If The Woodlands acquisition had occurred on January 1, 2011, total revenues of the Company for the year ended December 31, 2011, would have been approximately $357.5 million, on a pro forma basis, compared to $376.9 million for the year ended December 31, 2012. The principal reason for the $19.4 million increase in revenues, on a pro forma basis, is increases in Master Planned Community land sales, Minimum rents, and Resort and conference center revenues. For a more complete comparison of operating results between periods, please refer Item 7 beginning on page 38 of The Howard Hughes Corporation Consolidated and Combined Financial Statements contained in our Form 10-K for the year ended December 31, 2012David R. Weinreb, CEO of The Howard Hughes Corporation, stated, “During 2012, we made tremendous progress in advancing the development of our most important assets. Our master planned communities also generated strong performance, and the Las Vegas housing market, where our Summerlin MPC is located, appears to be in a sustainable and strengthening recovery. We have the balance sheet, financial and human capital to realize the full potential of our irreplaceable assets.”
The Howard Hughes Corporation Reports Fourth Quarter And Full Year 2012 Results
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