Howard Hughes (HHH)
Market Price (9/4/2026): $63.49 | Market Cap: $3.7 BilSector: Real Estate | Industry: Real Estate Development
Howard Hughes (HHH)
Market Price (9/4/2026): $63.49Market Cap: $3.7 BilSector: Real EstateIndustry: Real Estate Development
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.5%, FCF Yield is 21% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 34% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 33% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -36% Low stock price volatilityVol 12M is 30% Megatrend and thematic driversMegatrends include Future of Urban Living, and Sustainable & Green Buildings. Themes include Master-Planned Community Development, Green Building Certification, Show more. | Weak multi-year price returns2Y Excs Rtn is -54%, 3Y Excs Rtn is -87% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 74% Key risksHHH key risks include [1] high leverage compared to peers due to its development-focused model and significant variable-rate debt, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.5%, FCF Yield is 21% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 34% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 33% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -36% |
| Low stock price volatilityVol 12M is 30% |
| Megatrend and thematic driversMegatrends include Future of Urban Living, and Sustainable & Green Buildings. Themes include Master-Planned Community Development, Green Building Certification, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -54%, 3Y Excs Rtn is -87% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 74% |
| Key risksHHH key risks include [1] high leverage compared to peers due to its development-focused model and significant variable-rate debt, Show more. |
Qualitative Assessment
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Howard Hughes (HHH) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat and Strategic Diversification.
Howard Hughes Holdings Inc. reported robust second-quarter fiscal 2026 results, with earnings per share (EPS) of $2.68, significantly exceeding analysts' consensus estimates of $0.49 by $2.19. Quarterly revenue also saw a substantial year-over-year increase of 330.2% to $1.12 billion. This positive financial performance was further enhanced by the strategic acquisition of Vantage Group Holdings, Ltd., a specialty insurance and reinsurance company, which closed on June 4, 2026. This $2.1 billion acquisition, partially funded by a $1.0 billion preferred stock issuance, diversified Howard Hughes into a new operating platform that contributed $97.2 million in net earned insurance premiums for the stub period from June 4, 2026, through June 30, 2026, the end of fiscal Q2 2026.
2. Mixed Analyst Sentiment and Modest Price Targets.
Despite the strong fiscal Q2 2026 earnings and the strategic expansion, the stock's upward movement was tempered by mixed analyst sentiment. As of August 28, 2026, the analyst consensus target price for Howard Hughes Holdings was $95.00, representing a potential upside of 46.6% from the closing price of $64.80. However, several firms issued varied ratings; for instance, while Weiss Ratings upgraded Howard Hughes from a "sell" to a "hold" on August 6, 2026, Zacks Research lowered the stock from a "hold" to a "strong sell" on July 21, 2026. This divergence in expert opinion contributed to investor caution, preventing a significant breakout in the stock price.
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Howard Hughes (HHH) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat and Strategic Diversification.
Howard Hughes Holdings Inc. reported robust second-quarter fiscal 2026 results, with earnings per share (EPS) of $2.68, significantly exceeding analysts' consensus estimates of $0.49 by $2.19. Quarterly revenue also saw a substantial year-over-year increase of 330.2% to $1.12 billion. This positive financial performance was further enhanced by the strategic acquisition of Vantage Group Holdings, Ltd., a specialty insurance and reinsurance company, which closed on June 4, 2026. This $2.1 billion acquisition, partially funded by a $1.0 billion preferred stock issuance, diversified Howard Hughes into a new operating platform that contributed $97.2 million in net earned insurance premiums for the stub period from June 4, 2026, through June 30, 2026, the end of fiscal Q2 2026.
2. Mixed Analyst Sentiment and Modest Price Targets.
Despite the strong fiscal Q2 2026 earnings and the strategic expansion, the stock's upward movement was tempered by mixed analyst sentiment. As of August 28, 2026, the analyst consensus target price for Howard Hughes Holdings was $95.00, representing a potential upside of 46.6% from the closing price of $64.80. However, several firms issued varied ratings; for instance, while Weiss Ratings upgraded Howard Hughes from a "sell" to a "hold" on August 6, 2026, Zacks Research lowered the stock from a "hold" to a "strong sell" on July 21, 2026. This divergence in expert opinion contributed to investor caution, preventing a significant breakout in the stock price.
