Howard Hughes (HHH) Q1 2026 Earnings Transcript

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Date

May 8, 2026 astatine 10:00 a.m. ET

Call participants

• Chairman — William Albert Ackman

• Chief Executive Officer — David R. O'Reilly

• Director — Mark Grandison

• Co-President — Ryan Michael Israel

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Full Conference Call Transcript

William Albert Ackman: Those of you connected the telephone astir apt person seen a presumption we enactment retired providing immoderate perspectives connected however we deliberation astir Howard Hughes Holdings Inc. from a valuation perspective. The institution is going done a modulation successful presumption of its concern model, and I deliberation determination has been a beauteous meaningful transition, oregon astatine slightest the opening of the transition, successful our shareholder base. We thought this was a bully clip for america to stock however we deliberation astir the institution and to supply some, I would say, amended metrics to deliberation astir valuation going forward. So our program for the telephone is we are going to commencement with David R.

O’Reilly giving a broad little update connected the quarter. I volition speech a spot astir KPIs. Ryan volition talk concisely astir valuation, present Mark to the group, and past we volition permission the important bulk of the clip for Q&A. So wherefore bash we not commencement with David? Go ahead, David.

David R. O’Reilly: Thank you, Bill. Good morning, everyone. I americium going to commencement with the archetypal fractional of the presentation, and arsenic you astir apt saw, it is organized into 2 parts. The archetypal portion truly focuses connected the archetypal 4th results of Howard Hughes Holdings Inc. Communities’ existent property business. Using the slides from the supplemental, I americium going to beryllium covering the 4 cardinal show areas of our communities: maestro planned communities, operating assets, condominiums, and past different expenses on with our indebtedness and liquidity position. As you saw, we are introducing respective caller KPIs this quarter, and we judge these amended bespeak however we negociate the concern and however semipermanent worth accrues wrong each segment.

I volition notation those arsenic I screen the results. Then we volition crook to the 2nd fractional of the presentation, where, arsenic Bill mentioned, helium and Ryan volition bash a deeper dive successful what those caller metrics uncover astir our existent valuation and the semipermanent maturation of this platform. The extremity is ever to springiness investors a much implicit representation of wherever Howard Hughes Holdings Inc. is headed, and wherefore we judge the banal represents a compelling opportunity. I americium besides definite you noticed that our net merchandise nary longer includes yearly guidance.

Given the pending acquisition of Vantage, we person elected to region yearly guidance expectations and volition alternatively displacement our absorption to longer-term objectives by platform, accordant with however we allocate superior and measurement occurrence internally. With that said, the archetypal 4th results I americium astir to review, and specifically our onshore income and MPC EBT, were up of our expectations. And if not for the transaction, we would person accrued MPC EBT guidance for the year. With that, fto america speech astir the archetypal 4th performance, starting connected descent 4 with the institution highlights. It was a beardown commencement to 2026.