Howard Hughes Holdings Inc. (NYSE: HHH) reported Q1 EPS of $0.21, versus $0.00 reported last year. Revenue for the quarter came in at $199.33 million versus the consensus estimate of $211.24 million.

Full Year 2025 Guidance

The Company’s guidance relates solely to its existing real estate development and Master Planned Communities business and does not reflect the expected shifts in strategy following the recently announced transaction with Pershing Square. To the extent such shifts result in changes to guidance, the Company expects to provide revised information once it is developed.

MPC EBT is projected to be strong in 2025 and aided by solid demand for new homes, continued tight supply of existing homes on the market, and low inventories of vacant developed lots in our MPCs. As a result, HHH anticipates continued strong homebuilder demand for residential land throughout 2025. Residential land sales are expected to occur throughout the year, but the second and third quarters will likely see a higher concentration of superpad sales in Summerlin. Overall, 2025 MPC EBT is expected to be up 5% to 10% year-over-year with a mid-point of approximately $375 million.
Operating Assets NOI, including the contribution from unconsolidated ventures, is projected to benefit from continued growth in multifamily driven by increased occupancy at new multifamily developments. Office is also expected to improve year-over-year due to strong leasing momentum and expiring rent abatements across the portfolio. This improvement will likely be partially offset by lower occupancy at various office properties in Downtown Columbia, some tenant turnover in The Woodlands, and initial operating losses from our newest developments. Retail is expected to see a modest reduction in NOI during 2025, primarily due to non-recurring collections of tenant reserves in Ward Village during 2024 and the impact of some turnover resulting from tenant upgrades in Downtown Summerlin as this property reaches its 10-year anniversary. Overall, 2025 Operating Assets NOI is expected to be flat to up 4% year-over-year with a mid-point of approximately $262 million.
Condo sales revenues are projected to be approximately $375 million in 2025, driven entirely by the closing of units at Ulana—a 696-unit development in Ward Village which is 100% pre-sold and expected to be completed in the fourth quarter. Because Ulana is a workforce housing tower, the Company does not expect to recognize any gross profit from the project. The Park Ward Village—HHH’s next condo tower which comprises 545 market rate units—is already 97% pre-sold and expected to contribute meaningful revenues and gross profit in 2026.
Cash G&A is projected to range between $76 million and $86 million in 2025—or a mid-point of $81 million—excluding both approximately $9 million of anticipated non-cash stock compensation as well as all non-recurring charges including those in connection with Pershing Square’s recent purchase of HHH stock.
Overall, Adjusted Operating Cash Flow is projected to range between $325 million and $375 million in 2025 with a mid-point of approximately $350 million or $7.00 per share.

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