What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2026-02-19 compared with 2025-02-26 · 43 added, 43 removed, 187 unchanged (32% of the section changed)

26 unchanged sentences

1735 Hughes Landing Boulevard 319,456 95% 8,071 26.71 11,996 39.70 2015

2201 Lake Woodlands Drive 22,259 100% 482 21.67 940 42.24 2011

2201 Lake Woodlands Drive (c) 22,259 —% — — — — 2011

Lakefront North 258,058 100% 7,425 28.77 11,881 46.04 2018

3 unchanged sentences

The Woodlands Towers at The Waterway 1,395,599 100% 45,024 32.43 69,213 49.85 2019

Waterway Plaza II 141,763 55% 1,678 24.76 2,446 36.09 2024

3 Waterway Square 227,617 91% 3,200 15.51 4,872 23.62 2013

4 Waterway Square 217,952 90% 804 4.73 1,242 7.32 2011

6 Waterway (d) 141,763 82% 1,887 23.29 2,757 34.01 2024

1400 Woodloch Forest 94,931 85% 2,636 32.85 2,846 35.48 2011

One Bridgeland Green 49,502 80% 568,544 43.27 824,774 62.77 2025

Columbia Office Properties 67,066 72% 1,302 27.05 1,517 31.51 2004 / 2007

6 unchanged sentences

Aristocrat (c) 181,534 100% — — — — 2018

Meridian (d) 147,602 17% — — — — 2024

Meridian 147,602 46% 877 34.20 877 34.20 2024

1700 Pavilion 265,898 94% 11,654 47.57 12,137 49.54 2022

2 unchanged sentences

Total 6,967,595

(a) Annualized Base Rent is calculated as the monthly Base Minimum Rent for the property for December 31, 2024, multiplied by 12.

(a) Annualized Base Rent is calculated as the monthly Base Minimum Rent for the property at December 31, 2025, multiplied by 12.

Annualized Base Rent Per Square Foot is the Annualized Base Rent for the property at December 31, 2025, divided by the average occupied square feet.

HHH 2025 FORM 10-K | 25

Index to Financial Statements

(b) Effective Annual Rent includes base minimum rent and common area maintenance recovery revenue.

Effective Annual Rent Per Square Foot is the Effective Annual Rent divided by the average occupied square feet.

Therefore, the Annualized Base Rent and Effective Annual Rent details have been excluded for competitive reasons.

(d) Meridian was placed in service during 2024, and no tenants have taken occupancy as of December 31, 2024.

Therefore, the Annualized Base Rent and Effective Annual Rent details are not yet applicable for this property.

HHH 2024 FORM 10-K | 26

Index to Financial Statements

The lease for the single tenant at 2201 Lake Woodlands Drive expired in December 2025.

(d) In 2025, this property was rebranded to 6 Waterway (formerly Waterway Plaza II).

The following table summarizes certain metrics of our retail properties within the Operating Assets segment as of December 31, 2025, and does not include any retail square footage in our multifamily assets:

5 unchanged sentences

Creekside Park West 72,976 100% $2,104 $31.76 2019

Grogan’s Mill Retail 31,363 68% 445 30.19 2025

Hughes Landing Retail 125,721 96% 4,419 39.00 2015

2 unchanged sentences

Waterway Square Retail 21,513 100% 876 40.83 2011

Village Green at Bridgeland Central (b) 27,908 73% — — 2024

Village Green at Bridgeland Central 27,944 90% 661 32.33 2024

Color Burst Park Retail 12,410 100% 588 47.42 2020

Rouse Building 89,199 100% 2,285 25.62 2014

Downtown Summerlin (c) 803,170 99% 25,373 38.43 2014 / 2015

Summerlin Grocery Anchored Center (b) 67,000 77% — — 2024

Downtown Summerlin (b) 801,010 100% 25,585 38.95 2014 / 2015

Summerlin Grocery Anchored Center 67,147 85% 1,652 28.86 2024

Ward Village Retail - Pending Redevelopment 336,616 79% 6,225 23.46 2002

1 unchanged sentence

Total 2,149,978

(a) Annualized Base Rent is calculated as the monthly Base Minimum Rent for the property for December 31, 2024, multiplied by 12.

(a) Annualized Base Rent is calculated as the monthly Base Minimum Rent for the property at December 31, 2025, multiplied by 12.

Annualized Base Rent Per Square Foot is the Annualized Base Rent for the property at December 31, 2025, divided by the average occupied square feet.

