THE WOODLANDS, Texas, Feb. 19, 2026 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. $(HHH)$ (the "Company," "HHH," "Howard Hughes," or "we") today announced operating results for the fourth quarter ended December 31, 2025. The financial statements, exhibits, and reconciliations of non-GAAP measures in the attached Appendix and the Supplemental Information, as available through the Investors section of our website, provide further detail of these results.

Full Year 2025 Highlights:

   -- Net income from continuing operations of $123.8 million, or $2.21 per 
      diluted share, in 2025, compared to $285.2 million, or $5.73 per diluted 
      share, in 2024 
 
   -- Announced an agreement to acquire 100% of Vantage Group Holdings Ltd. 
      (Vantage), a privately held leading specialty insurance and reinsurance 
      company, for approximately $2.1 billion, marking a significant step in 
      transforming Howard Hughes into a diversified holding company 
 
   -- Adjusted Operating Cash Flow of $446 million or $7.97 per diluted share 
      compared to $535 million or $10.71 per diluted share in the prior-year 
      period 
 
   -- Contracted $1.6 billion of future condo revenue, primarily through the 
      pre-sale of 220 condominium units at Melia and 'Ilima--the 12th and 13th 
      condominium developments at Ward Village$(R)$ 
 
   -- Generated Master Planned Communities $(MPC)$ EBT of $476 million, driven by 
      the sale of 621 residential acres at an average price of $890,000 per 
      acre 
 
   -- Total Operating Assets Net Operating Income (NOI) increased 8% 
      year-over-year to $276 million, led by robust office and multifamily 
      results 
 
   -- Strong liquidity position with $1.5 billion in cash and cash equivalents 
      and $1.2 billion of undrawn lender commitments available to be drawn for 
      property development 

Fourth Quarter 2025 Highlights:

   -- Net income from continuing operations was $5.7 million, or $0.10 per 
      diluted share in the quarter, compared to net income from continuing 
      operations of $162.3 million, or $3.25 per diluted share, in the fourth 
      quarter of 2024 
 
   -- Adjusted Operating Cash Flow of $93 million or $1.57 per diluted share 
 
   -- Generated MPC EBT of $105 million, driven by the sale of 91 residential 
      acres at an average price of $653,000 per acre 
 
   -- Total Operating Assets Net Operating Income (NOI) increased 11% 
      year-over-year to $68 million, led by robust office and retail results 
 
   -- Contracted to sell 28 condo units representing approximately $92 million 
      of future condo revenue 
 
   -- Celebrated the grand opening of Teravalis$(TM)$, a 37,000-acre master 
      planned community in the Phoenix West Valley, marked by the opening of 
      its inaugural village, Floreo 

"Howard Hughes delivered outstanding full-year results in 2025 as we transform HHH into a diversified holding company, building upon our highly successful, cash-generative real estate platform," said Bill Ackman, Executive Chairman of Howard Hughes. "The year marked a defining inflection point with Pershing Square's $900 million investment in HHH and our agreement to acquire the Vantage Group Holdings insurance business. These transactions broaden Howard Hughes' strategic reach and establish a foundation for compounding long-term shareholder value across multiple platforms while maintaining our disciplined approach to capital allocation."

"Howard Hughes Communities continues to be the nation's leading real estate platform, with record NOI in 2025 demonstrating once again how exceptional quality drives premium land values and robust market demand across our communities," said David R. O'Reilly, Chief Executive Officer of Howard Hughes. "Our MPC, Operating Assets, and Strategic Development segments remain significant growth drivers as we execute across our development pipeline and unlock substantial value for shareholders. In addition, the recent announcement of Toro District in Bridgeland further demonstrates the embedded value within our land positions and our ability to activate those assets through strategic public-private partnerships that enhance long-term recurring revenue potential."

Financial Highlights

MPC

Full Year

   -- MPC EBT reached an all-time high of $476.1 million, increasing 36% 
      compared to $349.1 million in the prior year. 
 
   -- Residential land sales totaled 621 acres in 2025, compared to 445 acres 
      in the prior year, including 415 acres sold in Summerlin(R), 177 acres 
      sold in Bridgeland(R), and 28 acres sold in The Woodlands Hills(R). 
 
   -- In Summerlin, land sales included a bulk sale of 231 acres at an average 
      price of $434,000 per acre. Excluding the bulk sale, residential land 
      sales included seven superpad sales totaling 181 acres at a record price 
      of approximately $1.7 million per acre and three custom lots at an 
      average price of approximately $7.6 million per acre. 
 
