Howard Hughes Q2 net loss $0.22/sh; Pershing Square invests $900M; raises 2025 guidance

Howard Hughes Holdings Inc.

2025-Q2 EPS reported -$0.03 revenue$460,208,000

Net loss from continuing ops $0.22/sh vs income $0.95 prior year; includes $0.66/sh GAAP loss on MUD sale.
Pershing Square bought 9M new shares at $100 each for $900M, raising its ownership to 46.9% to fund acquisitions.
Full-year 2025 Adjusted OCF guidance raised to $410M midpoint from $350M; MPC EBT guidance to $430M midpoint.
MPC EBT Q2 $102M, down 17% YoY, but record average price per acre $1.35M, up 29% YoY.
Total Operating Assets NOI $68.9M, up 5% YoY; full-year NOI guidance raised to $267M midpoint.

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