Howard Hughes Holdings Inc. (HHH) reported a significant increase in financial performance for the fiscal year ending December 31, 2024, with net income from continuing operations rising to $285.2 million, compared to $83.4 million in the previous year. This growth was primarily driven by strong condominium sales, particularly the closing of all 349 units at Victoria Place, and the receipt of $90 million in insurance proceeds related to construction defect claims at Waiea. Total revenues surged to $1.75 billion, up from $908.8 million in 2023, reflecting robust demand across its Master Planned Communities (MPC) and operating assets.
The company experienced notable changes in its business structure, including the spinoff of Seaport Entertainment Group Inc. on July 31, 2024, which allowed HHH to focus solely on its real estate operations. This strategic shift resulted in the assets and liabilities of Seaport being classified as discontinued operations in the financial statements. HHH's operating assets segment generated a record net operating income (NOI) of $245.5 million, a 6.5% increase from the previous year, driven by strong leasing activity and improved occupancy rates in its multifamily and office properties.
Operationally, HHH reported a total of 74 operating assets, including 12 retail properties, 36 office properties, and 17 multifamily properties. The company executed 473,000 square feet of new or expanded office leases in 2024, with significant contributions from The Woodlands and Downtown Columbia. The MPC segment also saw a 2% increase in earnings before taxes (EBT), attributed to a record number of residential acres sold and a rise in average price per acre, particularly in Summerlin.
Looking ahead, HHH maintains a positive outlook for 2025, projecting a 5% to 10% increase in MPC EBT, supported by strong demand for residential land and low inventory levels. The company anticipates continued growth in its operating assets, with NOI expected to increase by up to 4% year-over-year, despite some anticipated challenges in retail and office segments. HHH's liquidity remains strong, with $596.1 million in cash and cash equivalents, positioning the company well for future development opportunities and operational needs.
About Howard Hughes Holdings Inc.
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