3. Notable Institutional Selling Activity.
Significant institutional selling during the period likely offset some of the positive news, contributing to the stock remaining largely at the same level. Rivernorth Capital Management LLC, for example, reduced its stake in Howard Hughes by 43% in fiscal Q2 2026, selling 64,204 shares valued at approximately $6.1 million. This substantial divestment by an institutional investor indicated a degree of caution or reallocation, which could have put downward pressure on the stock and counteracted positive catalysts such as the strong earnings report and the Vantage acquisition.
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Stock Movement Drivers
Fundamental Drivers
The 0.3% change in HHH stock from 5/31/2026 to 9/3/2026 was primarily driven by a 57.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312026 | 9032026 | Change |
|---|---|---|---|
| Stock Price ($) | 63.35 | 63.51 | 0.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,511 | 2,373 | 57.0% |
| Net Income Margin (%) | 8.0% | 12.3% | 53.0% |
| P/E Multiple | 30.7 | 12.8 | -58.3% |
| Shares Outstanding (Mil) | 59 | 59 | 0.0% |
| Cumulative Contribution | 0.3% |
Market Drivers
5/31/2026 to 9/3/2026| Return | Correlation | |
|---|---|---|
| HHH | 0.3% | |
| Market (SPY) | 2.2% | 12.7% |
| Sector (XLRE) | 0.6% | 41.9% |
Fundamental Drivers
The -12.2% change in HHH stock from 2/28/2026 to 9/3/2026 was primarily driven by a -62.7% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9032026 | Change |
|---|---|---|---|
| Stock Price ($) | 72.37 | 63.51 | -12.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,475 | 2,373 | 60.9% |
| Net Income Margin (%) | 8.4% | 12.3% | 46.5% |
| P/E Multiple | 34.4 | 12.8 | -62.7% |
| Shares Outstanding (Mil) | 59 | 59 | -0.2% |
| Cumulative Contribution | -12.2% |
Market Drivers
2/28/2026 to 9/3/2026| Return | Correlation | |
|---|---|---|
| HHH | -12.2% | |
| Market (SPY) | 13.0% | 27.7% |
| Sector (XLRE) | 1.6% | 42.3% |
Fundamental Drivers
The -16.7% change in HHH stock from 8/31/2025 to 9/3/2026 was primarily driven by a -30.9% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9032026 | Change |
|---|---|---|---|
| Stock Price ($) | 76.27 | 63.51 | -16.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,771 | 2,373 | 34.0% |
| Net Income Margin (%) | 12.8% | 12.3% | -4.2% |
| P/E Multiple | 18.6 | 12.8 | -30.9% |
| Shares Outstanding (Mil) | 55 | 59 | -6.2% |
| Cumulative Contribution | -16.7% |
Market Drivers
8/31/2025 to 9/3/2026| Return | Correlation | |
|---|---|---|
| HHH | -16.7% | |
| Market (SPY) | 20.9% | 32.4% |
| Sector (XLRE) | 7.3% | 39.2% |
Fundamental Drivers
The -15.3% change in HHH stock from 8/31/2023 to 9/3/2026 was primarily driven by a -58.9% change in the company's P/E Multiple.| (LTM values as of) | 8312023 | 9032026 | Change |
|---|---|---|---|
| Stock Price ($) | 74.94 | 63.51 | -15.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,422 | 2,373 | 66.9% |
| Net Income Margin (%) | 8.4% | 12.3% | 47.2% |
| P/E Multiple | 31.2 | 12.8 | -58.9% |
| Shares Outstanding (Mil) | 50 | 59 | -16.0% |
| Cumulative Contribution | -15.3% |
Market Drivers
8/31/2023 to 9/3/2026| Return | Correlation | |
|---|---|---|
| HHH | -15.3% | |
| Market (SPY) | 77.7% | 47.2% |
| Sector (XLRE) | 31.3% | 54.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HHH Return | - | - | 9% | -6% | 4% | -21% | -15% |
| Peers Return | 36% | -21% | 71% | -4% | 2% | 0% | 81% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| HHH Win Rate | - | - | 60% | 42% | 50% | 44% | |
| Peers Win Rate | 71% | 35% | 58% | 48% | 40% | 51% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| HHH Max Drawdown | - | - | - | -31% | -21% | -27% | |
| Peers Max Drawdown | -22% | -47% | -24% | -28% | -26% | -23% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: JOE, FOR, BAM, LEN, DHI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/3/2026 (YTD)
How Low Can It Go
| Event | HHH | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -13.7% | -18.8% |
| % Gain to Breakeven | 15.9% | 23.1% |
| Time to Breakeven | 34 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -16.0% | -9.5% |
| % Gain to Breakeven | 19.1% | 10.5% |
| Time to Breakeven | 47 days | 24 days |
In The Past
Howard Hughes's stock fell -13.7% during the 2025 US Tariff Shock. Such a loss loss requires a 15.9% gain to breakeven.
Preserve Wealth
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Asset Allocation
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In The Past
Howard Hughes's stock fell -13.7% during the 2025 US Tariff Shock. Such a loss loss requires a 15.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Howard Hughes (HHH)
Howard Hughes Corporation (HHH) operates as a real estate development company primarily focused on creating large-scale master-planned communities (MPCs) and engaging in other strategic real estate development opportunities across the United States. The company's business model centers on transforming undeveloped land into integrated residential and commercial environments.
The core products and services of HHH involve the development and subsequent sale of residential and commercial land. This is prominently featured in its Master Planned Communities segment, where it undertakes extensive, multi-year projects in key markets such as Columbia, Maryland; Houston, Texas; and Las Vegas, Nevada. These communities offer planned infrastructure, amenities, and various property types for diverse needs.
In addition to its MPCs, HHH also manages a Strategic Development segment, which encompasses a portfolio of real estate properties and development projects with varying time horizons. The primary customers for Howard Hughes Corporation include individual homebuyers seeking residences within its planned communities, as well as businesses and other developers looking for commercial land or properties for their operations within these strategically developed areas.
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- "A super-sized Lennar that develops entire towns and commercial hubs instead of just individual homes."
- "Like Disney, but for building master-planned towns and communities where people live, work, and shop, instead of theme parks."
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- Master Planned Community Development: Developing and selling large-scale residential and commercial land parcels within pre-planned communities.
- Strategic Real Estate Development: Engaging in the development, acquisition, and management of various other real estate properties and projects across different time horizons.
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Howard Hughes Corporation (HHH) operates in real estate development, focusing on master-planned communities and strategic development projects involving the sale of both residential and commercial land. Given the diverse nature of its offerings and the lack of specific sales breakdowns in the background information, it is not definitively stated whether the company sells primarily to other companies or primarily to individuals. Therefore, identifying major customers is best achieved by describing the categories of customers that it serves across its business segments.
The major customer categories for Howard Hughes Corporation are:
- Residential Homebuilders: These are companies that purchase large parcels of residential land from Howard Hughes within its master-planned communities. They then develop these parcels, construct homes, and sell the finished houses to individual buyers. This constitutes a significant business-to-business (B2B) relationship for HHH.
- Commercial Developers and Businesses: This category includes various entities that acquire commercial land or developed properties from Howard Hughes. These customers range from commercial real estate developers building office parks, retail centers, or industrial facilities, to specific businesses establishing their own corporate campuses, retail outlets, or service providers within HHH's communities. This also represents a key B2B customer segment.
- Individual Homebuyers: While much of the residential land is sold to homebuilders, Howard Hughes also sells residential lots directly to individuals within its master-planned communities. These individuals purchase land to build custom homes, forming a business-to-consumer (B2C) customer base.
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David R. O'Reilly, Chief Executive Officer
Mr. O'Reilly has served as the Chief Executive Officer and a Director of Howard Hughes Holdings Inc. (HHH) since December 2020. He previously held the roles of President and Chief Financial Officer at HHH, joining the company in 2016. Prior to joining HHH, Mr. O'Reilly served as Executive Vice President, Chief Investment Officer, and Chief Financial Officer for Parkway Properties, Inc., a publicly traded real estate investment trust. His career also includes experience in investment banking as a Senior Vice President at Barclays Capital Inc. and Lehman Brothers, where he was involved in financial advisory and merger and acquisition activities, including leveraged buyouts and IPOs.
