HHH reports Q1 net income $0.21/share; Pershing Square invests $900M at $100/share (48% premium)

Howard Hughes Holdings Inc.

2025-Q1 EPS reported $0.21 revenue$199,328,000

Net income from continuing ops $10.8M ($0.21 diluted), vs loss of $21.0M ($0.42) YoY.
Total Operating Assets NOI record $71.6M (+9% YoY); MPC EBT $63.3M (+161% YoY).
Full-year 2025 adjusted operating cash flow guidance reaffirmed at $325-375M, mid-point $350M ($7.00/share).
Pershing Square bought 9M newly issued shares at $100/share (48% premium) for $900M, raising ownership to 46.9%.
Subsequent to quarter end, sold Bridgeland MUD receivables for $180M.

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