at
Victoria Place   our seventh completed tower in Ward
Village   generating record condominium revenue of
$778 million and gross profit of $212 million.
A Legacy of Leadership
Our success is the result of the hard work and
dedication of our talented Howard Hughes team.
During the year, we welcomed new executive leaders
whose expertise has helped us implement innovative
new initiatives and drive positive impact throughout our
organization and the communities in which we build.
Joseph Valane joined HHH as General Counsel in
March, and Bhupesh Arora was appointed Chief
Technology Officer in July. We also welcomed two new
regional leaders, with Charley Freericks becoming
President of the Phoenix Region in August, and Jose
Bustamante joining the team as President of the
Nevada Region in November.
In April, long-time Howard Hughes board member
Scot Sellers was named Chairman of our Board of
Directors, succeeding Bill Ackman, who retired from
the board after serving as its chairman since founding
Howard Hughes in 2010. We also welcomed Pershing
Square Partner Ben Hakim and veteran C-suite
executive Dana Hamilton to the board.
Achievements, Milestones,
and Groundwork for Growth
We launched tremendously successful pre-sales
at two new condominium developments including
The Launiu in Ward Village and The Ritz-Carlton
Residences, The Woodlands. In total, our sales teams
pre-sold 394 additional condominiums during the year
which represented incremental future condo revenues
of $870 million, bringing the total value of future condo
sales revenue which will be recognized between 2025
and 2028 to $2.6 billion.
As we deliver today   s most sought-after places to live
and work, we also continue to lay the groundwork
for future growth and long-term success. We are
dedicated to building upon our strategic partnerships
and critical collaborations with key stakeholders, policy
makers, and innovators to advance impactful projects.
In 2024, we laid significant groundwork for unlocking
value and opportunities for growth across the Howard
Hughes portfolio.
In our commercial development pipeline, construction
progressed on seven projects during the year.
Together, these projects are expected to provide
nearly $24 million of incremental stabilized NOI to
our Operating Assets segment in the coming years.
Throughout 2024, we celebrated the 50th anniversary
of The Woodlands, continually ranked as one of
the best communities to live in America, with an
unprecedented 35% of its acreage permanently
dedicated to open green space. We also focused
A N N UA L R E P O R T 2 0 2 4
5

At Ward Village, we announced in March a joint
venture partnership with Discovery Land Company
for the development of a new residential tower,    Ilima
Ward Village. With a premier location and design set
to deliver an unrivaled island living experience,    Ilima,
as well as its companion tower Melia Ward Village,
are being designed by celebrated architecture firm
Robert A.M. Stern Architects. During the year we also
continued development of Victoria Ward Park Makai
which opened in February 2025 and coincided with
the amended HCDA Mauka Area Rules which became
effective during January 2025. These new guidelines
represent the potential for an estimated 2.5 to 3.5
million gross square feet of additional residential
development in Ward Village, while supporting a
balanced mix of homes, public spaces, restaurants,
and retail experiences to bring greater public benefit
to the neighborhood.
In Bridgeland, we broke ground on the 70-acre Village
Green at Bridgeland Central in February, a significant
6
Howard Hughes has been steadily gaining momentum
over the years, and our achievements in 2024 have us
firmly positioned for another strong year in 2025, with
mid-point guidance in both our MPC and Operating
Assets segments that imply new full-year records. As
we continue to master plan and build the places where
people and businesses want to be, we have a robust
pipeline of development opportunities ahead for many
decades to come.
I am incredibly proud of our team and our commitment
to excellence that drives us forward and am excited for
the opportunities that lie ahead.
In our newest Howard Hughes community, Teravalis,
which is being built from the ground up in the Phoenix
West Valley, we announced the roster of seven national
and regional homebuilders that will be building homes
in the community   s first village of Floreo. In 2024,
we sold over 800 lots amounting to 115 acres at an
impressive average price of $777,000 per acre   
which is an outstanding achievement in anticipation
of Floreo   s grand opening in late 2025.
T H E R I T Z- C A R LT O N R E S I D E N C E S , T H E W O O D L A N D S G R O U N D B R E A K I N G
ahead on a vision for the next 50 years, including
setting new standards for luxury living with 1 Riva
Row, our new multifamily development on The
Waterway, as well as with the first Ritz-Carltonbranded stand-alone condominiums in Texas which
broke ground in October. The Ritz-Carlton Residences,
The Woodlands reported unprecedented pre-sales of
over $335 million in future revenue   selling out 50%
of units in just one week. We are currently 70% sold,
with only a limited number of units remaining for this
project   designed by Robert A.M. Stern Architects
and located on the last available large-scale
residential site on Lake Woodlands.
Looking Ahead
milestone in the development of Bridgeland
Central, the 925-acre emerging urban district
set to transform the Northwest Houston region.
Bridgeland Central is set to drive decades of
future commercial development that will deliver
significant growth and value creation for the
company and greatly improve the lives of our
residents in the years ahead.
In Downtown Columbia, we continued to lay the
groundwork for the revitalization of the Lakefront
District, including the completion of 10285
Lakefront   an 85,000-square-foot medical
office building which will set a new standard
for healthcare in the community.
H O WA R D H U G H E S H O L D I N G S I N C .
Now in its 35th year of development, Summerlin
is continuing its remarkable trajectory as one of
the country   s most successful master plans. The
community continues to grow and evolve, and more
than a dozen new neighborhoods are being added in
2025   along with three new parks which are projected
to open and add to the already plentiful opportunities
to live an active and outdoor lifestyle in the natural
environment of the Red Rock Canyon. In 2024, we
also worked to lay the groundwork for the passage
of a tax incentive bill that will create over $40 billion
in economic output and tens of thousands of new
jobs with the establishment of Summerlin Studios   
a shovel-ready project set to reshape Nevada   s
economic landscape with the delivery of a thriving
film industry.
A N N UA L R E P O R T 2 0 2 4
David R. O   Reilly
C H I E F E X EC U T I V E O FF I C E R
7

