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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.
Ward Village® broke ground on its ninth residential tower, Ulana, which will provide workforce housing for 697 qualified Hawaiʻi residents and increase open green space in Honolulu. The project is 96% pre-sold as of September 30, 2022, and is expected to generate over $100 million in shared equity proceeds to support affordable housing initiatives. Designed to include modern residences and community amenities, Ulana reinforces the commitment to enhancing homeownership opportunities and community connectivity.
Pershing Square Capital Management announced the results of its cash tender offer for shares of The Howard Hughes Corporation (NYSE: HHC), which closed on November 28, 2022. The firm will purchase 1,559,205 common shares at $70.00 each, totaling approximately $109.1 million. Following this acquisition, Pershing Square and its affiliates will hold around 30.4% of HHC's outstanding shares as of October 26, 2022. This strategic move enhances Pershing Square's stake in HHC, indicating its ongoing confidence in the company's future prospects.
Pershing Square Capital Management has announced preliminary results from its cash tender offer to buy up to 6,340,000 Common Shares of The Howard Hughes Corporation (HHC). The offer expired on November 28, 2022, with 1,559,205 shares validly tendered. Accepting these shares at a price of $70.00 each represents approximately 3.1% of HHC’s outstanding shares as of October 26, 2022. A final count will be confirmed after the guaranteed delivery period. Payment for accepted shares will occur promptly thereafter.
The Howard Hughes Corporation (NYSE: HHC) appointed Dr. Hope VonBorkenhagen as Chief People Officer effective October 27, 2022. Dr. VonBorkenhagen, with nearly 20 years of executive HR experience, will oversee human resources strategy and operations across the company's master planned communities. Previously, she was Vice President of HR at Lennox International. CEO David R. O'Reilly expressed confidence in Dr. VonBorkenhagen’s data-driven, people-centric approach, emphasizing the importance of employee experience in shaping the future of work.
Pershing Square Capital Management has increased the cash tender offer price range for acquiring shares of The Howard Hughes Corporation (NYSE: HHC) to between $61.00 and $70.00 per common share. This range reflects a 28% premium over the last closing price prior to the announcement on
The Howard Hughes Corporation (HHC) reported solid third quarter results for 2022, with net income rising to $108.1 million from $4.1 million year-over-year, translating to $2.19 per diluted share. The Master Planned Community (MPC) segment saw earnings before taxes of $75.4 million, a 39% increase driven by strong land sales in Bridgeland. Ward Village condo sales contributed significantly with revenues of $413 million from 398 units. However, new home sales fell 48% amid rising mortgage rates. The company anticipates continued strong demand but projects a 10%-17% decline in MPC EBT compared to 2021.
The Howard Hughes Corporation (NYSE: HHC) has officially begun construction on Teravalis, a 37,000-acre master planned community in the Phoenix West Valley. This project aims to provide housing for the increasing demand in one of the fastest-growing metro areas in the U.S., with plans for 100,000 homes and 55 million square feet of commercial space. Governor Doug Ducey highlighted Arizona's population growth of over 584,000 since 2015 as a driving factor. The community is designed to enhance sustainability and will benefit from future construction of Interstate 11, expected to generate significant economic impact.
The Howard Hughes Corporation (NYSE: HHC) has unveiled plans for the Village Green at Bridgeland Central, a 23-acre commercial hub in Northwest Houston within the Bridgeland master-planned community. This development will feature a 100,000-square-foot H-E-B grocery store and the first mass timber office building in Greater Houston, promoting sustainability with a design expected to reduce energy usage by 25% and municipal water consumption by 98%. Construction begins in early 2023, aiming for completion in 2024, serving nearly 70,000 future residents.
The Howard Hughes Corporation announced the groundbreaking of The Park Ward Village, its eighth residential tower in Honolulu, on October 20, 2022. This project will add 546 new homes and expand Victoria Ward Park by nearly 50%, enhancing community amenities. As of mid-2022, 90.6% of the units were pre-sold, demonstrating strong demand. The development emphasizes a modern island lifestyle with numerous amenities, including retail space and improved pedestrian access.
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