HOWARD HUGHES HOLDINGS INC. (HHH): what the price requires

Generated: 2026-07-19 · Source: https://boothcheck.com/report/HHH

Headline

Field	Value
Ticker	HHH
Company	HOWARD HUGHES HOLDINGS INC.
Current price	$71.99/sh
Composition	Operating Assets 32% / MPC (Master Planned Communities) 43% / Strategic Developments 25%

What The Price Requires (Inversion)

The assumption today's price embeds, recovered by inverting the valuation.

Field	Value
Inversion basis	whole-company
Operating margin today	32.8%
Implied growth	-2.8%
Multiple paid	21x operating income

Solve inputs: computed at a 6.5% cost of capital with 4% terminal growth over a 5-year stage; each 1pp of cost of capital moves the implied operating-profit growth ~8.6pp.

Reconcile: at the x-ray's 9.3% required return this reads ~18.4%/yr; the models below use their own rates.

How unusual the bet is: within-range

Reference	Value
vs own history	-0.43σ
cohort percentile (of 82 peers)	32
implied end-window share	0%

Valuation X-Ray

The price is justified by relative-multiple and growth-DCF; asset-based/earnings-power land below the price.

How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.

Family	Median price/FV	Models	Reads
Asset	5.35x	5	expensive
Earnings	1.55x	4	expensive
Relative	0.76x	6	justifies
Growth	0.80x	3	justifies

Families that justify the price: Relative, Growth Families that call it expensive: Asset, Earnings

The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 4.9%); the inversion above states its own rate.

Per-Model Detail (n=18)

Model	Family	FV	Price/FV	Applicable	Methodology
DCF Perpetual Growth	Growth	$106.50	0.68x	yes	FCF base $0.5B, growth -4% (input: historical growth), terminal g 0.5%, WACC 4.9%, 5yr projection
DCF Exit Multiple	Growth	$89.47	0.80x	yes	Exit EV/EBITDA: 11.2x / 13.2x / 15.2x (bear / base = today's held flat / bull), 5yr
Relative Valuation	Relative	$134.96	0.53x	yes	P/E 26.55x (blended: static sector reference 35x + trailing (TTM) 14x), scenarios: 22.4x / 26.6x / 30.7x (bear / base = reference held flat / bull), EV/EBITDA 20x
Simple DDM	Growth	—	—	no	—
Two-Stage DDM	Growth	—	—	no	—
Simple Excess Return	Asset	$22.22	3.24x	yes	BV/sh $63.95, ROE (TTM) 3.2%, ke 9.3%
Two-Stage Excess Return	Asset	$13.45	5.35x	yes	5yr excess ROE then converge to ke=9.3%
Discounted Future Market Cap	Growth	$39.81	1.81x	yes	Rev $1.5B, growth -4% (input: historical growth; tapered), Terminal P/S: 2.4x / 2.8x / 3.3x (bear / base = today's held flat / bull, cap 8x)
Peter Lynch Fair Value	Relative	$62.28	1.16x	yes	FFO/share $5.19, growth 8% (input: historical FFO/share growth, 4y median), PEG=4.22 (Overvalued)
Margin Trajectory	Growth	—	—	no	—
Earnings Power Value	Earnings	$2.94	24.48x	yes	Normalized EBIT (3y avg op income, one-time charges added back) $0.18B × (1−25%) / WACC 4.9% → EPV (no growth) (excluded from median)
Residual Income	Asset	$10.05	7.16x	yes	BV $63.95 + 5yr PV of (ROE (TTM) 3.2% − Kₑ 9.3%) × BV; BV grows 2.1%/yr
Graham Number	Asset	$86.42	0.83x	yes	√(22.5 × FFO/share $5.19 × BVPS $63.95) — Graham's conservative floor
EV/EBITDA Relative	Relative	$132.14	0.54x	yes	EBITDA $0.52B × sector EV/EBITDA 20.0x
FCF Yield	Earnings	$39.68	1.81x	yes	FCF $457.9M / Kₑ 9.3% — zero-growth perpetuity
SBC-Adj FCF Yield	Earnings	$36.10	1.99x	yes	SBC-adj FCF $0.44B (FCF $0.46B − SBC $0.02B) capitalized at Kₑ
Ben Graham Formula	Earnings	$109.25	0.66x	yes	FFO/share $5.19 × (8.5 + 2×8.3%) × (4.4 / 5.3%)
ROIC-Justified P/B	Asset	$7.83	9.19x	yes	BV $63.95 × (ROIC 0.6% / WACC 4.9%)
P/Sales Sector	Relative	$153.31	0.47x	yes	Revenue $1.51B × sector P/S 6.0x
PEG Fair Value	Relative	$64.68	1.11x	yes	FFO/share $5.19 × (PEG 1.5 × growth 8.3% (input: historical FFO/share growth, 4y median)) → PE 12.5x
Earnings Yield	Earnings	$56.11	1.28x	yes	FFO/share $5.19 / required return 9.3% (Rf 4.3% + ERP 5.0%)
Funds From Operations Multiple	Relative	$73.61	0.98x	yes	FFO/share $5.19 × 14.2x P/FFO (route cohort median, n=85); FFO $0.31B (FFO incl. D&A + impairments, FY2025, companyfacts), shares 59M
Clinical Phase NPV	Growth	—	—	no	—
Merton	Asset	—	—	no	—
V5 Mechanical	—	—	—	no	—

Solvency

Field	Value
Net debt	$3.3b
Net debt / NOPAT (after-tax)	12.18x
Net debt / operating income (pre-tax)	9.20x
Interest coverage	2.1x
Share count CAGR (dilution)	3.8%
Burning cash	no

Bullet Takeaways

• Howard Hughes is changing what it is: alongside its master-planned-community land business, it is acquiring Vantage Group, a specialty insurer, in a roughly $2.1 billion deal funded partly by Pershing Square preferred stock, the first step toward a diversified holding company.
• The defining risk is the balance sheet meeting the land cycle: net debt sits near 10 times operating income with interest coverage around 2 times, and the core business sells residential land into a rate-sensitive housing market.
• Watch the Vantage closing, expected in the second quarter of 2026, and the master-planned-community land sales that drove a 33% jump in MPC earnings to $84 million last quarter.

Bull Case

The most surprising thing about Howard Hughes today is that the land-development company is in the middle of becoming something else entirely. The company has agreed to acquire Vantage Group Holdings, a specialty insurance and reinsurance business, for about $2.1 billion, funded with cash on hand and up to $1.0 billion of preferred stock from Pershing Square, which the company describes as a permanent, core holding. The blueprint is explicit: take a cash-generative real-estate base, bolt on an insurance float, and compound the combination as a diversified holding company. That reframes the stock from a single-cycle land play into a vehicle whose long-term value comes from capital allocation across businesses, with a well-known activist's capital backing the strategy.

The real-estate engine underneath is performing while the transformation begins. Master-planned-community earnings surged 33% year over year to $84 million in the first quarter of 2026, driven by strong residential land sales and pricing at Bridgeland and Summerlin. This is the rare developer that owns the entire arc of a community: it controls vast tracts in markets the company targets for "strong long-term growth fundamentals" and focuses on "the horizontal development of residential land," selling finished lots to homebuilders at rising prices as the communities mature. That land bank is a multi-decade asset that cannot be replicated.

The recurring side adds ballast. Operating Assets net operating income rose to $73.1 million on leasing momentum in multifamily and office, the stabilized, income-producing portion that funds the development pipeline. The stock trades close to its stated book value of roughly $64 per share, and the relative and growth-oriented valuation methods reach the price while the asset-based methods that penalize the currently low return on the development capital read it as expensive. The bull case is a unique, irreplaceable land franchise generating rising community earnings, now being recast into a permanent-capital holding company, the kind of durable, multi-engine compounding that a single real-estate multiple cannot frame.

Bear Case

The cyclical truth a buyer has to confront is that Howard Hughes sells residential land, and residential land is a cyclical, rate-sensitive product whose recent results sit near a strong point in the cycle rather than a sustainable average. The 33% jump in master-planned-community earnings to $84 million was driven by strong land sales and pricing at Bridgeland and Summerlin, which is exactly what a healthy housing market produces and exactly what a weak one withholds. When mortgage rates stay high and homebuilders pull back on lot purchases, the land-sale line that powers the segment slows, and the company has limited ability to offset it. Peak land-sale earnings are not a baseline; they are the top of a cycle that has historically swung hard.

The balance sheet leaves little room for that swing. Net debt sits near 10 times operating income with interest coverage of only about 2 times, and the company carries roughly $5.8 billion of mortgages, notes, and loans payable. Development is capital-intensive by nature, and the filing is candid that the company "may be unable to develop and expand our properties without sufficient capital or financing" and may struggle to "satisfy our obligations under the notes or our other debt" in a stress scenario. A levered developer in a high-rate environment is precisely the profile that the asset-value and earnings-power methods, which read the low current return on the development capital, flag as expensive.

The transformation adds a new kind of uncertainty rather than removing the old one. The Vantage acquisition takes Howard Hughes into specialty insurance and reinsurance, a business with its own catastrophe and reserving risks that the existing team has not run before, financed in part with Pershing Square preferred stock that introduces a senior claim ahead of common holders. The share count has been rising at about a 5% annual pace. A company simultaneously digesting a large acquisition into an unfamiliar industry, carrying heavy leverage, and depending on a cyclical land business for its current cash is asking investors to underwrite both a housing cycle and an unproven holding-company strategy at once.

Valuation

At about $66.96 (June 27, 2026) Howard Hughes trades near 20 times company-wide operating income, which inverts into an assumption of roughly 0.6% annual operating-profit growth over five years. That is a modest pace within what the company has recently delivered, so the headline assumption reads as within range. The complication is that the operating income is lumpy, driven by the timing of land sales, so a single multiple says less here than it would for a stable business.

The methods divide along the line that always separates an asset-heavy developer from a stabilized one. The relative-multiple and growth-oriented methods reach the price; the asset-value and earnings-power methods read it as expensive, because the current return on the large development capital base is low while that capital is still being put to work. The stock trades close to its stated book value of roughly $64 per share, which is the cleaner anchor than any earnings multiple for a company whose value is in its land and developments rather than its current income. The honest framing is that the price is supported by what the communities can earn as they mature, not by trailing returns on the invested capital, and the spread between the two camps of methods is the developer's J-curve.

Solvency is the load-bearing concern. Net debt of about $3.3 billion against operating income near $334 million is roughly 10 times, with interest coverage around 2 times and total mortgages, notes, and loans payable of about $5.8 billion. The company ended the quarter with $1.8 billion of cash, which provides near-term flexibility and helps fund the Vantage deal, but the leverage is high for a cyclical developer and the pending acquisition adds a preferred-stock claim ahead of common holders. The company is not burning cash, and the recurring operating-asset NOI provides a base of income. What a buyer underwrites at this price is a unique land franchise transforming into a holding company, valued near book, financed with substantial debt, where the housing cycle and the execution of an insurance acquisition are the two bets that have to work.

Catalysts

Howard Hughes delivered a strong operating quarter to open 2026, with revenue of $235.9 million, up 18.4% year over year, and EPS of $0.14 that beat consensus. The driver was the master-planned-community segment, where earnings surged 33% to $84 million on strong residential land sales and pricing at Bridgeland and Summerlin. Operating Assets net operating income rose to $73.1 million from $71.6 million, supported by leasing momentum in multifamily and office. The cause behind the result was a healthy housing market lifting land demand and a maturing portfolio of income-producing assets.

The transformational catalyst is the pending acquisition of Vantage Group Holdings, a specialty insurance and reinsurance business, for approximately $2.1 billion. The deal, on track to close in the second quarter of 2026, would be funded with cash on hand and up to $1.0 billion of preferred stock from Pershing Square, and it begins Howard Hughes's shift toward a diversified holding-company structure. Management characterized Pershing Square as a permanent, core holding with no direct implications for the share structure from its separate capital-raising.

The forward catalysts to watch are the closing and integration of the Vantage acquisition, the trajectory of master-planned-community land sales as a read on the housing cycle, and the company's financing posture given its substantial debt and the capital needs of both development and the insurance expansion.

Peer Cohorts (Per Segment, With Filing Citations)

Operating Assets (reported)

