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The Howard Hughes Corporation Reports Fourth Quarter And Full Year 2011 Results

Stocks in this article: HHC

The Howard Hughes Corporation (NYSE: HHC) today announced its results for the fourth quarter and full year 2011. The fourth quarter 2011 results include the consolidated results for The Woodlands, and the full year 2011 results include the consolidated results for The Woodlands for the six months ended December 31, 2011.

The Howard Hughes Corporation’s results for 2011 include notable accomplishments within each of its business segments. The master planned communities generated land sale revenues of $150.3 million for the year ended December 31, 2011, a 20.9% increase over 2010. Net operating income from our income-producing operating assets increased by 10.8% to $55.6 million for 2011 compared to 2010. We also entered into a non-binding letter of intent with the City of New York which, subject to certain conditions, provides for future amendments to our lease with the City to permit us to redevelop Pier 17 at the South Street Seaport. In our strategic developments segment we entered into three joint ventures during 2011 to explore development of our condominium rights in Honolulu, Hawaii, to develop a 375 unit apartment building in Columbia, Maryland, and to develop a mall in Charlotte, North Carolina. Each of these achievements is more fully described below and in Notes 6 and 14 to the Company’s Form 10-K for the year ended December 31, 2011.

For the three months ended December 31, 2011, net income attributable to common stockholders was $31.4 million, compared with net loss of $(4.6) million for the three months ended December 31, 2010. Excluding the $0.8 million warrant gain, net income attributable to common stockholders for the three months ended December 31, 2011 was $30.6 million, or $0.80 per diluted common share. For the three months ended December 31, 2010 net income includes a $(140.9) million warrant loss, $(326.8) million after-tax impairment charges, $(14.2) million of after-tax restructuring charges and a $510.0 million tax benefit related to the spinoff. Excluding these items, net loss attributable to common stockholders for the three months ended December 31, 2010 was $(32.7) million, or $(0.87) per diluted common share.

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