(b) These properties were placed in service during the fourth quarter of 2024, and no tenants have taken occupancy as of December 31, 2024.

Therefore, the Annualized Base Rent and Effective Annual Rent details are not yet applicable.

(b) Excludes 381,767 square feet of anchors and 39,700 square feet of additional office space above our retail space.

HHH 2025 FORM 10-K | 26

11 unchanged sentences

The Lane at Waterway 100% 163 — 90% 2,620 2.38 2020

1 Riva Row 100% 268 — 28% 4,298 3.75 2025

Lakeside Row 100% 312 — 92% 1,909 1.94 2019

16 unchanged sentences

The Woodlands Warehouse 100% Warehouse 125,801 sq ft 100% 2019

Woodlands Sarofim 20% Industrial 129,790 sq ft 84% late 1980s

Woodlands Sarofim 20% Industrial N/A N/A late 1980s

Hockey Ground Lease 100% Ground lease N/A N/A 2017

7 unchanged sentences

The following table summarizes our Operating Assets segment lease expirations:

$ in thousands

Year Number of Expiring Leases (a) Total Square Feet Expiring Total Annualized Base Rent Expiring % of Total Annual Gross Rent Expiring

$ in thousands Number of Expiring Leases (a) Total Square Feet Expiring Total Annualized Base Rent Expiring % of Total Annual Gross Rent Expiring

2026 106 426,562 $ 17,332 4.2 %

27 unchanged sentences

Floreo (e) Phoenix, AZ 3,029 35 1,061 116 836 335 2038 2032 52%

(a) Encompasses all of the land located within the borders of the master planned community, including parcels already sold, saleable parcels, and non-saleable areas such as roads, parks and recreation areas, conservation areas, and parcels acquired during the year.

(a) Encompasses the land located within the borders of the master planned community, including parcels already sold, saleable parcels, and non-saleable areas such as roads, parks and recreation areas, conservation areas, and parcels acquired during the year (if any).

(b) Residential and commercial pricing represents the Company's estimate of price per acre that will be achieved in 2026 per its land models.

For Summerlin, this estimate excludes an anticipated bulk sale.

For bulk sales, the Company does not incur the usual development costs associated with superpad sales, resulting in a lower price per acre.

(c) 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.

5 unchanged sentences

Within our Summerlin MPC, an exclusive luxury community named The Summit is being developed and managed through a joint venture with Discovery Land Company, a leading developer of luxury communities and private clubs.

The original 555-acre community, which is expected to include approximately 245 homes and 32 condominiums, is nearing completion.

The original 555-acre community, which is expected to consist of approximately 245 homes and 32 condominiums, is nearing completion.

In 2022, the Company contributed an additional 54 acres to The Summit adjacent to the existing Summit community to develop approximately 28 custom home sites.

2 unchanged sentences

The 3,029-acre village is located in the greater Phoenix, Arizona area and is expected to consist of approximately 5,000 residential lots, commercial sites, as well as a planned business park.

The first land sales closed in the first quarter of 2024.

In late 2025, the Company welcomed the first residents and celebrated the grand opening of the community.

Management’s Discussion and Analysis of Financial Condition and Results of Operations and Note 4 - Investments in Unconsolidated Ventures in the Notes to Consolidated Financial Statements under Item 8 of this Annual Report for further details .

8 unchanged sentences

Strategic Developments Under Construction

One Bridgeland Green Office Cypress, TX 49,501 sq ft $35,365 Q2 2025 2028

Memorial Hermann Medical Office Office Cypress, TX 50,895 sq ft $23,661 Q2 2026 2029

The Woodlands

Grogan’s Mill Retail Retail The Woodlands, TX 38,378 sq ft 8,583 Q2 2025 2028

Grogan’s Mill Library and Community Center (c) Other The Woodlands, TX 53,863 sq ft 16,498 Q2 2025 N/A

1 Riva Row Multifamily The Woodlands, TX 268 units 155,997 Q4 2025 2028

7 Waterway (c) Office The Woodlands, TX 186,369 sq ft 39,181 Q2 2026 2029

Under Construction

Kalae Condominium Honolulu, HI 329 units / 2,000 sq ft 623,745 2028 N/A

The Park Ward Village Condominium Honolulu, HI 545 units / 26,800 sq ft 613,807 2026 N/A

Ulana Ward Village Condominium Honolulu, HI 696 units / 32,100 sq ft 402,914 Q4 2025 N/A

