Howard Hughes : SUPPLEMENTAL INFORMATION (55a2cc)

Published: 2026-05-07 16:10:20 ET HHH

Published on 05/07/2026 at 04:10 pm EDT

Exhibit 99.2

First Ǫuarter 202C Supplemental Information

Topics Page #

Performance Update 6

Master Planned Communities 7

Operating Assets 9

Condominiums 11

Other Expenses 13

Debt & Liquidity 14

Solid start to 2026, with strong MPC earnings growth, continued leasing momentum across Operating Assets, substantial liquidity, and steady progress toward closing the pending Vantage acquisition

Continue to make steady progress on the Vantage acquisition and are on track to close the transaction in Ǫ2 2026, subject to regulatory approvals

Continued momentum across its core real estate platform highlighted by 33% growth in MPC EBT and 11% increase in net new home sales within Howard Hughes Communities

Steady performance within Operating Assets segment led by multifamily with 5% same store NOI growth

New Downtown Summerlin financing of $300 million highlights the strength of one of the portfolio's highest-quality retail assets, reflecting solid operating performance and the successful transition and upgrade of tenants following the property's 10-year anniversary

During the quarter, HHC issued $1.0 billion of senior notes ($500 million due 2032 and $500 million due 2034) and used the proceeds to redeem its $750 million senior notes due 2028, including accrued and unpaid interest

(: in millions)

Master Planned Communities:

1 MPC Segment EBT

Margin-Affected Residual Value for Wholly

Owned MPCs Only

Ǫ1 2026

$84.4

$5,788.0

Ǫ1 2025

$63.3

$6,232.G

TTM

Ǫ1 2026

Ǫ1 2025

$4G7.2

$388.1

N/A

2 Operating Assets:

Adjusted Maintenance Free Cash Flow

$2G.5

$25.G

$GG.1

$7G.1

3 Condominiums:

Condo Gross Profit

$0.1

$0.6

$200.0

4 Other Expenses: (1)

HHH Adjusted G&A and Net Interest Expense

$33.G

$40.0

$134.6

$158.3

Note: Adjusted Maintenance Free Cash Flow and Adjusted G&A Expense are non-GAAP performance measures. See the "Definitions" section for definitions of our non-GAAP measures and reasons management believes these measures are useful to investors.

(1) Adjusted Net Interest Expense amount disclosed in this presentation excludes MPC net interest income that is already included in MPC Segment EBT and Operating Assets net interest expense that is already included in Adjusted Maintenance Free Cash Flow.

Commentary

MPC EBT increased 33% quarter over prior-year quarter primarily driven by Bridgeland, which had a 67% increase in residential acres sold and at 14% higher pricing than the prior period

TTM Ǫ1 2026 residential price per acre includes $100 million bulk sale in Summerlin at below-average pricing; excluding this sale, the TTM Ǫ1 2026 residential price per acre would be $1.2 million

Net new home sales increased across all communities during the quarter compared to the prior year, with Bridgeland achieving a 12% increase, Summerlin a 6% increase, and The Woodlands Hills a 38% increase

($ in millions, unless otherwise noted)

Ǫ1 2026

Ǫ1 2025

TTM Ǫ1 2026

TTM Ǫ1 2025

Trailing 5-Year Avg.

Earnings Before Taxes

Total Acres Closed

87.0 ac.

70.2 ac.

637.3 ac.

484.5 ac.

472.4 ac.

Price Per Acre Achieved ($ in thousands)

$984

$991

$892

$1,015

$837

Residential Land Sales Closed

$85.6

$6G.6

$568.4

$4G2.0

$3G5.2

Total Acres Closed

5.8 ac.

- ac.

35.9 ac.

10.0 ac.

73.2 ac.

Price Per Acre Achieved ($ in thousands)

$613

$661

$218

$423

Commercial Land Sales Closed

$3.6

$0.0

$23.7

$2.2

$31.0

Net Recognized (Deferred) Revenue

8.9

(0.5)

(18.4)

(22.5)

(18.0)

Special Improvement District Revenue

1.4

2.5

16.8

20.8

13.9

Master Planned Communities Land Sales

$GG.6

$71.6

$5G0.5

$4G2.4

$422.1

Other Revenues

4.0

3.5

20.4

17.3

18.8

Builder Price Participation

8.7

9.3

51.7

48.7

56.8

Total Revenues

$112.3

$84.5

$662.7

$558.5

$4G7.7

MPC Segment EBT

$84.4

$63.3

$4G7.2

$388.1

$357.5

Wholly Owned MPCs Joint-Venture MPCs

Woodlands

($ in millions, unless otherwise noted) Summerlin Bridgeland The

The Woodlands Hills

Wholly Owned MPC Total

Teravalis (5) Floreo (5)(6)

Residential Land

Remaining Saleable Acres (1) 1,963 ac. 1,172 ac. 64 ac. 614 ac.

Estimated Price Per Acre ($ in thousands) (2) $ 1,936 $ 647 $ 666 $ 394

Estimated Residual Land Value (2) $ 3,800 $ 758 $ 43 $ 242

Estimated Sellout Year 2043 2032 2031 2035

Commercial Land

Remaining Saleable Acres (1) 494 ac. 1,093 ac. 679 ac. 181 ac.

Estimated Price Per Acre ($ in thousands) (2) $ 883 $ 737 $ 945 $ 618

Estimated Residual Land Value (2) $ 436 $ 806 $ 642 $ 112

Estimated Buildout Year 203S 204C 2034 2032

MPC Total

Estimated Residual Land Value (2) $ 4,237 $ 1,564 $ 684 $ 354

Projected Cash Gross Margin (3) 81.1% 88.7% 96.0% 87.1%

Margin-Affected Residual Value (3) $ 3,436 $ 1,387 $ 657 $ 308 MPC Assets Book Value (4)

Economic Ownership % 100% 100% 100% 100%

3,813 ac.

$ 1,270

$4,843

2,447 ac.

$ 815

$1,GG5

$ 6,838

84.6%

$5,788

100%

15,908 ac. 1,061 ac.

N/A N/A

208C 2038

10,531 ac. 116 ac.

N/A N/A

208C 2032

N/A N/A

$548 $2G1

88% 50%

(1) Fluctuations in remaining saleable acres from period to period are due to land sales or changes to the community's master plans. Remaining saleable acres for Summerlin excludes anticipated bulk sales in which the Company delivers unfinished lots at a lower price per acre. (2) Estimated price per acre represents an average of the uninflated undiscounted estimated price per acre expected to be achieved over the next 5 years per our land models. Estimated price per acre for Summerlin excludes the impact of anticipated bulk sales. Estimated residual land value is the estimated price per acre multiplied by the remaining saleable acres. (3) Projected cash gross margin represents the net cash margin expected to be received in the future and includes all future projected revenues less all remaining future projected cash development costs. The projected cash gross margin does not include remaining historical development costs incurred to date. Margin-Affected Residual Land Value is the estimated residual land value multiplied by the projected cash gross margin. (4) MPC Assets Book Value is provided in place of Margin-Affected Residual Land Value for Teravalis and Floreo as we are still in the early stages of development for these MPCs. These amounts represents 100% of the book value of the MPC assets at Teravalis and Floreo. (5) The Company owns an 88% interest in and consolidates Teravalis. The Company owns a 50% interest in Floreo and accounts for its investment under the equity method. These metrics represent 100% of Teravalis' and Floreo's remaining saleable acreage. (6) Floreo's residential average price per acre is $0.8 million, commercial average price per acre is $0.3 million, and projected cash gross margin is 49.0%.

Commentary

Total Operating Assets NOI increased 2% to $73.1 million, supported by continued leasing activity and rent-abatement burn-off across the portfolio

7% same store NOI growth over the past year driven primarily by leasing efforts across multifamily and office assets

Adjusted maintenance free cash flow increased 14% during the quarter compared to the prior period and increased 25% on a TTM basis

(: in millions)

Ǫ1 2026

Ǫ1 2025

TTM Ǫ1 2026

TTM Ǫ1 2025

NOI to Adjusted Maintenance Free Cash Flow

Total Operating Assets NOI

$73.1

$71.6

$277.G

$263.0

YoY Same Store NOI Growth

2 %

10 %

7 % C %

YoY Total NOI Growth

2 %

S %

C % 7 %

Less: Operating Assets Net Interest Expense

(33.5)

