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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 received final approval from New York City for its $850 million 250 Water Street development in Lower Manhattan. Designed by Skidmore, Owings & Merrill, the 26-story mixed-use project will provide residential rental apartments, office, and retail space, addressing the demand for rental housing. The project is expected to generate $1 billion in economic impact and create over 3,300 jobs, along with $50 million in funding for the South Street Seaport Museum. HHC's lease for city-owned properties has also been extended to 99 years, reinforcing its commitment to the area.
Landmark Land Holdings, LLC, a joint venture including The Howard Hughes Corporation (NYSE: HHC) and Seritage Growth Properties (NYSE: SRG), has sold an 11-acre site of the former Landmark Mall to the City of Alexandria's Industrial Development Agency for $54 million. This property will host a new hospital by Inova Health System, which plans to invest $1 billion and create over 2,000 jobs. The project aims to revitalize the West End of Alexandria with mixed-use developments, parks, and public spaces. Demolition is set to commence in Spring 2022, with the first buildings projected to be completed in 2025.
The Howard Hughes Corporation (NYSE: HHC) reported third quarter 2021 net income of $4.1 million ($0.07 per diluted share), down from $139.7 million in Q3 2020. Total Operating Assets net operating income rose 9.8% sequentially to $60.6 million, driven by retail and office performance. The company sold three hotel properties for $252 million and completed the acquisition of Douglas Ranch, a 37,000-acre master-planned community. HHC's board authorized a $250 million share buyback program to capitalize on perceived undervaluation.
The Howard Hughes Corporation has appointed Heath Melton as the new President of the Phoenix Region. Melton, who has been with the company since 2015, will lead the development of Douglas Ranch, a 37,000-acre master planned community in Phoenix's West Valley. The project is expected to add 100,000 homes and over 55 million square feet of commercial development, beginning with lot sales in 2022. Melton's experience includes successful projects in Texas, and he is optimistic about the sustainable and innovative growth of Douglas Ranch.
The Howard Hughes Corporation (NYSE: HHC) has secured $250 million in financing for its 1201 Lake Robbins Class AAA office tower, located in The Woodlands, Texas. The non-recourse financing, with a 3.827% interest rate and interest-only terms over ten years, enhances the company's liquidity position by approximately $248 million after transaction costs. The property is fully leased to Occidental Petroleum until the end of 2032. This strategic financing aligns with HHC's goal of focusing on high-return investments within their core master planned communities.
The Howard Hughes Corporation (NYSE: HHC) will announce its third-quarter 2021 earnings on November 4, 2021, after market close.
A conference call will follow on November 5, 2021, at 10:00 a.m. ET. Participants can access the earnings release online and dial in using specified numbers. Shareholders can submit questions via the Say Technologies app or email.
For further information, visit the company website.
The Howard Hughes Corporation (NYSE: HHC) has welcomed residents to ʻAʻaliʻi, the fifth residential tower at Ward Village in Honolulu. Designed by Solomon Cordwell Buenz and Rottet Studio, this innovative tower features studio, one, and two-bedroom residences, prioritizing a contemporary urban island lifestyle. With 751 homes, including 150 for workforce housing, ʻAʻaliʻi enhances the community's amenities, including a retail streetscape and various leisure spaces. The sustained sales momentum indicates strong demand for new housing in Honolulu, positioning Ward Village as a premier mixed-use development.
A joint venture between Lowe and an institutional investor has acquired three hospitality assets from The Howard Hughes Corporation (NYSE: HHC) for $252 million. The Woodlands Resort, The Westin at The Woodlands, and Embassy Suites by Hilton will continue to be managed by Lowe's CoralTree Hospitality. The deal aligns with Lowe's strategy to invest in quality resorts catering to leisure and corporate travel in a high-demand area. Following this acquisition, Howard Hughes has closed on $376 million of a targeted $600 million in non-core asset sales.
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