Howard Hughes reports Q3 EPS $2.02 vs. $1.95 last year

Reports Q3 revenue $390.2M vs. $327.1M last year. “Our third-quarter performance underscores the strength of our real estate platform as Howard Hughes (HHH) continues its transition into a premier holdings company,” commented David R. O’Reilly, Chief Executive Officer of Howard Hughes. “Record results across every business segment have reinforced our outlook, supported an upward revision to full-year guidance, and established a strong foundation for substantial future cash flows as condominium presales convert to closings. MPC EBT reached an all-time high of $205 million, led by robust demand across our communities and near record Summerlin pricing of $1.7 million per acre, driving full year increases to both MPC and Adjusted Operating Cash Flow guidance. Importantly, this increased free cash flow generated across our portfolio is being reinvested into new developments that expand and enhance our communities and increase our net asset value-such as the Melia and ‘Ilima condominium towers in Ward Village and 1 Riva Row along The Woodlands Waterway-creating additional sources of long-term value and future cash generation. With $1.5 billion in cash and a strong balance sheet, Howard Hughes is well positioned for continued growth and meaningful increases in net asset value over time.”