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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) announced the resignation of Linda Foggie from its board of directors, effective June 27, 2022. The decision was made due to potential conflicts with her current employment. The company, known for its extensive portfolio of real estate developments across the U.S., continues to focus on innovative placemaking and design excellence in master-planned communities.
The Howard Hughes Corporation (HHC) has announced the sale of The Outlet Collection at Riverwalk in New Orleans for $34 million. This sale completes the company's transformation plan, bringing total net proceeds from non-core asset dispositions to $578 million. The proceeds will be reinvested into new developments and share repurchase programs, allowing HHC to focus on its core assets, primarily large-scale master planned communities across the U.S.
The Howard Hughes Corporation (HHC) announced that CareFirst BlueCross BlueShield has leased 80,000 square feet at 6100 Merriweather in Downtown Columbia, increasing occupancy to 97%. This move is part of CareFirst's regional expansion strategy and aligns with the trend of companies adopting a "hub-and-spoke" office model. HHC also plans to invest $325 million in the Lakefront District for further development. The redevelopment of Downtown Columbia will encompass 14 million square feet on 391 acres, enhancing its appeal as a live-work-play destination.
The Howard Hughes Corporation (NYSE: HHC) has appointed Linda Foggie to its Board of Directors, effective June 8, 2022. With over 20 years in commercial real estate, Ms. Foggie is currently Managing Director at Citi Realty Services, managing a global portfolio. Her past roles include Executive VP at Turner & Townsend and Vice President at Wells Fargo, focusing on design and construction. Chairman William Ackman and CEO David R. O'Reilly highlight her expertise in sustainability and customer experience, which will drive the company's growth.
The Howard Hughes Corporation (NYSE: HHC) will present at NAREIT's REITweek 2022 Investor Conference on June 7, 2022, at 9:30 am ET in New York City. The presentation will be led by CEO David O'Reilly and will provide insights into the company's business and portfolio. Investors can register for the event online and access the live presentation via an audio webcast. This event highlights HHC's ongoing commitment to engaging with the investment community.
Howard Hughes Corporation (HHC) reported a net income of $2.1 million ($0.04 per diluted share) for Q1 2022, rebounding from a loss of $66.6 million a year prior. Notable highlights include an 18.6% increase in Total Operating Asset NOI to $57.3 million and a substantial 94.3% rise in multi-family NOI. The sale of 110 North Wacker Drive generated $168.9 million in proceeds, while condo sales brought in $19.6 million. HHC's cash balance reached $688 million with total debt at $4.7 billion. The company also initiated a second $250 million share buyback program.
The Howard Hughes Corporation (HHC) will announce its first-quarter earnings for 2022 on May 9, after market close, followed by a conference call on May 10 at 10:00 a.m. ET. Participants can access the call via dial-in or through a live webcast on the company's website. A taped replay will be available until June 8. HHC is a prominent real estate company managing a diverse portfolio across the U.S., with assets in major cities including New York, Houston, and Las Vegas. Investors can prepare for the earnings call by submitting questions in advance through designated platforms.
The Howard Hughes Corporation (NYSE: HHC) announced an extension to JDM Partners' option period for reacquiring a stake in Douglas Ranch, a massive master-planned community in Phoenix's West Valley. Originally set to expire on April 16, 2022, the new deadline is June 17, 2022. JDM has the option to purchase up to 50% for $270.5 million, requiring a minimum purchase of 9.24% by the deadline to avoid forfeiting a $33.8 million deposit. This extension is seen as a strategic move to enhance housing development in a rapidly growing region.
The Howard Hughes Corporation (NYSE: HHC) has invested $55 million to acquire a minority stake in Jean-Georges Restaurants as part of a strategic partnership aimed at expanding the renowned chef's global business.
This investment allows HHC the option to increase its ownership stake while the existing management team retains control of day-to-day operations. The partnership aims to leverage HHC's large-scale mixed-use communities to drive growth.
Universal Music Group N.V. (UMG) announced its 2021 Annual Report and scheduled its Annual General Meeting (AGM) for May 12, 2022. The AGM will address the appointment of four new Non-Executive Directors, including William A. Ackman and Nicole Avant. Other agenda items include advisory votes on the 2021 remuneration report, adoption of financial statements, and establishment of the 2022 Global Equity Plan. UMG's Annual Report also reveals a new Legacy Artists Program designed to support legacy recording artists and songwriters with unrecouped balances beginning January 1, 2022.
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