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The Howard Hughes Corporation (NYSE: HHC) is a prominent player in the U.S. real estate market, specializing in the ownership, management, and development of commercial, residential, and mixed-use properties. With a comprehensive portfolio that spans from New York to Hawaii, the company's assets include master planned communities, operating properties, and a diverse pipeline of development opportunities.
Headquartered in Houston, Texas, Howard Hughes Corporation's master planned communities are designed to offer high-quality living environments and have been recognized for their innovative placemaking and commitment to design excellence. Key properties include the Seaport in New York City, Downtown Columbia® in Maryland, The Woodlands®, Bridgeland®, and The Woodlands Hills® in Texas, Summerlin® in Las Vegas, Ward Village® in Honolulu, and Teravalis™ in Arizona. These assets are strategically positioned to meet market demand and facilitate accelerated development.
The company's operating properties, primarily retail, provide significant opportunities for redevelopment. Notable properties include South Street Seaport in Manhattan, New York; Columbia Town Center in Columbia, Maryland; Landmark Mall in Alexandria, Virginia; The Outlet Collection at Riverwalk in New Orleans, Louisiana; Cottonwood Square in Holladay, Utah; Park West in Peoria, Arizona; and Ward Centers in Honolulu, Hawaii. With a workforce of approximately 1,000 employees, over half of whom are dedicated to master planned communities, Howard Hughes Corporation is committed to sustained growth and community service.
Recent achievements highlight the company's robust financial performance and strategic initiatives. In August 2023, Howard Hughes Corporation announced its second-quarter earnings, showcasing strong results across various segments, including a surge in new home sales and solid office and multi-family asset performance. Additionally, the company completed a holding company reorganization, creating Howard Hughes Holdings Inc. (NYSE: HHH) to enhance growth flexibility and segregate assets and liabilities effectively.
The Howard Hughes Corporation also engages in community-focused projects. In August 2023, the company collaborated with Century Communities and other organizations to build a custom, mortgage-free home for a U.S. Army Sergeant, demonstrating its commitment to social responsibility and community development.
Dedicated to innovative placemaking, Howard Hughes Corporation continues to influence the real estate landscape through strategic development and operational excellence. For more information, visit www.howardhughes.com.
The Howard Hughes Corporation (NYSE: HHC) has announced the schedule for its 2023 first quarter earnings release and conference call. The earnings report will be released on May 8, 2023, after market close, followed by a conference call on May 9, 2023, at 10:00 a.m. ET.
Investors can access the earnings call via a live webcast on the company's website or by telephone with specific dial-in numbers provided. A recorded replay will be available on the website and via telephone until June 9, 2023.
The Howard Hughes Corporation (NYSE: HHC) and Vitrian have formed a joint venture to develop cGMP/Biomanufacturing facilities in The Woodlands, Texas. This initiative aims to capitalize on the area's growing life sciences sector, anchored by companies like Cellipont Bioservices and Millipore Sigma. The partnership is designed to support firms focusing on in-house manufacturing and contract development manufacturing organizations. The Woodlands offers a strong healthcare industry presence and a skilled workforce, making it an appealing location for life science companies. Both companies believe this venture will enhance The Woodlands' reputation as a life sciences hub.
On March 1, 2023, The Howard Hughes Corporation (NYSE: HHC) appointed Frank Stephan as President of its Nevada region, succeeding Kevin Orrock. Orrock will remain as a senior advisor after a successful tenure in overseeing the acclaimed Summerlin master planned community in Las Vegas. Stephan, with over 25 years of experience in real estate development, previously led projects for The Clarett Group and Clarett West Development. The Summerlin community, featuring over 120,000 residents, is known for its extensive amenities and has room for future growth, aligning with Howard Hughes' long-term vision for sustainable development.
The Howard Hughes Corporation (NYSE: HHC) reported solid fourth-quarter and full-year 2022 results. Full-year net income per diluted share reached $3.65, compared to $1.03 in 2021. The company achieved record condo sales of $1.1 billion at Ward Village, generating $677 million in net revenue. Robust MPC earnings before taxes totaled $283 million with a 32% increase in average residential land prices. In Q4, net income per share was $1.07, down from $2.09 year-over-year, driven by reduced land sales. The company maintained a strong cash position of $626.7 million and successfully executed nearly $1 billion in financing, positioning itself well for future developments.
The Howard Hughes Corporation (NYSE: HHC) has appointed Andrew Schwartz and Zach Winick as Co-Presidents of its New York region, succeeding Saul Scherl, who will remain in an advisory capacity. Schwartz, with a background as Executive VP of Strategic Partnerships, will focus on partnerships and programming, while Winick, previously Senior VP, will oversee operations and development. Their leadership aims to continue the revitalization of the Seaport neighborhood in Lower Manhattan, which has seen significant growth with projects like the Tin Building, bringing over 700 new jobs. This transition marks a new chapter for HHC's ongoing efforts to enhance the Seaport's status as a premier destination.
The Howard Hughes Corporation (NYSE: HHC) will release its 2022 fourth quarter and full year earnings on February 27, 2023, after market hours, with a conference call scheduled for February 28, 2023, at 10:00 a.m. ET. The earnings release will be available on the company's website. Shareholders can access the call via dial-in or through a live webcast, and a replay will be available for one year post-call.
The Howard Hughes Corporation (HHC) has successfully closed $1.3 billion in financings, enhancing its liquidity to over $800 million. The transactions involved refinancing its Senior Secured Corporate Credit Facility and securing various loans across its portfolio. Notably, a $264 million construction loan for a residential tower in Ward Village is 97.1% pre-sold. These actions significantly extend HHC's debt maturity profile to about 7.5 years, with near-term maturities reduced to under $155 million, positioning the company favorably for potential economic challenges ahead.
The Howard Hughes Corporation (HHC) has commenced construction on a $45.8 million, 86,000-square-foot medical office building in Downtown Columbia, Maryland. This project marks a significant step in the revitalization of the Lakefront District, part of a broader $5 billion, 30-year development plan. The building will host Orthopaedic Associates of Central Maryland and feature outdoor spaces and public art. Despite national trends of declining tenant leasing, Downtown Columbia's market remains strong, with new restaurants and retailers set to open in 2023.
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