   -- New homes sold across our communities totaled 1,936 units in 2025, with 
      Summerlin and Bridgeland ranking #10 and #11, respectively, in the 
      RCLCO's annual list of top-selling master planned communities. 

Fourth Quarter

   -- MPC EBT totaled $105.4 million in the fourth quarter, increasing 85% 
      compared to $56.9 million in the prior-year period, primarily driven by 
      residential land sales at Bridgeland. 
 
   -- During the quarter, 91 residential acres were sold across Bridgeland and 
      The Woodlands Hills, compared to 60 acres in the prior-year period, 
      generating $59.3 million of MPC land sales at an average price of 
      $653,000 per acre. 
 
   -- New homes sold across our communities totaled 477 units during the 
      quarter. While volumes declined modestly compared to the prior-year 
      period, demand for our residential land remained strong, supporting 
      continued pricing strength and long-term value creation across our MPCs. 

Operating Assets

Full Year

   -- Total Operating Assets NOI, including the contribution from 
      unconsolidated ventures, was $276.3 million--a new full-year record 
      representing a $19.3 million or 8% year-over-year increase. 
 
   -- Office delivered record NOI in 2025, increasing 11% year-over-year, 
      primarily due to strong lease-up activity and abatement expirations in 
      The Woodlands, Merriweather District, and Summerlin. In 2025, the Company 
      executed 484,000 square feet of new or expanded office leases including 
      334,000 square feet in The Woodlands, 88,000 square feet in Merriweather 
      District, and 62,000 square feet in Summerlin. 
 
   -- Multifamily contributed record NOI and increased 7% year-over-year, 
      predominantly due to strong lease-up across our stabilized portfolio, 
      including Tanager Echo in Summerlin, Wingspan in Bridgeland, and Marlow 
      at Merriweather District. 
 
   -- Retail NOI increased 2% year-over-year primarily due to higher achieved 
      rents at Downtown Summerlin and continued lease up of newly delivered 
      assets, most notably the Whole Foods-anchored retail center in Summerlin 
      and Village Green at Bridgeland Central(R). 

Fourth Quarter

   -- Total Operating Assets NOI, including the contribution from 
      unconsolidated ventures, was $68.0 million in the quarter, representing a 
      $6.8 million or 11% improvement compared to $61.2 million in the prior 
      year. 
 
   -- Office NOI of $36.1 million increased 24% year-over-year primarily due to 
      strong leasing activity and abatement expirations at various properties 
      in The Woodlands, Merriweather District, and Summerlin--most notably at 
      9950 Woodloch Forest, 6100 Merriweather, 1700 Pavilion, Three Hughes 
      Landing, and 1201 Lake Robbins. During the quarter, we executed new or 
      expanded office leases totaling 101,000 square feet. At quarter end, our 
      stabilized office portfolio was 88% leased. 
 
   -- Retail NOI of $14.2 million increased 9% year-over-year primarily due to 
      strong tenant sales at Downtown Summerlin and continued lease up at 
      various properties across our portfolio. At quarter end, our stabilized 
      retail portfolio was 92% leased. 
 
   -- Multifamily NOI of $13.8 million decreased 8% year-over-year. The 
      decrease was primarily due to higher operating expenses and taxes, most 
      notably at our recently completed development projects including 1 Riva 
      Row, Wingspan, and Marlow. At quarter end, the stabilized multifamily 
      portfolio was 93% leased. 

Strategic Developments

Full Year

   -- In Hawai i, the Company contracted to sell 287 condominium units 
      representing approximately $1.6 billion in future revenue. The majority 
      of these pre-sales occurred at Melia and 'Ilima, which contracted 220 
      units during the year, and at The Launiu, which contracted 63 units. At 
      year end, the predevelopment condominiums of Melia and 'Ilima were 60% 
      pre-sold, and The Launiu was 71% pre-sold. Additionally, the condominiums 
      under construction include The Park Ward Village(R) at 97% pre-sold, and 
      Kalae(R) at 93% pre-sold. 
 
   -- In Texas, the Company pre-sold six additional units at The Ritz-Carlton 
      Residences, The Woodlands, representing approximately $43.3 million in 
      future condo revenue, bringing the development project to 76% pre-sold at 
      year end. The units remaining are being selectively held off the market 
      in an effort to capture incremental value when the project nears 
      completion. 
 
   -- The Company broke ground on Memorial Hermann Medical Office, a 
      51,000-square-foot, build-to-suit facility in Bridgeland, representing 
      the first phase of approximately one million square feet of planned 
      medical facilities within the master planned community. 

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