The Park Ward Village Condominium Honolulu, HI 545 units / 26,800 sq ft 613,807 Q2 2026 N/A

The Ritz-Carlton Residences Condominium The Woodlands, TX 111 units / 5,800 sq ft 369,465 2027 N/A

5 unchanged sentences

Kō'ula Condominium Honolulu, HI 565 units / 36,995 sq ft 481,302 Completed N/A

Ulana Ward Village (d) Condominium Honolulu, HI 696 units / 32,100 sq ft 402,914 Completed N/A

Victoria Place Condominium Honolulu, HI 349 units 539,017 Completed N/A

1 unchanged sentence

(a) For condominium units and multifamily assets, square feet represents ground floor retail space whereas units represents residential units for sale or rent.

(b) As of December 31, 2024, total estimated cost remaining to be spent on these properties was $1.4 billion, of which $229.1 million is expected to be funded by HHH with the remaining cost to be funded with existing construction loans and condominium buyer deposits.

(c) The Grogan’s Mill Library and Community Center is being developed in connection with a land swap agreement entered into with Montgomery County, Texas.

Upon completion of construction, the Company will transfer the Grogan's Mill Library and Community Center to Montgomery County in exchange for land parcels elsewhere in The Woodlands.

As such, a stabilization date is not applicable to this development project.

(b) As of December 31, 2025, total estimated cost remaining to be spent on these properties was $857.9 million, of which $180.9 million is expected to be funded by HHH with the remaining cost to be funded with existing construction loans and condominium buyer deposits.

(c) The Company acquired this office property in the second quarter of 2025 for $16.3 million, and commenced a redevelopment project in the third quarter of 2025.

Total estimated cost for 7 Waterway is inclusive of acquisition, closing, redevelopment, and tenant lease-up costs.

(d) The Company completed construction at Ulana in November 2025.

However, landlord work is still ongoing for the retail section of the property as of December 31, 2025.

The retail space is expected to be placed in service as leases are executed.

HHH 2025 FORM 10-K | 30

3 unchanged sentences

Future Strategic Developments Rights or Pending Construction

Lakefront District (a) Columbia, MD 1,914,000 sq ft

The Woodlands

2000 Woodlands Parkway (b) The Woodlands, TX 7,900 sq ft

2000 Woodlands Parkway (a) The Woodlands, TX 7,900 sq ft

‘Ilima (b) Honolulu, HI 148 units / 5,000 sq ft

The Launiu (c) Honolulu, HI 485 units / 10,000 sq ft

Melia (b) Honolulu, HI 220 units / 6,000 sq ft

West End Alexandria (d) Alexandria, VA 41 acres

Commercial Land

Columbia Commercial Land (e)(f) Columbia, MD 96 acres

Merriweather District (e) Columbia, MD 16 acres

Columbia Commercial Land (e) Columbia, MD 99 acres

Merriweather District (e)(f) Columbia, MD 26 acres

Ward Commercial Land (e) Honolulu, HI 6 acres

(a) Represents remaining square footage approved for new mixed-use development in the Lakefront District which will include office, retail, and residential assets.

(b) 2000 Woodlands Parkway was transferred to Strategic Developments in the fourth quarter of 2023 and is currently pending redevelopment.

(c) We have launched presales for our next condominium tower, The Launiu and as of December 31, 2024, we have entered into contracts for 283 units, representing 58.4% of total units.

Construction is expected to begin in 2025.

(a) 2000 Woodlands Parkway was transferred to Strategic Developments in 2023.

The Company expects to execute a new lease in 2026, and transfer the property back to Operating Assets.

(b) We launched pre-sales for these condominiums in June 2025, and as of December 31, 2025 we have entered into contracts for 51% of the total units at ‘Ilima and 65% of the total units at Melia.

(c) As of December 31, 2025, we have entered into contracts for 346 units at The Launiu, representing 71% of total units.

Construction is expected to begin in early 2026.

(d) Represents acreage owned through a joint venture.

(e) Represents land acquired or transferred to the Strategic Developments segment for future development, excluding acreage related to assets that are now in service in our Operating Assets segment or related to completed or under construction condominium towers.

(f) Columbia residential land development is complete and the sale of remaining land or development of additional commercial assets will occur as the market dictates.

(f) Includes acreage from the Lakefront District development that is now considered a part of Merriweather District following rebranding efforts for the area.

HHH 2025 FORM 10-K | 31

2 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties