Howard Hughes Corporation (The) Stock Price, News & Analysis

Pershing Square Capital Management has launched a cash tender offer to buy up to 6,340,000 shares of The Howard Hughes Corporation (NYSE: HHC) at a price between $52.25 and $60.00 per share. The offer, scheduled to expire at midnight on November 10, 2022, aims to acquire approximately 7.47% of shares by PS, 2.27% by PS International, and 90.26% by PSH. Pershing Square believes the current stock price undervalues the company's long-term intrinsic value. The offer is subject to customary closing conditions without a financing condition.

The Howard Hughes Corporation (HHC) has announced the release of its third quarter 2022 earnings on November 9, 2022, after market close. A conference call will follow on November 10, 2022, at 10:00 a.m. Eastern Time. Shareholders can participate via dial-in or a live audio webcast available on the company’s website. The company specializes in developing and managing residential and commercial real estate across the U.S., including master-planned communities.

The Howard Hughes Corporation (NYSE: HHC) has announced the opening of Kōʻula tower at Ward Village in Honolulu, a 60-acre master-planned community. Designed by renowned architecture firm Studio Gang, Kōʻula is 96.6% pre-sold as of September 14, 2022, with closings expected to commence the same day. The 41-story tower offers 565 residential homes, integrating innovative architecture with ecological design. This marks the sixth residential project in the community, which emphasizes connectivity and sustainable living, building on the ongoing sales momentum at Ward Village.

The Howard Hughes Corporation (HHC) announced that JDM Partners has exercised its option to reacquire a 2.8% interest in Douglas Ranch, a large-scale community in Phoenix's West Valley, for approximately $15 million. This transaction raises JDM's total investment in the Douglas Ranch joint venture to around $65 million, equating to about 12% ownership. The community, acquired last October for $541 million, is set to begin land sales this fall, marking significant development progress.

The Howard Hughes Corporation (HHC) reported net income of $21.6 million or $0.42 per diluted share for Q2 2022, a significant increase from $4.8 million (or $0.09 per share) a year earlier. Key drivers included 14.6% growth in Operating Asset NOI, totaling $66.3 million, and 2.1% growth in Master Planned Community (MPC) earnings before taxes. Condo sales generated $17.4 million in revenue, while land sales revenue surged 45.7%. HHC also repurchased shares worth $192.3 million. Despite rising mortgage rates leading to a 37% drop in new home sales year-over-year, demand for land remains strong.

The Howard Hughes Corporation announced that fashion designer Alexander Wang has signed a 15-year lease for approximately 46,000 square feet at the Fulton Market Building in NYC's Seaport. This move underscores the revitalization of Lower Manhattan, as Wang will occupy the top floor with a terrace overlooking the area. With this lease, Fulton Market Building is now 100% leased, and Seaport occupancy is at 68%. Construction starts this year, with a planned move-in date in 2023, reflecting growing demand for vibrant commercial spaces in dynamic communities.

The Howard Hughes Corporation (NYSE: HHC) has announced that its master planned communities, The Woodlands and Bridgeland, have achieved LEED precertification from the U.S. Green Building Council, making them the first of their kind in Texas. The Woodlands, at 44.5 square miles, is now the largest master planned community globally to gain this status. This recognition highlights the commitment to sustainable living, with over 28% of The Woodlands dedicated to green space and extensive amenities. The communities are designed to enhance quality of life while promoting economic growth.

The Howard Hughes Corporation (NYSE: HHC) will release its second-quarter earnings on August 3, 2022, after market close. The earnings conference call is scheduled for August 4, 2022, at 10:00 a.m. ET. Investors can access the earnings release on the Company's website prior to the call. Participants can join via dial-in or a live audio webcast. The company manages a diverse portfolio of real estate, including master-planned communities and commercial properties across the U.S., strategically positioned for growth.