霍华德·休斯控股公司2025年季度报告

FORM10-Q ☒Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period endedSeptember 30, 2025or☐Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number001-41779 HOWARD HUGHES HOLDINGS INC.(Exact name of registrant as specified in its charter) Delaware93-1869991(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number) 9950 Woodloch Forest Drive,Suite 1100,The Woodlands,Texas77380(Address of principal executive offices, including zip code) (281)719-6100(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Nameofeachexchangeonwhichregistered: New York Stock Exchange HHH Common stock, par value $0.01 per share Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2) has been subject to such filing requirements for the past 90days.☒Yes☐No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for suchshorter period that the registrant was required to submit such files).☒Yes☐No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, asmaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “acceleratedfiler,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filerNon-accelerated filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of theExchange Act.☐Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐Yes☒No The number of shares of common stock, $0.01 par value, outstanding as of November3, 2025, was59,390,960. (a)Amounts are shown net of tax benefit of $0.2million for the three months ended September 30, 2025, $1.1million for the ninemonths ended September 30, 2025, $1.6million for the three months ended September 30, 2024, and $0.8million for the ninemonths ended September 30, 2024. See Notes to Condensed Consolidated Financial Statements. HHH2025 FORM 10-Q| 4 HOWARD HUGHES HOLDINGS INC.CONDENSED CONSOLIDATED STATEMENTS OF EQUITY(Unaudited) Interest paid, netInterest capitalizedIncome taxes paid (refunded), net Consideration from sale of propertiesSpecial Improvement District bond transfers associated with land salesCapitalized stock compensationAccrued property improvements, developments, and redevelopmentsInitial recognition of operating lease right-of-use assetInitial recognition of operating lease obligation See Notes to Condensed Consolidated Financial Statements. 1. Presentation of Financial Statements and Significant Accounting Policies GeneralThese unaudited Condensed Consolidated Financial Statements have been prepared by Howard Hughes Holdings Inc.(HHH or the Company) in accordance with accounting principles generally accepted in the United States of America (GAAP).References to HHH, the Company, we, us, and our refer to Howard Hughes Holdings Inc. and its consolidated subsidiaries,which includes The Howard Hughes Corporation (HHC), unless otherwise specifically stated. References to HHC or HowardHughes Communities refer to The Howard Hughes Corporation and its consolidated subsidiaries, unless otherwise specificallystated. In accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as issued by the Securities and ExchangeCommission(the SEC),these Condensed Consolidated Financial Statements do not include all of the information anddisclosures required by GAAP for complete financial statements. Readers of this quarterly report on Form 10-Q (QuarterlyReport) should refer to the Howard Hughes Holdings Inc. audited Consolidated Financial Statements, which are included in itsannual report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 26, 2025 (the AnnualReport). In the opinion of management, all normal recurring adjustments necessary for a fair presentation of the financialposition, results of operations, comprehensive income, cash flows, and equity for the interim periods have been included. Theresults for the three and nine months ended September 30, 2025, are not necessarily indicative of the results that may beexpected for the year ending December 31, 2025, and future fiscal years. Principles of Cons