Record Operating Income
Howard Hughes reported a new quarterly record for operating assets with $72 million in NOI, a 9% year-over-year improvement.
Strong Master Planned Communities Performance
MPC EBT of $63 million was reported, marking a 161% year-over-year increase, driven by land sales growth and significant superpad sales in Summerlin.
Condo Pre-sales Success
Condo pre-sales were robust with 27 units contracted, representing $51 million in future revenue. The 11th condo project in Ward Village reached 64% pre-sold.
Increased Liquidity and Extended Maturities
Closed on important financings, including a $200 million upsize and extension to a non-consolidated credit facility, increasing liquidity.
Positive Strategic Developments
The company has plans for an additional 2.5 to 3.5 million square feet of residential entitlements in Ward Village, indicating potential for future growth.