Fri, Jul 26, 9:14 PM (43 days ago)
Howard Hughes Holdings Inc. (HHH) reported a net income attributable to common stockholders of $21.1 million for Q2 2024, compared to a net loss of $19.1 million in Q2 2023. The increase was driven by higher residential land sales in the Master Planned Communities (MPC) segment, particularly in Summerlin, and the absence of prior-year remediation costs. Operating Assets' Net Operating Income (NOI) slightly decreased to $65.5 million, with declines in office and other NOI offset by increases in retail and multi-family NOI. MPC segment Earnings Before Tax (EBT) rose to $123.2 million, driven by increased land sales. Seaport segment EBT improved marginally, but NOI dropped due to higher costs related to the upcoming Seaport Entertainment spinoff. Strategic Developments EBT improved due to lower remediation costs and no new condominium sales in the current quarter. HHH maintains a strong liquidity position with $436.8 million in cash and $1.2 billion in undrawn lender commitments.