Earnings Releases·Nov 5, 2026, 4:07 PM ET

Howard Hughes Holdings Inc. — Third Quarter 2026 Earnings Summary

Total revenues increased 63% year-over-year to $636.3 million, driven by Vantage's first full quarter contribution, though net loss of $1.1 million reversed prior-year net income of $119.5 million due to purchase accounting impacts and a $105.4 million GAAP loss from MUD receivable sales.
Master Planned Communities EBT declined 56% to $89.5 million, primarily due to a bulk land sale in Summerlin and a $19.4 million loss from Floreo joint venture consolidation, while Total Operating Assets NOI rose 8% to $73.0 million.
Company announced a strategic pivot to an asset-light real estate model, intending to monetize select assets via sales and joint ventures to redeploy proceeds into the Vantage insurance platform.
Balance sheet expanded significantly with total assets reaching $16.32 billion and cash reserves doubling to $2.87 billion, offset by a rise in total liabilities to $11.25 billion and net debt increasing to $5.70 billion.