Howard Hughes : NON-GAAP RECONCILIATION (2ab20c)
HHH
Published on 05/07/2026 at 04:14 pm EDT
Below are GAAP to non-GAAP reconciliations of certain financial measures, as required under Regulation G of the Securities Exchange Act of 1934. Non-GAAP information should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. The non-GAAP financial information presented may be determined or calculated differently by other companies and may not be comparable to similarly titled measures.
We believe that NOI is a useful supplemental measure of the performance of our Operating Assets segment because it provides a performance measure that reflects the revenues and expenses directly associated with owning and operating real estate properties. We use NOI to evaluate our operating performance on a property-by-property basis because NOI allows us to evaluate the impact that property-specific factors such as rental and occupancy rates, tenant mix, and operating costs have on our operating results, gross margins, and investment returns.
Reconciliations of segment EBT to NOI for Operating Assets on a continuing operations basis are presented below:
thousands
Three Months Ended March 31,
Year Ended December 31,
2026 2025
2025
2024 2023 2022
2021
Total revenues $ 119,202 $ 114,002 $ 465,568 $444,300 $410,254 $401,304 $415,104
Total operating expenses
(50,925)
(48,817)
(204,273)
(194,591)
(179,865)
(170,114)
(187,820)
Segment operating income (loss)
68,277
65,185
261,295
249,709
230,389
231,190
227,284
Depreciation and amortization
(45,578)
(43,123)
(172,835)
(169,040)
(161,138)
(145,208)
(153,893)
Interest income (expense), net
(33,507)
(34,218)
(136,637)
(138,207)
(125,197)
(87,664)
(73,017)
Other income (loss), net
19
(196)
2,266
822
2,092
(1,383)
(10,306)
Equity in earnings (losses) from unconsolidated ventures
5,877
4,643
4,829
5,819
2,968
22,262
(67,042)
Gain (loss) on sale or disposal of real estate and other assets, net
-
9,979
14,354
22,907
23,926
29,588
39,168
Gain (loss) on extinguishment of debt
-
-
(698)
(465)
(97)
(2,230)
(1,926)
Operating Assets segment EBT
(4,912)
2,270
(27,426)
(28,455)
(27,057)
46,555
(39,732)
Add back:
Depreciation and amortization
45,578
43,123
172,835
169,040
161,138
145,208
153,893
Interest (income) expense, net
33,507
34,218
136,637
138,207
125,197
87,664
73,017
Equity in (earnings) losses from unconsolidated ventures
(5,877)
(4,643)
(4,829)
(5,819)
(2,968)
(22,262)
67,042
(Gain) loss on sale or disposal of real estate and other assets, net
-
(9,979)
(14,354)
(22,907)
(23,926)
(29,588)
(39,168)
(Gain) loss on extinguishment of debt
-
-
698
465
97
2,230
1,926
Impact of straight-line rent
(2,622)
(1,160)
(1,964)
(4,770)
(2,256)
(11,241)
(14,715)
Other
(15)
189
388
(306)
337
1,528
10,275
Operating Assets NOI
65,659
64,018
261,985
245,455
230,562
220,094
212,538
Company's share of NOI from equity investments
2,172
1,943
8,698
8,310
7,745
9,061
4,081
Distributions from Summerlin Hospital investment
5,318
5,605
5,605
3,242
3,033
4,638
3,755
Company's share of NOI from unconsolidated ventures
7,490
7,548
14,303
11,552
10,778
13,699
7,836
Total Operating Assets NOI
$ 73,149
$ 71,566
$ 276,288
$257,007
$241,340
$233,793
$220,374
Disclaimer
Howard Hughes Holdings Inc. published this content on May 07, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2026 at 20:13 UTC.