• BXP (BXP, INC.)
• FY2025 10-K: …of Payroll and Related Costs from Management Services Revenue per the Consolidated Statements of Operations, excluding the residential and hotel revenue that is noted below. We use Rental Revenue internally as a performance measure and in calculating other non-GAAP financial measures (e.g., NOI), which provide…
• FY2025 10-K: …it reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from net income attributable to BXP, Inc. and net income attributable to Boston Properties Limited…
• VNO (VORNADO REALTY TRUST)
• FY2025 10-K: …operating leases are recognized on a straight-line basis over the non-cancelable term of the lease, together with renewal options that are reasonably certain of being exercised. We commence revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its…
• FY2025 10-K: …the Operating Partnership and the ability of its direct and indirect subsidiaries to first satisfy their obligations to creditors. Vornado is the sole general partner of and owned approximately 91.3% of the common limited partnership interest in the Operating Partnership as of December 31, 2025. We currently own all…
• SLG (SL GREEN REALTY CORP)
• FY2025 10-K: …Revenue Code of 1986, as amended, or the Code, and operates as a self-administered, self-managed REIT. A REIT is a legal entity that holds real estate interests and, through payments of dividends to stockholders, is permitted to minimize the payment of Federal income taxes at the corporate level. Unless the context…
• FY2025 10-K: …improvements, $ - million and $ - million of right of use assets, $ 6.3 million and $ 4.1 million of accumulated depreciation, $ 153.0 million and $ - million of debt fund investments, $ 1,023.9 million and $ 709.1 million of real estate loans held by consolidated securitization vehicles, $ 862.5 million and $ 830.3…
• KRC (KILROY REALTY CORPORATION)
• FY2025 10-K: …• Operating strategies; • Capital recycling strategies; • Development and redevelopment strategies; • Financing strategies; and • Sustainability strategies. Net Operating Income ("NOI") is defined as consolidated operating revenues (rental income and other property income) less consolidated operating expenses…
• FY2025 10-K: …by management to be an important and appropriate supplemental performance measure to net income because we believe it helps both investors and management to understand the core operations of our properties. Net Operating Income is an unlevered operating performance metric of our properties and allows for a useful…
• CUZ (COUSINS PROPERTIES INC)
• FY2025 10-K: …whether a property has stabilized, including the property's occupancy (independently and relative to its submarket) and current leasing pipeline, as well as time since the cessation of major construction activity. Management evaluates the performance of its property portfolio, in part, based on Net Operating Income…
• FY2025 10-K: …costs were consistent with the terms of the lease agreement and the Company's ownership determination. ◦ Tested the timing and amounts recognized as rental property revenues, including any amortization of deferred revenue or lease incentives, by independently calculating such rental revenue amounts to be recognized…
• DEI (Douglas Emmett, Inc.)
• FY2025 10-K: …rates on our floating rate loans. We may enter into derivative contracts that are intended to hedge certain economics risks, even though hedge accounting does not apply or we elect to not apply hedge accounting. We do not speculate in derivatives and we do not make use of any other derivative instruments. When…
• FY2025 10-K: …of our common stock to the holders of the OP Units. • We acquired 9 thousand OP Units for $ 138 thousand in cash. During 2023: • We repurchased 9.1 million shares of our common stock for $ 109.1 million in cash, excluding transaction costs, in open market transactions. The average purchase price was $ 12.03 per…
• HIW (HIGHWOODS PROPERTIES, INC.)
• FY2025 10-K: …primarily consist of management and employee salaries and benefits, corporate overhead and short and long-term incentive compensation. Net Operating Income Whether or not we record increasing net operating income ("NOI") in our same property portfolio typically depends upon our ability to garner higher rental…
• FY2025 10-K: …trends of the customer and changes in customer payment terms. We do not maintain a general reserve to estimate amounts that may not be collectible. If our assumptions regarding the collectability of lease related receivables prove incorrect, we could experience credit losses in excess of what was recognized in rental…

MPC (Master Planned Communities) (reported)