Carlos Olea, Chief Financial Officer
Mr. Olea was appointed Chief Financial Officer of Howard Hughes Holdings Inc. (HHH) in January 2022. Before becoming CFO, he served as HHH's Chief Accounting Officer from 2019 to 2022. Prior to his tenure at HHH, Mr. Olea held the position of Chief Accounting Officer at Carr Properties and gained experience at Ernst & Young in advisory services and at AvalonBay Communities as Director of Technical Accounting & Financial Reporting.
L. Jay Cross, President
Mr. Cross serves as the President of The Howard Hughes Corporation. He previously held the position of President of Related Hudson Yards, where he led the development efforts for the 28-acre Hudson Yards site in New York City. His extensive career of over 30 years in real estate and corporate business also includes serving as President of the New York Jets LLC and President of Business Operations for the Miami Heat LP, where he was responsible for the development of MetLife Stadium and the American Airlines Arena.
Douglas Johnstone, President of the Hawaii Region & National Condominium Development
Mr. Johnstone holds the title of President of the Hawaii Region & National Condominium Development at Howard Hughes Holdings Inc.
Joseph Valane, General Counsel
Mr. Valane is the General Counsel for Howard Hughes Holdings Inc.
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1. Real Estate Market Cyclicality and Economic Conditions: The Howard Hughes Corporation's performance is highly sensitive to the broader economic environment and the cyclicality of the real estate industry. Downturns in homebuilding, condominium development, retail, and office sectors, driven by factors such as employment levels, consumer confidence, and overall economic uncertainty, can significantly impact tenant occupancy rates, property values, and the company's ability to expand and finance its projects.
2. Interest Rate Volatility, Inflation, and Financing Risks: Fluctuations in interest rates pose a substantial threat to HHH's financial stability. Rising interest rates can escalate the cost of financing for the company's considerable indebtedness, making it more challenging to refinance existing debt. Additionally, higher interest rates can reduce consumer demand for housing and condominiums by increasing mortgage costs, directly affecting sales and the profitability of development projects. Inflation also contributes to increased construction costs, further impacting project margins.
3. High Indebtedness and Access to Capital: The company carries substantial debt, which, as of December 31, 2025, was approximately $5.1 billion. The ability to manage this debt, including refinancing upcoming maturities, is critical. Any decrease in credit availability or increase in borrowing costs, whether due to market conditions or potential credit rating downgrades, could severely limit HHH's capacity to secure capital for its ongoing and future real estate developments.
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United States (Overall Real Estate Market)
The U.S. real estate market was estimated at USD 130.02 billion in 2024 and is projected to grow to USD 217.63 billion by 2031 for real estate services. Another estimate places the U.S. real estate market value at USD 1.8 trillion in 2025, expected to reach USD 2.3 trillion by 2034. The residential property segment constitutes a significant portion, leading the market with a 57.09% revenue share in 2024. North America, as a whole, dominated the global real estate market in 2025, holding a 33.4% share of the USD 7,517.4 billion global market.Master Planned Communities (U.S.)
In 2025, nearly 33,000 new homes were purchased across the top 50 master-planned communities in the United States. Howard Hughes' communities, Summerlin in Las Vegas and Bridgeland in the Greater Houston area, ranked among the nation's top 15 best-selling master-planned communities for 2025, with 962 and 812 home sales respectively. The Houston metropolitan area is noted as a top-performing metro for master-planned communities, while Florida accounted for approximately 42% and Texas for about 32% of all sales among the top 50 U.S. master-planned communities in 2025.Columbia, Maryland
Residential Development:
The broader Baltimore-Columbia-Towson Housing Market Area (HMA) is projected to have demand for 11,950 new homes over a three-year forecast period (as of June 2023). Additionally, demand is expected for 4,565 rental units in the same HMA during the forecast period. Anne Arundel County, where Columbia is located, anticipates demand for over 28,000 new residential units by 2035.Commercial Development:
The "Land Development in Maryland" industry is projected to have a market size of $261.9 million in 2026. Columbia's retail market size is approximately 10.12 million square feet. The total suburban office inventory in Maryland is about 63 million square feet.Houston, Texas
Residential Development:
