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The Howard Hughes Corporation Reports First Quarter 2012 Results

Stocks in this article: HHC

The Howard Hughes Corporation (NYSE: HHC) today announced its results for the first quarter 2012.

For the three months ended March 31, 2012, net loss attributable to common stockholders was $(112.3) million, or $(2.96) per share, compared with $(114.5) million, or $(3.02) per share, for the three months ended March 31, 2011. Excluding the $(121.9) million warrant loss, net income attributable to common stockholders for the three months ended March 31, 2012 was $9.6 million, or $0.25 per diluted common share. For the three months ended March 31, 2011, net income attributable to common stockholders, excluding a $(126.0) million warrant loss, was $11.5 million, or $0.30 per diluted common share.

As more fully described in Note 3 to our condensed consolidated financial statements included in our Form 10-Q for the three months ended March 31, 2012, beginning on July 1, 2011 with the acquisition of our former partner’s 47.5% interest in The Woodlands, we consolidated the financial results of The Woodlands. Prior to the acquisition, we accounted for our interest in The Woodlands using the equity method. Consequently, our financial statements as of and for the three months ended March 31, 2012 are not comparable to the same period in 2011 due to the consolidation of The Woodlands.

If The Woodlands acquisition would have occurred on January 1, 2011, total revenues and net loss for the three months ended March 31, 2011 would have been approximately $90.3 million and $(110.6) million, respectively, on a pro forma basis, compared to $79.8 million of total revenues and $(112.3) million net loss for the three months ended March 31, 2012. The primary reasons for the $10.5 million decrease in revenues, on a pro forma basis, are due to $7.1 million of lower commercial land sales for the first quarter 2012 compared to first quarter 2011 (described below), and $3.6 million of lower condominium unit sales at our Nouvelle at Natick property due to the sellout in 2011 of all but two units. One of the two remaining units was sold during the first quarter 2012, and the final remaining unit was sold in April 2012. For a more complete comparison of operating results between periods, please refer to Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Form 10-Q for the three months ended March 31, 2012.

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