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The Howard Hughes Corporation (NYSE: HHC) announced a private placement offering of $750 million in senior notes due 2028. The unsecured notes will be guaranteed by certain subsidiaries and are aimed at qualified institutional buyers under Rule 144A. Proceeds will be used for general corporate purposes, including repaying existing debt. The notes are not registered under the Securities Act, limiting their sale in the U.S. The offering is subject to market conditions and does not constitute an offer to sell or solicit purchases in unlawful jurisdictions.
The Howard Hughes Corporation (HHC) reported Q2 2020 results, revealing a net loss of $34.1 million, or $0.61 per diluted share, compared to a profit of $13.5 million in Q2 2019. The decline was attributed to COVID-19 impacts, including halted condominium closings and temporary closures of hospitality properties. However, strong performance in the Master Planned Communities (MPC) segment was noted, with stable land sales. Liquidity remains robust at $930 million in cash, despite a 32.4% drop in net operating income from operating assets. Retail and hospitality segments faced significant challenges during the pandemic.
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The Howard Hughes Corporation (HHC) will release its second-quarter 2020 earnings on August 3, 2020, after market close. A conference call is scheduled for August 4, 2020, at 10:00 a.m. ET. Investors can access the earnings release via the company’s website. Dial-in options are provided for participants, and a replay will be available through September 4, 2020. HHC is recognized for its strong portfolio of commercial and residential real estate across the U.S., including developments in notable areas like New York and Las Vegas.
The Howard Hughes Corporation (NYSE: HHC) announced the appointment of David O'Reilly as President, while he continues his role as CFO. This dual leadership aims to enhance the company's strategic direction and unlock value within its extensive real estate portfolio. CEO Paul H. Layne praised O'Reilly for his past contributions and expertise. The company is recognized for its master-planned communities across key U.S. locations, positioning itself for long-term growth and fulfilling market demands.