Howard Hughes swings to Q3 loss on weaker land sales, asset losses

Howard Hughes Holdings

05/11/2026 21:24

Overview
US real estate and insurance firm's Q3 revenue rose yr/yr, supported by Vantage insurance operations
Company posted net loss, compared to profit in prior-year period, due to lower land sales and asset losses
Company plans to transition to asset-light real estate and asset management platform

Outlook
Company plans to shift to an asset-light real estate development and asset management model
Howard Hughes expects to monetize assets through sales and joint ventures to redeploy capital

Result Drivers
INSURANCE CONTRIBUTION - Vantage contributed $315.8 mln in net earned insurance premiums and $76.6 mln in income before taxes in its first full quarter with the company
LAND SALES IMPACT - Master Planned Communities EBT fell $115.5 mln, mainly due to the absence of a prior-year Summerlin bulk land sale and a $19.4 mln Floreo joint-venture loss
MUD RECEIVABLES LOSS - Sales of municipal utility district receivables generated $177.6 mln in cash but resulted in a $105.4 mln GAAP loss

Company press release: ID:nGNX8qpF1C

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Beat
$636.30 mln
$620.35 mln (2 Analysts)
Q3 Diluted Loss Per Share
Miss
-$0.39
$1.03 (2 Analysts)
Q3 Net Loss Attributable to Common Stockholders
Miss
-$1.10 mln
$41.60 mln (1 Analyst)
Q3 Operating Assets NOI
 
$73 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the real estate rental, development & operations peer group is "hold."
Wall Street's median 12-month price target for Howard Hughes Holdings Inc is $86.50, about 9.4% above its November 4 closing price of $79.06
The stock recently traded at 21 times the next 12-month earnings vs. a P/E of 20 three months ago

Reuters Recommended Reads
Nov 2 - Realty Income's Q3 revenue beats; raises 2026 AFFO per share outlook
Nov 2 - Vornado Realty Trust Q3 adjusted FFO per share rises on rent commencements
Nov 4 - Global Net Lease Q3 revenue falls on asset sales

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)