Q2 2024 Howard Hughes Holdings Inc Earnings Call Transcript
Key Points
- Howard Hughes Holdings Inc (HHH) reported exceptional results across core business segments, highlighting strong demand in master-planned communities.
- Residential land sales achieved a new record average price per acre, contributing to robust MPC EBT.
- Operating assets delivered solid NOI, with strong performance in office, retail, and multi-family segments.
- Significant buyer interest in premier condos, with 94 units contracted for future revenue of $207 million.
- Reiterated full-year guidance for MPC EBT and raised guidance for operating asset and condo sales.
- Seaport segment generated net operating losses of $9.4 million in the second quarter, primarily due to costs associated with the standup of Seaport Entertainment and reduced revenues from poor weather.
- New home sales were down 4% from the prior year, although year-to-date sales are pacing 7% higher.
- Commercial land sales and builder price participation are expected to be reduced, impacting overall MPC EBT.
- The spin-off of Seaport Entertainment will result in a $23 million cash infusion from Howard Hughes Holdings Inc (HHH) to Seaport Entertainment.
- Office lease termination fees received in the prior year led to a 1% year-over-year reduction in operating asset NOI.
Good day, and welcome to Howard Hughes Holdings second-quarter 2024 earnings conference call. (Operator Instructions) Again, please be advised that today's conference is being recorded.
It is now my pleasure to introduce Senior Vice President of Investor Relations, Eric Holcomb.
Good morning from our headquarters here in The Woodlands, Texas, and welcome to Howard Hughes Holdings second-quarter 2024 earnings call. With me today are David O'Reilly, Chief Executive Officer; Jay Cross, President; Carlos Olea, Chief Financial Officer; Dave Striph, President of Asset Management and Operations; and Joe Valane, General Counsel.
Before we begin, I would like to direct you to our website, howardhughes.com, where you can download both our second-quarter earnings press release and our supplemental package. The earnings release and supplemental package include reconciliations of non-GAAP financial measures that will be discussed today in relation to their most directly
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