(34.2)

(135.9)

(139.5)

Less: Amortization of Deferred Leasing Costs

(3.0)

(3.6)

(12.3)

(12.8)

Less: Depreciation of Tenant Improvement Expenditures

(7.2)

(7.9)

(30.5)

(31.6)

Adjusted Maintenance Free Cash Flow

$2G.5

$25.G

$GG.1

$7G.1

YoY Adjusted Maintenance Free Cash Flow Growth

14 %

25 %

25 % 1C %

Note: Total Operating Assets NOI and Adjusted Maintenance Free Cash Flow are non-GAAP performance measures. See the "Definitions" section for definitions of our non-GAAP measures and reasons management believes these measures are useful to investors.

Ǫ1 2026 (1) Total Operating Assets NOI by Asset Type

Ǫ1 2026 (1) Adj. Maintenance Free Cash Flow By Asset Type

Other Other

Multifamily

Office

Multifamily

27%

12%

32%

Office

Retail

25%

50%

20%

2G%

Retail

(1) TTM as of March 31, 2026

Commentary

Ǫuarterly condo activity reflected the final six Ulana closings, generating $3.1 million of revenue with essentially no gross profit, which is consistent with expectations for a workforce housing tower

TTM Ǫ1 2026 results remain heavily influenced by the delivery of Ulana and is not representative of the earnings potential embedded in the market-rate condo pipeline

Completion of The Park Ward Village is expected in Ǫ2 2026

Commenced construction on The Launiu during the first quarter, further advancing the next leg of the Ward Village pipeline

($ in millions)

Ǫ1 2026

Ǫ1 2025

TTM Ǫ1 2026

TTM Ǫ1 2025

Condominium Sales Activity G Gross Profit

Number of Condo Units Closed During the Period

6 Units

0 Units

6G6 Units

34G Units

Condo Rights C Unit Sales

$3.1

$0.3

$372.9

$778.9

Condo Rights C Unit Cost of Sales

(3.1)

(0.2)

(372.3)

(579.0)

Condo Gross Profit

$0.0

$0.1

$0.6

$200.0

Gross Profit Margin %

- %

2S.2 %

0.2 % 25.7 %

Under Construction Predevelopment

(: in millions)

The Park Ward Village

Ritz-Carlton Residences

Kalae

The Launiu

Melia

'Ilima

Total Under Construction G Predevelopment

Condo Tower Pipeline Key Metrics

Location

Ward Village

The Woodlands

Ward Village

Total Number of Units

545 Units

111 Units

329 Units

485 Units

220 Units

148 Units

1,838 Units

% Units Closed or Contracted

97%

77%

94%

74%

70%

61%

83%

Future Revenue Expectations G Timing

Estimated Delivery Date

Ǫ2 2026

2027

2028

2030

Estimated Future GAAP Revenue at Sellout (1)

$730

$506

$817

$887

$GG2

$1,073

$5,005

Future GAAP Revenue Under Contract

$702

$387

$779

$621

$802

$780

$4,071

Despite the lumpiness of condominium cash flows, our pipeline of future towers is significantly de-risked with 83% of our 1,838 units pre-sold

(1) Estimated future GAAP revenue at sellout includes future GAAP revenue under contract plus the expected base price of unsold units, estimated buyer upgrades for unsold units, and expected base price for unsold storage and parking spaces.

Commentary

Ǫ1 2026 GCA increased to $25.8 million, which included

$3.4 million of acquisition-related costs associated with the pending Vantage purchase

Declines in Adjusted GCA Expense for the quarter and TTM reflect restructuring efforts executed over the past year to create an efficient and scalable platform to support the Company's transition into a diversified holding company

Interest Expense, net during the quarter and TTM includes positive impact of interest income received from invested cash balances

(: in millions)

Ǫ1 2026

Ǫ1 2025

TTM Ǫ1 2026

TTM Ǫ1 2025

HHH General G Administrative Expense Detail

GCA Expense

$25.8

$22.4

$125.6

$92.5

Less: Restructuring C Acquisition-Related Costs

(3.4)

