Howard Hughes Holdings Inc. (NYSE: HHH) reported Q4 EPS of $0.10, $0.29 worse than the analyst estimate of $0.39. Revenue for the quarter came in at $624.4 million versus the consensus estimate of $596.8 million.

Full Year 2026 Guidance

As Howard Hughes transitions into a diversified holding company, our reporting framework will evolve accordingly. Following the anticipated closing of the Vantage transaction, our earnings base will reflect both real estate and insurance platforms with fundamentally different economic characteristics. Over time, we intend to move from traditional annual segment-based guidance toward longer-term segment objectives aligned with how we manage capital internally.

We expect to continue providing detailed disclosure on our real estate operations, including MPC activity, operating asset performance, and condominium progress. Following the close of the Vantage acquisition, we will introduce appropriate insurance-specific metrics and reporting to enable investors to assess the performance and risk profile of that business independently. While near-term results may reflect increased variability as we integrate new platforms, our objective remains unchanged: to compound intrinsic value per share through disciplined capital allocation, prudent risk management, and a long-term ownership mindset.

Given that the Vantage transaction is still pending, we are providing the following expectations related to our 2026 performance for Howard Hughes Communities:

Adjusted Operating Cash Flow is expected to range between $415 million and $465 million in 2026, with an implied mid-point of approximately $440 million.
MPC EBT is expected to normalize in 2026 following a record year of land sales in 2025, which included outsized superpad sales in Summerlin. We expect 2026 MPC EBT to range between $343 million and $391 million, with an implied mid-point of approximately $367 million. Excluding the superpad sale in Summerlin referenced earlier, our 2026 guidance is essentially flat relative to 2025.
Operating Assets NOI, including contributions from unconsolidated ventures, is expected range between $279 million and $290 million, with a mid-point of approximately $284 million.
Condominium sales revenue is expected to range between $720 million and $750 million in 2026, with a gross profit of approximately $108 million to $128 million. Condominium closings during the year are expected to be driven primarily by The Park Ward Village, which was over 97% under contract as of year-end 2025.
Cash G&A is expected to range between $82 million and $92 million in 2026, or a mid-point of approximately $87 million, excluding non-cash stock-based compensation and quarterly variable fees paid to Pershing Square.

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