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The Howard Hughes Corporation Reports Second Quarter 2012 Results

The Howard Hughes Corporation (NYSE: HHC):

Second Quarter Highlights
  • Second quarter net income was $10.9 million, excluding the $23.4 million non-cash warrant gain compared to the second quarter of 2011 net income of $9.1 million, excluding the $56.9 million non-cash warrant gain.
  • Entered into an agreement to amend and restate the South Street Seaport ground lease with the City of New York. Construction is expected to begin prior to June 30, 2013 on approximately 195,000 leasable square feet on Pier 17.
  • Master Planned Community land sales were $42.3 million for the second quarter 2012, compared to $42.9 million for the second quarter 2011.
  • Net operating income for our income-producing Operating Assets was $19.6 million for second quarter 2012, up from $14.1 million in the second quarter of 2011.
  • Bed, Bath & Beyond and T.J. Maxx openings at Ward Centers during 2012 are expected to generate $2.0 million of annual net operating income by 2013.
  • 3 Waterway Square, a 232,021 square foot office building under construction in The Woodlands, is 90% pre-leased.
  • Announced the development of Hughes Landing at Lake Woodlands, a 66-acre mixed use site within The Woodlands. One Hughes Landing, a 195,227 square foot office building will be the first property developed and is expected to be complete in the fourth quarter of 2013.
  • Announced the redevelopment of Riverwalk Marketplace into an upscale urban outlet center. Upon completion, the property will comprise approximately 250,000 square feet of retail space.
  • Acquired our partner’s equity interest in the 393-unit Millennium Waterway apartment property located in The Woodlands for $6.9 million using proceeds from a $55.6 million ten-year mortgage bearing a 3.75% interest rate.
  • Closed on an $18.1 million term refinancing and a $140.0 million revolving credit facility to fund development at our Bridgeland master planned community.

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

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