Howard Hughes (HHH) Investor presentation summary

Strategic transformation and investments

• Transitioned to a diversified holding company in May 2025 with a $900M capital infusion from Pershing Square, which now holds ~46.9% beneficial ownership, capped at 40% voting power.

• Announced acquisition of Vantage Group Holdings, a specialty insurance and reinsurance company, for $2.1B in December 2025, expected to close in 2Q 2026.

• Pershing Square's investment supports strategic expansion, with Bill Ackman as Executive Chairman and Ryan Israel joining the board.

• Pershing Square receives a quarterly base fee and a variable fee tied to HHH's equity market cap growth.

Financial performance and balance sheet

• HHC's operating asset NOI reached $276M in 2025, nearly doubling since 2016, with a diversified real estate portfolio generating recurring income.

• Maintains strong liquidity with $1.8B cash on hand and manageable debt maturities, with 97% of debt fixed, swapped, or capped.

• Recent deleveraging initiatives include a $900M equity investment, $180M MUD receivables sale, and $1B senior unsecured notes issuance.

• Cash G&A declined ~7% YoY in 2025, reflecting disciplined cost management and efficiency improvements.

Master planned communities and real estate operations

• HHC operates seven master planned communities across Texas, Nevada, Hawaii, Maryland, and Arizona, spanning 101,000 acres and housing 290,000 residents.

• Self-funding business model leverages land and condo sales, and recurring NOI to fund new developments.

• Land sales and operating asset NOI have shown robust growth, with land prices and NOI both increasing at strong CAGRs since 2016.

• Land value appreciation has offset a shrinking land bank, with weighted average price per acre up 221% in Summerlin since 2017.

• Competitive advantages include scale, control, deed-restricted land, and a self-funding model that drives outsized, risk-adjusted returns.