Welcome to our dedicated page for Howard Hughes Corporation (The) news (Ticker: HHC), a resource for investors and traders seeking the latest updates and insights on Howard Hughes Corporation (The) stock.
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 sold its equity interest in the 110 North Wacker Drive office tower in Chicago for $210 million, achieving an implied valuation of over $1 billion. This represents the highest valuation for a Chicago office property since 2015. The sale generated net proceeds of approximately $169 million for HHC, following a $13 million investment in the project, which opened in 2020. The transaction reflects strong demand for modern, amenity-rich office spaces as businesses return to in-person work.
The Howard Hughes Corporation (NYSE: HHC) will host its 2022 Investor Day on April 7 in Summerlin, Nevada. The event starts at 9:00 am PT and will be live-streamed for shareholders. Participants can submit questions during the presentation via the webcast portal. For those unable to attend live, a replay and event materials will be available on the company's website after the event. The Howard Hughes Corporation is renowned for its extensive real estate portfolio across the U.S., including master-planned communities and mixed-use developments.
The Howard Hughes Corporation (NYSE: HHC) has appointed Jesse Carrillo as Chief Innovation Officer, effective March 16, 2022. Mr. Carrillo will lead the company's innovation strategies across its master-planned communities and mixed-use properties. Previously, he held the position of Chief Information Officer at Hines, where he significantly contributed to corporate technology. This leadership change comes as HHC is expanding its portfolio, notably with the launch of Douglas Ranch, a large community in Phoenix. The move aims to enhance HHC's commitment to innovation and sustainability in real estate.
The Howard Hughes Corporation (NYSE: HHC) announced a $250 million share buyback program, following a previous buyback of the same amount in November. This initiative aims to unlock shareholder value and is supported by the company’s strong balance sheet. CEO David R. O'Reilly highlighted that this buyback comes after reporting the best quarterly results in the company's history, indicating confidence in the stock priced below its net asset value. This strategic move reflects the corporation's commitment to enhancing shareholder value.
The Howard Hughes Corporation (HHC) reported a strong performance for the fourth quarter and full year 2021, achieving net income of $56.1 million or $1.03 per diluted share. Total Operating Asset NOI increased 18.6% to $226.5 million, supported by retail and multi-family leasing recovery, along with record land sales in its Master Planned Communities (MPC), which saw EBT rise 51.2% to $316.6 million. Major developments included the completion of the 'A'ali'i tower, generating $453.3 million in revenue. Despite challenges, HHC expects continued momentum into 2022, though projected declines in specific earnings are anticipated.
The Howard Hughes Corporation (NYSE: HHC) is investing approximately $325 million in the Lakefront District of Downtown Columbia, which includes a state-of-the-art medical office building and various residential and retail developments. The first project, a $45.8 million medical office building, will feature wellness-focused designs and is expected to achieve LEED Platinum certification. Future developments may add up to 675 residential units and enhance connectivity and green spaces, ultimately transforming the area into a vibrant urban core.
The Howard Hughes Corporation (HHC) announced the release of its fourth-quarter 2021 earnings on February 28, 2022, after market close. A conference call is scheduled for March 1, 2022, at 10:00 a.m. ET. Interested participants can join via phone or a live audio webcast on the company's website. Shareholders can submit questions through a dedicated platform. The replay will be available until April 7, 2022. HHC's portfolio includes master-planned communities and mixed-use developments across the U.S., enhancing its strong real estate platform.
The Howard Hughes Corporation (HHC) has announced a partnership with Project Destined to enhance diversity in the real estate industry. This collaboration marks Project Destined's first entry into the Greater Houston area, aimed at mentoring underrepresented students through internships and real estate deal analyses. HHC CEO David O'Reilly emphasized the commitment to fostering diverse talent in the industry, while Project Destined's founder, Cedric Bobo, highlighted the potential for growth and opportunity in Houston's rapidly developing regions.
The Howard Hughes Corporation (HHC) has appointed Carlos Olea as its new Chief Financial Officer, effective January 12, 2022. Olea, who has been with the company since 2017 and served as Chief Accounting Officer since 2019, brings extensive experience in financial management. His previous roles include positions at Carr Properties and Ernst and Young. The company is experiencing significant growth, with a development pipeline that includes over 2,000,000 square feet of new projects and recent acquisitions such as Douglas Ranch, a 37,000-acre master-planned community in Phoenix.
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