(29.3)

Less: Pershing Square Base C Variable Fees

(3.8)

(20.9)

Adjusted GGA Expense

$18.5

$22.4

$75.3

$G2.5

HHH Net Interest Expense Detail

Interest Expense, net

$27.1

$35.0

$115.1 $143.3

Less: MPC Net Interest Income

21.7

16.8

80.1 62.0

Less: Operating Assets Net Interest Expense

(33.5)

(34.2)

(135.9) (139.5)

Adjusted Net Interest Expense

$15.3

$17.5

$5G.2

$65.8

HHH Adjusted GGA and Net Interest (1)

$33.G

$40.0

$134.6

$158.3

Note: Adjusted G&A Expense is a non-GAAP performance measure. See the "Definitions" section for definitions of our non-GAAP measures and reasons management believes these measures are useful to investors.

Ǫ1 2026 HHH Net Debt Summary

Ǫ1 2026 Liquidity G Debt Maturity Schedule (3)

($ in millions) Amount

$2,995

Thereafter

$1,079

$573

$570

$140

$273

$349

Liquidity

2026

2027

2028

2029

2030

$279

$174

$263

$429

$430

$310

$650

$1,345

$1,836

$515

$1,650

$2,351

($ in millions)

Operating Assets Debt

$2,751

MPC Debt

161

Strategic Developments Debt

626

Senior Unsecured Notes

2,300

Deferred Financing Costs

(47)

Mortgages, Notes, G Loans Payable, Net

$5,7G1

Less: Unamortized Deferred Financing Costs

Less: Cash C Cash Equivalents (1)

(1,836)

HHH Net Debt

$4,002

Less: Operating Assets Debt

(2,751)

HHH Net Debt Excluding Operating Assets Debt (2)

$1,252

Note: Net Debt is a non-GAAP performance measure. See the "Definitions" section for definitions of our non-GAAP measures and reasons management believes these measures are useful to investors.

Represents consolidated unrestricted cash for HHH, comprised of $907 million at the HHH level and $929 million at the HHC level.

Excludes Operating Assets Debt as the interest expense burden is already captured in Operating Assets Adjusted Maintenance Free Cash Flow.

The debt maturities table excludes $47 million in deferred financing costs.

‌Non-GAAP Definitions

Operating Asset Net Operating Income (NOI): We define NOI as operating revenues (rental income, tenant recoveries, and other revenues) less operating expenses (real estate taxes, repairs and maintenance, marketing, and other property expenses). NOI excludes straight-line rents and amortization of tenant incentives, net; interest expense, net; ground rent amortization; demolition costs; other income (loss); depreciation and amortization; development-related marketing costs; gain on sale or disposal of real estate and other assets, net; loss on extinguishment of debt; provision for impairment; and equity in earnings from unconsolidated ventures. We believe that NOI is a useful supplemental measure of the performance of our Operating Assets segment because it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating real estate properties and the impact on operations from trends in rental and occupancy rates and operating costs.

While NOI is a relevant and widely used measure of operating performance of real estate companies, it does not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating our liquidity or operating performance. NOI does not purport to be indicative of cash available to fund our future cash requirements.

Total Operating Assets NOI: This term represents NOI as defined above with the addition of our share of NOI from unconsolidated ventures. We do not control investments in unconsolidated properties, and while we consider disclosures of our share of NOI to be useful, they may not accurately depict the legal and economic implications of our investment arrangements.

Adjusted Maintenance Free Cash Flow: We define adjusted maintenance free cash flow as Total Operating Asset NOI less Operating Assets net interest expense, depreciation of tenant improvement expenditures, and amortization of deferred leasing commissions. We believe that adjusted maintenance free cash flow provides investors a measure to model the recurring, property-level cash generation capabilities of the Operating Assets segment.

