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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 (HHC) has announced a change in its schedule for the release of its Q3 2022 earnings and the subsequent conference call. The earnings report will be released on November 2, 2022, after market close, while the conference call is set for November 3, 2022, at 11:00 a.m. ET. Interested parties can access the conference call via a dial-in method or through a live audio webcast available on their official website. A replay of the call will be available after the event.
Pershing Square Capital Management has launched a cash tender offer to buy up to 6,340,000 shares of The Howard Hughes Corporation (NYSE: HHC) at a price between $52.25 and $60.00 per share. The offer, scheduled to expire at midnight on November 10, 2022, aims to acquire approximately 7.47% of shares by PS, 2.27% by PS International, and 90.26% by PSH. Pershing Square believes the current stock price undervalues the company's long-term intrinsic value. The offer is subject to customary closing conditions without a financing condition.
The Howard Hughes Corporation (HHC) has announced the release of its third quarter 2022 earnings on November 9, 2022, after market close. A conference call will follow on November 10, 2022, at 10:00 a.m. Eastern Time. Shareholders can participate via dial-in or a live audio webcast available on the company’s website. The company specializes in developing and managing residential and commercial real estate across the U.S., including master-planned communities.
The Howard Hughes Corporation (NYSE: HHC) has announced the opening of Kōʻula tower at Ward Village in Honolulu, a 60-acre master-planned community. Designed by renowned architecture firm Studio Gang, Kōʻula is 96.6% pre-sold as of September 14, 2022, with closings expected to commence the same day. The 41-story tower offers 565 residential homes, integrating innovative architecture with ecological design. This marks the sixth residential project in the community, which emphasizes connectivity and sustainable living, building on the ongoing sales momentum at Ward Village.
The Howard Hughes Corporation (HHC) announced that JDM Partners has exercised its option to reacquire a 2.8% interest in Douglas Ranch, a large-scale community in Phoenix's West Valley, for approximately $15 million. This transaction raises JDM's total investment in the Douglas Ranch joint venture to around $65 million, equating to about 12% ownership. The community, acquired last October for $541 million, is set to begin land sales this fall, marking significant development progress.
The Howard Hughes Corporation (HHC) reported net income of $21.6 million or $0.42 per diluted share for Q2 2022, a significant increase from $4.8 million (or $0.09 per share) a year earlier. Key drivers included 14.6% growth in Operating Asset NOI, totaling $66.3 million, and 2.1% growth in Master Planned Community (MPC) earnings before taxes. Condo sales generated $17.4 million in revenue, while land sales revenue surged 45.7%. HHC also repurchased shares worth $192.3 million. Despite rising mortgage rates leading to a 37% drop in new home sales year-over-year, demand for land remains strong.
The Howard Hughes Corporation announced that fashion designer Alexander Wang has signed a 15-year lease for approximately 46,000 square feet at the Fulton Market Building in NYC's Seaport. This move underscores the revitalization of Lower Manhattan, as Wang will occupy the top floor with a terrace overlooking the area. With this lease, Fulton Market Building is now 100% leased, and Seaport occupancy is at 68%. Construction starts this year, with a planned move-in date in 2023, reflecting growing demand for vibrant commercial spaces in dynamic communities.
The Howard Hughes Corporation (NYSE: HHC) has announced that its master planned communities, The Woodlands and Bridgeland, have achieved LEED precertification from the U.S. Green Building Council, making them the first of their kind in Texas. The Woodlands, at 44.5 square miles, is now the largest master planned community globally to gain this status. This recognition highlights the commitment to sustainable living, with over 28% of The Woodlands dedicated to green space and extensive amenities. The communities are designed to enhance quality of life while promoting economic growth.
The Howard Hughes Corporation (NYSE: HHC) will release its second-quarter earnings on August 3, 2022, after market close. The earnings conference call is scheduled for August 4, 2022, at 10:00 a.m. ET. Investors can access the earnings release on the Company's website prior to the call. Participants can join via dial-in or a live audio webcast. The company manages a diverse portfolio of real estate, including master-planned communities and commercial properties across the U.S., strategically positioned for growth.
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