MASTER PL ANNED COMMUNITIES
SUMMERLIN
2024 Financial
Results & Highlights
During 2024, we achieved significant milestones across
our portfolio, including record MPC EBT, operating
assets NOI, and condo sales.
$349M
$453M
RECORD EARNINGS
B E F O R E TA X
LAND SALES
445
$990K
RESIDENTIAL
AC R E S S O L D
RECORD RESIDENTIAL
P R I C E P E R AC R E
S T R AT EG I C D E V E LO P M E N T S
T H E L A U N I U WA R D V I L L AG E
Our MPC segment saw record residential land sales
revenues achieved at an all-time average high price
per acre despite market challenges. Our Operating
Assets delivered impressive financial results, with
a 6% year-over-year increase in NOI driven by
record results in office and multifamily. In Strategic
Developments, the sell-out of Victoria Place in
Ward Village generated record revenue and profit.
Additionally, we made strong progress in commercial
development with the advancement of seven new
projects   including office, multifamily, and retail
developments   further strengthening our pipeline
for future growth.
Our 2024 achievements placed Howard Hughes in
a notable position of financial strength. We ended
the year with $596 million in cash and approximately
8
$315 million of additional liquidity from undrawn
loan commitments, with a remaining equity
contribution needed to fund our current projects
of $237 million. Our capital markets team had
a tremendous year, closing $862 million of
financings, including $680 million of condominium
construction loans and $168 million of key
refinancings for debt maturing in 2024 and 2025.
At the end of the year, our weighted average debt
maturity was five years   with 82% of our debt
maturing in 2027 or later.
With a forward-looking vision, strong balance
sheet, and self-funding business model, we are
meeting the growing demand for masterfully
planned living and working environments in the
places where people and businesses want to be.
H O WA R D H U G H E S H O L D I N G S I N C .
394
$779M
CONDOS SOLD
CONDO SALES REVENUE
$211M
$870M
A DJ U S T E D C O N D O
GROSS PROFIT
FUTURE CONDO
R E V E N U E C O N T R AC T E D
O P E R AT I N G A S S E T S
M A R L O W, D O W N T O W N C O L U M B I A
$257M
6%
R E C O R D N E T O P E R AT I N G
INCOME (NOI)
NOI GROW TH
(VS. 2023)
473K SF
$59M
N E W O R E X PA N D E D
OFFICES LEASES
RECORD
M U LT I FA M I LY N O I
A N N UA L R E P O R T 2 0 2 4
9

3/13/2025 Letter Continued (Full PDF)

 

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