Howard Hughes Holdings Inc. Q4 FY2024 earnings call

• Recap of strong year with record MPC EBT, operating assets NOI, and strategic development results. • MPC had record residential land sales, strong new home sales. • Operating assets had solid NOI growth in office, multifamily, retail. • Strategic developments had sold out condos, strong presales, and new retail projects. • Executed over $860M in financings, improved liquidity through MUD receivables sale.

MPC Segment: In Q4, EBT was $57 million, driven by residential land sales. Full-year MPC EBT was $349 million, exceeding guidance. Operating Assets: Q4 NOI was $61 million, full-year NOI was $257 million, a 6% y-o-y increase. Office had Q4 NOI $29M, full-year $125M, up 5% y-o-y. Multifamily had Q4 NOI $15M, full-year $59M, up 11% y-o-y. Retail had Q4 NOI $13M, full-year $54M, up 8% y-o-y.

• MPC EBT expected up 5-10% in 2025 to ~$375M. • Operating assets NOI expected flat to up 4% midpoint ~$262M. • Condo sales revenues projected ~$375M in 2025. • Cash G&A expected $76-86M in 2025. • Adjusted operating cash flow projected $320-375M midpoint ~$350M.

Q: Can you provide an update on Seaport?

A: Seaport used ~$170M of adjusted operating cash flow last year, not having it in 2025 frees capital for better allocation.

Q: How does the change in cash flows reflect not having Seaport drain?

A: Change in cash flows driven by not having market rate condo closing units, and deliberate capital deployment.

Q: What's driving the price per acre increase in Summerlin?

A: Majority from Superpad sales at higher prices, with homebuilders buying and building production homes.

Q: Update on Columbia move outs?

A: Some turnover, actively marketing space, with leasing in place and positive discussions.

Q: Outlook for homebuilders and land sales?

A: Confidence in communities' attractiveness, homebuilders showing appetite, driven by community quality.

Q: Capital allocation and stock buybacks?

A: Always evaluating capital allocation, board debates buybacks, focus on key business areas.