Howard Hughes Holdings Inc. - HHH STOCK NEWS

Howard Hughes Holdings (NYSE: HHH) has appointed Jose Bustamante as President of the Nevada Region, effective December 1, 2024. He will lead the 22,500-acre Summerlin® community in Las Vegas, which hosts 127,000 residents with 5,000 acres for future development. Bustamante brings 20 years of real estate experience, having managed projects totaling 7 million square feet and 700 acres valued at $5 billion. His background includes roles at Lincoln Property Company, Irvine Company, and Hunt Companies. Summerlin, now in its 34th year, features over 300 parks, 200+ miles of trails, and Downtown Summerlin®, located nine miles from the Las Vegas Strip.

Seaport Entertainment Group (NYSE American: SEG) reported Q3 2024 financial results following its separation from Howard Hughes Holdings. The company posted total revenues of $39.7 million, down 1.9% from $40.5 million in Q3 2023, and a net loss of $32.5 million ($5.89 per share), improved from a $736.2 million loss year-over-year.

Key developments include completing a rights offering raising $166.7 million, signing a licensing agreement with The Dead Rabbit, and extending Live Nation programming agreement for five years. The company ended Q3 with $27.8 million in cash and equivalents, $103.4 million in consolidated debt, and a $5 million undrawn credit facility.

Howard Hughes Holdings reported strong Q3 2024 results with net income of $1.95 per diluted share, up from $0.64 year-over-year. The company achieved record Master Planned Community (MPC) EBT of $145 million, driven by a 184% increase in residential land sales at $1 million per acre. Operating Assets NOI grew 8% to $65 million. The company completed Victoria Place, its 7th condominium tower, with expected revenue of $760 million at 27.5% gross margins. Full-year guidance was upgraded across all segments, with MPC EBT guidance increased by $30 million to $330 million midpoint and Operating Assets NOI guidance raised to $257 million.

Howard Hughes Holdings (NYSE: HHH) has announced the opening of Victoria Place, the seventh residential tower in Ward Village, their 60-acre master planned community in Honolulu. The project achieved record-breaking sales in 2020, with approximately 70% of units sold within three months. The 40-story tower features 350 homes and is expected to generate the highest revenue of any completed tower in Ward Village history.

The construction generated over $770 million in real GDP, $250 million in workers' earnings, and created more than 1,000 jobs annually. The development includes Victoria Ward Park, offering 3.5 acres of green space, and features architecture by Solomon Cordwell Buenz, interiors by Tihany Design, and landscaping by Don Vita. Total sales across all Ward Village towers now exceed $6 billion.

Howard Hughes Holdings Inc. (NYSE: HHH) has achieved the top ranking in its peer group of Americas Diversified Listed real estate companies by the Global Real Estate Sustainability Benchmark (GRESB) for 2024. This recognition is part of the GRESB Real Estate Assessment's Standing Investments Benchmark, which evaluates performance indicators such as risk management, energy consumption, water use, and stakeholder engagement.

The company's commitment to sustainability is further evidenced by its recent validation of near-term emissions reduction targets by the Science Based Targets initiative (SBTi). Howard Hughes has set targets to reduce Scope 1, 2, and 3 emissions across its business segments, aligning with the Paris Agreement's goal to limit global warming to 1.5°C.

Notable achievements include a 25% reduction in water intensity and a 20% reduction in energy-related emissions across the Howard Hughes portfolio from 2022 to 2023. These efforts demonstrate the company's dedication to responsible development and environmental stewardship in its national portfolio of communities.

Howard Hughes Holdings Inc. (NYSE: HHH) has announced the dates for its 2024 third quarter earnings release and conference call. The company will release its earnings on Monday, November 4, 2024, after the market closes. The earnings conference call is scheduled for Tuesday, November 5, 2024, at 12:00 PM Eastern Time.

Investors can access the earnings release on the Investors section of the company's website prior to the call. The conference call will be available via live webcast on the Howard Hughes website. Those wishing to participate in the Q&A session can pre-register on HHH's earnings call registration website to receive dial-in information and a PIN for access. An on-demand replay of the call will be available on the company's website for one year following the live call.

Howard Hughes Holdings Inc. (NYSE: HHH) has broken ground on The Ritz-Carlton Residences, The Woodlands, a luxury condominium project in Texas. Located 27 miles north of Downtown Houston, the development has seen unprecedented sales momentum with 69% of homes pre-sold. The project, designed by Robert A.M. Stern Architects, is situated on the last large-scale residential site on Lake Woodlands.

The development features approximately 15,000 square feet of indoor wellness experiences and three acres of outdoor amenities, including 1,200 feet of private lakefront shoreline. As the first stand-alone Ritz-Carlton condominiums in Texas, it aims to set a new standard for luxury living in the region. The project's sales success has surpassed expectations, with prices per square foot reaching unprecedented levels in the Houston market.

Summerlin®, a Howard Hughes Holdings Inc. (NYSE: HHH) community in Las Vegas, has become Nevada's first master planned community to achieve LEED precertification from the U.S. Green Building Council (USGBC). This recognition highlights Summerlin's commitment to sustainability, conservation, and quality of life.

Key achievements include:

• Water conservation: 638,100 sq ft of decorative grass removed, saving 35 million gallons annually
• Carbon footprint: 3.3 metric tonnes per person per year, 78% less than national average
• Waste production: 62% less than national average
• Average work commute: Less than 10 minutes

Summerlin joins other Howard Hughes communities in Texas, Maryland, and Hawaiʻi in receiving USGBC recognition, making Howard Hughes one of the largest holders of LEED precertified or certified community portfolios in the U.S., covering over 62,000 acres.

Howard Hughes Holdings Inc. (NYSE: HHH) has appointed Charley Freericks as President of the Phoenix Region. Freericks, a real estate industry veteran with over 40 years of experience, will lead the development of Teravalis™, a new 37,000-acre community in the Phoenix West Valley. Teravalis is expected to provide 100,000 homes for 300,000 residents and 55 million square feet of commercial development at full buildout. The first residential village, Floreo, is set to open in 2025 with 5,000 homes. Freericks brings extensive experience in large-scale community development and was previously Senior Vice President at Catellus Development He is actively involved in various non-profit organizations and industry associations in Arizona.