• JOE (The St. Joe Company)
• FY2025 10-K: …excludes depreciation, depletion and amortization expense. Our residential segment includes the Bayside at Ward Creek, Breakfast Point East, Breakwater at Ward Creek, College Station, Park Place, Salt Creek at Mexico Beach, Salt Grass at Ward Creek, Titus Park, Watersound Camp Creek, Watersound Origins, Watersound…
• FY2025 10-K: …development and the number of phases to be developed; ● the amount of remaining development costs, including the extent of infrastructure or amenities included in such development costs; ● holding costs to be incurred over the selling period; ● for bulk land sales of undeveloped and developed parcels, future pricing…
• FOR (FORESTAR GROUP INC.)
• FY2025 10-K: …to various assessments for schools, parks, streets and other public improvements. In addition, government authorities in many markets have implemented no growth or growth control initiatives. Any of these may limit, delay or increase the costs of acquisition of land for residential use and development or home…
• FY2025 10-K: …Austin Tampa/Sarasota Dallas Volusia County Fort Worth Houston Georgia Atlanta San Antonio Augusta Savannah Utah Salt Lake City/Provo/Ogden Illinois Chicago Virginia Northern Virginia Richmond Indiana Indianapolis Virginia Beach/Williamsburg Maryland Suburban Washington, D.C. Washington Vancouver…
• KW (Kennedy-Wilson Holdings, Inc.)
• FY2025 10-K: 01 2025-12-31 0001408100 kw:MultifamilyDevelopmentPlatformMember us-gaap:LandMember 2025-01-01 2025-12-31 0001408100 kw:MultifamilyDevelopmentPlatformMember us-gaap:BuildingMember 2025-01-01 2025-12-31 0001408100 us-gaap:LandMember 2025-01-01 2025-12-31 0001408100 us-gaap:BuildingMember 2025-01-01 2025-12-31…
• FY2025 10-K: …us-gaap:MeasurementInputExpectedTermMember 2025-12-31 0001408100 kw:MultifamilyAffordableMember us-gaap:MeasurementInputCapRateMember us-gaap:FairValueInputsLevel3Member us-gaap:ValuationTechniqueDiscountedCashFlowMember srt:MinimumMember 2025-12-31 0001408100 kw:MultifamilyAffordableMember…
• BXP (BXP, INC.)
• FY2025 10-K: …bxp:BostonPropertiesLimitedPartnershipMember 2025-12-31 0001037540 us-gaap:LandMember bxp:CityPointSouthMasterPlanMember bxp:BostonPropertiesLimitedPartnershipMember 2025-01-01 2025-12-31 0001037540 us-gaap:LandMember bxp:NorthFirstMasterPlanMember bxp:BostonPropertiesLimitedPartnershipMember 2025-12-31 0001037540…
• FY2025 10-K: …bxp:UnconsolidatedJointVenturesMember bxp:ColoradoCenterGatewayCommonsAndSafecoPlazaMember 2024-01-01 2024-12-31 0001037540 us-gaap:UnconsolidatedPropertiesMember bxp:UnconsolidatedJointVenturesMember bxp:PlatformSixteenThreeSixZeroParkAvenueSouthTwoZeroZeroFifthAvenueAndSafecoPlazaMember 2023-01-01 2023-12-31…
• CUZ (COUSINS PROPERTIES INC)
• FY2025 10-K: …properties, either alone or through joint ventures, that are known as "mixed-use" developments. This means that in addition to the development of office space, the project may also include space for retail, residential, or other commercial purposes. We may seek to develop the non-office component ourselves, sell the…
• FY2025 10-K: …cuz:AustinTXMember cuz:Austin300ColoradoProjectLPMember 2025-12-31 0000025232 cuz:OperatingPropertiesMember cuz:AustinTXMember cuz:Austin300ColoradoProjectLPMember srt:MinimumMember 2025-12-31 0000025232 cuz:OperatingPropertiesMember cuz:AustinTXMember cuz:Austin300ColoradoProjectLPMember srt:MaximumMember 2025-12-31…
• SLG (SL GREEN REALTY CORP)
• FY2025 10-K: …slg:A280ParkAvenueMember 2025-12-31 0001040971 slg:VornadoRealtyTrustMember us-gaap:CommonStockMember us-gaap:CorporateJointVentureMember slg:A280ParkAvenueMember 2025-12-31 0001040971 slg:VornadoRealtyTrustMember us-gaap:CorporateJointVentureMember slg:A280ParkAvenueMember 2024-12-31 0001040971…
• FY2025 10-K: ThirdPartyMember 2025-12-31 0001040971 slg:MadisonAvenue625Member slg:PreferredEquityMember 2025-07-31 0001040971 slg:MadisonAvenue625Member slg:PreferredEquityMember 2025-07-01 2025-07-31 0001040971 slg:MadisonAvenue625Member slg:PreferredEquityMember 2025-01-01 2025-12-31 0001040971…
• VNO (VORNADO REALTY TRUST)
• FY2025 10-K: AreaMember vno:AlexandersIncMember vno:LexingtonAvenue731Member vno:NewYorkSegmentMember 2025-12-31 0000899689 vno:ResidentialPropertiesMember vno:NewYorkCityMetropolitanAreaMember vno:AlexandersIncMember vno:NewYorkSegmentMember 2025-12-31 0000899689 vno:ChicagoMember vno:MerchandiseMartChicagoMember…
• FY2025 10-K: …price or otherwise be in the best interest of equity holders. The Maryland General Corporation Law (the "MGCL") contains provisions that may reduce the likelihood of certain takeover transactions. The MGCL imposes conditions and restrictions on certain "business combinations" (including, among other transactions, a…
• DEI (Douglas Emmett, Inc.)
• FY2025 10-K: Certain provisions in the partnership agreement of our Operating Partnership may delay or prevent an unsolicited acquisition of us. Provisions in our Operating Partnership agreement may delay or make more difficult unsolicited acquisitions of us or changes in our control. These provisions could discourage third…
• FY2025 10-K: …directors. The compensation committee may interpret our Plan and make all determinations necessary or desirable for the administration of our Plan. The committee has full power and authority to select the participants to whom awards will be granted, to make any combination of awards to participants, to accelerate the…

