Howard Hughes Corporation
| File:The Howard Hughes Corporation logo.png | |
| Type | Public company |
|---|---|
| |
| Industry | Real estate development |
| Founded | 2010 |
| Headquarters | The Woodlands, Texas, U.S. |
| Revenue | US$699 million[1] (2020) |
| US$−119 million[1] (2020) | |
| US$−3 million[1] (2020) | |
| Total assets | US$9.1 billion[2] (2020) |
| Total equity | US$3.7 billion[2] (2020) |
Number of employees | 600[3] (2020) |
| Website | howardhughes |
The Howard Hughes Corporation is a real estate development and management company based in The Woodlands, Texas. It was formed in 2010 as a spin-off from General Growth Properties (GGP). Most of its holdings are focused on several master-planned communities. It takes its name from the original Howard Hughes Corporation, which had developed the planned community of Summerlin, Nevada, and later became a subsidiary of GGP.
History
General Growth Properties filed for Chapter 11 bankruptcy protection in 2009.[4] The company proposed a reorganization plan that included spinning off a new company named General Growth Opportunities, which would include those properties that had long-term development potential but little or no income.[5] The name of the proposed spin-off was later changed to The Howard Hughes Corporation (HHC).[6] The spin-off of HHC to GGP's shareholders was completed on November 9, 2010, when GGP exited bankruptcy.[7][8] The new company held a portfolio that included GGP's master planned communities, mixed-use developments, and undeveloped land.[8] Hedge fund manager Bill Ackman was appointed chairman of the new company.[7]
In 2019, in response to investor disappointment with the company's stock price, HHC conducted a review of strategic options, including the possibility of selling the company.[9][10] Ultimately, the company announced a "transformation plan", under which it would focus on its master-planned communities and sell off $2 billion of non-core assets.[11][12] HHC moved its headquarters from Dallas to The Woodlands in 2020 as a cost-cutting measure under this plan.[13]
Current properties
The company divides its properties into four segments: master planned communities, operating assets, the Seaport District, and strategic developments.[14]
Master planned communities
The company has five master planned communities, with a total of approximately 10,000 acres (4,000 ha) of land remaining to be developed or sold.[14]
- Bridgeland, Texas
- Columbia, Maryland
- Summerlin, Nevada
- The Woodlands, Texas
- The Woodlands Hills, Texas
Operating assets
This category comprises 76 revenue-generating assets, including retail, office, multi-family residential, and hotel properties, most of which are located in the company's five master planned communities.[14] The portfolio includes 15 retail properties with 2.7 million square feet of space; 33 office properties with 7.7 million square feet of space; 12 apartment complexes with a total of 3,840 units; and 3 hotel properties with a total of 909 rooms.[15] Notable properties include:
- 110 North Wacker – Chicago, Illinois
- Downtown Summerlin – Summerlin, Nevada
- Kewalo Basin Harbor – Honolulu, Hawaii
- Las Vegas Aviators baseball team
- Las Vegas Ballpark – Summerlin, Nevada
- Outlet Collection at Riverwalk – New Orleans, Louisiana
- Summerlin Hospital – Summerlin, Nevada (5 percent interest)
- Ward Village retail – Honolulu, Hawaii
- The Woodlands Resort – The Woodlands, Texas
Seaport District
This segment consists of properties at the South Street Seaport in Manhattan.
Strategic developments
The company lists 18 strategic projects, in various stages of development.[14] Notable projects include:
- Air rights over Fashion Show Mall – Las Vegas, Nevada (80 percent interest)
- Landmark Mall – Alexandria, Virginia
- Ward Village condominiums – Honolulu, Hawaii
References
- ^ a b c Form 10-K: Annual Report (Report). Howard Hughes Corporation. March 24, 2021. p. 76 – via EDGAR.
- ^ a b Form 10-K: Annual Report (Report). Howard Hughes Corporation. March 24, 2021. p. 75 – via EDGAR.
- ^ Form 10-K: Annual Report (Report). Howard Hughes Corporation. March 24, 2021. p. 7 – via EDGAR.
- ^ Steve Green (April 15, 2009). "General Growth files for bankruptcy; malls likely stay open". Las Vegas Sun. Retrieved 2018-02-25.
- ^ Dale Kasler (February 25, 2010). "New firm could get stalled mall". Sacramento Bee – via NewsBank.
- ^ Steve Green (October 8, 2010). "General Growth's new real estate business: Howard Hughes Corporation". Las Vegas Sun. Retrieved 2018-02-25.
- ^ a b "General Growth exits Chapter 11 after 19 months". Associated Press. November 10, 2010 – via NewsBank.
- ^ a b "General Growth Properties completes spinoff of The Howard Hughes Corporation" (Press release). General Growth Properties. November 9, 2010. Retrieved 2018-02-25 – via BusinessWire.
- ^ "Howard Hughes considers selling itself amid strategic review". Dallas Business Journal. June 27, 2019. Retrieved 2021-11-13.
- ^ Jeff Jeffrey (October 22, 2019). "Behind the deal: Howard Hughes Corp. considered whole-company sale". Houston Business Journal. Retrieved 2021-11-13.
- ^ "The Howard Hughes Corporation announces transformation plan and new leadership following strategic review process" (Press release). The Howard Hughes Corporation. October 21, 2019 – via EDGAR.
- ^ Nancy Sarnoff (October 21, 2019). "Howard Hughes Corp. to move HQ to The Woodlands amid restructuring". Houston Chronicle. Retrieved 2021-11-13.
- ^ Form 10-K: Annual Report (Report). The Howard Hughes Corporation. February 25, 2021. p. 4 – via EDGAR.
- ^ a b c d Form 10-K: Annual Report (Report). The Howard Hughes Corporation. March 24, 2021. pp. 8–9 – via EDGAR.
- ^ Form 10-K: Annual Report (Report). The Howard Hughes Corporation. March 24, 2021. pp. 26–31 – via EDGAR.