Brokers closed on 4,999 single-family homes in Houston in January 2026. The Houston-Pasadena-The Woodlands metropolitan area has a luxury housing market entry threshold starting at $794,170 as of February 2026.Commercial Development:
Houston's office market had an inventory of 253.4 million square feet as of Q4 2025. The industrial market in Houston comprises nearly 530 million square feet of total inventory. The retail market in Houston recorded more than 2 million square feet of leasing activity and $3 billion in annual sales volume. The multifamily market in Houston includes 801,616 multi-unit inventory units, with over 12,600 units under construction as of Q2 2025.Las Vegas, Nevada
Residential Development:
The median sale price of a home in Las Vegas was $440,000 in February 2026, with 641 homes sold during that month. The median single-family home price in Las Vegas was approximately $470,000 at year-end 2025. In November 2025, the median list price for existing single-family homes "sold" in Southern Nevada was $488,995. The Las Vegas-Henderson-Paradise metro's multifamily housing inventory stands at 238,200 units, with more than 4,600 units under construction as of Q2 2025.Commercial Development:
The Las Vegas retail market has an inventory of approximately 68.72 million square feet. The office market inventory in Las Vegas is around 42.62 million square feet. The industrial real estate market in Las Vegas features 174.5 million square feet of inventory. The Las Vegas industrial sector reported 2.0 million square feet of positive absorption by the end of 2025, with 7.3 million square feet delivered in the same year.AI Analysis | Feedback
Howard Hughes Holdings Inc. (HHH) is expected to drive future revenue growth over the next two to three years through a combination of its core real estate operations and a significant strategic diversification.
- Continued Master Planned Community (MPC) Land Sales and Favorable Pricing: The company anticipates ongoing strong demand and pricing power for residential and commercial land within its established Master Planned Communities, such as Summerlin in Las Vegas and Bridgeland in Greater Houston. While 2026 is projected to see a normalization of MPC earnings before taxes (EBT) after a record 2025, the underlying demand for developed land and high average prices per acre are expected to continue driving revenue. The Teravalis project in Greater Phoenix is also identified as a significant long-term growth asset, with early monetization phases expected to contribute over time.
- Condominium Closings and Strong Pre-Sales at Ward Village: HHH has a substantial backlog of contracted future condominium revenue, primarily from its Ward Village development in Honolulu. Key projects like The Park Ward Village, Victoria Place, Ulana, Melia, and 'Ilima have high pre-sale rates, with significant revenue recognition expected from closings over the next few years. For 2026, the company projects condominium gross revenue of approximately $720 million to $750 million, mainly driven by closings at The Park Ward Village.
- Growth in Net Operating Income (NOI) from Operating Assets: Howard Hughes Holdings expects continued growth in Net Operating Income from its portfolio of operating assets, including office, multifamily, and retail properties within its MPCs. Strong lease-up activity and abatement expirations in locations like The Woodlands, Merriweather District, and Summerlin contributed to an 8% increase in Total Operating Assets NOI in 2025, and management guides for a 1% to 5% increase in 2026.
- Diversification through the Acquisition of Vantage Group Holdings Ltd.: A significant driver of future revenue growth stems from HHH's strategic transformation into a diversified holding company, marked by the pending acquisition of Vantage Group Holdings Ltd., a specialty insurance and reinsurance company, for approximately $2.1 billion. This acquisition, expected to close in the second quarter of 2026, is anticipated to diversify revenue streams, accelerate the company's overall growth profile, and reduce reliance on real estate market cycles.
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Share Repurchases
- In November 2021, The Howard Hughes Corporation announced a share repurchase program authorizing up to $250 million of its shares.
- In March 2022, the company's Board of Directors approved a second $250 million share buyback program, following the completion of the prior November 2021 authorization.
- A proposed $500 million share repurchase was discussed in January 2025 as part of a larger transaction, intended to be financed by newly issued bonds.
Share Issuance
- In 2025, Howard Hughes Holdings Inc. sold 9,000,000 newly issued shares to Pershing Square for $900 million.
Inbound Investments
- In May 2025, Pershing Square Capital Management made a significant $900 million investment in Howard Hughes Holdings Inc., acquiring 9 million newly issued shares at $100 per share, which represented a 48% premium at the time.
- This investment is a key component of the company's strategic transformation into a diversified holding company.
