Howard Hughes Holdings Inc
howardhughes.comWhat Do They Do?
Develops and sells residential and commercial land to homebuilders and developers, and owns and operates rental properties for tenants.
10-K for FY2025, filed Feb 19, 2026HHH operates through three business segments: Operating Assets, MPCs, and Strategic Developments. We create a continuous value-creation…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 ↗
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 ↗
How Do They Make Money?
Homebuilders and commercial buyers pay for land when the sale closes; condominium buyers pay the balance at closing, while tenants pay rent over lease terms. Homebuilders may also share proceeds from home sales above agreed breakpoints.
10-K for FY2025, filed Feb 19, 2026Master Planned Communities Land Sales Revenues from land sales are recognized at a point in time when the land sale closing process is…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 ↗
Minimum rent revenues are recognized on a straight‑line basis over the terms of the related leases when collectability is reasonably…View ↗
Builder Price Participation BPP is the variable component of the transaction price for certain Master Planned Communities land sales. BPP…View ↗
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10-K for FY2025, filed Feb 19, 2026
FY2025 revenue by reportable segment ↗
$1.5B
-
10-K for FY2025, filed Feb 19, 2026
$1.5B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Operating Assets
Recurring
10-K for FY2025, filed Feb 19, 2026 |
32%
FY2022: 27%
|
Operating Assets, FY2025
$465.6M Sources
|
Recurring |
|
Master Planned Communities
Sold outright
10-K for FY2025, filed Feb 19, 2026 |
43%
FY2022: 27%
|
Master Planned Communities, FY2025
$634.9M Sources
|
Sold outright |
|
Strategic Developments
Sold outright
10-K for FY2025, filed Feb 19, 2026 |
25%
FY2022: 46%
|
Strategic Developments, FY2025
$374.4M Sources
|
Sold outright |
Who Are Their Customers?
Homebuilders and developers buy residential and commercial land; tenants lease the office, retail, and multifamily properties.
10-K for FY2025, filed Feb 19, 2026The long-term value of our Operating Assets is driven by their concentration in our MPCs, where we have a competitive advantage. We believe…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 ↗
Do Revenues Turn Into Profits?
Yes. It kept 8 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 19, 2026
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 5, 2026
$158.4MView ↗
- ▲ Now profitable
- vs −$12.1M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 5, 2026
Open tableView ↗
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Aug 5, 2026
Completed acquisition of Vantage
Acquired 100% of Vantage for approximately $2.1 billion, adding specialty insurance and reinsurance.
Sources
8-K, filed Aug 5, 2026
–Vantage acquisition closed June 4, 2026. Through its wholly owned subsidiary Howard Hughes Insurance Holdings, LLC, the Company completed…View ↗
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Jul 17, 2026
Vantage appointed an executive chairman and named a CEO-designate
Marc Grandisson became executive chairman; David Gansberg is to become CEO after his non-compete obligations end.
Sources
8-K, filed Jul 17, 2026
THE WOODLANDS, Texas, July 16, 2026 -- Howard Hughes Holdings Inc. (NYSE: HHH) (“Howard Hughes,” “HHH,” or the “Company”) today announced a…View ↗
Flat. Revenue was $1.5B in FY2025, about the same as the $1.4B of FY2021.
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