Adjusted GGA Expense: Adjusted GCA expense is a non-GAAP financial measure that we define as general and administrative expenses, excluding (i) expenses associated with reductions in force, including severance and stock compensation, (ii) acquisition-related transaction costs, including legal, advisory, due diligence and integration planning costs, (iii) fees payable to Pershing Square, and (iv) other non-recurring costs. We believe Adjusted GCA is useful to investors and other users of our financial statements as a supplemental measure of the ongoing level of general and administrative expenses required to support our operations. By excluding expenses related to reductions in force and acquisition-related transaction costs, which are directly associated with specific corporate actions and can vary significantly, Adjusted GCA provides greater comparability of our period-over-period overhead efficiency and better reflects the underlying cost structure of our business.

Net Debt: The Company revised the definition of its non-GAAP measure, net debt, to simplify its calculation. Under the revised definition, net debt excludes the impact of unamortized deferred financing costs and our ownership share of debt of our unconsolidated ventures, whereas prior periods included these amounts. In addition, under the revised definition, Net Debt is reduced only by readily available cash sources, consisting of cash and cash equivalents. Prior periods included our ownership share of our unconsolidated ventures' cash and certain receivable balances as liquidity sources, which are excluded under the revised definition.

Net debt is now defined as mortgages, notes, and loans payable, excluding the impact of unamortized deferred financing costs, reduced by cash and cash equivalents available to satisfy such obligations. Management believes the updated definition provides a more meaningful measure of the Company's leverage by (i) focusing on obligations for which the Company has primary responsibility and control and (ii) using a more conservative measure of liquidity that reflects only readily available cash resources. This change enhances transparency and comparability for investors. Although net debt is a non-GAAP financial measure, we believe that such information is useful to our investors and other users of our financial statements as net debt and its components are important indicators of our overall liquidity, capital structure, and financial position.

Same Store NOI: We calculate Same Store NOI as Operating Assets NOI applicable to consolidated properties acquired or placed in service prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented. Same Store NOI also includes the Company's share of NOI from unconsolidated ventures and the annual distribution from a cost basis investment. Same Store NOI is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of our operating performance. We believe that Same Store NOI is helpful to investors as a supplemental comparative performance measure of the income generated from the same group of properties from one period to the next.

Trailing Twelve Months (TTM): Trailing twelve months as of the specified period end.

Non-GAAP

Reconciliations

: in millions

Ǫ1 2026

Ǫ1 2025

TTM Ǫ1 2026

TTM Ǫ1 2025

Reconciliation of Operating Assets Segment EBT to Total Operating Asset NOI

Total Revenues

$119.2

$114.0

$470.8

$451.3

Total Operating Expenses

(50.9)

(48.8)

(206.4)

(197.3)

Segment Operating Income (Loss)

$68.3

$65.2

$264.4

$254.0

Depreciation C Amortization

(45.6)

(43.1)

(175.3)

(170.3)

Interest Income (Expense), Net

(33.5)

(34.2)

(135.9)

(139.5)

Other Income (Loss), Net

(0.2)

2.5

0.2

Equity in Earnings (Losses) from Unconsolidated Ventures

5.9

4.6

6.1

4.6

Gain (Loss) on Sale or Disposal of Real Estate C Other Assets, Net

10.0

4.4

28.1

Gain (Loss) on Extinguishment of Debt

(0.7)

(0.5)

Operating Assets Segment EBT

$(4.G)

$2.3

$(34.6)

$(23.3)

Add Back:

Depreciation C Amortization

45.6

43.1

175.3

170.3

Interest Income (Expense), Net

33.5

34.2

135.9

139.5

Equity in Earnings (Losses) from Unconsolidated Ventures

(5.9)

(4.6)

(6.1)

(4.6)

Gain (Loss) on Sale or Disposal of Real Estate C Other Assets, Net

(10.0)

(4.4)

(28.1)

Gain (Loss) on Extinguishment of Debt

0.7

0.5

Impact of Straight-Line Rent

(2.6)

(1.2)

(3.4)

(5.1)

Other

0.2

(0.1)

Operating Assets NOI

$65.7

$64.0

$263.6

$24G.1

Company's Share of NOI from Equity Investments

2.2

1.9

8.9

8.3

Distributions from Summerlin Hospital Investment

5.3

5.6

5.3

5.6

Company's Share of NOI from Unconsolidated Ventures

$7.5

$14.2

$13.G

Total Operating Assets NOI

$73.1

$71.6

$277.G

$263.0

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 20:09 UTC.