Strategic Developments (reported)

• BXP (BXP, INC.)
• FY2025 10-K: …strategic action plan through a variety of methods and the timing, extent and impact of any transactions that we have or will undertake while implementing this strategic action plan may vary and evolve. Growth Strategies External Growth Strategies We believe that our development experience, our organizational depth,…
• FY2025 10-K: …from our portfolio properties that we believe have slower future growth potential; • to seek third-party development contracts to enable us to retain and utilize our existing development and construction management staff, especially when our internal development is less active or when new development is…
• VNO (VORNADO REALTY TRUST)
• FY2025 10-K: …domestic and foreign financial institutions, life insurance companies, sovereign wealth funds, pension trusts, partnerships and individual investors, which may cause an increase in the purchase price for a desired acquisition property or result in a competitor acquiring the desired property instead of us; and • we…
• FY2025 10-K: …applied prospectively, effective for the fiscal years beginning after December 15, 2026 and interim reporting periods within fiscal years beginning after December 15, 2026, with early adoption permitted. We will apply the guidance in this update to evaluate future business combinations involving a VIE. In September…
• SLG (SL GREEN REALTY CORP)
• FY2025 10-K: …0001040971 2025 FY FALSE 0001492869 2025 FY FALSE P3Y iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure slg:building utr:sqft slg:security slg:tenant slg:agreement slg:property slg:investment slg:loan slg:segment slg:extension slg:quarter slg:fungibleUnit slg:unit xbrli:shares 0001040971 2025-01-01…
• FY2025 10-K: …us-gaap:EmployeeStockMember 2025-01-01 2025-12-31 0001040971 slg:ThirdAmendmentandRestated2005StockOptionandIncentivePlanMember us-gaap:EmployeeStockMember 2024-01-01 2024-12-31 0001040971 slg:ThirdAmendmentandRestated2005StockOptionandIncentivePlanMember us-gaap:EmployeeStockMember 2023-01-01 2023-12-31 0001040971…
• CUZ (COUSINS PROPERTIES INC)
• FY2025 10-K: 10 (g) Delayed Draw Term Loan Agreement, dated as of October 3, 2022, among Cousins Properties LP, as the Borrower; Cousins Properties Incorporated, as the Parent and a Guarantor; JPMorgan Chase Bank, N.A., as Syndication Agent; Bank of America, N.A., as Administrative Agent; Truist Bank, PNC Bank, National…
• FY2025 10-K: …rate debt outstanding, which consisted of the Credit Facility with $112.3 million outstanding at an interest rate of 5.185% and $250 million outstanding on the 2021 Term Loan with an interest rate of 5.41%. Based on our average variable rate debt balances in 2025, interest incurred would have increased by $3.3…
• KRC (KILROY REALTY CORPORATION)
• FY2025 10-K: …and occupancy are impacted by general economic conditions, including the pace of regional economic growth and access to capital. Therefore, we cannot guarantee that leases will be renewed or that available space will be re-leased at rental rates equal to or above the current market rates. Capital Recycling Program…
• FY2025 10-K: …retail amenities, and in markets with strong fundamentals and visible demand. We generally plan to develop projects in phases, as appropriate, and we favor starting projects with significant pre-leasing activity. Stabilized Redevelopment Projects During the year ended December 31, 2025, we completed and added the…

Methodology Note

• Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
• Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
• Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
• Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.

Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.

Sources

HHH Q1 2026 results, April 2026 · HHH FY2025 10-K · HHH Q1 2026 earnings release, April 2026