Develops and sells residential and commercial land to builders and other commercial buyers, and builds and operates rental properties and condominium projects for tenants and buyers.
10-K for FY2025, filed Feb 26, 2026HHC operates through three business segments: Operating Assets, MPCs, and Strategic Developments. We create a continuous value-creation…View ↗
We expect the competitive position, desirable locations, and land development expertise to drive the long-term growth of our MPCs. As of…View ↗
We also occasionally sell or lease land for commercial development when we deem its use will not compete with our existing properties or…View ↗
We have developed many of the assets in our Operating Assets segment since the Company’s inception in 2010. As of December 31, 2025, we had…View ↗
Our Strategic Developments segment consists of various development or redevelopment projects, including developments within our MPCs that…View ↗
Homebuilders and commercial buyers pay for land at closing; homebuilders can also owe a share of home-sale proceeds when a home sells above an agreed price. Tenants pay rent over lease terms, while condominium buyers pay deposits and the balance when the completed unit closes.
10-K for FY2025, filed Feb 26, 2026Master Planned Communities Land Sales Revenues from land sales are recognized at a point in time when the land sale closing process is…View ↗
Builder Price Participation BPP is the variable component of the transaction price for certain Master Planned Communities land sales. BPP…View ↗
Minimum rent revenues are recognized on a straight‑line basis over the terms of the related leases when collectability is reasonably…View ↗
Condominium Rights and Unit Sales Revenue from the sale of an individual unit in a condominium project is recognized at a point in time…View ↗
The Company receives cash payments in the form of escrowed condominium deposits from customers who have contracted to purchase a…View ↗
10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by reportable segment ↗$1.5B
10-K for FY2025, filed Feb 27, 2026
$1.5B ↗| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Operating Assets
Recurring
10-K for FY2025, filed Feb 26, 2026 |
32%
FY2022: 27%
|
Operating Assets, FY2025
$465.6M Sources
|
Recurring |
|
Master Planned Communities
Sold outright
10-K for FY2025, filed Feb 26, 2026 |
43%
FY2022: 27%
|
Master Planned Communities, FY2025
$634.9M Sources
|
Sold outright |
|
Strategic Developments
Sold outright
10-K for FY2025, filed Feb 26, 2026 |
25%
FY2022: 46%
|
Strategic Developments, FY2025
$374.4M Sources
|
Sold outright |
Homebuilders buy residential lots and superpads, while commercial buyers acquire land for commercial projects. Tenants lease operating properties, and buyers purchase completed condominium units.
10-K for FY2025, filed Feb 26, 2026We expect the competitive position, desirable locations, and land development expertise to drive the long-term growth of our MPCs. As of…View ↗
We also occasionally sell or lease land for commercial development when we deem its use will not compete with our existing properties or…View ↗
The long-term value of our Operating Assets is driven by their concentration in our MPCs, where we have a competitive advantage. We believe…View ↗
Condominium Rights and Unit Sales Revenue from the sale of an individual unit in a condominium project is recognized at a point in time…View ↗
Yes. It kept 9 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 27, 2026
10-K for FY2025, filed Feb 27, 2026
$131.8MView ↗
10-Q for Q2 FY2026, filed Aug 13, 2026
$184.2MView ↗
10-Q for Q2 FY2026, filed Aug 12, 2026
Open tableView ↗
Flat. Revenue was $1.5B in FY2025, about the same as the $1.4B of FY2021.
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