Outbound Investments
- In late 2025, Howard Hughes Holdings Inc. agreed to acquire 100% of Vantage Group Holdings Ltd., a privately held specialty insurance and reinsurance company, for approximately $2.1 billion in cash.
- In 2021, the company acquired the 37,000-acre Douglas Ranch development in the Phoenix area, later renamed Teravalis, for $600 million.
Capital Expenditures
- In 2024, the company progressed on construction of seven commercial development projects that are expected to generate nearly $24 million of incremental stabilized Net Operating Income (NOI).
- Construction on The Launiu, a condominium project, is expected to commence in 2025.
- The company continues to allocate capital to its Master Planned Communities (MPCs) and strategic developments, with the MPC segment projected to generate excess cash for investments in new ventures over time.
Peer Outperformance in Real Estate Development
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs | 14 | 20.0% | 59.7% | 61.7% | WELL 213% · CTRE 127% · DHC 126% |
| Retail REITs | 22 | 13.3% | 37.7% | 34.4% | IVT 1595% · SKT 162% · SPG 103% |
| Real Estate Development ← | 6 | -4.0% | 10.3% | 19.2% | JOE 49% · AXR 45% · FOR 35% |
| Other Specialized REITs | 11 | 6.9% | 18.5% | 13.5% | IRM 183% · LAMR 68% · EPR 67% |
| Hotel & Resort REITs | 16 | 29.2% | 29.5% | 5.6% | RHP 74% · HST 73% · DRH 53% |
| Industrial REITs | 11 | 19.4% | 18.9% | 3.3% | EGP 25% · FR 25% · PLD 15% |
| Diversified REITs | 12 | 10.2% | 25.8% | -7.5% | CTO 69% · WPC 20% · LXP 13% |
| Multi-Family Residential REITs | 13 | -2.8% | 2.8% | -18.2% | AIV 13% · ESS 0% · BRT -6% |
| Single-Family Residential REITs | 4 | -1.1% | 1.7% | -19.3% | AMH -12% · ELS -18% · INVH -20% |
| Real Estate Services | 26 | -12.8% | -9.5% | -26.6% | REAX 853% · MDRR 567% · CHCI 268% |
| Office REITs | 18 | -4.2% | 17.4% | -28.5% | PSTL 62% · CDP 55% · SLG 9% |
| Telecom Tower REITs | 3 | -5.9% | -8.1% | -43.2% | AMT -31% · SBAC -43% · CCI -51% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 64.79 |
| Mkt Cap | 12.2 |
| Rev LTM | 3,595 |
| Op Inc LTM | 1,374 |
| FCF LTM | 531 |
| FCF 3Y Avg | 1,069 |
| CFO LTM | 536 |
| CFO 3Y Avg | 1,072 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.4% |
| Rev Chg 3Y Avg | 15.4% |
| Rev Chg Q | 4.2% |
| QoQ Delta Rev Chg LTM | 1.0% |
| Op Inc Chg LTM | -3.0% |
| Op Inc Chg 3Y Avg | 17.4% |
| Op Mgn LTM | 16.3% |
| Op Mgn 3Y Avg | 19.6% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 24.8% |
| CFO/Rev 3Y Avg | 11.3% |
| FCF/Rev LTM | 24.6% |
| FCF/Rev 3Y Avg | 11.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Master Planned Communities (MPC) Segment | 635 | 523 | 448 | 408 | 410 |
| Operating Assets Segment | 466 | 444 | 410 | 401 | 443 |
| Strategic Developments Segment | 374 | 783 | 50 | 680 | 520 |
| Corporate income | 0 | 0 | 0 | 0 | 0 |
| Seaport Segment | 55 | ||||
| Total | 1,475 | 1,751 | 909 | 1,489 | 1,428 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Master Planned Communities (MPC) Segment | 401 | 301 | 255 | 234 | 216 |
| Operating Assets Segment | 261 | 250 | 230 | 231 | 234 |
| Strategic Developments Segment | -20 | 181 | -30 | 176 | 83 |
| Seaport Segment | -22 | ||||
