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Howard Hughes Holdings Inc. (NYSE: HHH) is a premier real estate development and management company in the United States. The company boasts a diverse portfolio, strategically located to meet growing market demands, cementing its position as a powerhouse in the real estate sector. Howard Hughes operates through four key segments: Operating Assets, Master Planned Communities (MPCs), Strategic Developments, and Seaport.
Under the Operating Assets segment, Howard Hughes owns and manages several high-profile properties, including retail centers, office buildings, and multifamily units. These assets generate steady income and support the company's overall financial health.
The MPCs segment includes some of the largest and most successful master planned communities in the U.S., such as The Woodlands, Bridgeland, and The Woodlands Hills in the Greater Houston area; Summerlin in Las Vegas; Ward Village in Honolulu; and Teravalis in the Greater Phoenix area. These communities combine residential, commercial, and recreational spaces to create vibrant, self-sustaining environments.
Howard Hughes' Strategic Developments focus on high-impact projects that enhance its existing properties and expand its footprint. Recent achievements include the groundbreaking of 'Ilima Ward Village in Honolulu, an exclusive residential tower developed in partnership with Discovery Land Company. This project promises to deliver an unparalleled living experience with top-tier amenities and breathtaking views.
The Seaport segment, based in New York City, oversees the development of the historic Seaport District, integrating modern commercial spaces with vibrant cultural and entertainment venues. A notable project here is the upcoming mixed-use development at 250 Water Street, which has recently cleared significant regulatory hurdles and is set to transform the area.
Financially, Howard Hughes Holdings Inc. is on a robust trajectory. The company reported record-breaking sales in several of its communities and continues to experience strong demand for its residential and commercial properties. Recent successes include the rapid sales at The Ritz-Carlton Residences in The Woodlands, Texas, and the positive market reception to new developments in the Phoenix West Valley.
Howard Hughes Holdings Inc. is committed to innovation in real estate development, focusing on creating sustainable, high-quality living spaces that meet the evolving needs of communities. Their strategic partnerships with leading homebuilders and commitment to design excellence ensure that their projects set new standards in the industry.
Howard Hughes Holdings Inc. (NYSE: HHH) has announced that its largest stockholder, Pershing Square Capital Management, L.P., is evaluating the possibility of taking the company private. Pershing Square, which owns approximately 37.5% of HHH's outstanding common stock, stated in a regulatory filing that it may acquire all or substantially all of the remaining shares, potentially with co-investors.
In response, HHH's Board of Directors has formed a Special Committee of independent directors to review any proposal from Pershing Square and evaluate it against other strategic alternatives, including remaining a public company. The Board and Special Committee are committed to acting in the best interests of HHH and its stockholders. However, there is no guarantee of any particular outcome, and HHH will not comment further until additional disclosure is deemed necessary or required by law.
Howard Hughes Holdings' communities Summerlin and Bridgeland have been ranked among the top-selling master planned communities (MPCs) in the U.S., according to RCLCO's mid-year 2024 report. Summerlin, in Las Vegas, ranked #5 with 596 new homes sold, while Bridgeland, in Greater Houston, ranked #8 with 498 new homes sold.
Howard Hughes (NYSE: HHH) reports strong results, with a 163% increase in residential land sales revenues and a 35% increase in average price per acre compared to mid-year 2023. The company expects 2024 to be its best year for residential land sales in terms of price-per-acre and acres sold.
Both communities offer high-quality lifestyles, extensive amenities, and diverse housing options. Summerlin spans 22,500 acres with a growing job market, while Bridgeland features over 3,000 acres of parks and green spaces. The RCLCO report highlights that sales among top MPCs outperformed the broader new home market, with Houston and Las Vegas being the top-performing metropolitan areas.
Seaport Entertainment Group Inc. (NYSE American: SEG) has completed its separation from Howard Hughes Holdings Inc. (NYSE: HHH) and is now an independent, publicly traded company. SEG's portfolio includes the historic Seaport neighborhood in Lower Manhattan, Las Vegas Ballpark, the Las Vegas Aviators baseball team, a 25% stake in Jean-Georges Restaurants, and air rights above the Fashion Show mall in Las Vegas.
Anton D. Nikodemus, an industry veteran with experience in developing premier entertainment destinations, leads SEG as President, CEO, and Chairman. The separation was accomplished through a pro rata distribution of SEG shares to Howard Hughes stockholders, with one SEG share issued for every nine Howard Hughes shares held on July 29, 2024. SEG aims to redefine the entertainment experience by leveraging its unique assets and partnerships in top-tier markets.
Howard Hughes Holdings Inc. (NYSE: HHH) has completed the spinoff of its Seaport Entertainment division into a separate public company, Seaport Entertainment Group Inc. (NYSE American: SEG), effective July 31, 2024. Stockholders received one SEG share for every nine HHH shares held as of July 29, 2024. This strategic move transforms HHH into a pure-play real estate company with a national portfolio of large-scale mixed-use communities spanning 101,000 acres, including a 35,000-acre landbank.
HHH's portfolio includes prominent communities such as Summerlin® in Las Vegas, Ward Village® in Honolulu, and The Woodlands® in Greater Houston. CEO David O'Reilly emphasized the company's refined focus on building world-class master-planned communities with significant growth potential. The spinoff marks a new chapter for HHH, allowing it to concentrate on its core real estate operations and value creation opportunities.
Howard Hughes Holdings Inc. (NYSE: HHH) reported strong Q2 2024 results with net income per diluted share of $0.42, up from a loss of $(0.39) in Q2 2023. Key highlights include:
- MPC EBT of $123 million, driven by a 315% YoY increase in residential land sales at a record $1 million per acre
- Operating Assets NOI of $68 million, with full-year guidance increased to $255 million
- 94 condominiums contracted for sale, representing $207 million in future revenue
- Full-year condo sales guidance increased to $730-750 million
- $550 million in new financings secured
The company maintains a strong liquidity position with $436.8 million in cash and $1.2 billion in undrawn credit. HHH also announced the spinoff of Seaport Entertainment, expected to complete on July 31, 2024.
Howard Hughes Holdings Inc. (NYSE: HHH) has announced a change in the post-spinoff stock exchange for Seaport Entertainment Group Inc. Instead of the previously announced NYSE, Seaport Entertainment will now trade on the NYSE American stock exchange. The distribution of Seaport Entertainment shares to HHH stockholders is scheduled for July 31, 2024, with a record date of July 29, 2024.
'When-issued' trading of Seaport Entertainment stock is expected to begin on July 29, 2024, under the symbol 'SEG WI'. Regular trading will commence on August 1, 2024, under 'SEG'. HHH shares will continue trading on NYSE as usual. The spinoff remains subject to customary conditions, including SEC approval of Seaport Entertainment's Registration Statement on Form 10.
Howard Hughes Holdings Inc. (NYSE: HHH) has announced a significant corporate restructuring. The company's Board of Directors has approved the distribution of 100% of Seaport Entertainment Group Inc.'s common stock to HHH shareholders. Key details include:
- Distribution ratio: 1 Seaport Entertainment share for every 9 HHH shares
- Record date: July 29, 2024
- Distribution date: July 31, 2024
- Expected NYSE trading: 'SEG WI' (when-issued) from July 29, 'SEG' (regular-way) from August 1
The separation is subject to SEC approval and other conditions. HHH shareholders will receive detailed information before the distribution. This move is expected to create two distinct publicly traded companies, potentially unlocking value for shareholders.
Howard Hughes Holdings Inc. (NYSE: HHH) has appointed Bhupesh Arora as its new Chief Technology Officer. Arora, with over 20 years of experience as a senior IT leader in Fortune 500 companies, will oversee technology strategy, development, and operations across HHH's national portfolio of master planned communities and mixed-use properties. He previously served as Vice President of Information Technology at Magellan Midstream Partners, LP, where he led IT strategy for a $3 billion annual revenue oil and gas pipeline company.
Carlos Olea, CFO of Howard Hughes, praised Arora's expertise in driving digital transformations. Arora expressed excitement about bringing his experience to HHH, recognizing the company's reputation for creating exceptional communities and its position at the forefront of real estate innovation.
Howard Hughes Holdings has announced the release date for its second quarter 2024 earnings report. The earnings will be released on July 26, 2024, at 7:00 a.m. Eastern Time, with a conference call scheduled at 9:30 a.m. Eastern Time the same day. The earnings release will be available on the Investors section of the company's website prior to the conference call. Interested parties can listen to the call via a live webcast on the website and participate in the Q&A session by pre-registering. A replay of the call will be accessible on the company's website for one year.
Howard Hughes Holdings (NYSE: HHH) has acquired Waterway Plaza II, a Class A office building in The Woodlands Town Center, Texas, for $19.2 million. The six-story building offers 142,448 rentable square feet and includes a 1,316-space parking garage on a 3.23-acre site. With current occupancy at 55%, this acquisition expands Howard Hughes' office portfolio in a region where their properties are 96% leased. CEO David O'Reilly emphasized the strategic benefits, including potential redevelopment and stabilized NOI of $3 million. The LEED Silver and ENERGY STAR certified building is in a prime location with access to retail, dining, and major highways.
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