| Total | 642 | 731 | 455 | 641 | 511 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating Assets Segment | 3,606 | 3,548 | 3,578 | 3,449 | 3,608 |
| Master Planned Communities (MPC) Segment | 3,487 | 3,374 | 3,359 | 3,273 | 3,056 |
| Strategic Developments Segment | 2,379 | 1,837 | 1,639 | 1,359 | 1,194 |
| Corporate | 1,167 | 452 | 516 | 356 | 677 |
| Seaport Segment | 486 | 1,167 | 1,047 | ||
| Total | 10,639 | 9,211 | 9,577 | 9,603 | 9,582 |
Price Behavior
| Market Price | $63.51 | |
| Market Cap ($ Bil) | 3.7 | |
| First Trading Date | 08/14/2023 | |
| Distance from 52W High | -29.3% | |
| 50 Days | 200 Days | |
| DMA Price | $68.18 | $71.66 |
| DMA Trend | down | indeterminate |
| Distance from DMA | -6.8% | -11.4% |
| 3M | 1YR | |
| Volatility | 26.6% | 29.9% |
| Downside Capture | 16.92 | 83.76 |
| Upside Capture | 2.80 | 43.68 |
| Correlation (SPY) | 12.7% | 32.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.50 | 0.41 | 0.22 | 0.52 | 0.76 | 0.90 |
| Up Beta | 0.94 | -0.22 | -0.13 | 0.30 | 0.80 | 0.85 |
| Down Beta | 0.31 | 1.08 | 0.87 | 0.80 | 1.01 | 0.95 |
| Up Capture | 24% | -3% | 11% | 28% | 36% | 50% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 10 | 18 | 32 | 59 | 122 | 368 |
| Down Capture | 34% | 117% | 7% | 79% | 88% | 101% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 11 | 24 | 32 | 66 | 127 | 378 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HHH | |
|---|---|---|---|---|
| HHH | -17.1% | 29.9% | -0.62 | - |
| Sector ETF (XLRE) | 9.4% | 14.0% | 0.41 | 39.5% |
| Equity (SPY) | 21.2% | 12.8% | 1.23 | 32.2% |
| Gold (GLD) | 25.1% | 29.1% | 0.77 | 14.0% |
| Commodities (DBC) | 42.9% | 20.4% | 1.64 | -17.9% |
| Real Estate (VNQ) | 10.7% | 13.6% | 0.50 | 43.4% |
| Bitcoin (BTCUSD) | -31.0% | 43.5% | -0.73 | 17.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HHH | |
|---|---|---|---|---|
| HHH | -3.1% | 29.2% | -0.18 | - |
| Sector ETF (XLRE) | 2.2% | 19.2% | 0.02 | 55.1% |
| Equity (SPY) | 13.1% | 17.2% | 0.58 | 47.4% |
| Gold (GLD) | 19.6% | 18.8% | 0.85 | 10.0% |
| Commodities (DBC) | 11.0% | 19.5% | 0.44 | 1.3% |
| Real Estate (VNQ) | 2.0% | 18.9% | 0.00 | 58.7% |
| Bitcoin (BTCUSD) | 10.5% | 52.6% | 0.38 | 18.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HHH | |
|---|---|---|---|---|
| HHH | -1.5% | 29.2% | -0.18 | - |
| Sector ETF (XLRE) | 6.4% | 20.4% | 0.27 | 55.1% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 47.4% |
| Gold (GLD) | 12.5% | 16.3% | 0.63 | 10.0% |
| Commodities (DBC) | 8.0% | 18.1% | 0.36 | 1.3% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 58.7% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 18.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/4/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 3.6% | 1.6% | -3.3% |
| 5/7/2026 | 3.5% | 1.8% | 2.3% |
| 2/19/2026 | -9.7% | -11.8% | -25.0% |
| 11/10/2025 | 11.3% | 7.3% | 6.5% |
| 8/6/2025 | 1.7% | 7.8% | 14.1% |
| 5/7/2025 | 1.8% | 3.4% | -0.1% |
| 2/26/2025 | 4.5% | 4.7% | 1.9% |
| 11/4/2024 | 6.6% | 10.0% | 12.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 8 | 8 |
| # Negative | 3 | 4 | 4 |
| Median Positive | 3.5% | 4.0% | 4.6% |
| Median Negative | -1.8% | -6.1% | -4.5% |
| Max Positive | 11.3% | 10.0% | 14.1% |
| Max Negative | -9.7% | -11.8% | -25.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 3.6% | 1.6% | -3.3% |
| 5/7/2026 | 3.5% | 1.8% | 2.3% |
| 2/19/2026 | -9.7% | -11.8% | -25.0% |
| 11/10/2025 | 11.3% | 7.3% | 6.5% |
| 8/6/2025 | 1.7% | 7.8% | 14.1% |
| 5/7/2025 | 1.8% | 3.4% | -0.1% |
| 2/26/2025 | 4.5% | 4.7% | 1.9% |
| 11/4/2024 | 6.6% | 10.0% | 12.9% |
| 7/26/2024 | -1.8% | -9.7% | 5.4% |
| 5/8/2024 | 0.7% | 1.9% | 0.0% |
| 2/27/2024 | -0.2% | -2.4% | -5.6% |
| 11/6/2023 | 0.8% | -2.3% | 3.9% |
| SUMMARY STATS | |||
| # Positive | 9 | 8 | 8 |
| # Negative | 3 | 4 | 4 |
| Median Positive | 3.5% | 4.0% | 4.6% |
| Median Negative | -1.8% | -6.1% | -4.5% |
| Max Positive | 11.3% | 10.0% | 14.1% |
| Max Negative | -9.7% | -11.8% | -25.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/03/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
| 09/30/2019 | 11/04/2019 | 10-Q |
Insider Activity
Updated 8/13/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Tighe, Mary Ann | See Footnote | Sell | 8132026 | 67.25 | 13,495 | Form | |||
| 2 | Carman, James | President, Houston Region | Direct | Sell | 5182026 | 64.20 | 1,500 | 96,300 | 1,418,563 | Form |
| 3 | Davis, Andrew D | Chief Operating Officer, HHC | Direct | Sell | 3262026 | 63.87 | 1,636 | 104,491 | 2,013,821 | Form |
| 4 | Valane, Joseph | General Counsel & Secretary | Direct | Buy | 3162026 | 64.45 | 1,260 | 81,207 | 1,882,517 | Form |
| 5 | Sellers, R Scot | Direct | Buy | 12292025 | 77.94 | 5,000 | 389,713 | 5,262,451 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Tighe, Mary Ann | See Footnote | Sell | 8132026 | 67.25 | 13,495 | Form | |||
| 2 | Carman, James | President, Houston Region | Direct | Sell | 5182026 | 64.20 | 1,500 | 96,300 | 1,418,563 | Form |
| 3 | Davis, Andrew D | Chief Operating Officer, HHC | Direct | Sell | 3262026 | 63.87 | 1,636 | 104,491 | 2,013,821 | Form |
| 4 | Valane, Joseph | General Counsel & Secretary | Direct | Buy | 3162026 | 64.45 | 1,260 | 81,207 | 1,882,517 | Form |
| 5 | Sellers, R Scot | Direct | Buy | 12292025 | 77.94 | 5,000 | 389,713 | 5,262,451 | Form | |
| 6 | Tighe, Mary Ann | See Footnote | Sell | 12012025 | 88.83 | 6,000 | 532,966 | 1,198,728 | Form | |
| 7 | Williams, Anthony | Direct | Sell | 10072025 | 79.58 | 1,100 | 87,538 | 644,757 | Form |
Investor Activity (13F)
Updated Sep 4, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Pershing Square Capital Management, L.P. | $1.2 Bil | 8.7% | 11 | Hold | 13F |
| Northern Right Capital Management, L.P. | $24.2 Mil | 8.6% | 25 | ADD +13.6% | 13F |
| Incline Global Management LLC | $11.7 Mil | 4.6% | 24 | New | 13F |
| Flat Footed LLC | $13.6 Mil | 4.5% | 15 | New | 13F |
| Consulta Ltd | $19.0 Mil | 0.9% | 13 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Pershing Square Capital Management, L.P. | $1.2 Bil | 8.7% | 11 | Hold | 13F |
| Northern Right Capital Management, L.P. | $24.2 Mil | 8.6% | 25 | ADD +13.6% | 13F |
| Consulta Ltd | $19.0 Mil | 0.9% | 13 | Hold | 13F |
| Flat Footed LLC | $13.6 Mil | 4.5% | 15 | New | 13F |
| Incline Global Management LLC | $11.7 Mil | 4.6% | 24 | New | 13F |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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